深圳商报记者 钟国斌 11月26日，广东省发布关于金融支持企业开展产业链整合兼并行动方案（下称《行动方案》）。《行动 方案》提出，鼓励各地完善企业上市综合服务平台，健全梯度培育机制，支持突破关键核心技术的科技 型等企业到创业板、科创板等上市，支持其他符合条件的企业积极上市融资，支持港股上市的粤港澳大 湾区企业在深圳证券交易所上市。 据资讯数据统计，截至11月27日，注册地位于粤港澳大湾区的港股上市公司268家，其中深圳企业134 家，总市值合计13.32万亿港元。其中，采用境内实体上市的企业有57家，大部分企业都采用了红筹架 构。总市值最高的是腾讯控股，总市值约5.67万亿港元。 那么，在港上市的粤港澳大湾区企业中，谁将饮"头啖汤"？ 根据深交所红筹企业回A条件，已在港上市的红筹企业在深市主板二次上市的标准为：市值不低于2000 亿元；市值200亿元以上，拥有自主研发、国际领先技术，科技创新能力较强，在同行业竞争中处于相 对优势地位。 截至11月27日，剔除A+H上市公司，满足市值超过2000亿元的企业2家，分别为腾讯控股和腾讯音乐； 而满足市值200亿元以上要求的企业20家，占在港上市大湾区企业的8%。典型 ...

Core Insights - AI has become the central focus for leading domestic fintech companies listed in the US, with significant investments leading to stable growth in performance [1][2] - Companies are emphasizing shareholder returns, with Lexin increasing its dividend payout ratio from 25% to 30% and Xinyi Technology repurchasing shares worth approximately $66.5 million [1][2] Company Performance - Lexin reported a revenue of 3.42 billion yuan and a net profit of 675 million yuan in Q3, with a net profit margin of 2%, showing a quarter-on-quarter increase of 9 basis points and a year-on-year increase of 92 basis points [2] - Lexin's transaction volume reached 50.89 billion yuan, with a loan balance of 101.84 billion yuan and a user base of 240 million, reflecting a year-on-year growth of 7.7% [2] - Xinyi Technology achieved a revenue of 3.5 billion yuan and a net profit of 640 million yuan in Q3, with a transaction volume of 51.2 billion yuan and a loan balance of 77.1 billion yuan [3] AI Investment and Application - Lexin's investment in AI technology has led to the development of its proprietary model, LexinGPT, which improved user demand recognition accuracy by over 20% and reduced average response time to under 10 seconds [1][2] - Xinyi Technology has enhanced its AI customer service system, completing over 1 million automated services in Q3, significantly improving service efficiency and user experience [3]

Core Viewpoint - The actual controller of Perfect World, Chi Yufeng, plans to reduce his shareholding by up to 32.98 million shares, approximately 1.70% of the total share capital, due to personal financial needs, potentially cashing out around 500 million yuan based on the closing price on November 27 [1]. Financial Performance - For Q3 2025, the company reported revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, up 176.59% [1]. - For the first three quarters of 2025, the total revenue reached 5.417 billion yuan, reflecting a 33% increase year-on-year, with a net profit of 666 million yuan, marking a 271.17% growth [1]. - The gaming segment generated revenue of 4.475 billion yuan in the first three quarters, a 15.64% increase compared to the same period last year, driven by the upcoming launches of several games [1]. Non-Recurring Gains - From January to September 2025, the company recorded non-recurring gains of 182.36 million yuan, primarily from the sale of the Chengfeng Studio within the gaming business [2]. - After excluding non-recurring gains, the net profit attributable to shareholders was 483.17 million yuan, with the gaming business contributing 547.76 million yuan and the film business 25.82 million yuan [2]. Stock Performance - Following the release of the Q3 report, the company's stock price fell by 10.59% in October, with a cumulative decline of 11.44% by the end of November [3].

Core Viewpoint - Shenzhen Agricultural Products Group Co., Ltd. is undergoing significant changes, including leadership adjustments and a focus on digital transformation as part of its "Haijixing 3.0" strategy [1] Group 1: Leadership Changes - On November 15, Shenzhen Agricultural Products announced that Huang Wei resigned from the position of chairman due to work adjustments, with former president Zhang Lei taking over as chairman [1] Group 2: Digital Transformation Initiatives - The company is advancing three major digital initiatives as part of its strategy: - **Transaction Efficiency**: The introduction of the "Deep Agricultural Aggregated Payment Transaction System," which has covered most merchants and significantly shortened the settlement cycle [1] - **Operational Process Optimization**: Completion of management upgrades for 20 logistics parks, including automated reporting, unmanned access control, and tier management systems, reducing reliance on human labor [1] - **Information Service Output**: Launch of the "Agricultural Product Wholesale Market Price Collection and Release Platform" and the "Deep Agricultural Price" WeChat mini-program, providing merchants with price inquiries and trend analysis to facilitate precise supply and demand matching [1]

Core Viewpoint - Minfeng Special Paper announced the failure of its second asset auction, indicating challenges in asset liquidation and operational adjustments following the closure of its Nanhu plant [2][3] Group 1: Asset Auction Details - The company attempted to sell unused equipment from the Nanhu plant through public auction but failed to attract any bidders in both the first and second rounds [2] - The initial auction price was set at 169,968,254.00 yuan, which was reduced by 10% to 152,971,428.60 yuan for the second auction after the first round ended in failure [2] - The assets for sale included multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [3] Group 2: Operational Changes - The Nanhu plant was fully shut down by the end of June this year, with production operations shifting to a modernized facility in Haiyan [2] - The company aims to enhance asset efficiency and liquidity through the sale of these unused assets [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit of 18.64 million yuan, down 69.43% year-on-year [3] - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3]

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].

