1月20日，凯因科技发布公告，公司撤回培集成干扰素α-2注射液药品注册申请。本次拟定新增适应症为 该药品联合富马酸丙酚替诺福韦片用于治疗成人慢性乙型肝炎优势人群。 根据国家药监局最新审评建议，经审慎研究，公司决定主动撤回本次药品注册申请，进一步补充临床病 例研究，根据情况再次提交注册申请。 其中第三季度，公司营业收入为3.6亿元，同比下降13.0%；归母净利润为5512万元，同比下降16.1%； 扣非归母净利润为5385万元，同比下降17.9%；EPS为0.3225元。 截至三季度末，公司总资产28.68亿元，较上年度末增长9.6%；归母净资产为17.96亿元，较上年度末下 降2.6%。 公司对培集成干扰素α-2注射液项目涉及的相关开发支出全额计提资产减值准备，相应减少公司2025年 度利润总额1.1亿元。 本次申请撤回药品注册申请是经公司审慎研究作出的决定，对公司现有产品销售没有影响，对公司2025 年度经营业绩产生影响。由于药品从研发、临床试验到上市的周期长、环节多，新药研发具有不确定 性，投资者谨慎决策。 受此消息影响，凯因科技1月21日开盘暴跌，截至收盘跌13.23%报22.76元/股。 北京凯因科技 ...

1月20日，广东汕头超声电子（000823）股份有限公司(下称：超声电子)发布公告，宣布终止转让所持有的四川超声印制板有限公司(下称"四川超声")62% 股权。 公告显示，此前公司计划通过北京产权交易所公开挂牌转让上述股权，初始挂牌底价为7456.29万元，后下调至不低于6710.66万元重新挂牌。截至挂牌期 满，仅征集到1家意向受让方，且该方未按时缴纳保证金，导致本次股权转让终止。 值得关注的是，这已是超声电子近年来第二次尝试出售该资产。早在2022年10月，公司就曾启动转让四川超声62%股权，当时挂牌底价为7960.8万元。但 直至2023年11月挂牌期满，仍未征集到合格受让方，首次出售计划宣告终止。 超声电子意图转让的四川超声似乎已成为一个"烫手山芋"。根据此前公告，四川超声的另一股东四川艺精科技集团有限公司也有意转让其持有的38%股 权。 此外，超声电子更早的公告显示，2019年至2020年间，四川超声曾三次受到环保部门行政处罚，累计罚款超过50万元。 财务数据方面，四川超声近几年业绩陷入亏损。2021年公司净利润为1969.76万元，2022年上半年收窄至444.46万元。到2023年，全年转为亏损 ...

淄博市中级人民法院认为，被告人章更生的行为构成受贿罪、违法发放贷款罪。章更生受贿数额特别巨 大，违法发放贷款数额特别巨大并造成特别重大损失，应依法惩处。鉴于其到案后如实供述罪行，主动 交代办案机关尚未掌握的部分受贿事实，认罪悔罪，积极退赃，受贿所得及孳息大部分已追缴，具有法 定、酌定从轻处罚情节，依法可对其从轻处罚。法庭遂作出上述判决。 据悉，淄博市中级人民法院于2025年10月16日公开开庭审理了该案。庭审中，检察机关出示了相关证 据，被告人章更生及其辩护人进行了质证，控辩双方在法庭的主持下充分发表了意见，章更生进行了最 后陈述，并当庭表示认罪悔罪。人大代表、政协委员和各界群众近20人旁听了庭审。 2026年1月21日，山东省淄博市中级人民法院一审公开宣判中国建设银行（601939）股份有限公司原党 委委员、副行长章更生受贿、违法发放贷款案，对被告人章更生以受贿罪判处有期徒刑13年，并处罚金 人民币400万元，以违法发放贷款罪判处有期徒刑10年，并处罚金人民币10万元，决定执行有期徒刑18 年，并处罚金人民币410万元；追缴在案的章更生受贿所得财物及孳息依法上缴国库，不足部分继续追 缴。 经审理查明：200 ...

1月20日，山东极视角科技股份有限公司（以下简称"极视角"）向港交所提交上市申请，独家保荐人为中信证券。 极视角坦言，尽管公司在2024年产生净利润，但无法保证未来能够维持盈利。未来亏损的程度将取决于多种因素，如研发项目的规模及成本、解决方案商 业化相关的开支、创造收入的能力，以及第三方合作里程碑付款的时间及金额。 另需注意的是，极视角经营活动现金流持续"失血"，报告期各期分别为-7914.3万元、-7296.3万元、-1759.2万元、-2137.3万元。极视角提示称，倘若公司 日后继续录得经营或投资现金流出净额，公司的营运资金可能受限，从而可能对财务状况造成不利影响。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 經營活動(所用)現金淨額 | (79.143) | | (72,963) (17,592) | (5,015) | ...

