Taihe Water: Abnormal fluctuations in stock prices indicate multiple operating and delisting risks.

Taihe Water announced that the company's stock price hit the upper limit in 2026, with recent significant fluctuations. The company's stock was subject to delisting risk warning in 2025, and if the audited financial data for the year 2025 still meet the delisting criteria, the company will be delisted. Currently, the audit work is still in progress. In addition, the company faces risks such as adjustments to main business income, unclear flow of other accounts receivable reserve funds and uncertainty in collection, and main business collection risks. As of the end of the third quarter of 2025, the employee reserve fund payment of 14.7021 million yuan is questionable, the accounts receivable balance is 700 million yuan, and 4.47 billion yuan has been provided for impairment.