Jinpulu Titanium Industry faces delisting risk, and its subsidiary has been prosecuted for suspected crime of environmental pollution.

On the evening of August 28, Jinyu Titanium Industry (000545) released an announcement, its wholly-owned subsidiary Nanjing Titanium Chemical Co., Ltd. received a "Indictment" from the People's Procuratorate of Yizheng City, Jiangsu Province. It has been prosecuted for suspected environmental pollution crime, and the case may trigger the mandatory delisting clause for major violations of listed companies, and multiple operational, debt and control risks have been exposed.

According to the announcement, the case was concluded after investigation by the Yizheng City Public Security Bureau. The defendant unit is Nanjing Titanium White, and several former company executives are listed as defendants. Some relevant personnel are handled in separate cases. The procuratorial authority accused that the involved unit and relevant personnel violated legal regulations, illegally dumped and disposed of harmful substances, causing particularly serious consequences, and shall be investigated for criminal liability for the crime of environmental pollution. At present, the case has not yet been heard in court and no judicial judgment has been issued, and the final outcome of the case is highly uncertain.

The listed company has focused on reminding risks. If the court finally determines that Nanjing Titanium White constitutes a unit crime, Jinyu Titanium Industry may touch the relevant clauses of mandatory delisting for major violations in the listing rules, and the company's stock will face the risk of mandatory delisting.

It is understood that this criminal case was not disclosed to the public for the first time. The listed company has issued announcements twice to disclose the progress of the case at the end of March and early July 2026. This indictment marks that the case has officially entered the judicial litigation stage. Jinyu Titanium Industry stated that the company's daily production and operation are normal at this stage. It will continue to follow up on key nodes such as court hearings and judgments, and disclose the progress in a timely manner in accordance with regulatory requirements. The actual impact of the fines brought by the judgment and the company's finance and operations will be confirmed after the judicial results are finalized.

In addition to the criminal litigation risk, the fundamentals of Jinyu Titanium Industry are also under pressure.

The company's 2026 semi-annual report disclosed on August 20 shows that the operating revenue in the first half of the year was 808 million yuan, a year-on-year decrease of 12.26%; the net profit attributable to the parent company was a loss of 14.2632 million yuan. Although it achieved a significant reduction in losses compared with the loss of 186 million yuan in the same period last year, it failed to get rid of the quagmire of losses. Public information shows that the enterprise has been losing money for four consecutive years, its main business has not yet achieved profitability, and its own hematopoietic capacity is weak. Its subsidiary Xuzhou Titanium White has fully suspended production since mid-July and has not resumed production as of the disclosure date of the semi-annual report.

The problem of tight capital liquidity has also become prominent. To fill the gap in working capital, the subsidiary Nanjing Huandong Technology has received a total of 50 million yuan in interest-free and unsecured loans from related parties.

Financial report data shows that the company's accounts payable due and unpaid amount to about 401 million yuan, accounting for more than 60% of the net assets attributable to shareholders of the listed company at the end of 2025; in the past twelve months, the total amount involved in lawsuits and arbitration cases involving the company and its subsidiaries is about 104 million yuan, and the debt pressure cannot be underestimated.

At the same time, the control right of the listed company also hides variables. The controlling shareholder, Jinyu Investment Holding Group, holds 14.73% of the listed company's shares. All of these shares have been pledged, and have also been judicially frozen and judicially marked, with a large number of shares under pending freezing. If the controlling shareholder cannot resolve its own debt problems, there is a possibility of changes in the controlling shareholder and actual controller of the listed company.

It is worth noting that against the background of the concentrated release of multiple negative news, the secondary market trend has shown a contrast. On the day the announcement was disclosed, Jinyu Titanium Industry's stock rose by 1.89%; in the previous seven trading days, the stock had a trend of five rises, one flat and one fall, and the stock price oscillated upward as a whole.

Criminal litigation hanging overhead, delisting risk alert, ongoing operating losses, superimposed debt pressure, and uncertainty in control rights, multiple factors are intertwined. The subsequent judicial judgment results and the effect of enterprise operation improvement will be the two core variables that determine the subsequent direction of Jinyu Titanium Industry. For investors, all kinds of risks of the company still need to be paid close attention to.