Core Viewpoint - Wuhan aims to achieve high-quality development in transportation by 2026, focusing on five key battles to enhance infrastructure, improve transportation organization, optimize travel quality, promote green and intelligent integration, and regulate key industries [1][2]. Group 1: Infrastructure Development - Wuhan will accelerate the upgrade of its transportation infrastructure, including the operation of two new expressways and the construction of several key bridges and highways [2]. - The city plans to enhance its airport capabilities, targeting a passenger throughput of 32 million at Tianhe International Airport and the opening of new international cargo routes [2]. Group 2: Transportation Organization - The city will improve the efficiency of its transportation system by integrating metro and bus operations, increasing the coverage of public transport, and launching over 80 customized bus routes [3]. - Efforts will be made to reduce the ratio of social logistics costs to GDP to around 11.8%, while maintaining the highest number of A-level logistics companies in the country [3]. Group 3: Green and Intelligent Development - Wuhan will implement smart transportation initiatives, including the use of AI in transport and the establishment of low-altitude commercial flight routes [4]. - The city aims to enhance travel quality by regulating taxi services and improving the management of transportation sectors [4]. Group 4: Safety and Emergency Management - Continuous efforts will be made to strengthen safety measures in transportation, focusing on key areas such as public transport and ports, while enhancing emergency response capabilities [5].

长江商报消息 ●长江商报记者 汪静 绿联科技（301606.SZ）向港股IPO再迈进一步。 2月2日晚间，绿联科技发布公告称，公司已于2026年2月2日向香港联合交易所递交了发行境外上市外资 股（H股）股票并在香港联交所主板挂牌上市的申请。 绿联科技是全球领先的消费电子品牌企业，销售渠道已覆盖全球多个主流市场。长江商报记者注意到， 2025年上半年，绿联科技境外营业收入达22.94亿元，同比增长51.39%，占总营业收入比例达59.53%。 公司境外业务毛利率高达43.49%，远超境内业务。 绿联科技是全球科技消费电子知名品牌企业，主要从事3C消费电子产品的研发、设计、生产及销售。 近年来，公司持续深耕海外市场。 2025年半年报中，绿联科技介绍，公司正在积极拓展和深化线下渠道，经销网络遍布全球，通过战略合 作大型商超、专业渠道及区域头部经销商，在境外，已成功进驻美国Walmart、Costco、Bestbuy、B＆ H、Micro Center，欧洲Media Markt，日本Bic Camera、Yodobashi Camera等知名零售巨头渠道体系。同 时，为深度渗透境外市场，绿联科技已在美国、德国、日 ...

Core Viewpoint - BGI Genomics plans to enhance its technology matrix through the acquisition of assets, aiming to solidify its position as a leading manufacturer in the life sciences sector by integrating cutting-edge technologies [1][4]. Group 1: Acquisition Details - BGI Genomics intends to acquire 100% equity of Sanjian Qifa and BGI Xifeng for a total cash consideration of 366 million yuan, which will incorporate two core technologies: spatial genomics and nanopore sequencing [2]. - The acquisition will enable BGI Genomics to establish a comprehensive technology ecosystem covering short-read, long-read, and spatial genomics, facilitating a one-stop service from library construction to sequencing and data analysis [2]. - The counterparties of the transaction have provided clear performance commitments, with Sanjian Qifa promising a cumulative net profit of no less than 50.1 million yuan from 2026 to 2028, and BGI Xifeng committing to a cumulative net profit of no less than 82.8 million yuan from 2028 to 2030 [2]. Group 2: Strategic Significance - The acquisition is expected to significantly reduce related-party transactions and resolve potential competition issues in the nanopore sequencing business, thereby enhancing the company's sustainable operational capabilities [2]. - Post-acquisition, BGI Genomics will achieve resource sharing and synergy in supply chain procurement, technology development, and customer service, which will serve as important growth engines for the company [2]. Group 3: Market Position and Performance - BGI Genomics has shown a notable improvement in its operational fundamentals, with a projected net loss of 221 million to 273 million yuan for 2025, representing a reduction in losses by approximately 60% compared to the previous year [3]. - The company secured 61% of the domestic high-throughput sequencing instrument market in 2025, with 232 units won in bids, demonstrating strong market penetration and customer recognition [3]. - BGI Genomics has been proactive in the AI pathology field since 2019, establishing the Spatial Pathology Alliance in 2025 and successfully registering its self-developed PMIF-20 pathology slide staining scanner, reinforcing its foundation for integrating AI with pathology analysis [3].