Core Viewpoint - The company, Huangting International, is currently unable to fulfill its equity repurchase obligations for Yifa Power due to financial strain caused by judicial rulings and litigation-related financial costs, and is actively seeking solutions through negotiations with relevant parties [1][2]. Group 1: Company Financial Situation - Huangting International's core assets have been subjected to judicial rulings for debt compensation, leading to a tight financial situation [2]. - As of December 31, 2024, the book value of Shenzhen Huangting Plaza is approximately 5.75 billion, accounting for 71.57% of the company's total assets, with related revenue of about 369 million, representing 56.03% of the company's annual operating income [2]. - Following the debt compensation, the company's total assets, total liabilities, and owner's equity will decrease by approximately 5.75 billion, 3.657 billion, and 2.093 billion, respectively [2]. Group 2: Impact on Operations - The loss of core assets signifies a reduction in important cash flow sources and operational foundations for Huangting International [3]. - The company anticipates a potential decline in operating income due to the asset loss, which may trigger financial warning signs related to profit totals and net profits, with risks of falling below 300 million in operating income [3].

Core Viewpoint - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses, with a significant increase from the previous year's loss of 1.465 billion yuan [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of -2.14 billion yuan and a net profit of -2.94 billion yuan after excluding non-recurring gains and losses for 2025 [1][2]. - In the previous year, the company reported a total profit of -1.64 billion yuan, with a net profit attributable to shareholders of -1.465 billion yuan and a net profit of -2.41 billion yuan after excluding non-recurring gains and losses [1][2]. Strategic Adjustments - In 2025, Yonghui Supermarket shifted its operational strategy from "scale expansion" to "quality growth," rebranding as "New Yonghui, New Quality" [2]. - The company undertook significant adjustments, modifying 315 stores and closing 381 stores that did not align with its future strategic positioning [2]. Impact of Store Adjustments - The adjustments resulted in substantial financial impacts, including asset write-off losses and one-time setup costs totaling approximately 910 million yuan [2]. - The estimated gross profit loss due to store renovations is around 300 million yuan, with additional losses from closing 381 stores, including asset write-off losses and employee severance compensation [2]. Investment and Asset Impairment - The company recognized a fair value change loss of 236 million yuan from its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2]. - Yonghui Supermarket plans to recognize an impairment of long-term assets, primarily from continuously loss-making store assets, estimated at 162 million yuan, subject to final audit results [2]. Historical Performance Trends - Yonghui Supermarket has experienced a decline in revenue over the past four years, with revenues of 91.062 billion yuan, 90.091 billion yuan, 78.642 billion yuan, and 67.574 billion yuan from 2021 to 2024, reflecting year-on-year declines of 2.29%, 1.07%, 12.71%, and 14.07% respectively [3]. - The net losses for the same period were 3.944 billion yuan, 2.763 billion yuan, 1.329 billion yuan, and 1.465 billion yuan, totaling over 9.5 billion yuan in losses across four years [3].

Core Viewpoint - Kangxin New Materials (600076) is acquiring a 51% stake in Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, raising questions from the Shanghai Stock Exchange regarding the rationale and valuation of the deal [1][3]. Group 1: Acquisition Details - The acquisition involves cash payment of 391.68 million yuan to gain control over Yubang Semiconductor, which specializes in integrated circuit manufacturing repair equipment and related services [1]. - Yubang Semiconductor was established in 2014 and provides a comprehensive service solution including repair equipment, parts, consumables, and technical support [1]. - Projected revenues for Yubang Semiconductor are 150 million yuan for 2024 and 166 million yuan for the first nine months of 2025, with net profits of approximately 13.00 million yuan and 22.18 million yuan respectively [1]. Group 2: Performance Commitments - The performance commitment from the sellers includes a net profit of no less than 50 million yuan for 2026, 53 million yuan for 2027, and 56 million yuan for 2028, totaling a minimum of 159 million yuan over the commitment period [2]. Group 3: Financial Concerns - Kangxin New Materials has reported significant losses in recent years, with revenues of 246 million yuan, 602 million yuan, and 278 million yuan for 2023, 2024, and the first nine months of 2025 respectively, and net losses of 297 million yuan, 334 million yuan, and 189 million yuan [3]. - The company has a total interest-bearing debt of 1.598 billion yuan, with short-term borrowings and current liabilities amounting to 419 million yuan and long-term borrowings totaling 1.179 billion yuan [3]. - The acquisition raises concerns about the company's ability to finance the deal and manage the integration of a business that is significantly different from its core operations [3][4]. Group 4: Regulatory Scrutiny - The Shanghai Stock Exchange has issued inquiries regarding the acquisition's rationale, the feasibility of the performance commitments, and the potential for insider trading due to a recent surge in the company's stock price [3][5]. - The stock price of Kangxin New Materials experienced a significant increase of 60.54% over the past 30 trading days, followed by a sharp decline after the announcement of the acquisition [5].

