Investment Highlights - Zhuoran Co., Ltd. signed a total contract for a 4.033 billion yuan annual production of 1.2 million tons PBAT biodegradable polyester project, accounting for 142% of the company's audited revenue for 2024 [1][2] - Hualian Holdings plans to acquire 100% of Argentum for 1.235 billion yuan, entering the lithium extraction business from salt lakes [1][2] - Xusheng Group's actual controller has changed to the Guangzhou Municipal Government, and the stock has resumed trading [1] - Tianpu Co., Ltd. has a new actual controller, Yang Gongyifan, who, along with his concerted actors, controls 68.29% of the shares, and the stock has resumed trading [1] - Xiangyu Medical's brain-computer interface products have entered over 500 tier-three hospitals, with a target of over 700 by the Spring Festival [1] - Tongyu Communication's subsidiary Zhonghong Tongyu plans to increase capital and introduce investors to enhance its capital strength for satellite communication product R&D and operational expenses [1] - Lingyun Optical's wholly-owned subsidiary intends to act as a cornerstone investor in the IPO of Zhipu on the Hong Kong Stock Exchange [1] - Tainkang's wholly-owned subsidiary received a drug registration certificate for Finasteride and Tadalafil capsules, a product not yet approved by other companies in China [1] - Wantai Biological's bivalent human papillomavirus vaccine has been included in the 2025 National Immunization Program centralized procurement project [1] - Sanli Pharmaceutical plans to acquire the HXW2324 compound and related patents from Hainan University for developing new treatment candidates for Alzheimer's disease [1] - Haohan Depth has provided safety system support for L3 level autonomous driving in multiple regions [1] - Guangxun Technology's 1.6T optical module has achieved mass delivery capability [1] Capital Operations - Super Sonic Electronics plans to invest 1 billion yuan in upgrading and expanding high-performance HDI printed circuit board technology [2] - EVE Energy's headquarters for sodium energy and the Jin Yuan Robot AI Center project has commenced construction [2] - Lingyi Zhi Zao intends to acquire 35% of server thermal management company Liminda for 875 million yuan [3] - Nanya New Materials plans to raise no more than 900 million yuan for AI computing power-based high-end high-frequency high-speed copper-clad laminate R&D and industrialization projects [3] - Jinpan Technology plans to issue 1.672 billion yuan in convertible bonds for data center power module projects [3] - China Nuclear Construction's subsidiary introduced ICBC Investment to increase capital by 5 billion yuan for market-oriented debt-to-equity swaps to repay financial institution loans [3] - Yongding Co., Ltd.'s optical chip subsidiary plans to increase capital and introduce external investors such as Cambridge Technology [3] Performance Forecast - Sanhua Intelligent Control expects a net profit of 3.9 billion to 4.6 billion yuan in 2025, representing a year-on-year growth of 25% to 50% [4]

Group 1 - Xusheng Group's actual controller has changed to the Guangzhou Municipal Government, with stock resuming trading on December 23, 2025 [1] - Lingyun Light plans to invest up to $5 million in the IPO of Zhipu Hong Kong as a cornerstone investor [1] - Ningbo Huaxiang's subsidiary has signed a strategic cooperation agreement with Dahuan Robotics to enhance collaboration in the development of dexterous hands [2] Group 2 - Hualian Holdings intends to acquire 100% of the Canadian company Argentum Lithium S.A. for $175 million, which is approximately 1.235 billion yuan [3] - Shiyuan Zhaoye plans to raise no more than 550 million yuan through a convertible bond issuance for the Zhuhai Shiyuan Jingguan Garden project [4] - ST Quanwei and its subsidiary are involved in a civil mediation agreement involving 69.0158 million yuan [4] Group 3 - Jiao Jian Co.'s actual controller has been subjected to criminal coercive measures, but the company's control has not changed [5] - Tianji Technology is facing a lawsuit for alleged collusion in bidding, but its operations remain normal [5] - Jinpan Technology plans to issue 1.672 billion yuan in convertible bonds for data center power modules and other projects [5] Group 4 - Hongqi Chain's shareholder Yonghui Supermarket plans to reduce its stake by up to 3% [6] - Shuangqiang Technology's director did not implement a planned share reduction [7] - Zhuoran Co.'s subsidiary has signed a significant order worth 4.033 billion yuan [8] Group 5 - ST Zhitong's stock will have its risk warning lifted on December 24, 2025, with a change in trading limits [9] - Yingwei Co. plans to reduce its stake by up to 0.56% [10] - Huaxia Happiness's board rejected five temporary proposals from China Ping An Life Insurance [11] Group 6 - China Nonferrous Metals plans to acquire 99.9% of Raura Company for $106 million [11] - Sanhua Intelligent Control expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, a year-on-year increase of 25% to 50% [11] - Chaoxun Communication received a government subsidy of 18.0455 million yuan [12] Group 7 - Jiangfeng Electronics plans to transfer 4% of Shanghai Runping's equity for 60 million yuan [12] - Dingyang Technology has launched a 20 GHz high-bandwidth digital oscilloscope [13] - Linyi Intelligent plans to acquire 35% of Dongguan Liminda Electronics for 875 million yuan [14] Group 8 - Trina Solar has sold its U.S. 5GW module factory to T1, receiving $100 million in cash and shares [14] - Aihua Packaging's major shareholder reduced its stake by 700,000 shares during the stock's abnormal fluctuation period [14] - China Merchants Bank has approved a comprehensive credit limit of 165 billion yuan for China Merchants Group [15] Group 9 - Lingwei Technology plans to acquire 70% of Jiangsu Huimai for 50.2 million yuan [16] - Yongding Co. is increasing its capital by 600 million yuan for its polysilicon subsidiary [19] - Zhong'an Technology's subsidiary is voluntarily extending its share lock-up period by six months [19] Group 10 - Xiangyu Medical's brain-computer interface products have entered over 500 top-tier hospitals, with a target of 700 by the Spring Festival [18] - Wenda Technology's major shareholder has terminated its share reduction plan [18] - Wenta Technology's major shareholder reduced its stake by 1.2097 million shares [18]

