格隆汇1月23日丨中持股份(603903.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润 为-9,000万元左右。预计2025年年度公司归属于母公司所有者的扣除非经常性损益后的净利润为-9,700 万元左右。 ...

中持水务股份有限公司 关于 2025 年度拟计提资产减值准备的提示性公告 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： 证券代码：603903 证券简称：中持股份 公告编号：2026-004 （二）合同资产减值准备 公司参考历史信用损失经验，结合当前状况以及对未来经济状况的预测，在合同 资产组合基础上按照预期信用损失模型计提预期减值损失。由于部分客户支付能力下 降，账期有所延长，公司对 2025 年 12 月 31 日合并报表范围内合同资产拟计提减值 准备合计 1,000 万元至 2,000 万元。 中持水务股份有限公司（以下简称"公司"）2025 年度拟计提减值准备 1.60 亿元至 2.10 亿元，预计导致利润总额减少 1.60 亿元至 2.10 亿元。 本次计提减值准备的金额未经审计，最终会计处理及对公司 2025 年度利润的 影响以公司披露的 2025 年年报为准。 一、本次计提资产减值准备的概况 根据《企业会计准则》等相关规定的要求，为真实、准确地反映公司的资产状况 和财务状况，基于审慎性原则，公司 ...

证券代码：603903 证券简称：中持股份 公告编号：2026-003 中持水务股份有限公司 2025 年年度业绩预告 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： 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1. 经财务部门初步测算，预计 2025 年年度实现归属于上市公司股东的净利 润为-9,000 万元左右。 2. 经财务部门初步测算，预计 2025 年年度归属于上市公司股东扣除非经常 性损益后的净利润为-9,700 万元左右。 （三）本次预计的业绩尚未经注册会计师审计。 二、上年同期经营业绩和财务状况 1. 本期业绩预告适用于净利润为负值的情形。 2. 中持水务股份有限公司（以下简称"公司"）预计 2025 年年度实现归属 于母公司所有者的净利润为-9,000 万元左右。预计 2025 年年度公司归属于母公 司所有者的扣除非经常性损益后的净利润为-9,700 万元左右。 一、本期业绩预告情况 （一）业绩预告期间 （一）利润总额：-15,433.91 万 ...

Core Viewpoint - Recent changes in the transfer of control rights in listed companies indicate a shift towards more structured and regulated transactions, aiming to prevent speculative behaviors and ensure that only capable buyers engage in acquisitions [4][11][12]. Group 1: Changes in Control Rights Transfer - The transfer of control rights in listed companies has seen a significant increase, with new practices emerging, such as shareholders relinquishing voting rights and committing to long lock-up periods [3][7]. - For instance, Huashi Technology (301218.SZ) reported a transfer of 11.32% of its shares while the original shareholders gave up 33.97% of their voting rights, indicating a trend away from voting rights delegation [3][9]. - New shareholders in companies like ST Keli Da (603828.SH) and Tian Chuang Fashion (603608.SH) are committing to a 60-month lock-up period, while original shareholders are agreeing to a 36-month lock-up [3][9]. Group 2: Regulatory and Market Implications - The recent changes are seen as a response to the explosive growth in control rights transactions, which have led to excessive stock price increases and potential market manipulation [4][11]. - Analysts suggest that these commitments will lead to a restructuring of evaluation standards and a more complex design of transaction schemes, promoting a competitive environment where only strong, demand-driven buyers prevail [5][12]. - The introduction of regulations by the China Securities Regulatory Commission (CSRC) prohibiting the delegation of voting rights further emphasizes the move towards stricter control in these transactions [10]. Group 3: Long-term Commitments and Financial Integrity - The new requirements, such as a 60-month non-transfer period and a minimum of 50% self-funding for acquisitions, aim to create a "risk firewall" and prevent the transfer of risks to the listed companies [13][14]. - These measures are intended to protect the integrity of listed companies and ensure that funds are used to enhance core business operations rather than for personal asset support [14]. - The shift signifies a transition from valuing control rights as mere power to recognizing the long-term responsibilities associated with governance and shareholder value creation [14].

Group 1 - The core viewpoint of the article highlights a new trend in A-share control transactions, where five companies have collectively committed to a 60-month lock-up period for their acquisitions, significantly exceeding the 18-month legal minimum [1] - The companies involved in this trend include Tianchuang Fashion, Aolian Electronics, Zhongzhi Holdings, ST Keli Da, and Jianghua Micro, all of which have announced the extension of their share lock-up periods [1] - A private equity insider indicated that many recent acquisition projects have failed to materialize due to disagreements over lock-up period terms, contrasting sharply with the booming A-share merger and acquisition market since 2025 [1] Group 2 - Since the implementation of supportive policies like the "merger and acquisition six guidelines," the number of A-share merger cases and transaction volumes has significantly increased, showcasing various innovations in acquisition methods and structural entities [1] - The emergence of cases with 60-month extended lock-up periods marks a notable departure from the previously common short-term lock-up practices in the market [1] - The article suggests that the recent concentration of such long lock-up period cases reflects a shift in capital logic and market behavior in the context of A-share acquisitions [1]

