Core Insights - On November 25, Zai Sheng Technology executed a block trade of 5.901 million shares, amounting to 24.0761 million yuan, which represented 13.7% of the total trading volume for that day [1] - The transaction price was 4.08 yuan, reflecting a discount of 13.01% compared to the market closing price of 4.69 yuan [1] Summary by Category Trading Activity - The block trade involved a total of 5.901 million shares at a price of 4.08 yuan per share [1] - The total transaction value was 24.0761 million yuan, accounting for 13.7% of the day's total trading volume [1] Price Comparison - The executed price of 4.08 yuan was 13.01% lower than the market closing price of 4.69 yuan [1]

Market Overview - The glass and fiberglass sector increased by 4.57% on November 25, with China National Materials leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - China National Materials (002080) closed at 32.64, up 10.01% with a trading volume of 349,200 shares and a transaction value of 1.118 billion [1] - Honghe Technology (603256) closed at 31.92, up 9.99% with a trading volume of 196,400 shares and a transaction value of 610 million [1] - Other notable performers include: - Zaiseng Technology (603601) at 4.69, up 4.69% [1] - International Composite Materials (301526) at 5.72, up 3.25% [1] - Jiuding New Materials (002201) at 8.18, up 2.38% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 485 million from institutional investors, while retail investors experienced a net outflow of 284 million [2] - The main capital flow details include: - Honghe Technology had a net inflow of 22.9 million from institutional investors [3] - China National Materials had a net inflow of 21 million from institutional investors [3] - International Composite Materials had a net inflow of 14.1 million from institutional investors [3]

Core Insights - The 2025 World Forestry Conference will take place from November 22 to 24, 2025, in Nanning, focusing on the digital transformation and intelligent upgrade trends in the forestry industry [1] Group 1: Exhibition Overview - The exhibition area for this year's event reaches 55,000 square meters, the largest in history, featuring over 1,000 high-quality exhibitors from both domestic and international markets, showcasing more than 10,000 types of forestry products [2] - The participation of foreign enterprises has significantly increased, with leading companies from countries such as Russia, Brazil, Finland, the UK, Germany, Indonesia, Malaysia, Thailand, and Laos attending, expanding the international network [2] - Major domestic companies, including state-owned enterprises like China Forestry Group and China Foma Machinery Group, as well as private firms such as Sophia and Qian Nian Zhou, are prominently featured, with top 100 companies in various sectors making up 50% of the exhibitors [2] Group 2: Professional Networking Platform - The exhibition is organized into 14 thematic areas covering key sectors such as intelligent forestry equipment, high-end furniture, green new materials, and forest products, showcasing new technologies and achievements across the entire forestry industry chain [3] - Over 30 high-profile professional events will be held during the exhibition, including more than 8 new product and technology launch events and specialized promotion sessions for quality enterprises, along with international buyer matchmaking sessions [3] - The event is expected to attract over 10,000 professional visitors and core buyers, facilitating numerous cooperation projects and providing a platform for businesses to find orders, expand channels, and promote collaboration [3] Group 3: Integration of Digital Intelligence - The theme "Digital Empowerment" is a highlight of this year's exhibition, with intelligent elements integrated throughout the display, services, and experiences [4] - The newly established Digital Empowerment Application Pavilion focuses on intelligent applications across the forestry industry chain, featuring renowned domestic and international companies showcasing smart equipment from afforestation to wood product processing [4] - The exhibition will also present an immersive AI interactive experience area, allowing attendees to operate smart inspection drones and CNC woodworking machinery, experiencing the technological innovations in the industry firsthand [4] Group 4: Industry Development in Guangxi - Guangxi has established 45 specialized forestry industrial parks, with over 3,000 enterprises, and is projected to exceed 180 billion yuan in park output value by 2024 [5] - The region has developed a comprehensive range of 10 major industrial categories, with wood processing, paper making, ecological tourism, and forest health becoming trillion-yuan industries [5] - By 2024, Guangxi's total forestry and grassland industry output value is expected to surpass 1 trillion yuan, with an average annual growth rate exceeding 8%, making it the first province in China to reach this milestone in the forestry sector [5]

