Core Viewpoint - Dongfang Zirconium plans to invest significantly in new energy battery-related projects, focusing on the production of high-purity zirconium compounds to enhance its competitive edge and profitability [1][2]. Investment Project - The company’s wholly-owned subsidiary, Qinyang Dong Zirconium New Materials Technology Co., Ltd., intends to invest 737 million yuan to establish a project with an annual production capacity of 60,000 tons of battery-grade zirconium oxychloride and 12,000 tons of high-purity zirconium-hafnium separation oxides [2][3]. - The project will be constructed in two phases: the first phase will produce 35,000 tons/year of high-purity zirconium oxychloride, and the second phase will produce 25,000 tons/year of high-purity zirconium oxychloride and 12,000 tons/year of oxides, including 2,000 tons/year of nuclear-grade zirconium [2]. Market Position and Strategy - Dongfang Zirconium aims to accelerate its layout in emerging application fields supported by national policies, enhancing its core competitiveness and profitability through this new project [2][3]. - The company has been actively developing downstream applications for zirconium products, with its zirconium oxide powder already being used as an additive in ternary cathode materials and gaining preliminary recognition from solid-state battery material manufacturers [3]. Research and Development - The company has invested in R&D, with expenditures of 56.53 million yuan, 63.24 million yuan, 74.28 million yuan, and 49.99 million yuan from 2021 to 2024, and 46.79 million yuan in the first three quarters of 2025 [4][5]. - Dongfang Zirconium holds 20 invention patents and 76 utility model patents, having developed a series of new products and processes, including high-purity ultra-fine zirconium dioxide and high-performance composite zirconium [5]. Financial Performance - In the first three quarters of 2025, the company reported a net profit of 38.68 million yuan, a year-on-year increase of 193.66%, marking a turnaround from previous losses [1][6]. - The company’s revenue for the same period was 927 million yuan, reflecting a year-on-year decline of 24.86% [6].

Core Viewpoint - Naxin Micro (688052.SH) plans to repurchase shares worth between 200 million to 400 million RMB, reflecting confidence in future growth and long-term value recognition [1][2] Share Repurchase Plan - The repurchase will be conducted through centralized bidding, with a maximum price of 200 RMB per share, and aims to buy back approximately 1 million to 2 million shares, representing 0.70% to 1.40% of the total share capital [2][3] - The repurchased shares will be used for employee stock ownership plans or equity incentives, to be utilized within three years [2] Financial Performance - For the first three quarters of 2025, Naxin Micro reported a revenue of 2.366 billion RMB, a year-on-year increase of 73.18%, and a net loss of 140 million RMB, a significant reduction in loss by 65.54% compared to the previous year [5] - The company has consistently increased its R&D investment, with cumulative R&D expenses reaching 2.028 billion RMB over the past four years [5] Market Position and Product Offering - Naxin Micro ranks 14th in China's analog chip market with a 0.9% market share and is the leading domestic company in automotive analog chip revenue [4][5] - The company operates under a fabless model, focusing on chip design and development across three main product categories: sensors, signal chain chips, and power management chips [4]

湖北迎来院士增选"丰收季"。 日前，中国科学院、中国工程院分别发布公告，公布2025年院士增选当选院士名单。中国科学院选举产 生了73位中国科学院院士，中国工程院选举产生了71位中国工程院院士。 在全国新产生的两院院士中，湖北共有11位科学家被增选为院士，其中，唐辉明、何舜平、刘正猷、尹 周平、鲁军勇等5位为中国科学院院士，刘泉声、张锦岚、赵书红、肖明清、姜卫平等5位为中国工程院 院士，华中科技大学同济医学院附属同济医院Georg Friedrich Hoffmann教授(德国海德堡大学儿童医院 院长)为中国工程院外籍院士。至此，湖北两院院士总数达93人，总量在全国位居前列。 在11月24日举行的座谈会上，各位新当选院士表示，将以当选院士为新起点，进一步弘扬科学家精神， 努力解决关键领域"卡脖子"难题，培养高素质科研队伍，为推动湖北科技强省建设、服务国家高水平科 技自立自强贡献更大力量。 科技创新再添新动力 长期以来，全省院士在各行各业深耕求索、刻苦钻研，作出了突出贡献，当选院士是国家对科学工作者 的充分肯定。 11月24日下午，湖北召开新当选院士座谈会，向新当选院士表示热烈祝贺，勉励大家进一步鼓足干劲、 凝 ...