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月19日晚，上海卓然工程技术股份有限公司（简称：卓然股份（维权）代码：688121）发布 《关于公司及实际控制人收到立案告知书的公告》。因涉嫌信息披露违法违规等事项，根据《中华人民 共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司及实际控制人张锦 红立案。当晚，公司还发布《关于收到上海证监局行政监管措施决定书的公告》。 曾代理投资者告赢130余家上市公司并获赔的浙江裕丰律师事务所厉健律师表示，根据立案公告，卓然 股份涉嫌证券虚假陈述，受损投资者可依法索赔。 （厉健律师专栏） 公告显示，上海证监局查明公司存在以下违规事项： 2021年至2024年期间，公司在IP0募投项目实施过 程中，违规支付部分募集资 金，经由公司控股股东、董事长张锦红有效控制的供应商或资金通道方银 行账户 流入体外资金池进行资金调配，部分资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月20日，上海卓然工程技术股份有限公司（以下简称"卓然股份（维权）"或"公司"）发布公告 称，公司及实控人张锦红于2025年12月19日收到中国证监会出具的《立案告知书》（证监立案字 0032025031号、证监立案字0032025032号），因涉嫌信息披露违法违规等事项，根据《中华人民共和国 证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司及实控人张锦红立案。上 海市信本律师事务所赵敬国律师（执业证号：13101200410820485）提示，于2025年12月20日之前买入 且有持仓，无论在2025年12月20日及之后是否卖出的投资者，或可通过"新浪股民维权平台"自愿登记索 赔。（赵敬国律师专栏） 2024年9月，卓然股份共同实际控制人张新宇因未履行2023年定向增发时的业务重组承诺，收到上海证 监局警示函。2 ...

Core Viewpoint - Zhuoran Co., Ltd. has been subjected to administrative regulatory measures due to violations in the use of IPO fundraising, revealing significant internal control and corporate governance issues [1][4][5]. Group 1: Regulatory Actions - The Shanghai Securities Regulatory Commission has ordered Zhuoran Co. to rectify its violations regarding the disclosure of fundraising and the actual use of funds, with three former executives receiving warning letters [1][4]. - The China Securities Regulatory Commission has initiated a case against Zhuoran Co. and its actual controller, Zhang Jinhong, for suspected violations of information disclosure [2][4]. Group 2: Financial Performance - Zhuoran Co. experienced a decline in net profit for three consecutive years from 2022 to 2024, with net profits decreasing from 1.9 billion yuan in 2022 to 947.69 million yuan in 2024, representing a year-on-year decrease of 39.88%, 18.75%, and 38.46% respectively [6]. - In the first three quarters of 2025, the company reported a revenue of 1.565 billion yuan, a year-on-year decrease of 18.8%, and a net profit of 59.56 million yuan, a significant increase of 74.55% primarily due to the sale of a subsidiary [7][8]. Group 3: IPO and Fund Utilization - Zhuoran Co. raised 920 million yuan during its IPO in 2021, but regulatory findings indicated that part of the raised funds was improperly used, flowing into external funding pools controlled by related parties [2][4][5]. - As of June 2025, the company reported that most of the IPO funds had been invested, with significant amounts allocated to various projects, including 480 million yuan for petrochemical equipment production [5]. Group 4: Market Position and Challenges - Zhuoran Co. operates in the domestic refining and chemical equipment industry, providing integrated solutions for oil and gas sectors, but has faced challenges due to high customer concentration, with 89.22% of revenue coming from the top five customers [6][8]. - The company is under pressure from high debt levels, with a debt-to-asset ratio of 66.88% and accounts receivable reaching 2.531 billion yuan, complicating its operational and governance reform efforts [8].