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-107 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zskjzqb@cqzskj.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 （一）会议召开时间：2025 年 12 月 01 日（星期一）11:00-12:00 会议召开时间：2025 年 12 月 01 日（星期一）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 990 million yuan for the first three quarters of 2025, a year-on-year decrease of 10%. The net profit attributable to shareholders was approximately 81 million yuan, down 11% year-on-year, while the net profit excluding non-recurring items was 48 million yuan, a decline of 26% year-on-year [2][6] - In the third quarter alone, the company achieved a revenue of 330 million yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 2%. The net profit attributable to shareholders was 21 million yuan, up 42% year-on-year but down 22% quarter-on-quarter. The net profit excluding non-recurring items was 2 million yuan, a year-on-year decrease of 75% and a quarter-on-quarter decrease of 86% [2][6] - The company's gross margin for the first three quarters was approximately 21.6%, a year-on-year decrease of 0.8 percentage points. The gross margin for the third quarter was about 17.8%, down 3.5 percentage points year-on-year and down 4.2 percentage points quarter-on-quarter [12] - The company is expected to benefit from the new refrigerator energy efficiency standards set to be implemented on June 1, 2026, which are anticipated to enhance energy efficiency by approximately 40% [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 990 million yuan, a decrease of 10% year-on-year. The net profit attributable to shareholders was approximately 81 million yuan, down 11% year-on-year, and the net profit excluding non-recurring items was 48 million yuan, a decline of 26% year-on-year [2][6] - In the third quarter, the company achieved revenue of 330 million yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 2%. The net profit attributable to shareholders was 21 million yuan, up 42% year-on-year but down 22% quarter-on-quarter. The net profit excluding non-recurring items was 2 million yuan, a year-on-year decrease of 75% and a quarter-on-quarter decrease of 86% [2][6] Market Trends - The company is focusing on the domestic refrigerator energy efficiency standards, which are expected to increase the penetration rate of VIP materials. Currently, the penetration rate of vacuum insulation board materials in domestic refrigerators is less than 5%, indicating significant growth potential compared to Europe and Japan [12] Future Outlook - The company forecasts net profits attributable to shareholders of 110 million yuan, 170 million yuan, and 220 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 46, 31, and 23 times [12]

Market Overview - The glass and fiberglass sector experienced a decline of 0.58% on November 18, with Qibin Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable stock performances included: - Yao Pi Glass: Closed at 9.28, up 1.09% with a trading volume of 280,400 shares and a turnover of 260 million yuan [1] - Honghe Technology: Closed at 30.47, up 1.06% with a trading volume of 134,300 shares and a turnover of 411 million yuan [1] - Qibin Group: Closed at 6.26, down 3.69% with a trading volume of 410,900 shares and a turnover of 260 million yuan [2] Capital Flow - The glass and fiberglass sector saw a net outflow of 142 million yuan from main funds, while retail funds had a net inflow of 64.7 million yuan [2] - The capital flow for individual stocks showed varied trends, with China Jushi experiencing a main fund net inflow of 18.7 million yuan [3] Individual Stock Capital Flow - Key individual stock capital flows included: - China Jushi: Main fund net inflow of 18.7 million yuan, retail net outflow of 357,270 yuan [3] - Jinjing Technology: Main fund net inflow of 4.1 million yuan, retail net inflow of 1.3 million yuan [3] - North Glass: Main fund net outflow of 5.0 million yuan, retail net inflow of 586,550 yuan [3]

