长江商报消息 ●长江商报记者 汪静 基本面上，洛阳钼业表现较为稳健。2025年前三季度，公司盈利142.80亿元；期末，公司资产负债率为 48.57%，货币资金和交易性金融资产分别达324.7亿元、77.9亿元。 加速落实"铜金双极"并购战略 12月15日早间，洛阳钼业公告披露，经公司董事会批准，公司控股子公司CMOC Limited拟以总计10.15 亿美元的对价收购加拿大矿业企业Equinox Gold（TSX: EQX, NYSE-A: EQX）旗下位于巴西的三个金矿 资产的100%权益，包括Aurizona金矿、RDM 金矿以及Bahia综合体。 本次交易为现金收购，交割时支付9亿美元，另设最高1.15亿美元的或有现金支付，与交割后首个运营 年度的黄金销量挂钩。交易预计于2026年第一季度完成，尚待巴西反垄断机构（CADE）及中国相关监 管部门批准。 公告显示，Equinox Gold是一家在多伦多证券交易所和纽约证券交易所上市的加拿大矿业企业，在加拿 大及美洲多国拥有多处在产矿山资产，同时持有一系列在建及扩产项目储备。Equinox Gold通过出售巴 西业务资产，将进一步聚焦北美黄金业务。 洛阳钼 ...

武汉天源（301127）(301127.SZ)日前发布公告，其控股子公司武汉天源能源有限公司(下称"天源能源") 与扬州市江都区小纪镇人民政府，拟就投资建设"江都区新纪变电站200MW/400MWh电网侧储能项 目"(简称"新纪储能站项目")、"太平变电站100MW/200MWh电网侧储能项目"(简称"太平储能站项目")签 署《投资协议》，两个项目总投资约6亿元。 武汉天源为该项目针对性设计了"峰谷套利+辅助服务+需求响应+容量补偿"的多元组合收益模式。项目 与武汉天源已有的10余个垃圾焚烧绿电项目形成协同，进一步夯实"水务治理+固废处置+绿色能源+高 端装备制造"的业务布局，将绿色能源业务从"战略攻坚方向"升级为核心增长极。 武汉天源原名天源环保，创立于2009年，于2021年12月上市，公司于2025年正式更名。武汉天源起初从 事垃圾填埋场渗滤液治理业务，陆续拓展水务、固废业务，近年来陆续向绿色能源、高端装备制造、第 三方服务等领域拓展。 此外，武汉天源发布公告，拟定于2025年实施限制性股票激励计划(草案)。该计划拟向151名激励对象 授予不超过1088万股限制性股票，占截至2025年11月28日公司总 ...

Core Insights - The collaboration between Jiuzhoutong and Haizheng Pharmaceutical aims to reshape the retail channel competition in the pharmaceutical industry through a strategic partnership focused on complementary strengths in "industry + channel" [1][2] Group 1: Strategic Partnership - Jiuzhoutong's subsidiary, All-Qing Health, has signed a strategic cooperation agreement with Haizheng Pharmaceutical, becoming the exclusive agent responsible for the retail promotion of several core products, with an initial cooperation value exceeding 400 million yuan [1][2] - The partnership is expected to enhance both companies' performance and reflects a deeper transformation in the professional division of labor within the pharmaceutical industry [1][3] Group 2: Business Performance - Jiuzhoutong has been implementing its "Three New and Two Transformations" strategy since 2025, optimizing its business structure and improving operational efficiency, resulting in steady growth across its main business segments [1][4] - In the first three quarters of 2025, Jiuzhoutong achieved revenue of 119.33 billion yuan, a year-on-year increase of 5.20%, and a net profit of 1.975 billion yuan, up 16.46% [4][5] Group 3: Product Strategy - The new product strategy is a key component of Jiuzhoutong's growth, focusing on integrating resources to form a new product business organization matrix centered around CSO, which includes All-Qing Health and other subsidiaries [4][5] - Jiuzhoutong's CSO business generated sales revenue of 14.728 billion yuan in the first three quarters, with a significant contribution from core products like Kewai and Miko Bao, which saw a 15.26% increase in sales [5][6] Group 4: Market Expansion - The collaboration is expected to inject new vitality into the domestic pharmaceutical retail market, with plans for deep cooperation in global expansion, all-channel operations, and capital linkage [3][4] - The initial product offerings include key medications with strong market demand, and the retail sales scale is projected to double by 2026 [3][4]

