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].

Core Viewpoint - The restructuring of Sany Group and its subsidiary Ningbo Pengze presents new opportunities, with Fangda Carbon participating as an investor to enhance its negative electrode industry layout and overall competitiveness [2][6]. Group 1: Restructuring Details - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to leverage synergies in the new energy sector [3][6]. - The restructuring process has faced challenges, with the court accepting Sany Group's bankruptcy restructuring in February 2025 and later deciding on a substantial merger restructuring in March [3][5]. - A consortium including New Yangzi Trade, New Yang Ship, TCL Investment, and Oriental Asset Management was initially selected as investors but later withdrew due to the restructuring plan not being approved by creditors [5]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenues of 5.132 billion and 3.872 billion in 2023 and 2024, respectively, reflecting year-on-year decreases of 3.54% and 24.55% [8]. - The net profit attributable to shareholders dropped significantly, with declines exceeding 50% for three consecutive years [11]. - In the first three quarters of 2025, Fangda Carbon reported revenues of 2.622 billion, down 16.79%, and a net profit of 113 million, down 55.89% [9]. Group 3: Performance of Sany Group - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 14.809 billion in the first three quarters of 2025, with a net profit surge of 1121.72% [14]. - Sany Shares has established a dual technology engine development model focusing on negative materials and polarizers, maintaining a leading position in the global market for artificial negative materials and large-size polarizers [16][17]. - However, Sany Shares faces significant debt pressure, with total liabilities of 21.968 billion and cash reserves of only 3.15 billion as of the end of the third quarter [17].

Core Viewpoint - Lianrui New Materials (688300.SH) has received approval from the CSRC for its convertible bond issuance, aiming to raise 695 million yuan for high-performance materials projects and working capital, which will strengthen its market position in the industry [1][2][3] Fundraising and Investment Projects - The company plans to invest the raised 695 million yuan primarily in two high-end material projects: ultra-pure spherical powder materials for high-performance substrates and high-thermal-conductivity spherical powder materials [2] - The ultra-pure spherical powder project will have an adjusted total investment of 423 million yuan, with 255 million yuan from the raised funds, aiming for an annual production capacity of 3,600 tons [2] - The high-thermal-conductivity spherical powder project will utilize 240 million yuan of the raised funds, expected to add an annual production capacity of 16,000 tons of high-thermal-conductivity aluminum oxide [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 824 million yuan and a net profit of 220 million yuan, both showing a year-on-year increase of approximately 19% [1][5] - The company has maintained a stable and high gross margin, with figures of 39.20%, 39.26%, 40.38%, and 41.41% from 2022 to the first three quarters of 2025 [6] Research and Development - The company has invested a total of 249 million yuan in R&D over the past six years, emphasizing the importance of technology development for sustainable operations [4][6] - As of mid-2025, the company has obtained 141 intellectual property rights, including 68 invention patents [6] Historical Context and Market Position - Founded in 1984, the company transitioned from a local enterprise to a publicly listed entity in 2019, becoming the first listed company in the high-end silicon micro-powder industry in China [4] - The company has evolved from ordinary silicon micro-powder production to focusing on functional inorganic non-metallic powder materials, establishing itself as a key player in the global market [4]

Core Viewpoint - The company Zhongzhichuan (600038.SH) is optimizing its organizational structure by merging its wholly-owned subsidiaries, Hafei Group and Hafei Aviation, which will enhance resource allocation and focus on emerging fields such as low-altitude economy and drone logistics [1][5][6]. Financial Performance - As of the first three quarters of 2025, Zhongzhichuan reported a revenue of 15.047 billion, a year-on-year decrease of 13.02%, while the net profit attributable to shareholders was 373 million, an increase of 4.32% [2][7]. - The total assets of Hafei Group will exceed 42 billion after the merger, with Hafei Group's total assets at 22.777 billion and Hafei Aviation's at 19.884 billion as of December 31, 2024 [2][4][5]. Market Analysis - Analysts noted that the decline in product delivery volume in the third quarter led to a drop in revenue, while profit growth was attributed to structural optimization [3][8]. - The contract liabilities of Zhongzhichuan reached 5.903 billion by the end of the third quarter of 2025, reflecting a year-on-year increase of 32.77%, indicating potential for future revenue recovery [3][8]. Shareholder Activity - The controlling shareholder, China Aviation Technology Industry Corporation (AVIC), has increased its stake in Zhongzhichuan, investing approximately 50.025 million [3][9]. Strategic Initiatives - The merger aims to consolidate resources for research and development in low-altitude vehicles, drones, and air taxis, thereby accelerating technological advancement and market positioning [3][6]. - Zhongzhichuan is adjusting multiple fundraising projects to align with future development directions in the civil helicopter sector, including new projects focused on supply chain capabilities and multi-purpose helicopters [9][10].

