根据《深圳证券交易所股票发行上市审核规则(2024年修订)>>第六十二条的有关规定，深交所决定终止 对珠海赛纬首次公开发行股票并在创业板上市的审核。 招股书显示，珠海赛纬主要从事锂离子电池电解液的研发、生产和销售。锂离子电池电解液作为锂离子 电池的关键材料，广泛应用于新能源汽车、储能和消费电子领域。公司已与宁德时代、亿纬锂能、孚能 科技、蜂巢能源、捷威动力、珠海冠宇、鹏辉能源等优质客户建立起稳定的合作关系。 珠海赛纬于2007年设立，是国内锂电领域较早从事电解液材料开发的企业之一，根据鑫椤锂电统计， 2021年度珠海赛纬在国内出货量占比排名第五。珠海赛纬曾获得珠海市独角兽种子企业、广东省锂电池 电解液及添加剂工程技术研究中心、广东省省级企业技术中心等称号。 近日，深交所披露了关于终止对珠海市赛纬电子材料股份有限公司（简称：珠海赛纬）首次公开发行股 票并在创业板上市审核的决定。 据披露，深交所于2022年9月29日依法受理了珠海赛纬首次公开发行股票并在创业板上市的申请文件， 并依法依规进行了审核。 日前，珠海赛纬向深交所提交了《珠海市赛纬电子材料股份有限公司关于撤回首次公开发行股票并在创 业板上市申请文件的申请 ...

公司将根据协议中约定的产能建设节奏及实际的订单签约情况安排相应新建、扩建产能以满足供货要 求。预计未来三年为满足本合同履约需求，资本性支出约为87亿元。结合工程建设进度及工程付款进 度，预计2026年、2027年、2028年扩产所需资本性投入为36亿元，33亿元，18亿元。另有少量质保金将 在2029年支付。 公司拟通过银行贷款、自有资金及其他等多种方式满足项目建设及投产所需的资金需求。（1）公司的 资金储备情况：2025年9月30日公司流动资产账面余额133.36亿元，其中货币资金及交易性金融资产为 45.91亿元，银行承兑汇票余额25.78亿元。公司资金相对充裕，可以为公司的日常运营和项目投资提供 坚实的财务基础。（2）公司可动用的银行授信：截至2025年三季度末本公司共获得银行授信额度 197.37亿元，其中尚未使用的授信额度为84.38亿元，备用流动性资金充足。公司资信良好，充足的授信 额度将为公司日常经营及未来投资提供充足的资金来源。综上所述，虽然此项目投资金额较大，但公司 的资金储备充足、融资能力良好，预计不会对公司的资金流动性和财务状况造成重大不利影响。公司有 能力为本合同履行提供坚实的资金保障 ...

Core Viewpoint - GAC Group is advancing its "Panyu Action" reform, marking a significant step in the establishment of its independent brand business unit (BU) with the formation of the Trumpchi BU on January 16, 2026, which aims to enhance operational efficiency and market responsiveness [2] Group 1: Organizational Changes - The establishment of the Trumpchi BU is part of GAC Group's deeper reform of its independent brand system, aiming for clearer responsibilities, focused resources, and more efficient operations [2] - The Trumpchi BU will integrate resources across the entire value chain, including R&D, manufacturing, and sales, to improve decision-making efficiency and market response speed [2] Group 2: Market Strategy and Performance - The Aion BU, established prior to the Trumpchi BU, has demonstrated the effectiveness of the BU model by achieving sales of over 40,000 units by December 2025, showcasing resilience in the competitive electric vehicle market [3] - The Aion i60 model achieved over 10,000 units in sales in its first month, serving as a key driver for overall sales growth [3] Group 3: Future Directions and Collaborations - GAC Group's strategy emphasizes resource sharing and collaborative development as essential for building core competitiveness, with the dual BU approach accelerating the implementation of the "Panyu Action" [3] - GAC Group's transformation into a technology-driven enterprise is influenced by its collaboration with Huawei, integrating user-centric thinking into its R&D processes [4] - The partnership with Huawei involves deep co-creation across various aspects, including technology, market insights, and product development, with a significant number of Huawei's R&D personnel involved in the collaboration [4]

