Group 1 - China Medical plans to acquire 70% equity of Zezheng Pharmaceutical for 525 million yuan to enhance its R&D capabilities in the pharmaceutical sector [1] - Hongchang Electronics has commenced production of its functional high-end copper-clad laminate electronic materials project [2] - China State Construction has secured multiple major projects totaling 32.09 billion yuan, which represents 1.5% of its audited revenue for 2024 [3] Group 2 - China Resources Double Crane has established an industrial fund with a committed investment of 83 million yuan, targeting a total fundraising goal of 500 million yuan [4] - Pinggao Electric and its subsidiaries have won state grid procurement projects worth approximately 876 million yuan, accounting for 7.06% of its 2024 revenue [5] - Dong'an Power received a government subsidy of 2.47 million yuan, with 1.47 million yuan related to assets and 1 million yuan related to income [6] Group 3 - Nantian Information has paid overdue taxes and penalties totaling 50.31 million yuan, which will impact its net profit for 2025 [7] - Erli Six has changed its investment plan to establish a wholly-owned subsidiary in Hong Kong for submarine cable business with an investment of 320 million yuan [8] - Dream Lily plans to invest 170 million yuan in an e-commerce warehouse project at its East US factory [9] Group 4 - Shen Shen Fang A's controlling shareholder has terminated the agreement to transfer 7.07% of the company's shares to Dongfang Asset, with no change in control [10] - Tianfu Culture has signed strategic cooperation framework agreements with various cultural and tourism bureaus to promote film and tourism integration [11] - Jinzi Tianzheng's chairman has resigned due to work adjustments, but will continue to fulfill his duties until a new chairman is elected [12] Group 5 - Jiangshan Oupai and its subsidiaries received government subsidies totaling 10.04 million yuan, with 7.51 million yuan related to income [13] - Ninghu Expressway plans to increase its investment in Jiangsu Danjin Expressway Co., Ltd. by 128 million yuan to support highway construction [14] - Jiangyin Bank has received approval for the qualifications of its employee director and vice president [15] Group 6 - Aoxiang Pharmaceutical has received approval for the listing application of two chemical raw materials [16] - Daye Co. has not yet commenced mass production of its robotic tendon products, with ongoing uncertainties in technology and profitability [17] - Rongsheng Environmental has proposed a cash dividend of 3.8 yuan per 10 shares, totaling approximately 97.36 million yuan [19] Group 7 - Yunyi Electric plans to invest 66 million USD in Morocco to establish a wholly-owned subsidiary and production base [20] - Derun Electronics has reached an agreement regarding the delayed payment of 100 million yuan in equity transfer funds [21] - Baihua Pharmaceutical is planning a change in control, leading to a continued suspension of its stock [22] Group 8 - CITIC Bank's executive director and president has resigned due to work adjustments [23] - Haizike's subsidiary has received acceptance for clinical trial applications for two innovative drugs [24] - Tianrun Dairy's subsidiaries received government subsidies totaling 21.53 million yuan, representing 49.32% of its net profit for 2024 [25] Group 9 - Andisou plans to issue 398 million A-shares at 7.54 yuan per share, raising a total of 3 billion yuan [26][27] - Fuda Co. has completed the transfer of its 50% stake in a joint venture, which is expected to positively impact its 2025 financial results [28] - Jianghua Micro has received environmental approval for a project to produce 37,000 tons of ultra-pure wet electronic chemicals [29] Group 10 - Nanwang Technology received a government subsidy of 10 million yuan, accounting for 0.66% of its net assets for 2024 [30] - Changgao Electric New has won state grid procurement projects totaling 161 million yuan, representing 9.14% of its 2024 revenue [31] - Huaxin Precision plans to invest up to 600 million yuan of idle funds in low-risk financial products [32] Group 11 - Fuguang Co. received a government subsidy of 1.26 million yuan for basic research projects, which is 13.27% of its net profit for 2024 [33] - Benli Technology has obtained a drug production license, which will help optimize its product structure [34] - Jintuo Co. proposed a cash dividend of 4.1 yuan per 10 shares, totaling approximately 99.48 million yuan [35] Group 12 - Kang Enbei has elected a new chairman and vice chairman during its board meeting [36] - Sanyuan Bio has completed the construction and installation of equipment for the remaining capacity of its 20,000-ton alulose project [38]

