Thinker Agricultural Machinery Co., Ltd. (ST Xingnong, 603789.SH) (603789)

Stock Analysis Report | Industry: Specialized Equipment Manufacturing (Agricultural Machinery + Special-Purpose Vehicle Components) | Report Date: September 13, 2026 | Based on the close as of September 11, 2026; September 13, 2026 is a Sunday, A-shares market closed.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

The most decision-relevant characteristic of ST Xingnong currently is the "coexistence of revenue growth and sustained losses": H1 2026 revenue was RMB 198 million, up 82.24% year-over-year, but net profit attributable to shareholders was a loss of RMB 78.6826 million, and net profit attributable to shareholders after deducting non-recurring items was a loss of RMB 76.5329 million; FY2025 revenue after deductions was RMB 322 million, which although exceeding the RMB 300 million delisting risk trigger line, the company still incurred consecutive losses, and the audit report indicated material uncertainty about going-concern ability. The company had its delisting risk warning removed in May 2026, changing from "*ST Xingnong" to "ST Xingnong," but due to financial information disclosure violations and going-concern uncertainty, the other risk warning remains in place.

At the operational level, the company has formed a dual-segment structure of agricultural machinery and special-purpose vehicles & components. The consolidation of automotive-related businesses drove revenue expansion, but the new businesses are still in the cultivation and capacity ramp-up stage with low gross margins, and have not yet offset the pressure from weakening demand in the core agricultural machinery business, intensifying price competition, proactive production curtailment, and rigid amortization of fixed costs. H1 2026 gross margin was 14.47%, net cash flow from operating activities was -RMB 6.0723 million, the debt-to-asset ratio rose to 84.79%, and net assets attributable to shareholders fell to RMB 58.0573 million, putting significant strain on the financial structure.

Corporate governance and financial information quality remain important constraints on fundamental evaluation. Due to a wholly-owned subsidiary conducting business lacking commercial substance in 2023, the company inflated operating revenue by RMB 60.7274 million and received an administrative penalty from the Zhejiang Securities Regulatory Bureau and a public censure from the Shanghai Stock Exchange. The relevant historical data has been retrospectively adjusted, affecting comparability. Currently, there is a lack of effective sell-side coverage and consensus forecasts for future performance. Losses render the P/E ratio meaningless for reference. Based on net assets as of end-June 2026, the P/B ratio is approximately 27x, and valuation is highly sensitive to changes in net assets and risk appetite.

As of September 11, 2026, the company's stock closed at RMB 5.98, retracing approximately 22% from the stage high of RMB 7.68 on July 9, 2026. The closing price is below MA5, MA10, and MA20, with the short-term technical trend leaning weak; RSI6 is approximately 22, and the stock price is near the estimated lower Bollinger Band, suggesting a possible technical rebound, but this alone cannot confirm a trend reversal. Recent trading activity is moderate-to-low, with RMB 5.98–6.05 as the short-term support observation zone and RMB 6.20附近 as the primary resistance level.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Agricultural Machinery Segment—Agricultural Machinery: Combination of independent R&D, independent procurement (engines, tracks, etc.) + independent production + outsourced processing; independently processes high-value-added/core components with independent intellectual property rights, remaining components are purchased or outsourced, unified final assembly and debugging, sold through dealer buyout model
• Agricultural Machinery Segment—Agricultural Services: Provides mechanical operation services to farmers, large-scale growers, agricultural cooperatives, agricultural enterprises, agricultural brokers, agricultural service centers, etc., self-financing, self-bearing risks
• Special-Purpose Vehicle & Components Segment—Structural Components: Customized structural components/parts/base components processing (metal/non-metal, including mechanical components, steel structures, plastic parts, standard parts), processing to drawings, sample trial production, small-batch production
• Special-Purpose Vehicle & Components Segment—Fuel Pumps: Diesel engine fuel pumps and fuel injection system components, supported by DENSO technology, independently produces key components, finished products exported overseas
• Special-Purpose Vehicle & Components Segment—Special-Purpose Vehicles & Components: Externally procured vehicle chassis, independently performs body structure design/functional integration, modular assembly of complete vehicles, dealer network + direct engagement with end customers (engineering enterprises, logistics groups, special operations units)
• Historical Product List: Combine harvesters (crawler self-propelled rice/wheat/rapeseed, wheeled rice/wheat), rapeseed harvesters, large-medium/crawler tractors, crawler self-propelled rotary tillers, rice transplanters, cotton pickers, dryers, balers (wheeled/self-propelled crawler balers), corn harvesters, peanut harvesters, fertilizer machines, intelligent fish farming raceways, seedling raising lines; core traditional main business is combine harvesters

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

2026H1 Other Indicators: Total profit −RMB 67.5946 million; basic EPS −RMB 0.2909; weighted average ROE −80.73% (prior year same period −18.33%); gross margin 14.47% (down 3.35pct from previous quarter's 17.82%); debt-to-asset ratio 84.79% (YoY +11.31pct; period-end total assets RMB 972 million, net assets attributable to parent RMB 58.0573 million, down 57.56% from prior year-end); net cash flow from operating activities −RMB 6.0723 million. Reasons for loss (company earnings forecast basis): weakening demand in core agricultural machinery business, intensified price competition, proactive production curtailment, rigid amortization of fixed costs; fuel pump and special-purpose vehicle new businesses in cultivation/capacity ramp-up stage with low gross margins; additionally, provisions for bad debts and asset impairments, and losses on external equity investments. 2025A Other Indicators: Total profit −RMB 79.5524 million; basic EPS −RMB 0.3660; weighted average ROE −50.38%; gross margin 5.06%; debt-to-asset ratio 79.61%; net cash flow from operating activities −RMB 92.3238 million. 2025 Quarterly Revenue: Q1 RMB 46.89 million, Q2 RMB 61.68 million, Q3 RMB 124.67 million, Q4 RMB 153.17 million, all quarters had net losses attributable to parent. The annual report received an unqualified audit opinion with emphasis of matter paragraph and material uncertainty about going-concern paragraph from Shanghai Certified Public Accountants. Historical Comparison: 2022 revenue RMB 244 million, net profit attributable to parent −RMB 159 million; 2023 revenue RMB 248 million, net profit attributable to parent −RMB 61.08 million; 2024 net profit attributable to parent −RMB 178.5 million (in 2024, ST was triggered due to negative net profit and revenue after deductions <RMB 300 million); three-year revenue CAGR 16.57%. Basis Note: 2024 operating revenue differs across sources; the prior year same period figure in the 2025 annual report summary is RMB 274.6 million, while another media/early announcement basis is RMB 269 million. The difference may stem from the accounting error correction and retrospective adjustment from gross method to net method. Citations should use the latest annual report retrospective figures. Additional Note: In 2023, wholly-owned subsidiary Xingguang Zhiyuan inflated revenue by RMB 60.7274 million (19.69% of period revenue) and inflated total profit by RMB 5.2895 million, was penalized by Zhejiang Securities Regulatory Bureau and retrospectively adjusted the 2023 annual report, limiting historical data comparability.*

