Securities Code: 002965
Securities Abbreviation: Xiangxin Technology
Announcement Number: 2026-024
Xiangxin Technology Co., Ltd.
Announcement on Abnormal Stock Trading Fluctuations
The Company and all members of the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and that there are no false records, misleading statements, or material omissions.
Risk Warning:
- The company's stock price has risen significantly recently and faces the risk of a decline in the short term.
As of June 26, 2026, the company's stock closed at RMB 51.88 per share. The recent increase in the company's stock price is significant and has clearly deviated from the company's fundamentals. Data released by China Securities Index Co., Ltd. (as of June 26, 2026) shows that the company's latest trailing P/E ratio is 264.68 times and its price-to-book ratio is 3.25 times. The latest trailing P/E ratio for the automotive manufacturing industry, to which the company belongs, is 24.00 times, and its price-to-book ratio is 1.95 times. The company's current trailing P/E ratio and price-to-book ratio are significantly higher than the average level of the same industry. The company's valuation is high, and its stock price has clearly deviated from its fundamentals. Investors are kindly requested to pay attention to the investment risks brought by the excessively high valuation and prudently assess the reasonable value of the company's stock.
- The company's net profit in 2025 and the first quarter of 2026 has declined sharply, and it still faces significant operating pressure.
The company's main business is precision stamping dies for automobiles, seat frames for automobiles, etc. Due to intensified competition in the company's industry, price reductions by customers, and rising raw material prices, the net profit attributable to shareholders of the listed company in 2025 was RMB 154,986,229.26 (a year-on-year decrease of 56.88%), and the net profit attributable to shareholders of the listed company in the first quarter of 2026 was -RMB 17,066,197.21 (a year-on-year decrease of 119.87%), indicating that the company still faces significant operating pressure. For details, please refer to the "2025 Annual Report" (Announcement Number: 2026-011) and the "2026 First Quarterly Report" (Announcement Number: 2026-018) disclosed by the company on the Juchao Information Network (www.cninfo.com.cn).
- The company's main business is precision stamping dies for automobiles, seat frames for automobiles, etc. The revenue from liquid cooling products accounts for a very small proportion and is not among the company's main products.
According to statistics, the proportion of revenue from liquid cooling products in the company's operating income in 2025 and the first quarter of 2026 was only 0.002% and 0.027%, respectively. The operating income of Suzhou CoolChip Technology Co., Ltd. (hereinafter referred to as the "Target Company") in 2025 (unaudited) accounted for only 1.306% of the company's operating income in the same period, and the proportion is expected to be small in the next 2-3 years.
Therefore, liquid cooling products are not the company's main products and will not have a significant impact on the company's operating performance. The company's main business remains precision stamping dies for automobiles, seat frames for automobiles, etc.
- Risks of equity acquisition
The company plans to acquire a 51% equity interest in the Target Company through a combination of cash acquisition and capital increase. The overall valuation of 100% equity of the Target Company is tentatively set at RMB 675 million. The specific acquisition and capital increase ratio and plan are subject to the formal transaction agreements to be signed by all parties (hereinafter referred to as the "Transaction"). If the Transaction is successfully implemented, the Target Company will become a controlling subsidiary of the Company. For details, please refer to the "Announcement on Signing the Framework Agreement for Equity Acquisition" (Announcement Number: 2026-023) disclosed by the company on the Juchao Information Network (www.cninfo.com.cn).
Regarding the Transaction, the Company solemnly reminds investors to pay close attention to the risks, make rational decisions, and prudently evaluate, as follows: