Jiangsu Hengshang Energy Conservation 恒尚节能
9 significant filings since 30 May 2026: 1 on regulatory inquiry, 6 on acquisition or disposal and 1 on share issue, and 1 other kind. The latest, on 25 Sep 2026: 恒尚节能：关于发行股份及支付现金购买资产并募集配套资金暨关联交易事项的进展公告.
自 30 May 2026 起有 9 份重大公告：regulatory inquiry 1 份、acquisition or disposal 6 份、share issue 1 份，另有 1 类。最新一份（25 Sep 2026）：恒尚节能：关于发行股份及支付现金购买资产并募集配套资金暨关联交易事项的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Jiangsu Hengshang Energy Conservation is an interior fit-out company listed on the Shanghai Stock Exchange in 2023. The company reported a net loss in 2025, with revenue and profit both declining significantly from 2024. The first half of 2026 showed a profit, though 34.4% lower than the same period a year earlier. Revenue has fallen sharply, and operating cash flow remained negative in 2025. Receivables take nearly 200 days to collect, indicating weak cash conversion. The company faces risks from sustained profitability pressure, high working capital needs, and operational volatility. A regulatory inquiry in July 2026 over a major asset purchase adds scrutiny. Despite a rising share price and a market capitalisation of RMB3.59bn, financial performance has weakened, with margins and returns in negative territory in 2025.
恒尚节能是一家装修装饰企业，2023年在上交所上市。公司2025年出现净亏损，营业收入和净利润较2024年大幅下滑。2026年上半年实现盈利，但同比减少34.4%。收入显著下降，2025年经营现金流持续为负。应收账款周转天数接近200天，显示回款能力较弱。公司面临持续盈利压力、高营运资金需求及经营波动风险。2026年7月因重大资产购买事项收到监管问询，增加监管关注。尽管股价上涨，总市值达35.91亿元，但财务表现走弱，2025年毛利率、净利率及净资产收益率均处于负值区间。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025; a profit in the period to 30 Jun 2026, -34.4% on the same period a year earlier 2025年归母净利润亏损；截至2026年6月30日的报告期盈利，较上年同期-34.4% | The company reported a net loss in 2025 and a smaller profit in the first half of 2026. 公司2025年出现净亏损，2026年上半年盈利同比减少。 | A loss in 2025 reflects weakened profitability, and a 34.4% drop in first-half 2026 profit suggests ongoing pressure. This trend could erode retained earnings and investor confidence. 2025年亏损反映盈利能力减弱，2026年上半年利润下降34.4%显示压力持续，可能侵蚀留存收益和投资者信心。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative in 2025. 2025年每股经营现金流为负。 | Negative operating cash flow indicates the company generated less cash than it consumed from core operations, which may strain liquidity and increase reliance on external financing. 经营现金流为负表明主业未能产生足够现金，可能加剧流动性压力，增加对外部融资的依赖。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by more than 20% in 2025 compared to 2024. 2025年营业收入较2024年下降超20%。 | A revenue drop of 31.3% signals shrinking business scale or weak demand, which can reduce economies of scale and weaken pricing power. 收入下降31.3%反映业务规模收缩或需求疲软，可能削弱规模效应和议价能力。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款周转天数超过180天。 | At 199 days, receivables tie up working capital for a prolonged period, increasing credit risk and limiting cash available for operations or debt repayment. 应收账款周转天数达199天，长期占用营运资金，增加信用风险，限制可用于经营或偿债的现金。 |
- Whether the attributable net profit for the full year 2026 remains positive.
2026全年归母净利润是否保持盈利。 - Operating cash flow per share in the 2026 annual report.
2026年年报中的每股经营现金流。 - Revenue change in the 2026 full-year report compared to 2025.
2026年全年收入较2025年的变动情况。 - Receivable days at the end of 2026.
2026年末应收账款周转天数。 - Changes in the shareholding of the actual controller 周祖庆.
