Core Viewpoint - Huilv Ecology (001267.SZ) is experiencing steady performance improvement after entering the optical communication sector, with a projected net profit increase for 2025 of 86 million to 110 million yuan, representing a year-on-year growth of 0.27% to 28.26% [1][4]. Group 1: Financial Performance - The company expects basic earnings per share for 2025 to be between 0.11 yuan and 0.14 yuan [1]. - Huilv Ecology's revenue from 2021 to 2024 showed a decline, with figures of 775 million, 611 million, 685 million, and 587 million yuan respectively, indicating a "four consecutive declines" trend [3]. - After three years of declining profits, the company implemented cost control and project settlement measures, leading to a slight recovery in 2024 [3]. Group 2: Strategic Acquisition - In May 2024, Huilv Ecology announced a significant acquisition of 30% of Wuhan Junheng Technology Co., Ltd. for 195 million yuan, marking its entry into the optical communication field [3]. - The acquisition was completed in February 2025, increasing the company's stake in Wuhan Junheng from 35% to 51%, which has positively impacted its financial performance [4][5]. Group 3: Business Development - Huilv Ecology is focusing on a dual business model of "landscape engineering + optical modules," which is expected to drive growth [1][6]. - The company is expanding its optical module production capacity, with an initial investment of 200 million yuan for a new production base in Hubei and an additional 600 million yuan planned to meet the demand for high-end optical modules [5]. - The first phase of the new production line is expected to produce 1.5 million units annually, with a second phase projected to add 3 million units per year by 2027 [5]. Group 4: Future Outlook - Huilv Ecology emphasizes that it does not plan to completely divest its landscaping business, as it retains significant competitive advantages and market position in that sector [6]. - The company is actively pursuing the acquisition of the remaining 49% stake in Wuhan Junheng, indicating a commitment to further integrate and expand its presence in the optical communication market [6].

长江商报消息 ●长江商报记者 潘瑞冬 科创板创新药企三生国健（688336.SH）业绩大涨。 1月26日晚间，三生国健发布2025年业绩预告，经财务部门初步测算，公司预计全年实现营业收入约42 亿元，较上年同期增加约30.06亿元，同比大幅增长251.76%；预计归母净利润约29亿元，较上年同期增 加约21.95亿元，同比增长311.35%；预计扣非净利润约28亿元，同比激增1038.21%。 三生国健称，2025年公司与辉瑞达成授权合作，已收到对方支付的授权许可首付款约28.9亿元，推动公 司业绩大涨。 在业绩公告发布后次日，即1月27日，三生国健股价大幅上涨，当天最大涨幅超15%，截至收盘报63.53 元/股，涨10.93%。 收到辉瑞首付款28.9亿 资料显示，三生国健专注于单抗、双抗、多抗及多功能重组蛋白等新技术研究。2020年7月，三生国健 在科创板上市。 进入2025年，公司业绩进一步爆发。根据业绩预告，公司预计2025年实现营业收入42亿元左右，较上年 同期增加30.06亿元，涨幅约251.76%；归母净利润29亿元左右，较上年同期增加21.95亿元，涨幅约 311.35%。 上市以来，随着产品 ...

连续6年，妙可蓝多（600882）(600882.SH)持续获得公司控股股东"加仓"。 1月26日晚间，妙可蓝多公告显示，公司控股股东内蒙蒙牛通过集中竞价方式增持公司股票133.2219万 股，占公司总股本比例0.26%，触及1%的刻度。目前，内蒙蒙牛持股比例达37.04%。 近年来，内蒙蒙牛持续增持妙可蓝多。 2020年1月，内蒙蒙牛以2.87亿元的价格受让妙可蓝多5%的股权，成为公司的第二大股东。 2021年，内蒙蒙牛全额参与了妙可蓝多30亿元的定增计划，其持股比例提升至28.46%，并成为第一大 股东。 据长江商报记者不完全统计，自2020年1月以来，内蒙蒙牛6年间通过协议转让、定增、要约收购等方式 持续增持妙可蓝多，累计投入资金超百亿元。 当下，妙可蓝多正在进行管理层的更迭。1月25日晚间，公司发布的公告显示，公司副董事长、总经 理、法定代表人柴琇离任。 同时，妙可蓝多公告显示，蒯玉龙担任公司总经理、法定代表人。 内蒙蒙牛持股比例升至37.04% 妙可蓝多主营业务为以奶酪为核心的特色乳制品的研发、生产和销售，其中奶酪产品可以进一步细分为 即食营养系列、家庭餐桌系列和餐饮工业系列。同时，公司也从事液态奶 ...

