2月6日盘后，欣旺达（300207）发布公告称，公司子公司欣旺达动力科技股份有限公司（以下简称欣旺达动力）与威睿电动汽 车技术（宁波）有限公司（以下简称威睿电动）在一审阶段达成和解。威睿电动将在《和解协议》生效后撤回起诉。 威睿电动隶属于吉利控股集团。2025年12月25日，欣旺达动力收到的民事起诉状显示，威睿电动起诉欣旺达动力，案由为欣旺 达动力交付的电芯存在质量问题。 业内人士向中国基金报记者表示，车企与供应商出现质量争议，此前不乏私下解决的案例，但吉利系公司此次通过公开化、法 律化的方式处理，展示了规范的供应商质量管理体系和用户权益至上的理念。 欣旺达动力是欣旺达布局动力电池业务的重要载体，而欣旺达是国内头部动力电池企业，当前正在申报港股IPO。截至2月6日收 盘，欣旺达A股股价报24.10元/股，涨幅达3.26%，总市值为445.2亿元。 《和解协议》约定按比例分担相关损失 诉讼材料显示，威睿电动要求欣旺达动力履行支付赔偿金等款项的义务，包括请求法院判令欣旺达动力赔偿其23.14亿元的损失 等。 【导读】欣旺达与吉利系诉讼和解，当前正在申报港股IPO 威睿电动起诉欣旺达动力，主要是在2021年6月至2 ...

2025年，公司立足"强化主业、科技创新"发展战略，紧紧围绕"双碳能源及数智城市全场景服务"主业和 年度经营目标，持续深耕主营业务，扩充专业团队，打通产业链上下游，积极开拓国内外市场，促进业 务协同发展，同时通过大力投入开发新产品、新客户和提升系统服务能力，促进新老业务快速增长，从 而扩大收入规模，2025年营业收入较上年有大幅提升。此外，公司通过推进业务协同与成本结构优化等 措施，多维度实施降本增效，以及伴随2025年营业收入同比大幅增长，公司2025年亏损幅度收窄。 格隆汇1月29日丨*ST星光(002076.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损300万元—600万元，上年同期亏损3,097.56万元；扣除非经常性损益后的净利润为亏损500万元 —950万元，上年同期亏损2,696.90万元。 ...

Group 1 - The company *ST Xingguang (002076.SZ) announced that it, along with its wholly-owned subsidiary Foshan Xuelait Light Technology Co., Ltd., won the bid for the "Foshan Nanhai District Jindun Electronic Engineering Co., Ltd. Equipment Procurement Project" [1] - The total bid amount is approximately 22.9555 million yuan [1] - Contracts have been signed for the project [1]

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Core Viewpoint - The privatization plan of Joy City Property is a strategic response to cyclical changes in the industry, aimed at optimizing governance and enhancing decision-making efficiency [2] Company Summary - Joy City Property's privatization transaction is valued at approximately HKD 29.32 billion, effective from November 25, with all conditions met [1] - The company, listed on the Hong Kong Stock Exchange since 2013, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel management [1] - Following the privatization, Joy City will only have its A-share listed entity remaining, with a market value of approximately CNY 13.42 billion [1] Financial Performance - For the first half of 2025, Joy City Property reported revenue of approximately CNY 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to reduced area for property development [2] - The overall gross profit margin improved by 2.9 percentage points to 34.43% [2] - Specific revenue breakdown includes CNY 5.48 billion from property development (down 8.3% year-on-year) and CNY 2.04 billion from investment properties (down 2.5% year-on-year) [2] Project Performance - New projects have shown strong performance, with Nanchang Joy City achieving 240,000 visitors and sales of CNY 16.3 million on its opening day [3] - The hotel business maintained revenue of CNY 466 million, with an occupancy rate rising to 84% [3] - Management output revenue increased by 47% year-on-year to CNY 107 million, benefiting from new income from COFCO Joy City Commercial REIT [3] Industry Perspective - The privatization is seen as a way for the company to maintain strategic focus during industry adjustments, enhancing its competitive advantage in the mid-to-high-end commercial real estate sector [3] - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [3]

