每经AI快讯，1月16日，东珠生态(603359.SH)公告称，预计2025年归属于上市公司股东的净利润 为-11.35亿元至-9.35亿元。上年同期为-6.30亿元。报告期内，公司受宏观经济环境、行业环境等多重因 素影响，公司工程施工业务持续承压，工程结算周期拉长，制约了公司在建项目的施工进度，导致实施 的工程量同比相应下滑，公司营业收入下降。 （文章来源：每日经济新闻） ...

（记者 贾运可） 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ 每经AI快讯，东珠生态1月16日晚间发布业绩预告，预计公司2025年年度实现归属于上市公司股东的净 利润预计为约-11.35亿元至约-9.35亿元。上年同期归属于上市公司股东的净利润为亏损约6.3亿元；归属 于上市公司股东扣除非经常性损益后的净利润为亏损约6.02亿元；基本每股收益为亏损1.42元/股。业绩 变动主要原因是，营业收入影响。报告期内，公司受宏观经济环境、行业环境等多重因素影响，公司工 程施工业务持续承压，工程结算周期拉长，制约了公司在建项目的施工进度，导致实施的工程量同比相 应下滑，公司营业收入下降。计提坏账准备及资产减值损失。受地方财政支付能力下降等因素影响，公 司部分客户回款结算周期延长，回款进度不及预期。根据相应的会计政策，公司对各类资产进行了减值 测试，拟计提坏账准备合计约9.63亿元。各项减值准备计提的最终金额，将由公司聘请的审计机构进行 评估和审计后确定。敬请广大投资者审慎决策，注意投资风险。 ...

证券代码：603359 证券简称：东珠生态 公告编号：2026-003 1、经财务部门初步测算，预计公司 2025 年年度实现归属于上市公司股东的 净利润预计为-113,527 万元至-93,527 万元。 东珠生态环保股份有限公司 2025年年度业绩预告公告 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。 重要内容提示： ● 业绩预告的具体适用情形：净利润为负值。 ● 业绩预告相关的主要财务数据情况：经财务部门初步测算，预计东珠生态 环保股份有限公司（以下简称"公司"）2025 年年度实现归属于上市公司股东的 净利润预计为-113,527 万元至-93,527 万元；实现归属于上市公司股东扣除非经 常性损益后的净利润为-113,509 万元至-93,509 万元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 2、预计公司 2025 年年度实现归属于上市公司股东扣除非经常性损益后的净 利润为-113,509 万元至-93,509 万元。 ...

Core Viewpoint - The A-share market is experiencing a wave of merger and acquisition (M&A) terminations, with at least 30 companies announcing the cessation of major asset restructuring plans since November 2025, reflecting a significant trend in the market [2][18]. Group 1: M&A Termination Trends - Since November 2025, over 60 companies in the A-share market have terminated or stopped major asset restructuring plans, indicating a "termination tide" in M&A activities [2][18]. - The termination of M&A deals is not an isolated incident, as it has become a common occurrence in the current market environment [2][18]. - The reasons for these terminations often include changes in market conditions and disagreements on core terms, which are common across various cases [3][19]. Group 2: Challenges in M&A Processes - Companies face significant challenges in information disclosure, as they are required to announce restructuring plans within 10 trading days, leaving little time for thorough due diligence and negotiations [4][20]. - The rapid disclosure requirements lead to a situation where companies may not fully understand the complexities of the deal, resulting in disagreements during negotiations [5][21]. - The current regulatory framework emphasizes quick disclosures, which can increase the risk of negotiations breaking down later in the process [5][21]. Group 3: Market Dynamics and Regulatory Environment - The regulatory environment has shifted towards stricter disclosure requirements, which, while aimed at improving the quality of M&A transactions, has also made the negotiation process more challenging [7][25]. - The "merger six rules" and other encouraging policies have led to a surge in M&A activities, but the increase in terminated deals suggests a need for a more balanced approach to regulation [8][24]. - The market is currently characterized by a high level of activity, but the increasing number of failed transactions may lead to a more rational perspective among investors regarding the risks associated with M&A [26][27]. Group 4: Specific Case Studies and Insights - A significant portion of terminated deals is attributed to disagreements over valuation, with approximately 45% of cases citing this as a primary reason [10][27]. - Specific examples illustrate the challenges faced during negotiations, such as disagreements over valuation premiums and the complexities of cross-industry mergers [11][29]. - The quality of target assets and regulatory compliance issues also play critical roles in the success or failure of M&A transactions, with many deals being terminated due to undisclosed liabilities or insufficient regulatory approval [33].