Core Viewpoint - Longsheng Technology is intensifying its investment in the field of embodied intelligent robots, planning to invest 350 million yuan to establish an innovation center in Wuxi, focusing on the research and industrialization of humanoid robots [1][2]. Investment and Project Details - Longsheng Technology and its subsidiary, Longsheng Weirui, signed a cooperation agreement with the Wuxi Binhu District government to invest approximately 350 million yuan in the innovation center project [2]. - The project will involve an investment of about 200 million yuan from Longsheng Technology for land and construction, while Longsheng Weirui will invest around 150 million yuan for the center's operation [2]. - The center will be built on a new industrial land area of 5,166.6 square meters, with support from local government policies and resources [2]. Business Performance - Longsheng Technology has seen continuous growth in revenue and net profit over the past three years, with a net profit of 106 million yuan in Q3 2025, marking the first time it has exceeded 100 million yuan [1][4]. - The company reported revenues of 1.827 billion yuan and 2.397 billion yuan for 2023 and 2024, respectively, with year-on-year growth rates of 59.11% and 31.21% [4]. - In the first three quarters of 2025, the company achieved revenues of 1.81 billion yuan, a year-on-year increase of 10.13%, and a net profit of 210 million yuan, up 36.89% [4]. Stock Market Performance - Since the beginning of 2025, Longsheng Technology's stock price has doubled, rising from 23.76 yuan per share to 47.63 yuan per share, reflecting a growth of 100.46% [4]. Business Segmentation - As of the first half of 2025, the revenue composition of Longsheng Technology shows that 39.58% comes from new energy vehicle components, 36.82% from EGR valves, and 23.48% from precision automotive parts, with other businesses contributing only 0.12% [5].

Core Insights - Hubei Province is expanding its low-altitude economy through the establishment of the "Hubei Aerospace and Intelligent Industry Investment Fund" with a total scale of 1 billion yuan [1][2] - The fund is a collaboration between Hubei Cultural Tourism Group, Jingmen State-owned Assets, and other partners, focusing on attracting and nurturing key players in the hard-tech low-altitude industry [1][2] - Jingmen City is recognized as a national comprehensive demonstration zone for general aviation, housing 28 low-altitude economy enterprises [2] Group 1 - The fund aims to leverage Hubei Cultural Tourism Group's extensive low-altitude application scenarios to promote a closed-loop and ecosystem construction across the industry chain [1] - Jingmen has implemented 13 special policies to support the low-altitude economy, covering key aspects from R&D to infrastructure [2] - Hubei's strategic plan for low-altitude economic development aims for a breakthrough in industry scale to exceed 100 billion yuan by 2027 [2] Group 2 - The collaboration reflects Jingmen's vision and determination to cultivate strategic emerging industries, aligning with Hubei Cultural Tourism Group's future-oriented strategy [2] - The 2024-2027 action plan outlines a clear blueprint for developing the low-altitude economy, emphasizing the need for a complete industrial system and innovation [2] - By 2027, Hubei aims to have a well-developed low-altitude infrastructure and significantly enhanced industry capabilities [2]

Core Viewpoint - The control of Guoao Technology has shifted to Xu Yinghui, who aims to reverse the company's ongoing performance challenges amid financial difficulties and operational pressures [2][4][11]. Group 1: Control Change - On December 12, the actual controller of Guoao Technology, Chen Chongjun, signed a voting rights entrustment agreement with Xu Yinghui, transferring voting rights of 67.69 million shares (19.91% of total shares) to Xu [2][4]. - Xu Yinghui directly holds 4.5% of Guoao Technology's shares, bringing his total voting rights to 24.41% after the agreement [4][11]. - Xu Yinghui acquired control of Guoao Technology for approximately 2 billion yuan [3][10]. Group 2: Financial Situation - Guoao Technology's revenue for 2022, 2023, and 2024 was 525 million yuan, 568 million yuan, and 298 million yuan, showing a year-on-year decline of 47.60% in 2024 [8]. - The net profit attributable to shareholders for the same years was -61.81 million yuan, -80.90 million yuan, and -351 million yuan, indicating a continuous loss trend [8]. - The gross margin dropped significantly from 76.03% in 2022 to only 1.85% in the first three quarters of 2025 [8]. Group 3: Fundraising and Business Strategy - Guoao Technology plans to issue up to 40 million A-shares to raise no more than 432 million yuan, aimed at supplementing working capital and supporting business transformation [3][10][11]. - The funds raised will be used to enhance capital strength, improve financial conditions, and support sustainable development amid ongoing operational pressures [11].

Core Viewpoint - The A-share market is expected to see the emergence of a new company similar to "Shangwei New Materials," with the focus on the acquisition of Victory Energy (001331.SZ) by Qiteng Robotics, which is anticipated to lead to a shell listing [1][9]. Group 1: Acquisition Details - Victory Energy's controlling shareholder and actual controller, Wei Jisheng, Zhang Wei, and others, plan to transfer 29.99% of their shares to Qiteng Robotics and its concerted parties [2][8]. - The acquisition price is set at 13.28 yuan per share, with a total transaction value of approximately 1.686 billion yuan [3][8]. - Following the transfer, Qiteng Robotics will launch a partial tender offer for an additional 15% of Victory Energy's shares, bringing its total ownership to 44.99% [2][8]. Group 2: Market Reaction - Victory Energy's stock experienced two consecutive trading halts and subsequently surged to 17.85 yuan per share following the announcement of the acquisition [6][9]. - The market perceives this acquisition as a strategic move for Qiteng Robotics to facilitate its own industry deployment or capital operations, effectively serving as a shell listing [9]. Group 3: Qiteng Robotics Background - Qiteng Robotics has established itself as a high-tech enterprise specializing in the design, research, development, production, sales, and service of special robots, having served over a thousand enterprises globally [12]. - The company has developed a complete AI technology chain with 8 core technologies and 468 algorithms, and has received investments from several A-share listed companies [12]. - In 2024, Qiteng Robotics reported a revenue of 930 million yuan, a year-on-year increase of 50.2%, and a net profit of 117 million yuan, up 35.4% [13]. Group 4: Victory Energy's Performance - Victory Energy primarily engages in LNG business in both domestic and international markets, achieving a revenue of 4.513 billion yuan and a net profit of 44.39 million yuan in the first three quarters of 2025, representing year-on-year growth of 21.34% and 83.58%, respectively [13]. - The actual controller of Victory Energy has committed to maintaining profitability in existing operations over the next three years [5].

