Core Insights - Three listed companies, Longqi Technology, Ningbo Yunsheng, and Ningbo Huaxiang, signed a partnership agreement to invest in the Shanghai Lingzhi New Venture Capital Partnership, contributing a total of 5.5 million yuan [1] - The investment aims to leverage professional investment resources and experience to enhance competitive strength and reduce investment risks [1] Group 1: Investment Details - Longqi Technology's subsidiary will contribute 30 million yuan, accounting for 23.08% of the total investment [1] - Ningbo Yunsheng will invest 20 million yuan, representing 15.38% of the total [1] - Ningbo Huaxiang's subsidiary will invest 5 million yuan, making up 3.85% of the total [1] Group 2: Fund Background - The Lingzhi New Venture Capital Fund was established in June this year, co-funded by Zhiyuan Robotics and Hillhouse Capital, with respective contributions of 50% and 40% [2] - In September, additional partners joined the fund, increasing its capital strength [2] - Zhiyuan Robotics has achieved significant success in venture capital, with an annualized return of 8 times on investments in 15 early-stage projects over the past year [2]

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].

格隆汇11月24日丨宁波韵升(600366.SH)公布，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。 ...

智通财经APP讯，宁波韵升(600366.SH)发布公告，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 ...

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 ...