Core Viewpoint - The company, Antai Technology, has achieved significant milestones in the field of controllable nuclear fusion by securing major contracts for critical components, marking a breakthrough in this ultimate energy sector [1][3]. Group 1: Recent Achievements - On November 21, Antai Technology successfully won a bid for the BEST fusion device's divertor target plate and integration project, valued at approximately 69.9 million yuan [2][3]. - The company also completed the delivery of a 30 million yuan EAST (East Superconducting Tokamak) divertor target plate project, which passed expert review on November 19 [1][3]. - These achievements are seen as a key milestone in the company's journey within the controllable nuclear fusion sector [1][3]. Group 2: Technological Leadership - Antai Technology is recognized as a leader in the field of refractory metal materials, focusing on the research and development of key supporting materials for controllable nuclear fusion [3][9]. - The company has established a comprehensive industrial platform that integrates material development, product manufacturing, and system integration, providing lifecycle solutions for high-end users [8][9]. - Antai Technology's innovations have led to significant advancements in the performance and lifespan of fusion devices, particularly through the development of materials that can withstand extreme conditions [3][7]. Group 3: Market Position and Financial Performance - Antai Technology has positioned itself as a top supplier in the refractory metal sector, with a strong focus on tungsten and molybdenum materials [9]. - The company has reported continuous profitability since 2019, with net profits of 211 million yuan, 249 million yuan, and 372 million yuan from 2022 to 2024, respectively [10]. - In the first three quarters of 2025, the company achieved a net profit of 282 million yuan, indicating ongoing financial growth [10].

Core Viewpoint - The company, Kaineng Health, is increasing its investment in the cell industry by acquiring assets from its affiliated companies for 204 million yuan, aiming to establish a second growth curve in the health sector [2][6]. Group 1: Acquisition Details - Kaineng Health's wholly-owned subsidiary, Hainan Kaineng Cell, plans to acquire 100% equity of four companies under the Yuaneng Group, including Yuan Tian Biological and Lishui Dongxin, for a total of 204 million yuan [3][5]. - The acquisition involves companies that are all under the same control of Yuaneng Group, ensuring that the control relationship remains unchanged post-acquisition [3]. - The acquisition is classified as a related party transaction due to Kaineng Health's significant shareholding (43.70%) in Yuaneng Group and shared leadership [3][4]. Group 2: Financial Performance - For the first three quarters of 2025, Kaineng Health reported a revenue of 1.356 billion yuan, an increase of 8.1% year-on-year, and a net profit attributable to shareholders of 95.35 million yuan, up 13.29% [2][6]. - The target companies have reported losses, with revenues of 36.63 million yuan and 28.16 million yuan for 2024 and the first nine months of 2025, respectively, and net losses of 21.20 million yuan and 21.86 million yuan [7][8]. Group 3: Strategic Intent - The acquisition is part of Kaineng Health's strategy to strengthen its position in the health industry, leveraging its existing water purification business to enhance its cell industry investments [6][8]. - The company aims to support the acquired entities with resources and funding to foster growth and innovation in health-related products and technologies [6][8].

Core Viewpoint - Guangdian Measurement is accelerating its regional layout by investing 800 million yuan to build a new testing base in Chengdu, Southwest China, to overcome long-term development bottlenecks in the region [1][2] Investment and Expansion - The company plans to invest 800 million yuan to establish a testing base in Chengdu due to current space constraints in its existing rented facilities, which limits capacity expansion and the establishment of laboratories for emerging fields [2] - The new base will provide sustainable self-owned office and laboratory space, reducing operational costs and enhancing profitability, while also mitigating risks associated with lease expirations [2][3] Strategic Development - The construction of the Southwest base is a significant step in Guangdian Measurement's regional deepening strategy, complementing its existing network of subsidiaries across major economic circles in China [3] - The new base will support business operations in strategic emerging fields such as aviation, intelligent connected vehicles, and artificial intelligence, while also facilitating international expansion plans aligned with major clients [3] Business Performance - Guangdian Measurement has shown steady growth, achieving a revenue of 2.416 billion yuan in the first three quarters of 2025, representing an 11.86% year-on-year increase, and a net profit of 238 million yuan, up 26.51% [1][4] - The company’s revenue and net profit both experienced double-digit growth, with the third quarter alone generating 937 million yuan in revenue, a 14.91% increase year-on-year, and a net profit of 141 million yuan, up 29.73% [4] Emerging Business Growth - The company focuses on special industries, automotive, new energy, and integrated circuits, providing comprehensive services and achieving an 80% order share from emerging industries in the first half of 2025 [4][5] - Research and development investments have been significant, with 181 million yuan allocated in the first half of 2025, marking an 18.13% increase year-on-year, and R&D expenditures consistently accounting for no less than 10% of revenue [4][5]

Core Viewpoint - Haosai (002963.SZ) is facing severe challenges due to high judicial risks and ongoing operational losses, compounded by recent legal issues and regulatory scrutiny [1][2]. Group 1: Legal and Regulatory Issues - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Haosai for suspected violations of information disclosure laws [2][4]. - Haosai's former chairman, Dai Baolin, was sentenced to three years in prison (suspended for four years) and fined 3 million yuan for bribery, while the company was fined 7 million yuan for the same offense [2][5]. - The CSRC's investigation follows a warning issued by the Beijing Securities Regulatory Bureau regarding deficiencies in the company's governance and internal controls [9]. Group 2: Financial Performance - Haosai has reported a cumulative net loss of 365 million yuan (approximately 3.65 billion yuan) in net profit after deducting non-recurring gains and losses over the past five years [8][9]. - The company's revenue has significantly declined from 11.57 billion yuan in its first year of listing to 2.65 billion yuan in the first three quarters of 2025, representing a year-on-year decrease of 29.79% [8]. - The net profit for the first three quarters of 2025 showed a loss of 26.31 million yuan, a staggering decline of 523.96% compared to the previous year [8]. Group 3: Management and Control Changes - Dai Baolin resigned as chairman just before his arrest, transferring his voting rights to his son, Dai Congqi, marking a significant change in control amid ongoing legal troubles [7][8]. - The new management under Dai Congqi faces multiple challenges, including unresolved lawsuits, regulatory investigations, and declining performance [7][8].