长江商报消息●长江商报记者 黄聪 美力科技表示，自公司披露向不特定对象发行可转换公司债券预案以来，公司与中介机构积极推进可转 债相关工作。在综合考虑当前资本市场状况以及公司未来整体发展规划等因素，经与相关各方充分沟通 及审慎分析后，公司决定终止本次向不特定对象发行可转换公司债券事项并撤回相关申请文件。 2025年8月，美力科技发布的向不特定对象发行可转换公司债券募集说明书（修订稿）显示，公司本次 发行募集资金总额不超过3亿元（含本数），扣除发行费用后的募集资金净额将全部用于"年产200万件 智能悬架及1000万件电动及液压驱动弹性元件等产业化项目"（总投资6.56亿元，拟投入募集资金2.17亿 元），以及补充流动资金（拟投入募集资金8300万元）。 处于快速发展阶段的美力科技（300611.SZ），突然终止发行可转债。 1月26日晚间，美力科技公告显示，公司董事会同意终止向不特定对象发行可转换公司债券事项，并向 深圳证券交易所申请撤回相关申请文件。 此前公告显示，美力科技本次发行募集资金总额不超过3亿元（含本数），将用于"年产200万件智能悬 架及1000万件电动及液压驱动弹性元件等产业化项目"，以及补充流动 ...

长江商报消息●长江商报记者 沈右荣 "矿茅"紫金矿业（601899.SH、02899.HK）又抛出重磅金矿收购计划。 拟购标的拥有金资源量533吨 紫金矿业再度大手笔海外买矿。 根据公告，1月26日，紫金黄金国际与联合黄金签署《安排协议》，紫金黄金国际拟以44加元/股的现金 价格收购联合黄金全部已发行的普通股，收购对价共计约55亿加元，约合人民币280亿元（按当日汇率 计算）。 公告显示，联合黄金是一家总部位于加拿大的黄金矿业公司，于2023年9月在多伦多证券交易所上市， 2025年6月在纽约证券交易所上市。 1月26日晚，紫金矿业发布公告，公司控股的紫金黄金国际有限公司（简称"紫金黄金国际"，股票代码 为02259.HK）与Allied Gold Corporation（以下简称"联合黄金"）签署协议，紫金黄金国际拟出资55亿加 元（约合人民币280亿元）收购联合黄金全部已发行的普通股。 联合黄金是一家总部位于加拿大的黄金矿业公司，截至2024年底，其拥有金资源量533吨。 紫金矿业称，联合黄金旗下项目均为在产或即将投产的大型露天开采金矿，预计2029年产金将提升至25 吨。 本次收购主体紫金黄金国际，系紫 ...

Market Performance - The A-share market experienced a decline in the morning, with the Shanghai Composite Index dropping to around 4101 points before gradually recovering, closing at 4139.9 points, up 0.18% [1] - The Shenzhen Component Index rose by 0.09% to 14329.91 points, while the ChiNext Index increased by 0.71% to 3342.6 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.89 trillion yuan, with over 3400 stocks declining [1] Industry Highlights - Several companies in the storage chip sector, including Xiangnan Chip (香农芯创), Shenkong Co. (神工股份), and Demingli (德明利), reported growth in their performance [1] - The chip industry chain continues to rise, with Huahong Semiconductor reaching a historical high, and stocks like Yaxiang Integration (亚翔集成), Shenghui Integration (圣晖集成), and Huada Technology (华天科技) hitting the daily limit [1] - Precious metals remain strong, with China Gold (中国黄金) achieving three consecutive limit-ups and Hunan Gold (湖南黄金) achieving two consecutive limit-ups [1] - The CPO concept stock Yuanjie Technology (源杰科技) surged over 10%, reaching a historical high, while Huile Ecology (汇绿生态) hit the daily limit [1] - The space photovoltaic concept continues to recover, with funds continuing to concentrate on hot sectors [1]

市场竞争激烈、业绩明显承压，景业智能（688290.SH）执着推进对大股东旗下资产的并购，寻求突 破。 长江商报消息●长江商报记者 徐佳 1月26日晚间，景业智能发布修订后的资产收购计划。公司拟以现金1亿元收购控股股东杭州行之远控股 有限公司（以下简称"行之远"）持有的合肥市盛文信息技术有限公司（以下简称"合肥盛文"）51%股 权，交易完成之后，景业智能将持有合肥盛文51%股权。 长江商报记者注意到，2025年9月末，景业智能就曾计划收购合肥盛文控股权。彼时，由于行之远收购 合肥盛文仅一年，且合肥盛文估值溢价率较高，上交所火速对景业智能发出监管工作函，引发市场热 议。 而在修订后的方案中，景业智能降价800万元继续推进对合肥盛文51%股权的收购，与行之远的收购成 本保持一致，且交易各方将业绩承诺延期至2028年，即2026年至2028年合肥盛文的净利润将累计不低于 6100万元。 即便如此，本次交易中，合肥盛文整体估值溢价率依旧高达464.97%，未来的业务整合风险不容忽视。 执着收购大股东资产的背后，是景业智能业绩承压。业绩预告显示，景业智能预计2025年的归母净利润 为-2750万元左右，为公司自2022 ...