Core Viewpoint - Huanxin Building Materials continues to signal its commitment to a global development strategy through significant share buybacks by major shareholders and management, reflecting confidence in the company's future prospects and long-term value [2][5]. Shareholder Actions - Huanxin Group, a major shareholder, increased its stake in Huanxin Building Materials by acquiring 15.4687 million shares, representing 0.74% of the total share capital, from January 12 to February 2, 2026 [3][4]. - Following this transaction, Huanxin Group's ownership rose from 16.26% to 17.00%, totaling 354 million shares [3]. - The total expenditure for this share acquisition was approximately 380 million yuan, based on an average transaction price of 24.7 yuan per share [4]. Management Confidence - Eleven executives of Huanxin Building Materials collectively purchased 2.578 million shares, demonstrating their confidence in the company's growth, with total expenditures around 22.9442 million yuan [4]. - The CEO, Li Yeqing, personally acquired 915,900 shares, investing approximately 8.1515 million yuan [4]. Financial Performance - Huanxin Building Materials forecasts a net profit of 2.7 billion to 2.95 billion yuan for 2025, an increase of 280 million to 530 million yuan compared to the previous year, reflecting a year-on-year growth of 11.6% to 21.9% [6][7]. - The company expects a non-net profit of 2.58 billion to 2.76 billion yuan, indicating a significant increase of 800 million to 980 million yuan, or 45% to 55% year-on-year [6]. Business Strategy and Growth - The company has successfully transitioned from a cement manufacturer to a comprehensive building materials service provider, enhancing its profitability through diversified operations [2][6]. - Huanxin Building Materials has seen a 15.37% year-on-year increase in revenue from its overseas cement business, contributing 4.128 billion yuan to the overall revenue [7].

Core Viewpoint - The company, Chipway Technology, reported its 2025 annual results, showing a slight decline in net profit but significant growth in non-recurring net profit, alongside plans for a major asset restructuring to enhance its competitive position in the power semiconductor sector [1][2]. Financial Performance - The company achieved an operating revenue of 394 million yuan, marking a consecutive increase [1][2]. - The net profit attributable to shareholders was 106 million yuan, a year-on-year decrease of 4.91% [1][2]. - The non-recurring net profit reached 68.89 million yuan, reflecting a year-on-year growth of 17.54%, the highest in nearly four years [1][2]. - The comprehensive gross margin was 32.84%, down 1.59 percentage points year-on-year [3]. Product Performance - The company's main products, including TVS, MOSFET, and Schottky diodes, saw a decline in gross margins, with respective rates of 32.58%, 34.85%, and 33.29%, down 2.53, 6.07, and 1.89 percentage points [3]. - The gross margin for power ICs increased by 11.47 percentage points to 29.75%, although its revenue contribution is relatively small [3]. Dividend Distribution - The company proposed a cash dividend of 4.30 yuan per 10 shares, totaling 50.568 million yuan, which represents 47.64% of the net profit attributable to shareholders [3]. Strategic Acquisition - The company plans to acquire 100% of Jishun Technology and 17.15% of Shunlei Technology for a total consideration of 403 million yuan, funded through convertible bonds and cash [4][5]. - The acquisition aims to leverage the target companies' technology and customer resources to strengthen the company's core competitiveness in the power semiconductor field [4][5]. Future Projections - The acquired companies are expected to contribute to a projected operating revenue of 633 million yuan in 2025, a 60.88% increase, and a net profit of 155 million yuan, reflecting a 45.76% growth [5]. - The transaction is anticipated to facilitate a strategic shift from a Fabless to a Fab-lite model, enhancing supply chain management and expanding into high-end application areas such as automotive electronics and industrial control [5].

