（文章来源：证券日报） 证券日报网讯外高桥11月20日在互动平台回答投资者提问时表示，截至2025年第三季度末，公司股东总 数为48547户，详见公司于2025年10月31日披露的定期报告。 ...

Core Viewpoint - Changlian Co., Ltd. (603648.SH) has signed an investment agreement with Shanghai Waigaoqiao Biopharmaceutical Industry Development Co., Ltd. to establish Shanghai Changlian Baifu Pharmaceutical Co., Ltd. [1] Group 1 - Changlian Co., Ltd. will invest 30 million yuan, accounting for 60% of the registered capital of the new company [1] - The registered capital of the new company is set at 50 million yuan, with a profit distribution ratio of no less than 60% of the annual net profit [1] - The investment is expected to be completed by January 30, 2026 [1]

Core Viewpoint - Changlian Co., Ltd. (603648.SH) has signed an investment agreement with Shanghai Waigaoqiao Biopharmaceutical Industry Development Co., Ltd. to establish a joint venture named Shanghai Changlian Baifu Pharmaceutical Co., Ltd. [1] Group 1 - The investment agreement was signed on November 12, 2025, with Changlian Co. contributing 30 million yuan, which represents 60% of the new company's registered capital [1] - Shanghai Waigaoqiao Biopharmaceutical will contribute 20 million yuan, accounting for 40% of the registered capital [1] - Both parties will collectively hold 100% of the new company's registered capital [1]

Core Viewpoint - Changlian Co., Ltd. (603648.SH) has signed an investment agreement with Shanghai Waigaoqiao Biopharmaceutical Industry Development Co., Ltd. to establish a joint venture named Shanghai Changlian Baifu Pharmaceutical Co., Ltd. [1] Group 1 - The investment agreement was signed on November 12, 2025, and the new company will be established with a registered capital structure where Changlian Co. will contribute 30 million yuan, representing 60% of the total capital [1] - Shanghai Waigaoqiao Biopharmaceutical will contribute 20 million yuan, accounting for 40% of the registered capital [1] - Both parties will collectively hold 100% of the new company's registered capital [1]

Core Viewpoint - The stock of Waigaoqiao has shown a slight increase recently, with a year-to-date decline, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - As of November 12, Waigaoqiao's stock price increased by 2.07% to 11.36 CNY per share, with a trading volume of 16.89 million CNY and a turnover rate of 0.13% [1]. - Year-to-date, the stock has decreased by 1.73%, but it has increased by 3.84% over the last five trading days, 1.52% over the last 20 days, and 0.89% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Waigaoqiao reported a revenue of 4.409 billion CNY, a year-on-year decrease of 13.36%, and a net profit attributable to shareholders of 165 million CNY, down 62.16% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 4.693 billion CNY, with 1.316 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Waigaoqiao was 48,500, a decrease of 4.41% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 5.6358 million shares, a reduction of 372,300 shares from the previous period [3].

Core Insights - The conference focused on exploring a credible collaborative model for the resource allocation hub of bulk commodities, highlighting the importance of credit construction and collaborative innovation in the bulk commodity market [1][2] Group 1: Event Overview - The event was supported by the Shanghai Municipal Commission of Commerce and hosted by the National Bulk Commodity Warehouse Receipt Registration Center, featuring over a hundred representatives from various sectors including industry, finance, and media [1] - The conference is part of the 2025 China International Import Expo activities, emphasizing the integration of registration, warehousing, and finance in the bulk commodity sector [1] Group 2: Strategic Developments - The registration scope of the National Bulk Commodity Warehouse Receipt Registration Center has expanded from copper to include other non-ferrous metals such as aluminum, lead, zinc, tin, nickel, and silver, totaling 13 registered spot commodity varieties with over 12.1 million tons of registered weight as of November 9 [3] - The center has awarded licenses to major domestic logistics groups for warehouse management, establishing a credible warehousing network to ensure the safety and ownership of electronic warehouse receipts [3] Group 3: Financial Collaboration - A strategic cooperation agreement was signed between the National Bulk Commodity Warehouse Receipt Registration Center and the Shanghai Clearing House to enhance collaboration in warehouse receipt transfer registration and clearing, aiming for a secure and efficient clearing model [4] - Additional agreements were made with several banks to expand financing scenarios related to warehouse receipt pledges, thereby broadening financing channels for enterprises in the supply chain [4] Group 4: Industry Perspectives - A roundtable forum discussed new trends in the global bulk commodity market and the current state of Shanghai's bulk commodity trade, with participants emphasizing the need for a trade, finance, and data infrastructure centered around warehouse receipt registration to drive market transformation [5] Group 5: Future Directions - The National Bulk Commodity Warehouse Receipt Registration Center aims to continue building a credible trading environment for bulk commodities, supporting Shanghai's development as a global resource allocation hub and contributing to the construction of a unified national market [6]

