与此同时，长江商报记者注意到，公司坚持高强度研发投入，2021年—2025年前三季度研发费用累计已 超24亿元，在产品创新、海外拓展、IP打造等方面持续突破，业绩增长动能充沛。 回购溢价65.81%彰显信心 A股头部游戏公司恺英网络（002517）(002517.SZ)再抛股份回购计划。 2月9日，恺英网络发布公告，计划以集中竞价交易方式回购公司股份，回购总金额不低于1亿元且不超 过2亿元，回购价格上限为36.91元/股。回购股份将全部用于员工持股计划及股权激励计划。 作为国内游戏行业研运一体化龙头企业，恺英网络近年来业绩持续稳健增长，财务基本面扎实，现金流 充裕。截至2025年三季度末，公司总资产达131.7亿元，货币资金规模36.2亿元，为本次股份回购提供了 充足的资金保障。 2月9日，恺英网络发布回购公司股份方案公告。根据公告内容，公司将以集中竞价交易方式回购公司股 份，回购总金额不低于1亿元且不超过2亿元。具体来看，本次回购股份的种类为公司发行的A股股份， 回购股份价格不超过(含)36.91元/股。 按此次回购资金最高2亿元测算，预计可回购股份数量为541.8585万股，约占公司目前总股本的0.25% ...

Core Viewpoint - The merger of Hailianxun and Hangqilun through a share swap has been completed, significantly increasing Hailianxun's scale despite its poor performance forecast for 2025 [1][2][5] Group 1: Merger Details - Hailianxun has completed the share swap merger with Hangqilun, issuing 1.175 billion new shares at a swap price of 9.35 CNY per share, resulting in an estimated market value of approximately 10.985 billion CNY [1][2] - The swap ratio is set at 1:1, meaning one share of Hangqilun can be exchanged for one share of Hailianxun, with a premium of 34.46% based on Hangqilun's average stock price [2][8] - The new shares will be listed and tradable starting February 11, 2026, with Hailianxun's total share capital increasing to 1.517 billion shares post-merger [3][5] Group 2: Financial Performance - Hailianxun's 2025 profit forecast indicates a net profit of 2 to 3 million CNY, a decline of 68.28% to 78.85% year-on-year, with a non-recurring net profit drop of 48.58% to 65.72% [5] - For the first three quarters of 2025, Hailianxun reported revenue of 125 million CNY, down 4.72% year-on-year, attributed to increased competition and higher expenses related to the merger [5] - Hangqilun's revenue for the first three quarters of 2025 was 3.826 billion CNY, a decrease of 10.27%, with a net profit of 123 million CNY, down 35.14% [1][8] Group 3: Company Profiles - Hailianxun specializes in power information system integration, providing comprehensive solutions for the electricity sector, and has struggled with revenues below 250 million CNY in recent years [4][5] - Hangqilun focuses on designing and manufacturing industrial turbines and has total assets of 17.145 billion CNY and total liabilities of 7.615 billion CNY, with an asset-liability ratio of 44.42% [6][8] - The merger aims to create a company primarily focused on industrial turbine machinery, enhancing core competitiveness and profitability through resource integration [1][3][5]

Core Viewpoint - Qianjin Pharmaceutical (600479) demonstrates stable revenue and strong profit growth, achieving a high-quality turnaround despite industry challenges [1][2]. Financial Performance - The company reported a total revenue of 3.635 billion yuan for 2025, a slight increase of 0.13% year-on-year, while the net profit attributable to shareholders rose significantly by 24.74% to 288 million yuan [1][2]. Strategic Acquisitions - Qianjin Pharmaceutical completed acquisitions worth 623 million yuan, acquiring 28.92% of Qianjin Xiangjiang Pharmaceutical and 68% of Qianjin Xieli Pharmaceutical, which were crucial for reversing the company's performance [2]. - The acquisitions were finalized in October and November 2025, enhancing Qianjin's stake in Xiangjiang to 79.92% and achieving full ownership of Xieli, thereby solidifying its core pharmaceutical industrial layout [2]. Business Integration and Growth - The acquired companies are profitable assets, with Xiangjiang and Xieli reporting net profits of 107 million yuan and 23.8369 million yuan, respectively, directly contributing to the listed company's earnings [2]. - Xiangjiang focuses on major disease areas such as cardiovascular and psychiatric specialties, while Xieli specializes in liver disease, hypertension, and rheumatology, complementing Qianjin's strengths in gynecological traditional Chinese medicine [2]. Strategic Planning - The acquisitions represent a key step in the company's "one main, two auxiliary" strategy, aiming for a revenue target of 8 billion yuan by 2031, with 5 billion yuan from the pharmaceutical industry [3]. Digital Transformation - Qianjin Pharmaceutical is leveraging digital transformation to enhance efficiency and profitability, with a data platform and AI applications improving operational efficiency by 62% [4]. - Key production processes have seen over 50% automation in scheduling, and logistics efficiency has improved by 50%, contributing to significant cost reductions [4]. Product Performance - The company's gynecological traditional Chinese medicine series is performing well, with sales expected to exceed 800 million yuan in 2024 and over 470 million yuan in the first half of 2025 [4]. - The company holds 173 drug approvals and has over 30 chemical drug varieties passing consistency evaluations, positioning it favorably in the market [4]. Market Position and Future Outlook - Industry experts believe Qianjin Pharmaceutical has emerged from a growth trough, entering a new phase of high-quality development, supported by its strong position in the gynecological sector and benefits from acquisitions and digital reforms [5]. - The company is expected to maintain steady growth, capitalizing on new product launches and market opportunities in the traditional Chinese medicine and women's health sectors [5].

