Core Viewpoint - Tianpu Co., Ltd. (605255) announced a stock suspension for verification due to a significant price increase of 317.72% over 15 consecutive trading days, indicating a serious deviation from the company's fundamentals [2] Group 1: Acquisition and Financial Details - The acquisition involves a total payment of 2.123 billion yuan, with all funds confirmed to be in place as of September 17, 2025, and sourced entirely from self-owned capital [3] - The core acquirer, Zhonghao Xinying, has had most of its contingent liabilities from previous agreements waived, with only 11.27% of the obligations remaining unwaived [4] - Zhonghao Xinying's potential repurchase obligations amount to approximately 1.731 billion yuan, with significant portions already deemed invalid or under preliminary agreement for waiver [4] Group 2: Market Reactions and Trading Activity - Following regulatory measures, Tianpu's stock turnover rate increased threefold, reflecting market digestion of regulatory information and investor confidence in the new controlling shareholder's capabilities in the AI chip sector [6][5] - The stock's turnover rate reached 3.21% on September 22, significantly higher than the average of 1.07% over the previous five trading days [6] Group 3: Corporate Governance and Future Plans - Tianpu has clarified that there are no plans for asset injections or major business changes by Zhonghao Xinying in the next 12 months, and no asset sales or mergers are planned [7] - Commitments have been made to avoid share pledges for 36 months, which helps mitigate risks associated with control changes [8] Group 4: Regulatory Environment and Future Uncertainties - The control change process still faces uncertainties, including the need for compliance confirmation from the Shanghai Stock Exchange and potential risks related to share distribution [9] - The company has undergone scrutiny regarding insider trading, with findings indicating that prior stock transactions by insiders did not constitute insider trading [9]

【导读】天普股份宣布于9月24日起停牌，此前股价连续15个交易日涨停 15连板"大牛股"，宣布停牌！ 9月23日晚间，天普股份（605255）发布股票关于交易异常波动暨停牌核查公告称，根据相关规定，经向上交所申请，公司股票将于9月24日开市起停牌， 自披露核查公告后复牌。 股价连续15个交易日涨停 累计上涨317.72% 公告显示，宁波市天普橡胶科技股份有限公司（以下简称天普股份）股价自8月22日至9月3日连续9个交易日涨停，其间4次触及股票交易异常波动、2次触 及股票交易严重异常波动，公司已就上述股票交易波动情况进行停牌核查，于9月9日公告核查结果并复牌。 天普股份称，公司股价自8月22日至9月23日连续15个交易日涨停，累计上涨317.72%，已累积巨大交易风险，现已严重偏离上市公司基本面，公司股价存 在随时快速下跌的风险。 同时，天普股份股价短期涨幅严重偏离同期上证指数和汽车零部件行业指数，近15个交易日上证指数累计上涨1.35%，同期汽车零部件行业指数累计上涨 17.23%。 市盈率方面，截至9月23日，天普股份收盘价为111.28元/股，最新市盈率为482.85倍，最新市净率为18.46倍，公司所处 ...

Core Viewpoint - Tianpu Co., Ltd. announced a trading suspension starting September 24 after its stock price hit the daily limit for 15 consecutive trading days, resulting in a cumulative increase of 317.72% [1][3][5]. Stock Performance - The stock price of Tianpu Co., Ltd. experienced a continuous rise from August 22 to September 23, with 15 consecutive trading days of hitting the daily limit [4][5]. - During this period, the stock price increased by 317.72%, significantly outpacing the Shanghai Composite Index, which rose by 1.35%, and the automotive parts industry index, which increased by 17.23% [5]. Financial Metrics - As of September 23, the closing price of Tianpu Co., Ltd. was 111.28 CNY per share, with a price-to-earnings (P/E) ratio of 482.85 and a price-to-book (P/B) ratio of 18.46 [6]. - The average P/E ratio for the automotive parts industry is 34.00, and the average P/B ratio is 3.56, indicating that Tianpu's ratios are significantly higher than the industry average [6]. Financial Performance - For the first half of 2025, Tianpu Co., Ltd. reported an operating revenue of 151 million CNY, a year-on-year decrease of 3.44%, and a net profit attributable to shareholders of 11.3 million CNY, down 16.08% year-on-year [6]. Market Rumors - Tianpu Co., Ltd. addressed two market rumors in its announcement. The first was regarding a potential asset injection from Zhonghao Xinying (Hangzhou) Technology Co., Ltd., which the company denied, stating no such plans exist [9]. - The second rumor involved allegations of insider trading related to the company's stock. Tianpu Co., Ltd. clarified that the trading activities of four individuals occurred before the formation of any insider information, asserting that there was no insider trading involved [10].

