信长星、刘小涛代表省委、省政府对于旭波、崔志成一行来江苏考察交流、对接合作表示欢迎。信 长星说，党的二十届四中全会对未来5年发展作出了顶层设计和战略擘画，我们正在深入学习贯彻全会 精神，认真谋划江苏"十五五"发展。希望双方围绕工业母机、智能制造、医疗康养、对外贸易等领域进 一步深化合作，努力取得更加丰硕的成果，共同服务全国发展大局。 中国通用技术集团副总经理贾大风参加会见。 于旭波、崔志成介绍了中国通用技术集团最新发展情况。他们表示，江苏产业基础厚实、科教资源 丰富，是集团战略布局的重点区域。集团将发挥人才、技术和产业等优势，持续拓展与江苏的务实合 作，助力江苏高质量发展和现代化建设。 11月27日，省委书记信长星、省长刘小涛在南京会见中国通用技术集团董事长于旭波、总经理崔志 成。 ...

Market Overview - A-shares experienced a strong rebound on October 20, with all three major indices rising, particularly the ChiNext Index which surged over 3% [1] - By the midday close, the Shanghai Composite Index was at 3866.09 points, up 0.69%; the Shenzhen Component rose 1.38%; and the ChiNext Index increased by 2.49% [1] Trading Volume and Stock Performance - The total trading volume exceeded 1.1 trillion yuan, slightly down from the previous trading day [2] - A total of 4237 stocks rose, with 75 hitting the daily limit up, while 1056 stocks declined [2] Sector Performance - Most sectors showed positive performance, with the optical module (CPO), lithium battery electrolyte, optical communication, and optical chip sectors leading the gains [2][3] - The precious metals sector was notably weak, with declines in rare earth and banking sectors [2] Notable Stocks - The optical module (CPO) sector saw a strong rebound, with related indices rising over 7% [3] - Key stocks in this sector included: - Zhongji Xuchuang rose 8.31% to 404.64 yuan per share, with a market cap of 449.6 billion yuan [4] - New Yisheng increased by 4.86% to 331.69 yuan per share, with a market cap of 329.7 billion yuan [5] - Tianfu Communication surged 8.94% to 159.7 yuan per share, with a market cap of 124.2 billion yuan [6] - Source Technology hit the daily limit up, rising 14.84% [8] Semiconductor Sector - The semiconductor chip sector also performed well, with companies like Silan Microelectronics hitting the daily limit up, reporting a market cap of 54.8 billion yuan [11] - Silan Microelectronics announced plans to invest 20 billion yuan in a new 12-inch high-end analog chip manufacturing line [11] Financial Sector - Agricultural Bank of China saw its stock price rise over 1%, marking a 12-day consecutive increase and reaching a market cap of over 2.61 trillion yuan [14] - Insurance stocks experienced broad gains, with China Life rising nearly 4% to 42.44 yuan per share, with a market cap of 1.0432 trillion yuan [17] Precious Metals Sector - The precious metals sector faced significant declines, with stocks like Hunan Silver hitting the daily limit down, and West Gold dropping over 8% [19][20] - International gold prices remained volatile, with spot gold at $4265.61 per ounce, up 0.35% for the day [20]

Group 1 - The stock of Dianguang Media (000917) opened high and surged, reaching the daily limit with a latest price of 8.64 yuan per share as of the report [2] - PCB concept stocks are active, with companies like Jingwang Electronics, Yidao Information, and Chenfeng Technology hitting the daily limit, while Weiergao and Hudian shares also saw increases [2] Group 2 - Cambrian's stock rose over 6% following the release of its Q3 financial report, which showed a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan [5] - For the first three quarters, Cambrian reported a revenue of 4.607 billion yuan, up 2386.38%, and a net profit of 1.605 billion yuan [5] Group 3 - Agricultural Bank's stock experienced a rebound, rising over 1% and reaching a historical high with a latest price of 7.71 yuan per share, and a total market capitalization exceeding 2.7 trillion yuan [8] - As of the report, the Shanghai Composite Index rose by 0.9% to 3874.41 points, the Shenzhen Component Index increased by 1.72% to 12907.70 points, and the ChiNext Index climbed by 3.06% to 3025.31 points, with over 4200 stocks in the three markets rising [10]