Core Viewpoint - Zhejiang Haideman (688577.SH) is planning a private placement to raise up to 1.517 billion yuan to enhance its high-end CNC machine production capacity and invest in robotics, marking its second fundraising initiative in two years [2][4]. Group 1: Fundraising and Investment Plans - The company intends to use the raised funds for high-end composite machine industrialization, high-end precision machine and robotics hardware R&D, and to supplement working capital [2][5]. - The total investment for the high-end composite machine industrialization project is 917 million yuan, aimed at expanding production capacity and diversifying product offerings [5]. - The high-end precision machine and robotics hardware R&D project has a planned investment of 250 million yuan, focusing on upgrading CNC machines and developing specialized robotic equipment [5]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of 608 million yuan, a year-on-year increase of 11.71%, and a net profit attributable to shareholders of 30.89 million yuan, up 78.18% [7]. - Particularly in Q3 2025, revenue reached 246 million yuan, reflecting a 44.18% year-on-year growth, with net profit and non-recurring net profit surging by 257.82% and 9673.33%, respectively [7]. - The company has seen a significant improvement in profitability since 2025, following a period of revenue growth without profit due to high R&D and marketing expenses [7]. Group 3: R&D and Innovation - R&D investment for the first three quarters of 2025 was 36.76 million yuan, accounting for 6.05% of revenue, with a focus on independent innovation in high-end CNC machine technology [8]. - The company has achieved recognition for its technological advancements, including a national science and technology progress award for a project aimed at enhancing CNC machine precision and stability [8]. - As of June 2025, the company holds 306 intellectual property rights, including 21 invention patents and 233 utility model patents [8].

Core Viewpoint - Sailun Tire, the first Chinese tire company to establish overseas manufacturing, is adjusting its investment and production capacity at its Indonesian facility to meet international market demand and support its globalization strategy [2][5]. Group 1: Project Adjustments - The annual production capacity of semi-steel radial tires at the Indonesian plant will increase from 3.6 million to 6 million units, with total project investment rising from $251 million to approximately $300 million (about 2.085 billion RMB) [1][5]. - The adjusted construction content includes the production of 600,000 semi-steel radial tires, 750,000 steel radial tires, 10,000 tons of off-road tires, and 1.5 million inner tubes and flaps [6][5]. Group 2: Market Strategy and Performance - Sailun Tire's overseas markets have become a major revenue source, with sales from international markets accounting for 76.27% of total revenue in the first half of 2025 [4][11]. - The company has established a global production matrix with facilities in Vietnam, Cambodia, Indonesia, Mexico, and Egypt, making it the largest Chinese tire manufacturer in terms of overseas capacity [8][9]. Group 3: Financial Projections and Profitability - The adjusted Indonesian project is expected to generate an average annual revenue of $33.53 million and an average annual net profit of $6.26 million [7]. - Since its listing in 2011, Sailun Tire has achieved a cumulative net profit of 17.754 billion RMB, with annual profits averaging around 1.2 billion RMB [11]. Group 4: Innovation and R&D - Sailun Tire ranks first in the 2025 tire company patent rankings, showcasing its commitment to innovation and technology development [11]. - The company has invested significantly in R&D, with expenditures increasing from 621 million RMB in 2022 to 1.013 billion RMB in 2024, reflecting a continuous growth trend [11].

Core Viewpoint - Junsheng Electronics, a leader in the global automotive safety systems sector, has announced a positive earnings forecast for 2025, expecting a net profit of approximately 1.35 billion yuan, a year-on-year increase of about 40.56% [1] Group 1: Earnings Forecast - The company anticipates a net profit of around 1.35 billion yuan for 2025, representing a growth of approximately 40.56% year-on-year [1] - The expected non-recurring net profit is about 1.5 billion yuan, with a year-on-year increase of approximately 17.02% [1] - Key factors for the earnings increase include successful profitability improvement measures and business integration, as well as the recovery of overseas business profitability [1] Group 2: Business Performance - In 2025, Junsheng Electronics achieved significant breakthroughs in automotive intelligence, securing over 20 billion yuan in orders for products such as intelligent driving domain controllers and central computing units [1] - The total amount of new orders received globally for the first three quarters of 2025 reached approximately 71.4 billion yuan, with contract liabilities at 8.21 billion yuan, a year-on-year increase of 3.42% [1] Group 3: Research and Development - The company has invested heavily in R&D, with expenses of 2.541 billion yuan, 2.585 billion yuan, and 2.558 billion yuan from 2023 to the first three quarters of 2025, reflecting year-on-year growth of 18.83%, 1.71%, and 44.38% respectively [2] - Cumulatively, R&D expenses over the past three years amount to 7.684 billion yuan [2] - Junsheng Electronics has redefined its positioning to "Automotive + Robotics Tier 1," expanding its R&D and manufacturing expertise into the robotics sector [2] Group 4: Revenue Composition - The international market is the primary revenue source for Junsheng Electronics, contributing approximately 75% of total revenue [2] - In the first half of 2025, revenue from international markets reached 22.542 billion yuan, an increase of 8.11% year-on-year, accounting for 74.28% of total revenue during the same period [2] - The company officially listed on the Hong Kong Stock Exchange on November 6, 2025, marking a new phase in its global development [2]