长江商报消息 ●长江商报记者 沈右荣 国家电力投资集团旗下主要的上市平台之一，上海电力（600021.SH）经营业绩继续稳健增长。 1月30日晚，上海电力发布业绩预告。公司预计2025年度实现归母净利润25.11亿元到29.88亿元，继续保持两位数 增长。 此前的2022年至2024年，公司归母净利润持续保持高速增长，从2022年的3.34亿元增长至2024年的20.46亿元。加 上2025年，上海电力的归母净利润实现了连续四年快速增长。 上海电力解释，2025年，公司扎实开展提质增效工作，强化全要素挖潜，燃料成本、资金成本等持续下降。 近年来，上海电力持续加码清洁能源布局。2025年，公司完成合并口径发电量782.32 亿千瓦时，同比上升 1.41%，其中煤电完成510.06亿千瓦时，同比下降1.87%。清洁能源发电装机规模和发电量实现增长是公司发电量 增长的主要原因。 截至2025年末，上海电力控股装机容量为2632.13万千瓦，清洁能源占装机规模的 62.59%。 发电量增加净利延续增长 发电量、归母净利润双增长，上海电力保持着良好的发展势头。 根据最新发布的年度业绩预告，经财务部门初步测算，2025年 ...

长江商报消息 ●长江商报记者 沈右荣 供需失衡，存储价格上涨，国内存储模组行业龙头江波龙（301308.SZ）经营业绩爆发式增长。 1月29日晚，江波龙发布年度业绩预告。公司预计2025年度实现营业收入225亿元至230亿元，同比增长 28.84%至31.70%；预计实现扣非净利润11.30亿元至13.50亿元，同比增长578.51%至710.60%。 其中，第四季度，公司预计扣非净利润约为6.5亿元至8.7亿元，超过前三个季度之和，而上年同期为亏 损。 江波龙解释了业绩暴增原因。2025年，存储价格在一季度触底后企稳回升，三季度末因AI 服务器需求 爆发及原厂产能向企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。依靠技术布局与深度协 同机制，公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙依托自主研发。2024年，公司研发投入为9.10亿元，2025年前三季度为7.01亿元，同比继续保持 增长。 前三季度的营业收入、归母净利润、扣非净利润的数据表现并不突出。 从单个季度看，2025年第一、二、三季度，公司实现的营业收入分别为42.56亿元、59.39亿元、65.39亿 ...

Core Viewpoint - After the merger of "two ships," China Shipbuilding (600150.SH) has significantly improved its profitability, projecting a net profit of 7 billion to 8.4 billion yuan for 2025, representing a growth of approximately 65.89% to 99.07% compared to the previous year [1][2]. Financial Performance - The company expects a net profit attributable to shareholders between 7 billion and 8.4 billion yuan for 2025, an increase of 2.78 billion to 4.18 billion yuan year-on-year, translating to a growth rate of about 65.89% to 99.07% [2]. - The projected net profit excluding non-recurring items is estimated to be between 5.3 billion and 6.7 billion yuan, reflecting a year-on-year increase of approximately 72.53% to 118.11% [2]. Operational Strategy - China Shipbuilding attributes its performance growth to a focus on core business, enhanced management efficiency, and an optimized order structure, with a higher proportion of high-value ship types being delivered [1][2]. - The company has a backlog of orders scheduled until 2029, indicating strong future revenue potential [4]. Industry Position - Following the merger with China Heavy Industry, China Shipbuilding has become the largest publicly listed shipbuilding company globally, showcasing advanced technology and significant projects such as the first domestically produced aircraft carrier and large LNG carriers [3]. Recent Developments - On December 8, 2025, China Shipbuilding announced a significant cooperation agreement involving 87 vessels worth approximately 50 billion yuan, marking the highest single contract amount for domestic shipbuilding companies [3][4]. - The company is actively supporting its subsidiaries' long-term development by providing financial assistance, which is expected to enhance overall operational efficiency and resource allocation within the group [5][6][7]. Financial Health - As of the third quarter of 2025, China Shipbuilding reported total assets of 406.02 billion yuan and total liabilities of 259.38 billion yuan, indicating a solid financial foundation [7]. - The stock price reached 33.54 yuan per share, with a market capitalization of 252.41 billion yuan as of January 30, 2026 [7].

