于本公告日期，本公司及卖方分别持有标的公司51%及49%的股权。竞拍及收购事项完成后，本公司于 标的公司的股权将从51%增加至59.3155%，而标的公司将继续为本公司的非全资附属公司。 智通财经APP讯，中创新航(03931)发布公告，于2025年12月23日，本公司于北交所举行的公开招标中成 功竞拍卖方提呈出售的标的股权。因此，于2025年12月24日，本公司与卖方订立产权交易合同，本公司 同意收购而卖方同意出售标的股权，代价为人民币6.6亿元。本公司已于2025年12月24日就收购事项收 到北交所出具的《企业国有资产交易凭证》。 武汉公司自成立以来，高效快速实现产线建设和投产，投产后营收稳定增长，盈利能力良好，资产负债 率可控。基于对武汉公司发展的良好预期，公司参与公开招标，本次收购事项的完成将进一步提升本公 司在武汉公司的持股比例。 ...

武汉公司自成立以来，高效快速实现产线建设和投产，投产后营收稳定增长，盈利能力良好，资产负债 率可控。基于对武汉公司发展的良好预期，公司参与公开招标，本次收购事项的完成将进一步提升本公 司在武汉公司的持股比例。 于本公告日期，本公司及卖方分别持有标的公司51%及49%的股权。竞拍及收购事项完成后，本公司于 标的公司的股权将从51%增加至59.3155%，而标的公司将继续为本公司的非全资附属公司。 中创新航(03931)发布公告，于2025年12月23日，本公司于北交所举行的公开招标中成功竞拍卖方提呈 出售的标的股权。因此，于2025年12月24日，本公司与卖方订立产权交易合同，本公司同意收购而卖方 同意出售标的股权，代价为人民币6.6亿元。本公司已于2025年12月24日就收购事项收到北交所出具的 《企业国有资产交易凭证》。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 關連交易 有關收購武漢公司8.3155%股權的公告 收購事項 董事會謹此宣佈，於2025年12月23日，本公司於北交所舉行的公開招標中成功 競拍賣方提呈出售的標的股權。因此，於2025年12月24日（交易時段後），本 公司與賣方訂立產權交易合同，據此，本公司同意收購而賣方同意出售標的股 權，代價為人民幣660,076.1千元。本公司已於2025年12月24日就收購事項收到 北交所出具的《企業國有資產交易憑證》。 於本公告日期，本公司及賣方分別持有標的公司51%及49%的股權。競拍及收 購事項完成後，本公司於標的公司的股權將從51%增加至59.3155%，而標的公 司將繼續為本公司之非全資附屬公司。 上市規則之涵義 CALB Group Co., Ltd. 於本公告日期，由於賣方為標的公司之主要股東，而標的公 ...

（股份代號：3931） 於2025年12月24日舉行的2025年度第三次臨時股東大會的投票結果 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 茲提述中創新航科技集團股份有限公司（「本公司」）日期均為2025年12月4日 的2025年度第三次臨時股東大會（「臨時股東大會」）通告（「通告」）及臨時股 東大會通函（「通函」）。除文義另有所指外，本公告所用詞彙與通函所界定者 具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 於2025年12月24日舉行的2025年度第三次臨時股東大會上，日期為2025年12月 4日的2025年度第三次臨時股東大會通告所載的所有建議決議案已獲股東以投票 表決方式正式通過。 I. 臨時股東大會的參會情況 | | 普通決議案 | 投票票數 （佔投票總數的概約百分比） | | | | --- | --- | --- | --- | --- | | | ...

Group 1: Commercial Aerospace - Focus on core targets in manufacturing and launch sectors that may maintain stable or improving value amid cost reduction trends[3] - Key targets in satellite manufacturing include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics[3] - Anticipate strong merger and acquisition expectations for Aerospace Science and Technology Group due to its substantial off-balance-sheet assets[3] Group 2: Household Robotics - iRobot's bankruptcy and the acquisition of Jiamei by Chasing Technology are optimizing the landscape of the robotic vacuum industry[3] - iRobot's revenue in Q3 2025 was $146 million, with a loss of $22 million, indicating ongoing challenges[40] Group 3: Liquid Cooling Technology - Key recommended companies include Invid, which has a clear positioning advantage and has secured orders ahead of competitors[3] - The liquid cooling market is expected to grow significantly as cloud providers adopt self-developed ASIC chips, increasing demand for cooling solutions[47] Group 4: Tungsten Materials - Tungsten ore prices have surged, with 65% black tungsten ore increasing by 200.7% to 430,000 CNY per ton by December 19, 2025[65] - Recommended companies benefiting from rising tungsten prices include Zhongtung High-tech and Xiamen Tungsten[64] Group 5: Battery Technology - Zhongchuang Innovation is transitioning to a global battery leader, focusing on high-end products like 5C ultra-fast charging and high energy density batteries[3] - The company has established a comprehensive product system covering both power and energy storage applications[3]

