中国经济网北京12月1日讯 近日，华润元大基金管理有限公司发布关于调整旗下基金所持停牌股票 估值方法的公告。 根据《中国证券监督管理委员会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13 号）以及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基 协发[2013]第13号)等有关规定，经华润元大基金管理有限公司与基金托管人协商一致，自2025年11月28 日起，公司对旗下基金所持有的股票"普冉股份"（股票代码：688766）按指数收益法进行估值。 待上述股票复牌且交易体现活跃市场交易特征后，公司将恢复按市价估值方法进行估值，届时不再 另行公告。 （责任编辑：康博） ...

Core Viewpoint - The company, Yinhua Fund Management Co., Ltd., will adopt the "index yield method" for valuing suspended stock, Pu Ran Co., Ltd. (stock code: 688766), starting from November 28, 2025, after reaching an agreement with the fund custodian [1] Group 1 - The valuation method will change to "index yield method" for the suspended stock held by the company's funds, excluding ETFs [1] - Upon the resumption of trading for the stock, the company will determine the valuation method based on various influencing factors and in consultation with the fund custodian [1] - No further announcements will be made regarding the valuation method once the stock resumes trading [1] Group 2 - Investors can obtain more information through the company's website or customer service hotline [1]

Investment Rating - The report assigns an "Outperform" rating to the company [6]. Core Views - The company is expected to benefit from its diversified layout and the addition of new product lines, particularly in the storage sector, which is projected to experience a recovery in the latter half of 2025 [3][28]. - The company achieved a revenue of 1.433 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 4.89%, despite a significant decline in net profit due to various factors [1][22]. - The company plans to indirectly acquire a 31% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which will enhance its product line in 2D NAND and expand its overseas sales network [3][27]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 527 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 5.24% [1]. - The gross margin for Q3 2025 was 28.14%, down 4.51 percentage points year-on-year and 2.54 percentage points quarter-on-quarter [1]. - The company expects improvements in gross margin as the storage industry recovers and product prices stabilize [1][22]. Product Lines and Market Position - The company specializes in non-volatile memory chips, including NOR Flash and EEPROM, and is a major supplier in China [9][12]. - The "Storage+" product line, which includes MCU products, has seen a revenue increase of 35.62% year-on-year in the first half of 2025 [14][28]. - The company is expanding its product offerings to include high-performance storage products through the acquisition of SkyHigh Memory Limited, which is expected to position the company as a leader in the 2D NAND market [3][27]. Revenue and Profit Forecast - The company forecasts revenues of 20.18 billion yuan, 25.43 billion yuan, and 31.70 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 12%, 26%, and 25% [30][32]. - The projected net profits for the same years are 114 million yuan, 351 million yuan, and 429 million yuan, reflecting a significant recovery in profitability [33][34].

Core Viewpoint - Jinying Fund Management Co., Ltd. announced an adjustment to the valuation method for long-term suspended stocks held by its funds, effective November 26, 2025, to ensure fair and reasonable valuations in accordance with regulatory guidelines [1] Group 1: Valuation Method Adjustment - The fund manager will adopt the "index return method" for valuing suspended stocks, specifically for Puran Co., Ltd. (stock code: 688766) [1] - This adjustment is made in collaboration with the custodian to better protect the interests of fund holders [1] - Upon the resumption of trading for the suspended stock, the valuation will revert to market price without further announcements [1]

Core Viewpoint - Dongwu Fund Management Co., Ltd. announced an adjustment to the valuation method for long-term suspended stocks held by its funds, specifically adopting the "index yield method" for valuing suspended stock "Purun Co., Ltd. (stock code: 688766)" starting from November 26, 2025 [1] Group 1 - The adjustment aims to ensure fair and reasonable valuation of the funds under the management of Dongwu Fund [1] - The decision was made in accordance with the guidelines from the China Securities Regulatory Commission regarding the valuation business of securities investment funds [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock resumes trading and exhibits active market trading characteristics [1]

Core Points - 东方阿尔法基金管理有限公司 announced a change in the valuation method for its long-term suspended stock, 普冉股份, effective from November 26, 2025 [1] Group 1 - The company will adopt the "index income method" for the valuation of 普冉股份 (stock code: 688766) [1]

Core Viewpoint - Puran Co., Ltd. (688766.SH) announced a suspension of trading as it plans to acquire a 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. through share issuance and raise matching funds, marking its third investment in Noah Changtian this year [2][4]. Group 1: Investment Activities - This year, Puran has invested in Noah Changtian three times, initially acquiring a 20% stake through angel round financing in February, followed by a plan to acquire a controlling stake of 51% in September [2]. - If the current acquisition is successful, Puran will indirectly achieve 100% control over SkyHigh Memory Limited (SHM), a semiconductor company with ties to SK Hynix, which is the main target of Puran's interest [4]. Group 2: Market Context - The acquisition aligns with the ongoing super cycle in the storage chip market, as Puran aims to capitalize on the divestiture of assets by storage giants [2]. - SHM, recently spun off from SK Hynix, focuses on traditional 2D NAND markets, which are less aligned with the high-margin AI-driven segments that SK Hynix is currently prioritizing [4]. Group 3: Financial Insights - Puran has not disclosed the acquisition price or specific transaction details, but based on previous transactions, Noah Changtian's estimated overall valuation is approximately 463 million yuan [4]. - In 2023, Puran's net profit dropped by 158% due to aggressive market competition and impairment losses, reflecting the cyclical nature of the semiconductor industry [9].