Core Viewpoint - Tianpu Co., Ltd. (605255) has experienced a significant stock price increase of 317.72% over 15 consecutive trading days, raising concerns about the disconnect from the company's fundamentals [1] Group 1: Stock Performance and Trading Volatility - The stock price of Tianpu Co. has been on a continuous rise since August 22, 2025, with nine consecutive trading days of price increases, leading to multiple instances of abnormal trading fluctuations [1] - Following the initial trading suspension for investigation, the stock resumed trading on September 9, 2025, and continued to rise for two more days before facing further trading suspensions due to abnormal fluctuations [1] - From September 18 to September 23, 2025, the stock again experienced four consecutive days of price increases, prompting another trading suspension for risk assessment [1] Group 2: Company Overview and Business Developments - Tianpu Co. specializes in high polymer fluid pipeline systems and sealing system components primarily used in traditional fuel vehicle manufacturing, with no significant changes in its main business operations [3] - The company is in discussions to introduce a strong AI chip company, Zhonghao Xinying, as a potential controlling shareholder, which may involve share transfers and capital increases [3][4] - Zhonghao Xinying is recognized for its advanced TPU training and inference architecture technology, with a founder who has a strong technical background from Google [3] Group 3: Market Sentiment and Risks - There has been a notable increase in market attention towards Tianpu Co., with a maximum price increase of 563.78% since April 30, 2025, reaching a historical high of 101.16 yuan [3] - The company has issued warnings to investors regarding the risks associated with secondary market trading and the potential for rapid price declines [3] - Despite speculation about asset injections from Zhonghao Xinying, the company has clarified that there are currently no plans for such actions [5]

（编辑 任世碧） 证券日报网讯 9月23日晚间，天普股份发布公告称，公司股票价格自2025年8月22日至9月3日连续9个交 易日涨停，期间4次触及股票交易异常波动、2次触及股票交易严重异常波动，公司已就上述股票交易波 动情况进行停牌核查，于2025年9月9日公告核查结果并复牌；复牌后自2025年9月9日至9月10日连续2个 交易日涨停，再次触及股票交易异常波动，公司已就上述股票交易波动情况进行停牌核查，于2025年9 月18日公告核查结果并复牌；复牌后自2025年9月18日至9月23日连续4个交易日涨停，期间2次触及股票 交易异常波动，鉴于公司股价连续涨停期间已累积巨大交易风险，为进一步维护投资者利益，公司就近 期股票交易波动情况进行停牌核查。根据相关规定，经向上海证券交易所申请，本公司股票将于2025年 9月24日（星期三）开市起停牌，自披露核查公告后复牌。公司提醒广大投资者注意二级市场交易风 险。 ...

Core Viewpoint - Tianpu Co., Ltd. (605255) has experienced a significant stock price increase of 317.72% over 15 consecutive trading days, leading to a suspension for verification due to a severe deviation from the company's fundamentals [1][2]. Group 1: Stock Performance and Trading Suspension - The stock price of Tianpu Co., Ltd. reached 111.28 CNY per share, with a total market capitalization of 14.9 billion CNY [2]. - The company announced a trading suspension starting September 24, 2025, for verification of recent stock trading fluctuations, marking the third suspension for the company [1][6]. Group 2: Acquisition and Control Change - The recent surge in stock price is attributed to a takeover bid by Zhonghao Xinying (Hangzhou) Technology Co., Ltd., which aims to gain control of Tianpu Co., Ltd. through various means, including equity transfer and capital increase [4]. - The total investment for the acquisition exceeds 2.1 billion CNY, with Zhonghao Xinying contributing approximately 965 million CNY, Hainan Xinfan contributing about 395 million CNY, and individual investor Fang Donghui contributing around 764 million CNY [4]. - After the completion of the transaction, Zhonghao Xinying and Hainan Xinfan will hold 30.52% and 19.49% of Tianpu's shares, respectively, totaling 50.01%, while the original controlling shareholder's stake will decrease to 25% [4]. Group 3: Company Background and Future Plans - Zhonghao Xinying, founded in October 2020 by Yang Gongyifan and a team of top overseas technology experts, focuses on high-performance AI chips and computing clusters for the AIGC era [5]. - The company has completed nine rounds of financing in 2023, with a current valuation of 4.412 billion CNY [5]. - Despite the acquisition, Tianpu Co., Ltd. has stated that there are no plans for asset injection or significant changes to the company's main business within the next 12 months [6]. Group 4: Market Risks and Regulatory Actions - The company has warned investors about the risks of irrational speculation due to a relatively small external circulation of shares, with 75% of the total shares held by the controlling shareholder and related parties [6]. - The Shanghai Stock Exchange has issued multiple warnings regarding abnormal trading behaviors and has taken regulatory measures against certain investors to maintain market order [7].

