On March 23, Shuangliang Energy Systems (SH: 600481) announced that the company and its controlling shareholder, Shuangliang Group, received a prior notice of administrative penalty from the Jiangsu Bureau of the China Securities Regulatory Commission. The notice stated that the company and Shuangliang Group published misleading information on their official WeChat accounts regarding an overseas order related to SpaceX. They failed to accurately disclose key details, including the total order value (approximately 13.923 million yuan, accounting for 0.11% of 2024 revenue), the fact that they were not the exclusive indirect supplier to SpaceX, and uncertainties related to the business. These actions constituted misleading disclosures. The CSRC plans to impose fines of 4 million yuan each on Shuangliang Energy Systems and Shuangliang Group, totaling 8 million yuan. Additionally, the company's board secretary, Yang Likang, and the general manager of Shuangliang Group's Brand and Public Relations Department, Lu Jie, will each be fined 2.5 million yuan. Notably, the total fines imposed on Shuangliang Energy Systems and Shuangliang Group are nearly equivalent to the value of the order in question.

On February 12 of this year, the "Shuangliang Group" WeChat account published an article titled "Shuangliang Energy Systems Secures Another Overseas Order, Supporting Commercial Space Exploration." On the same day, the "Shuangliang Energy Systems" WeChat account released an article with identical title and content. Following the publication, Shuangliang Energy Systems' stock price rose by the daily limit. The Shanghai Stock Exchange quickly issued a supervisory inquiry, urging the company to provide clarification. In an after-market announcement that day, Shuangliang Energy Systems admitted that it was not cooperating directly with SpaceX but was indirectly participating in the project through an international industrial gas company. It also clarified that commercial space exploration is not the primary application area for its products. On February 27, Shuangliang Energy Systems was placed under formal investigation by the CSRC for suspected misleading information disclosure.

According to the company's performance forecast, Shuangliang Energy Systems is projected to incur a net loss of 780 million to 1.06 billion yuan in 2025. The recent penalty is expected to further exacerbate the company's financial challenges. As of the market close on March 23, Shuangliang Energy Systems' stock price was 7.19 yuan per share, up 4.66%, with a total market capitalization of 14.841 billion yuan.