Core Insights - The operational capability is a critical reflection of asset management efficiency and an important dimension for measuring a company's core competitiveness in the semiconductor passive components industry [2] - There is a significant stratification in operational capabilities among 11 key listed companies in the A-share chip industry, with companies like Maijie Technology and Fenghua Advanced Technology demonstrating superior operational efficiency through effective inventory and accounts receivable management [2][5] - The differences in operational capabilities not only reflect internal management levels but are also closely related to downstream customer structures and product positioning, which will further impact cash flow health and market responsiveness [2][9] Operational Cycle - The operational cycle, which measures the efficiency from raw material procurement to revenue realization, shows a stark disparity among the 11 companies, indicating a "polarization" pattern [5] - Fenghua Advanced Technology leads with the shortest operational cycle of 174.44 days, followed closely by Maijie Technology at 179.30 days, and Taijing Technology at 208.38 days [5] - In contrast, Hongda Electronics has the longest operational cycle at 729.79 days, with Zhenhua Technology and Hongyuan Electronics also exceeding 500 days, indicating high asset occupation costs and significant operational efficiency pressures [5][6] Inventory Turnover Rate - The inventory turnover rate, a key indicator of inventory management efficiency, significantly affects capital occupation and market risk response capabilities [6] - Maijie Technology tops the industry with an inventory turnover rate of 4.37 times, followed by Fenghua Advanced Technology at 3.17 times and Shunluo Electronics at 2.95 times [6] - Conversely, Hongda Electronics has a low inventory turnover rate of only 0.64 times, with Zhenhua Technology and Hongyuan Electronics also below 1 time, indicating slow inventory turnover and high capital occupation pressure [6][9] Accounts Receivable Turnover Rate - The accounts receivable turnover rate directly relates to cash flow health, reflecting a company's bargaining power and collection management efficiency [7] - Sanhuan Group leads with an accounts receivable turnover rate of 3.33 times, indicating strong bargaining power and quick collection of sales proceeds [7] - In contrast, Hongda Electronics, Zhenhua Technology, and Hongyuan Electronics have low turnover rates of 0.87 times, 0.73 times, and 1.01 times respectively, suggesting prolonged collection periods [7] Asset Turnover Rates - The industry shows a "head concentration, tail lag" pattern in both current asset turnover and total asset turnover rates [8] - Shunluo Electronics leads in current asset turnover at 1.03 times, while Maijie Technology follows at 0.84 times, maximizing asset utilization efficiency [8] - Maijie Technology also leads in total asset turnover at 0.41 times, with Shunluo Electronics at 0.39 times, while companies like Canqin Technology and Dali Cap have the lowest at 0.19 times, indicating significant room for improvement in overall asset operational efficiency [8] Industry Analysis - The stratification in operational capabilities reflects a combination of customer structure, product positioning, and management levels [9] - Companies with a high proportion of military clients, such as Hongda Electronics and Zhenhua Technology, face longer operational cycles and slower accounts receivable turnover due to the procurement processes and payment mechanisms in the military industry [9] - In contrast, companies focusing on consumer electronics and automotive electronics, like Maijie Technology and Fenghua Advanced Technology, achieve higher operational efficiency through flexible market response mechanisms and effective internal management [9]

1月16日，众泰汽车发布2025年年度业绩预告的提示性公告，归属于上市公司股东的净利润为负值，公司年度经营业绩仍处于亏损状态，但预计2025年末净 资产为正值。 值得注意的是，众泰汽车曾于1月8日发布《关于公司破产企业财产处置专用账户股份处置至5%以下及处置比例触及1%整数倍暨权益变动的提示性公告》。 公告显示，公司破产企业财产处置专用账户依据此前披露的处置计划，通过集中竞价及司法划转非交易过户等方式处置股份，持股比例由5.81%降至 4.999999%，且权益变动触及1%及5%整数倍。处置股票的变现价款主要用于偿还历史遗留债务，剩余部分补充经营性流动资金，将对公司盘活核心资产、 推进复工复产产生积极影响。 ...

公告显示，业绩预告期间为2025年1月1日至2025年12月31日。经财务部门初步测算，公司预计2025年年度归属于上市公司股东的净利润为2149万元至2616万 元，与上年同期的5598.41万元相比，预计减少2982.41万元至3449.41万元，同比减少53.27%至61.61%。 扣除非经常性损益后，公司预计2025年年度归属于上市公司股东的扣除非经常性损益的净利润为837万元至1240万元，较上年同期的4653.13万元相比，预计 减少3413.13万元至3816.13万元，同比减少73.35%至82.01%。据了解，上年同期公司每股收益为0.2655元。 对于业绩预减的主要原因，伟时电子表示主要有三方面因素：其一，公司为保持行业技术领先地位，持续加大研发投入，导致报告期内利润承压；其二，子 公司新建生产线产能利用率处于爬升阶段，折旧、能耗、人员等固定成本未能被充分摊薄，单位固定成本分摊较高，对当期毛利率与营业利润产生阶段性压 力；其三，汇率变动对利润影响方向发生逆转，较大程度拉低了本期利润总额。 1 I HHH- x J t r IT r 0 10 1 - 1 8 - 4 T 1 x T t be ...