登录新浪财经APP 搜索【信披】查看更多考评等级 图片来源：界面图库 智通财经记者 | 牛其昌 智通财经编辑 | 宋烨珺 2025年11月初，亚星化学（600319.SH）宣布筹划并购重组，计划以"发行股份+支付现金"方式收购天一化学100%股权。 几乎在同一时间，东珠生态（603359.SH）的投资者也在焦急地询问董秘，公司两个月前筹划并购"凯睿星通"是否取得积极进展。 然而，刚刚进入2026年，两家上市公司几乎在同一时间宣布交易告吹。 事实上，近期类似亚星化学和东珠生态终止并购的情况并非孤例。临近2025年末，A股市场掀起了一波并购重组"终止潮"，且在持续中。 据智通财经不完全统计，自2025年11月起，A股市场已有至少30家上市公司公告终止或停止实施重大资产重组计划，并购标的中不乏半导体、卫星通信、 人工智能等热门行业的代表企业。 而放眼整个2025年，A股并购市场亦呈现出明显的"冰与火"态势。一方面是"并购六条"等政策暖风下的市场繁荣，另一方面是不断攀升的重组终止案例， 全年累计已经超60家上市公司。 并购重组"终止潮"反映了哪些问题？背后有哪些深层原因？对此，智通财经采访了包括上市公司、投行在内的多 ...

Market Overview - The infrastructure sector experienced a decline of 0.42% on January 13, with Dongzhu Ecological leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Top Performers - Guosheng Technology (603778) saw a closing price of 25.20, with a significant increase of 7.55% and a trading volume of 950,500 shares, amounting to a transaction value of 2.344 billion [1] - Chengbang Co., Ltd. (603316) closed at 15.86, up 4.07%, with a trading volume of 189,300 shares and a transaction value of 297 million [1] - Tunnel Co. (600820) closed at 6.68, up 2.30%, with a trading volume of 794,700 shares and a transaction value of 529 million [1] Underperformers - Dongzhu Ecological (603359) dropped by 10.02% to a closing price of 7.90, with a trading volume of 682,200 shares and a transaction value of 5.41 billion [2] - China Nuclear Engineering (601611) fell by 9.98% to 17.95, with a trading volume of 2,315,100 shares and a transaction value of 4.280 billion [2] - Palm Co. (002431) decreased by 7.29% to 2.67, with a trading volume of 1,255,000 shares and a transaction value of 341 million [2] Capital Flow - The infrastructure sector saw a net outflow of 752 million from institutional investors, while retail investors contributed a net inflow of 610 million [2] - The top net inflows from retail investors were observed in China Electric Power (601669) with 14.4 million, and Tunnel Co. (600820) with 50.6 million [3] - Conversely, significant net outflows were noted in China Energy Construction (601868) with 53.8 million and China Railway (601390) with 42.1 million [3]

资金流向方面，今日该股主力资金净流出3884.18万元，其中，特大单净流出2850.99万元，大单资金净 流出1033.20万元。近5日主力资金净流出4804.71万元。 2025年10月30日公司发布的三季报数据显示，前三季度公司共实现营业收入2.58亿元，同比下降 29.78%，实现净利润-3024.18万元。（数据宝） 东珠生态1月12日交易公开信息 东珠生态(603359)今日跌停，全天换手率1.87%，成交额7327.26万元。龙虎榜数据显示，营业部席位合 计净卖出1701.88万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-11.04%上榜，营业部席位合计净卖出1701.88万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3043.64万元，其中，买入成交额为 670.88万元，卖出成交额为2372.76万元，合计净卖出1701.88万元。 具体来看，今日上榜营业部中，第一大买入营业部为中国银河证券股份有限公司大同万金街证券营业 部，买入金额为300.10万元，第一大卖出营业部为国泰海通证券股份有限公司深圳滨海大道创投大厦证 券营业部，卖出金额为972.88万元。 近半年该股 ...

