Core Viewpoint - 康盛股份 is applying for a bank credit line of up to 1.5 billion RMB through asset mortgage, which is part of its ongoing financing strategy and does not significantly impact its financial status or operational results [1][2]. Group 1: Company Announcement - 康盛股份 announced on February 9 that it will apply for a bank credit line not exceeding 1.5 billion RMB from China Industrial and Commercial Bank, with specific terms to be finalized in the loan agreement [1]. - The company will mortgage part of its real estate and land assets to secure the credit, with the total mortgage amount capped at 1.5 billion RMB [1]. - This transaction does not constitute a related party transaction or a major asset restructuring as per relevant regulations, and it does not require shareholder approval [1]. Group 2: Financial Performance - 康盛股份 has experienced significant financial fluctuations, with a total loss exceeding 1.3 billion RMB from 2018 to 2021, but has returned to profitability in 2022 and 2023, albeit with a modest profit of over 30 million RMB [2]. - For 2025, the company forecasts a net profit attributable to shareholders between 18.6 million and 25.4 million RMB, a recovery from a loss of approximately 98.3 million RMB in the previous year [2]. - The improvement in financial performance is attributed to a significant reduction in asset impairment and credit impairment losses, alongside stable growth in traditional business sectors and increased revenue from new strategic partnerships in the electric vehicle sector [2].

2月9日晚间，方大炭素（600516）公告，为优化库存管理，整合公司及子公司物流环节的管控效率与稳定性，提升公司抗风险能力，降低储运及物流成 本，公司拟以自有资金购买关联方天津一商持有的天津通达环宇物流有限公司（以下简称"通达环宇"或"标的公司"）100%股权。上述股权评估价值为 31,918.70万元，根据交易双方协商，交易对价拟定为31,918.70万元。 2025年度业绩预减的主要原因是公司主营产品销售价格有所下降，对业绩影响较大。 值得一提的是，2022年至2025年，方大炭素净利润连续4年下滑，从逾10亿元盈利直线降至或不足亿元。 在业绩4连降之际，方大炭素换帅。 天津一商是公司控股股东辽宁方大集团（000055）实业有限公司（以下简称方大集团）间接控制的企业，本次交易构成关联交易。本次交易不构成重大资 产重组。 资料显示，通达环宇地处天津市东丽区华明高新技术产业区，主要从事货物仓储服务、国内及国际货物运输代理、货物进出口、技术进出口等业务。 截至2025年12月31日，通达环宇资产总额为50,592.67万元，净资产为30,221.36万元。 方大炭素表示，收购后公司可快速获得环渤海地区的物流网络 ...

财务数据显示，截至2025年末，公司总资产预计达4.34亿元，较期初增长10.39%，主要源于生猪养殖业务的资产投入。但归属于上市公司股东的所有者权 益为2.65亿元，较期初下降9.81%；每股净资产降至2.39元。加权平均净资产收益率为-10.32%，较上年同期进一步下滑。 2月9日晚间，北交所上市公司山西大禹生物工程股份有限公司发布2025年度业绩快报。 报告期内，公司实现营业收入1.68亿元，同比增长36.78%；但归属于上市公司股东的净利润亏损2878.57万元，较上年同期亏损幅度扩大20.23%。这也是 公司自2023年以来第三年亏损。 业绩快报显示，大禹生物2025年营收增长主要得益于新拓展的生猪养殖业务。该板块全年贡献营收4218.97万元，成为公司收入增量的核心来源。然而， 正是这项新业务拖累了整体盈利能力。公司解释称，受生猪养殖行业周期性波动影响，2025年第四季度生猪市场价格大幅回落，导致养殖业务板块未能实 现盈利，直接造成公司净利润亏损较上年同期增加484.30万元。 除养殖业务亏损外，公司传统饲料添加剂、饲料及兽药等存量业务亦面临挑战。近年来，受行业产能调控和非洲猪瘟疫情影响，生猪养殖 ...

在多平台下架"基金实时估值"相关功能后，不少博主在小红书等社交平台分享可进行实时估值的小程序或是软件。 此前报道：突发！基金实时估值再被叫停 应监管要求，多平台于月初下架"基金实时估值"相关功能，随后小红书平台多个笔记显示，大量账号分享了自制的实时估值小程序或软件。不过最近几日 小红书禁言了多个分享基金实时估值工具的博主。记者注意到，上周发布的关于基金实时估值小程序或软件的笔记，有不少已被删除，部分分享链接已不 可用。有博主开小号称大号被禁言一个月，并在笔记评论区"指路"同名公众号。 不过，最近小红书已关注到这一现象，部分账号因此被禁言、相关笔记被删除。记者注意到，有被禁言账号转战微信公众号，也有博主转向小红书群聊分 享。不过已有博主称被举报后禁止使用群聊部分功能。 不久前监管机构发布的2026年第1期机构监管情况通报提到，日常监管关注到部分基金销售机构和非持牌的第三方平台重新上架"基金实时估值"功能，直 接提供或通过"净值参考""板块涨跌"等形式变相提供"基金实时估值"功能，同时还衍生出按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细 的"实盘榜"等。上述功能可能误导投资者，摊薄基金产品收益，引发 ...