Core Viewpoint - Jiangfeng Electronics plans to acquire control of Kaide Quartz, marking the first "A-share eats A-share" transaction in the A-share market for 2026, which is expected to enhance its position in the semiconductor supply chain [3][8]. Group 1: Acquisition Details - Jiangfeng Electronics will pay cash to acquire control of Kaide Quartz, which specializes in quartz products for semiconductor integrated circuits [3][7]. - The acquisition is anticipated to strengthen Jiangfeng's product matrix from metal targets to non-metal components, providing a comprehensive solution for downstream chip manufacturing clients [12][13]. - The total market value of Kaide Quartz is approximately 3.8 billion yuan [4][10]. Group 2: Financial Performance - Jiangfeng Electronics expects to achieve a net profit of over 430 million yuan in 2025, continuing its growth trajectory [6][17]. - Kaide Quartz is also a profitable company, but its net profit is projected to decline in 2023 and 2024, with a 24.57% decrease in the first three quarters of 2025 [17]. - The acquisition is expected to further enhance Jiangfeng's earnings and market competitiveness despite Kaide's current performance challenges [17]. Group 3: Strategic Importance - The acquisition is seen as a critical step for Jiangfeng Electronics to fill gaps in its non-metal materials segment and leverage synergies between the two companies [12][13]. - Jiangfeng Electronics has established itself as a leading supplier in the global target material market, serving major clients like TSMC and SMIC [5][15]. - The company is actively pursuing a fundraising initiative to support its growth, aiming to raise over 1.9 billion yuan for various projects, including the production of semiconductor components [5][16].

Core Viewpoint - The company, New锐股份, is accelerating its expansion in the hard alloy and tool sector by raising up to 1.316 billion yuan through a private placement to enhance production capacity, research and development, and working capital [1][2]. Fundraising and Investment Projects - New锐股份 plans to raise a total of 1.316 billion yuan, with 483 million yuan (36.7% of total funds) allocated to the high-performance CNC blade industrial park project, focusing on R&D and production of high-end CNC blades [2]. - The company will invest 318 million yuan in the high-performance rock drilling tool production project to expand capacity for products like down-the-hole drills and rolling cutters [2]. - An additional 150 million yuan will be directed towards the construction of a precision tool R&D and testing center and the headquarters management center to enhance R&D capabilities [2]. Financial Performance - Since its establishment in 2005, New锐股份 has shown steady growth, with revenue increasing from 730 million yuan in 2020 to 1.862 billion yuan in 2024, marking a 155.07% increase [4]. - The net profit attributable to shareholders rose from 114 million yuan to 181 million yuan during the same period, reflecting a 58.77% growth [4]. - In the first three quarters of 2025, the company achieved a revenue of 1.789 billion yuan, a year-on-year increase of 32.11%, and a net profit of 165 million yuan, up 22.68% [4]. R&D and Innovation - R&D investment has been a core driver of the company's growth, with cumulative R&D expenditures reaching 371 million yuan from 2020 to the first three quarters of 2025 [5][6]. - The company holds 520 valid authorized patents, which support its competitive edge and market presence [6].

