Core Viewpoint - Huangshan Gujie (301581), a company listed on the ChiNext board for just over a year, has projected a significant decline in net profit for 2025, despite expected revenue growth, indicating a challenging financial outlook for the company [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of 51 million to 61 million yuan for 2025, representing a year-on-year decline of 45.50% to 54.43% [1][2]. - The net profit after deducting non-recurring gains and losses is projected to be between 46 million and 55 million yuan, reflecting a decrease of 46.21% to 55.01% compared to the previous year [1][2]. - In the first three quarters of 2025, the company reported a revenue of 581 million yuan, a year-on-year increase of 20.42%, but the net profit was only 50.05 million yuan, down 44.60% [3]. - The net cash flow from operating activities for the first three quarters of 2025 was 12.96 million yuan, a sharp decline of 81.81% year-on-year, indicating deteriorating cash generation ability [3]. - The gross margin for the first three quarters of 2025 was 14.25%, a decrease of 10.74 percentage points from the previous year [3]. - The weighted average return on equity fell to 4.95%, down 14.07 percentage points year-on-year, and earnings per share dropped by 58.28% to 0.63 yuan [3]. Market Response - Since its listing, Huangshan Gujie has experienced a cumulative stock price decline of approximately 36%, with the latest share price at 49.07 yuan and a total market capitalization of 3.926 billion yuan [4]. - Investors have raised concerns regarding the continuous decline in stock price and have inquired about potential measures to boost shareholder confidence, such as agreements to restrict major shareholders from selling shares if performance targets are not met [4]. - The company has committed to reminding shareholders of their obligations regarding share sales and aims to enhance its core competitiveness and operational quality to improve long-term investment value [4].

1月25日晚间，新莱福（301323）发布公告称，公司拟向圣慈科技、广州易上、华农资产、金诚莱发行股份及支付现金购买其持有的广州金南磁性材料有 限公司(以下简称"金南磁材"或"标的公司")100%股权，交易金额为10.54亿元。本次交易完成后，金南磁材将成为公司的子公司。此外，公司拟向不超过 35名特定投资者募集配套资金，总额不超过4.8亿元。 据草案披露，交易对方圣慈科技、广州易上、金诚莱承诺标的公司业绩承诺期内(2025年度、2026年度和2027年度)净利润分别不低于8156.59万元、 8869.17万元及9414.08万元，如业绩承诺期为2026年度、2027年度及2028年度，则净利润分别不低于8869.17万元、9414.08万元及10036.54万元。 对此，新莱福称，业绩承诺期内若宏观经济、政策环境等外部因素发生变化，则可能给标的公司的经营管理造成不利影响。如果标的公司经营情况未达预 期，可能导致业绩承诺无法实现，进而影响上市公司的整体经营业绩和盈利水平。同时，尽管上市公司已经与承担业绩补偿责任的交易对方签订了明确的 补偿协议，但本次交易依然存在业绩补偿承诺实施的违约风险。 此外，标的公司面 ...

Core Viewpoint - The initial ruling by the U.S. International Trade Commission (ITC) found that the company's subsidiaries did not infringe on the patents claimed by Skyworks Solutions, allowing the company to continue exporting its products to the U.S. market [1][6]. Group 1: Legal Proceedings - On May 2024, Skyworks filed a patent infringement lawsuit against the company's subsidiary, claiming infringement of five patents related to specific RF front-end modules (FEMS) [4]. - The ITC issued a notice of investigation in August 2024, formally opening the case under Inv.No.337-TA-1413 [4]. - The ITC's administrative law judge issued a preliminary ruling on January 24, 2026, stating that the company did not violate Section 337 of the Tariff Act of 1930 [4][6]. Group 2: Patent Status - Three of the patents involved in the investigation (US 9,450,579, US 9,148,194, and US 7,409,200) were withdrawn by Skyworks during the evidence disclosure phase, terminating the investigation for those patents [5]. - The company has not infringed on any of the five patents claimed by Skyworks [6]. Group 3: Business Implications - A favorable ruling in the 337 investigation would allow the company's products to continue entering the U.S. market, strengthening its market share and industry influence [6][9]. - The outcome of the investigation will not directly affect the company's operations in markets outside the U.S. due to the territorial nature of patents [7][9]. - The 337 investigation does not involve monetary damages, and any litigation costs will cease following the final ruling, indicating no significant legal expenses for 2026 [7][9]. Group 4: Company Performance - For the first three quarters of 2025, the company reported total revenue of 526 million yuan, a year-on-year increase of 39.32%, but incurred a net loss of 30.53 million yuan [10]. - The company faced significant litigation and attorney fees amounting to 50.6 million yuan from January to September 2025, which impacted its net profit [10].