Core Points - Jin Tong Ling was found guilty of securities fraud and fined 8 million yuan, with its former chairman sentenced to 6 years in prison and fined 3 million yuan [1][2][4] - The case highlights the regulatory authorities' comprehensive approach to tackling financial misconduct in the capital market, enhancing the cost of illegal activities [1][8] Group 1: Legal Proceedings - Jin Tong Ling's fraudulent activities included providing false financial data in annual reports for six consecutive years, misrepresenting losses as profits, leading to significant investor losses [8][9] - The Shanghai Third Intermediate People's Court sentenced several executives, including the former chairman and CFO, to prison terms ranging from 1 year and 10 months to 6 years, along with substantial fines [4][6][7] Group 2: Regulatory Actions - The Jiangsu Securities Regulatory Bureau imposed administrative penalties on Jin Tong Ling for financial misconduct, including a fine of 1.5 million yuan and warnings to responsible executives [9][10] - A special representative lawsuit has been initiated to address the securities fraud, indicating a structured legal response to protect investor rights [10]

Core Points - The case of Jintongling has resulted in significant legal consequences for its executives, highlighting the increasing severity of regulatory actions against financial fraud in China's capital markets [1][3][5] Group 1: Legal Consequences - Jintongling was fined 8 million yuan for committing securities fraud [3] - Former Chairman Ji Wei received a 6-year prison sentence and a fine of 3 million yuan for multiple offenses, including the fraudulent issuance of securities [3][6] - Other executives, including the former CFO and board secretary, received varying prison sentences and fines for their roles in the fraudulent activities [2][4][3] Group 2: Regulatory Actions - The Jiangsu Securities Regulatory Bureau had previously imposed administrative penalties on Jintongling for financial misconduct from 2017 to 2022 [1][9] - The company provided false financial data in annual reports over six years, misrepresenting losses as profits, which led to significant investor losses [6][8] - A special representative lawsuit has been initiated to address the securities fraud claims against Jintongling, indicating a broader effort to protect investor rights [9]

Core Viewpoint - The financial fraud case of Jintongling (SZ300091, stock price 2.92 yuan, market value 4.348 billion yuan) has reached a critical juncture with the issuance of a criminal judgment by the Shanghai Third Intermediate People's Court [1][2]. Summary by Sections Criminal Judgment - Jintongling has been fined 8 million yuan for the crime of fraudulent issuance of securities according to the first-instance judgment [3]. - The former chairman and actual controller, Ji Wei, has been sentenced to six years in prison and fined 3 million yuan for the crimes of violating the disclosure of important information and fraudulent issuance of securities [4][10]. - Other responsible individuals, including Yuan Xueli, Xu Kunming, and Mao Xinpeng, have also received prison sentences and fines [5]. Details of Fraudulent Activities - The public prosecution by the Shanghai People's Procuratorate Third Branch accused Jintongling of providing false financial data in annual reports for six consecutive years, misrepresenting losses as profits for four years, leading to significant investor losses [6]. - The company fabricated major false content in stock issuance documents directed at specific parties [6]. - The 8 million yuan fine represents 1.17% of the company's most recent audited net assets, and the company stated that this matter does not trigger mandatory delisting conditions under the Shenzhen Stock Exchange's rules [6]. Previous Administrative Penalties - Prior to the criminal judgment, Jintongling had already faced administrative penalties totaling 5.7 million yuan for its fraudulent activities from 2017 to 2022 [12]. - The Jiangsu Securities Regulatory Bureau revealed that the company systematically inflated or deflated revenue and profits through various means, including falsifying project completion progress and prematurely recognizing revenue [12][13]. - Specific inflated revenue figures included 501 million yuan in 2017, 550 million yuan in 2018, and 68.93 million yuan in 2021, among others [13]. Financial Performance - In the 2024 annual report, Jintongling reported total revenue of 1.407 billion yuan, a year-on-year decrease of 2.95%, and a net loss attributable to shareholders of 1.314 billion yuan, compared to a loss of 506 million yuan in the previous year [18]. - The company also reported a net cash flow from operating activities of -132 million yuan, worsening from -35.89 million yuan in the previous year [18]. - The stock price fell by 1.68% to 2.92 yuan per share, with a total market value of 4.3 billion yuan [19].

