长江商报消息 ●长江商报记者 黄聪 赣锋锂业（002460.SZ，01772.HK）当前的核心工作之一是——降低资产负债率。 12月17日晚间，赣锋锂业发布的公告显示，万鑫绿色能源（宿迁）合伙企业（有限合伙）（以下简称"万鑫绿 能"）以4.43亿元收购公司持有的深圳易储数智能源集团有限公司（曾用名"深圳易储能源科技有限公司"，以下简 称"深圳易储"）29.54%股权。近日，公司收到深圳易储的通知，深圳易储已完成股权转让交割和工商变更登记。 值得一提的是，2025年第三季度，赣锋锂业实现营业收入62.49亿元，同比增长44.10%；归母净利润5.57亿元，同 比增长364.02%。三季度业绩一举扭转了上半年营业收入下滑、利润亏损的局面。 不过，截至2025年三季度末，赣锋锂业资产负债率达57.59%，较上年同期的47.17%提高10.42个百分点。 近日，赣锋锂业发布公告称，公司董事会审议通过议案，为优化公司资产结构，提高资产运营效率，释放公司部 分资产价值，赣锋锂业董事会授权公司管理层根据证券市场的情况，适时择机处置公司所持已流通上市的境内外 上市公司股票资产，出售上述资产的总成交金额不超过公司最近一期经审计 ...

Core Viewpoint - Fengxing Co., Ltd. plans to enter the hazardous waste disposal and recycling sector by acquiring a 75% stake in Baiyin Huaxin Jiuhe Resource Co., Ltd. from its indirect controlling shareholder, Guangdong Huaxin [1][2]. Group 1: Acquisition Details - The acquisition will be conducted through a share issuance, with the price set at 17.07 yuan per share, which is at least 80% of the average trading price over the previous 120 trading days [2]. - The funds raised will be used for project construction, working capital, and intermediary fees [2]. - Baiyin Huaxin has a waste disposal capacity of 75.5 million tons per year and holds licenses for three categories of hazardous waste [3]. Group 2: Business Transition - This acquisition marks a strategic shift for Fengxing from traditional metal products to the emerging green circular economy sector [1][2]. - The integration of Baiyin Huaxin will enhance Fengxing's service offerings to the non-ferrous mining industry, extending its operational capabilities from upstream mining to downstream hazardous waste disposal [3]. Group 3: Financial Performance - Fengxing's revenue from its main businesses, including wear-resistant materials and marine electrical systems, was 191 million yuan and 97.27 million yuan, respectively, in the first half of the year [3]. - The company experienced a decline in revenue and net profit from 2022 to 2024, with revenues of 816 million yuan, 691 million yuan, and 588 million yuan, and net profits of 62.46 million yuan, -59.64 million yuan, and -60.83 million yuan [4]. - In 2025, Fengxing reported a revenue increase of 1.57% to 443 million yuan and a net profit of 17.09 million yuan, marking a 19.64% year-on-year growth [5].

Core Viewpoint - The acquisition of 100% equity in Zhejiang Zhongkong Information Industry Co., Ltd. by Wanlong Optoelectronics is seen as a strategic move to enhance its profitability and diversify its business into infrastructure digitization services, following a period of financial losses [2][4][7]. Group 1: Acquisition Details - Wanlong Optoelectronics plans to acquire Zhongkong Information through a combination of issuing shares and cash payments, while also raising matching funds from its actual controller, Fu Xiaotong [3]. - The final transaction price and the ratio of share to cash payments are yet to be determined as the auditing and evaluation of the target company are still ongoing [4]. Group 2: Financial Performance - Wanlong Optoelectronics has reported cumulative losses of 241 million yuan from 2022 to the first nine months of 2025, with significant declines in revenue and net profit during this period [7]. - In contrast, Zhongkong Information has shown stronger operational capabilities but has experienced significant revenue and profit fluctuations, with a 61.04% decline in net profit in 2024 compared to the previous year [8][9]. Group 3: Market Reaction - Following the announcement of the restructuring plan, Wanlong Optoelectronics' stock price surged by 20.02%, closing at 30.88 yuan per share on December 18 [10].

