From September 15 to 17, 2025, the stock of Shandong HIKING International Co., Ltd. experienced a cumulative price deviation of over 20% in closing prices for three consecutive trading days, indicating abnormal fluctuations. After self-examination and inquiries, the company confirmed that its production and operations are normal, with no undisclosed significant information. However, the company faces numerous risks: the share pledge ratio of the controlling shareholder and its concerted parties reaches 99.64%, and the proportion of shares subject to judicial freezing and marking is 99.97%; performance is declining in 2024 and the first half of 2025; there is a non-operating fund occupation of 406 million yuan by related parties, and if not recovered on time, the stock may face other risk warnings, delisting risk warnings, or even termination of listing. Investors should be aware of trading risks