The latest financial report (2026H1) presents a divergence of apparent expansion in net loss attributable to parent but substantive narrowing in loss after non-recurring deductions: net profit attributable to parent was −RMB 78.6826 million, with loss expanding approximately 92.22% YoY; but net profit attributable to parent after non-recurring deductions was −RMB 76.5329 million, with loss narrowing 28.95% YoY. The divergence is mainly due to approximately RMB 66.83 million in non-recurring gains in 2025H1 (2025H1 net profit attributable to parent −RMB 40.93 million vs. after non-recurring deductions −RMB 107.72 million), while 2026H1 non-recurring gains/losses were minimal. Therefore, judging earnings trends should be based on the after-non-recurring-deductions basis. Revenue grew 82.24% YoY but gross margin was only 14.47% and declined 3.35pct sequentially, reflecting low margins in new businesses and intensifying price competition in the core business; meanwhile, the debt-to-asset ratio rose to 84.79%, net assets attributable to parent fell significantly by 57.56% from prior year-end to RMB 58.0573 million, and weighted average ROE deteriorated to −80.73%, putting significant strain on the financial structure. FY2025 revenue after deductions of RMB 322 million just barely exceeded the RMB 300 million delisting red line, and the annual report contains a going-concern material uncertainty paragraph, compounded by historical financial data having been falsely recorded and retrospectively adjusted, creating significant uncertainty in both historical comparability and going concern.

3.2 Earnings Forecast

Institutional consensus forecasts for revenue/net income/EPS for the next 2–3 years cannot be provided; data is unavailable. The core reason is that the stock has virtually no effective sell-side/institutional coverage and consensus expectations: The East Money F10 "Earnings Forecast" page explicitly shows "No rating statistics for this stock" and "No institutional forecasts for this stock," with forecast details containing only historical actual values (2023 EPS −0.2303, 2024 −0.6730, 2025 −0.3732), with no future year forecasts; the East Money "Growth/Valuation Comparison" page shows 2026E/2027E/2028E EPS growth rates and operating revenue growth rates all as "--"; Simply Wall St also shows insufficient analyst coverage; Investing.com consensus expectation page content is truncated and 52-week ranges on different regional sub-sites contradict each other (one shows 4.77–9.72, another 5.11–6.67), making it impossible to establish any reliable target price, and is not adopted. The only forward-looking information is the company's own earnings forecast (not institutional forecast): The 2026 semi-annual earnings forecast projected net profit attributable to parent of −RMB 95 million to −RMB 65 million (widened loss), net profit after non-recurring deductions of −RMB 85 million to −RMB 60 million (narrowed loss); actual results were net profit attributable to parent −RMB 78.68 million and after non-recurring deductions −RMB 76.53 million, falling within the forecast range.

3.3 Valuation Level and Institutional Ratings

As of the close on 2026-09-11, the stock price was RMB 5.98 (down 1.16% on the day), total share capital 265 million shares/tradable shares 260 million shares, total market capitalization RMB 1.586 billion/tradable market capitalization RMB 1.555 billion. Note: Prices differ on different retrieval dates (approximately RMB 6.05 on 9-10, approximately RMB 6.13 on 9-04), citations must note the date. The P/E ratio is negative due to sustained losses and has no reference significance: PE(TTM) approximately −11.60, static PE approximately −16.02, dynamic PE approximately −10.08 (slight differences across platforms/TTM bases). P/B based on net assets per share of RMB 0.22 as of 2026-06-30 is approximately 27x (Securities Times dynamic P/B 27.31, Jiufang 27.3; Ping An/AASTOCKS give 12–17x using different period-end net assets), P/B is significantly elevated with large discrepancies across sources, representing a high-risk signal. P/S per East Money basis TTM approximately 3.33x, 2025A approximately 4.10x (Investing.com's 12.69 clearly inconsistent with other sources, suspected basis/update issue, not adopted). Securities Star valuation pointer (update date 2026/09/06) relative valuation range RMB 5.09–5.62, valuation accuracy rating C, stock price appears elevated based on comprehensive fundamentals. Industry Valuation Reference: Jiufang Zhitou states that as of 2026-09-11, the specialized equipment industry PE(TTM) average is approximately 427x, ST Xingnong ranks lower among peers in fundamentals (revenue approximately 141/188, net profit 182/188, P/B approximately 5/188 elevated). Market Performance (East Money, as of interim report data update): Past 1 month −8.14%, past 3 months +13.69%, past 6 months −1.97%, year-to-date +12.41%. Overall, the company's losses result in negative PE, P/B is abnormally high due to extremely thin net assets (approximately 27x), P/S varies widely across sources, and valuation metrics have limited reference significance; combined with no institutional consensus expectations or target prices, plus material going-concern uncertainty, delisting risk, and limited comparability due to historical financial false records, valuation uncertainty is extremely high.