长江商报消息 ●长江商报记者 徐阳 受益存储行业高景气度及AI发展，联芸科技（688449.SH）经营业绩稳步增长。 2月2日晚间，联芸科技发布2025年度业绩快报公告，报告期内，公司实现营业总收入与归属于母公司所 有者的净利润（以下简称"归母净利润"）双双增长，归属于母公司所有者的扣除非经常性损益的净利润 （以下简称"扣非净利润"）实现大幅跃升，达到1.01亿元，同比激增130.29%。 联芸科技称，受下游需求增长影响，公司营收同比增长，同时由于高毛利产品收入占比增加，进一步带 动公司综合毛利率上升，使得扣非净利润大幅增加。 资料显示，联芸科技是一家提供数据存储主控芯片、AIoT信号处理及传输芯片的平台型芯片设计企 业。公司始终坚持核心技术自主研发和迭代创新，不断推出具有市场竞争力的大规模集成电路芯片及解 决方案。 在研发方面，联芸科技持续加大投入，2025年研发费用约5.06亿元，研发费用率约为38%，主要用于下 一代主控芯片迭代及研发团队建设。 2025年业绩继续稳增 据官网介绍，联芸科技于2014年11月在中国杭州滨江创建，公司专注于数据管理相关芯片的研究及产业 化。公司总部位于杭州，在上海、广州、深 ...

长江商报消息 面对沉重的历史包袱与持续的经营压力，红相股份（维权）（300427.SZ）正试图通过资 产处置奋力自救。 2月2日晚间，红相股份披露资产出售计划。公司拟以1.2亿元的价格，转让一笔账面价值约2.05亿元、已 累计计提减值准备超1亿元的涉光伏项目收款权。 长江商报记者注意到，本次交易源自两年前红相股份一笔资产剥离。通过处置此笔已大幅减值的收款 权，红相股份不仅旨在解决特定债权的回收难题，更是其回笼资金、优化资产结构以改善资产质量的关 键一步。 日前，红相股份发布业绩预告。2025年，公司预计将实现营业收入7亿元至7.5亿元，同比增长10.25%至 18.13%；归属于上市公司股东的净利润（以下简称"归母净利润"）亏损1300万元至2600万元，扣除非经 常性损益后的净利润（以下简称"扣非净利润"）亏损4900万元至6200万元。至此，红相股份已连续三年 亏损，归母净利润亏损额累计超过8亿元。 拟出售的收款权累计减值准备1.04亿 红相股份本次资产出售与两年前的一笔交易相关。 长江商报记者注意到，2023年10月，红相股份曾公开挂牌转让全资子公司卧龙电气银川变压器有限公司 （以下简称 "银川变压器" ...

Core Viewpoint - Changchun High-tech (000661.SZ) is expected to experience a significant decline in operating performance, with a projected net profit attributable to shareholders of 150 million to 220 million yuan for 2025, representing a year-on-year decrease of over 90% [1][4]. Group 1: Financial Performance - In 2024, Changchun High-tech's net profit attributable to shareholders decreased by over 40% year-on-year [2]. - For 2025, the company anticipates a net profit drop of 24.33 billion to 23.63 billion yuan compared to the previous year, with a decline rate of 91.48% to 94.19% [4]. - The company reported a net profit of 1.165 billion yuan for the first three quarters of 2025, down 58.23% year-on-year, with total revenue of 9.807 billion yuan, a decrease of 5.60% [4]. Group 2: Factors Influencing Performance - The decline in net profit is attributed to adjustments in pricing and sales policies for core products, particularly long-acting growth hormones, due to their inclusion in the national medical insurance directory [2][6]. - Increased research and development (R&D) expenses, which reached 2.690 billion yuan in 2024, and higher sales expenses have also impacted profitability [10][12]. - The company is focusing on R&D in traditional areas such as endocrine metabolism and women's health, as well as innovative directions related to tumors, respiratory, and immune systems [10]. Group 3: R&D and Product Development - Changchun High-tech's R&D investment for the first three quarters of 2025 was 1.733 billion yuan, a year-on-year increase of 22.91% [12]. - The company has successfully advanced several products, including the GenSci098 injection project, which received a 70 million USD upfront payment [3][14]. - The R&D expenses have been steadily increasing, with a total of 2.690 billion yuan in 2024, representing 19.97% of total revenue [10]. Group 4: Market Position and Future Outlook - The company has historically relied heavily on growth hormones, which have been referred to as its "cash cow" [6]. - The future ability of Changchun High-tech to reduce its dependence on growth hormones is a key concern for investors [15].

