On August 1, * ST Tianyi announced that due to the temporary misappropriation of 300 million yuan of raised funds overdue , the Beijing Securities Regulatory Bureau took administrative supervision measures to order the company and its chairman Wu Peifang, general manager Yang Jialin and financial director Hou Yubo to make corrections. It shall be recorded in the credit archives of the securities and futures market.
In this regard, the company said that it would rectify the existing problems in strict accordance with the requirements of the Decision and submit the rectification report as soon as possible within the prescribed time. According to

the official website, Beijing Tianyi Shangjia High-tech Materials Co., Ltd. was established in November 2009 and became the first listed company in 2019. After years of development, the company has formed four major business sectors, namely, high-speed iron powder metallurgy brake business, photovoltaic new energy , automobile and aerospace.
In the photovoltaic new energy business segment, the company carries out related business with Tianli Xintao, Tianqi Guangfeng, Xinyiyang and Tianqi Yiyang as the main bodies, mainly engaged in the research and development, production and sales of carbon-carbon composite products and quartz crucibles for photovoltaic thermal field and lithium anode.
It is worth noting that it is affected by the destocking of the photovoltaic industry chain and the continuing downturn. In December 2025, the company temporarily suspended production of Xinyiyang and Tianqi Yiyang, subsidiaries of quartz crucible business. According to the first quarterly report of 2026, the company's quartz crucible business is still in a state of shutdown, and no revenue has been generated. In terms of
performance, the company has suffered large losses for two consecutive years (2024-2025), with a cumulative loss of more than 3.7 billion yuan . By the first quarter of 2026, the company continued to lose about 85 million yuan.

In addition, the company's shares have been warned of delisting risk since May 6, 2026 due to the issuance of an audit report with no opinion on the 2025 annual financial report. At present, the company is in the pre-reorganization stage.
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