Core Viewpoint - The article discusses the signing of a contract for a major PBAT biodegradable polyester production project by Zhuoran Co., which is expected to significantly boost its revenue and position in the biodegradable materials market [1][2]. Group 1: Project Overview - Zhuoran Co.'s subsidiary Zhuoran Smart has signed a contract for an EPC project with Dongjing Green Energy and Inner Mongolia Dongjing Zhongke New Materials, focusing on a production line for 120,000 tons of PBAT biodegradable polyester [1]. - The total contract amount is approximately 4.033 billion RMB, which represents 142.09% of the company's audited revenue for 2024 [1]. - The project will include the construction of a central control room, substations, and other auxiliary facilities, making it the largest single PBAT production line in China upon completion [2]. Group 2: Company Background - Inner Mongolia Dongjing Biological Environmental Technology Co., established in 2015, is a leading producer of biodegradable and modified materials, with a full industry chain in PBAT production and processing [3]. - The company has collaborated with major logistics firms like Shentong and Zhongtong to expand its market influence through cross-industry partnerships [3]. - Shanghai Dongjing Green Energy New Materials Co., established in July 2025, focuses on R&D and manufacturing of bio-based materials [3].

Group 1 - The actual controller of Xiangyuan Cultural Tourism, Yu Faxiang, has been subjected to criminal coercive measures due to suspected criminal activities, but the company's control has not changed and operations remain normal [2] - The actual controller of Jiaojian Co., Yu Faxiang, is also facing criminal coercive measures, with no impact on the company's operations or control [3] - Huaxia Happiness's board rejected five temporary proposals from China Ping An Life Insurance for the upcoming shareholder meeting, citing legal violations and conflicts with company matters [4] Group 2 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD (12.35 billion RMB), aiming to gain 80% interest in the Arizaro project located in Argentina [5] - Tianji Technology is facing a lawsuit for alleged collusion in bidding, but the company reports that operations are normal and the event has not significantly impacted it [6] - Jinpan Technology intends to issue convertible bonds totaling 1.672 billion RMB to fund projects related to data center power modules and energy-efficient equipment [7] Group 3 - Xusheng Group's actual controller is changing to Guangzhou Municipal Government, with stock resuming trading on December 23, 2025, after a share transfer agreement [8][9] - Lingyi Zhizao plans to acquire 35% of Limin Da for 875 million RMB, gaining control over 52.78% of the voting rights in the company [10] - Vanke A has extended the grace period for the repayment of its mid-term notes from 5 working days to 30 trading days, with no penalties during this period [11] Group 4 - Tianpu Co. has completed a tender offer, resulting in a total control of 68.29% of the shares, with stock resuming trading on December 23, 2025 [12] - Chuangshi Technology's actual controller is under investigation and has been subjected to detention measures, but has resigned from all positions within the company [13] Group 5 - Sanhua Intelligent Controls expects a net profit of 3.874 billion to 4.649 billion RMB for 2025, representing a year-on-year growth of 25% to 50% [15] - Dong'a Ejiao plans to repurchase shares worth 100 to 200 million RMB, with the repurchased shares to be canceled and registered capital reduced [17] Group 6 - Hongqi Chain's major shareholder, Yonghui Supermarket, plans to reduce its stake by up to 3% [20] - Yingwei Ke's shareholder plans to reduce its stake by up to 0.56% [21] - Tianyin Electromechanical's director plans to reduce his holdings by up to 155.81 million shares [22] Group 7 - Zhuoran Co.'s subsidiary has signed a significant order worth 4.033 billion RMB for a project in Inner Mongolia [24] - Nacronor has signed a procurement contract worth 301 million RMB with a leading domestic customer [25]

格隆汇12月22日丨卓然股份(688121.SH)公布，公司于2025年12月22日收到股东马利平先生及其一致行 动人上海牧鑫私募基金管理有限公司—牧鑫通盈2号私募证券投资基金发来的《关于权益变动触及1%整 数倍的告知函》，2025年12月2日至2025年12月19日，股东马利平先生通过集中竞价交易方式累计减持 公司股份149.16万股，占公司总股本比例0.64%。 ...

Group 1 - The company Zhuoran Co., Ltd. has signed a supplementary agreement for the EPC contract of a 1.2 million tons per year PBAT biodegradable polyester project with partners including Shanghai Dongjing Green Energy New Materials Co., Ltd. and Shanxi Installation Group Co., Ltd. [1][2] - The total order amount for the equipment supply by Zhuoran Smart is tentatively set at RMB 4.033 billion, which represents 142.09% of the company's audited revenue for the year 2024 [2]. Group 2 - The PBAT biodegradable polyester project, located in Wuhai City, Inner Mongolia, aims to establish the largest single PBAT production line in China, aligning with the national "dual carbon" strategy to promote the green transformation of the traditional chemical industry [2].

Core Viewpoint - The company announced the signing of a supplementary agreement related to a major project, clarifying the total order amount for equipment supply in a significant biodegradable polyester project [1] Group 1: Contract Details - The company’s wholly-owned subsidiary, Zhaoran Smart, signed a supplementary agreement with Shanghai Dongjing Green Energy New Materials Co., Ltd. and Inner Mongolia Dongjing Zhongke New Materials Technology Co., Ltd. [1] - The EPC contractor for the project is Shanxi Installation Group Co., Ltd. [1] - The supplementary agreement specifies that Zhaoran Smart will undertake equipment supply, with a preliminary order amount set at RMB 4,032.83 million [1]