Core Insights - The emergence of DeepSeek in early 2025 highlights China's innovative capabilities on the global stage, showcasing strong potential in various sectors including generative AI, humanoid robots, civil aviation, and quantum information [1] - The discussion emphasizes that innovation today is characterized by technological convergence and cross-industry collaboration, moving away from isolated technological advancements [5] Group 1: Industry Innovation - The current innovation landscape is marked by a shift towards collaborative efforts among companies, with a focus on integrating various technologies rather than developing them in isolation [5] - Companies like China General Technology Group and Haier are actively engaging in partnerships to enhance their innovation capabilities, reflecting a new paradigm in industrial development [6] Group 2: AI Application and Assessment - In an AI assessment, Haier Group scored 90, leading the evaluation, while China National Machinery Group scored 80, and China General Technology Group received 75, indicating varying levels of AI integration and application [7] - Haier's high score reflects its commitment to fully embrace AI across all operations, aiming to enhance competitiveness and establish a global brand presence [8] Group 3: Future Directions - The rapid development of AI technology presents both opportunities and challenges for the manufacturing sector, necessitating a comprehensive embrace of AI in product design, manufacturing, and user experience [9] - Green transformation is identified as a crucial direction for future manufacturing development, with companies like Haier focusing on sustainable practices and personalized production through AI [10]

智通财经APP讯，金禧国际控股(00091)发布公告，公司因集团内部资金限制而未能根据与核数师的委聘函的条款及条件结付核数师进度款。核数师无法继续审计工作。公司正与核数师密切合作及正寻求用以结付核数师进度款的财务资源。 公司与核数师讨论审计进度后，决定将延迟刊发2023年全年业绩公告。此外，鉴于2023年全年业绩公告延迟，预期2023年年报将无法于2024年4月30日前寄发。 ...