中车集团旗下的时代电气（688187.SH，03898.HK）经营业绩再现稳增长。 2月6日晚，时代电气发布业绩快报。2025年，公司实现营业收入287.61亿元，归母净利润逾41亿元，与 上年同期相比，双双以超10%的速度增长。 营收净利双双以两位数的速度增长，2022年以来，时代电气已经持续了四年。 针对2025年经营业绩稳健增长，时代电气解释，公司聚焦增收创效重要领域和关键环节，实现了稳健发 展。 时代电气聚焦轨道交通装备，致力于成为全球轨道交通装备全面解决方案的首选供应商。在做好轨道交 通业务的基础上，公司创新发展新兴装备产业，使得公司市场综合竞争力不断提升。 支撑时代电气的"同心多元化"战略，源于高强度研发。近几年，公司研发投入持续增长，2024年的研发 投入为28.42亿元，占营业收入的11.41%。 时代电气的现金流充足，能够保障公司资本开支。截至2025年9月末，公司货币资金逾60亿元，还有百 亿元左右的大额存单、定期存款，而有息负债仅约9亿元。 再现营收净利双增 综上所述，2022年至2025年，时代电气的营业收入、归母净利润已经连续四年双增。 2025年，国内经济总体增速有所改善，但仍面临 ...

Market Overview - The A-share market experienced a volatile session with the Shanghai Composite Index closing at 4128.37 points, up 0.13%, and a total trading volume of 882.2 billion yuan [1] - The Shenzhen Component Index closed at 14210.63 points, up 0.02%, with a trading volume of 1223.3 billion yuan [1] - The ChiNext Index fell by 0.37% to 3320.54 points, with a trading volume of 597.1 billion yuan [1] - Total trading volume in both markets was 2.11 trillion yuan, a decrease of 143.9 billion yuan compared to the previous trading day [1] Sector Performance - The cultural media, gaming, shipbuilding, education, and communication service sectors saw significant gains, while precious metals, photovoltaic equipment, jewelry, energy metals, and commercial retail sectors experienced declines [1] - The cultural media sector was notably boosted by the AI video generation model Seedance 2.0 from ByteDance, which gained attention both domestically and internationally [1] Company Movements - Companies such as Reading Culture, Jiecheng Shares, Chinese Online, Rongxin Culture, Happiness Blue Sea, and Light Media all hit the 20% daily limit up due to the surge in the cultural media sector [1] - There are indications of profit-taking by major funds in previously strong stocks, leading to a cautious outlook for the last trading days before the holiday [2]

长江商报记者 沈右荣 酿出千亿大单闹剧的容百科技（688005.SH）将面临重罚。 2月6日晚，容百科技发布公告，公司收到中国证监会宁波监管局（以下简称"宁波证监局"）下发的《行 政处罚事先告知书》，拟对公司及相关责任人进行处罚。 此前，容百科技发布公告称，公司与宁德时代签署协议，未来6年，容百科技合计为宁德时代供应国内 区域磷酸铁锂正极材料预计为305万吨，协议总销售金额超1200亿元。 经宁波证监局调查发现，容百科技针对上述事项的信息披露存在四大问题，包括1200亿元的销售金额、 材料采购量、合同期限、合同前置条件等，或披露不准确、不完整，或未披露。 宁波证监局拟对容百科技及相关负责人进行处罚，其中，拟对"不知情"的董事长白厚善罚款300万元。 受市场波动影响，容百科技业绩阶段性承压。根据业绩预告，2025年，公司预计全年亏损1.90亿元至 1.50亿元，成为2019年上市以来的首个年度亏损年。 不过，2025年第四季度，容百科技业绩好转，预计盈利3000万元。 误导性陈述合计领950万罚单 信息披露存在误导性陈述行为，容百科技及相关负责人将被重罚。 事件起因于1月13日晚容百科技发布的一份公告。当时公告 ...

