Core Viewpoint - The company announced participation in a non-public placement of shares for Anfu Technology, with a share price set at 35.79 yuan per share and a lock-up period of six months [1] Group 1: Fund Participation - The funds involved are Xingquan CSI 800 Six-Month Holding Period Index Enhanced Securities Investment Fund and Xingquan CSI 300 Index Enhanced Securities Investment Fund (LOF) [1] - The non-public issuance results were published on September 29, 2025, detailing the implementation of the share issuance and related transactions [1] Group 2: Investor Information - Investors can access further information through the company's website or customer service hotline [1]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipe manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipe orders post-pandemic, with projected revenue and net profit of 54.7 million and 1.9 million respectively, resulting in a net profit margin of 3.5% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million, a year-on-year increase of 8.8%, and a net profit of 33 million, up 22.6%, leading to a net profit margin recovery to 10.5% [2][13] Industry Analysis - The global wet wipe market is steadily growing, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In 2024, the top 10 companies in the global wet wipe market hold a combined market share of 41.3%, with Procter & Gamble and Kimberly-Clark being the largest players, holding 13.9% and 11.3% market shares respectively [3][13] - The Chinese wet wipe market is expected to exceed 12.9 billion CNY in 2024, with a year-on-year growth of 4.3%, and the top 10 brands holding a market share of 48.0% [3][13] Company Performance and Strategy - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a net profit margin of 10.5% in the first half of 2025 compared to 4.08% for Hangzhou Guoguang, which reported revenue of 458 million and a net profit of 19 million [4][13] - The company has established strong relationships with international brand clients, with the top five clients accounting for 77.6% of revenue, and foreign sales increasing by 46.2% year-on-year in the first half of 2025 [4][13] - Jieya is expanding its production capacity with a new factory in the United States, which is expected to produce 15 billion wet wipes annually, further enhancing its global market presence [4][13] Financial Projections - The company forecasts net profits of 77 million, 107 million, and 144 million for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Core Viewpoint - Several companies are planning to reduce their shareholdings, indicating potential shifts in ownership and investor sentiment in the market [1] Shareholder Reductions - Senba Sensor's actual controller's concerted action party plans to reduce holdings by no more than 1.09% [1] - Erkang Pharmaceutical's controlling shareholder intends to reduce holdings by no more than 2.04% [1] - Andeli's shareholder BVI Donghua plans to reduce holdings by no more than 1.00% [1] - Zhiyang Innovation's controlling shareholder and its concerted action party plan to reduce a total of no more than 4.225 million shares [1] - Sichuan Gold's shareholder Beijing Jinyang intends to reduce holdings by no more than 1.8% [1] - Guoji Heavy Industry's shareholders, including Bank of China Deyang Branch and Bank of China Zhenjiang Runzhou Branch, plan to reduce a total of no more than 1% [1] - Meixin Sheng's shareholder WI Harper Fund VII plans to reduce holdings by no more than 1% [1] - Yanmian Technology's actual controller and controlling shareholder Liu Yan plan to reduce a total of 1.2897% of the company's shares [1] - Jingwei Henghai's supervisor Cui Wenge plans to reduce no more than 600,000 shares [1] - New Xiangwei's shareholder Kehongxin plans to reduce holdings by no more than 1% [1] - Wujin Stainless Steel's three executives plan to reduce a total of no more than 623,400 shares [1] - Zhongrun Optical's director Lu Gaofei plans to reduce no more than 695,300 shares [1] Regulatory Actions - *ST Mubang's actual controller Liao Zhiyuan has received a notice of investigation from the China Securities Regulatory Commission [1] - Youkeshu's shareholder has also received a notice of investigation from the China Securities Regulatory Commission [1]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipes manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipes orders post-pandemic, with projected revenue and net profit of 547 million and 19 million CNY respectively, resulting in a net profit margin of 3.50% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million CNY, a year-on-year increase of 8.8%, and a net profit of 33 million CNY, up 22.6%, leading to a net profit margin recovery to 10.50% [2][13] Industry Analysis - The global wet wipes market is steadily expanding, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In China, the wet wipes market is expected to exceed 12.9 billion CNY in 2024, growing by 4.3% year-on-year, with the top 10 brands holding a market share of 48.0% [3][13] Competitive Position - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a 10.50% margin compared to Hangzhou Guoguang's 4.08% [4][13] - The company’s top five clients accounted for 77.6% of its revenue in 2024, with international brand clients driving a 46.2% increase in foreign revenue in the first half of 2025, raising the foreign revenue share to 60.3% [4][13] - The establishment of a production facility in the United States is expected to enhance the company's global competitiveness, with a projected capacity of 15 billion wet wipes annually [4][13] Financial Projections - Forecasts for Jieya Co., Ltd. indicate net profits of 77 million, 107 million, and 144 million CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion CNY, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

