长江商报消息 ●长江商报记者 李璟 谋求新发展，东湖高新（600133.SH）加速业务优化与转型升级。 东湖高新日前发布公告，公司拟参与设立"咸宁东高产业投资基金合伙企业（有限合伙）"（简称"咸宁 东高基金"），基金规模为5亿元，其中公司认缴出资2亿元。 根据东湖高新公告，公司拟与全资子公司东湖投资、咸宁高新资本运营有限公司（简称"咸宁资本"）、 咸宁高新产业发展有限公司（简称"咸宁产业"）共同发起设立"咸宁东高产业投资基金合伙企业（有限 合伙）"（暂定名，最终名称以市场监督管理局核准登记名称为准）。 咸宁东高基金规模为5亿元，东湖高新认缴出资2亿元，作为有限合伙人，占基金规模的40%；公司全资 子公司东湖投资认缴出资5000万元，作为基金普通合伙人，占基金规模的10%；咸宁资本和咸宁产业分 别认缴出资1.25亿元，作为有限合伙人，各占基金规模的25%。出资方式均为货币出资。 从基金投资领域来看，咸宁东高基金将重点投资新材料、先进制造、大健康、生物医药、电子信息等领 域的优质企业。 东湖高新在公告中指出，公司此次出资设立咸宁东高基金，是加快公司科技园板块转型发展的重要举 措，通过基金形式开展产业投资，能够提升 ...

拟1.96亿收购跨界算力 公告显示，罗曼股份拟以现金1.96亿元收购上海武桐树科技发展有限公司持有的武桐高新39.23%的股 权。交易完成后，武桐高新将纳入公司合并报表范围，成为公司控股子公司。 本次收购完成后，罗曼股份将成为武桐高新第一大股东。公告显示，武桐高新主营业务聚焦AIDC算力 服务器与集群综合解决方案服务，与罗曼股份原有的景观照明工程、远程集控管理等业务形成互补。公 司表示，交易后双方将在技术研发、市场资源上深化协同，推动技术、渠道等资源高效共享，助力客户 合作稳定性提升，同时为公司开辟多元化收入来源。 为保障交易风险可控，各方设计了多重兜底方案：标的公司承诺2025—2027年度累计扣非净利润不低于 4亿元。由于标的公司目前尚未形成规模化收入，8月7日，上交所已就资产收购及股权转让事宜下发监 管工作函，要求公司说明交易合理性。 长江商报消息 ●长江商报记者 江楚雅 罗曼股份押注算力赛道。 近日，罗曼股份（605289.SH）公告，公司拟以现金1.96亿元收购上海武桐树科技发展有限公司持有的 上海武桐树高新技术有限公司（简称"武桐高新"）39.23%的股权。交易完成后，武桐高新将纳入公司合 并报表 ...

报名结束后，在公证机构监督下，由平台随机摇号确定中签者，消费券自动发放至中签消费者的账户 中。湖北省相关负责人介绍，这一方式有效避免了因硬件设备和网络条件不同而导致的领取不均问题， 进一步保障了消费者的公平性和普惠性。 9月8日，2025年"惠购湖北"零售餐饮消费券正式启动，湖北省通过京东、唯品会、支付宝、美团、抖音 五大线上平台发放总额1亿元的消费券。本次活动采用"在线报名、摇号中签"的创新发放模式，确保消 费者公平参与。 本次消费券共分三轮发放，每轮15天的周期中，2天报名、2天摇号、1天公示、10天核销的安排既给了 消费者充足的参与时间，又保证了核销使用的效率。消费券分为四种类型：线下餐饮券、线下零售券、 线上零售券和线上汽车后市场券，覆盖餐饮、购物、出行等多类消费场景，真正实现"吃、穿、用、 行"全覆盖。 消费券分三轮发放，每轮15天，包含2天报名期、2天摇号期、1天公示期和10天核销期。券种覆盖线下 餐饮券、线下零售券、线上零售券和线上汽车后市场券四种类型，满足消费者多样化需求。各平台同时 推出配套优惠活动，总投入超过亿元，形成政企联动的促消费合力。 本次"惠购湖北"消费券分为满200元减40元、满 ...

Group 1 - Nanchip Technology plans to raise up to 1.933 billion yuan through convertible bonds to enhance core competitiveness and profitability [1] - The raised funds will be allocated to projects in smart power management chips, automotive chips, and industrial sensor and control chips [1] - In the first half of 2025, the company achieved a revenue of 1.47 billion yuan, a year-on-year increase of 17.6%, with net profit attributable to shareholders reaching 123 million yuan [1] Group 2 - Since its operation began in 2016, Nanchip Technology has consistently increased its annual revenue, becoming a model of high growth in the domestic analog semiconductor sector [2] - The company has invested a total of 1.331 billion yuan in R&D from 2020 to the first half of 2025, with R&D expenses reaching 428 million yuan in the first half of 2025 [2] - As of mid-2025, the company employed 1,106 people, with 756 in R&D, accounting for 68.35% of the total workforce [2] Group 3 - Nanchip Technology has diversified its product offerings, covering the entire charging chain in consumer electronics and automotive electronics [3] - The company has completed the acquisition of Zhuhai Shengsheng Microelectronics, achieving 100% ownership, which enhances its MCU chip design capabilities [3] - The ongoing integration of the acquired company is expected to inject new momentum into Nanchip Technology's future development [3]