Core Insights - Recently, Shanghai Waigaoqiao Group's subsidiary, Shanghai Waigaoqiao Biomedical Industry Development Co., Ltd., signed a strategic cooperation agreement with Shanghai Meixin Health Technology Group Co., Ltd. [1] - The collaboration aims to leverage each party's resources and strengths to innovate a multi-payment mechanism involving "medical insurance + commercial insurance + corporate co-payment" [1] - The focus is on promoting the implementation and accessibility of innovative drug and medical device payments in real-world scenarios, exploring new models for the synergistic development of commercial insurance and the biomedical industry [1]

Core Insights - The 8th China International Import Expo concluded with record participation, featuring over 36.7 million square meters of exhibition space and 4,108 companies from 138 countries, marking a historic high in both exhibition area and number of exhibitors [1] - Major multinational companies expressed confidence in the resilience and openness of the Chinese economy, reinforcing their commitment to deepen their presence in China [1][2] - The event served as a platform for collaboration and innovation, with companies like Amgen and Arla Foods signing strategic agreements to enhance local operations and product offerings [2][3] Group 1 - The participation of 290 Fortune Global 500 companies and 180 "full attendance" companies highlights the significance of the expo in fostering international business relationships [1] - Qualcomm's China Chairman emphasized the expo's role in showcasing technological advancements and fostering partnerships, reflecting the dynamic nature of the Chinese market [1] - Amgen's initiatives during the expo aim to improve drug accessibility in China, showcasing the company's commitment to local healthcare [2] Group 2 - Arla Foods highlighted the importance of the Chinese market in its global strategy, particularly in early life nutrition, and aims to combine global research with local innovation [2] - Skechers utilized the expo as a strategic platform to showcase its innovations and reaffirm its commitment to the Chinese market [3] - The Singapore Business Federation reported significant trade agreements facilitated through the expo, indicating strong bilateral trade relations and opportunities for collaboration in emerging sectors [3]

Core Viewpoint - The Shanghai Waigaoqiao No. 1 Plant expansion project, undertaken by China Energy Engineering Group, has officially commenced construction, marking a significant step in Shanghai's energy transition and capacity enhancement efforts [1][3]. Group 1: Project Overview - The project is part of Shanghai's "14th Five-Year Plan" key energy construction initiatives, located in the Pudong New Area, and involves the construction of two ultra-supercritical reheat coal-fired power generation units with a capacity of one million kilowatts each [3]. - The project will retire four older units with a capacity of 320,000 kilowatts, resulting in an annual reduction of carbon dioxide emissions by 1.5 million tons, achieving an optimization upgrade of "reducing coal consumption while increasing capacity" [3]. Group 2: Technological and Environmental Features - The project integrates intelligent management and decision-making capabilities, with the main units designed for deep peak regulation at 15% THA conditions, rapid load variation, and efficient operation across a wide load range [3]. - The plant aims for a 50% ultra-low emission of atmospheric pollutants and zero wastewater discharge, with provisions for future carbon capture facilities, molten salt thermal storage, and other development areas [3]. Group 3: Impact on Energy Supply - Once operational, the project is expected to generate over 10 billion kilowatt-hours of electricity annually, meeting approximately 5% of Shanghai's electricity demand and significantly enhancing the resilience of power supply in the Yangtze River Delta region [5]. - The project will alleviate peak electricity pressure and further promote Shanghai's energy security, low-carbon transition, and coal power structure adjustment, providing strong support for the stable operation of the regional power system [5].

Core Viewpoint - The Shanghai Waigaoqiao Group Co., Ltd. will participate in the 2025 Shanghai-listed companies' third-quarter collective performance briefing on November 13, 2025, to discuss its Q3 operational results and financial status with investors [2][8]. Group 1: Meeting Details - The performance briefing is scheduled for November 13, 2025, from 15:00 to 16:30 [6]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][6]. - Investors can submit questions from November 6 to November 12, 2025, through the Roadshow Center's website [5]. Group 2: Participants - Key participants include the company's Chairman, Mr. Cai Rong, General Manager, Mr. Shao Yuping, Independent Director, Ms. Shao Lili, and other senior executives [4]. Group 3: Investor Participation - Investors can join the meeting online via the Shanghai Stock Exchange Roadshow Center [5]. - The company will address commonly asked questions during the briefing [3]. Group 4: Contact Information - For inquiries, investors can contact the company's Securities Legal Affairs Department at 021-51980848 [7].