Group 1 - The core point of the article is that Ningbo Yunsheng (600366.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its international strategy and enhance its brand image [1] - The company has authorized its management to initiate preliminary preparations for the H-share listing [1] - Specific details regarding the H-share listing are yet to be determined, and the company will discuss the progress with relevant intermediaries [1] Group 2 - Ningbo Yunsheng has been engaged in the research, manufacturing, and sales of rare earth permanent magnet materials since 1995 and is recognized as a national high-tech enterprise [1] - The company has production bases in Ningbo and Baotou, with an annual production capacity of 26,000 tons of raw materials, making it one of the largest manufacturers of rare earth permanent magnet materials globally [1] - As of November 25, 2025, the company's total market capitalization is approximately 14.54 billion RMB [1]

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].

Group 1 - The company held its 13th meeting of the 11th Board of Directors on November 24, 2025, with all 8 directors participating, ensuring compliance with legal and regulatory requirements [2][4] - The Board approved a proposal to authorize the management to initiate the process for issuing H-shares and listing on the Hong Kong Stock Exchange, aiming to enhance the company's international strategy and brand image [3][26] - The company plans to discuss specific details of the H-share listing with relevant intermediaries, with no details finalized yet [3][26] Group 2 - The company announced its participation in the Shanghai Lingzhi New Venture Capital Partnership, committing 20 million RMB, which represents 15.38% of the total subscribed capital [7][8] - The partnership aims to invest in innovative companies within the embodied intelligence industry, focusing on key components and software systems related to robotics [18][24] - The partnership's operational duration is set for 10 years, with an investment period of 5 years [8][21]

Group 1 - Ningbo Yunsheng (SH 600366) held its 13th meeting of the 11th Board of Directors on November 24, 2025, via telecommunication, where it reviewed the "Public Opinion Management System" and other documents [1] - For the fiscal year 2024, Ningbo Yunsheng's revenue composition is as follows: Neodymium Iron Boron accounts for 90.37%, while other businesses account for 9.63% [1] - As of the report date, Ningbo Yunsheng has a market capitalization of 14.2 billion yuan [1] Group 2 - Dapeng Industrial's strategic placement has significantly benefited its insiders, with a subscription price of 9 yuan, and the stock surged to 118 yuan on its first trading day, resulting in a paper profit of 24.92 million yuan for the controlling shareholder and his brother [1]

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].

Core Viewpoint - Ningbo Yunsheng (600366.SH) plans to initiate the process for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its international strategy and brand image [1] Group 1: Company Strategy - The company aims to promote its internationalization strategy and improve its brand image through the issuance of H-shares [1] - The board of directors has authorized the management to start the preparatory work for the H-share listing [1] Group 2: Listing Details - The specific details regarding the H-share listing have not yet been determined [1] - The company plans to discuss the specific progress of the H-share listing with relevant intermediary institutions [1]

Core Viewpoint - Ningbo Yunsheng (600366.SH) announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its international strategy, enhance brand image, and build a diversified capital platform [1] Group 1 - The company aims to promote its internationalization strategy [1] - The issuance of H-shares is part of the overall development strategy and operational needs of the company [1] - The initiative is expected to enhance the company's brand image [1]

宁波韵升股份有限公司 （一）报刊、杂志、电视、广播、网络等媒体对公司进行的负面报道、不 实报道； （二）社会上存在的已经或将给公司造成不良影响的传闻和信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 舆情管理制度 第一章 总则 第一条 为提高宁波韵升股份有限公司（以下简称"公司"）应对各类舆情 的能力，建立快速反应和应急处置机制，及时妥善处理各类舆情对公司股价、 商业信誉及正常生产经营活动造成的影响，切实保护公司和投资者的利益，根 据《上海证券交易所股票上市规则》及相关法律法规、规范性文件的规定和 《宁波韵升股份有限公司章程》（以下简称"公司章程"），结合公司实际情 况，特制定本制度。 第二条 本制度所称舆情包括： 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书任副组长，成员由公司其他高级管理人员及 相关职能部门负责人组成。 第五 ...

宁波韵升股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日召开第十一 届董事会第十三次会议，审议通过了《关于授权公司管理层启动公司境外发行股份 （H 股）并在香港联合交易所有限公司上市相关筹备工作的议案》。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（以下简称"香港联 交所"）主板挂牌上市（以下简称"本次 H 股上市"），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。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。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交易所有限 公司证券上市规则》以及中国香港法律对在中国境内注册成立的发行人在香港发行 股票并上市的有关规定等法律、法规和规范性文件的要求，待确定本次 H 股上市具 体方案后，本次 H 股上市尚需提交公司董事会和股东会审议，并需取得中国证券监 督管理委员会、香港联交所和香港 ...

证券代码：600366 证券简称：宁波韵升 公告编号：2025-072 宁波韵升股份有限公司 关于公司参与认购投资基金份额的公告 公司于 2025 年 11 月 24 日与其他各方共同签署了《上海瓴智新创创业投资 合伙企业（有限合伙）合伙协议》。为了借助专业投资机构的资源及投资经验， 储备更多的优质标的，进一步提升公司竞争实力，公司参与认购合伙企业的基金 份额。该基金为创业投资基金，原则上投早投小，将主要对具身智能产业链相关 的创新企业进行直接或间接的股权投资、准股权投资或从事与投资相关的活动， 包括但不限于上游关键原材料及零部件，如伺服系统、电机、控制器、减速器、 传感器等；关键软件系统及人工智能算法等；中游机器人本体制造与集成，及机 器人下游应用解决方案等。公司作为有限合伙人以自有资金认缴出资 2000 万元， 占认缴出资总额的 15.38%，合伙企业的经营期限为 10 年，其中投资期为 5 年。 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： 投资标的名称：上海瓴智新创创业投资合伙企业（有限合伙）（以下简 ...