长江商报奔腾新闻记者 徐佳 业绩回温，股价提升，星帅尔（002860.SZ）却遭到实控人及高管集体减持。 9月7日晚间，星帅尔披露股东减持计划。公司控股股东、实际控制人陈丽娟计划在公告披露之日起十五 个交易日后的三个月内，以集中竞价方式或大宗交易方式减持公司股份900万股，占公司总股本比例 2.50%，占剔除公司回购专用账户股份后总股本比例2.56%。 不仅如此，星帅尔的董事、总经理张勇以及三名副总经理孙建、陆游、孙海也拟分别减持公司股份20万 股、13万股、6万股、9万股。 综上，本轮减持中，陈丽娟及星帅尔四名高管拟合计减持公司股份948万股，占公司剔除公司回购专用 账户股份后总股本的2.71%。 目前，陈丽娟、张勇、孙建、陆游、孙海分别持有星帅尔8555.27万股、70.04万股、41.08万股、17.58万 股、28.77万股，占剔除公司回购专用账户股份后总股本的24.29%、0.2%、0.12%、0.05%、0.08%。 半年报显示，星帅尔的主要业务板块中，冰箱、冷柜、空调等压缩机及小家电用配套产品实现营业收入 3.92亿元，同比下降9.89%，占营业收入的比例为34.62%；毛利率为36.67%，同 ...

Core Viewpoint - KJ Intelligent (688455.SH) is facing continuous losses, leading to its second-largest shareholder, SF Investment, planning to reduce its stake in the company for personal financial needs [1][3]. Shareholder Actions - SF Investment intends to reduce its holdings by up to 5.4255 million shares, representing no more than 3% of the total share capital, between September 30, 2025, and December 29, 2025 [1]. - This marks the first time SF Investment, as the second-largest shareholder, has planned to reduce its stake since KJ Intelligent's listing nearly three years ago [1]. Financial Performance - KJ Intelligent reported revenues of 1.148 billion yuan, 1.394 billion yuan, and 492 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 77.93 million yuan, 58.63 million yuan, and 37.27 million yuan during the same periods [3][4]. - The company has seen a reduction in net losses by 12.08% and 13.63% year-on-year for net profit and non-recurring net profit in the first half of 2025 [4]. Customer Dependency - SF Investment was previously KJ Intelligent's largest customer, with revenue contributions of 21.55%, 45.12%, and 48.37% from SF in 2019, 2020, and 2021, respectively [3]. - As of the first half of 2025, the revenue contribution from SF has decreased to 13.77%, a year-on-year decline of 8.36 percentage points [3]. International Expansion - KJ Intelligent has successfully expanded its business into over 20 countries, including South Korea, India, and Thailand, with overseas business now accounting for over 50% of total operations [4]. - The company signed new overseas orders worth 395 million yuan, 487 million yuan, 627 million yuan, and 1.136 billion yuan from 2021 to 2024, with 866 million yuan in new overseas orders in the first half of 2025, reflecting a year-on-year growth of 155.55% [4].

亿华通原计划收购旭阳集团（01907.HK）旗下旭阳氢能100%股权及资产，同时募集配套资金，向产业链上游延伸。 优化产业链布局对亿华通而言确有必要。长江商报记者发现，2020年至今的5年半，亿华通净利润持续亏损，累计亏损12.14亿元；扣非净利润更是连续亏 损6年半，2019年以来累计亏损14.22亿元。 不过，亿华通依然表示，从应用场景看，中国燃料电池汽车应用场景已由前期单一的公交领域商业化示范应用向多场景示范应用转变，同时也在船舶、热 电联供等新领域展开应用。 点击蓝字关注我们 长江商报记者 黄聪 业绩"断崖式"下滑之下，"氢能A+H第一股"亿华通（688339.SH、02402.HK）的重大资产重组也宣告折戟。 9月5日晚间，亿华通发布公告显示，公司董事会同意公司终止发行股份购买资产并募集配套资金暨关联交易事项，原因为"交易相关方未能就本次交易的 最终方案达成一致意见"。 旭阳集团表示，此次合作标志着双方在氢能产业的深度合作，将共同推动氢能业务的战略发展。 不过，旭阳氢能业绩并不理想，其2023年实现营业收入4.05亿元、净利润5903.3万元。到了2024年，旭阳氢能营业收入降至3.2亿元，净利润降 ...

