长江商报消息 ●长江商报记者 汪静 不过，化肥行业是一个周期性较强的行业，在本轮上行期后，刘甍又该如何带领公司寻找新方向？ 从"收废品"到上市公司掌舵人 公开资料显示，1970年2月，刘甍在四川省德阳市出生，1988年7月参加高考，顺利考进大连理工大学物理系。 1992年大学毕业，刘甍被分配到德阳，先后任职于德阳市对外经贸委、四川电力公司德阳供电局。 供电局经常有淘汰下来的废旧电线、变压器之类材料要处理，在处理废材期间，刘甍发现废旧材料利润不菲，显 然有着极大的市场潜力，创业之心悄然萌发。 一边是稳定的工作，一边是触手可及的新机会，一番纠结下，刘甍还是咬咬牙辞了职。1998年，他彻底投身废弃 材料回收行业。初创阶段他亲自跑市场拓业务，2001年在德阳注册南邡有色金属有限公司，将业务聚焦有色金属 回收，2004年又成立什邡市金诺金属有限公司。 期间他引入专业设备并聘请技术人员优化提纯工艺，提升了回收效率并降低成本，凭借规范运营和技术优势，成 为当地多家国企的废料处理合作商，生意规模逐步扩大。 在刘甍的带领下，深耕磷化工的川金诺（300505.SZ）又给市场带来惊喜。 日前，川金诺发布2025年前三季度业绩预告， ...

Core Viewpoint - The company Jinli Permanent Magnet (金力永磁) is experiencing significant growth in its performance, with projected net profits for the first three quarters of 2025 expected to increase by 157% to 179% year-on-year, driven by strong demand and effective management strategies [2][3]. Financial Performance - Jinli Permanent Magnet forecasts a net profit of 5.05 billion to 5.50 billion yuan for the first three quarters of 2025, with a non-GAAP net profit of 4.15 billion to 4.60 billion yuan, reflecting a year-on-year growth of 365% to 415% [2][3]. - The company has achieved a cumulative net profit of 30.64 billion yuan since its A-share listing in 2018, with a total of 9 dividend distributions amounting to a payout ratio of 50.29% [5]. Market Position and Orders - The company holds a strong market position as a leader in the rare earth permanent magnet industry, with a robust order book primarily from top-tier clients [3]. - Jinli Permanent Magnet's products are utilized by the world's top ten electric vehicle manufacturers and eight of the top ten variable frequency air conditioning compressor manufacturers [4]. Product Applications and Sales - In the first half of 2025, the company generated 16.75 billion yuan in sales from the electric vehicle sector, accounting for 47.76% of total revenue, with a year-on-year sales volume increase of 28.14% [6]. - The variable frequency air conditioning sector contributed 10.50 billion yuan in sales, with a 19.85% increase in sales volume [6]. Production Capacity and Expansion - Jinli Permanent Magnet is expanding its production capacity, with plans to reach an annual capacity of 38,000 tons of magnetic materials by the end of 2024 and aims to achieve 60,000 tons by 2027 [7]. - The company has established a division for embodied robot motor rotors, indicating a strategic focus on emerging technologies and markets [7].