证券代码：603166 证券简称：福达股份 公告编号：2025-076 桂林福达股份有限公司 关于聘任证券事务代表的公告 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个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开第六 届董事会第三十二次会议，审议通过了《关于聘任证券事务代表的议案》。同意聘 任卢丽女士为公司证券事务代表，协助董事会秘书开展工作，任期自本次董事会审 议通过之日起至第六届董事会任期届满之日止。 卢丽女士（简历见附件）已通过上海证券交易所上市公司董事会秘书资格培训 并取得培训证明，具备履行职责所必需的专业知识和任职条件，其任职资格符合 《公司法》《上海证券交易所股票上市规则》等相关法律法规的要求。 电子邮箱：foto@glfofo.cn 通讯地址：广西桂林市西城经济开发区秧塘工业园秧十八路福达股份 特此公告 桂林福达股份有限公司董事会 2025 年12月31日 附简历： 卢丽，女，1983 年 7 月出生，中国国籍，无境外永久居留权，本科学历，法律 专业。2007 年 3 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-075 桂林福达股份有限公司 关于转让合资公司股权完成的公告 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个别及连带责任。 一、概述 桂林福达股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日与 Maschinenfabrik Alfing Kessler GmbH（以下简称"ALFING"）签署了两份《股 权转让协议》，协议约定，公司拟分两期（第一期转让 25%股权、第二期转让 25% 股权）将所持有的"桂林福达阿尔芬大型曲轴有限公司"（以下简称"合资公司"） 全部 50%股权转让给 ALFING。股权转让完成后，公司将不再持有合资公司的股权。 该事项经公司第六届董事会第二十四次会议审议通过，并同意授权公司管理层负 责办理本次股权转让的具体事宜。 三、交易对上市公司的影响 公司完成所持合资公司全部 50%股权的转让，有利于公司回收资金，进一步优 化现有资源配置，将更多资源聚焦于新能源及机器人零部件产业的发展，同时提 升资产流动性与使用效率，推动公司实现健 ...

【福达股份：转让合资公司股权完成 聚焦新能源及机器人零部件产业发展】智通财经12月30日电，福 达股份(603166.SH)公告称，公司已完成所持"桂林福达阿尔芬大型曲轴有限公司"全部50%股权的转让， 其中第一期25%股权已转让，第二期25%股权转让款4,800万元已收到并完成工商登记手续。转让完成 后，公司不再持有合资公司股权，有利于回收资金，优化资源配置，聚焦新能源及机器人零部件产业发 展。预计本次交易将对公司2025年度损益产生积极影响。 转自：智通财经 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, specifically recommending companies with strong alpha potential and growth prospects [2][4][5]. Core Insights - The report highlights the challenges faced by the used car export market, particularly from Japan, emphasizing the need for standardized rating systems and trust-building measures between buyers and sellers [3]. - It suggests that companies with strong operational capabilities, such as large dealership groups and platforms like Uxin, are well-positioned to capitalize on the growth of used car exports [3]. - The report notes that the automotive parts sector is currently facing headwinds due to high inventory levels and the exhaustion of trade-in subsidies, but there is a cautious optimism for market recovery in the coming year [4]. - Companies like Daimay and Fuda are highlighted for their stable performance and growth potential, particularly in the robotics sector and their international market presence [5][6]. Summary by Sections Used Car Export Insights - The used car export market is hindered by trust issues and a complex transaction chain, with Japan's stringent vehicle inspection policies serving as a potential model for improvement [3]. - Uxin is identified as a key player with a growing inventory of nearly 7,000 used cars, making it a recommended investment for the next two to three years [3]. Automotive Parts Sector Update - The automotive industry did not experience the anticipated year-end surge, primarily due to the depletion of trade-in subsidies and consumer hesitance [4]. - Recommendations include companies with strong alpha characteristics such as Shuanghuan Transmission and Yinlun, which are expected to benefit from stable growth and high market ceilings [4]. Daimay and Robotics Sector - Daimay is recognized for its stable earnings, low valuation, and significant growth potential, particularly in automotive interior components and robotics [5][6]. - The company has made significant strides in expanding its client base, including partnerships with major electric vehicle manufacturers, and is positioned to support Tesla's localization efforts in North America [6].

Investment Strategy Update - The investment strategy for the automotive sector has been updated for 2026 due to two key changes: the unfulfilled subsidies in Q4 2025 and adjustments in the "two new subsidies" policy, along with the State Administration for Market Regulation's draft guidelines aimed at preventing chaotic price wars, which may increase survival pressure on low-margin automakers [2][3] - The revised strategy focuses on the mid-to-high-end market and overseas expansion, categorized into three tiers: the first tier includes companies less affected by industry fluctuations, such as BAIC and JAC; the second tier includes other mid-to-high-end brands like XPeng and NIO; the third tier includes mainstream brands like BYD and Geely that have overseas or mid-to-high-end transformation potential [3][4] High-End Intelligent Driving - High-level intelligent driving has entered the engineering phase, with L2+ and L3 features expected to become standard configurations in the industry; high-end vehicles will offer superior experiences through advanced configurations, while mid-range vehicles will adopt basic usable features [4] - The year 2024 is anticipated to mark the beginning of "intelligent driving equality," with related features expected to be widely adopted in vehicles priced above 130,000 to 150,000 yuan [4] Fuda Co., Ltd. Update - Fuda Co., Ltd. has made significant progress in its robotics business, recently signing a strategic cooperation agreement with Changban Technology and Yiyou Robotics to create a comprehensive ecosystem for humanoid robot joint solutions [5] - The company is positioning its robotics components business as a strategic new business, focusing on mass production of planetary gear products and collaborating with Changban Technology to enhance capabilities in linear and rotational actuators [5] - Fuda's partnerships and strategic focus are expected to accelerate its layout in humanoid robots and intelligent equipment, with more developments anticipated in the future [5] Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as NIO, Xiaomi, XPeng, and Li Auto, as well as companies benefiting from the trend of intelligentization like Jianghuai Automobile and Seres [2][5] - It also suggests paying attention to state-owned enterprise reforms and recommending companies like SAIC Motor, Dongfeng Motor, and Changan Automobile, along with component manufacturers with strong growth and overseas expansion capabilities such as Xingyu, Fuyao Glass, and Fuda [2][5] Valuation Overview - A valuation table for key automotive companies is provided, showing metrics such as market capitalization, price-to-book (PB) ratios, and projected net profit growth rates for 2024 to 2026, highlighting significant variations among companies [7]