Core Viewpoint - Oulin Biotech (688319) has submitted an application for overseas public offering of H-shares on the Hong Kong Stock Exchange, following a significant stock price increase of over 140% this year, despite previously terminating a 175 million yuan private placement plan [1][3]. Financial Performance - In 2022, Oulin Biotech experienced a 75.38% decline in net profit, with 2023 revenue at 496 million yuan, down 9.38% year-on-year, and a net profit of 17.56 million yuan, a decrease of 33.94% [4]. - The company is projected to recover in 2024, with expected revenue of 589 million yuan, an 18.69% increase, and a net profit of 20.76 million yuan, up 18.24% [6]. - By Q3 2025, revenue reached 507 million yuan, a 31.1% increase, and net profit surged to 47.48 million yuan, a 1079.4% increase [6]. Accounts Receivable - As of the end of 2024, accounts receivable stood at 566 million yuan, representing 62.37% of current assets, indicating a significant portion of revenue is tied up in receivables [6]. - By Q3 2025, accounts receivable further increased to 665 million yuan, a 25.84% rise year-on-year, with an average collection period of 385 days [7]. Market Position - Oulin Biotech holds over 80% market share in its main product, the adsorbed tetanus vaccine, which has consistently contributed a significant portion of the company's revenue [8]. - The adsorbed tetanus vaccine accounted for 80.1% of revenue in 2022, increasing to 87.9% in the first half of 2025, with a gross margin around 95% [8][9]. Research and Development Expenses - R&D expenses from 2022 to the first half of 2025 were approximately 122 million yuan, 114.7 million yuan, 134.2 million yuan, and 58.8 million yuan, respectively, constituting around 22.3% to 19.3% of total revenue [10]. - Sales and distribution expenses exceeded 50% of revenue in 2024, indicating high operational costs [10]. Financial Health - As of Q3 2025, total liabilities were 977 million yuan, with a debt-to-asset ratio of 50.21%, and cash reserves of 170 million yuan, suggesting a tight financial situation [11].

Core Viewpoint - The company, Zhong An Ke (600654), announced the sale of its wholly-owned subsidiary's stake in the Australian security group to Gilmore Investment Holdings Limited for AUD 16.8 million (approximately RMB 77.68 million), which is a significant discount compared to its previous acquisition price [1][2]. Group 1: Transaction Details - The transaction involves the sale of all shares held by Guardforce Investment Holdings Pty Ltd in 34 companies under the Australian security group [1]. - The board of directors approved the transaction unanimously, and it does not constitute a related party transaction or a major asset restructuring [1]. - The sale price of AUD 16.8 million represents a mere 0.94% premium over the assessed value of AUD 16.6428 million as of July 31, 2025 [2]. Group 2: Financial Performance - The Australian security group has shown poor financial performance, with projected revenue of approximately RMB 884 million and a net loss of RMB 267,000 for 2024 [2]. - In the first seven months of 2025, the group reported revenue of about RMB 500 million and a net loss of RMB 66.16 million [2]. - The increase in losses is attributed to the waiver of receivables amounting to AUD 11.7167 million (approximately RMB 54.1757 million) by the Australian security group [2]. Group 3: Strategic Implications - The company stated that the transaction is a necessary measure to respond to changes in the international environment and aligns with its long-term strategic planning [3]. - The funds recovered from this sale will be reinvested into the company's core business to enhance competitiveness and risk resilience [3]. - Following the sale, the Australian security group will no longer be included in the company's consolidated financial statements, resulting in a net loss of approximately RMB 16.4254 million due to the impairment of trademark rights [3]. Group 4: Market Reaction - Following the announcement, the company's stock hit the daily limit up, closing at RMB 4.27 per share, with a total market capitalization of RMB 12.3 billion [4].

Core Viewpoint - The "Boundaryless Nanshan Integration and Synergy" initiative aims to transform the Nanshan Management Bureau's office area into a community park, promoting a pedestrian-friendly living circle through the integration of government services, public facilities, and ecological leisure [1][2] Group 1: Project Significance - The project represents a shift from "closed management" to "open sharing" in government space management, showcasing innovative concepts [1] - It aims to activate regional vitality and bridge the gap between government, citizens, and enterprises through spatial linkage [1] - The initiative serves as a practical example for new urban renewal strategies based on the "boundaryless" concept [1] Group 2: Future Development - The "Boundaryless City" concept will be further developed in key areas such as Houhai, Shenchao, and Shekou Bay, extending to regions like Overseas Chinese Town and Shuangjie River [2] - The project seeks to integrate international best practices to create a new path for collaborative governance involving government coordination, market operations, and citizen participation [2] - The goal is to assist Nanshan in becoming a world-class modern innovative urban area [2]

Core Viewpoint - The establishment of China's first key laboratory focused on complex environmental issues in mega coastal cities has been approved, providing technological support for soil and water management in high-intensity development contexts [1] Group 1: Laboratory Establishment - The "Key Laboratory for Coastal City Soil and Water Environment Evolution" has been jointly built by Shenzhen University, Guangdong Shenzhen Ecological Environment Monitoring Center, and Shenzhen Urban Planning and Design Institute [1] - This laboratory is the first of its kind in the country, specifically addressing the environmental challenges faced by large coastal cities, filling a significant gap in this field [1] Group 2: National Context - According to the Ministry of Ecology and Environment, there are currently 56 key laboratories across the country, with Shenzhen now having three [1] - The other two laboratories in Shenzhen focus on comprehensive prevention of surface and groundwater pollution and the protection of drinking water sources, respectively [1]