Core Viewpoint - Eddie Pharmaceuticals is expected to report a net profit loss of approximately 16 million to 24 million yuan for the fiscal year 2025, indicating a year-on-year reduction in loss margin by about 88.67% to 83% while continuing to record losses for five consecutive years [1] Financial Performance - The company has reported net profit losses of 29.99 million yuan, 124 million yuan, 76.07 million yuan, and 141 million yuan from 2021 to 2024 respectively [1] - The projected non-GAAP net loss for 2025 is estimated to be between 17.2 million and 25.2 million yuan, with a year-on-year reduction in loss margin of approximately 88.41% to 83.02% [1] - Expected operating revenue for 2025 is approximately 721 million yuan, representing a year-on-year increase of about 72.57% [1] Revenue Breakdown - Revenue from innovative anti-HIV drugs is anticipated to be 285 million yuan, reflecting a year-on-year increase of 90.34% [1] - Revenue from the subsidiary Nanda Pharmaceuticals is expected to reach 300 million yuan, with a year-on-year increase of 227.38% [1] Corporate Actions - The company plans to invest 130 million yuan to acquire an additional 22.23% stake in Nanda Pharmaceuticals, increasing its ownership from 51.1256% to 73.36% [3] - The acquisition price is based on an evaluation report, with the assessed value of the 22.23% stake being 130 million yuan, which is approximately 92% higher than its book net asset value of 200 million yuan [3] - This acquisition is seen as a strategic move to strengthen control over Nanda Pharmaceuticals and enhance the company's core competitiveness [3][4] Market Performance - As of January 23, the stock price of Eddie Pharmaceuticals rose by 2.59% to 18.64 yuan per share, with a total market capitalization of approximately 7.843 billion yuan [5] - The stock has seen a cumulative increase of about 157% over the past month [5]

Group 1 - Company plans to issue up to 300 million yuan in non-public bonds to professional investors, with the funds aimed at operational needs, debt repayment, and project investments [1] - Company has been experiencing declining performance, with revenues projected to drop to 2.495 billion yuan in 2023 and 2.324 billion yuan in 2024, while net losses are expected to worsen from 170 million yuan to 476 million yuan [3] - In response to ongoing losses, the company intends to sell a 49% stake in Dasheng Graphite for 206 million yuan to divest from underperforming assets [4][5] Group 2 - Dasheng Graphite, in which the company holds a 49% stake, reported revenues of 133 million yuan and a net loss of 38.27 million yuan in 2024, with further losses in 2025 [5] - The company aims to streamline operations and improve liquidity by divesting low-efficiency assets, aligning with its strategic focus on core business areas [5]

内蒙蒙牛所享有的该等债权，在并购基金所持长春市联鑫投资咨询有限公司(简称"长春联鑫")99.99%股权、长春联鑫所持吉林芝然乳品科技有限公司(简 称"吉林芝然")90%股权经拍卖或变卖后所得价款享有优先受偿权。内蒙蒙牛后续将根据该仲裁案件的执行情况、接管程序的落实情况，酌情依法申请强 制执行，包括但不限于可能通过启动对祥民基金所持长春联鑫99.99%股权、长春联鑫所持吉林芝然90%股权等担保物的拍卖、变卖程序实现债权清偿。 据了解，柴琇曾出具《关于并购基金相关事项的说明》并承诺： 由于并购基金上述担保事项导致公司面临直接或间接损失的(包括但不限于无法在合伙协议约定期限内足额、及时回收在并购基金中的出资及应得收益)， 其本人承诺将向公司足额补偿，并确保公司不至于因担保事项而出现损失。 1月25日，妙可蓝多（600882）公告，公司副董事长、总经理以及法定代表人柴琇离任，辞职后继续担任公司董事。 值得一提的是，柴琇离职的原因不是通常所见到的主动离职，而是"免职"，其还存在未履行完毕的公开承诺。 同时，公司聘任蒯玉龙为总经理，法定代表人亦相应变更为蒯玉龙，其不再兼任公司行政总经理。 | 妙可蓝多在公告中依然对柴琇表 ...