Core Viewpoint - Guilin Fuda Co., Ltd. has completed the registration capital change and obtained a new business license following a reduction in registered capital due to the failure to meet performance targets in the 2024 restricted stock incentive plan [1][2]. Group 1: Capital Reduction and Corporate Changes - The company held a board meeting on November 26, 2025, where it approved a proposal to reduce registered capital and amend the Articles of Association [1]. - The registered capital was reduced by 558,000 yuan, from 646,208,651 yuan to 645,650,651 yuan, and the total share capital decreased from 646,208,651 shares to 645,650,651 shares [1]. - The reduction was due to the cancellation of 558,000 restricted shares following the resignation of two incentive plan participants and unmet performance targets [1]. Group 2: Business License and Company Information - On December 16, 2025, the company completed the registration capital change procedures and received a new business license from the Guilin Big Data and Administrative Approval Bureau [2]. - The updated company registration details include a registered capital of 645,656,551 yuan, and it operates as a listed other joint-stock company [2]. - The company is involved in the research, production, and sales of automotive parts and systems, as well as providing technical and business services [2].

证券日报网讯 12月16日晚间，福达股份发布公告称，公司于2025年11月26日召开第六届董事会第三十 一次会议，审议通过了《关于减少注册资本并修订〈公司章程〉的议案》。鉴于公司2024年限制性股票 激励计划第一个解除限售期业绩考核目标未能全部达标、2名激励对象辞职，公司回购注销合计558， 000股限制性股份。注销完成后，公司注册资本减少558，000元，由646，208，651元减少至645，650， 651元；公司总股本将由646，208，651股减少为645，650，651股。2025年12月16日，公司完成了注册 资本工商变更登记手续，并取得了由桂林市大数据和行政审批局核发的营业执照。 （文章来源：证券日报） ...

证券代码：603166 证券简称：福达股份 公告编号：2025-074 桂林福达股份有限公司 关于完成注册资本工商变更登记并换发营业执照的公告 桂林福达股份有限公司董事会 2025 年 12 月 17 日 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个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）于 2025 年 11 月 26 日召开第六届 董事会第三十一次会议，审议通过了《关于减少注册资本并修订〈公司章程〉的议 案》。鉴于公司 2024 年限制性股票激励计划第一个解除限售期业绩考核目标未能全 部达标、2 名激励对象辞职，公司回购注销合计 558,000 股限制性股份。注销完成后， 公司注册资本减少 558,000 元，由 646,208,651 元减少至 645,650,651 元；公司总 股本将由 646,208,651 股减少为 645,650,651 股。具体内容详见公司于 2025 年 11 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的《福达股份关于减少注册 资本并修订〈公司章程〉的公告 ...

当时福达股份表示，长坂科技是一家从事精密传动部件研发制造公司，致力于工业机器人、服务机器人 及智能装备的研发、生产和销售，在精密丝杠产品、专用机床设备领域方面具有较强的能力与经验。福 达股份本次增资及收购标的公司股权，是为加速布局人形机器人、智能装备等领域。 （原标题：福达股份携手长坂科技与意优科技签署合作协议? 共同打造人形机器人关节解决方案） 在11月27日举行的2025年第三季度业绩说明会上，福达股份回应关于公司在机器人业务上布局的话题时 表示，公司全自主正向对标开发了行星减速器产品，并通过参股长坂科技拓展反向式行星滚柱丝杠等机 器人精密零部件业务。 人形机器人核心关节模组制造企业上海意优智控科技有限公司（以下简称"意优科技"）12月14日发布消 息称，福达股份(603166)携手参股的机器人核心硬件制造企业长坂（扬州）机器人科技有限公司（简 称"长坂科技"），与意优科技正式签署了战略合作协议。 fund 依据战略合作协议，三方将致力于推动机器人关节模组技术的深度融合，打造高效且低成本的解决方 案。福达股份凭借在精密制造、供应链管理和质量控制方面的优势，意优科技依托领先的机器人关节模 组设计与集成能力， ...