Jiangsu Boamax Technologies Group Co Ltd

*ST Baoxin released its 2026 interim report. As of June 30, total operating revenue was 96.31 million yuan, down 4.73% year on year. Net loss attributable to the parent company was 40.87 million yuan. Net cash inflow from operating activities was 5.85 million yuan, down 77.97% year on year. The company's asset-liability ratio rose to 105.81%, gross margin was 34.89%, and diluted earnings per share was negative 0.06 yuan. The number of shareholders was 51,900, and the top ten shareholders held 40.26% of total share capital.

ST Baoxin announced that Board Secretary Tian Qing and Chief Financial Officer Liu Yanchen have both resigned. Tian Qing was only appointed in early April this year, serving just over three months. His appointment came during the critical period of the 2025 annual report disclosure. Subsequently, the company was placed under delisting risk warning due to performance losses, revenue below 300 million yuan, and negative net assets. CFO Liu Yanchen took office in August 2025. In June this year, he was publicly reprimanded by the Shenzhen Stock Exchange for a significant revision of the company's 2025 performance forecast. The exchange also determined that the company's chairman and general manager, Ma Lin, failed to perform duties diligently and imposed sanctions. In addition, the company and its actual controller, Ma Wei, have been under investigation by the China Securities Regulatory Commission since January 30, 2026, for suspected violations of information disclosure laws. The investigation has not yet been concluded. The company's share price has fallen by more than 70% this year.

*ST Baoxin disclosed its earnings forecast, expecting a net loss attributable to the parent company of 30 million to 44 million yuan in the first half of 2026, compared with a loss of 44.8268 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 40 million to 48 million yuan, compared with a loss of 41.346 million yuan in the same period last year. The company stated that the main reason for the loss is the difficulty in digesting historical inventory, leading to a large provision for asset impairment, and gross profit is insufficient to cover various period expenses. However, the revenue share of the intelligent manufacturing segment has increased, the overall gross margin has improved, and the company has deeply implemented cost reduction and efficiency improvement, resulting in a year-on-year improvement in operating profit.

*ST Baoxin released its 2026 half-year performance forecast, projecting a loss of 30 million to 44 million yuan for the first half, with a loss of 40 million to 48 million yuan after deducting non-recurring items. The company attributed the loss mainly to significant impairment provisions on historical inventory, and gross profit insufficient to cover period expenses. However, the rising revenue share of the intelligent manufacturing segment helped improve the overall gross margin, and operating profit improved year-on-year. On the same day, the company disclosed a major lawsuit: the bankruptcy administrator of subsidiary Lianyungang Baoxin Photovoltaic Technology is pursuing approximately 19.57 million yuan in outstanding payments. The case has been accepted but not yet ruled on, and the impact on company profits remains uncertain. Previously, for concealing negative net assets in its performance forecast, the company, its chairman, and its CFO were publicly reprimanded by the Shenzhen Stock Exchange on June 22, and the stock has been under delisting risk warning since May 6. In the secondary market, *ST Baoxin hit its daily limit down on July 15, closing at 1.83 yuan, with a year-to-date decline of 68.88%.