Core Viewpoint - The company, Cambrian (688256.SH), is expected to achieve significant revenue growth and profitability in 2025, marking its first annual profit after years of losses [1][3]. Group 1: Financial Performance - Cambrian forecasts 2025 revenue between 6 billion to 7 billion yuan, representing a year-on-year increase of 410.87% to 496.02% [1][3]. - The company anticipates a net profit attributable to shareholders of 1.85 billion to 2.15 billion yuan, indicating a turnaround from previous losses [1][3]. - In 2024, Cambrian reported revenue of 1.174 billion yuan, with a net loss of 0.452 billion yuan, showing a reduction in losses compared to previous years [2][3]. Group 2: Historical Context - Cambrian's revenue has increased nearly 15 times from 0.444 billion yuan in 2019 to projected figures in 2025 [4]. - The company has experienced continuous losses from 2017 to 2024, with a peak loss of 1.257 billion yuan in 2022 [2][4]. Group 3: Research and Development - Cambrian has invested a total of 6.604 billion yuan in R&D since its IPO, with R&D expenses reaching 0.843 billion yuan in the first three quarters of 2025, a 27.89% increase year-on-year [5][6]. - The company maintains a strong focus on R&D, with 77.95% of its workforce dedicated to this area, and 80.18% of R&D personnel holding master's degrees or higher [7]. Group 4: Market Position and Strategy - Cambrian specializes in AI chip development for various applications, including cloud servers and edge computing, and has seen increased demand due to the growth in AI computing power [6]. - The company has successfully deployed its products across key industries such as telecommunications, finance, and internet services, enhancing its market presence [6].

Core Viewpoint - The company Magpowr (002851.SZ) is undergoing a significant transformation towards AI power business, attracting market attention due to its recent private placement aimed at raising 2.663 billion yuan, despite facing a substantial decline in its operating performance [2][7]. Group 1: Financial Performance - For the fiscal year 2025, Magpowr expects a net profit attributable to shareholders of 1.20 billion to 1.50 billion yuan, representing a year-on-year decline of approximately 70% [3][4]. - The company anticipates a non-recurring net profit of 20 million to 30 million yuan for 2025, which would be a decline of 91.81% to 94.54% compared to the previous year [3]. - In the first three quarters of 2025, Magpowr reported a revenue of 6.791 billion yuan, down 15.05% year-on-year, and a net profit of 213 million yuan, down 48.29% year-on-year [4]. Group 2: Investment and Growth Strategy - The funds raised from the private placement will be allocated to the expansion of global R&D centers, construction of smart power and control testing centers, and projects in Changsha, Zhuzhou, and Thailand [2][7]. - Magpowr's strategic focus is on rapidly scaling its operations and enhancing brand and technological innovation, which has led to increased cost pressures and a decline in profit margins [5]. Group 3: Market Reaction and Stock Performance - Despite the decline in operating performance, Magpowr's stock price has surged over 300% since October 2024, reaching a peak of 140.39 yuan per share in January 2026 [6][10]. - The company's entry into the AI server power sector and its validation within the Nvidia ecosystem have been key drivers for the stock price increase [7][9]. Group 4: Key Investor Insights - Notably, private equity mogul Ge Weidong invested 2.4 billion yuan in the recent private placement, indicating strong confidence in Magpowr's future prospects [2][8]. - Ge Weidong's involvement has been significant, as he has been increasing his stake in the company over time, although he did not secure shares in this latest round [8].

长江商报消息 ●长江商报记者 徐佳 时隔近四年，广东中图半导体科技股份有限公司（以下简称"中图科技"）再次冲刺科创板IPO。 中图科技是一家图形化衬底材料制造商，近年来，公司经营业绩整体呈现增长趋势。但与此同时，受行 业竞争与技术迭代传导影响，公司核心产品单价大幅回落，且公司经营活动现金流波动剧烈，近三年半 内累计净流出2.83亿元，与归母净利润背离。 长江商报记者注意到，中图科技在客户与供应商两端均呈现高度集中态势。2025年上半年，公司向前五 大客户销售收入占比以及向前五大供应商采购金额占比均在80%以上，且与最大客户华灿光电 （300323.SZ）存在大额购销重叠的复杂关联。包括华灿光电在内，中图科技的4家客户与供应商重叠。 此次中图科技IPO募资中，有2亿元拟用于补充流动资金。而公司在申报前夕实施了近四年来首次的 2000万元现金分红，在股权集中度较高的情况下，此举或将引发监管对其募资必要性与财务稳健性的重 点关注。 前次撤单IPO后引入外部股东并分红 中图科技的资本化道路较为波折。 作为全球主要的图形化衬底材料制造商之一，中图科技专注于氮化镓（GaN）外延所需的图形化衬底材 料的研发、生产与销售。公 ...