Core Insights - China Energy Engineering Corporation (CEEC) has secured contracts worth approximately 27.45 billion USD (about 195.54 billion RMB) for renewable energy projects in Saudi Arabia, marking a significant achievement in its international expansion strategy [1][2][4] Group 1: Contract Details - The contracts include three major projects: the 1GW wind power project, the 2GW wind power project, and the 2GW photovoltaic project, with individual contract values of 6.63 billion USD, 12.51 billion USD, and 8.31 billion USD respectively [2] - The construction periods for these projects are set at 26 months, 30 months, and 26 months [2] Group 2: International Expansion Strategy - CEEC has adopted a "four-step" strategy for international expansion, which includes "going out, going in, integrating, and full integration," and has established six regional headquarters and 256 branches across over 140 countries and regions [4] - The company has reported consistent double-digit growth in international business metrics over the past three years, with new contract amounts, revenue, and profit all showing significant increases in the first half of 2025 [4] Group 3: Financial Performance - From 2021 to 2024, CEEC's revenue grew from 322.32 billion RMB to 436.71 billion RMB, with year-on-year growth rates of 19.23%, 13.67%, 10.82%, and 7.56% respectively [6] - The net profit attributable to shareholders also increased from 6.50 billion RMB to 8.40 billion RMB during the same period, with growth rates of 39.26%, 20.07%, 2.07%, and 5.13% [6] Group 4: Research and Development - CEEC has invested approximately 429.80 billion RMB in research and development over the past three and a half years, focusing on enhancing its technological capabilities and supporting industry transformation [7] - The company has developed a range of advanced technologies in energy generation, including supercritical power generation and various renewable energy solutions [7] Group 5: Emerging Industries - In the first half of 2025, CEEC's revenue from strategic emerging industries grew by 14.6%, accounting for 37.3% of total revenue [9] - The company has made significant advancements in energy storage and hydrogen energy sectors, with multiple projects underway both domestically and internationally [8]

Core Viewpoint - The article highlights the significant increase in shareholding of Shanghai Pudong Development Bank (浦发银行) by major Asset Management Companies (AMCs), particularly China Orient Asset Management (东方资产), which has also secured a board seat, indicating a strategic investment trend in the banking sector by AMCs [2][3][4]. Group 1: Shareholding and Board Influence - China Orient Asset Management has increased its stake in Shanghai Pudong Development Bank to 10.73 billion shares, representing 3.44% of the bank's total shares, along with holding 8.6 million convertible bonds [2][3]. - The increase in shareholding by China Orient was particularly notable in the third quarter, with 134 million shares acquired between September 20 and 29, costing approximately 1.675 billion yuan [2][4]. - Another AMC, China Cinda Asset Management, has also increased its stake in Shanghai Pudong Development Bank and secured a board seat, reflecting a broader trend of AMCs gaining influence in the banking sector [4][6]. Group 2: Investment Trends and Financial Performance - AMCs are increasingly investing in bank stocks due to their high dividend yields and low valuations, which are attractive in the current market characterized by a scarcity of quality assets [3][7]. - The financial performance of AMCs has improved significantly due to their investments in bank stocks, with notable gains reported from their holdings in Shanghai Pudong Development Bank and other major banks [6][7]. - As of October 10, the dividend yields for Shanghai Pudong Development Bank, Minsheng Bank, and Everbright Bank were reported at 3.34%, 8.3%, and 5.64% respectively, indicating the financial attractiveness of these investments [7].

Core Viewpoint - Qianyuan Power (002039.SZ) is expected to achieve a net profit of 4.51 billion to 5.31 billion yuan in the first three quarters of 2025, representing a growth of 70% to 100% compared to the same period last year [1][2] Group 1: Financial Performance - In the first half of 2025, Qianyuan Power reported a net profit of 1.27 billion yuan, a decrease of 4.54% year-on-year [4] - The company achieved a net profit of 3.24 billion to 4.04 billion yuan in the third quarter, marking a year-on-year increase of 145% to 206% compared to 1.32 billion yuan in the same quarter last year [4][3] - The total revenue for the first half of 2025 was 8.83 billion yuan, reflecting a year-on-year growth of 1.23% [4] Group 2: Operational Highlights - Qianyuan Power experienced a 23.6% increase in water inflow compared to the previous year, contributing to a 50.09% rise in electricity generation [2] - The total electricity generation for the first three quarters of 2025 was 792,386.65 million kWh, up from 527,951.78 million kWh in the same period last year [2] Group 3: Company Background - Qianyuan Power is the only publicly listed power company in Guizhou Province and is one of six listed companies controlled by China Huadian Corporation [2] - The company primarily focuses on the development, construction, and management of hydropower stations [2] - As of the reporting period, Qianyuan Power had a total installed capacity of 4.1385 million kW, including 3.2335 million kW from hydropower and 0.905 million kW from photovoltaic power [2]

