A-shares warning signal: ST Jinglan has been under key supervision by the Shenzhen Stock Exchange, and *ST Yedao faces the risk of delisting.

【Performance】

1. Maanshan Iron & Steel Co., Ltd. is expected to achieve operating income of 77.525 billion yuan in 2025, a year-on-year decrease of 5.25%, with a net profit attributable to shareholders of the listed company at -209 million yuan.

2. China General Nuclear Power Corporation is expected to achieve operating income of 75.697 billion yuan in 2025, a year-on-year decrease of 4.11%, with a net profit attributable to shareholders of the listed company at 9.765 billion yuan, a year-on-year decrease of 9.90%.

3. *ST Yedao expects annual revenue of 370 million yuan in 2025, with revenue after deductions of 350 million yuan and a net profit of -29 million yuan, posing a risk of delisting.

【Share Reduction】

1. Zhejiang Fuchunjiang Communication Group Co., Ltd., a shareholder of Hangzhou Electric Co., Ltd., plans to reduce its holdings by no more than 1.53 million shares through centralized bidding from April 17, 2026, to July 16, 2026, and by no more than 3.06 million shares through block trades; company directors and senior executives Hu Jianfei, Ni Yijian, Yin Zhiping, and Hu Jianming intend to collectively reduce their holdings by no more than 0.32%, with shareholders and directors collectively reducing their holdings by no more than 0.98%.

【Others】

1. Debang Co., Ltd. stock will be delisted and deregistered on March 31, 2026, and after delisting, it will be transferred to the national small and medium-sized enterprise share transfer system for trading in the delisted company sector.

2. ST Jinglan stock price increased by 151.79% from January 23 to March 25 and has been under key monitoring by the Shenzhen Stock Exchange, with some investors exhibiting abnormal trading behavior. If the stock price continues to rise abnormally, a suspension for verification may be requested again.