Core Viewpoint - Yingli Automotive has issued a profit warning for the fiscal year 2025, indicating that the net profit attributable to shareholders will be negative, resulting in an operational loss for the year [2] Group 1: Reasons for Loss - The primary reasons for the anticipated loss include fluctuations in market demand, leading to orders falling short of expectations [2] - Additionally, the company has made significant capital investments in the past, but some projects have not fully realized their production capacity, resulting in a lack of scale effects [2] - The combination of these factors has contributed to the decline in operational performance for the year 2025 [2] Group 2: Investment Adjustments - On December 12, 2025, Yingli Automotive announced the approval of a resolution to reduce the investment scale for the "Industrialization Project of Non-Metal Components for New Energy Vehicles" and to conclude the project [2] - The company plans to permanently supplement its working capital with the remaining raised funds and estimated unpaid payments totaling 21.22 million yuan [2]

对于业绩大幅增长的原因，公司表示，2025年度坚定践行"拥抱AI，奔向未来"的发展战略，精准把握AI算力技术革新与数据中心升级浪潮带来的历史机遇， 持续巩固全球PCB（印制电路板）制造领域的技术领先地位。随着全球AI基础设施与算力需求的持续扩张，胜宏科技凭借行业领先的技术能力、品质能力、 交付能力和全球化服务能力，成功成为国内外众多头部科技企业的核心合作伙伴。 TONILIOSIL UNITS 在关键业务领域，公司多款面向AI算力、数据中心、高性能计算等场景的高端PCB产品已实现大规模量产，推动产品结构向高价值量、高技术复杂度方向持 续升级，高端产品占比显著提升，直接驱动公司业绩实现高速增长。 1月16日，胜宏科技发布2025年度业绩预告，公司预计全年归属于上市公司股东的净利润区间为41.6亿元至45.6亿元，较上年同期的11.54亿元增长260.35%至 295%；扣除非经常性损益后的净利润区间为41.5亿元至45.5亿元，较上年同期的11.41亿元增长263.59%至298.64%，业绩实现大幅同向上升。 ...

1月16日，索菱股份发布2025年度业绩预告，公告显示公司当期业绩出现亏损，归属于上市公司股东的净利润预计在-7000万元至-5000万元之间，较上年 同期的6006.76万元大幅下降216.54%至183.24%。 扣除非经常性损益后，公司净利润预计为-7850万元至-5850万元，较上年同期的4989.22万元下降257.34%至217.25%；基本每股收益预计为-0.0819元/股 至-0.0585元/股，上年同期基本每股收益为0.0708元/股。 对于业绩变动的原因，索菱股份在公告中作出两点说明： 另一方面，国内座舱市场迭代速度加快，市场竞争日趋激烈，公司原有座舱平台竞争力不足，推广效果未达预期，相关资产出现明显减值迹象，根据会计 谨慎性原则，公司对相关资产计提了减值准备。 一方面，报告期内公司大项目已履行完毕，但新项目尚未形成规模性量产，直接导致本年度收入及毛利大幅下滑。同时，公司近年来持续在汽车智能化领 域增加投入，且投入产出存在周期错配，前期投入规模较大；为巩固在IoT（物联网）、V2X（车与万物互联技术）领域的优势地位，公司进一步加大了 该领域的技术及市场投入，使得报告期内研发费用、销售费用较 ...

Core Viewpoint - The company, Longxin General, announced a significant increase in its projected net profit for the year 2025, indicating strong growth despite facing short-term challenges [2][3] Financial Performance - The net profit attributable to the parent company is expected to be between 165 million to 180 million yuan, representing an increase of 52.87 million to 67.87 million yuan compared to the previous year's profit of 112.13 million yuan, with a year-on-year growth rate of 47.15% to 60.53% [2] - After excluding non-recurring gains and losses, the net profit is projected to be between 160 million to 175 million yuan, an increase of 50.43 million to 65.43 million yuan from last year's 109.57 million yuan, reflecting a growth of 46.03% to 59.72% [2] - The previous year's earnings per share were 0.55 yuan, with a total profit of 127.56 million yuan [2] Reasons for Performance Increase - The company cited several short-term factors impacting the fourth quarter performance, including losses from the disposal of equity in Zunyi Jinye Machinery Casting Co., Ltd., C.M.D Costruzioni Motori Diesel S.p.A., and Zhuhai Longhua Helicopter Technology Co., Ltd., as well as impairment provisions for loans and receivables [3] - One-time expenses related to upgrading exhibition halls and office environments, along with foreign exchange losses, were also noted as contributing factors [3] - The core drivers of the overall performance growth were attributed to steady growth in the motorcycle and general machinery sectors, along with ongoing optimization of the Wujie product line, which effectively enhanced the company's overall profitability [3]