Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 18 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in November [1] Group 1: Companies Planning to List - 18 A-share listed companies have announced plans to issue H-shares and list in Hong Kong from November 1 to November 29 [1] - Zhongji Xuchuang announced on November 10 its intention to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 2: Specific Company Announcements - Runjian Co., Ltd. announced on November 25 its plan to issue H-shares and list in Hong Kong [2] - Ningbo Yunsheng authorized management on November 24 to initiate preparations for issuing H-shares and listing in Hong Kong [2] - Igor announced on November 24 its plan to issue H-shares and list in Hong Kong [2] - Miao Exhibition announced on November 24 its intention to issue H-shares and list in Hong Kong [2] - Zhuoyi Information announced on November 20 its plan to issue H-shares and list in Hong Kong [2] - Yuanjie Technology announced on November 19 its intention to issue H-shares and list in Hong Kong [2] - Dashang Co., Ltd. announced on November 18 its plan to issue H-shares and list in Hong Kong [2] - Sifang Jingchuang announced on November 14 its intention to issue H-shares and list on the main board of the Hong Kong Stock Exchange [2] - Zejing Pharmaceutical announced on November 14 its plan to issue H-shares and list in Hong Kong [2] - Juxin Technology announced on November 14 its intention to issue H-shares and list in Hong Kong [2] - Deye Co., Ltd. announced on November 13 its plan to issue H-shares and list in Hong Kong [2] - Tuosida announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Marumi Bio announced on November 12 its plan to issue H-shares and apply for listing in Hong Kong [2] - Transsion Holdings announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Anker Innovations announced on November 11 its plan to issue H-shares and list in Hong Kong [2] - Visual China announced on November 4 that it is planning to issue H-shares [2] - Juhe Materials announced on November 3 its plan to issue FF shares and list in Hong Kong [2]

Core Viewpoint - Ningbo Yunsheng Co., Ltd. is set to hold a Q3 2025 performance briefing on December 5, 2025, to provide insights into its operational results and financial status for the third quarter of 2025 [2][3]. Group 1: Meeting Details - The meeting will take place on December 5, 2025, from 13:00 to 14:00 [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible via video live stream and online interaction [5]. - Investors can submit questions from November 28, 2025, to December 4, 2025, before 16:00 [6]. Group 2: Participation and Interaction - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center [4]. - The company will address commonly asked questions during the session [3][6]. - Key personnel attending include the Chairman, General Manager, and Financial Director [5].

证券代码：600366 证券简称：宁波韵升 公告编号：2025-073 宁波韵升股份有限公司 关于召开 2025 年三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 11 月 28 日 （星期五） 至 12 月 4 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 stock@ysweb.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 宁波韵升股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年三季度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 12 月 5 日 （星期五） 13:00-14:00 举行 2025 年三季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 会议召开 ...

Core Viewpoint - Ningbo Yunsheng is planning to issue H-shares in Hong Kong to advance its international strategy, enhance brand image, and build a diversified capital platform [1][3]. Group 1: Financial Performance - For the first three quarters of 2025, Ningbo Yunsheng reported a net profit attributable to shareholders of 276 million yuan, a year-on-year increase of 299.04%, and a net profit excluding non-recurring items of 251 million yuan, up 302.29% [2][3]. - The company's total revenue for the same period reached 3.91 billion yuan, reflecting a year-on-year growth of 7.03% [2]. - As of the end of the first half of 2025, total assets increased to 10.302 billion yuan, a rise of 14.17% compared to the end of 2024, while equity attributable to shareholders grew to 6.121 billion yuan, up 3.84% [2]. Group 2: Business Operations - Ningbo Yunsheng specializes in the research, manufacturing, and sales of rare earth permanent magnet materials since 1995, with major production bases in Ningbo and Baotou [2]. - The company has an annual production capacity of 26,000 tons of high-performance neodymium-iron-boron magnets [2]. - The company has established strong partnerships in various sectors, including new energy vehicles and consumer electronics, supplying major brands and manufacturers [5][6]. Group 3: Research and Development - In the first three quarters of 2025, Ningbo Yunsheng's R&D expenses amounted to 214 million yuan, representing a year-on-year increase of 61.29%, with an R&D expense ratio of 5.47%, up 1.84 percentage points from the same period in 2024 [4][5]. - The company has developed a core technology system with proprietary breakthroughs in various areas, including rare earth product formulation and automation technology [5]. Group 4: Investment Activities - On November 24, 2025, Ningbo Yunsheng announced plans to invest 20 million yuan in the Lingzhi New Venture Capital Partnership, focusing on innovative companies in the embodied intelligence industry [1][6]. - The investment aims to leverage professional investment resources and experience to identify quality targets and reduce investment risks, aligning with the company's strategic development needs [7].