IV. Recent News and Announcements

4.1 Target Confirmation and Stock Name Change

603789 is Thinker Agricultural Machinery Co., Ltd. (TAM), Shanghai Stock Exchange Main Board, registered/office address at Xingguang Avenue, Hefu Town, Nanxun District, Huzhou City, Zhejiang Province, CSRC industry is specialized equipment manufacturing (agricultural machinery). The stock name has undergone changes: N Xingguang → Xingguang Agricultural Machinery → ST Xingnong (from 2025-05-06) → ST Xingnong (from 2026-05-20), ST Xingnong/ST Xingnong/Xingguang Agricultural Machinery all refer to the same target. In terms of main business, since 2025 it has formed two major segments of agricultural machinery + automotive (the new automotive segment was consolidated through the acquisition of Zhongcheng Automobile (Shandong) Co., Ltd. and other targets), agricultural machinery products include combine harvesters, tractors, cotton pickers, rice transplanters, rotary tillers, dryers, balers, etc.

4.2 Implementation of Delisting Risk Warning (Cap Designation)

On 2025-04-30, disclosed "Announcement on Implementation of Delisting Risk Warning and Trading Suspension" (Announcement No. 2025-035): Due to the lower of net profit before and after non-recurring deductions for FY2024 being negative, and revenue after deductions below RMB 300 million, delisting risk warning (*ST) was implemented from 2025-05-06.

4.3 Termination of Listing Risk Warning Announcements

On 2026-01-31, the first "Risk Warning Announcement on Possible Termination of Listing" was published (No. 2026-005); on 2026-02-13, the second was published (No. 2026-008). Per rules, initial disclosure within 1 month after the end of the 2025 fiscal year, followed by risk warnings every 10 trading days.

4.4 FY2025 Audit Opinion and Application to Remove Delisting Risk Warning

On 2026-04-23, Shanghai Certified Public Accountants (Special General Partnership) issued an unqualified audit opinion with emphasis of matter paragraph on the FY2025 financial report; on the same day, issued the "Special Audit Report on Elimination of Impact of Matters Involving Non-Standard Opinion for FY2024"; the Board of Directors (5th Session, 17th Meeting) passed the "Proposal on Application to Remove Delisting Risk Warning," submitted the application on April 24, disclosed on April 25 (No. 2026-030).

4.5 Removal of Delisting Risk Warning, Star Removed but Cap Retained

On 2026-05-18, the Shanghai Stock Exchange agreed to remove the delisting risk warning; on 2026-05-19, trading was suspended for 1 day; from 2026-05-20 market open, trading resumed, and the name changed from "*ST Xingnong" to "ST Xingnong," code unchanged, still trading on the risk warning board, daily price limit still 5% (Announcement No. 2026-036). Two reasons for star removal but cap retention (other risk warning continues): 1) On 2026-03-17, received the Zhejiang Securities Regulatory Bureau's "Prior Notice of Administrative Penalty," and on 2026-03-30 received the "Administrative Penalty Decision," with false records in annual report financial indicators, and per Article 9.8.1, Paragraph 1, Item (7) of the Listing Rules, other risk warning was additionally implemented; 2) The lower of net profit before and after non-recurring deductions for the most recent 3 consecutive fiscal years was negative, and the 2025 audit report indicated going-concern uncertainty, and per Article 9.8.1, Paragraph 1, Item (6), other risk warning was additionally implemented.

4.6 FY2025 Annual Loss Forecast Announcement

On 2026-01-31 (No. 2026-004; disclosed on the evening of January 30), projected FY2025 total profit of −RMB 100 million to −RMB 70 million; net profit attributable to parent −RMB 135 million to −RMB 90 million; net profit after non-recurring deductions −RMB 220 million to −RMB 150 million; operating revenue RMB 350 million to RMB 400 million; revenue after deductions RMB 310 million to RMB 350 million; projected end-2025 net assets RMB 100 million to RMB 150 million. Main reasons for projected loss (company's own statement): ① The dual segments of agricultural machinery + automotive greatly increased revenue, but comprehensive costs were high; the agricultural machinery segment proactively adjusted production capacity and divested subsidiaries causing revenue decline, with significant pressure from fixed cost amortization of plants and equipment, low gross margins, and the new segment consolidated for a short time facing short-term pressure, insufficient to offset agricultural machinery segment losses; ② Provisions for bad debts and asset impairment, estimated to reduce net profit by approximately RMB 37 million. Prior year same period (2024): Total profit −RMB 168.4 million; net profit attributable to parent −RMB 174.6 million; after non-recurring deductions −RMB 198.5 million; revenue RMB 269.4 million; revenue after deductions RMB 256.4 million; EPS −RMB 0.6402; period-end net assets RMB 238.87 million.

4.7 2025 Interim Earnings Forecast

On 2025-07-15, projected H1 2025 net profit attributable to parent loss of RMB 50 million to RMB 85 million; loss after non-recurring deductions of RMB 55 million to RMB 90 million (prior year same period after non-recurring deductions −RMB 77.97 million). Main reasons: weak industry demand, declining grain prices, low capacity utilization and gross margins, provision for bad debts on receivables, high fixed costs, etc.

4.8 2025 Q3 Report

Disclosed 2025-10-31: First three quarters operating revenue RMB 301.42 million (301,415,421.55), YoY +55.77%; first three quarters net profit attributable to parent −RMB 65.5892 million (−65,589,228.38); after non-recurring deductions −RMB 141.4782 million; first three quarters net cash flow from operating activities −RMB 68.5915 million; basic EPS −RMB 0.2523; period-end total assets RMB 1.2436 billion; equity attributable to parent RMB 172.8 million (down 29.74% from prior year-end). Note: After the company acquired Zhongcheng Automobile under common control, the Q3 report consolidated data already includes Zhongcheng Automobile's January–August 2025 data; after deducting Zhongcheng Automobile, operating revenue was RMB 279.7 million and net profit attributable to parent was −RMB 56.5499 million.