Core Viewpoint - Zhongtai Chemical plans to repurchase a 15.173% stake in its subsidiary, Xinjiang Huatai Heavy Chemical Co., for 1.2 billion yuan, which will increase its financial pressure despite being a contractual obligation [1][2][5]. Financial Condition - As of September 2025, Zhongtai Chemical's asset-liability ratio stands at 64.71%, with monetary funds of 6.829 billion yuan against interest-bearing liabilities of 24.935 billion yuan, indicating significant debt repayment pressure [6][7]. - The company has reported continuous losses since 2023, with a net profit of -1.79 billion yuan in the first three quarters of 2025, showing no signs of profitability [1][8]. Operational Performance - Zhongtai Chemical's revenue has been declining, with a reported revenue of 37.118 billion yuan in 2023, down 28.15% year-on-year, and a net profit loss of -28.65 billion yuan, a staggering 469.07% decrease [8][9]. - The company's operating cash flow has also significantly decreased, with a net cash flow of 1.394 billion yuan in the first three quarters of 2025, down 67.15% from the previous year [9]. Asset Quality - Huatai Company, the subsidiary being repurchased, is considered a quality asset with a lower asset-liability ratio, having total assets of 11.389 billion yuan and net assets of 8.270 billion yuan as of the end of 2024 [3][4]. - The subsidiary has shown profitability, with revenues of 4.568 billion yuan and net profits of 1 billion yuan in 2024, indicating its importance to Zhongtai Chemical's overall financial health [9]. Future Outlook - The company is under scrutiny regarding when it will emerge from its current financial difficulties, as it has not yet reached a turning point [10].

对于海正药业而言，其出售浙江医工的目的在于优化公司业务结构、聚焦医药工业的核心优势领域以提 升整体利润率与资源配置效益。 而在白云山看来，浙江医工地处长三角地区，医药市场发达，且是浙江省排名前6的优质医药流通企 业。同时，浙江医工一直深耕浙江省医药市场，积累了丰富的客户资源，最近一年年销售收入规模40亿 元以上，拥有良好的前景。 长江商报奔腾新闻记者 徐佳 海正药业（600267.SH）出售子公司敲定新买家。 12月17日晚间，白云山（600332.SH）披露资产收购计划。公司下属控股子公司广州医药股份有限公司 （"广州医药"）拟通过公开摘牌方式受让海正药业所持浙江省医药工业有限公司（"浙江医工"）100% 股权，转让价款为5亿元。 资料显示，浙江医工成立于1999年，是浙江省医药流通企业，拥有浙江省麻黄素、咖啡因及二类麻醉药 品的经营及配送资质，其配送网络覆盖浙江全省，业务以医院纯销及药店批发为主。 截至2025年9月末，浙江医工资产总额17.12亿元，负债总额13.5亿元，净资产3.62亿元。资产负债率达 到78.84%。 本次交易中，浙江医工100%股权对应的评估价值为3.92亿元，海正药业以4.3亿元 ...

Core Insights - Hainan Free Trade Port will officially start its full island closure on December 18, 2025, marking a significant step in China's commitment to high-level opening-up and the construction of an open world economy [1] - The financial policy framework in Hainan Free Trade Port has been gradually established, making it one of the leading regions in financial openness and innovation in China [1] - The People's Bank of China has been actively improving financial policies and systems to support the development of Hainan Free Trade Port, with all three financial preparations for closure completed [1] Financial Innovations and Cross-Border Transactions - Hainan has implemented a series of financial innovation policies, resulting in a continuous increase in cross-border payment scales, with a total of $101.61 billion in cross-border receipts and payments from January to November this year, reflecting an average annual growth rate of 55% since 2020 [2] - The digital yuan pilot in Hainan is progressing well, with coverage in various sectors including duty-free shopping and rural revitalization, enhancing the convenience of foreign payment services [2] - As of October 2025, over 650 EF accounts have been opened in Hainan, facilitating transactions with 80 countries and regions, primarily in areas such as foreign exchange settlement and cross-border trade [2] Monetary Policy and Loan Growth - The People's Bank of China in Hainan has been implementing a moderately loose monetary policy to improve financing accessibility in key areas, creating a favorable financial environment for the operation of Hainan Free Trade Port [3] - As of November 2023, the balance of various loans in Hainan reached 14,101 billion yuan, with a year-on-year growth of 11.0%, surpassing the national average growth rate of 4.7% [3]

长江商报奔腾新闻记者 李璟 反垄断执法是维护公平竞争、保障民生权益的重要手段。 数据显示，近三年来，市场监管总局共查处垄断协议案件35起、滥用市场支配地位案件25起，罚没 款总计29.3亿元，切实保障消费者权益，维护公平竞争市场秩序。审结民生领域经营者集中案件950 起，支持企业通过并购提升经营效率。办结滥用行政权力排除、限制竞争案件148起，纠治地方保护和 市场分割等妨碍公平竞争市场秩序问题。 12月17日，国家市场监管总局召开民生领域反垄断执法专项行动成果宣介专题新闻发布会，介绍民 生领域反垄断执法专项行动开展三年来的工作进展和主要成效。 会上披露，近年来，市场监管总局聚焦人民群众反映强烈的垄断问题，查处了一批典型案件，惩戒 了一批违法主体，维护了群众切身利益，以"执法力度"提升人民群众幸福指数。 从监管实践看，平台经济领域垄断风险较为突出，平台企业反垄断合规意识和能力有待提升，在此 背景下，市场监管总局研究制定《互联网平台反垄断合规指引》，提出了8个新型垄断风险，目的是引 导平台企业加强风险识别、风险管理和合规保障，有效防范反垄断合规风险，促进平台经济创新和健康 发展。 市场监管总局相关负责人表示，平台 ...