实际控制人周祖庆持股变动情况。 - The status of the major asset purchase disclosed in the regulatory filing of 14 Jul 2026.
2026年7月14日监管问询中披露的重大资产购买事项的后续进展。
- Company: Jiangsu Hengshang Energy Conservation 恒尚节能, Shanghai Stock Exchange 603137; industry Interior Fit-out; listed 19 Apr 2023.
公司：恒尚节能，上海证券交易所 603137；行业：装修装饰；上市日期：2023年4月19日。 - Close on 24 Sep 2026 RMB19.63; close on 24 Sep 2025 RMB14.08; one-year change +39.4%.
2026年9月24日收盘价19.63元；2025年9月24日收盘价14.08元；一年涨跌幅+39.4%。 - 52-week range RMB11.54 to RMB35.61.
52周区间11.54元至35.61元。 - In the last 12 months 22 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 7 Aug 2026 +10.0%; 11 Aug 2026 +10.0%; 14 Aug 2026 -10.0%; 19 Aug 2026 -10.0%; 27 Aug 2026 +10.0%. The longest run of them on consecutive trading days: 8 days.
近12个月共有22个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年8月7日 +10.0%；2026年8月11日 +10.0%；2026年8月14日 -10.0%；2026年8月19日 -10.0%；2026年8月27日 +10.0%。其中最长连续8个交易日。 - Market capitalisation RMB3.59bn; P/E TTM not meaningful (loss-making); price to book 3.02x.
总市值35.91亿元；市盈率（TTM）不适用（亏损）；市净率3.02倍。 - Revenue 2025 RMB1.48bn; 2024 RMB2.16bn; change -31.3%.
营业收入2025年14.85亿元；2024年21.59亿元；同比-31.3%。 - Attributable net profit 2025 -RMB35.0m; 2024 RMB93.4m; change -137.5% (from a profit to a loss).
归属于母公司股东的净利润2025年-3,502.4万元；2024年9,335.3万元；同比-137.5%（由盈转亏）。 - Net profit excluding non-recurring items, 2025 change -147.5%.
2025年扣除非经常性损益后的净利润同比-147.5%。 - Basic EPS 2025 -RMB0.19; 2024 RMB0.51.
基本每股收益2025年-0.19元；2024年0.51元。 - Operating cash flow per share 2025 -RMB1.63; 2024 -RMB1.10.
每股经营现金流2025年-1.63元；2024年-1.10元。 - 2025 gross margin 13.9%; net margin -2.4%; ROE -3.0%.
2025年毛利率13.9%；净利率-2.4%；净资产收益率-3.0%。 - At 30 Jun 2026: liabilities to assets 59.4%; current ratio 1.55; quick ratio 1.53; receivable days 199; inventory days 618.
截至2026年6月30日：资产负债率59.4%；流动比率1.55；速动比率1.53；应收账款周转天数199；存货周转天数618。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB581.7m, change -32.9%; attributable net profit RMB29.8m, change -34.4%; operating cash flow per share RMB0.38.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入5.82亿元，同比-32.9%；归母净利润2,980.2万元，同比-34.4%；每股经营现金流0.38元。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Regulatory Inquiry. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为监管问询的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 14 Jul 2026, Regulatory Inquiry (high): filing titled 《恒尚节能：关于上海证券交易所《关于对江苏恒尚节能科技股份有限公司重大资产购买预案信息披露的问询函》的回复公告》.
2026年7月14日，监管问询：公告《恒尚节能：关于上海证券交易所《关于对江苏恒尚节能科技股份有限公司重大资产购买预案信息披露的问询函》的回复公告》。 - Ownership: actual controller 周祖庆,周祖伟; largest holder at 30 Jun 2026: 周祖庆, 27.24%.
股权：实际控制人：周祖庆,周祖伟；2026年6月30日第一大股东：周祖庆，持股27.24%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade C, score 61.7 of 100, graded within a peer group of 21 companies in its industry; no rank among peers is given.
金源评级C，得分61.7（满分100），于行业同业21家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。