Core Viewpoint - Shahe Co., Ltd. has confirmed that it is in compliance with regulatory requirements regarding the disclosure of significant information, stating that there are no major undisclosed matters [1] Company Summary - On November 7, Shahe Co., Ltd. responded to investor inquiries on an interactive platform, affirming that it has strictly adhered to regulatory disclosure requirements [1]

Core Viewpoint - The issuance of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" marks a significant step towards accelerating the mergers and acquisitions market in Shenzhen, aiming to enhance its position as a global innovation capital formation center [1][4]. Policy Implementation - The "Action Plan" aligns with national policies supporting mergers and acquisitions, such as the "New National Nine Articles" and "Mergers and Acquisitions Six Articles," providing a solid policy foundation for market reform [4]. - Shenzhen aims to achieve a total market capitalization of over 20 trillion yuan for listed companies by the end of 2027, cultivate 20 companies with a market value of over 100 billion yuan, and complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [4]. Industry Focus - The plan emphasizes the "20+8" industrial clusters, which include strategic emerging industries like integrated circuits, artificial intelligence, new energy, and biomedicine, as well as future industries such as synthetic biology and quantum information [5]. - It supports leading companies in these sectors to engage in upstream and downstream mergers and acquisitions to enhance their technological capabilities and market position [5]. Financial Support - The plan introduces various financial innovations to support mergers and acquisitions, encouraging the use of cash, shares, and convertible bonds for financing [6]. - It promotes bank loans and private equity funds to provide stable funding for mergers and acquisitions, creating a "patient capital" system to support long-term corporate growth [6][7]. Cross-Border Integration - The plan leverages Shenzhen's geographical advantage to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [8]. - It encourages leading enterprises to list or refinance in Hong Kong, enhancing the efficiency of cross-regional mergers and acquisitions [8][9]. Initial Success - The first merger following the new policy was announced by Shahe Co., which plans to acquire 70% of Shenzhen Jinghua Electronics, marking a significant shift from real estate to technology [10][12]. Future Outlook - The new policy is expected to foster the development of globally competitive enterprises and enhance the resilience of industrial chains, driving the transformation towards high-end, intelligent, and green industries [13]. - Shenzhen aims to become a key hub for mergers and acquisitions globally, attracting more domestic and international capital and high-quality enterprises [13][14].

Core Points - The stock price of Shahe Co., Ltd. decreased by 2.04% on November 7, trading at 17.77 CNY per share with a total market capitalization of 4.301 billion CNY [1] - Year-to-date, the stock has increased by 61.69%, but it has seen a decline of 5.23% in the last five trading days and 12.46% over the last 20 days [1] - The company has reported a significant drop in revenue and net profit for the first nine months of 2025, with revenue of 20.8589 million CNY, down 93.58% year-on-year, and a net loss of 32.2223 million CNY, a decrease of 168.73% [2] Financial Performance - As of September 30, 2025, Shahe Co., Ltd. had a total of 26,200 shareholders, an increase of 34.41% from the previous period [2] - The company has distributed a total of 193 million CNY in dividends since its A-share listing, with 81.3275 million CNY distributed over the last three years [3] Shareholder Information - The top ten circulating shareholders include the Southern CSI Real Estate ETF, which holds 2.1286 million shares, a decrease of 35,100 shares from the previous period [3]