Revenue and Profitability - The Group's overall revenue for the six months ended 30 June 2023 was approximately HK$78,450,000, representing an increase of about 895.18% compared to approximately HK$7,883,000 in the corresponding period last year[9]. - The Group recorded a gross profit of approximately HK$351,000 for the Period, a decrease from approximately HK$1,388,000 in the corresponding period last year[10]. - The Group reported a capital deficiency attributable to shareholders of approximately HK$152,821,000 as of June 30, 2023, compared to approximately HK$126,306,000 as of December 31, 2022[31]. - The total comprehensive expenses for the period amounted to HK$26,524,000, compared to HK$37,572,000 in the prior year, showing a decrease of about 29.4%[122]. - The loss from continuing operations for the period was HK$32,476,000, an improvement compared to a loss of HK$43,660,000 in the previous year, reflecting a reduction of approximately 25.6%[119]. Expenses and Cost Management - Administrative expenses decreased by about 24.66% to approximately HK$24,438,000 from approximately HK$32,437,000 in the previous year[13]. - Finance costs decreased mainly due to the absence of imputed interest on bonds and reduced imputed interest on lease liabilities[21]. - Staff costs totaled HK$8,558,000, a reduction from HK$11,000,000 in the previous year, indicating a cost-cutting strategy[187]. - The cost of inventories recognized as expenses surged to HK$77,977,000, compared to HK$5,951,000 in the prior period, reflecting increased operational challenges[187]. - The Group plans to adopt cost-effective controls over administrative and operational expenses and explore other financing alternatives to improve liquidity[78]. Cash Flow and Financial Position - As of 30 June 2023, the Group's cash and bank balances amounted to approximately HK$16,335,000, down from approximately HK$34,632,000 as of 31 December 2022[23]. - The net current liabilities increased from HK$186,618,000 to HK$203,228,000, indicating a rise of approximately 8.8%[125]. - Cash used in operations for the six months ended June 30, 2023, was HK$16,892,000, an improvement from HK$26,050,000 in the same period of 2022, reflecting a reduction of approximately 35.5%[137]. - The Group's cash and bank balances at the end of the period were HK$16,335,000, down from HK$76,252,000 in the previous year[140]. - The Directors believe the Group will have sufficient cash resources to meet its financial obligations in the next twelve months[150]. Segment Performance - The general trading business generated revenue of approximately HK$77,864,000 with a loss of approximately HK$1,323,000 during the period[66]. - The comprehensive healthcare business reported revenue of approximately HK$572,000, down from approximately HK$6,182,000 in 2022, and incurred a loss of approximately HK$378,000 compared to a gain of approximately HK$80,000 in the previous year[66]. - Revenue from coalbed methane (CBM) was HK$0, while financial business generated HK$14,000 in management fee income and HK$572,000 from mask product sales[164]. - The Group's reportable segment results showed a total loss of HK$9,962,000 for the six months ended June 30, 2023[170]. - The financial business segment included income from consultancy and referral services, which totaled HK$434,000, and brokerage commission income of HK$761,000[162]. Shareholder Information and Corporate Governance - The Company has not purchased, sold, or redeemed any listed securities during the period[97]. - The positions of chairman and CEO are currently vacant, but executive directors are performing similar functions[94]. - The weighted average number of ordinary shares for the purpose of basic loss per share remained constant at 4,454,196,695 shares[195]. - The share option scheme allows for a maximum of 479,079,342 shares to be issued upon exercise of all share options, equivalent to 10% of the shares in issue as of June 7, 2017[106]. - The Company has adopted corporate governance practices that comply with the Corporate Governance Code[90]. Operational Challenges and Future Outlook - The exploration works in Area A have been temporarily suspended due to internal funding constraints, affecting the completion of the Overall Development Plan (ODP)[65]. - The Group's management is working to resolve funding issues to resume operations in the coalbed methane business[65]. - The Group is seeking additional financing, including open offers, placing of new shares, and issuance of bonds[153]. - The exploration period for Area A of the coalbed methane project has been extended to March 31, 2024, under a sixth modification agreement[59]. - The Group continues to monitor the healthcare business segment in response to market changes following the relaxation of COVID-19 restrictions[70].

