Shuangliang Eco-Energy Systems Co., Ltd. has swiftly received a regulatory warning from the Shanghai Stock Exchange after attempting to capitalize on the "commercial aerospace" market trend. On February 12, the company announced via its official WeChat account that it had secured orders related to SpaceX's Starship launch base, which promptly drove its stock price to hit the daily upside limit.

However, this seemingly positive development quickly attracted regulatory scrutiny. On the same day, the exchange issued a regulatory warning to Shuangliang Eco-Energy and its Board Secretary Yang Likang, citing inaccurate and incomplete information disclosure, as well as insufficient risk warnings.

Under regulatory pressure, Shuangliang Eco-Energy released a supplementary announcement after market hours the same day, detailing the specifics of the orders. The announcement revealed that the total value of the related orders accounts for only about 0.11% of the company’s audited operating revenue for 2024. Furthermore, Shuangliang did not cooperate directly with SpaceX but served as a non-exclusive indirect supplier for the project.

Amid this disclosure violation, Shuangliang continues to face performance pressures. In the first three quarters of last year, the company’s revenue fell by over 40% year-on-year. According to its latest earnings forecast, Shuangliang expects a net loss attributable to shareholders of between 780 million yuan and 1.06 billion yuan for the full year.

As of February 13, Shuangliang’s market capitalization stood at 18.063 billion yuan. Tianyancha data shows that the company’s actual controller is Miao Shuangda. Notably, in October last year, Miao Shuangda and his son Miao Wenbin were listed on the "2025 Hurun Rich List" with a fortune of 7 billion yuan, up 17% from the previous year.

The regulatory warning pointed out that "commercial aerospace" is a market hotspot of high investor interest. Shuangliang’s release of order information was deemed lacking in prudence, accuracy, and objectivity, with insufficient disclosure of uncertainties, potentially misleading investors.

Following regulatory intervention, Shuangliang disclosed that the three orders, signed on October 25, 2025, and January 9, 2026, involve high-efficiency heat exchangers with a total value of approximately 1.7 million euros (about 13.923 million yuan). The company emphasized that commercial aerospace is not a primary application area for its products, which mainly serve sectors such as new energy power generation, steel, coal chemical, and thermal power.

Board Secretary Yang Likang, who holds a bachelor's degree in law and a master's in finance from Tsinghua University, also received a regulatory warning. According to the company’s 2024 annual report, Yang received a pre-tax remuneration of 1 million yuan but holds no company shares.

After the regulatory action was announced, Shuangliang’s stock opened down more than 2% on February 13 and quickly fell to the daily downside limit, closing at 9.64 yuan per share, a drop of 9.99% from the previous session.

The company’s operational challenges are further highlighted by its financial performance. Shuangliang expects a net loss of 7.8–10.6 billion yuan for 2025, following a net loss of 21.34 billion yuan in 2024. Revenue for the first three quarters of last year fell 41.27% year-on-year to 6.076 billion yuan.

The photovoltaic segment, which contributed 67.05% of total revenue in the first half of last year, remains a major drag on performance. In its earnings forecast, Shuangliang noted that although photovoltaic installation scale increased year-on-year, the industry remains in a phase of adjustment, with product prices under pressure and raw material costs fluctuating.

As of the end of September 2025, Shuangliang’s total liabilities exceeded 20.8 billion yuan, with current liabilities accounting for over 80% of the total. Its asset-liability ratio stood at 81.91%, higher than the industry average. Additionally, as of the end of June 2025, 90.52 billion yuan of the company’s 56.12 billion yuan in monetary funds were restricted, primarily used as bank acceptance bill保证金.

In response to an inquiry from the exchange, Shuangliang explained that its high保证金 ratio for bank acceptance bills—95.13% as of mid-2025—was a proactive measure to increase interest income, as full保证金 deposits earn interest, unlike telegraphic transfers. This ratio is significantly higher than those of peers such as TCL Zhonghuan, LONGi Green Energy, and Hongyuan Green Energy.