Core Viewpoint - The company, Tao Li Bread, is undergoing internal shareholding adjustments due to poor performance, with significant share transfers and planned reductions by key stakeholders [1][2][3]. Share Transfer and Stakeholder Changes - The controlling shareholder, Wu Zhigang, will transfer up to 31.99 million shares (2% of total shares) to his spouse, Sheng Yali, through a block trade, valued at approximately 176 million yuan [2][3]. - Wu Xuedong, the eldest son of Wu Zhigang, plans to sell his remaining 189 shares, effectively exiting the company, with a potential cash-out of about 1,038 yuan [1][3][4]. Financial Performance - Tao Li Bread has experienced a decline in revenue for one and a half years and a continuous drop in net profit for four and a half years [1][5]. - Revenue figures from 2020 to 2022 were 59.63 billion yuan, 63.35 billion yuan, and 66.86 billion yuan, showing a slowdown in growth [5][6]. - The company’s net profit fell from 7.63 billion yuan in 2021 to 6.4 billion yuan in 2022, with further declines projected for 2023 and 2024 [6][5]. Management and Governance - The company is characterized as a family business, with Wu Zhigang founding it in 1995 and retiring in 2019, passing leadership to his sons [3][4]. - The current board includes Wu Xueliang and Wu Xuejun, while Wu Xuedong has stepped back from any official role [3][4]. Food Safety Issues - Recent food safety concerns have emerged, with a product sold by a subsidiary failing to meet national safety standards [6][7].

Core Viewpoint - The actual controller of Bull Group, Ruan Xueping, plans to reduce his holdings by up to 36.17 million shares, representing no more than 2% of the company's total share capital, due to personal funding needs [1][2][12]. Group 1: Shareholding and Financial Actions - Ruan Xueping has previously reduced his holdings in July 2023, cashing out over 1.6 billion yuan [3][11]. - Since its listing on February 6, 2020, Bull Group has distributed approximately 12.8 billion yuan in cash dividends, with Ruan Xueping receiving over 5.2 billion yuan [4][13]. - Cumulatively, Ruan Xueping has cashed out nearly 7 billion yuan from the company through dividends and share reductions [5][13]. Group 2: Company Performance and Market Position - Bull Group has faced operational pressure, with revenue and net profit both declining in the first half of 2025, marking the first decline since 2021 [14][15]. - The company's revenue decreased by 2.6% to 8.168 billion yuan, and net profit fell by 8% to 2.060 billion yuan in the first half of 2025 [15]. - The decline in revenue is attributed to decreases in the two main business segments: electrical connection and smart electrical lighting, which together contribute approximately 95% of the company's revenue [15]. Group 3: Future Outlook and Challenges - The company has reduced its R&D investment by over 20%, which may impact its future innovation capabilities [15][16]. - Despite a strong market presence and expansion into new business areas, the company is unlikely to return to its peak market valuation in the short term, with its market capitalization having decreased by over 74 billion yuan since its peak [17].