4.9 FY2025 Annual Report (Audited)

Summary disclosed 2026-04-25: Operating revenue RMB 386.40 million (386,403,451.88); revenue after deductions RMB 322.36 million (322,358,803.01) (already exceeding the RMB 300 million "shell preservation line"); net profit attributable to parent −RMB 98.9866 million (−98,986,644.20) (within the forecast range of −RMB 90 million to −RMB 135 million, near the smaller loss end); period-end net assets RMB 136.81 million (136,810,143.56); audit opinion was unqualified with emphasis of matter paragraph/going-concern uncertainty paragraph.

4.10 CSRC Investigation and Prior Period Accounting Error Correction

In September 2025, the company received the CSRC's "Notice of Filing" (No.: CSRC Filing Letter 01120250032), investigated for suspected information disclosure violations; on 2025-09-30, disclosed "Announcement on Receipt of CSRC Notice of Filing" (No. 2025-063). On 2025-09-26/27, published "Announcement on Prior Period Accounting Error Correction and Retrospective Adjustment," retrospectively adjusting the 2023 "agricultural services (cotton picking) business," reducing 2023 operating revenue by RMB 60.7274 million. The company's self-inspection stated that the business had customer fund回流 (reflux), no actual harvesting occurred, and lacked commercial substance.

4.11 Zhejiang Securities Regulatory Bureau Administrative Penalty and SSE Public Censure

On 2026-03-17, received the Zhejiang Securities Regulatory Bureau's "Prior Notice of Administrative Penalty" (Zhe Penalty Word [2026] No. 3); on 2026-03-30, received the "Administrative Penalty Decision" (Zhejiang Securities Regulatory Bureau [2026] No. 5), determining: In 2023, wholly-owned subsidiary Bazhou Xingguang Zhiyuan Smart Agriculture Technology Co., Ltd. conducted false cotton harvesting, consulting services, promotion services, and other businesses; inflated operating revenue by RMB 60.7274 million (19.69% of period disclosed revenue); inflated total profit by RMB 5.2895 million (9.77% of absolute value of period disclosed total profit) → false records in the 2023 annual report. Penalties: Company warned + fined RMB 2.5 million; then-Chairman He Dejun, then-Director/General Manager Zheng Bin, and Xingguang Zhiyuan then-General Manager Liu Tao each fined RMB 1.2 million; then-Financial Officer Wu Haijuan fined RMB 800,000; total approximately RMB 6.9 million. On the same day (2026-03-30/31), the SSE issued a public censure. Due to the above penalties, the company's stock has been additionally subject to other risk warning from 2026-03-18 (Announcements 2026-011, 2026-012). The company and executives did not submit statements or defenses and did not request a hearing.

4.12 Shareholder Li Weihong's Reduction

On 2025-09-24, disclosed "Announcement on Shareholder Reduction Plan": Li Weihong planned to reduce holdings through centralized bidding + block trades by no more than 8,113,542 shares (3% of total share capital) from 2025-10-24 to 2026-01-23. Actual execution: 2025-11-03 to 11-04 reduced 1,409,028 shares (0.52%) through block trades; 2025-11-06 reduced 433,400 shares (0.16%) through centralized bidding; total reduction of 1,842,428 shares (0.68%), shareholding ratio decreased from 5.68% to 5.00%. On 2025-11-07, signed the "Simplified Equity Change Report," reason for reduction was personal funding needs; this change did not result in a change of controlling shareholder or actual controller.

4.13 Controlling Shareholder's Share Pledge Release and Pledge

Controlling shareholder Xingguang Nongke Holding Group Co., Ltd. holds 44,149,832 shares (16.65%). On 2026-05-16 announcement (No. 2026-034): Xingguang Nongke released the pledge of 10,361,953 shares pledged to Zhongzhen (Shanghai) Electric Vehicle Technology Co., Ltd., and re-pledged to the same party on the same day; cumulative pledged 25,904,882 shares (58.67% of its holdings, 9.77% of total share capital). Within the next half year, 0 shares mature; within the next year, 15,542,929 shares mature (35.20% of its holdings), corresponding to a financing balance of RMB 15 million. Another data point: East Money shows that as of 2025-08-08, total pledge ratio was 11.43%, total pledged shares 30.9049 million, 3 transactions (consistent across multiple weekly frequencies from June–August 2025). Note: No actual controller, multiple F10 sources show "Actual Controller: None," controlling shareholder is Xingguang Nongke Holding Group.

4.14 Share Buyback (Data Missing)

This search did not find any recent announcements related to share buybacks (repurchases) by the company. To avoid omission, it is recommended to verify by searching "603789 回购" on the SSE announcement platform (limitation note).

4.15 M&A/External Investment/Related-Party Transactions/Guarantees

Acquisition of Zhongcheng Automobile (Shandong) Co., Ltd. under common control: The 2025 Q3 report already consolidated its January–August 2025 data (reference to "the two target companies acquired by the Company this year" in the inquiry letter response). On 2025-08-11, the 5th Board of Directors 11th Meeting passed the "Proposal on Capital Increase to Subsidiary," increasing capital by RMB 18 million to wholly-owned subsidiary Xingguang Zhigu (Shanghai) Technology Co., Ltd., registered capital increased from RMB 30.60 million to RMB 48.60 million (still wholly-owned). On 2025-08-13, announced: One related-party transaction with Lvmai Automobile Industry Co., Ltd. (other related-party relationship), total amount RMB 29.414 million, involving asset sales. Guarantees: On 2025-11-27 announcement (No. 2025-072), provided RMB 3 million joint and several liability guarantee for wholly-owned grandchild company Xingguang Equipment Manufacturing (Deqing) Co., Ltd.'s financial lease from Huzhou Feiying Financial Leasing Co., Ltd.; actual guarantee balance RMB 9 million (including this one). Total external guarantee amount RMB 254.30 million, representing 106.46% of the most recent audited net assets (note: multiple risks including exceeding 50%/100% of net assets, guarantees to entities outside the consolidated statements reaching 30%, guarantees to entities with debt-to-asset ratio exceeding 70%, etc.). The company's 2025 annual external guarantee limit is projected not to exceed RMB 100 million in total (No. 2025-028, No. 2025-039).

