Ningbo Xianfeng New Material

Xianfeng New Material released its 2026 interim report, showing total operating revenue of 101 million yuan, down 21.93% from the same period last year. Net profit attributable to the parent company was a loss of 22.7985 million yuan, swinging from profit to loss and down 86.4647 million yuan from a year earlier, a decline of 135.81%. Net cash flow from operating activities was a negative 3.3715 million yuan, down 36.0173 million yuan from the same period last year. The company's asset-liability ratio was 12.76%, gross margin was 8.87%, return on equity was negative 4.25%, and diluted earnings per share was negative 0.05 yuan. The number of shareholders was 18,400, and the top ten shareholders held 25.05% of total share capital.

Xianfeng New Material's supplementary review of a related-party transaction proposal was rejected by the board of directors, and a transaction by its wholly owned subsidiary Zhejiang Shengtaige New Materials to purchase shares held by the spouse of a former supervisor was urgently halted. On February 2, 2026, Zhejiang Shengtaige purchased 1 million shares of Jiaxing Jiete New Materials at 17.6 yuan per share, totaling 17.6 million yuan, from Ge Danping, spouse of former company supervisor Zhu Linzhi, representing 2.9 percent of Jiete New Materials' total share capital. The company identified Ge Danping as a related natural person based on a strict and prudent principle, but on August 13 the board rejected the supplementary review proposal with zero votes in favor and four against. Independent directors believed the transaction pricing was not based on a third-party appraisal and its fairness could not be effectively guaranteed. On the same day, Zhejiang Shengtaige signed a share transfer termination agreement with Ge Danping, requiring the counterparty to refund the 17.6 million yuan within three working days. If the refund is overdue, Ge Danping must pledge the Jiete New Materials shares she holds and pay interest on the occupied funds. For any portion not refunded beyond three months, a penalty of 0.05 percent per day will be charged. The company cautioned that there remains a risk the counterparty may fail to refund the full amount on time, which could result in non-operating fund occupation.

Sayyas Windows and Xianfeng New Material have each received administrative penalty decisions from their respective securities regulatory bureaus for disclosure violations related to control transfers. Xianfeng New Material and related parties were fined a total of nearly 10 million yuan. Sayyas Windows' actual controller Bian Shuping signed an agreement in August 2025 involving share transfers and control handover, but failed to inform the company and cooperate in fulfilling disclosure obligations. The company, along with chairman Bian Keren and board secretary Xing Youwei, were issued warning letters by the Heilongjiang Securities Regulatory Bureau and had the matter recorded in their integrity files. Xianfeng New Material was warned and fined 2 million yuan by the Ningbo Securities Regulatory Bureau for failing to timely disclose a 2018 equity transfer agreement between then-actual controller Lu Xianfeng and He Qinming, as well as failing to disclose a guarantee provided for a 250 million yuan loan to related party Kaixin Investment. Lu Xianfeng was fined a total of 6 million yuan, while Bai Ruichen and Xiong Jun were fined 800,000 yuan and 600,000 yuan respectively.