营收方面，公司在2025年积极应对市场变化，持续加大市场开拓力度，进一步优化业务布局，全年预计实现营业收入886000万元-966000万 元，同比增幅达到10.02%-19.95%，展现出良好的业务拓展成效。 对于净利润下滑的原因，广东鸿图表示，报告期内受行业竞争加剧、原材料价格上涨、关税增加、汇率波动、进项税额加计抵减减少等多 重因素综合影响，公司2025年度经营利润呈现下滑趋势。 1月16日，广东鸿图发布2025年度业绩预告，预计实现归属于上市公司股东的净利润为34100万元-38200万元，较上年同期的41519.05万元下 降7.99%-17.87%；扣除非经常性损益后的净利润预计为31900万元-35900万元，较上年同期的38524.86万元下降6.81%-17.2%。 ...

Core Viewpoint - The company forecasts a revenue increase of 10%-20% for 2025, while net profit is expected to decline significantly due to a major lawsuit affecting financial performance [2][3] Revenue Forecast - The projected revenue for 2025 is between 506,583.81 thousand yuan and 552,636.89 thousand yuan, compared to 460,530.74 thousand yuan in the previous year [2] - The growth in revenue is attributed to the robust demand in the 3C industry and the expansion of the consumer electronics sector, with core products like the 3C drilling and milling machining center generating 2.2 billion yuan in revenue, a year-on-year increase of 14.23% [2] Net Profit Forecast - The net profit attributable to shareholders is expected to be between 13,050.81 thousand yuan and 16,610.12 thousand yuan, a decrease of 30%-45% from the previous year's 23,728.74 thousand yuan [2] - The decline in net profit is primarily due to a significant lawsuit involving the wholly-owned subsidiary, which is expected to impact net profit by approximately 27.9 million yuan [3] Non-Recurring Profit Analysis - The net profit after deducting non-recurring gains and losses is projected to be between 39,462.77 thousand yuan and 44,522.1 thousand yuan, representing a substantial increase of 95%-120% from the previous year's 20,237.33 thousand yuan [2] - The improvement in core business profitability is highlighted by the significant growth in net profit after excluding the impact of the lawsuit and other non-recurring items [3] Overseas Business Expansion - The company's global strategy is showing results, with the official launch of the Vietnam production base in 2025, contributing to overseas revenue of 391 million yuan, a significant increase of 88.5% year-on-year [2]

Core Viewpoint - Defu Technology has decided to terminate its plan to issue A-shares to specific investors for the year 2025, primarily due to the cancellation of its major investment project, the acquisition of 100% equity in a Luxembourg copper foil company [2] Group 1: Termination of A-Share Issuance - On January 15, Defu Technology announced the termination of its plan to issue A-shares for the year 2025, which was initially approved on September 16, 2025, with a fundraising target of no more than 1.93 billion yuan [2] - The net proceeds from the planned issuance were intended for the acquisition of the Luxembourg copper foil project, electronic chemical products for copper foil additives, and to supplement working capital [2] - The board of directors decided to terminate the issuance after a careful assessment, as the main investment project, the acquisition of the Luxembourg copper foil company, has been canceled [2] Group 2: New Domestic Acquisition Plan - Concurrently with the termination of the overseas acquisition, Defu Technology announced a new domestic acquisition plan on January 11 [2] - The company signed a letter of intent to acquire at least 51% equity in Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, making Huiru Technology a subsidiary [2] - Huiru Technology specializes in the research, production, and sales of high-performance electrolytic copper foil, with a current annual production capacity of 20,000 tons and established production capabilities [2]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration application for Shiya Technology Co., Ltd. to conduct its initial public offering and list on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shiya Technology's core product is silicon-based OLED micro-displays, aimed at providing comprehensive solutions for extended reality (XR) devices [3] - The company has achieved significant technological breakthroughs, including the mass production of the world's first 12-inch silicon-based OLED production line and possesses full-stack self-research capabilities from display chips to optical systems [3] Group 2: Market Position and Clients - Shiya Technology has become a strategic supplier for numerous leading clients, including ByteDance, Thunderbird, and Lenovo, with Thunderbird and ByteDance accounting for over 80% of the global XR market shipment volume in 2024 [3] - According to a Frost & Sullivan report, Shiya Technology is one of only two manufacturers in the industry to achieve million-level shipments in 2024, ranking second globally and first domestically in silicon-based OLED product shipments for XR devices, with a market share of approximately 35.2% [3] - Sony ranks first globally in the same category, with a market share of about 50.8% [3]