2025年前三季度，颀中科技实现收入16.05亿元，归母净利润1.85亿元。 商报君送福利 1月25日，颀中科技（688352）发布公告，通报关于全资子公司颀中科技（苏州）有限公司发生火灾事故的情况。 据公告，2026年1月24日清晨，公司的全资子公司苏州颀中厂区凸块制程段发生火灾，事故后公司迅速启动应急预案，成立现场应急小组，并配合当地消 防部门进行灭火救援，目前火情已扑灭，具体事故原因仍在调查中。 此次火灾未造成人员伤亡，但对凸块制程段的部分无尘室环境及生产设备造成影响，具体损失正在核实评估，初步预计将对2026年全年业绩产生一定影 响。公司已对受损资产投保财产险，相关保险理赔工作正在推进。同时，为保障客户订单交付，公司将统筹安排合肥厂区的产能，并加速凸块产能扩充， 以应对生产进度的影响。 颀中科技是集成电路高端先进封装测试服务商，可提供全方位的集成电路封测综合服务，覆盖显示驱动芯片、电源管理芯片、射频前端芯片等多类产品。 朋友们千万别错过！ ↓↓↓ 来源 读创财经 看推文多多留言 有机会获商报君送出的礼品 ...

Core Viewpoint - TCL Smart Home (002668) is involved in a legal dispute with Gao Rong Capital regarding equity transfer payments, with a recent court ruling requiring the company to pay 23.52 million yuan and associated late fees, potentially impacting profits by approximately 27 million yuan [1][7]. Group 1: Legal Proceedings - The recent court ruling mandates TCL Smart Home to pay Gao Rong Capital 23.52 million yuan plus late fees within ten days of the judgment becoming effective [1][7]. - The court dismissed other claims made by Gao Rong Capital in this case [1][7]. - In a separate case, TCL Smart Home, as the plaintiff, sought the return of 159 million yuan in equity transfer payments from Gao Rong Capital and Zhao Guodong, but the court upheld the previous ruling against the company [4][6]. Group 2: Financial Impact - If the recent ruling is upheld, TCL Smart Home estimates a reduction in profits by approximately 27 million yuan [1][7]. - The company reported a revenue of 14.346 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.87%, and a net profit of 977 million yuan, which is an 18.45% increase year-on-year [7]. Group 3: Background Information - The disputes trace back to 2015 when Gao Rong Capital invested 20 million yuan in Zhongrongjin (now Beijing Haorong Technology Co., Ltd.), acquiring a 5% stake [5]. - Gao Rong Capital later sold a 51% stake in Zhongrongjin to Guangdong Aoma Electric Co., Ltd. (now TCL Smart Home) for 612 million yuan, with the value of the shares increasing nearly fivefold within five months [5].

帅丰电器（605336）1月23日晚间公告，预计2025年实现归属于母公司所有者的净利润亏损4300万元至6200万元，预计2025年实现营业收入2.1亿元至2.5亿 元，扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入为2亿元到2.4亿元，低于3亿元。公司股票在2025年年度报告披露后可能被实 施退市风险警示(在公司股票简称前冠以"*ST"字样)。 值得一提的是，这将是帅丰电器上市后首次录得年度亏损。此前几年公司虽然净利润连降，但均实现盈利。此外，公司2025年营收较上年或减少逾2亿 元。 事实上，帅丰电器2025年前三季度尚有盈利，归母净利润为295万元，同比下降93.3%。 公司毛利率和净利率2024年来持续下降，2025年前三季度毛利率为32.48%，上年同期为43.07%；净利率为1.34%，上年同期为14.07%。 2020年10月，帅丰电器登陆上交所。公司主要从事以集成灶为核心的现代新型厨房电器的研发、设计、生设计、生产和销售。 近年来公司业绩面临极大压力，2022年至2024年营收连续三年下滑，从2021年的9.78亿元降至2024年的4.3亿元，营收三年间腰斩；同时，归母净利润 ...

1月23日，浙江证监局官网发布的行政监管措施公告显示，浙商证券杭州分公司被出具警示函。 | 索 引 号 | bm56000001/2026-00000871 | ਜੇ 崇 | 行政监管措施;证券经营机构监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年01月23日 | | 称 ਸਮ | 关于对浙商证券股份有限公司杭州分公司、林长富、应文敏采取出具警示函措施的决定 | | | | 文 号 | | 主题词 | | 二级市场上，截至23日收盘，浙商证券涨0.28%，报10.88元/股，总市值497.6亿元。 经查，浙商证券杭州分公司存在对投资者以往交易合规审核把关不严、账户实名制管理不到位的问题，违反了《证券经纪业务管理办法》（证监会令第 204号）第十一条第一款、第二十五条的规定。林长富、应文敏作为时任管理人员，对上述问题负有责任。 根据《证券经纪业务管理办法》（证监会令第204号）第四十三条的规定，浙江证监局决定对浙商证券杭州分公司、林长富、应文敏采取出具警示函的行 政监管措施，并记入证券期货市场诚信档案。 公开信息显示，近一年内，浙商证券及其子公司屡遭 ...