30, Baoxin Science and Technology announced that Ma Wei, the company and the actual controller, had recently received the Notice of Filing a Case issued by the China Securities Regulatory Commission (the 0102026006 number of the case filed by the Securities Regulatory Commission and the 0102026007 number of the case filed by the Securities Regulatory Commission). According to relevant laws and regulations, the CSRC decided to file a case against the company and its actual controller
because Baoxin Technologies and its actual controller Ma Wei were suspected of violating information disclosure laws and regulations.
In the announcement, Baoxin Technologies said that during the investigation period, the company will actively cooperate with the relevant investigation work of the CSRC, and actively fulfill the obligation of information disclosure in strict accordance with the relevant laws and regulations and regulatory requirements. Ma Wei, the actual controller of the company, did not hold any position in the company, and the company's production and operation activities were carried out in an orderly manner. The above matters did not affect the normal production and operation of the company.
Affected by this, on February 2, the opening price of Baoxin Science and Technology dropped.
Two years of self-examination found two "capital occupation" problems
, there are reports that Baoxin Science and Technology and the actual controller filed the case or related to the previous occupation of non-operating funds. On April 30,
2024, Baoxin Science and Technology issued the "Announcement on Self-Examination of the Occupation of Non-Operating Funds and Rectification Report". The announcement shows that during the period from September 2022 to October 2023, the controlling shareholders and related parties of the company accumulatively occupied 88 million yuan of the company's funds for non-operational purposes.
As of October 31, 2023, the above funds have been fully recovered, and the total interest of 1.5445 million yuan will be collected in April 2024 based on the amount of funds occupied and the number of days of funds occupied at an annualized interest rate of 6%.
In response to this matter, Baoxin Science and Technology said that after checking and verifying the problems found, it conveyed the seriousness of the problems found to the relevant personnel and carried out critical education, and from the company's internal control and internal audit, it carried out in-depth investigation and rectification of the problems found in this inspection, and resolutely put an end to the recurrence of such incidents.
However, on April 29, 2025, Baoxin Science and Technology announced again that after self-examination, it was found that the controlling shareholders and related parties occupied the company's funds for a short period of time from September 2022 to January 2024.
The announcement shows that the related parties of the controlling shareholders of the company have occupied two non-operating funds, and in January 2024, the company's non-operating funds were occupied by 11.5 million yuan. In September 2022, the non-operating occupation of the company's capital was 10 million yuan. As of May 31, 2024, the above non-operating occupied funds totaling 21.5 million yuan and the interest payable of 1.2156 million yuan have been repaid by the controlling shareholder of the company.
Continuous "blood loss" for 11 quarters, stripping " photovoltaic " to reduce losses
on the evening of January 30, 2026, Baoxin Technologies also issued its 2025 annual performance forecast. Last year (2025), the company's revenue was 310-330 million yuan; the net profit loss was 60-100 million yuan , which was significantly reduced compared with the same period last year; the non-net profit loss was 90-140 million yuan.
Regarding the performance changes, Baoxin Technologies said that the new business model derived from the transformation of shared economic integration equipment has not been fully verified by the market, and there is a risk that the revenue after deduction is less than 300 million yuan.
However, as a former photovoltaic black horse, the reason why Baoxin Technology's performance loss narrowed sharply last year was due to the divestiture of photovoltaic assets . In the announcement,
the company said that the company stripped loss-making enterprises at the end of last year, and due to the improvement of the imbalance between supply and demand in the photovoltaic industry, the company's impairment of photovoltaic assets decreased significantly compared with the same period last year, resulting in a substantial increase in net profit attributable to listed companies during the reporting period. However, there are still some uncertainties in the future earnings of photovoltaic assets, and the company has the possibility of negative net assets due to operating losses.
This is the 11th consecutive quarterly loss of Baoxin Technology. According to
the data, Baoxin Science and Technology was founded in 2001, its predecessor was Suzhou Baoxin Science and Technology Precision Machinery Co., Ltd. On May 27, 2022, Baoxin Science and Technology announced that it would sign a contract with Huaiyuan County People's Government of Bengbu City, Anhui Province. The total investment is 1.68 billion yuan for the construction of 2G W photovoltaic cells and 2G W modules . As a result, it formally entered the photovoltaic industry and laid out HJT technology.
As a result of "cross-border pursuit of light", Baoxin Technologies'share price soared five times in three months, with an annual increase of 109.72%, its market value soared from 2 billion to 8 billion, and it also set a record of 17 times on the Dragon and Tiger List. It was once named "HJT Black Horse" and "Monster Stock" .
However, compared with the rising stock price in that year, the performance of Baoxin Science and Technology has been declining all the way. Since the second half of 2023, the performance of Baoxin Science and Technology has continued to lose money, and by the end of 2025, it has lost 11 quarters in a row.
In addition, in addition to the financial collapse, Baoxin Technologies is also facing the multi-dimensional dilemma of debt and litigation, the outbreak of internal control and regulatory risks, the shrinkage of its main business and the difficulty of transformation, and has come to the edge of delisting risk warning.
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