Core Viewpoint - The announcement of a proposed change in control for Jianghua Microelectronics by Shanghai Fuxun Technology, which includes a 60-month share lock-up period, has sparked significant discussion in the capital market regarding extended lock-up periods, which exceed the statutory 18-month requirement by more than double [1]. Group 1: Control Change Cases - Jianghua Microelectronics is the fifth case in the A-share market within a month to feature a 60-month extended lock-up period for control changes, alongside Tianchuang Fashion, Aolian Electronics, Zhongchi Co., and ST Keli Da [1]. - The trend of extending lock-up periods to 60 months reflects a collective shift in the capital logic behind these transactions, indicating a focus on long-term investment strategies [1][11]. Group 2: Transaction Characteristics - The five cases predominantly utilized equity agreement transfers without employing the previously common voting rights entrustment model, likely due to regulatory uncertainties surrounding the latter [2]. - All five cases feature a 60-month lock-up commitment, signaling a strong long-term investment orientation from the acquirers [4]. - The funding sources for these transactions are primarily from the acquirers' own funds, with at least 50% of the total transaction amount being self-funded, enhancing transaction security [5][6]. Group 3: Pricing and Valuation - The transactions generally involved discounted pricing, with the transfer prices being lower than the closing prices prior to the announcements, which helps balance the interests of both parties involved [7][8]. - Jianghua Microelectronics' transfer price was set at 20 yuan per share, reflecting a discount of 6.63% compared to the previous closing price [8]. Group 4: Company Fundamentals - The companies involved are primarily small to mid-cap firms, with Jianghua Microelectronics having a market capitalization close to 10 billion yuan, while the others range between 3 billion to 5 billion yuan [9][10]. - Financial performance indicates that these companies are generally under pressure, with many facing declining profitability or losses, highlighting the need for strategic control changes [9][10].

Group 1 - Zhongzhi Holdings announced that as of the date of the announcement, Zhongzhi Environmental Protection has pledged a total of approximately 33.22 million shares, accounting for 100% of its held shares [1] - Xu Guodong has pledged a total of approximately 1.08 million shares, which represents 15.74% of his held shares [1]

关于股东质押部分股份的公告 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。 重要内容提示： 中持水务股份有限公司（以下简称"公司"）股东中持（北京）环保发 展有限公司（以下简称"中持环保"）及其一致行动人许国栋先生分别持有公司 股份33,215,816股、6,845,050股，占公司总股本的比例分别为13.01%、2.68%。 中持环保本次质押5,907,172股公司股份，许国栋先生质押1,077,462股公司股份， 上述质押手续办理完毕后，中持环保及其一致行动人许国栋先生累计质押 34,293,278股公司股份，占其持有公司股份总数的85.60%，占公司总股本的 13.43%。 一、本次股份质押基本情况 证券代码:603903 证券简称:中持股份 公告编号:2026-002 中持水务股份有限公司 | | | | | | 日 | 登记手 | 集团股份 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

Group 1 - The stock of Zhongchi Holdings (603903) fell by 6.97% today, with a turnover rate of 8.08% and a trading volume of 267 million yuan, showing a fluctuation of 7.02% [2] - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily price deviation of -7.02%, with a total net sell of 33.95 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 85.89 million yuan, with a buying amount of 25.97 million yuan and a selling amount of 59.93 million yuan, resulting in a net sell of 33.95 million yuan [2] Group 2 - In the past six months, the stock has appeared on the watch list six times, with an average price drop of 2.10% the next day and an average increase of 1.63% over the following five days [3] - The stock experienced a net outflow of 59.28 million yuan in main funds today, including a net outflow of 34.68 million yuan from large orders and 24.60 million yuan from major funds, with a total net outflow of 120 million yuan over the past five days [3] - The company's Q3 report released on October 31, 2025, indicated a total revenue of 662 million yuan for the first three quarters, representing a year-on-year growth of 2.15%, and a net profit of 47.60 million yuan, reflecting a significant year-on-year increase of 2157.81% [3]

Core Viewpoint - Zhongzhi Holdings (603903) experienced a decline of 3.81% today, with a turnover rate of 8.71% and a trading volume of 311 million yuan, indicating significant market activity and volatility [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a daily fluctuation of 19.85%, with a net sell-off of 20.08 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 67.70 million yuan, with a buying amount of 23.81 million yuan and a selling amount of 43.89 million yuan, resulting in a net sell of 20.08 million yuan [2] - The largest buying brokerage was CITIC Securities Co., Ltd. with a purchase amount of 5.79 million yuan, while the largest selling brokerage was China International Capital Corporation with a selling amount of 10.38 million yuan [2] Fund Flow - Today, the stock saw a net outflow of 42.44 million yuan in principal funds, including a net outflow of 16.45 million yuan from large orders and 25.99 million yuan from major funds [3] - Over the past five days, the total net outflow of principal funds reached 80.63 million yuan [3] Financial Performance - According to the Q3 report released on October 31, 2025, the company achieved a total operating revenue of 662 million yuan in the first three quarters, representing a year-on-year growth of 2.15% [3] - The net profit for the same period was 47.60 million yuan, showing a significant year-on-year increase of 2157.81% [3]