不过，博汇科技在研发上一直持续高投入。2025年前三季度，公司研发费用达3926.29万元，同比增长14.38%，占 同期营业收入比例约为34%。 当前，博汇科技参投了低空经济领域项目并成立相关子公司，公司表示，子公司将聚焦于低空经济相关业务，整 合各方资源，加大技术研发投入，推动低空经济技术和服务的创新升级。 长江商报消息●长江商报记者 黄聪 博汇科技（688004.SH）持续亏损之下，公司董事长黯然离职。 2月2日晚间，博汇科技公告显示，因个人原因，孙传明提出不再担任公司董事长、董事及董事会专门委员会委员 相关职务。离任后，孙传明将不在公司及控股子公司任职。 孙传明离职后，郭忠武成为博汇科技新任董事长。两人均为上市公司实际控制人，持股比例分别为17.61%和 6.74%。不同的是，从简历来看，郭忠武是一位"学者型董事长"。 业绩方面，长江商报记者发现，2022年至2025年，博汇科技归母净利润连续4年亏损，累计亏损金额超过1.3亿 元。 进入"学者型董事长"时代 2月2日晚间，博汇科技发布的公告显示，公司近日收到公司董事长孙传明提交的书面辞职报告。因个人原因，孙 传明提出不再担任公司董事长、董事及董事会专 ...

Core Viewpoint - The major shareholder of Three Gorges Energy has successfully increased its stake by 799 million yuan, reflecting confidence in the company's future growth prospects [1][3]. Group 1: Shareholder Actions - As of December 2025, the major shareholder, Three Gorges Group, has cumulatively invested 799 million yuan to acquire approximately 187 million shares, representing about 0.65% of the total share capital [3][4]. - Three Gorges Group plans to invest between 1.5 billion yuan and 3 billion yuan to further increase its stake in Three Gorges Energy over the next 12 months [3][5]. - By the end of 2025, Three Gorges Group and its concerted parties will hold a total of 53.34% of Three Gorges Energy's shares [2][5]. Group 2: Company Performance - Three Gorges Energy primarily engages in the development, investment, and operation of wind and solar energy, achieving a total power generation of approximately 762.61 billion kilowatt-hours in 2025, a year-on-year increase of 5.99% [2][8]. - The company faced operational challenges due to electricity price adjustments, resulting in a decline in net profit to 4.313 billion yuan in the first three quarters of 2025, a decrease of 15.31% year-on-year [2][8]. - Despite the profit decline, Three Gorges Energy has maintained strong overall profitability, with cumulative profits of 30.403 billion yuan since its IPO in 2021 [9]. Group 3: Future Projects and Investments - Three Gorges Energy is actively expanding its power generation capacity, with significant projects such as the Inner Mongolia Kubuqi Desert renewable energy base, which has a dynamic investment amount of approximately 79.792 billion yuan [7][8]. - The company has also announced plans to invest 41.169 billion yuan in three offshore wind power projects in Guangdong, which are expected to be fully operational by the end of 2024 [7][8]. - As of September 2025, the company's construction projects amounted to 70.924 billion yuan, doubling from 35.491 billion yuan at the end of 2021 [7].