Core Viewpoint - Puran Co., Ltd. (688766.SH) is planning to acquire a 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. and raise matching funds, aiming for 100% ownership of Noah Changtian, which is linked to the semiconductor company SkyHigh Memory Limited (SHM) [2][3][5]. Group 1: Investment Activities - This marks the third investment by Puran Co. in Noah Changtian this year, having previously acquired a 20% stake in March and increased it to 51% in September [3][5]. - The acquisition of Noah Changtian is strategically timed with SK Hynix's divestment of SHM, which is seen as a valuable asset in the semiconductor sector [5]. Group 2: Market Context - Puran Co. is focusing on acquiring assets from storage giants during a super cycle in the storage chip market, indicating a strategic move to capitalize on high-demand segments [2][5]. - SHM, which specializes in traditional 2D NAND flash memory, is positioned in niche markets such as industrial control and automotive electronics, which contrasts with the high-margin AI-driven storage products that SK Hynix is focusing on [5][11]. Group 3: Financial Implications - The overall valuation of Noah Changtian is estimated at approximately 463 million yuan, suggesting that the cost for Puran Co. to acquire the remaining 49% stake could be around 226 million yuan [5]. - Puran Co. has experienced significant fluctuations in profitability, with a 158% decline in net profit in 2023, followed by a 705% increase in 2024, and a 70% drop in the first half of 2025 due to market pressures [12][15]. Group 4: Strategic Positioning - Puran Co. aims to expand into higher-end markets by leveraging SHM's established global sales network and product offerings, which align with Puran's focus on mid-to-high-end applications [15]. - The company is also diversifying its product lines to include industrial and automotive applications, which are expected to provide growth opportunities despite the competitive landscape [11][15].

Group 1 - Runjian Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Zhongfu Shenying's shareholder plans to reduce its stake by no more than 1% [2] - Chenxi Aviation's controlling shareholder intends to reduce its stake by up to 3% [2] Group 2 - Zhiguang Electric's subsidiary signed a sales contract worth 152 million yuan [3] - Sanrenxing's controlling shareholder and actual controller plan to transfer up to 8% of the company's shares [4] - Guosheng Technology intends to acquire 100% equity of Fuyue Technology for 241 million yuan [5] Group 3 - Luxiao Technology's controlling shareholder plans to reduce its stake by no more than 3% [7] - Fusenmei's vice president and board secretary are under investigation [8] - Zhongchuang Co., Ltd. plans to transfer 2% of its shares through inquiry [10] Group 4 - Anglikang plans to raise 1.16 billion yuan for innovative drug research and industrialization projects [12] - Shenling Environment intends to issue convertible bonds to raise no more than 1 billion yuan [14] - Songcheng Performing Arts plans to acquire 100% equity of Hangzhou Songcheng Industrial for 963 million yuan [16] Group 5 - Demingli plans to raise no more than 3.2 billion yuan for SSD and DRAM expansion projects [17] - Ziyan Food's three shareholders plan to reduce their stake by no more than 276,700 shares [18] - Xinhua Pharmaceutical received a drug registration certificate for a new product [20] Group 6 - Chunqiu Electronics plans to acquire all shares of Danish liquid cooling technology company Asetek A/S for up to 547 million Danish kroner [22] - Tiandi Digital intends to transfer 100% equity of its subsidiary for 49 million yuan [24] - Huaru Technology plans to invest 20 million yuan to establish a fund focusing on new digital technologies [25] Group 7 - *ST Dongtong's stock may be suspended due to regulatory penalties for false reporting [26] - Siryipu is planning to acquire shares of Ningbo Aola Semiconductor and will suspend trading [27] - Purang Co., Ltd. is planning to acquire 49% equity of Noah Changtian and will suspend trading [29] Group 8 - *ST Suwu is facing potential delisting due to significant violations in financial reporting [32]

Core Viewpoint - The company is planning to acquire a 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. through a share issuance and is currently in the planning stage of this transaction [2][4]. Group 1: Transaction Details - The company is in the process of planning a transaction to purchase 49% of Noah Changtian's equity and raise matching funds [2][4]. - The valuation of Noah Changtian has not been finalized as of the announcement date [2]. - The transaction is not expected to constitute a major asset restructuring or related party transaction, and it will not lead to a change in the company's actual controller [2][5]. Group 2: Trading Suspension - The company's stock (stock code: 688766) will be suspended from trading starting November 26, 2025, for a period not exceeding 10 trading days to ensure fair information disclosure and protect investor interests [2][3]. - The company will fulfill its information disclosure obligations during the trading suspension and will announce the resumption of trading once the matters are confirmed [3]. Group 3: Parties Involved - The preliminary identified parties for the transaction include Zhuhai Noyan Changtian Equity Investment Fund Partnership, Anhui Gaoxin Yuanhe Puhua Private Equity Investment Fund Partnership, and Zhuhai Hengqin Qiangke No. 7 Investment Partnership [5]. - A letter of intent for the acquisition has been signed with the identified parties, but the specific transaction details will be determined through further negotiations [6].