Group 1 - The company has established a comprehensive product matrix covering AI mobile phones, AI PCs, and AI glasses, while actively expanding into humanoid robots and computing power markets, showcasing strong technological foresight and industry chain integration capabilities [1] - In the AI glasses sector, the company has become a major supplier for mainstream AI glasses clients, with increasing demand for high-end HDI and rigid-flex PCB products due to the trend towards lightweight and fashionable designs [3] - The company is focusing on humanoid robots as a high-growth area, collaborating with leading industry clients on PCB applications in critical areas such as joint control, sensing systems, and main control modules, while ensuring high reliability and performance of PCBs [3] Group 2 - The company's layout in computing power infrastructure is entering a harvest phase, with expectations for 2025 to be the "year of direct customer orders" for computing power, driven by the release of production capacity and order fulfillment [4] - The company is promoting its "ONE AVARY" integrated product platform strategy, which aims to provide a full-chain service from design to mass production through standardized and modular product design and manufacturing processes [4]

Group 1 - The core incident involves a heated conflict within the company, where an employee publicly criticized the founder and CEO, questioning the company's ambitious claims and strategies [2] - The employee's remarks included pointed questions about the CEO's credibility and the feasibility of the company's goals, particularly in relation to the automotive industry and its competition with established players like NVIDIA and major car manufacturers [2] - This conflict appears to be triggered by the CEO's recent bold statements regarding the company's future valuation and market position, which have drawn skepticism from within the organization [2][3] Group 2 - The CEO, Yu Hao, has expressed a vision for the company to become the first trillion-dollar ecosystem, aiming for a market valuation significantly higher than current leaders like NVIDIA [3] - The company's automotive strategy is closely linked to this vision, with plans to produce high-performance electric vehicles, including a luxury model aimed at competing with Bugatti, set to launch in 2027 [4] - The automotive division has undergone branding changes, with the original "Chasing Car" brand rebranded to "Starry Future Automotive," focusing on high-end performance vehicles and luxury SUVs [5] Group 3 - The company, founded in 2017, initially focused on smart home appliances and has rapidly expanded since joining the Xiaomi ecosystem, achieving significant sales growth and market share in various regions [6] - By 2024, the company reported a global sales figure of 3.96 million units for its vacuum cleaners, with a 60% year-on-year increase, and a 65% revenue contribution from overseas markets [6] - The company is also establishing a manufacturing facility in Shanghai, with plans to complete it by the first quarter of 2026, amidst increasing regulatory scrutiny in the Chinese electric vehicle market [5]

在自动驾驶技术布局上，奔驰同时深化与中国本土企业的合作。2025年9月，奔驰与中国无人驾驶技术初创公司Momenta达成协议，将其技术引入奔驰在中 国的全新电动CLA车型，覆盖高速公路、城市街道及停车场景的驾驶辅助功能。有知情人士透露，Momenta技术最终将配备于奔驰40款车型。值得注意的 是，宝马也于2025年6月与Momenta签署类似协议，将其技术应用于中国市场的Neue Klasse电动车型，Momenta已完成对BBA的战略布局，成为德系豪华车 企在华智驾核心供应商。 资本层面，奔驰近期完成了对中国智驾企业的股权布局。2025年12月24日，千里科技发布公告显示，其股东重庆力帆控股协议转让公司股份事宜完成过户， 梅赛德斯-奔驰(上海)数字技术有限公司正式成为千里科技持股3%的股东。此次股份转让源于力帆控股未按约定完成股票质押回购交易，根据相关重整计 划，力帆控股将135,633,002股千里科技无限售流通股以9.87元/股的价格转让给奔驰数字技术，用于偿还债务。过户完成后，力帆控股持股比例从13.68%降 至10.68%。 据悉，奔驰此次重点发力的L2+级系统为其在2026国际消费电子展（CES） ...