4.16 Exchange Inquiry Letter and Response

On 2025-12-16, announced response to the SSE's "Information Disclosure Regulatory Inquiry Letter" regarding the 2025 Q3 report (SSE Public Letter [2025] No. 3872, No. 2025-074). Inquiry focused on: Operating revenue composition (by segment operating entity/model/revenue/gross margin), top ten customers and suppliers, whether there is revenue that should be deducted and revenue recognition compliance, etc. Note: The inquiry response text states "Q3 report…net profit before and after non-recurring deductions respectively lost RMB 25 million and RMB 34 million," while the Q3 report officially disclosed net profit attributable to parent of −RMB 65.6 million and after non-recurring deductions −RMB 141.5 million. The two are inconsistent, suspected transcription/basis error, the RMB 25/34 million figures are not adopted, and the Q3 report original text shall prevail.

4.17 Investor Claims (Civil)

On 2026-09-01, Attorney Xie Baoping's team submitted a new batch of investor claim filing materials to the Huzhou Intermediate People's Court of Zhejiang Province. Claim conditions (law firm basis): Those who bought 603789 between 2024-04-30 and 2025-09-26, and sold or continued to hold after 2025-09-27 (inclusive). Note: This news comes from law firm/self-media transcription, a single source, please refer to court acceptance progress and company announcements.

4.18 Other Recent Announcements (Timeline Completion)

On 2026-05-15, held the 2025 Annual Shareholders' Meeting (chaired by Chairman He Dejun, all 9 directors attended), all proposals passed, including: 2025 Board of Directors Work Report, appointment of 2026 audit institution, 2025 profit distribution plan, "Shareholder Future Dividend Return Plan (2026-2028)," 2026 annual external guarantee limit projection, revision of "Director/Executive Compensation Management System," amendment of "Articles of Association," etc. On 2025-11-18, published the legal opinion on the 2025 Fifth Extraordinary General Meeting of Shareholders (Shanghai Llinks Law Offices). On 2026-03-19, published announcement on abnormal stock trading fluctuations (fluctuations triggered by financial fraud penalty news). On 2026-02-03, the Board Secretary responded to investors on the interactive platform, stating that as of that day, no investigation results had been received; on the same day, Jiufang Zhixun reported that the company stated if the filing involves only administrative penalties, ST will be implemented, "affecting cap removal but not star removal," warning of audit opinion type risk.

4.19 Price/Market Cap Background

On 2026-05-18, closed at RMB 6.22, down 1.43%, total market cap approximately RMB 1.65 billion, dynamic P/E approximately −10.48 (this is the last trading day data before suspension). On 2025-09-29 (at the time of filing), stock price was RMB 6.01, market cap approximately RMB 1.625 billion. Note: The above is data from May 2026 and before; more recent closing prices from after the May 2026 resumption to the retrieval date were not obtained. For the latest quotes, separate retrieval is required.

4.20 Key Uncertainties/Items to Verify

1) The "latest" boundary of this section: The most recent event retrieved is the 2026-09-03 investor claim report; other new announcements after the 2026-05-20 resumption and name change to "ST Xingnong" up to the retrieval date (such as 2026 Q3 report, new filing progress, cap removal/other risk warning changes) were not fully covered. It is recommended to verify by the latest months on the SSE 603789 announcement list. 2) The contradiction between "net profit before and after non-recurring deductions −RMB 25 million/−RMB 34 million" in the inquiry response and the Q3 report's "net profit attributable to parent −RMB 65.6 million/after non-recurring deductions −RMB 141.5 million" — the Q3 report original text prevails, and final verification should be against the announcement PDF original text. 3) No share buyback announcement was found, but omission cannot be completely ruled out, needs verification. 4) Shareholder pledge "11.43%/30.9049 million shares" (as of 2025-08-08) and controlling shareholder's single cumulative pledge "25.9049 million shares/9.77% of total share capital" (May 2026) have different bases, belonging to different statistical scopes, do not mix. 5) Investor claim information is from a single source (law firm self-media), pending verification.

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, ST Xingnong closed at RMB 5.98, below MA5, MA10, and MA20, and gradually declined from RMB 6.39 on August 31, 2026, with the short-term trend shifting from prior high-level consolidation to weak correction. RSI6 is approximately 22, approaching the traditional oversold zone, with possible technical rebound, but insufficient alone to confirm a trend reversal. The stock price is near the estimated lower Bollinger Band, the RMB 5.98 to RMB 6.05 area is the short-term support observation zone, and approximately RMB 6.20 is the primary resistance formed by MA20 and the Bollinger middle band. Recent volume is mostly approximately 2 million to 4.3 million shares, September 11 volume approximately 3.76 million shares, capital activity moderate-to-low; reliable cross-verifiable data on net inflow or outflow of main funds is lacking.

5.3 Short-Term Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario projection based on closing data as of September 11, 2026, does not constitute investment advice, and does not represent a deterministic prediction of future prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 50% to 60%; subjective heuristic weight, not statistical probability): Price range approximately RMB 5.95–6.25. Trigger conditions include the RMB 5.95–6.05 area not being effectively broken below, volume maintaining recent normal levels, and rebound near RMB 6.20 meeting resistance but no heavy-volume breakdown. In this scenario, the stock price may oscillate repeatedly around RMB 6, awaiting new news or capital direction.
• Weak Downside (moderate weight, approximately 30%; subjective heuristic weight, not statistical probability): Price range approximately RMB 5.75–5.95. Trigger conditions include closing effectively below RMB 5.90–5.95, single-day volume significantly expanding but price closing down, overall weakness in the ST sector or specialized equipment sector, or main funds continuing to show net outflow. If the RMB 5.83 intraday low is broken below on heavy volume, short-term weakness may continue, and the RMB 5.75–5.80 area will become the next observation range.
• Rebound Strengthening (relatively lower weight, approximately 10% to 20%; subjective heuristic weight, not statistical probability): Price range approximately RMB 6.20–6.45. Trigger conditions include stock price reclaiming RMB 6.20, subsequently breaking through recent resistance at RMB 6.30–6.37, volume significantly above recent norm, and RSI6 recovering from oversold zone accompanied by a confirmable MACD golden cross or narrowing green histogram. If heavy volume breaks through the upper Bollinger Band near RMB 6.42, the short-term rebound technical pattern will only then clearly improve; prior to that, gains are more appropriately viewed as weak rebound observation.