Core Insights - Amazon's new seller registrations are projected to drop significantly in 2025, reaching 165,000, a 44% decrease year-over-year, marking the lowest level since 2015 [1] - Chinese sellers continue to dominate new registrations, accounting for 59.9% of the total, although this represents a decline from 62.3% in 2024 [1] - The market share of emerging e-commerce platforms is increasing, with Temu capturing 24% of global cross-border e-commerce sales in 2025, equaling Amazon's share [1][2] Group 1: Seller Registration Trends - The number of new sellers on Amazon is expected to fall to 165,000 in 2025, a 44% decline from the previous year [1] - Chinese sellers represent the largest share of new registrations at 59.9%, but this is a decrease from 62.3% in 2024, marking the first decline in four years [1] - The proportion of new registrations from U.S. sellers has dropped to 16.3%, down from 26.8% in 2024, indicating a continuing downward trend [1] Group 2: Market Dynamics - Over 60% of the top 10,000 sellers on Amazon were registered before 2019, highlighting the growing gap between established sellers and newcomers [1] - Temu's rapid growth is notable, as it reached a 24% market share in just three years, up from 1% at its launch in 2022 [2] - The top ten e-commerce apps collectively cover over 2 billion monthly active users, with Amazon leading at 651.7 million, followed by Shopee and Temu [2] Group 3: Seller Strategies and Challenges - Rising tariff costs and increased compliance requirements are discouraging new sellers from joining Amazon, while established sellers are reducing their investments on the platform [2] - Some sellers are diversifying their operations by exploring platforms like Temu and TikTok Shop, and are also establishing manufacturing bases in countries like Vietnam and Mexico to localize supply chains [2] - Sellers in Shenzhen are shifting focus from scale expansion to quality improvement, emphasizing the need for supply chain integration and multi-platform operations to survive industry changes [3]

1月21日早间，万科A发布公告，万科企业股份有限公司2021年面向合格投资者公开发行住房租赁专项公司债 券（第一期）（品种二）（债券简称"21万科02"）将于2026年1月22日支付自2025年1月22日至2026年1月21日 期间的利息。 公告显示，按照《万科企业股份有限公司2021年面向合格投资者公开发行住房租赁专项公司债券（第一期） 票面利率公告》，本期债券第5年（2025年1月22日至2026年1月21日）的票面利率为3.98%。每10张"21万科 02"面值人民币1000元派发利息为人民币39.80元（含税）。扣税后个人、证券投资基金债券持有人取得的实际 每10张派发利息为人民币31.84元；扣税后非居民企业（包含QFII、RQFII）债券持有人实际每10张派发利息 为人民币39.80元。 ...

2019年4月，湟源县人民政府向圣源牧场发出《限期关停通知书》，要求其在4月30日前完成关停。圣源牧场按期关停后，因与当地政府就补偿金额无法达 成一致，于2020年3月向西宁市中级人民法院提起诉讼，要求补偿搬迁损失4841.08万元。 经过多次审理，青海省高级人民法院于2024年4月16日作出终审判决，判令湟源县人民政府补偿圣源牧场搬迁损失505.49万元。该金额与牧场实际损失存 在较大差距。 上市乳企庄园牧场（002910）1月20日发布公告，公司已向兰州市城关区人民法院提起诉讼，要求持股5%以上股东、董事马红富支付其全资子公司青海圣 源牧场搬迁损失差额1999.85万元及相应资金占用费，合计涉案金额达2107.38万元。 公开信息显示，马红富目前为庄园牧场第三大股东，持股比例15%，同时还是公司董事。他长期担任庄园牧场的实控人，后甘肃农垦集团入主公司成为大 股东。 根据公告，本案源于公司IPO时控股股东作出的公开承诺。2017年10月，庄园牧场在招股说明书中披露，控股股东马红富承诺：若公司下属牧场因政策调 整被列入禁养区而搬迁，政府补偿不足以弥补损失时，差额部分将由其个人承担。 ↓↓↓ 公告显示，圣源牧场 ...