Core Insights - The "Fengming Chuzhe Zhizhi Wuchang - 2026 Wuchang District Investment Promotion Conference" was held to mobilize investment efforts for the new year, aiming for a strong start in attracting investments in Wuhan [1][2] - A total of 22 key projects were signed at the conference, covering sectors such as digital economy, life health, financial services, green low-carbon initiatives, and urban renewal, with a total investment amount of 6.6 billion yuan [1][3] - The 2025 investment results for Wuchang District were highlighted, showing 237 signed projects, with significant contributions from leading projects like Didi Chuxing's Central China headquarters and Jingchu Robotics [1][2] Investment Strategy - Wuchang District showcased its comprehensive advantages in industrial ecology, transportation, education, talent, and business environment, inviting global participation [2] - The district plans to focus on a spatial layout of "one city and three belts" and a modern industrial system of "1451," emphasizing new sectors such as software services, aerospace information, dual-carbon economy, green transportation, life health, and artificial intelligence [2][3] - Nine chain leaders were appointed to take responsibility for the 2026 investment promotion, highlighting the district's commitment to project implementation and industrial clustering [2][3] Collaborative Efforts - New investment ambassadors were appointed from the Chushang, Zheshang, and alumni groups to connect global resources and promote Wuchang's narrative [3] - The establishment of the "Wuchang District Alumni Service Station" signifies a robust support system for alumni returning to contribute to local development [3] - A strategic cooperation agreement was signed with the Hubei Provincial Zhejiang Enterprise Association to institutionalize "Chuzhe Cooperation," laying the groundwork for future collaborations [3]

活动现场，12个城市更新重点项目分批次与金融机构签订授信合作协议，现场签约总额274.3亿元。据 了解，目前在汉金融机构已对接授信项目29个、意向授信金额373.7亿元，后续将逐步落地见效。 武汉市城市更新金融服务团同时正式组建，并同步启动"城市更新金融服务团进各区"活动。服务团首批 成员共23位，来自国家开发银行、农业发展银行、农业银行、招商证券等23家金融机构，服务团将聚焦 城市更新项目融资需求与发展痛点，深入各区精准对接，提供政策宣讲、项目策划、融资咨询、资金落 地等"融资+融智"服务。 此前，武汉市委金融办、武汉市住房和城市更新局联合出台《金融支持"五改四好"城市更新行动若干措 施》，旨在通过多元化金融手段为武汉市城市更新注入强劲动力，构建"政策引导、市场运作、多元参 与"的投融资新格局。依据规划，2025年到2027年，武汉将完成182个片区城市更新。目前，首批80个片 区已经全面启动，总投资约1300亿元。该措施明确将组建城市更新金融服务团，组织金融机构紧密衔接 相关部门和项目实施主体，提前参与项目策划、投融资方案设计。未来，将以服务团为纽带，深化政银 企协作，力争实现金融支持项目超百个、资金投放 ...

Group 1: Core Insights - The 2025 Hurun China 500 list highlights the growing strength of non-state enterprises in Hubei, with three companies making the list, showcasing the steady rise of the local private economy [1] - Gaode Infrared, with a market value of 55 billion yuan, ranks first among Hubei companies and has improved its national ranking from 367th to 279th [1] - Gaode Infrared specializes in infrared thermal imaging technology and has broken the long-standing monopoly of Western giants in this field by developing advanced intelligent equipment [1] Group 2: Company Performance - Gaode Infrared expects a net profit of 700 million to 900 million yuan for 2025, driven by significant growth in its civilian product sector and increased demand for infrared chip applications [2] - Filihua, a new entrant on the list with a market value of 39 billion yuan, anticipates a net profit of 412 million to 472 million yuan for 2025, reflecting a year-on-year growth of 31.12% to 50.22% [2] - Chaoying Electronics, also a new addition with a market value of 35 billion yuan, focuses on PCB development and production, benefiting from local supply chain stability [3] Group 3: Industry Trends - The threshold for entering the 500 list has increased by 7.5 billion yuan to 34 billion yuan, marking a 28% rise [4] - The total value of the 500 companies has grown by 21 trillion yuan, a 38% increase, reaching 77 trillion yuan [4] - Semiconductor, media and entertainment, industrial products, and consumer goods sectors account for half of the total value of the Hurun China 500 [4]

长江商报消息 ●长江商报记者 沈右荣 信达生物再度与礼来公司签合作协议，共同推进全球创新药研发进程。 牵手全球制药巨头，信达生物（01801.HK）签下了一笔天价出海订单。 2月8日晚，信达生物公告，公司与礼来公司达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 根据合作协定，信达生物将主导相关项目从药物发现至中国临床概念验证（二期临床试验完成）的研发工作，礼 来获得相关项目在大中华区以外的全球独家开发与商业化许可。 协议约定，信达生物将获得88.5亿美元（约合人民币613亿元）的总付款，包括首付款3.5亿美元、里程碑付款85亿 美元。 成立于2011年的信达生物，2015年就开始与礼来公司开展合作，算上上述协议，二者累计签署了七份合作协议。 高强度研发投入之下，信达生物曾长期亏损，但在2025年，公司经营业绩出现质的变化。2025年上半年，公司实 现的归母净利润为8.34亿元，首次真正实现了盈利。 为了创新药研发，2021年至2024年，信达生物的研发投入合计超过百亿元。 二级市场上，信达生物获得了投资者认可。近一年，公司股价翻倍上涨，目前市值超过千亿元。 第七次与礼来签合作协议 根据最新公告，信达 ...