連續6個一字跌停,昔日6倍牛股陷多重困境
從玩具商轉型到光伏,*ST沐邦的跨界出現了“裂痕”。
5月12日,*ST沐邦繼續一字板跌停,報5.79元,截止目前已連續6個交易日一字跌停,較2024年高點(34.69元)暴跌超80%,市值蒸發約125億元。

2021年2月8日至2022年8月16日,藉助當時新能源的市場風口,*ST沐邦一度累計漲幅超580%。
但隨後因行業寒冬和自身經營問題逐漸走下坡路,公司在光伏領域的跨界嘗試未能扭轉局面,反而加劇了財務負擔。
玩具跨界光伏失利
資料顯示,*ST沐邦成立於2003年,最初以益智教玩具業務起家,旗下“邦寶”品牌被譽爲“中國版樂高”,在國內積木玩具市場擁有一定知名度,是早年A股中少有的玩具製造上市企業。
隨着玩具主業增長乏力,公司開始尋求“第二曲線”。
2022年,公司以9.8億元的高價收購淨資產僅1.7億元的豪安能源,這場在當時引發極大爭議的高溢價交易,揭開了沐邦高科從玩具製造商向光伏企業轉型的序幕。
值得注意的是,收購時標的公司承諾四年淨利潤超7億元,但2024年豪安能源卻陷入虧損,觸發9.8億元業績補償條款。
儘管公司通過計提補償款將歸母淨利潤虧損縮減至11.62億元,但補償款尚未實際收回,且原實控人張忠安通過參與定增耗資1.5億元,在股價暴漲200%後套現離場。
營收暴跌83%,虧損超11億
業績方面,因光伏業務虧損及玩具業務疲軟,2024年公司全年營收僅爲2.77億元,同比下降83.24%;歸母淨利潤虧損高達11.62億元,同比大降4208.14%。

其中,光伏業務成爲公司業績的主要拖累因素。
光伏行業產能過剩導致產品價格大幅下跌,硅片及硅棒業務收入和利潤均大幅下滑。2024年,沐邦高科光伏業務營收同比大幅下降76.73%;毛利率爲-65.98%,同比下降74.22個百分點。
除了光伏業務,*ST沐邦的益智玩具業務也面臨嚴峻挑戰。2024年公司玩教具業務實現營業收入0.25億元,較2023年大幅下降55.49%。

2025年一季度公司整體業績延續頹勢,營收同比再降59.28%至6027.79萬元,淨虧損9948.61萬元,毛利率降至-91.14%,同比下降192%。

賬戶資金遭司法劃扣
公司還面臨資金鍊斷裂問題,賬戶資金被司法劃扣。
5月9日,*ST沐邦公告披露,因與無錫先導裝備的合同糾紛,公司部分募集資金賬戶於5月7日被強制劃扣4254.54萬元。截至公告日,累計被劃扣金額達1.22億元,另有3488.16萬元被凍結。

此外,由於經營狀況和財務表現持續惡化,公司面臨退市風險。
4月30日,沐邦高科發佈公告稱,因上一會計年度利潤爲負且營收低於3億元,公司股票將被實施退市風險警示。同時,因內部控制被出具否定意見,還將疊加其他風險警示。5月6日起復牌股票簡稱變更爲*ST沐邦。
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