Core Insights - The VIP board market in China is rapidly expanding, with a projected market size of 4.67 billion yuan in 2024, driven by the demand for energy-efficient appliances, particularly refrigerators [2][4] Group 1: Market Overview - The domestic VIP board market is experiencing significant growth, with a market size expected to reach 4.67 billion yuan in 2024. The market is concentrated, with the top two companies, Saitex New Materials and Maikelong, holding a combined market share of over 70% [2] - The VIP board industry has high entry barriers due to factors such as technology patents, customer resource binding, and brand effects, making it difficult for new entrants to compete [2] Group 2: Regulatory Impact - The new national energy efficiency standards for refrigerators, effective from June 1, 2026, will significantly raise the efficiency requirements, with only 0.6% of current refrigerators meeting the new top-tier standards. This change is expected to enhance the demand for VIP boards, which can achieve the same insulation performance with a thickness of 10-15mm compared to 100mm of traditional polyurethane foam [3] - The introduction of a volume utilization rate concept in the new standards is anticipated to improve the efficiency of high-volume products, potentially increasing the volume utilization rate of refrigerators by 10% to 30% [3] Group 3: Government Subsidies - The national subsidy policy for high-efficiency refrigerators, set to be implemented in August 2024, includes a 15% subsidy for secondary efficiency and an additional 5% for primary efficiency, which is expected to boost the market share of high-efficiency refrigerators [4] - The market for mid-to-high-end refrigerators is expected to grow, particularly in the price ranges of 4000-8000 yuan online and 8000-15000 yuan offline, due to ongoing government subsidies [4] Group 4: Demand Projections - Domestic refrigerator sales are projected to grow from 2023 to the first half of 2025, with a year-on-year increase of 9% expected in the first half of 2025, reaching 22.62 million units [5] - The penetration rate of VIP boards in the domestic refrigerator market is currently low compared to developed countries, with an expected increase from 3% in 2020 to approximately 7.66% in 2024. Under neutral expectations, the market size for VIP boards in refrigerators could grow by an average of 1.4 billion yuan annually over the next seven years [5]

Core Viewpoint - The announcement details the equity changes of Chongqing Zaiseng Technology Co., Ltd. due to the share reduction by its controlling shareholder, Guo Mao, and his concerted actor, Guo Sihan, which has crossed the 5% threshold. Group 1: Basic Information of the Disclosing Party - The disclosing party is Guo Mao, the controlling shareholder and actual controller of the company, with Guo Sihan as a concerted actor [1][4][7]. - Guo Mao and Guo Sihan are father and daughter, respectively, and both hold significant shares in the company [7]. Group 2: Equity Change Details - On October 29 to October 31, 2025, the disclosing party reduced their holdings by 9,450,000 shares, decreasing their total shareholding from 36.32% to 35.40% [2][5]. - On November 7, 2025, Guo Mao further reduced his holdings by 4,162,400 shares, bringing the total shareholding down to 35.00%, thus triggering the 5% threshold [2][3]. Group 3: Compliance and Reporting - The disclosing party has prepared a simplified equity change report in accordance with relevant regulations and has committed to comply with all applicable laws and regulations regarding shareholding changes [3][5][8]. - The equity change does not trigger a mandatory tender offer and will not alter the control of the company [3][8]. Group 4: Future Plans - Guo Mao plans to continue reducing shares up to a maximum of 30,903,906 shares, which represents 3% of the total share capital, as previously disclosed [8][10]. - There are no plans for increasing or further reducing shareholdings within the next 12 months, aside from the ongoing reduction plan [8][10].

| 证券代码：603601 | 证券简称：再升科技 | | 公告编号：临 | 2025-105 | | --- | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 转债 | 22 | | | 重庆再升科技股份有限公司 关于控股股东及其一致行动人权益变动 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 35.40% | | | | 权益变动后合计比例 | 35.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他_____ ...

重庆再升科技股份有限公司 简式权益变动报告书 上市公司名称：重庆再升科技股份有限公司 上市地点：上海证券交易所 股票简称：再升科技 股票代码：603601 信息披露义务人：郭茂 住所及通讯地址：重庆市渝北区******** 一致行动人：郭思含 住所及通讯地址：重庆市渝北区******** 权益变动性质：股份减少，信息披露义务人及其一致行动人合计权益变动触及 5%整数倍刻度。 签署日期：2025 年 11 月 7 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》（以下简称 为《证券法》）、《上市公司收购管理办法》（以下简称《收购管理办法》）、 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 （以下简称《准则 15 号》）及其他相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人所任职或持有权益公司章程或内部规则中的任何条款，或与之 相冲突。 三、依据《证券法》《收购管理办法》的规定，本报告书已全面披露信息披 露义务人在重庆再升科技股份有限公司中拥有权益的股份变动情况。截止本报告 书签署 ...