Core Viewpoint - Su Nong Bank faces significant challenges in uniting shareholder consensus and improving performance under the new leadership of Wang Liang, who has recently taken office as the bank's president [1][8]. Group 1: Shareholder Decisions - The second extraordinary general meeting of shareholders in 2025 approved the election of Wang Liang and Xia Lijun as executive directors, along with the issuance of 500 million yuan in technology innovation bonds [1][3]. - A notable 13.9743% of shareholders voted against the issuance of technology innovation bonds, with 19.7953% of shareholders holding less than 5% of shares opposing the proposal [1][4]. - The approval for the technology innovation bond issuance received 4.03 billion votes in favor, representing 85.6875% of the votes, while 657.925 million votes were against [4][6]. Group 2: Financial Performance - For the first three quarters of 2025, Su Nong Bank reported operating income of 3.221 billion yuan, a mere 0.08% increase year-on-year, and a net profit attributable to shareholders of 1.708 billion yuan, up 5.01% [1][8]. - The bank's capital adequacy ratio decreased from 13.08% at the end of the previous year to 12.88% by the end of September 2025 [1][7]. - Interest income fell by 7.24% to 4.651 billion yuan, contributing to a 3.84% decline in net interest income to 2.058 billion yuan [9]. Group 3: Management Changes and Initiatives - Wang Liang, aged 43, was appointed as the new president of Su Nong Bank, succeeding Zhuang Yingjie, who had served for eight years [8]. - The new management team, including two vice presidents born in the 1980s, has proposed a share buyback plan totaling at least 1.8 million yuan to instill confidence in the market [2][10]. - The bank's total assets reached 226.749 billion yuan, with loans and deposits growing by 6.68% and 7.08%, respectively, compared to the beginning of the year [8].

长江商报奔腾新闻记者 李璟 其中，两类不征资源税的情形被明确界定：一是各级执法机关以及法律法规授权的具有管理公共事 务职能的事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品；二是工程建设项目在批 准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，属于不征资源税的情形。 《公告》对纳税人开采的凝析油、原油中分离出的油气田混合轻烃、天然气中分离出的油气田混合 轻烃，明确了征税税目；对纳税人以尾矿为原料对特定矿物组分进行再回收利用和进行资源化利用生产 粒级成型砂石颗粒两种情形，细化了相应的征税税目。 在资源税征税对象方面，《公告》对实际征管中征纳双方争议较为集中的煤炭原矿、选矿产品、盐 类选矿产品和轻稀土、中重稀土等重要战略资源原矿、选矿产品的概念定义，作了进一步的明确和细 化。 为进一步加强对关联交易的风险防控和合规管理，《公告》列明了属于关联交易价格明显偏低正当 理由的四种情形。对于不在"正当理由"之列的情形，主管税务机关可以按规定调整纳税人的应税产品销 售额。《公告》还同步明确了减免资源税的计算方法和管理规定，细化明确了不同结算方式下资源税的 纳税义务发生时间。 责编：ZB 作为引导资源合 ...

