Shuangliang Eco-Energy Systems Co.,Ltd. (600481), a recent high-performing stock, is now under investigation by the China Securities Regulatory Commission (CSRC), drawing significant market attention to its share price performance on March 2. This follows a recent regulatory warning from the Shanghai Stock Exchange concerning the company's attempt to capitalize on the commercial aerospace trend.
The direct trigger for the CSRC investigation appears to be a post on the company's official WeChat account on February 12. The post, titled "Shuangliang Eco-Energy Secures Another Overseas Order, Aiding Commercial Space Exploration," announced that the company had recently obtained three overseas orders totaling 12 high-efficiency heat exchangers. It stated the equipment was destined for the fuel production system supporting the expansion of the SpaceX Starship launch base. Following the publication of this article, the company's stock price rose by the daily limit from 1:26 PM until the market close that day.
After regulatory intervention, the company issued a clarification after market hours on February 12. It revealed that the three orders were actually signed on October 25, 2025, and January 9, 2026, with a combined value of approximately 13.923 million yuan. This amount represents about 0.11% of the company's audited operating revenue for 2024 and is not considered to have a significant impact on its operating performance. The company clarified that commercial aerospace is not a primary application area for its products, it has no direct cooperation with SpaceX, and it acts as a non-exclusive indirect supplier for the project. It also noted that securing future orders is highly dependent on the construction and expansion plans for commercial aerospace projects and is uncertain. On the same day, the Shanghai Stock Exchange issued a regulatory warning to the company and its then Board Secretary, Yang Likang.
In the secondary market, over the 45 trading days from December 17, 2025, to February 27, 2026, Shuangliang Eco-Energy's stock price surged by 72.88%, significantly outperforming the broader market's gain of 8.84%. As of February 27, the company's share price closed up 7.7% at 9.37 yuan per share, with a total market capitalization of approximately 19.34 billion yuan.
An industry expert commented that voluntary information disclosure by listed companies should not be arbitrary. It must adhere to a "material impact" standard. When information could significantly affect the company's stock price, even if it doesn't meet mandatory disclosure thresholds, the principle of completeness should be followed to prevent misleading investors. Furthermore, a tiered review mechanism for "hot topic" information could be established, applying stricter scrutiny to disclosures related to popular market concepts.
Adding to the negative sentiment from the regulatory probe, Shuangliang Eco-Energy's fundamental performance is weak, with the company forecasting a net loss for 2025. The company and its subsidiaries are primarily engaged in selling energy-saving and water-saving systems, new energy equipment, and photovoltaic (PV) new energy products.
According to a performance forecast disclosed on January 24, the company expects to report a net profit attributable to shareholders of between -1.06 billion yuan and -780 million yuan for 2025, following a loss of approximately 2.134 billion yuan in the previous year. It also expects an adjusted net profit of between -1.15 billion yuan and -800 million yuan.
The company attributed the continued losses to ongoing pressure on prices across the entire photovoltaic industry chain, combined with changes in raw material costs and impairment provisions for some fixed assets. However, in its forecast, Shuangliang Eco-Energy also stated that it would focus on developing its energy-saving, water-saving, and new energy equipment businesses as a stable foundation, while its PV segment would leverage its technological, equipment, scale, and digital advantages to expand its market, reduce costs, increase efficiency, and strive to improve operating performance in 2026.
Looking back at its historical performance, the company's profitability had already turned negative in 2024. Financial data shows that from 2022 to 2024, Shuangliang Eco-Energy reported operating revenues of approximately 14.476 billion yuan, 23.149 billion yuan, and 13.038 billion yuan, respectively. The corresponding net profits attributable to shareholders were approximately 956 million yuan, 1.502 billion yuan, and -2.134 billion yuan.
Furthermore, as of the end of the third quarter of 2025, the company's asset-liability ratio stood at 81.91%.
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