11月24日晚，龙旗科技、宁波韵升、宁波华翔三家上市公司发布公告，三家公司或子公司于当日签订了 《上海瓴智新创创业投资合伙企业（有限合伙）合伙协议》，计划以现金出资的方式认缴该私募基金份 额。 公告显示，作为瓴智新创的有限合伙人，龙旗科技子公司拟以自有资金认缴出资3000万元，占认缴出资 总额的23.08%；宁波韵升拟以自有资金认缴出资2000万元，占认缴出资总额的15.38%；宁波华翔子公 司拟认缴出资500万元人民币，占认缴出资总额的3.85%。 对于此次参投瓴智新创的用意，三家上市公司表示，公司此次签订的合伙协议有利于帮助公司借助专业 投资机构的资源及投资经验，储备优质标的，降低投资风险，进一步提升公司竞争实力。 再到此次三家上市公司的加入，让瓴智新创的资本实力进一步壮大。 值得一提的是，智元机器人团队已在创投领域尝到了甜头。根据邓泰华今年8月披露的数据，在过去一 年多时间内，智元已投资孵化了15个早期项目，并取得了8倍的投资年化收益率。从项目投资时间来 看，70%为注册轮，20%为种子轮，剩余10%为天使轮。基于这般出色的投资表现，瓴智新创后续的投 资动向无疑值得我们密切关注。 从协议内容可知，瓴智新 ...

来源：瑞恩资本RyanbenCapital 宁波韵升指，公司计划与相关中介机构就本次H股上市的具体推进工作进行商讨，关于本次H股上市的 具体细节尚未确定。 宁波韵升，自1995年以来专业从事稀土永磁材料的研发、制造和销售，是国家高新技术企业。公司在宁 波、包头建有坯料生产基地，拥有达到国际一流水平的磁钢坯料生产、机械加工及表面处理生产线，具 有年产坯料26000吨的生产能力，是全球最大的稀土永磁材料制造商之一。 宁波韵升(600366.SH)于2000年10月30日在上交所上市，截至2025年11月25日午间收市，其总市值约 145.40亿元人民币。 来自浙江宁波的A股上市公司宁波韵升(600366.SH)发布公告称，为推进公司国际化战略、提升品牌形象 及构建多元化资本平台，根据公司总体发展战略及运营需要，公司拟在境外发行股份（H股）并在港交 所主板挂牌上市，公司董事会授权公司管理层启动本次H股上市的前期筹备工作。 (截图来自雪球) ...

Core Viewpoint - The collaboration between Hillhouse Capital and Zhiyuan Robotics to establish an early-stage venture capital fund, Lingzhi New Venture, aims to accelerate the development of the embodied intelligence industry by investing in innovative companies within the supply chain [1][2]. Group 1: Fund Structure and Investment Strategy - Lingzhi New Venture will primarily invest in the embodied intelligence industry, focusing on upstream key materials and components, critical software systems, and downstream application solutions [2]. - The fund has a 10-year operational period, with the first 5 years designated for investment, and can extend the period twice for one year each [2]. - The limited partners (LPs) include Longqi Technology, Ningbo Yunsheng, and Ningbo Huaxiang, with respective contributions of 30 million, 20 million, and 5 million yuan, accounting for 23.08%, 15.38%, and 3.85% of the total contributions [2][3]. Group 2: Industry Context and Company Positioning - Zhiyuan Robotics is leveraging its financial strength and strategic partnerships to invest early in the supply chain, aiming to foster growth among suppliers and enhance the overall ecosystem [1][4]. - The company has a robust cash reserve, sufficient to sustain operations for three years without revenue, supported by investments from major corporations like Tencent and LG Electronics [5]. - Zhiyuan Robotics has successfully incubated 15 early-stage projects, achieving an annualized return of 800% on investments, with a focus on seed and angel rounds [5][6]. Group 3: Strategic Partnerships and Collaborations - The three listed companies involved have existing collaborations with Zhiyuan Robotics, indicating a strategic alignment in the development of embodied intelligence applications [3]. - The partnership with Longqi Technology includes a significant order for nearly a thousand robots, showcasing the practical application of their collaboration [3].

