南京万德 关于董事会秘 本公司董事会及全体董 或者重大遗漏,并对其内容 9月15日晚间，南京万德斯环保科技股份有限公司（688178.SH，以下简称"万德斯"）发布公告称，董事会于2025年9月15日收到董事会秘书，核心技术人员 戴昕书面辞职报告。因个人原因，戴昕辞去公司董事会秘书、核心技术人员职务。辞职后，戴昕将不再担任公司任何职务。公司将由总经理陈灿代行董事会 秘书职责。 提前离任的基本情 | 姓名 | 离任职务 | 高任 | | --- | --- | --- | | 咸听 | 董事会秘书、核心 | 2025 : | | | 技术人员 | 15 | 简历显示，戴昕，男，1983年6月生，中国国籍，无境外永久居留权，硕士研究生学历，正高级工程师，历任江苏省嘉庆水务发展有限公司研发部主管、南 京科盛环保科技有限公司研发部经理、公司研发部经理、监事。 值得注意的是，近一年，万德斯发生董监高变更7人次。2024年10月12日，万德斯公告，陈灿新任总经理；2025年9月16日，万德斯公告，陈灿新任代理董事 会秘书；2025年9月16日，万德斯公告，韩辉锁不再担任非独立董事；2025年9月16日，万德斯公告，林仕华 ...

Group 1 - The chairman of China Merchants Shekou Industrial Zone Holdings Co., Ltd., Jiang Tiefeng, has submitted his resignation due to work relocation, stepping down from his roles as chairman, director, and member of the Strategic and Sustainable Development Committee [2][4] - Jiang Tiefeng held 122,000 shares of the company's A-shares prior to his resignation, and the company expressed gratitude for his contributions during his tenure [4][5] - Zhu Kaiwen has been elected as the new chairman of the fourth board of directors, effective immediately until the term ends, and he will also serve as the legal representative of the company [5][6] Group 2 - Zhu Kaiwen will step down from his position as general manager, with Nie Liming taking over the role [6] - China Merchants Shekou is recognized as a leading comprehensive development and operation service provider, focusing on "industrial-financial innovation, low-carbon leadership, and stable operations" [6] - As of the end of 2024, the total assets of China Merchants Shekou amounted to 860.309 billion yuan, with operations spanning over 100 cities and regions globally, serving over 10 million customers [6]

Core Viewpoint - Chery Automobile has officially launched its Hong Kong IPO, aiming to issue 297.4 million H-shares with a price range of HKD 27.75 to HKD 30.75, potentially raising up to HKD 91.45 billion (approximately USD 12 billion) [2][4] Group 1: IPO Details - The IPO is set to be listed on the Hong Kong Stock Exchange on September 25, with the stock code "09973" [2] - The investor lineup for the IPO includes notable institutions such as Hillhouse Capital, Mixed Reform Fund, and Jinglin Capital, with total subscriptions amounting to approximately USD 587 million (HKD 45.725 billion) [4] - The net proceeds from the fundraising are estimated to be around HKD 84.41 billion, allocated as follows: 35% for R&D of various passenger vehicles, 25% for next-generation vehicle and advanced technology development, 20% for overseas market expansion, 10% for upgrading production facilities in Wuhu, Anhui, and the remaining 10% for working capital [4] Group 2: Company Performance - Chery Automobile's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7% [5] - Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, reflecting a CAGR of 57.1% [5] - In 2024, Chery's global sales are anticipated to exceed 2.6039 million units, with exports accounting for 1.1446 million units, representing 44% of total sales [5] Group 3: Challenges and Strategic Focus - As of September 30, 2024, Chery's debt-to-asset ratio stands at 88.64%, with net current liabilities of CNY 3.401 billion [6] - The company's accounts payable surged from CNY 51.708 billion in 2022 to CNY 89.803 billion [6] - Chery's gross margin has declined from 16.0% in 2023 to 13.5% in 2024, further dropping to 12.4% in Q1 2025, indicating a divergence between profit quality and scale growth [6] - The company plans to invest heavily in R&D, particularly in smart driving and new energy technologies, to close the technological gap with competitors like BYD and Geely [6] - Chery aims to establish three new factories in Europe and Southeast Asia over the next three years, increasing its overseas sales proportion to 50% [6]