Core Viewpoint - EVE Energy is expanding its business in Indonesia and enhancing its global supply chain by collaborating with local state-owned enterprises to establish a comprehensive electric vehicle battery industry chain, including plans for nickel production capacity of 150,000 tons, cathode materials of 30,000 tons, and battery production of 20 GWh (with an initial phase of 7 GWh) [1][8]. Financial Performance - In the first three quarters of 2025, EVE Energy reported revenue of 45 billion CNY, a year-on-year increase of 32.17%, while net profit attributable to shareholders was 2.816 billion CNY, a decrease of 11.70%. However, the net profit for the third quarter alone saw a quarter-on-quarter increase of 140.16% [1]. - For 2024, EVE Energy's revenue was 48.615 billion CNY, showing a slight decline compared to the previous year [6]. Strategic Development - EVE Energy's founder, Liu Jincheng, emphasizes a diversified approach to business, avoiding over-reliance on a single market or product. The company has transitioned from consumer electronics to advanced battery technologies and international markets [1][2]. - The company has made significant investments in research and development to maintain a competitive edge amid industry challenges, focusing on optimizing existing products and developing new technologies [7]. Market Position - As of 2023, EVE Energy ranked fourth globally in cylindrical battery shipments and first domestically, with a total output of 28.08 GWh, representing a year-on-year growth of 64.22% [4]. - The company's market share in the domestic power battery sector reached 4.45% in 2023, improving its ranking by two positions compared to 2022 [4]. Future Outlook - EVE Energy is set to face challenges in the coming years due to potential structural overcapacity and price wars in the battery industry, which could pressure profit margins [6]. - The company is focusing on cost control and cash flow optimization, with a net cash flow from operating activities of 4.904 billion CNY in the first three quarters of 2025, a year-on-year increase of 131.71% [7]. - Liu Jincheng aims to foster ecological collaboration by forming strategic partnerships, such as with China Gas, to enhance the company's competitive position in the evolving market landscape [7][8].

长江商报消息 ●长江商报记者 汪静 国轩高科（002074.SZ）向市场交出了一份亮眼的业绩答卷。 1月30日晚间，国轩高科公告，预计2025年归母净利润为25亿元—30亿元，同比增长107.16%— 148.59%。奇瑞港股上市带来约17亿元的公允价值变动收益是盈利大涨的主要原因之一。 这离不开国轩高科创始人、董事长李缜"绑定大客户、绑定本地产业生态"的战略远见。在宁德时代、比 亚迪双王称霸的行业格局下，在动力电池行业竞争日益白热化的背景下，通过绑定大客户，国轩高科实 现快速发展。 李缜的人生轨迹与中国产业转型升级同频共振，作为从安徽桐城走出的书生商人，李缜勇闯动力电池赛 道，将国轩高科从一家初创企业，一步步打造成全球前五的动力电池企业。 李缜十分重视技术研发，他曾在演讲中指出，无需过多争论技术路线，无需争论对错，企业领导人只需 考虑明天产业的发展；也曾与同行共勉，在关注满地都是六便士时，别忘了抬头看月亮。 目前，国轩高科正在攻坚固态电池赛道，欲实现产业突围。 2025年业绩大幅增长后，2026年李缜与国轩高科会如何发力？值得期待。 坚持技术为本 李缜的骨子里，既有文人的沉稳，也有商人的敏锐。 李缜出生于1 ...