③ Capital and Liquidity Background

As of September 11, 2026, volume approximately 3.76 million shares, estimated turnover rate approximately 1.4% to 1.5%; recent trading days volume mostly approximately 2 million to 4.3 million shares, recent normal turnover approximately RMB 13 million to RMB 28 million, August 12 volume approximately 7.11 million shares. The top ten shareholders together hold approximately 53.07%, data as of the 2026-06-30 semi-annual report period-end; because the company completed a change of control on August 10, 2026, the shareholding structure as of September 11 may have already changed, so this ratio can only serve as lagging chip background. The top ten shareholders are mainly original shareholders, natural persons, and non-financial corporate shareholders; only Guangdong Zhenyuan Private Equity Fund Management Co., Ltd.'s private fund holding approximately 0.60% was seen, and no public funds, social security funds, or QFII were found occupying obvious positions among the top ten shareholders. For a small-cap ST stock with total market cap of approximately RMB 1.6 billion, single-day turnover of approximately RMB 20 million-plus means limited order book depth; under concentrated selling or news stimulation, price volatility and bid-ask spreads may widen.

If in the coming week single-day turnover continuously expands to approximately RMB 35 million or more, and the closing price can stand above RMB 6.20, this can be viewed as an observation signal of improved short-term capital participation; if turnover expands but the stock price still falls below RMB 5.90, it is closer to heavy-volume liquidation or selling pressure release, rather than an effective strengthening signal.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 5.98–6.05 support zone can see shrinking-volume stabilization; the above are observation ideas, not trading instructions.
• Observe whether RMB 6.20 MA20 and Bollinger middle band can be reclaimed; the above are observation ideas, not trading instructions.
• If RMB 5.90 is broken below, observe whether the previous low of RMB 5.83 is broken through on heavy volume; the above are observation ideas, not trading instructions.
• Watch whether single-day turnover can reach approximately RMB 35 million or more, and form volume-price coordination with price standing above RMB 6.20; the above are observation ideas, not trading instructions.

The above scenario projections are based on September 11, 2026 closing data and historical price and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors including news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future movements, and do not constitute buy or sell recommendations. Please combine with the latest market information for independent judgment and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

VII. Risk Warnings

• Going-concern risk: The company's 2025 audit report contains a paragraph on material uncertainty about going-concern ability. H1 2026 still lost RMB 78.6826 million, and FY2025 and H1 2026 net cash flow from operating activities were −RMB 92.3238 million and −RMB 6.0723 million respectively. Uncertainty exists regarding future operating funds and earnings recovery.
• Delisting and risk warning risk: Although the company removed the delisting risk warning and star in May 2026, it continues to be subject to other risk warning due to historical financial information disclosure violations, the lower of net profit before and after non-recurring deductions being negative for 3 consecutive fiscal years, and going-concern uncertainty. If relevant conditions do not improve, the company may continue to face risk warning or further changes.
• Profitability risk: H1 2026 revenue grew 82.24% YoY, but gross margin was only 14.47%, down 3.35 percentage points from the previous quarter; the core agricultural machinery business faces weakening demand and price competition, and the newly consolidated fuel pump, special-purpose vehicle, and other businesses are still in the cultivation and capacity ramp-up stage. Revenue expansion may continue to be accompanied by low gross margins or even losses.
• Financial leverage and net assets risk: As of June 30, 2026, the company's debt-to-asset ratio was 84.79%, net assets attributable to parent were only RMB 58.0573 million, down 57.56% from prior year-end; based on relevant data, P/B is approximately 27x. If losses continue or impairments occur, net assets and valuation metrics may face further pressure.
• Financial information quality and litigation risk: The company was found to have inflated operating revenue by RMB 60.7274 million in 2023 through false cotton harvesting, consulting services, and promotion services, and received an administrative penalty and SSE public censure; relevant accounting errors have been retrospectively adjusted, limiting historical data comparability, and investor claim materials have been submitted, with subsequent compensation and related impacts still uncertain.
• Guarantee and controlling shareholder pledge risk: The company's total external guarantees are RMB 254.30 million, representing 106.46% of the most recent audited net assets; the controlling shareholder's cumulative pledged shares represent 58.67% of its holdings, with 15,542,929 shares corresponding to a financing balance of RMB 15 million maturing within the next year. If the company or related entities' financing capacity declines, it may increase pressure on liquidity and control stability.
• Market trading and liquidity risk: The company's total market cap is approximately RMB 1.585 billion, September 11, 2026 turnover approximately RMB 22 million to RMB 23 million, recent trading activity moderate-to-low; top ten shareholder holding data may lag due to the change of control. Under the ST risk warning and small-cap background, news shocks or concentrated trading may lead to price volatility and widened bid-ask spreads.
• Valuation and technical risk: The company's sustained losses make P/E inapplicable, and P/B is significantly elevated due to thin net assets; as of September 11, 2026, the stock price is below MA5, MA10, and MA20. If support near RMB 5.90 is lost, short-term weakness may continue. RSI6 at a low level does not mean fundamentals or the trend have reversed.

VIII. Conclusion and Outlook

The potential growth logic of Xingguang Agricultural Machinery mainly comes from agricultural machinery product adjustments, expansion of special-purpose vehicle and components business, and revenue increments from consolidation of new businesses. H1 2026 revenue grew rapidly, and losses after non-recurring deductions narrowed YoY, indicating that operating losses improved compared to the prior year same period. However, revenue growth has not yet translated into profitability improvement. The company is still constrained by low gross margins, insufficient capacity utilization, fixed cost amortization, and impairment losses. The key going forward is whether new businesses can improve gross margin levels, whether demand in the core agricultural machinery business can recover, and whether operating cash flow can turn positive.