Core Insights - Tesla CEO Elon Musk announced that the company will stop selling the Full Self-Driving (FSD) product as a one-time purchase after February 14, 2026, shifting to a subscription-only model for this feature [2] - The subscription model will take effect on February 15, 2026, meaning consumers will no longer have the option to make a one-time payment for FSD after the cutoff date [2] - The current monthly subscription fee for FSD in the U.S. is $99, applicable to vehicles equipped with basic or enhanced driving systems [2] Pricing and Features - The Enhanced Autopilot package is priced at 32,000 yuan, adding features like smart navigation, lane changes, and parking assistance to the basic package [4] - The Smart Autopilot package, the highest tier available, costs 64,000 yuan and integrates all features from both the basic and enhanced packages, with advanced functionalities expected to be released later [4] Strategic Implications - The termination of the one-time purchase option is seen as a key move to enhance Tesla's software monetization capabilities, allowing for a more stable cash flow through ongoing subscription services [4] - The subscription model lowers the entry barrier for users to experience autonomous driving technology, potentially increasing user retention [4] - However, there are challenges in localizing the FSD system for the domestic market, with reports of performance issues in complex driving conditions compared to some local competitors [4]

1 月 14 日，振芯科技同步披露收到中国证券监督管理委员会四川监管局《警示函》及深圳证券交易所监管函的相关情况，公司因通过非法定渠道违规披露 信息，相关责任人已被认定负有责任并面临监管追责。 针对此次监管措施，振芯科技董事会在公告中表示，公司及相关人员高度重视《警示函》中指出的问题，将认真总结教训，进一步加强对《上市公司信息披 露管理办法》《深圳证券交易所创业板股票上市规则》等相关法律法规及规范性文件的学习理解，提高公司治理水平，强化信息披露管理，避免类似事件再 次发生，切实维护公司及全体股东利益。同时公司明确，本次行政监管措施不会影响公司正常的生产经营管理活动，后续将严格按照法律法规规定，及时履 行信息披露义务。 根据监管文件查明的事实，振芯科技于 2025 年 12 月 30 日通过非法定信息披露渠道，发布了控股股东可能对公司董事会提前换届的相关信息。该行为不仅 违反了资本市场信息披露的 "公平原则"，损害了全体投资者的公平知情权，其披露的信息也未能满足 "真实、准确、完整" 的法定要求。 经查证，公司董事长谢俊、董事徐进、董事柏杰在该违规发布的信息上署名，公司董事兼总经理杨国勇、董事会秘书陈思莉则在相 ...

Group 1 - The core point of the article is that Tianpu Co., Ltd. successfully completed the board of directors' re-election and the appointment of senior management, but the situation of personnel from the acquirer Zhonghao Xinying holding multiple positions has raised concerns from the Shanghai Stock Exchange [2][3] - On January 14, Tianpu Co., Ltd. elected its fourth board of directors for a three-year term, with Yang Gongyifan elected as chairman and a board composition that meets regulatory requirements for independent directors [2] - The first meeting of the new board elected various committee members, ensuring that independent directors hold the majority in key committees such as the remuneration and assessment committee, audit committee, and nomination committee [2] Group 2 - The Shanghai Stock Exchange issued an inquiry letter regarding the board and senior management changes, asking for clarification on four key issues, including the alignment of personnel arrangements with the company's main business [3] - The inquiry highlighted that most newly elected personnel lack relevant experience in the automotive parts business, raising questions about their ability to manage existing operations and whether the arrangements conflict with previous disclosures [3] - The inquiry also addressed the potential impact of Zhonghao Xinying's independent IPO plans, questioning whether the appointments of key management personnel at Tianpu Co., Ltd. could hinder these plans [3][4] Group 3 - The inquiry further requested clarification on the independence of Tianpu Co., Ltd.'s personnel, specifically whether newly appointed executives are still employed by Zhonghao Xinying or other related companies, and if this violates prior commitments [4] - Additionally, the Shanghai Stock Exchange asked Tianpu Co., Ltd. to assess the impact of an ongoing investigation by the China Securities Regulatory Commission on the qualifications of its directors and senior management [4][5] - Tianpu Co., Ltd. committed to thoroughly verifying the matters raised in the inquiry and will respond within two trading days, adhering to information disclosure obligations [5]