Core Viewpoint - The company has signed a contract with the Shanxi Provincial Department of Natural Resources for coalbed methane exploration rights in the Qinshui Basin, indicating a strategic move to expand its resource exploration portfolio [1] Group 1: Contract Details - The contract pertains to the exploration rights for the Fanzhong Block, located in Qinyuan County, Changzhi City, Shanxi Province, covering an area of 297.9 square kilometers [1] - The exploration rights are granted for a period of five years, with a minimum annual investment requirement of 50,000 RMB per square kilometer [1] - The total contract amount is 201 million RMB, with the payment due within 30 days of receiving the payment notice from the relevant authority [1]

Core Viewpoint - The company plans to raise up to 1.144 billion yuan through a private placement of A-shares in 2025, with the net proceeds allocated to key projects in smart equipment and working capital [1] Fundraising Details - The total amount to be raised is capped at 1.144 billion yuan, with net proceeds after issuance costs designated for specific projects [1] - The issuance will involve no more than 94.2423 million shares, with the issue price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing benchmark [1] Project Allocation - 753.2137 million yuan will be allocated to the research and industrialization of core components for motion control in smart equipment [1] - 141.1 million yuan is earmarked for information technology construction and smart warehousing projects [1] - 250 million yuan will be used to supplement working capital [1]

沃森生物公告，子公司北京沃森创新生物技术有限公司、云南疫苗实验室有限公司、玉溪沃森生物技术 有限公司与复旦大学、上海蓝鹊生物医药有限公司联合研发并共同申请临床试验的冻干带状疱疹病毒 mRNA疫苗，于近日获得国家药品监督管理局签发的《药物临床试验批准通知书》。通知书编号为： 2025LP03354；2025LP03355。注册分类：预防用生物制品。审批结论：根据《中华人民共和国药品管 理法》《中华人民共和国疫苗管理法》及有关规定，经审查，2025年9月18日受理的冻干带状疱疹病毒 mRNA疫苗符合药品注册的有关要求，同意开展预防带状疱疹的临床试验。 ...

黑芝麻公告，公司控股股东广西黑五类食品集团有限责任公司与广西旅发大健康产业集团有限公司签署 了《股份转让协议》，约定广西黑五类食品集团有限责任公司将其持有公司1.51亿股(占公司总股本 20%)的无限售流通股股份转让给广西旅发大健康产业集团有限公司，转让价格为6.25元/股，总价款为 9.42亿元。公司已收到国家市场监督管理总局出具的《经营者集中反垄断审查不实施进一步审查决定 书》，本次交易尚需履行国有资产监督管理部门审批等程序，存在不确定性。 ...

Core Viewpoint - The company is facing significant challenges with store closures, declining revenue, and increasing losses, indicating a deteriorating financial situation [1][7]. Financial Performance - In Q3, the company reported revenue of 1.311 billion yuan, a year-on-year decrease of 17.72% [1]. - The net profit attributable to shareholders was -28.77 million yuan, reflecting a worsening loss situation [1]. - For the first three quarters, total revenue was 4.14 billion yuan, down 24.45% year-on-year, with a net loss of 122 million yuan, a drastic decline of 730.83% compared to the previous year [1]. Store Operations - The company closed 283 stores while only opening 65, resulting in a net reduction of 218 stores, leaving a total of 2,227 stores as of September 30 [3]. - The management stated that the significant drop in profit was primarily due to the elimination of inefficient stores and increased online channel costs [3]. Sales Channel Performance - All sales channels experienced declines, with franchise sales down 25.58% to 377 million yuan and direct retail sales down 19.83% to 374 million yuan [5]. - E-commerce and group purchase sales also fell, with declines of 14.02% and 3.58%, respectively [5]. - The overall gross margin decreased by 1.88 percentage points to 24.96% for the first three quarters [5]. Regional Sales Decline - Sales in key regions such as East China, Southwest, North China, and Northwest all saw declines exceeding 30%, with East China experiencing the largest drop at 36.33% [5]. Inventory Management - The company’s inventory turnover efficiency has declined, with inventory amounting to 394 million yuan, and turnover days increasing from 35.13 to 45.97 days [5]. Shareholder Disputes - The company attempted to sell a 21% stake to Changjiang Guomao, which would have made it a controlling shareholder, but the deal fell through due to legal disputes with Guangzhou Light Industry [7]. - The unresolved equity litigation has created uncertainty for the company's future development [7].