Core Viewpoint - The resignation of Zong Fuli, daughter of Zong Qinghou, from her positions at Wahaha Group highlights ongoing governance challenges and unresolved trademark issues, leading her to pursue independent operations under the new brand "Wawaizong" [1][2][10]. Group 1: Resignation Details - Zong Fuli resigned from her roles as chairman and legal representative of Wahaha Group on September 12, 2025, marking her second resignation in a year [4][5]. - Her first resignation occurred on July 15, 2024, due to management challenges and shareholder doubts regarding her leadership [3][4]. - The recent resignation is linked to unresolved trademark usage issues, particularly concerning the valuation of the Wahaha trademark at 91.187 billion yuan [2][9]. Group 2: Trademark and Governance Issues - The Wahaha trademark has a complex history, originating from a dispute with Danone, which involved a failed trademark transfer agreement in 1996 [6][8]. - The trademark's ownership was confirmed to belong to Wahaha Group after a 2007 arbitration ruling, but the transfer to a subsidiary has faced legal hurdles [6][9]. - The inability to resolve these trademark issues has created significant governance challenges for Zong Fuli, leading to her perception of a lack of control [10][12]. Group 3: Future Plans and Market Position - Zong Fuli aims to establish the new brand "Wawaizong" with a sales target of 30 billion yuan, nearly 80% of Wahaha's current revenue [2][13]. - The new brand's trademark is owned by Hongsheng Group, and Zong Fuli has initiated a series of trademark registrations across various sectors [12][13]. - The competitive landscape is intensifying, with rival brands emerging, such as "Wawazhi," which offers similar products at lower prices [13][14]. Group 4: Management Changes - Following Zong Fuli's resignation, Xu Simin has been appointed as the new general manager of Wahaha Group, while the chairman position remains vacant [14]. - The management changes reflect the ongoing restructuring efforts within the company, which has faced challenges in adapting to modern management practices [14].

Core Viewpoint - Company Allwinner Technology (300458.SZ) is experiencing significant growth in net profit due to increasing demand in the downstream market and the mass production of new products, with projected net profit for the first three quarters of 2025 expected to be between 260 million to 290 million yuan, representing a year-on-year increase of 72.20% to 92.06% [1][2]. Group 1: Financial Performance - The company anticipates a net profit of 1 billion to 1.3 billion yuan for the third quarter of 2025, marking a year-on-year growth of 213.23% to 307.2%, the highest since the third quarter of 2022 [2]. - The projected non-net profit for the same period is expected to be between 235 million to 253 million yuan, with a year-on-year increase of 115.6% to 132.11% [2]. - In the first half of 2025, domestic sales revenue reached 982 million yuan, a year-on-year increase of 21.41%, accounting for 73.45% of total revenue [5]. Group 2: Market Demand and Product Development - The growth in 2025 is attributed to sustained demand in the downstream market and the mass production of new products in sectors such as smart automotive electronics, robotic vacuum cleaners, and smart vision [2][3]. - The company has developed various intelligent module solutions in the smart automotive electronics sector, collaborating with leading domestic car manufacturers [3]. - Allwinner Technology has launched specialized chips in the robotics and industrial control sectors, with a focus on high-end AI robot chips [4]. Group 3: Research and Development - The company has consistently increased its R&D expenditure, with over 530 million yuan spent in 2024 and a cumulative total of 2.384 billion yuan over the past five and a half years [4]. - Allwinner Technology has achieved mass production of 12nm products and continues to advance its R&D in process platforms [4].

新材料 领域上市公司 斯瑞新材 （688102.SH）完成上市后的首单定增。 日前，斯瑞新材披露定增结果，公司以14.38元/股的价格向16名特定对象非公开发行股票4172.46万股，募集资金 总额约为6亿元，扣除相关费用后的募资净额约为5.9亿元。 K线图显示，节后第一个交易日，截至10月9日收盘，斯瑞新材报18.25元/股，涨幅4.05%，2025年以来股价累计上 涨106.9%。 长江商报记者注意到，作为铜基特种新材料的技术领先企业，在当前我国电子电力、航空航天等产业迅速发展的 背景下，斯瑞新材将借助本次定增增强资金实力，提升产能规模。 2025年上半年，斯瑞新材实现营业收入7.72亿元，同比增长23.74%；归属于上市公司股东的净利润（以下简称"净 利润"）7473.83万元，同比增长33.61%；扣除非经常性损益后的净利润（以下简称"扣非净利润"）6968.47万元， 同比增长36.43%，自2022年上市后实现持续提升。 值得一提的是，本次定增也是斯瑞新材IPO之后首单落地的再融资。2023年和2024年，斯瑞新材的两大IPO募投项 目合计已实现效益7510.87万元。 向16名特定对象募资6亿 ...