Core Viewpoint - The stock of Muxi Co., Ltd. surged nearly 7 times on its debut, reaching a closing price of 829.90 yuan per share, making it the third highest-priced stock in A-shares, surpassing Moore Threads [1][4][9] Group 1: Company Performance - Muxi Co., Ltd. achieved a market capitalization of 332 billion yuan on its first trading day, only 40 billion yuan behind Moore Threads [10] - The company reported a net profit of -346 million yuan for the first three quarters of 2025, a 55.79% reduction in losses year-on-year [1][16] - Muxi Co., Ltd. anticipates reaching breakeven by 2026, one year earlier than Moore Threads [2][19] Group 2: Investment Insights - Notable investors, including private equity mogul Ge Weidong, made significant profits from Muxi Co., Ltd., with estimated gains of approximately 211 billion yuan [1][13] - The IPO price of Muxi Co., Ltd. was set at 104.66 yuan per share, raising 4.197 billion yuan, which is slightly more than half of Moore Threads' 8 billion yuan [6] - The stock's first-day trading volume was 11.26 billion yuan, with a turnover rate of 84.72%, slightly lower than that of Moore Threads [8] Group 3: Market Context - Muxi Co., Ltd. is recognized as the second domestic GPU star stock in the A-share market, with its performance exceeding market expectations [5] - The company has experienced rapid growth, with a compound annual growth rate of 4074.52% in revenue over the past three years [14] - Despite the high market valuation, the domestic chip industry is still in a catch-up phase, with NVIDIA holding a 70% market share in China's GPU market [20]

Group 1 - The People's Bank of China Hubei Branch has initiated the "Financial Water Nourishing Private Enterprises" campaign since 2025, focusing on five dimensions to improve the financing environment for private enterprises [1][2] - The "Chutian Loan Code" platform has facilitated 232,000 loans amounting to 382.7 billion yuan for small and micro enterprises [1][2] - Approximately 80% of surveyed private enterprises in Hubei believe that financing difficulties have decreased, loan approval times have shortened, and financing costs have declined [1] Group 2 - The Hubei Branch has enhanced financial services for private enterprises through digitalization, online platforms, and credit information sharing [2] - A mechanism for tracking and servicing key private enterprises has been established, with 1,095 enterprises receiving credit support totaling 29.3 billion yuan since 2025 [3] - Financial institutions have been guided to implement policies such as no-repayment renewals to address common financing challenges faced by private enterprises [3] Group 3 - The Hubei Branch has actively responded to financing service requests from private enterprises, leading to a reduction in the average loan interest rate to 3.14%, a decrease of 46 basis points year-on-year [4] - A total of 772 million yuan in fees have been waived for enterprises, benefiting 4.7 million small and micro businesses [4] - The Hubei Branch plans to continue the "Financial Water Nourishing Private Enterprises" initiative to provide stronger financial support for the high-quality development of the private economy in Hubei [4]

Core Viewpoint - Aerospace Electronic is increasing its investment in its subsidiary, Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million yuan to enhance its capabilities in the commercial aerospace sector and address key technology development funding needs [1][2][3]. Group 1: Investment Details - The investment of 727.5 million yuan includes 127.5 million yuan from a 2017 refinancing project aimed at a communication system [2]. - Other shareholders, including China Aerospace Times Electronics Co., Ltd. and Beijing Telemetry Technology Research Institute, will also proportionally increase their investments [2]. - After the capital increase, the registered capital of Aerospace Rocket will rise from 675 million yuan to 1.498 billion yuan, while the shareholding structure remains unchanged [2]. Group 2: Financial Performance - In the first three quarters of 2025, Aerospace Electronic reported revenues of 8.835 billion yuan and a net profit of 209 million yuan [1]. - Aerospace Rocket's total assets reached 12.615 billion yuan, with net assets of 2.677 billion yuan, revenues of 2.924 billion yuan, and a net profit of 81.21 million yuan [2]. Group 3: Strategic Implications - The capital increase aims to enhance Aerospace Electronic's information-related business capabilities and support high-quality construction tasks in aerospace equipment [3]. - It will facilitate ongoing research and development in key technologies, ensuring Aerospace Rocket maintains its leading position in the aerospace information sector [3]. - The investment will also help integrate into the new commercial aerospace development landscape, promoting rapid product iteration and digital capabilities [3]. Group 4: Financial Relationship - The investment will help resolve financial issues between the parent and subsidiary companies, enhancing oversight and management of Aerospace Rocket [4]. Group 5: Historical Context - This marks the fourth capital increase by Aerospace Electronic in 2025, with total investments nearing 1.3 billion yuan for the year [8]. - Previous investments included 291 million yuan for enhancing the capabilities of its subsidiary, Aerospace Flying Hong, and 230 million yuan for Chongqing Aerospace Rocket [7][8].