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Bio-Science Co., Ltd. for approximately 1.346 billion yuan has raised market concerns regarding the high premium and financial pressure on the company [1][4][7]. Group 1: Acquisition Details - Kanglong Chemical aims to enhance its technological platform and implement its core strategy of "full-process, integrated, international, and multi-therapy" through this acquisition [2][8]. - The acquisition price represents a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is an increase of 168.21% over its net assets [7]. - The valuation of Baiaode has been supported by previous market financing rounds, with post-investment valuations reaching approximately 1.57 billion yuan in 2021 and 2.57 billion yuan in 2023 [7]. Group 2: Financial Performance - For the first three quarters of 2025, Kanglong Chemical reported a revenue of 10.086 billion yuan, marking a record high, but its net profit attributable to shareholders decreased by 19.76% [5][15]. - As of September 2025, the company had interest-bearing liabilities of approximately 6 billion yuan, with financial expenses exceeding 150 million yuan for the first three quarters [4][11]. Group 3: Market Reaction and Shareholder Actions - The stock price of Kanglong Chemical has seen a significant decline, closing at 29 yuan per share on November 24, 2025, down over 70% from its peak of 244.60 yuan per share in August 2021 [6][15]. - Major shareholders have been actively reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [14][15].

Core Viewpoint - Junyi Digital plans to expand into the optical precision components sector through a strategic investment of 120 million yuan, acquiring a controlling stake in Guangdong Guanghong Precision Technology Co., Ltd, which will become a subsidiary and included in the consolidated financial statements [1][2]. Group 1: Strategic Investment - The investment is aimed at extending the company's business boundaries and enhancing its upstream supply chain capabilities [2]. - After the investment, Junyi Digital will hold 60% of Guanghong Precision, which specializes in the research, production, and sales of precision optical components [2]. - Guanghong Precision has shown strong growth, with projected revenues of 16.6553 million yuan and net profits of 2.5724 million yuan for 2024, and further growth in 2025 [2]. Group 2: Strategic Value - The acquisition allows Junyi Digital to enter the core optical components sector, creating technological synergies and improving its industry chain layout [3]. - The integration of Guanghong Precision's manufacturing capabilities with Junyi Digital's strengths in smart IoT, big data, and AIGC applications is expected to foster innovative solutions in machine vision and intelligent perception [3]. Group 3: Business Expansion Efforts - Junyi Digital has previously engaged in various strategies, including acquisitions and partnerships, to enhance its business layout [4]. - The company acquired a 60% stake in Chengdu Haitianshulian Technology Co., Ltd, which focuses on enterprise-level big data and intelligent products, and established subsidiaries to broaden its business coverage [4]. - Recent performance indicates challenges, with a revenue of 279 million yuan for the first three quarters of 2025, a 17.87% increase year-on-year, but a 43.34% decline in net profit [4]. Group 4: Market Potential - The global market for aspheric optical lenses is projected to grow at a compound annual growth rate of 7.3% from 2025 to 2031, highlighting significant growth potential in this sector [5]. - The strategic move into optical precision components is seen as a way for Junyi Digital to diversify its revenue streams and mitigate risks associated with its main business [5].

11月23日晚间，兆威机电公告称，公司发行境外上市外资股（H股）获得中国证监会备案。公司本次发 行尚需取得香港证券及期货事务监察委员会和香港联合交易所等相关监管机构、证券交易所的批准、核 准。 4月，兆威机电启动赴港上市计划，并在两个月后正式向港交所递交上市申请。 进一步提升公司治理水平和核心竞争力，深入推进公司全球化战略，是兆威机电在A股上市近五年后， 启动赴港IPO的主要原因。 随着新能源汽车、人工智能等领域的快速发展，微型传动与微型驱动行业市场规模持续扩大。作为微型 传动领域的龙头企业，兆威机电的盈利能力稳步提升。 2025年前三季度，兆威机电实现营业收入12.55亿元，同比增长18.7%；归属于上市公司股东的净利润 （以下简称"归母净利润"）1.81亿元，同比增长13.86%。 长江商报记者注意到，兆威机电的A股IPO募投项目兆威机电产业园建设项目在达成预定可使用状态 后，累计已实现效益11.54亿元。 长江商报消息 ●长江商报记者 徐佳 兆威机电（003021.SZ）赴港上市取得新进展。 长江商报记者注意到，持续拓展优化全球布局、加快业务国际化进程，是兆威机电2025年经营计划的重 要内容。赴港二次 ...