Core Viewpoint - Tianyuan Co., Ltd. announced the decision to liquidate its subsidiary, Vietnam Tianxiang New Materials Technology Co., Ltd., due to ongoing financial losses and unfavorable external conditions impacting its operations [1][3]. Group 1: Company Actions - The board of Tianyuan Co. approved the liquidation of Vietnam Tianxiang, which was established in 2023 and focused on producing SPC and LVT flooring, among other activities [1]. - The company reported net losses of 16.91 million yuan in 2024 and 10.61 million yuan in the first three quarters of 2025 [3]. - The decision to liquidate is part of a broader strategy to reduce losses and streamline operations, as the subsidiary has been negatively impacted by U.S. tariffs on Vietnam and rapid capacity expansion in the flooring market [3]. Group 2: Financial Performance - Tianyuan Co. expects a net profit attributable to shareholders of 68 million to 98 million yuan for 2025, representing a year-on-year increase of 114.80% to 121.32% [4]. - The company anticipates a net profit, excluding non-recurring items, to be between -115 million and -85 million yuan, showing a year-on-year improvement of 73.18% to 80.18% [4]. - Prior to this, Tianyuan Co. reported net losses of 233 million yuan in 2023 and 429 million yuan in 2024 [5]. Group 3: Market Context - Tianyuan Co. has been actively "streamlining" its operations, having previously announced the liquidation of other subsidiaries, including Yibin Herui Technology Co., Ltd. and Guangdong Tianruide New Materials Co., Ltd., due to unmet strategic goals and market demand changes [4]. - As of February 9, the company's stock price increased by 1.52%, closing at 6.03 yuan per share, with a total market capitalization of 7.849 billion yuan [5].

Core Viewpoint - The issue of difficulty in canceling "no-password payment" has gained market attention, with consumers reporting that it is easy to activate but challenging to deactivate [1][9]. Group 1: Consumer Complaints - Consumers have expressed frustration over the hidden and complicated process of canceling "no-password payment," often requiring multiple steps to complete [1][9]. - A significant number of complaints have been recorded, with 16,122 complaints related to "no-password payment" in 2025, averaging 44 complaints per day, primarily concerning unintentional activation and difficult cancellation [9]. Group 2: User Experience Challenges - The activation of "no-password payment" can occur with a single click, often with default settings that consumers may overlook, while the cancellation process involves navigating through several pages [1][9]. - Older consumers, such as a 60-year-old woman, have reported confusion and difficulty in managing payments due to the automatic deduction feature associated with "no-password payment" [7][9]. Group 3: Industry Practices - Some platforms are accused of implementing "friction design" to complicate the cancellation process, thereby encouraging consumers to remain subscribed and generate ongoing revenue for the platforms [9]. - The Chinese Payment and Clearing Association has called for payment service providers to enhance security management for "no-password payment," emphasizing the need for clear user consent and information disclosure [10].

Core Viewpoint - The controlling shareholder of Huayi Brothers, Wang Zhongjun, is set to auction 70 million shares, representing 42.89% of his holdings and 2.52% of the company's total shares, with the auction scheduled for March 9-10, 2026 [1][2]. Shareholder Information - Wang Zhongjun's shareholding will decrease from 11.43% to 5.88% following the auction, while the combined holding of Wang Zhongjun and his associate Wang Zhonglei will drop from 13.81% to 8.26% [4]. - If the auction is successful, the controlling shareholders will still hold 5.74% of the total shares, maintaining their status as the largest shareholder [2]. Legal and Financial Issues - As of the announcement date, Wang Zhongjun and Wang Zhonglei's shares have been frozen, totaling 229 million shares, which is 100% of their holdings and 8.26% of the company's total shares [3]. - Huayi Brothers has faced significant financial losses, with cumulative losses exceeding 8.2 billion yuan from 2018 to 2024, and an expected net loss of 289 million to 407 million yuan for 2025 [6][7]. Financial Forecast - The company anticipates a net asset value of between -94 million and 63 million yuan by the end of 2025, which could trigger delisting risk warnings if the audited net assets are negative [8]. - The expected net profit for 2025 is projected to be a loss of 289 million to 407 million yuan, compared to a loss of 284.61 million yuan in the same period last year [7]. Market Performance - As of February 9, the stock price of Huayi Brothers increased by 6.15% to 2.07 yuan per share, with a total market capitalization of approximately 5.743 billion yuan, despite a 20% decline in stock price over the past year [9].

