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Fujian Nachuan Pipe Technology Co., Ltd.
Stock Code: 300198 Stock Short Name: *ST Nachuan Announcement No.: 2026-106
Special Notice:
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Fujian Nachuan Pipe Technology Co., Ltd. (hereinafter referred to as the "Company" or "Nachuan Shares") disclosed on April 28, 2026, the "Announcement on the Implementation of Delisting Risk Warning and Continued Superposition of Other Risk Warnings and Suspension and Resumption of Trading" (Announcement No.: 2026-089). The Company's total profit, net profit, and net profit after deducting non-recurring gains and losses were all negative, and the operating income after deduction was less than 100 million RMB. The Company's net assets at the end of 2025 were -147,791,659.62 RMB. The internal control audit reports for 2024 and 2025 were both adverse opinions. According to the "Shenzhen Stock Exchange GEM Stock Listing Rules" (2026 Revision) (hereinafter referred to as the "Listing Rules"), the Company's shares have been subject to a delisting risk warning since the opening of the market on April 29, 2026. If the circumstances stipulated in Article 10.3.11 of the "Listing Rules" occur, the Company's shares face the risk of being delisted.
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The lower of the net profit before and after deducting non-recurring gains and losses for the last three fiscal years was negative. The "2025 Annual Audit Report" issued by ShineWing Certified Public Accountants (LLP) contained a qualified opinion, stating that there is significant uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. According to the relevant provisions of the "Listing Rules," the Company's stock trading continues to be subject to other risk warnings.
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According to Article 10.4.10 of the "Listing Rules," the Company shall disclose a risk warning announcement regarding the potential delisting of its shares once a month during the period when its stock trading is subject to a delisting risk warning due to the circumstances in Article 10.4.1, Item 6. Within one month after the end of the fiscal year in which the delisting risk warning was implemented, the Company shall disclose a risk warning announcement, and from the first disclosure in that month until the disclosure of the internal control audit report for that year, it shall disclose a risk warning announcement every ten trading days.
As of the date of this announcement, the circumstances under which the Company may be subject to delisting are as follows: