Core Viewpoint - The announcement by Gongda Electronics reveals the latest developments regarding the share transfer and equity changes involving its controlling shareholder, Wuxi Weigan Semiconductor Co., Ltd. and Shanghai Weihau Chuangxin Investment Management Co., Ltd. [2] Group 1: Share Transfer Details - Wuxi Weigan plans to transfer 19,000,000 shares, representing 5.24% of the company's total share capital, to Weihau Chuangxin through a share transfer agreement [2] - The transfer does not trigger a mandatory bid and will not change the controlling shareholder or actual controller of the company [2] - Both parties will maintain their combined shareholding quantity, proportion, and voting rights, and the transaction does not involve any market sell-off [2] Group 2: Compliance and Impact - The Shenzhen Stock Exchange has completed compliance confirmation for the share transfer materials as of January 16, 2026 [2] - The share transfer will require registration procedures at the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [2] - The company asserts that this transaction will not adversely affect its normal production and operations, nor will it harm the interests of the company and minority shareholders [2]

Core Viewpoint - Ankai Bus has forecasted a significant loss for the fiscal year 2025, with net profit expected to be between 50 million to 60 million yuan, contrasting with a profit of 839.20 thousand yuan in the same period last year [2] Financial Performance Summary - The company anticipates a net profit loss of 90 million to 100 million yuan after excluding non-recurring gains and losses, compared to a loss of 54.93 million yuan in the previous year [2] - Basic earnings per share are projected to be a loss of 0.05 to 0.06 yuan, down from a profit of 0.01 yuan in the same period last year [2] - Ankai Bus expects a year-on-year increase in operating revenue, estimating it to be between 340 million to 350 million yuan, compared to 273.52 million yuan in the previous year [2] - After adjustments, the operating revenue is projected to be between 330 million to 340 million yuan, up from 270 million yuan in the same period last year [2] Reasons for Performance Change - The primary reasons for the performance decline are attributed to intense market competition leading to a decrease in overall product gross margin and a special provision for impairment losses on uncollected subsidies [2]

Core Viewpoint - The company, Changyuan Technology Group Co., Ltd. (ST Changyuan), is forecasting a significant net loss for the year 2025, with expected losses ranging from 1.45 billion to 1.08 billion yuan, indicating a deteriorating financial performance compared to the previous year [2]. Group 1: Financial Performance - The projected net profit attributable to shareholders for 2025 is expected to be between -1.45 billion and -1.08 billion yuan, with the net profit excluding non-recurring gains and losses estimated between -1.15 billion and -800 million yuan [2]. - In comparison, the company's total profit for 2024 was -945.32 million yuan, with a net profit attributable to shareholders of -978.10 million yuan, and a net profit excluding non-recurring gains and losses of -667.47 million yuan, resulting in an earnings per share of -0.74 yuan [2]. Group 2: Reasons for Expected Loss - The primary reasons for the anticipated losses in 2025 include both operational and non-operational factors. The company's main business focuses on smart grid equipment and energy internet technology services, with revenue expected to remain stable compared to the previous year [3]. - The company plans to recognize impairment losses on goodwill and asset groups related to the acquisition of Zhuhai Yuntai Li, due to indications of goodwill impairment. The impairment and fair value loss on related assets are estimated to be between 600 million and 850 million yuan, subject to confirmation by auditing and evaluation agencies [3]. - Non-operational losses are expected to increase, with a projected decrease in investment income of approximately 400 million yuan compared to the previous year, primarily due to a loss of about 282 million yuan from the sale of a 25% stake in Changyuan Electronics [3]. Group 3: Legal Risks - The company has been notified of a civil lawsuit filed by its major shareholder, Zhuhai Gree Financial Investment Management Co., Ltd., and its concerted party, Zhuhai Free Trade Zone Jinnuo Xintai Trading Co., Ltd., regarding securities false statement liability, with an involved amount of approximately 413 million yuan. The impact of this lawsuit on the company's net profit for 2025 remains highly uncertain [4].

Core Viewpoint - Aiwai Electronics forecasts a net profit attributable to shareholders of 300 million to 330 million yuan for 2025, representing a year-on-year increase of 17.7% to 29.47% [2] Group 1: Financial Performance - The expected net profit after deducting non-recurring gains is projected to be between 200 million and 230 million yuan, an increase of 27.97% to 47.17% compared to the previous year [2] - The comprehensive gross margin for 2025 is anticipated to exceed 35%, an improvement of approximately 5 percentage points from the previous year [3] Group 2: Growth Drivers - The company attributes its growth to a focus on long-term value creation, strategic focus, structural optimization, and operational efficiency in a complex market environment [2] - Aiwai Electronics is deepening its engagement in high-performance mixed-signal chips, power management chips, and signal chain chips, leveraging platform technology advantages for product matrix upgrades [2] Group 3: Business Resilience and Strategy - The company demonstrates strong business resilience amid industry cyclicality, with consumer electronics as a core foundation, driven by technological upgrades and deep customer engagement [3] - Aiwai Electronics is accelerating its layout in industrial interconnect and automotive electronics, targeting new growth points in smart electric vehicles and industrial automation [3] Group 4: Cost Management and Financial Health - The company adheres to a "lean cost control and efficiency enhancement" strategy, increasing R&D investment in strategic areas while controlling management expenses [3] - Aiwai Electronics maintains a high and stable operating net cash flow and a reasonable asset-liability structure, providing a solid foundation for high-quality development [3]

Core Viewpoint - Jilin Huamei Electronics Co., Ltd. (*ST Huamei) forecasts a significant increase in its financial performance for the year 2025, with expected profits and revenues showing substantial growth compared to the previous year [2][3] Financial Performance Summary - The company anticipates a total profit of between 166 million to 199 million yuan for 2025, with net profit attributable to shareholders expected to be between 145 million to 175 million yuan [2] - The projected operating revenue for 2025 is between 2.21 billion to 2.3 billion yuan, with core operating revenue (excluding unrelated business income) expected to be between 2.19 billion to 2.28 billion yuan [2] - By the end of 2025, the net assets attributable to shareholders are expected to be between 3.43 billion to 3.55 billion yuan [2] - In comparison, the company reported a total profit of 139.46 million yuan and a net profit of 127.73 million yuan for 2024, indicating a positive growth trajectory for 2025 [2] Operational Improvements - The company attributes its performance increase to enhanced operational management efficiency, improved customer communication, and service responsiveness, which have collectively boosted customer satisfaction and overall competitiveness [3] - These improvements have led to an increase in sales orders and revenue, contributing to the rise in net profit compared to the previous year [3]

纳思达表示，本次业绩预告数据仅为初步核算结果，具体财务数据将以公司正式披露的经审计后的2025年年度报告为准。 公告显示，本期业绩变动主要受重大资产出售、行业政策调整等因素影响。其中，重大资产出售事项预计对公司财务报表产生显著影响，而行业相关政策调 整亦对部分业务板块的经营环境带来阶段性压力。 1月16日，纳思达发布2025年度业绩预告，经公司财务部门初步测算，预计本年度归属于上市公司股东的净利润为负值，公司2025年度经营业绩将出现亏 损。 ...

Core Viewpoint - Aikewei Technology (Shanghai) Co., Ltd. has submitted its initial public offering (IPO) and listing guidance report, marking a significant step in its development path [1][3] Company Overview - Aikewei was established in 2018 and is headquartered in the Zhangjiang Hi-Tech Park in Shanghai, with R&D centers in multiple cities including Beijing, Shanghai, Shenzhen, and Chengdu [3] - The company focuses on high-end chip design in the wireless communication sector and aims to become a leading semiconductor enterprise in China, supported by a team of top technology talents with rich domestic and international entrepreneurial experience [3] Technological Achievements - Aikewei has independently developed a WiFi 6 chip that has completed mass production and received relevant certifications, becoming the first WiFi 6 chip in China to achieve mass production certification [3] - The company aims to leverage national policy support to become a forefront technology innovation enterprise in the global communication connectivity field [3] Financing History - Aikewei has secured multiple rounds of investment from renowned institutions such as Lightspeed Venture Partners, Walden International, IDG Capital, Zhilu Capital, Intel Capital, Huachuang Capital, and Xiaomi Group [3] - As of 2025, the company has completed its D+ round of financing [3] Market Outlook - The demand for wireless communication chips continues to grow with the rapid development of technologies such as 5G and the Internet of Things (IoT), making Aikewei's future development worthy of attention [3]

对于业绩预减的主要原因，伟时电子表示，公司为保持行业技术领先而加大研发投入，导致利润承压； 子公司新建生产线的产能利用率处于爬升阶段，固定成本未能充分摊薄，影响了毛利率与营业利润；汇 率变动对利润影响方向发生逆转，较大程度拉低本期利润总额。 1月16日，伟时电子（605218）发布公告，公司预计2025年归母净利润为2149万元到2616万元，与上年 同期相比，预计减少3449万元到2982万元，同比减少61.61%到53.27%。扣除非经常性损益事项后，预 计归母净利润为837万元到1240万元，预计减少3816万元到3413万元，同比减少82.01%到73.35%。 ...

Core Viewpoint - In 2025, the company achieved a total operating revenue of 4.968 billion yuan, representing a year-on-year increase of 4.98%, and a net profit attributable to shareholders of 1.06 billion yuan, with a growth rate of 17.85% [1][3]. Financial Performance - Total operating revenue reached 4.968 billion yuan, up from 4.696 billion yuan in the previous year, marking a 4.98% increase [3]. - Operating profit was 1.344 billion yuan, compared to 1.142 billion yuan last year, reflecting an 18.62% increase [3]. - Total profit amounted to 1.344 billion yuan, an increase from 1.140 billion yuan, showing an 18.72% growth [3]. - Net profit attributable to shareholders was 1.061 billion yuan, up from 907.78 million yuan, with a year-on-year growth of 17.85% [3]. - The basic earnings per share were 1.07 yuan, compared to 0.92 yuan in the previous year, indicating a 17.58% increase [3]. Asset and Equity Growth - As of the end of the reporting period, total assets reached 14.004 billion yuan, a 38.52% increase year-on-year [4]. - Shareholders' equity attributable to the company was 7.833 billion yuan, up 10.61% from the previous year [4]. - The company's net asset per share was 7.81 yuan, compared to 7.04 yuan last year, reflecting a 10.62% increase [3]. Strategic Focus - The company emphasized high-quality development, focusing on technological innovation and the transformation of results, with a net profit of 1.006 billion yuan after deducting non-recurring gains, representing a 15.77% increase [3]. - The weighted average return on net assets after deductions was 13.57%, indicating a continuous enhancement in profitability [3]. - The performance report included the impact of mergers under common control, specifically the acquisition of 100% equity in Zhongren Internet of Vehicles, which further improved the business layout [4].

Core Viewpoint - The report from CITIC Securities indicates that Wuxi Jingyuan Microelectronics Co., Ltd. (Jingyuan Micro) has maintained stable operations during its IPO guidance period, signaling positive market sentiment and reinforcing its robust business fundamentals [1]. Company Overview - Jingyuan Micro, established in 2003, specializes in the design, testing, and sales of high-performance analog and mixed-signal integrated circuits, as well as special discrete devices, with products including power management chips and signal chain chips [3]. - The company has a registered capital of approximately 51.07 million RMB, with its chairman and general manager, Zhu Weimin, holding a 25.37% stake [3]. Business Performance - As of October 2023, Jingyuan Micro reported annual sales exceeding 800 million RMB and R&D investment of 48 million RMB, with over 40 new designs launched annually [6]. - The company has a strong R&D team of nearly 200 employees, with over 70% dedicated to research and development, and possesses product design capabilities across multiple process platforms [6]. Market Position - Jingyuan Micro is positioned to benefit from the ongoing domestic substitution process in the semiconductor industry, leveraging its mature technology team, diverse product matrix, and stable customer partnerships [1][10]. - The global analog chip market is projected to reach $82.5 billion by 2025, with China accounting for over 30% of this market, approximately $27 billion [10]. Competitive Landscape - The global analog chip market is dominated by major players like TI and ADI, which hold over 90% of the market share, creating a challenging competitive environment for Jingyuan Micro [10]. - The company aims to avoid competition in the general-purpose product segment and instead focus on high-end niche markets, enhancing its competitive edge [10]. Strategic Development - To address industry challenges, Jingyuan Micro plans to increase R&D investment, focus on high-performance products in automotive electronics and industrial control, and strengthen collaborations with local wafer manufacturers and packaging/testing companies [11]. - The company is also set to capitalize on its IPO process to expand capacity and market investment, optimizing its customer structure and increasing market share in high-end segments [11].