On February 12, the Shanghai Stock Exchange issued a regulatory warning decision against Shuangliang Eco-Energy Systems Co.,Ltd. and relevant responsible persons. The decision stated that an investigation found that at 13:25 on February 12, Shuangliang Eco-Energy published a market update titled "Shuangliang Eco-Energy Secures Another Overseas Order, Aiding Commercial Aerospace Space Exploration" on its official WeChat account.
Following the article's publication, the company's stock price rose by the daily limit from 13:26 until the market close. After regulatory urging, the company disclosed an explanatory announcement after market hours. Currently, "commercial aerospace" is a highly watched market concept that attracts significant investor attention. The company should release relevant information prudently, accurately, and objectively, fully disclosing uncertainty risks to avoid misleading investors. The company released information regarding an overseas "commercial aerospace" order on its WeChat account but failed to specify details such as the supply method, sales scale, and the minor impact on the company's overall operations. It also did not adequately warn about risks related to the uncertainty of follow-up orders, which could mislead investor decisions. The company only issued an explanatory announcement after regulatory intervention, indicating the information release was inaccurate, incomplete, and lacked sufficient risk disclosure.
The Shanghai Stock Exchange decided to issue a regulatory warning to Shuangliang Eco-Energy Systems Co.,Ltd. and its then Board Secretary, Yang Likang.
On the afternoon of February 12, Shuangliang Eco-Energy's stock price surged to the daily limit within 10 minutes.
In the after-market explanatory announcement regarding the overseas orders released on February 12, the company stated that the three orders signed on October 25, 2025, and January 9, 2026, are for high-efficiency heat exchangers, with a total value of approximately 1.7 million euros. Based on an exchange rate of 1 euro ≈ 8.19 RMB, the total order value is approximately 13.923 million RMB. This total amount represents about 0.11% of the company's audited operating revenue for 2024 and does not have a significant impact on its operating performance.
The company's current main business products include energy-saving and water-saving products, new energy equipment, and photovoltaic products. The primary downstream application fields are new energy power generation, steel, coal chemical industry, and thermal power. Commercial aerospace is not a main application field for the company's products. These orders involve the company indirectly participating in related commercial aerospace projects by supplying heat exchangers for fuel projects of international industrial gas companies; it has not directly cooperated with SpaceX. The company is a non-exclusive indirect supplier for the project.
Shuangliang Eco-Energy stated that the acquisition of its related orders is significantly influenced by the construction and expansion plans of commercial aerospace projects, and there is some uncertainty regarding the acquisition of future orders. Furthermore, factors such as international politics, economics, and diplomatic relations may affect the progress of international cooperation projects. Issues like trade friction or geopolitical conflicts could lead to project suspension or termination. Investors are advised to pay attention to the associated risks.
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