Core Viewpoint - Inner Mongolia Huadian (600863.SH) has received approval for a significant asset restructuring, aimed at strengthening its core business and increasing the proportion of clean energy in its portfolio [2][6]. Group 1: Acquisition Details - The company plans to acquire 70% of the equity in Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% of the equity in Northern Duolun New Energy Co., Ltd. for a total consideration of 5.336 billion yuan [2][4]. - The acquisition will be financed through a combination of issuing shares and cash payments, with a maximum of 2.65 billion yuan raised from specific investors to cover transaction costs and related fees [5][6]. - The overall valuation for Zhenglanqi Wind Power and Duolun is estimated at 4.687 billion yuan and 3.264 billion yuan, respectively, reflecting an appreciation rate of 106.18% and 78.74% [4][5]. Group 2: Financial Impact - Following the completion of the acquisition and ongoing projects, Inner Mongolia Huadian's installed capacity for renewable energy is expected to reach approximately 5.5 million kilowatts, with nearly 50% of its total capacity being from thermal power [3][8]. - The company's revenue and net profit are projected to increase by 7.85% and 23.83%, respectively, compared to pre-restructuring figures, with total assets expected to reach 49.27 billion yuan, a growth of 22.61% [3][9]. Group 3: Strategic Importance - This restructuring is part of Inner Mongolia Huadian's broader strategy to transition towards clean energy, reducing reliance on traditional thermal power amid fluctuating coal prices that impact profitability [7][8]. - The company has been actively enhancing its renewable energy capacity, with significant projects approved and completed in recent years, marking a critical step in its transformation [8][9].

长江商报消息 ●长江商报记者 沈右荣 并不差钱的丸美生物（603983.SH）欲赴港上市，募资补血。 12月12日晚，丸美生物发布公告，公司向港交所递交H股发行上市的申请并刊发申请资料。 此次IPO恐难言顺利。此前，丸美生物因为财务核算、募集资金使用等问题被广东证监局采取行政监管措施。11 月29日，公司才完成整改。 此外，从11月12日宣布筹划赴港上市到12月12日递交上市申请，丸美股份仅用时一个月，似乎有些匆忙。 2019年7月，丸美生物通过IPO登陆A股市场，上市以来，公司盈利能力并不稳定，其中2020年至2022年，公司归 母净利润三连降，2023年、2024年连续回升，仍然不及2019年水平。2025年，公司归母净利润失速，扣非净利润 则不增反降，且连续两个季度下滑。 丸美生物资金充足。截至2025年9月底，公司货币资金15.92亿元，远超有息负债5.73亿元。 基于此，丸美生物积极分红。上市以来，公司累计派发现金红利10.83亿元，整体分红率48.22%。长江商报记者计 算，这10.83亿元现金分红，丸美生物实际控制人孙怀庆夫妇拿走了8.75亿元。 刚完成整改即匆匆赴港IPO 在港股市场IPO监管 ...

Core Viewpoint - The Supreme People's Court ruled in favor of Huaying Technology, ordering Huaying Bermuda to pay 3.029 billion yuan in performance compensation, which is expected to significantly improve the company's financial situation despite uncertainties regarding the collection of the amount [1][2][3]. Group 1: Legal Proceedings - The lawsuit lasted seven years, originating from a performance commitment made by Huaying Bermuda after Huaying Technology's major asset restructuring in 2010 [1][4]. - Huaying Technology initiated the lawsuit in early 2019, seeking 1.914 billion yuan initially, which was later increased to 3.029 billion yuan after adding two more defendants [3][4][6]. - The court upheld the first-instance ruling, confirming that Huaying Bermuda must pay the compensation, while the other two defendants bear joint liability [3][4]. Group 2: Financial Impact - If the 3.029 billion yuan compensation is received, it will greatly enhance Huaying Technology's operational performance, which has been under pressure due to ongoing losses in the display panel industry [2][13]. - For the first three quarters of 2025, Huaying Technology reported a revenue of 1.039 billion yuan, a year-on-year decrease of 21.03%, and a net loss of 722 million yuan, although this represented a reduction in losses compared to the previous year [11][12]. - Since 2016, the company has accumulated a non-recurring net profit loss of approximately 150.58 billion yuan, indicating a challenging financial history [12]. Group 3: Company Background - Huaying Technology, originally Min Dong Electric, underwent a significant asset restructuring in 2010, changing its main business to the research, production, and sales of display panels and modules [4][10]. - The company has faced declining revenues since 2016, with revenue dropping from over 40 billion yuan to 1.739 billion yuan by 2024 [10][12]. - In 2020, Huaying Technology changed ownership, with the Electronic Information Group becoming the controlling shareholder [12].