再停牌核查！ 9月23日晚间，天普股份（605255）发布公告称，公司股票自2025年8月22日至9月23日连续15个交易日涨停，累计上涨317.72%，严重脱离公司基本 面。公司已就近期股票交易波动情况进行停牌核查，将于2025年9月24日开市起停牌，自披露核查公告后复牌。这已经是公司股票第3次停牌核查。 当天，天普股份股价再度涨停，已经连续15个交易日涨停。最新股价报111.28元/股，总市值149亿元。 天普股份股价此番大涨缘于一份要约收购。8月21日晚间，天普股份发布公告，中昊芯英（杭州）科技有限公司（下称" 中昊芯英 "）等为主体，拟通过股权 转让、增资控股股东、全面要约收购等一系列方式，取得天普股份控制权。 根据公告，本次交易收购方由中昊芯英、海南芯繁企业管理合伙企业（有限合伙）（简称"海南芯繁"）与自然人方东晖三方组成，合计出资金额超21亿元。 其中，中昊芯英作为出资主体，承担约9.65亿元收购资金，海南芯繁出资约3.95亿元，方东晖则出资约7.64亿元。 全部交易完成后，中昊芯英、海南芯繁将分别持有天普控股30.52%、19.49%的股份，合计持股达到50.01%，公司原实际控制人尤建义持股比 ...

Group 1 - In August, the total electricity consumption in China reached 10,154 billion kWh, a year-on-year increase of 5.0% [3] - The electricity consumption by the primary industry was 164 billion kWh, up 9.7% year-on-year; the secondary industry consumed 5,981 billion kWh, also up 5.0%; the tertiary industry saw a consumption of 2,046 billion kWh, increasing by 7.2% [3] - Cumulative electricity consumption from January to August was 68,788 billion kWh, a year-on-year growth of 4.6% [3] Group 2 - The Ministry of Industry and Information Technology reported that by the end of August, the total number of fixed broadband internet access users reached 689 million, with a net increase of 18.85 million users since the end of last year [4] - Users with internet access speeds of 100 Mbps and above accounted for 95.2% of total users, while those with speeds of 1,000 Mbps and above reached 233 million, representing 33.9% of total users [4] Group 3 - The State Administration for Market Regulation held discussions with Huo La La to ensure compliance with antitrust laws and promote fair market competition [4] - The National Internet Information Office took action against the Toutiao platform for failing to manage content responsibly, leading to penalties and required corrections [4][5] - The OECD projected a global economic growth rate of 3.2% for 2025, an increase of 0.3 percentage points from previous forecasts [4] Group 4 - Tianpu Co. announced that its stock would be suspended for further investigation due to a 15 consecutive trading limit increase [7] - Haili Co. refuted rumors regarding shell mergers and asset injections [7] - Guiguan Network denied rumors of a significant computing power collaboration with Huawei Cloud [8]

Core Viewpoint - The stock price of Tianpu Co., Ltd. (605255.SH) experienced a significant increase, hitting the daily limit for nine consecutive trading days from August 22 to September 3, 2025, leading to multiple instances of abnormal trading fluctuations [1] Trading Activity Summary - The company’s stock price was subject to abnormal trading fluctuations four times and severe fluctuations twice during the initial nine-day period [1] - Following a suspension for investigation, the stock resumed trading on September 9, 2025, and hit the daily limit for two consecutive days, again triggering abnormal trading fluctuations [1] - After another suspension and resumption on September 18, 2025, the stock price hit the daily limit for four consecutive days, with two additional instances of abnormal trading fluctuations noted [1] Regulatory Actions - Due to the accumulated trading risks during the continuous limit-up periods, the company initiated a suspension for further investigation to protect investor interests [1] - The company applied for a suspension of trading on September 24, 2025, in accordance with the Shanghai Stock Exchange's self-regulatory guidelines and stock listing rules [1]

根据《上海证券交易所上市公司自律监管指引第4号——停复牌》《上海证券交易所股票上市规则》等 相关规定，经向上海证券交易所申请，公司股票将于2025年9月24日(星期三)开市起停牌，自披露核查 公告后复牌。公司提醒广大投资者注意二级市场交易风险。 智通财经APP讯，天普股份(605255.SH)发布公告，公司股票价格自2025年8月22日至9月3日连续9个交 易日涨停，期间4次触及股票交易异常波动、2次触及股票交易严重异常波动，公司已就上述股票交易波 动情况进行停牌核查，于2025年9月9日公告核查结果并复牌;复牌后自2025年9月9日至9月10日连续2个 交易日涨停，再次触及股票交易异常波动，公司已就上述股票交易波动情况进行停牌核查，于2025年9 月18日公告核查结果并复牌;复牌后自2025年9月18日至9月23日连续4个交易日涨停，期间2次触及股票 交易异常波动，鉴于公司股价连续涨停期间已累积巨大交易风险，为进一步维护投资者利益，公司就近 期股票交易波动情况进行停牌核查。 ...