11月24日晚，龙蟠科技公告，公司对楚能新能源股份有限公司（以下简称"楚能新能源"）的总销售金额，预计从 此前超50亿元调整为超450亿元。 长江商报消息 ●长江商报记者 沈右荣 龙蟠科技（603906.SH）签下锂电大单。 5月9日，龙蟠科技方面与楚能新能源方面签署15万吨磷酸铁锂正极材料销售协议，协议有效期自2025年4月30日起 至2030年4月30日止。如今，双方签署了补充协议，合同有效期延长至2030年底，标的产品磷酸铁锂正极材料销售 量增加至130万吨。 二级市场上，11月25日，或受450亿元超级订单影响，龙蟠科技股价一字涨停。 长江商报记者注意到，龙蟠科技已经签下多项大单。9月，龙蟠科技与宁德时代签署了15.75万吨的磷酸铁锂正极 材料供应协议，预计总销售金额超过60亿元。此外，公司还曾与LG新能源签署百亿级磷酸铁锂正极材料销售协 议。 公开信息显示，截至目前，龙蟠科技磷酸铁锂正极材料总产能约为32万吨。 需求强劲，为了应对下游头部客户需求，龙蟠科技加速扩产。8月，龙蟠科技曾披露定增预案，拟募资不超过20亿 元用于扩产。市场需求强劲，龙蟠科技有望借此扭亏为盈。 龙蟠科技签450亿超级大单 龙蟠 ...

长江商报消息 ●长江商报记者 沈右荣 十年前的偷税行为，如今被翻出，东江环保（002672.SZ）涉案子公司被罚。 11月24日晚，东江环保发布公告，近日，公司全资子公司厦门绿洲环保产业有限公司（简称"厦门绿 洲"）收到《税务行政处罚决定书》，其因十年前的偷税行为被罚款202.42万元。 东江环保成立于1999年，主营工业废物处理、市政废物处理等，是一家A+H上市公司。2016年，公司 易主给广东省广晟控股集团有限公司（以下简称"广晟控股"），广东省国资委成为其实际控制人。 东江环保深耕工业危险废物业务二十余年，危险废物经营资质总量、种类、处理能力位居行业前列，在 业内具备一定的市场竞争力。 长江商报记者注意到，近年来，东江环保业绩与财务方面均承压。 财报数据显示，2022年—2025年前三季度，东江环保持续亏损，累计亏损26.16亿元。其中，2025年前 三季度，公司归母净利润为亏损5.60亿元，同比下降57.96%，亏损进一步扩大。截至2025年9月底，公 司资产负债率67.36%。期末，公司货币资金8.97亿元、交易性金融资产2.10亿元，对应的有息负债56.57 亿元。 全资子公司因偷税被罚202.4 ...

Core Viewpoint - Ningbo Yunsheng is planning to issue H-shares in Hong Kong to advance its international strategy, enhance brand image, and build a diversified capital platform [1][3]. Group 1: Financial Performance - For the first three quarters of 2025, Ningbo Yunsheng reported a net profit attributable to shareholders of 276 million yuan, a year-on-year increase of 299.04%, and a net profit excluding non-recurring items of 251 million yuan, up 302.29% [2][3]. - The company's total revenue for the same period reached 3.91 billion yuan, reflecting a year-on-year growth of 7.03% [2]. - As of the end of the first half of 2025, total assets increased to 10.302 billion yuan, a rise of 14.17% compared to the end of 2024, while equity attributable to shareholders grew to 6.121 billion yuan, up 3.84% [2]. Group 2: Business Operations - Ningbo Yunsheng specializes in the research, manufacturing, and sales of rare earth permanent magnet materials since 1995, with major production bases in Ningbo and Baotou [2]. - The company has an annual production capacity of 26,000 tons of high-performance neodymium-iron-boron magnets [2]. - The company has established strong partnerships in various sectors, including new energy vehicles and consumer electronics, supplying major brands and manufacturers [5][6]. Group 3: Research and Development - In the first three quarters of 2025, Ningbo Yunsheng's R&D expenses amounted to 214 million yuan, representing a year-on-year increase of 61.29%, with an R&D expense ratio of 5.47%, up 1.84 percentage points from the same period in 2024 [4][5]. - The company has developed a core technology system with proprietary breakthroughs in various areas, including rare earth product formulation and automation technology [5]. Group 4: Investment Activities - On November 24, 2025, Ningbo Yunsheng announced plans to invest 20 million yuan in the Lingzhi New Venture Capital Partnership, focusing on innovative companies in the embodied intelligence industry [1][6]. - The investment aims to leverage professional investment resources and experience to identify quality targets and reduce investment risks, aligning with the company's strategic development needs [7].