Group 1 - China Merchants Securities (Hong Kong) downgraded the rating of Giant Bio to neutral due to challenges such as a reputation crisis and a decline in sales during the Double Eleven shopping festival, indicating a potential strategic adjustment period in 2026 with no clear catalysts for rebound [1] Group 2 - CICC maintained a "outperform" rating for He Yu-B, setting a target price of 20 HKD, highlighting the approval of its first self-developed innovative drug, with an overall response rate (ORR) of 54%, which could provide new growth momentum for the company [2] Group 3 - CICC maintained a "outperform" rating for Mixue Group with a target price of 555 HKD, noting the brand's resilience in growth despite reduced delivery subsidies and the rapid expansion of its stores, indicating strong growth potential [3] Group 4 - CICC maintained a "outperform" rating for Tmall with a target price of 3.88 HKD, reporting that Q3 sales met expectations with healthy inventory and stable discounts, suggesting a potential stabilization in the channel [4] Group 5 - Huachuang Securities maintained a "strong buy" rating for Geely Automobile with a target price of 27.01 HKD, citing the completion of the Zeekr privatization significantly enhancing profits and brand synergy, with multiple flagship new models driving sales and average selling price (ASP) increases [5] Group 6 - Changjiang Securities maintained a "buy" rating for Aikang Medical, emphasizing its leading position in orthopedics and revenue surpassing pre-collection levels, with effective overseas expansion strategies [6] Group 7 - Changjiang Securities maintained a "buy" rating for Genscript Biotech, highlighting the establishment of a high-barrier pipeline in tumor vaccines and CAR-T therapies, with significant clinical trials expected to start soon [7] Group 8 - Shenwan Hongyuan maintained a "buy" rating for Tmall, noting improvements in channel efficiency and the end of a large-scale store closure phase, with a clear trend of recovery in the terminal market [8] Group 9 - Shenwan Hongyuan initiated coverage on China Railway with a "buy" rating, citing a substantial order backlog of 7.54 trillion, a high gross margin of 59.45% in its resource segment, and attractive valuation due to significant H-share discounts [9] Group 10 - Guosen Securities maintained an "outperform" rating for Zhongxin Innovation, reporting that the company's power battery installation volume ranked among the top three globally in October, with a year-on-year increase of over 75% in energy storage battery shipments [10]

Core Viewpoint - The article discusses the strategic partnership between Shengxin Lithium Energy and Zhongchuang Innovation Aviation, focusing on a framework agreement for lithium salt procurement from 2026 to 2030, with a total of 200,000 tons planned for purchase [1][4]. Group 1 - Shengxin Lithium Energy announced that Zhongchuang Innovation Aviation will become a strategic investor, leveraging Shengxin's lithium mining expertise and Zhongchuang's demand for battery-grade lithium salts to secure resource supply and mitigate raw material price volatility [4]. - Shengxin Lithium Energy has established a lithium salt production capacity of 137,000 tons per year, with approximately 80,000 tons of that capacity located domestically. The annual order volume from Zhongchuang is estimated to be half of Shengxin's domestic production capacity [4]. - Shengxin Lithium Energy, founded in December 2001, specializes in the research, production, and sales of lithium battery new energy materials, and has established long-term partnerships with leading battery manufacturers such as CATL, BYD, LG Chem, and SK On, supplying products to well-known automotive companies like Tesla and Hyundai [5].

Core Viewpoint - The company is experiencing rapid growth in both power and energy storage battery shipments, with a significant increase in global market share and a strong focus on international expansion and diversification of its customer base [1][2][3][4]. Group 1: Power Battery Market - The company's global market share in the power battery sector reached 4.7% from January to October 2025, showing a continuous year-on-year increase [1][2]. - In October 2025, the company's monthly installation volume surpassed LG Energy, marking its first entry into the global top three [1]. - The estimated power battery shipment volume for 2025 is expected to approach 70 GWh, with a year-on-year growth of over 50% [1][2]. Group 2: Customer Diversification and Globalization - The company is developing a diverse and global customer base in the power battery sector, collaborating with domestic clients such as XPeng, Leap Motor, GAC, and Changan, while also securing orders from leading overseas passenger vehicle manufacturers [3]. - In the commercial vehicle sector, the company has established partnerships with clients like Geely, Chery, and others, successfully delivering electric bus and heavy truck batteries overseas [3]. Group 3: Energy Storage Battery Market - The company is witnessing rapid growth in energy storage battery shipments, with a projected shipment volume of around 45 GWh for 2025, reflecting a year-on-year increase of over 75% [2][4]. - The company has launched multiple products, including the second generation of the 314Ah cell, 392Ah, 588Ah, and 684Ah, to meet diverse customer needs [4]. - The company is expanding its overseas presence, successfully delivering energy storage batteries in regions such as Saudi Arabia and Europe, while actively pursuing local customers [4]. Group 4: Financial Projections - The company has adjusted its profit forecasts, projecting net profits of 12.15 billion, 26.75 billion, and 39.04 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 106%, 120%, and 46% [5]. - The estimated earnings per share (EPS) for the same period are expected to be 0.69, 1.51, and 2.20 yuan, with dynamic price-to-earnings ratios of 34.9, 15.8, and 10.8 times [5].