宁波韵升股份有限公司 第十一届董事会第十三次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 宁波韵升股份有限公司于2025年11月19日向全体董事发出了以通讯方式召开第十一届董事会第十三次会 议的通知，于2025年11月24日以通讯方式召开第十一届董事会第十三次会议。本次会议应参加董事8 人，实际参加董事8人。本次会议的召集、召开和表决程序符合有关法律、法规和公司章程的规定，会 议形成的决议合法有效。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600366 证券简称：宁波韵升 编号：2025-070 董 事 会 为推进公司国际化战略、提升品牌形象及构建多元化资本平台，根据公司总体发展战略及运营需要，公 司拟在境外发行股份（H股）并在香港联合交易所有限公司上市（以下简称"本次H股上市"）。公司董 事会同意授权公司管理层启动本次H股上市的相关前期筹备工作，后续将依规履行信息披露义务及决策 流程。公司计划与相关中介机构就本次H股上市的具体推进工作进行商 ...

2024年1至12月份，宁波韵升的营业收入构成为：钕铁硼占比90.37%，其他业务占比9.63%。 每经AI快讯，宁波韵升（SH 600366，收盘价：12.9元）11月24日晚间发布公告称，公司第十一届第十 三次董事会会议于2025年11月24日以通讯方式召开。会议审议了《宁波韵升股份有限公司舆情管理制 度》等文件。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 截至发稿，宁波韵升市值为142亿元。 ...

Core Viewpoint - The article highlights the significant dependency of China's high-end manufacturing on Japan for critical strategic new materials, particularly in the semiconductor and advanced manufacturing sectors, emphasizing the risks posed by geopolitical tensions and supply chain vulnerabilities [2][4]. Group 1: Dependency on Japanese Core New Materials - Japan holds a monopolistic position in semiconductor materials, high-end polymers, and electronic chemicals, with China's dependency exceeding 50% in several key categories, and nearly 100% in some high-end areas [4][6]. - The complexity of semiconductor manufacturing processes means that Japan dominates the supply of critical materials like photoresists and silicon wafers, with global market shares consistently above 60% [6][9]. Group 2: Semiconductor Core Materials - **Photoresists**: China has an overall import dependency of about 90%, with high-end photoresists being 100% reliant on Japan. Major suppliers include JSR, Tokyo Ohka, Shin-Etsu Chemical, and Fujifilm, which control 92% of the high-end market [7]. - **12-inch Silicon Wafers**: The import dependency is around 90%, with Japan supplying 58%. Key players like Shin-Etsu Chemical and SUMCO dominate over 60% of the market [9]. - **High-Purity Ruthenium Targets**: The import dependency is 98%, with Japan's JX Metals and TOSOH holding a significant market share. Domestic production is limited to lower purity levels [12]. Group 3: High-End Polymer Materials - Japan leads the high-end market for electronic-grade polyimide films, with an import dependency of 85% for overall polyimide materials, and 90% for high-end applications [19]. - **Optical-grade PET Films**: The import dependency is 75%, with Japan supplying 100% of high-end films used in MLCCs [23]. Group 4: Other Key Materials in Electronics - **Sputtering Targets**: The import dependency is approximately 95%, with Japan's JX Metals and Nippon Mining controlling 60% of the market [27]. - **High-Purity Electronic Gases**: The import dependency is 70%, with Japan's Taiyo Nippon Sanso holding a 40% market share [31]. Group 5: Hydrogen Energy and Fuel Cell Key Materials - **High-End Carbon Carrier Materials**: The overall import dependency is 85%, with Japan's TOSOH dominating the market [35]. - **Fuel Cell Platinum-based Catalysts**: The import dependency is 78%, with significant reliance on European suppliers [107]. Group 6: Aerospace and High-End Manufacturing Key Materials - **High-Temperature Alloys**: The import dependency is 90%, with major suppliers from the US and Europe completely dominating the market [80]. - **Carbon Fiber**: The import dependency is 85%, with Japan and the US leading the high-end market [86]. Group 7: New Energy and Electronics Key Materials - **High-End Lithium-Ion Battery Separators**: The import dependency is 70%, with Japan's Asahi Kasei and Toray leading the market [94]. - **Ultra-Thin Copper Foils**: The import dependency is 80%, with Japan's JX Copper and Mitsui Mining dominating the supply [98].