Group 1 - The Hong Kong fire in Tai Po has resulted in 83 fatalities, prompting the government to provide emergency relief funds of 10,000 HKD per household and establish a 300 million HKD aid fund [6][13][14] - Over 40 companies and organizations have pledged donations exceeding 600 million HKD for rescue and recovery efforts following the fire [13][14][15][16][17] Group 2 - The Chinese Ministry of Commerce held a video conference with Germany's Federal Minister of Economics to discuss issues related to semiconductor supply chains, emphasizing the need for constructive solutions to stabilize the global semiconductor market [5][8] - The National Development and Reform Commission announced measures to enhance credit repair, including simplifying application processes and improving efficiency [9] Group 3 - Anta Sports has been rumored to consider bidding for Puma, with potential collaboration with a private equity firm, reflecting ongoing industry merger and acquisition dynamics [21] - The resignation of Zong Fuli as chairman of Wahaha Group may lead to strategic adjustments within the company, impacting the competitive landscape of the industry [22] Group 4 - Joy City Property officially delisted from the Hong Kong Stock Exchange after 12 years, as part of a privatization plan valued at approximately 2.932 billion HKD [24] - Avita Technology has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant move for a state-owned enterprise in the new energy vehicle sector [28] Group 5 - The release of the white paper on China's military control and disarmament reflects the country's commitment to global security governance and multilateral arms control processes [7] - The recent increase in open-source AI model downloads from China surpassing that of the US indicates a significant advancement in China's AI technology capabilities [32]

Core Viewpoint - The privatization of Joy City Property is a strategic response to cyclical changes in the real estate industry, aimed at optimizing governance and enhancing management efficiency [2]. Company Summary - Joy City Property's privatization plan was effective from November 25, with a total transaction value of approximately HKD 29.32 billion, leaving only the A-share listed Joy City [1]. - The company, part of COFCO Group, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel operations [1]. - Joy City Property's last interim performance report indicated a revenue of approximately CNY 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to reduced property development area [2]. Industry Summary - The privatization is seen as a way to maintain strategic focus during industry adjustments, allowing for more flexible asset disposal and broader financial planning [4]. - Since 2022, over 30 listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [4].

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Group 1: Privatization and Financial Impact - The total cost of the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [3]. - Dalian Wanda Commercial Properties reported a revenue of approximately HKD 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development [4]. - The gross profit margin improved by 2.9 percentage points to 34.43% despite the revenue decline [4]. Group 2: Business Performance - Revenue from property development was HKD 5.48 billion, down 8.3% year-on-year, with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [5]. - Rental income from investment properties was HKD 2.04 billion, a decrease of 2.5% year-on-year, with a gross margin of 78% [5]. - New projects showed strong performance, with Nanchang Wanda Plaza achieving 240,000 visitors and sales of HKD 16.3 million on its opening day [5]. Group 3: Industry Context - The privatization is seen as a strategic response to cyclical changes in the industry, allowing for improved governance and organizational structure [4]. - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Dalian Wanda Commercial Properties [6].

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Company Summary - The total consideration for the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [2]. - Dalian Wanda Commercial Properties was listed in 2013 and focused on the development and operation of urban complexes under the Dalian Wanda brand, including investment properties, property development, and hotel operations [2][3]. - The company underwent a significant asset restructuring in 2019, acquiring 64.18% of the Hong Kong-listed Dalian Wanda Commercial Properties, forming a dual-platform structure [3]. Industry Perspective - The privatization is viewed as a strategic response to cyclical changes in the industry, with Dalian Wanda stating that market performance has shown periodic fluctuations and liquidity pressures [3]. - The privatization is expected to optimize the company's governance framework, integrate organizational and equity structures, and enhance management decision-making efficiency [3]. - Following the transaction, Dalian Wanda's equity in Dalian Wanda Commercial Properties will be further strengthened, benefiting net profit attributable to the parent company and enhancing asset allocation capabilities [3]. Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported revenue of approximately HKD 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development recognized [4]. - The overall gross profit margin improved by 2.9 percentage points to 34.43% [3]. - Specific revenue breakdown includes: - Property development revenue of HKD 5.48 billion (down 8.3% year-on-year) with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [4]. - Investment property rental and related income of HKD 2.04 billion (down 2.5% year-on-year) with a gross margin of 78% [4]. - Hotel business revenue remained stable at HKD 466 million with an occupancy rate of 84% [4]. Market Trends - The privatization trend is noted among real estate companies, with over 30 A-share and H-share listed real estate firms delisting since 2022, including five actively choosing to delist [5].

Core Viewpoint - The company has approved a plan for its subsidiary, Joy City Property Limited, to repurchase shares and apply for the delisting of its shares from the Hong Kong Stock Exchange [1] Group 1 - The board meeting was held on July 31, 2025, where the proposal was reviewed and approved [1] - The repurchase will exclude shares held by the company and De Mao Limited [1] - The plan is set to take effect on November 25, 2025, and all conditions for the proposal have been met [1] Group 2 - The delisting of Joy City Property's shares from the Hong Kong Stock Exchange is expected to occur on November 27, 2025, at 4 PM Bermuda time [1]