The company has removed the delisting risk warning but remains in ST status. Consecutive losses, going-concern uncertainty, a relatively high debt ratio, thin net assets, and historical financial information disclosure issues make fundamental recovery highly uncertain. Due to the lack of institutional consensus forecasts, future performance and valuation are difficult to confirm through conventional earnings forecast frameworks. Attention should focus on subsequent audit opinions, risk warning changes, actual improvement in core business profitability, cash flow, and debt pressure.

From a technical perspective, the stock price is in a short-term weak consolidation phase. Whether it can reclaim the moving averages and Bollinger middle band near RMB 6.20 is an important signal for observing technical structure repair; if support near RMB 5.90 is lost, the weak state may continue. The above price ranges only reflect market and technical data as of September 11, 2026, and cannot replace fundamental judgment on the company's going concern, financial quality, and risk warning status.

Data Sources

• ST Xingnong (603789) 2026 Semi-Annual Management Discussion and Analysis - ST Xingnong (603789) 2026 Semi-Annual Management Discussion and Analysis
• 603789 ST Xingnong
• 603789 ST Xingnong - Main Business Scope
• ST Xingnong: ST Xingnong 2025 Annual Report Summary - Home >
• ST Xingnong (603789.SH) Business Analysis-PC_HSF10 Data - Main Business Scope
• ST Xingnong (603789) - ST Xingnong (603789)
• *ST Xingnong (603789)_Company Profile_CFI.cn
• ST Xingnong (sh603789)
• ST Xingnong (603789)_Stock Overview_Stock Price_Real-Time Quotes_Charts_News_Stock Reviews_Financial Reports_FinScope-AI Makes Investing Simpler
• ST Xingnong (603789.SH)
• ST Xingnong (603789) Holdings and Participations_Sina Finance_Sina - ST Xingnong
• ST Xingnong, Stock Price Limit Up! Planning Change of Control, Suspension from Tomorrow
• Crop Combine Harvester Market Share Ranking Report 2026 - Crop Combine Harvester Market Share Ranking Report 2026
• 2025 Top Ten Most Consumer-Favored Agricultural Machinery Brands in China Ranking (with list)-AskCI Consulting
• Domestic Agricultural Machinery Leading Enterprises, Lovol, First Tractor, World Agriculture Machinery Lead in Scale
• 2023 China Combine Harvester Industry Competitive Landscape and Investment Strategy Research Report_Development_Production_Agriculture - 2023 China Combine Harvester Industry Competitive Landscape and Investment Strategy Research Report
• www.caamm.org.cn 2025-01-21
• Crop Combine Harvester Market Share Ranking Report 2026 - 5.17 Xingguang Agricultural Machinery
• World Agriculture Machinery Actual Controller Has Major Litigation and High Guarantees, Dividends RMB 3 Billion Plans to Raise RMB 6 Billion - Over the past four years and one period, World Agriculture Machinery's agricultural machinery complete machine sales revenue accounted for as high as approximately 97%, changes in complete machine sales gross margin are the main driver of changes in main business gross margin
• [[Industry Deep Dive] Insight 2025: China Agricultural Machinery Industry Competitive Landscape and Market Share (with revenue scale ranking, enterprise competitiveness analysis, etc.)-Securities Star](https://wap.stockstar.com/detail/IG2025091700016059)
• 2024 Best-Selling Agricultural Machinery Products: Self-Propelled Crawler Grain Combine Harvesters
• Global Crop Combine Harvester Market Size, Major Manufacturer Competitive Landscape, Major Regional Market Share Detailed Research Report 2026 - Table 81: Zoomlion Crop Combine Harvester Sales Volume (units), Price (USD/unit), Revenue (USD million), Gross Margin and Market Share (2021-2026)
• Nongjitong 2025 Agricultural Machinery Brand Influence White Paper Officially Released!
• Two Giants Account for 70%, January–September 2025 Combine Harvester Enterprise Subsidy Sales Data and Ranking - Toutiao
• Champion Lovol Accounts for 60%, Shandong Combine Harvester Subsidy Sales Data and Top 10 Brand Prices - Toutiao
• 2025 Top Ten Most Consumer-Favored Agricultural Machinery Brands in China Ranking (with list)-Ranking-AskCI Consulting
• New Entrants in Wheat Harvesting Industry Have Strong Backgrounds, Will Leading Position Be Shaken?
• Grain Combine Harvester Global Market Size, Major Participants, Multi-Dimensional Classification, Specifications, Industry Chain and Development Trends - Grain Combine Harvester Global Market Size, Major Participants, Multi-Dimensional Classification, Specifications, Industry Chain and Development Trends
• Two Giants Account for 70%, January–September 2025 Combine Harvester Enterprise Subsidy Sales Data and Ranking
• [Research 2026! China Smart Harvesting Machinery Industry Market Policy, Industry Chain Map, Sales Volume, Penetration Rate, Competitive Landscape and Development Trends Analysis: Industry Still in Early Development Stage, Future Growth Potential Huge [Chart]](https://m.chyxx.com/industry/1259067.html)
• Only 4 Companies with H1 2025 Sales Over RMB 1 Billion! Agricultural Machinery Industry "Elimination Round" Intensifies
• *ST Xingnong (603789)_Company Announcements_Xingguang Agricultural Machinery: 2023 Annual Report Sina Finance_Sina - Unit: Yuan Currency: RMB