Financial Performance - The Group recorded a revenue of approximately HK$44,747,000 for the Year, representing an increase of approximately 49.12% compared to HK$30,008,000 in 2021 (restated) [12] - Revenue from the financial business significantly dropped from approximately HK$19,520,000 in 2021 (restated) to approximately HK$2,612,000 during the Year [12] - The general trading business and comprehensive healthcare business contributed positively, with the healthcare business revenue increasing from approximately HK$10,488,000 (restated) to approximately HK$28,196,000 [13] - The Group commenced trading in plastic components, contributing approximately HK$13,590,000 to revenue [13] - Gross profit for the Year was approximately HK$2,735,000, a decrease of about 84.48% compared to HK$17,623,000 in 2021 (restated) [15] - Other income decreased by about 47.80% from approximately HK$7,439,000 in 2021 (restated) to approximately HK$3,883,000 for the Year [16] - Revenue from coalbed methane exploration and exploitation business was approximately HK$349,000 for the Year, compared to nil in 2021 [14] - The overall business performance was negatively impacted by the downtrend in the capital market and the persistent coronavirus pandemic, resulting in revenue of approximately HK$2,612,000 for the year, a decrease of about 86.6% from HK$19,520,000 in 2021, and a loss of approximately HK$11,329,000 compared to a profit of HK$4,497,000 in 2021 [61][65] Loss and Expenses - The group reported a loss from continuing operations of approximately HK$154,701,000 for the year, an increase from a loss of approximately HK$10,349,000 last year, attributed to decreased gross profit and significant increases in write-offs and impairment losses [27][33] - Administrative expenses slightly increased by about 1.83% to approximately HK$65,518,000 from approximately HK$64,342,000 last year [26][32] - The group decided to discontinue the wealth management business and disposed of the electronic components business during the year [29][35] - The comprehensive healthcare business generated revenue of approximately HK$28,196,000 in 2022, compared to approximately HK$10,488,000 in 2021, with a loss of approximately HK$21,302,000, up from a loss of approximately HK$692,000 in 2021 [57] - The Group has halted the production of meltblown fabrics in the second half of the year due to intense competition, resulting in an impairment of property, plant, and equipment of approximately HK$19,345,000 [55] - The significant increase in loss was primarily due to an impairment loss on the PSC of approximately HK$32,464,000 and a one-off write-off of property, plant, and equipment amounting to approximately HK$38,468,000 [54] Assets and Liabilities - As of December 31, 2022, the Group's cash and bank balances amounted to approximately HK$34,632,000, a significant decrease from approximately HK$106,379,000 in 2021, with net current liabilities increasing to approximately HK$186,618,000 from HK$157,442,000 in 2021 [72][76] - The Group's total assets were approximately HK$124,383,000, down from approximately HK$366,232,000 in 2021, while total liabilities decreased to approximately HK$250,739,000 from approximately HK$341,480,000 in 2021, resulting in a gearing ratio of 424.81% as of December 31, 2022, compared to 82.72% in 2021 [78][85] - The Group's capital deficiency as of December 31, 2022, was approximately HK$126,306,000, compared to equity attributable to shareholders of approximately HK$30,410,000 in 2021 [79][86] - The Group's total liabilities exceeded its total assets by approximately HK$126,356,000 as of December 31, 2022 [105] - Total borrowings amounted to approximately HK$184,726,000, while cash and cash equivalents were approximately HK$34,332,000 [105] Corporate Governance - The Company emphasizes the importance of good corporate governance practices to enhance shareholder value and investor confidence [140] - The Corporate Governance Code was amended effective January 1, 2022, aligning the Company's culture with its purpose, values, and strategy [141] - The Company adopted the New Corporate Governance Code provisions, except for code provision C.2.1, to strengthen governance practices [141] - The Board's primary responsibilities include decision-making on strategic plans, budgets, and management structure to enhance shareholder value [148] - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors throughout the year [143] - The Board will continue to monitor and review governance policies to comply with increasingly stringent regulatory requirements [142] - The Company has established anti-corruption and whistleblowing policies as part of the New Corporate Governance Code [141] - The Company aims to publish environmental, social, and governance (ESG) reports simultaneously with annual reports [141] Board Composition and Diversity - The Board consists of independent non-executive directors who contribute to the oversight of the Company's affairs [139] - The Company recognizes the need for board independence and diversity among its members [141] - As of December 31, 2022, the Board consists of one executive director and three independent non-executive directors [151] - The Board comprises five Directors, with three being Independent Non-Executive Directors (INEDs), promoting critical review and control of management processes [182] - The Company targets to maintain gender diversity in Board appointments, ensuring all selections are based on merit [182] - The Board has adopted a diversity policy to achieve a balanced composition based on various perspectives, including gender, age, and experience [176] Committees and Meetings - The Board has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, to oversee specific aspects of the Company's affairs [192] - The attendance record for the Remuneration Committee meetings was 100% for all members [197] - The attendance record for the Nomination Committee meetings was also 100% for all members [200] - All Board Committees are provided with sufficient resources to discharge their duties and can seek independent professional advice at the Company's expense [192] Future Plans and Strategies - The Company plans to explore various business opportunities and cost reduction strategies to improve its financial position amid a stringent business environment [71][75] - The Group is currently preparing for the overall development of Area A, including the preparation of the overall development plan and production tests of horizontal wells [45] - The Group aims to enter a new stage of comprehensive development and construction in 2024 following the final approval of the ODP [50] - The Group is seeking alternative financing options, including asset disposals, to meet existing financial obligations and future capital expenditures [119]