Fujian Superpipe

Fujian Nachuan Pipes Technology Co., Ltd., known as *ST Nachuan and trading under stock code 300198 on the Shenzhen Stock Exchange, announced on the evening of October 9 that it had received a notice of case filing from the China Securities Regulatory Commission. Because the company's 2023 annual report is suspected of violating information disclosure laws and regulations, the CSRC has decided to place the company on file. During the investigation, the company will actively cooperate and strictly fulfill its information disclosure obligations. On the same day, *ST Nachuan disclosed its sixth risk warning that its shares may be delisted. The announcement showed that because the company's total profit, net profit, and net profit after deducting non-recurring gains and losses for 2025 were all negative, and its revenue after deductions was below 100 million yuan, its net assets at the end of 2025 were negative 148 million yuan, and its internal control audit reports for 2024 and 2025 were adverse opinions, the company's shares have been subject to a delisting risk warning since April 29. If any of the above circumstances appears in the 2026 annual report, the company's shares will be delisted. As of the date of the announcement, *ST Nachuan is in the pre-restructuring stage. If the court rules to accept the company's restructuring, the company's shares will be subject to an additional delisting risk warning. Even if the court formally accepts the restructuring application, the company still faces the risk of being declared bankrupt due to restructuring failure and subsequently being delisted. In terms of performance, from 2023 to 2025, the company's net profit attributable to shareholders of the parent company was negative 513 million yuan, negative 307 million yuan, and negative 275 million yuan respectively, while net profit after deducting non-recurring gains and losses was negative 517 million yuan, negative 265 million yuan, and negative 210 million yuan respectively. In the first half of 2026, the company achieved operating revenue of 66.8474 million yuan, up 88.10 percent year on year, while net profit attributable to shareholders of the listed company was negative 82.6838 million yuan, with the loss widening 7.85 percent year on year.

ST Nacuan disclosed its 2026 semi-annual report. In the first half of the year, it achieved total operating revenue of 66.85 million yuan, up 88.10 percent year on year, but net profit attributable to the parent company showed a loss of 82.68 million yuan, compared with a loss of 76.66 million yuan in the same period last year. Net profit after deducting non-recurring items was a loss of 60.65 million yuan, compared with a loss of 65.73 million yuan a year earlier. Net cash flow from operating activities was negative 18.44 million yuan, versus 5.95 million yuan in the prior-year period. During the reporting period, basic earnings per share were negative 0.0802 yuan, and the weighted average return on net assets was negative 26.01 percent. The company's main business consists of two parts: research, manufacturing and sales of water supply and drainage pipes, pipeline repair, pipeline engineering services, and investment and operation of pipe networks, as well as new energy business.