南财智讯9月29日电，安德利公告，控股股东DonghuaFruitIndustryCo.,Ltd.计划通过集中竞价方式减持公 司股份数量不超过341.20万股，即不超过总股本的1.00%，减持期间为2025年10月29日至2026年1月28 日。减持原因是自身资金需求。若减持计划实施期间公司有送股、资本公积金转增股本、配股等股份变 动事项，上述股份数量做相应调整。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Anfu Technology [6][7]. Core Insights - Anfu Technology has successfully acquired high-quality assets from Nanfu Battery, enhancing cash flow stability and profitability. The company is positioned for external expansion and has entered the domestic GPU sector through investments [6][7]. - Nanfu Battery, primarily focused on domestic alkaline battery sales, has shown strong ROE performance and is expected to maintain robust growth in revenue and profitability [6][7]. - The report highlights the strategic importance of Nanfu Battery's market position and its potential for growth in both domestic and international markets, driven by production capacity expansion and export initiatives [6][7]. Summary by Sections 1. Anfu Technology: Acquisition of High-Quality Assets - Anfu Technology, formerly known as Andeli Department Store, transitioned to focus on battery production after acquiring controlling interest in Nanfu Battery in 2022. The acquisition was structured to optimize financial performance and compliance, earning recognition in the Shanghai Stock Exchange's compilation of typical M&A cases [6][19]. - The company has plans to increase its stake in Nanfu Battery to 46% by 2025, which is expected to significantly boost its profitability [6][7]. 2. Nanfu Battery: Domestic Leader in Alkaline Batteries - Nanfu Battery has established itself as a leading brand in the domestic market, with a strong focus on alkaline batteries, which accounted for 77.3% of its revenue in 2024. The company has maintained a high ROE, with figures reaching 81.2% in 2024 [6][7]. - The company is expanding its production capacity, with plans to build four new production lines, which will enhance its competitiveness in the export market [6][7]. 3. Battery Industry: Steady Demand Growth - The report notes that the global market for zinc-manganese batteries is expected to grow steadily, with China's manufacturing capabilities leading the way. The domestic market for alkaline batteries is projected to increase as penetration rates improve [6][7]. - The report emphasizes the potential for export growth, with Nanfu Battery's export revenue expected to grow at a CAGR of 60.3% from 2022 to 2024 [6][7]. 4. Financial Forecast and Valuation Analysis - The financial projections indicate that Anfu Technology's net profit attributable to shareholders is expected to grow significantly, with estimates of 226 million, 405 million, and 440 million yuan for 2025, 2026, and 2027, respectively [6][7]. - The report suggests a target market capitalization of 14.2 billion yuan based on a comparable company average PE ratio of 35X, indicating a potential upside of 25% from current levels [6][7].

9月29日，安孚科技盘中下跌2.05%，截至09:47，报42.91元/股，成交6598.74万元，换手率0.71%，总市 值110.63亿元。 资金流向方面，主力资金净流出32.91万元，特大单买入151.30万元，占比2.29%，卖出296.44万元，占 比4.49%；大单买入1097.55万元，占比16.63%，卖出985.31万元，占比14.93%。 安孚科技今年以来股价涨51.30%，近5个交易日跌2.81%，近20日涨20.20%，近60日涨43.94%。 安孚科技所属申万行业为：电力设备-电池-蓄电池及其他电池。所属概念板块包括：储能、送转填权、 锂电池、固态电池、并购重组等。 截至6月30日，安孚科技股东户数1.08万，较上期减少2.44%；人均流通股19580股，较上期增加2.50%。 2025年1月-6月，安孚科技实现营业收入24.28亿元，同比增长4.98%；归母净利润1.07亿元，同比增长 14.38%。 分红方面，安孚科技A股上市后累计派现1.42亿元。近三年，累计派现1.16亿元。 责任编辑：小浪快报 今年以来安孚科技已经1次登上龙虎榜，最近一次登上龙虎榜为8月26日，当日龙虎榜净 ...

之 独立财务顾问核查意见 华安证券股份有限公司 关于 安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易实施情况 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的相关资料并充分了解本次交易行为的基础上出具 的，旨在就本次交易行为做出独立、客观和公正的评价，以供安孚科技股东及 有关各方参考。本独立财务顾问对本核查意见特作如下声明： 1、本独立财务顾问核查意见所依据的文件和材料由本次交易各方提供，提 供方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不 存在虚假记载、误导性陈述或者重大遗漏。本独 ...

安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 安徽承义律师事务所 关于安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易实施情况 之法律意见书（二） 致：安徽安孚电池科技股份有限公司 安徽承义律师事务所接受安徽安孚电池科技股份有限公司的委托，指派司 慧、张亘、陈家伟律师（以下简称"本所律师"）担任安孚科技本次发行股份 及支付现金购买资产并募集配套资金暨关联交易的专项法律顾问。 本所律师已根据《公司法》《证券法》《重组管理办法》《发行管理办 法》《重组审核规则》《股票上市规则》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等法律、法规、部门 规章和规范性文件以及中国证监会、上海证券交易所的有关规定，就本次交易 相关事项出具了（2024）承义法字第 00098 号《安徽承义律师事务所关于安徽 安孚电池科技股份有限公司发行股份及支付现金购买资产并募集配套资金暨关 联交易的法律意见书》（以下简称"《法律意见书》"）、（2024）承义法字 第 00098-6 号《安徽承义律师事务所关于安徽安孚电池科技股份有限公司发行 股份及支付现 ...