Shanghai Broadband Technology grapples with major fund occupation, revenue drop

Shanghai Broadband Technology announced that its former controlling shareholder, Nanjing Sweet Group, and its affiliates still occupy 348,612,206.20 yuan in company funds. This amount represents 921.63% of the company's most recently audited net assets, leading to continued "other risk warnings" for its stock. The company plans to publicly transfer its claims against Nanjing Sweet Group to resolve the issue.

For the third quarter of 2025, the company reported total operating revenue of 5,440,280.55 yuan, a 63.70% decrease year-over-year, primarily due to adjustments in business structure, with chemical product trade revenue declining. Despite this, net profit attributable to shareholders for the period was 1,061,988.36 yuan, a 448.84% increase year-over-year, mainly driven by increased profits from flower brokerage services and reduced period expenses.

As of September 30, 2025, the company's total assets stood at 119,236,792.92 yuan, a 4.28% decrease from the end of the previous year. Net cash flow from operating activities was 63,530,296.63 yuan, an increase of 1,081.48% compared to the same period last year. The company continues to navigate historical debt and ongoing legal proceedings concerning its former supplier, Hong Kong Petrochemical, including a court judgment of $3,324,642.45 and 3,312,421.27 yuan.