Group 1 - In 2025, Apple achieved a record annual shipment of 240.6 million iPhones, marking a 7% year-on-year increase, maintaining its position as the world's largest smartphone manufacturer for the third consecutive year [2] - Samsung rebounded in 2025 with a 7% year-on-year increase in shipments, following three years of decline, with a notable 16% increase in the fourth quarter driven by strong demand for flagship models and a recovery in the mass market [2] - Xiaomi retained its position among the top three manufacturers, but experienced a 2% decline in fourth-quarter shipments, while Vivo entered the fourth position for the first time with a 4% year-on-year increase in annual shipments [2] Group 2 - Honor achieved the highest global growth rate of 11% among the top ten manufacturers in 2025, leading in overseas shipment growth in the high-end and mid-high-end segments [3] - The global launch of the first "robot phone" HONOR ROBOT PHONE and the Honor Magic V6 foldable phone is scheduled for March 2026 at the Mobile World Congress in Barcelona [3] - Transsion, Lenovo, and Huawei reported annual shipment growth rates of 8%, 5%, and 4% respectively in 2025 [3]

Group 1: AI and Economic Integration - The year 2025 is highlighted as a critical point for Shenzhen's AI and biomedicine industries, marking a transition to high-quality development [2] - Shenzhen's innovation cluster, comprising Shenzhen, Hong Kong, and Guangzhou, is projected to rank first globally in the innovation index by 2025, attributed to its strong innovation ecosystem [2] - Emphasis on three focal points for technology-driven industry leadership: ecological collaboration, industry value realization, and ecosystem cultivation [3] Group 2: Talent Development and Industry Competitiveness - Shenzhen is recognized as a leading global hub for emerging industries, with a strong emphasis on quality over quantity in manufacturing [4] - The city has a high R&D investment intensity of 6.67%, with 93% of this funding coming from enterprises, enhancing its competitive edge [4] - There is a call for increased focus on talent development in the AI sector, aiming to attract global talent and cultivate AI-thinking professionals from the existing engineering workforce [6] Group 3: Cultural and Tourism Integration - Shenzhen has established numerous world-class cultural facilities, contributing to its cultural and technological foundation [8] - The development of cruise economy and AI-enabled cultural landmarks is proposed to enhance the cultural tourism experience [8][9] - The integration of various cultural narratives and community involvement is essential for creating a vibrant cultural ecosystem in Shenzhen [9]

Core Viewpoint - Aixin Yuanzhi Semiconductor Co., Ltd. is preparing for its IPO on February 10, aiming to raise approximately HKD 29.61 billion by issuing 105 million shares at an offer price of HKD 28.2, marking it as the first publicly listed edge AI chip company in China [1]. Company Overview - Founded in May 2019, Aixin Yuanzhi is a leading supplier of AI inference system chips (SoC), focusing on high-performance perception and computing platforms for industries such as edge computing and smart vehicles [1]. - By September 30, 2025, the company expects to have delivered over 165 million SoCs and has independently developed five generations of SoCs, achieving large-scale production across various applications [1]. Financial Performance - The company has not yet achieved profitability, with revenues for 2022, 2023, 2024, and the first three quarters of 2025 reported at approximately RMB 50.23 million, RMB 230.13 million, RMB 472.89 million, and RMB 254.22 million, respectively [2][3]. - Net losses for the same periods were approximately RMB -611.57 million, RMB -743.07 million, RMB -904.20 million, and RMB -691.02 million [2][3]. - Adjusted net losses for 2022, 2023, 2024, and the first nine months of 2025 were RMB -444.09 million, RMB -542.45 million, RMB -627.72 million, and RMB -462.17 million, respectively, totaling over RMB 2 billion in cumulative losses [4]. Gross Margin and Cost Structure - The company's gross margin has been under pressure, declining from around 26% in 2022 and 2023 to 21.2% in the first three quarters of 2025 [7][6]. - High R&D expenditures have been a significant factor, with annual R&D investments exceeding RMB 400 million from 2022 to 2024, peaking at RMB 589 million in 2024 [4]. Customer Concentration - Aixin Yuanzhi has a high customer concentration, with revenues from the top five customers accounting for approximately 91.5%, 85.4%, 75.2%, and 75% of total revenues in 2022, 2023, 2024, and the first three quarters of 2025, respectively [9]. IPO Use of Proceeds - The net proceeds from the IPO are intended for optimizing existing technology platforms, investing in R&D projects, expanding sales, and potential equity investments or acquisitions [10]. Leadership and Compensation - The CEO, Sun Weifeng, who joined in April 2024, received a compensation of RMB 22.46 million for the first nine months of 2025 [12][11].