Group 1 - GAC Aion has appointed Yang Long as the new Vice General Manager and Head of Aion Marketing, succeeding Xiao Yong [2] - Yang Long has extensive experience in market operations, having previously worked at GAC Honda and GAC Mitsubishi, where he led innovative marketing activities [2] - Xiao Yong was instrumental in establishing Aion's marketing system and implementing aggressive strategies that enhanced brand recognition and sales [2] Group 2 - GAC Aion's sales have faced significant declines, with August 2025 sales at 24,318 units, a year-on-year decrease of 23.46%, and cumulative sales for the first eight months down 17.31% [3][4] - The decline in sales is attributed to several factors, including a lack of blockbuster models and over-reliance on the B-end market, which has limited brand image and market penetration [4] - GAC Group is implementing measures such as organizational adjustments and the introduction of hybrid models to address these challenges, with a goal to increase C-end sales to 75% this year [4]

Core Insights - Wahaha Group plans to rebrand as "Wah Xiaozong" starting from the 2026 sales year due to legal risks associated with its current brand usage [2] - The complex shareholding structure of Wahaha Group, with significant stakes held by various parties, complicates brand usage and governance [2] - The rebranding effort is seen as a strategic move by Zong Fuli to navigate legal challenges and potential conflicts with major shareholders [3] Group 1 - The internal document reveals that the brand change is necessary to address historical issues and legal risks following the death of founder Zong Qinghou [2] - The current shareholding structure includes 46% held by Hangzhou Shangcheng Cultural Tourism Investment Holding Group, 29.4% by Zong Fuli, and 24.6% by the employee shareholding association, creating governance risks [2] - Zong Fuli has already registered multiple "Wah Xiaozong" trademarks in May 2025, indicating preparation for the brand transition [2] Group 2 - Zong Fuli faces challenges from family disputes and employee relations, having made significant changes to the management team since taking over [3] - The announcement of the new brand has met with public resistance, indicating potential difficulties in market acceptance and distributor education [3] - Analysts suggest that the rebranding may be part of a broader strategy to negotiate with state-owned shareholders regarding share transfers [3]

Group 1 - Aokang International, once known as the "first stock of men's shoes," has experienced three consecutive years of losses, with net profits of -374 million yuan in 2022, -93.28 million yuan in 2023, and -216 million yuan in 2024, indicating significant operational challenges [2][3] - Despite the ongoing losses, Aokang's stock price has shown a remarkable recovery since September 2024, reaching a high of 10.26 yuan by August 8, 2025, nearly doubling from its low point in 2024 [3] - The third-largest shareholder, Xiang Jinyu, disclosed a plan to reduce holdings in August 2025, cashing out at least 93.53 million yuan, citing "personal funding needs" as the reason for the reduction [4] Group 2 - Aokang International, founded in 1988, is a well-known shoe brand operator and retailer in China, owning brands such as Aokang and Kanglong, and representing international brands like SKECHERS and PUMA [3] - The company has distributed over 100 million yuan in cash dividends in 2024, despite its financial struggles [4] - Aokang attempted to explore new growth avenues through a cross-border acquisition of chip assets, but the deal was ultimately terminated due to failure to reach an agreement on transaction conditions [4]

Core Viewpoint - Jiangsu Suyang Investment Co., Ltd. has reduced its stake in Aosaikang Pharmaceutical Co., Ltd. by 10,160,232 shares, representing 1.09% of the total share capital, from February 27, 2025, to September 12, 2025, due to its own operational needs [2][3]. Group 1: Shareholding Changes - Jiangsu Suyang Investment's shareholding decreased from 14.00% to 12.91%, triggering a 1% change in equity [3]. - The reduction was executed through centralized bidding and block trading, in accordance with a previously disclosed reduction plan [3]. Group 2: Impact on Aosaikang - The share reduction will not lead to a change in control of Aosaikang, and the management team remains stable [4]. - Aosaikang will continue to focus on its established strategy in pharmaceutical research, production, and sales, ensuring the provision of quality medicines to the market [4]. Group 3: Financial Performance - Aosaikang reported a revenue of 1.007 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.20% [5]. - The net profit attributable to shareholders reached 160 million yuan, marking a significant year-on-year increase of 111.64% [5].