Group 1 - The National Industrial Investment Fund plans to transfer 4.2687 million shares of Tongyi Zhong, representing 1.90% of the company's total share capital [1]

航天长峰公告，朝阳市电源有限公司将其前次质押的344万股本公司股份办理了延期购回手续，累计质 押股份数量为344万股，占其持股数量的比例为8.72%，占本公司总股本比例为0.7342%。 ...

九牧王公告，公司股东泉州市顺茂投资管理有限公司("顺茂投资")计划于2025年9月5日披露的《关于股 东及一致行动人内部转让股份的提示性公告》中，拟在公告披露之日起15个交易日后的3个月内，将不 超过120万股转让给其一致行动人，占公司总股本的0.2088%。截至2025年12月12日，因公司股价波动 幅度较大，顺茂投资未实施股份转让计划，决定提前终止本次股份转让计划。顺茂投资及其一致行动人 合计持有公司股份3515.01万股，占公司总股本的6.1169%。 ...

Core Viewpoint - The price of Feitian Moutai has significantly declined, with wholesale prices dropping below the official guidance price for the first time since 2018, raising concerns about the brand's market position and the overall health of the liquor industry [1][3]. Group 1: Price Decline - As of December 12, the wholesale price of 53-degree 500ml Feitian Moutai fell to 1485 yuan per bottle, down 15 yuan from the previous day, marking a decline of over 30% from around 2200 yuan at the beginning of the year [1]. - The price has consistently dropped throughout the year, with significant breaches of key price thresholds, including 2000 yuan, 1900 yuan, 1800 yuan, and recently 1700 yuan and 1600 yuan [4]. Group 2: Market Challenges - The liquor industry is facing multiple challenges, including cyclical adjustments, policy impacts, and weak consumer demand, contributing to the downward price trend of Feitian Moutai [3]. - The recent price drops have been exacerbated by promotional activities during major e-commerce events, such as "Double Eleven," where prices fell below the official guidance price [5][6]. Group 3: Company Performance - In the first three quarters of the year, the company reported revenue of 130.9 billion yuan, a year-on-year increase of 6.32%, and a net profit of 64.63 billion yuan, also up 6.25%, marking the lowest growth rates in nearly 11 years and falling short of the 9% annual growth target [6]. Group 4: Strategic Responses - To boost investor confidence, the company has initiated share buybacks, announcing a plan to spend 1.5 billion to 3 billion yuan on repurchasing shares, and declared a mid-term dividend exceeding 30 billion yuan, with a payout of 23.957 yuan per share [8]. - Industry experts suggest that the price decline may help eliminate speculative bubbles and lower consumption barriers, potentially expanding the consumer base for Moutai [8].

支付收单行业迎来最严合规整治风暴！ 近日，鲲鹏支付、乐刷支付等第三方支付收单机构接连启动面向所有合作服务商及旗下拓展终端程 序的全面核查与整改专项工作，对于未满足国家及行业相关认证规范的设备，将启动全流程清退程序。 在受访行业专家看来，支付终端显示的商户信息与真实商户信息不匹配（俗称"一机多码"或"一机 多商户"），容易引发信用卡套现、洗钱等风险，这是监管整治的高压地带，也是支付机构被罚的重灾 区。在"双罚制"常态化、监管科技升级的背景下，支付机构为避免牌照注销风险、清算限制及声誉损 失，不得不主动清退异常终端、终止高风险代理合作，是生存和合规的必然要求。 支付机构围剿"一机多码" 终端程序整改、违规代理清退，支付收单合规整治再升级！ 鲲鹏支付近日发布通知称，近期已启动面向所有合作服务商及旗下拓展终端程序的全面核查与整改 专项工作。一是全面梳理现有终端设备，对于未满足国家及行业相关认证规范的设备，将启动全流程清 退程序，完成彻底清理工作确保终端设备整体合规性。 二是针对当前业务开展中，存在交易模式异常、交易行为不合规及交易占比超出正常范围等问题的 合作项目，将组建专项排查小组，通过线下实地核验、线上系统实时监 ...