• [[Annual Report] Xingguang Agricultural Machinery (603789): Xingguang Agricultural Machinery 2021 Annual Report - The company held the 4th Board of Directors 2nd Meeting and the 2021 First Extraordinary General Meeting of Shareholders on April 12, 2021 and May 14, 2021 respectively, and approved the "Proposal on Capital Increase and Share Expansion of Controlling Subsidiary and Related-Party Transaction," agreeing that Huzhou New Energy Investment Partnership (Limited Partnership) would increase capital in Xingguang Agriculture at a price of RMB 75 million, after which it would hold Xingguang...](https://cfi.cn/p20220429011125.html?client=phone#4)
• Xingguang Agricultural Machinery (603789)_Company Announcements_Xingguang Agricultural Machinery 2019 Annual Report Sina Finance_Sina - (4)
• Xingguang Agricultural Machinery (603789): Xingguang Agricultural Machinery 2021 Annual General Meeting Materials - Specialized Equipment Manufacturing | Direct Labor | 1,898.03 | 4.65 | 1,300.14 | 5.24 | 45.99
• Xingguang Agricultural Machinery: 2015 Semi-Annual Report - Receivables with bad debt provision 9,389,899.76 100.00 488,725.57 5.20 8,901,174.19 6,035,777.55 100.00 322,018.87 5.34 5,713,758.68
• Xingguang Agricultural Machinery (603789)_Company Announcements_Xingguang Agricultural Machinery 2019 Semi-Annual Report Sina Finance_Sina - 2 to 3 years | 26,615,087.04 | 13,307,543.53 | 50.00
• Xingguang Agricultural Machinery: Xingguang Agricultural Machinery 2022 Annual Report (Revised Version)_Jiufang Zhitou - Global Index
• Shanghai-Shenzhen Company Announcement Titles - ST Xingnong: ST Xingnong 2025 Annual Report - April 25, 2026 - 10jqka
• Xingguang Agricultural Machinery: Xingguang Agricultural Machinery 2022 Annual Report (Revised Version) _ ST Xingnong (603789) _ Announcement Text - Xingguang Agricultural Machinery: Xingguang Agricultural Machinery 2022 Annual Report (Revised Version) View PDF Original Text
• ST Xingnong (603789.SH) 2026 Interim Report Net Profit −RMB 78.6826 million, YoY Loss Expanded - Reading:
• ST Xingnong: ST Xingnong 2026 Semi-Annual Report Summary - Home >
• ST Xingnong: 2025 Loss RMB 98.9866 million - ST Xingnong: 2025 Loss RMB 98.9866 million
• *ST Xingnong: Projected 2025 Loss RMB 90 million–RMB 135 million
• *ST Xingnong (603789.SH): 2025 Annual Report Net Profit −RMB 98.9866 million, YoY Loss Narrowed - Reading:
• ST Xingnong (603789) Earnings Overview_Data Center_East Money
• Xingguang Agricultural Machinery 2024 Financial Report Received Qualified Audit Opinion, Will Be "Capped with Star" from May 6
• ST Xingnong (603789) Weekly Review: Down 2.45% This Week, Main Funds Net Outflow RMB 13.0037 million - Securities Star
• *ST Xingnong: Removal of Delisting Risk Warning, Changed to ST Xingnong from May 20
• *ST Xingnong Faces Delisting Risk, Projected 2025 Net Loss of No Less Than RMB 90 million - Securities Star
• Thinker Agricultural Machinery Co Ltd Consensus Estimates (603789) - Investing.com
• Preço-Alvo 603789 | Projeções Thinker Agricultural Machinery - Investing.com
• 603789 ST Xingnong - Growth Comparison
• 603789 ST Xingnong
• Thinker Agricultural Machinery Co Ltd (603789) Financial Key Ratios
• Thinker Agricultural Machinery (SHSE:603789) Stock Forecast and Analyst Estimates - Simply Wall St - NOT FOR DISTRIBUTION
• Rasio Keuangan Thinker Agricultural Machinery Co Ltd (603789) - Thinker Agricultural Machinery Co Ltd (603789)
• ST Xingnong (603789) Main Indicators_ST Xingnong (603789) Financial Indicators, Financial Analysis_Securities Star
• Perplexity
• ST Xingnong (603789) Valuation Pointer-Featured Data-Securities Star
• ST Xingnong (603789.SH) Earnings Forecast-PC_HSF10 Data
• ST Xingnong (603789) F10-CFI.cn
• ST Xingnong 5.98 -0.07(-1.16%) Latest Price_Quotes_Charts—East Money
• ST Xingnong (sh603789) Quotes and Trends - ST Xingnong (sh603789) 2026-09-11 15:47:47 (Beijing Time) +Add to Watchlist
• ST Xingnong (sh603789) Quotes and Trends
• ST Xingnong (603789)_Stock Overview_Stock Price_Real-Time Quotes_Charts_News_Stock Reviews_Financial Reports_FinScope-AI Makes Investing Simpler
• ST Xingnong (603789.SH)
• Quotes
• ST Xingnong 5.98 -1.16%_Stock Quotes_Jiufang Zhitou - <
• ST Xingnong (603789) Quote Data_Charts_Jiufang Zhitou
• ST Xingnong (603789.SH) - US Stocks
• ST Xingnong 2025 Annual and 2026 Q1 Results Briefing - ST Xingnong 2025 Annual and 2026 Q1 Results Briefing
• *ST Xingnong (603789) - F10 Data - Compass Quote Network - Shanghai Composite Index | 4071.28 | -0.54% | RMB 173.325 billion | Shenzhen Component Index | 14897.23 | -0.97% | RMB 232.687 billion | CSI 300 | 4753.71 | -0.68% | RMB 92.119 billion
• Xingguang Agricultural Machinery Co., Ltd. - Xingguang Agricultural Machinery Co., Ltd.
• Xingguang Agricultural Machinery (603789) - Compass Quote Network
• 603789 ST Xingnong - Basic Information
• Company Code: 603789
• China Stock Research Activity Schedule - Xingguang Agricultural Machinery Co., Ltd. - September 18, 2024 - 10jqka
• ST Xingnong Listed Company Information - ST Xingnong Listed Company Information
• ST Xingnong - ST Xingnong
• Xingguang Agricultural Machinery Co., Ltd. Risk Warning Announcement on Possible Termination of Listing - Sina Finance
• *ST Xingnong
• ST Xingnong - ST Xingnong
• [Stock Code: 603