Core Viewpoint - Zhejiang Benli Technology Co., Ltd. plans to absorb and merge its wholly-owned subsidiary, Linhai Benli Technology Co., Ltd., to enhance resource integration, optimize management structure, and reduce management costs, aligning with its development strategy [2][4]. Group 1: Merger Details - The merger will result in the legal status of Linhai Benli being canceled, with all its business, assets, debts, personnel, and rights and obligations being inherited by Benli Technology [2]. - Benli Technology will manage the absorbed assets and business as the operating entity post-merger [2]. Group 2: Creditors' Rights - Creditors have the right to claim debts or request guarantees from Benli Technology within 30 days of receiving notice or within 45 days from the announcement if no notice is received [5]. - Failure to declare debts within the specified period will not affect the validity of the creditors' claims, and Benli Technology will continue to fulfill its obligations based on the original debt agreements [5]. Group 3: Financial Performance - In the first half of 2025, Benli Technology reported a revenue of 342 million yuan, a year-on-year decrease of 9.67% [5]. - The net profit attributable to the parent company was 44.66 million yuan, reflecting a year-on-year increase of 7.64% [5].

Core Viewpoint - The control dispute of Mengjie Co., Ltd. has reached a significant turning point as founder Jiang Tianwu regains voting rights and becomes the largest shareholder, yet the company enters a state of having no actual controller, indicating ongoing internal conflicts despite the change in shareholding structure [2][3]. Group 1: Control Change - The control change stems from a debt crisis in 2022, where Jiang Tianwu and other shareholders transferred a total of 77 million shares to Jin Sen New Energy, while Jiang Tianwu relinquished voting rights for 13.36% of his shares for three years [3]. - Following the termination of the voting rights delegation agreement, Jin Sen New Energy's voting rights share dropped to 10.30%, losing its status as the largest shareholder, while Jiang Tianwu and his concerted parties hold a total of 13.53% of shares, becoming the new largest shareholder [3]. - The company is now in a state of having no controlling shareholder or actual controller due to the dispersed shareholding [3]. Group 2: Governance Issues - Jin Sen New Energy, which entered as a "white knight" in 2022, has been a focal point of controversy in Mengjie Co., Ltd.'s governance, with its recommended director voting against or abstaining from multiple proposals, raising concerns about the company's financial data disclosure and lack of control over key operations [3]. - Jin Sen New Energy is facing its own challenges, including a warning letter from the Hunan Securities Regulatory Bureau and a judicial freeze on its 77 million shares, preventing it from exercising voting rights until rectification is completed [3]. Group 3: Shareholding Dynamics - The entry of Wu Shichun, a prominent figure in the venture capital circle, adds complexity to the shareholding structure, as Wu's company Qingyun Data Science is set to acquire 10.65% of shares from Jiang Tianwu's ex-wife, potentially leading to a "tripartite" shareholding structure among Jiang Tianwu (13.52%), Qingyun Data Science (10.65%), and Jin Sen New Energy (10.30%) [4]. - This new shareholding dynamic suggests that no single party can dominate the company, leaving the control dispute unresolved [4]. Group 4: Financial Performance - Mengjie Co., Ltd. reported a revenue of 734 million yuan in the first half of 2025, a year-on-year decrease of 14.83%, while the net profit attributable to shareholders increased by 26.27% to 25.415 million yuan, and the net profit after deducting non-recurring gains and losses rose by 53.46% to 23.9754 million yuan [4].

Group 1 - The incident at the Changchun Airshow involved two XPeng Huaitian eVTOLs making contact during a rehearsal, resulting in one aircraft catching fire upon landing, while the other landed safely. All personnel were reported safe, and investigations are ongoing [1] - XPeng Huaitian is recognized as the largest flying car company in Asia, having invested approximately $600 million over 12 years in research and development, resulting in seven generations of aircraft. Their product lineup includes three types of flying cars: the "Land Carrier," a split-type, a tilt-rotor, and an integrated model [3] - The "Land Carrier" is notable for its unique design, allowing it to store an aircraft in its trunk and featuring an innovative automatic separation mechanism that enables quick transition between ground and flight modes. It has already completed significant milestones, including the first public manned flight at the Guangzhou Auto Show and a successful first flight in Shanghai [3] Group 2 - Progress on the "Land Carrier" is on track, with the Civil Aviation Administration of China releasing a draft for public consultation to facilitate future certification of similar aircraft. Additionally, XPeng Huaitian has signed cooperation agreements with three companies in Shandong to advance low-altitude economic initiatives [4] - The manufacturing base in Guangzhou is under construction, designed to be the world's first large-scale production facility for flying cars using modern assembly lines, with an annual production capacity planned at 10,000 units, expected to be completed in the third quarter of this year [4] - The company has received nearly 5,000 orders for the "Land Carrier" in the Chinese market, with plans for delivery in the second half of 2026. Furthermore, XPeng Huaitian secured $250 million in Series B funding in July to support research, production, and commercialization efforts [4]