Core Viewpoint - Guizhou Moutai has reclaimed its title as the "king of stocks" in the A-share market, demonstrating the persistence of the "Moutai curse" despite competition from other companies like Cambricon [1][3][8]. Group 1: Company Performance - Guizhou Moutai's parent company, Moutai Group, received a commitment for a special loan of up to 2.7 billion yuan from a bank [3]. - Moutai Group plans to invest between 3 billion and 3.3 billion yuan to repurchase shares within the next six months [4]. - The company recently completed a share buyback worth 6 billion yuan [5]. - For the first half of 2025, Guizhou Moutai reported a net profit of 45.403 billion yuan, an increase of 8.89% year-on-year [5][11]. Group 2: Market Dynamics - Cambricon briefly surpassed Guizhou Moutai to become the "king of stocks," achieving share prices of 1,587.91 yuan and 1,492.49 yuan on August 28 and 29, respectively [6][7]. - However, Guizhou Moutai regained its position with closing prices of 1,476.10 yuan and 1,491.30 yuan on September 1 and 2, respectively, exceeding Cambricon's prices [7]. - The historical trend shows that companies that have previously surpassed Guizhou Moutai have often seen their stock prices decline shortly after [9][10]. Group 3: Financial Stability - Guizhou Moutai has maintained strong financial performance over the past two decades, with consistent revenue and net profit growth [11]. - In 2024, the company achieved revenues of 174.144 billion yuan and a net profit of 86.228 billion yuan, reflecting year-on-year growth of 15.66% and 15.38%, respectively [11]. - The company has a high gross margin of over 90% and a net profit margin exceeding 50%, along with a low debt-to-asset ratio and strong cash flow [11]. Group 4: Future Outlook - Guizhou Moutai and Moutai Group remain optimistic about future performance, with plans for further share repurchases and investments [12][13]. - As of June 2025, mutual funds held approximately 92.9802 million shares of Guizhou Moutai, indicating growing institutional interest [13].

Core Viewpoint - The banking sector in the A-share market is experiencing significant momentum, with Agricultural Bank of China (ABC) leading in market capitalization and performance among its peers [4][5]. Market Performance - As of September 4, 2025, ABC's total market capitalization reached 2.55 trillion yuan, surpassing Industrial and Commercial Bank of China (ICBC) for the first time [4][5]. - By September 5, 2025, ABC's market capitalization was 2.48 trillion yuan, maintaining its position as the highest in A-shares, with a year-to-date increase of 43% [5][6]. - Among 42 listed banks in A-shares, 39 have seen positive stock price growth in 2025, with over 20 banks experiencing increases exceeding 10% [6]. Financial Performance - In the first half of 2025, ABC reported operating income of 369.94 billion yuan, a year-on-year increase of 0.85%, and net profit of 139.51 billion yuan, up 2.66%, making it the only state-owned bank to achieve growth in both metrics [8][9]. - The bank's total assets reached 46.9 trillion yuan, with loans and advances totaling 26.73 trillion yuan, reflecting a growth of 1.82 trillion yuan from the previous year [9][10]. Agricultural Focus - ABC has positioned itself as a leading bank for rural revitalization and support for the real economy, with county loans increasing by 916.4 billion yuan, reaching a total of 10 trillion yuan, accounting for 40.9% of domestic loans [10][11]. - The bank's loans in key agricultural supply areas amounted to 1.24 trillion yuan, with a growth rate of 23.7% [10]. Dividend Distribution - The six major state-owned banks plan to distribute a total of 204.7 billion yuan in cash dividends in the first half of 2025, with ABC's share being 418.23 billion yuan [11][12].

Core Viewpoint - The competition for the title of "King of A-shares" between Kweichow Moutai and Cambricon Technologies has been intense, with Moutai reclaiming its position shortly after being surpassed [1][4] Group 1: Company Performance - Kweichow Moutai's strong fundamentals have allowed it to maintain its status as the top high-priced stock in A-shares, with a consistent growth in revenue and net profit over the past two decades [10] - In 2024, Kweichow Moutai achieved a revenue of 1741.44 billion and a net profit of 862.28 billion, reflecting a year-on-year growth of 15.66% and 15.38% respectively [10] - For the first half of 2025, despite a decline in the overall liquor market, Kweichow Moutai reported a revenue of 910.94 billion and a net profit of 454.03 billion, with growth rates of 9.16% and 8.89% [3][10] Group 2: Shareholder Actions - Kweichow Moutai's controlling shareholder, Moutai Group, plans to invest between 30 billion and 33 billion to buy back company shares within the next six months [2][11] - The company has recently completed a share repurchase plan costing 60 billion, acquiring 3.9276 million shares [11] - Moutai Group has also secured a loan commitment of up to 27 billion from Agricultural Bank of China to support its share buyback efforts [12] Group 3: Market Dynamics - Cambricon Technologies briefly held the title of "King of A-shares" but faced a significant price adjustment shortly after, indicating the volatility in the tech sector [5][9] - The demand for domestic AI chips is increasing due to global tech competition, positioning Cambricon as a key player in this market, often referred to as the "NVIDIA of China" [4][9] - Historical trends show that challengers to Kweichow Moutai's title often experience rapid declines in stock price after initially surpassing it, reinforcing the "Moutai curse" [6][7][9]