Core Viewpoint - Shengxin Lithium Energy has announced a collaboration with Zhongchuang Innovation航 to sign a framework agreement for lithium salt product procurement from 2026 to 2030, with a total of 200,000 tons to be purchased during this period [1][8]. Company Overview - Shengxin Lithium Energy's main business includes lithium ore mining, production, and sales of basic lithium salts and lithium metal products. As of the first half of 2025, the company has established lithium salt production capacity of 137,000 tons per year and lithium metal capacity of 500 tons per year [4][11]. Collaboration Details - The collaboration with Zhongchuang Innovation航 could result in a total contract value of approximately 22 billion yuan if all products are lithium carbonate, calculated at the current price of 110,000 yuan per ton. If all products are lithium hydroxide, the contract value could exceed 17 billion yuan, calculated at 87,000 yuan per ton [4][11]. - This new order scale is approximately 3.7 to 4.8 times Shengxin Lithium Energy's total revenue of 4.58 billion yuan in 2024, indicating a strong growth trend for the company [4][11]. Market Context - The power and energy storage markets have been experiencing rapid growth, particularly in the energy storage sector, leading to a surge in demand for energy storage batteries. This has prompted battery companies to secure upstream materials through equity investments or long-term contracts [4][11]. - Lithium carbonate, a key raw material for batteries, has seen a significant increase in both volume and price, with prices reaching new highs since June 2024, surpassing 90,000, 100,000, and 110,000 yuan per ton. As of December 23, the main contract for lithium carbonate on the Shanghai Futures Exchange approached 120,000 yuan per ton [4][11]. Industry Performance - Major lithium salt companies, including Ganfeng and Tianqi, have shown significant improvement in their performance in the second half of the year, with many turning profitable. For instance, Ganfeng Lithium reported a third-quarter revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, up 364.02% [6][12]. - Battery companies, including CATL, BYD, and others, have initiated a "rush for goods" to avoid supply chain disruptions, despite the challenges in returning material prices to peak levels [6][12]. Strategic Investments - In late October, Shengxin Lithium Energy terminated its Hong Kong IPO plan and announced the introduction of strategic investors, including Shengtun Group, Zhongchuang Innovation航, and Huayou Cobalt Group, signing a strategic cooperation agreement with Zhongchuang Innovation航 for a subscription of 945 million yuan. If successful, Zhongchuang Innovation航 will become a shareholder with over 5% ownership [6][14]. - Prior to placing orders with Shengxin Lithium Energy, Zhongchuang Innovation航 also signed a three-year supply cooperation agreement for 373,000 tons of copper foil with Nord's subsidiary and a supply framework agreement for 725,000 tons of electrolyte products with Tianci Materials [7][14].

靴子落地， 盛新锂能与 中创新航合作持续推进！ 12月19日， 盛新锂能发布公告称， 公司与中创新航就锂盐产品业务合作拟签署《2026—2030年合作框架协议》， 中创新航在2026年至 2030年期间向公司采购锂盐产品20万吨 ，具体年度采购量将在双方签订的子订单中进行约定。 据了解， 盛新锂能 主要业务为锂矿采选、基础锂盐和金属锂产品的生产与销售，2025半年报显示，公司 已建成 锂盐产能13.7万吨/年 （碳 酸锂、氢氧化锂、 氯化锂等 ）和金属锂产能500吨/年。 在与中创新航的合作中， 若采购产品全部为碳酸锂，以当前11万元/吨价格计算，合作规模将达到220亿元； 若采购产品全部为 氢氧化锂， 以当前8.7万元/吨价格计算，合作金额也将达到170亿元以上。 可以作为对比的是，2024年 盛新锂能实现营收为45.8亿元，这一新订单规模大约是其 2024年全年营收的3.7-4.8倍，为期业绩奠定增长趋 势。 事实上，今年以来，动力及储能市场保持高速增长，尤其在储能端，海内外市场持续爆发，储能电池供不应求，为保证产品交付，动储电池企 业早已通过入股或长单合同进行中上游材料的锁定。 在此市场高增、中游抢单的 ...