Core Viewpoint - Dongzhu Ecological (603359.SH) experienced a limit down today, closing at 8.78 yuan, with a total market value of 3.917 billion yuan. The company announced that it had initially planned to acquire control of Kairuixingtong Information Technology (Nanjing) Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds. However, due to changes in the market environment, the parties involved could not reach a preliminary agreement on the valuation and related commercial terms, and are currently negotiating the termination of the transaction [1] Group 1 - Dongzhu Ecological's stock hit a limit down today, indicating a significant market reaction [1] - The company's market capitalization stands at 3.917 billion yuan, reflecting its current valuation in the market [1] - The planned acquisition of Kairuixingtong Information Technology was intended to enhance Dongzhu Ecological's business operations [1] Group 2 - The company has been actively organizing due diligence, auditing, and evaluation work with various intermediaries since the announcement of the major asset restructuring [1] - Despite multiple negotiations among the parties regarding the transaction scheme, they failed to reach a consensus on valuation due to market changes [1] - The involved parties are now in discussions to terminate the transaction, indicating potential challenges in the acquisition process [1]

Key Points - Major asset restructuring plans are underway for several companies, including JiaoYun Co. and Dongzhu Ecology, with significant risks of termination noted for Dongzhu Ecology's restructuring efforts [11][12] - ST KeliDa is set to resume trading on January 12, 2026, following a proposed change in its actual controller [5] - NineLink Technology has terminated its major asset restructuring plans due to disagreements on core transaction terms [6] - Companies like Huazhou Laojiao and others have announced substantial profit distributions and performance forecasts, indicating positive growth trends [8][9][10] Focus Area 1: Asset Restructuring - JiaoYun Co. is planning a major asset swap involving its automotive sales and service segments with assets from its controlling shareholder [11] - Dongzhu Ecology is attempting to acquire control of Kai Rui Xing Tong Information Technology but faces significant termination risks due to valuation disagreements [12] - NineLink Technology has decided to halt its plans to acquire a 51% stake in Chengdu Neng Tong Technology after failing to reach consensus on key transaction details [6] Focus Area 2: Trading Resumption and Risk Warnings - ST KeliDa will resume trading on January 12, 2026, after a proposed change in its actual controller [5] - China First Heavy Industries and Oriental Pearl have issued risk warning announcements regarding their stock trading, highlighting the volatility and lack of revenue from certain projects [3][4] Focus Area 3: Performance Forecasts - Huazhou Laojiao expects a net profit of between 235 million to 271 million yuan for 2025, a significant recovery from a loss in the previous year [8] - China Shipbuilding Defense anticipates a net profit increase of 149.61% to 196.88% for 2025, driven by improved production efficiency and revenue from joint ventures [9] - Daotong Technology projects a net profit of 900 million to 930 million yuan for 2025, reflecting a growth of 40.42% to 45.10% [10]

Group 1 - Dongzhu Ecological announced the potential termination of a major asset restructuring involving the acquisition of Kairuixing Information Technology (Nanjing) Co., Ltd. due to failure to reach preliminary agreement on valuation and commercial terms [1] - The target company specializes in satellite communication technology and systems, and the acquisition was expected to facilitate Dongzhu's strategic transformation into the satellite communication and space information technology sector [1] - Following the announcement of the acquisition plan, Dongzhu Ecological's stock price experienced a significant increase, rising by 16.35% compared to the price before the announcement [1] Group 2 - Dongzhu Ecological is involved in a lawsuit concerning a construction contract dispute with Huai'an Baima Lake Investment Development Co., Ltd., seeking 320 million yuan in damages [2] - The lawsuit's impact on the company's current or future profits remains uncertain as the case has not yet been heard in court [2] Group 3 - Southbound funds recorded a net inflow of 32.694 billion HKD during the first week of January, despite a decline in major Hong Kong stock indices [4] - Notable stocks with significant trading volumes included Alibaba-W, which had a total transaction amount of 53.514 billion HKD, and SMIC with 31.296 billion HKD [4] - Major technology stocks saw increased investment from southbound funds, with Xiaomi Group-W receiving the highest net buy amount of 5.089 billion HKD [5] Group 4 - Xiaomi Group-W's shareholding by southbound funds has increased for 15 consecutive weeks, reaching 4.716 billion shares valued at 178.375 billion HKD [5] - China Mobile experienced a net sell-off of 3.45 billion HKD, marking a decline in shareholding for six consecutive weeks [5] - The International Telecommunication Union reported that China has initiated a large-scale satellite constellation plan, with China Mobile applying for two constellations totaling 2,664 satellites [5] Group 5 - The stock of Jingtai Holdings has risen by 32.56% year-to-date, following the announcement of a strategic cooperation agreement with JinkoSolar for the development of AI-driven solar cell manufacturing [7] - Southbound funds have increased their holdings in several autonomous driving stocks, with Zhongwei New Materials seeing a remarkable 98.99% increase in shareholding [8][9] - The Guangzhou government has recently released policies to support autonomous driving applications in public transportation, aiming to create world-class demonstration cases [10]