Core Viewpoint - A total of 178 companies in the Shanghai and Shenzhen stock markets are at risk of triggering financial delisting indicators based on their Q3 reports, indicating a potential for delisting risk warnings if their Q4 performance does not improve [2][3]. Financial Indicators - Among the 178 companies, 145 are from the main board with "net profit loss + revenue below 300 million" criteria, while 33 are from the Sci-Tech Innovation Board and Growth Enterprise Market with "net profit loss + revenue below 100 million" [3]. - Specific companies like Shahe Co., China High-Tech, and Renzhi Co. reported revenues of 20.86 million, 62.97 million, and 68.54 million respectively, indicating significant shortfalls from the 300 million revenue threshold [3][4]. Company Actions - Companies are taking various measures to "self-rescue," including mergers, asset sales, and restructuring efforts to improve their financial standings [6]. - Shahe Co. is planning a major asset restructuring to acquire 70% of Shenzhen Jinghua Display Electronics Co., which has shown strong profitability in recent years [6]. - ST Lingda is attempting to undergo bankruptcy restructuring, having reported a revenue of 89.09 million, which is close to the 100 million target for the year [7]. Regulatory Environment - The new delisting regulations stipulate that companies failing to meet specific financial criteria will face delisting risk warnings, with the potential for mandatory delisting if conditions do not improve [2][4]. - The regulatory environment has become stricter, prompting companies to adopt more standardized approaches to maintain their listings [2]. Market Trends - As companies approach the end of the fiscal year, there is an increased urgency to secure large contracts, as seen with Hopu Co. signing a 520 million contract for energy storage systems [8][9].

证券日报网讯沙河股份11月5日在互动平台回答投资者提问时表示，公司已严格按照监管要求披露相关 事项，目前不存在应披露而未披露的重大信息。公司理解市场关切，但也请投资者基于公开披露信息理 性判断，避免无根据的揣测。公司将根据相关事项的进展情况，及时履行信息披露义务。请广大投资者 理性投资，注意投资风险。 （文章来源：证券日报） ...

Market Overview - On November 4, the real estate development sector declined by 0.25% compared to the previous trading day, with Shahe Co. leading the decline [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the real estate sector included: - China Wuyi (000797) with a closing price of 3.42, up 9.97% and a trading volume of 1.5244 million shares, totaling 500 million yuan [1] - Yingxin Development (000620) at 3.00, up 9.89% with a trading volume of 1.6734 million shares [1] - Everbright Jiabao (600622) at 3.12, up 9.86% with a trading volume of 1.2944 million shares [1] - Major decliners included: - Shahe Co. (000014) at 17.60, down 6.68% with a trading volume of 305,400 shares [2] - ST Nanjin (002305) at 2.56, down 4.83% with a trading volume of 1.1352 million shares [2] - Wolong New Energy (600173) at 8.70, down 3.97% with a trading volume of 657,400 shares [2] Capital Flow - The real estate development sector experienced a net outflow of 543 million yuan from institutional investors, while retail investors saw a net inflow of 471 million yuan [2] - The sector's capital flow indicated that: - Everbright Jiabao (600622) had a net inflow of 142 million yuan from institutional investors, but a net outflow of 80.4 million yuan from speculative funds [3] - Yingxin Development (000620) had a net inflow of 111 million yuan from institutional investors, with a net outflow of 44.3 million yuan from speculative funds [3]

Group 1: Acquisition Overview - Shenzhen state-owned company Shahe Co., Ltd. plans to acquire 70% of Shenzhen Jinghua Display Electronics Co., Ltd. for cash, marking a significant step in its business transformation from real estate to technology[6] - This acquisition is the first demonstration case under Shenzhen's three-year action plan for mergers and acquisitions[6] - Shahe Co. reported a revenue of approximately CNY 20.86 million for the first three quarters of 2025, a year-on-year decline of 93.58%[6] Group 2: Financial Performance - The net profit attributable to shareholders for Shahe Co. was approximately -CNY 32.22 million, a year-on-year decrease of 168.73%[6] - Jinghua Electronics, established in 1987, had its IPO application accepted by the Shenzhen Stock Exchange in June 2023, but it was terminated in March 2024[6] Group 3: Related Transactions - Victory Co., Ltd. plans to issue shares and pay cash to acquire gas-related assets controlled by its major shareholder, including 100% of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd. and 51% of Nantong Zhongyou Gas Co., Ltd.[6] - The acquisition involves gas assets across four regions, which will help Victory Co. to revitalize and integrate related assets within its group[6]

Core Points - Shahe Co., Ltd. experienced a decline of 5.09% on November 4, with a stock price of 17.90 CNY per share and a trading volume of 316 million CNY, resulting in a total market capitalization of 4.333 billion CNY [1] - The company, established on July 27, 1987, and listed on June 2, 1992, primarily engages in real estate development and management, with revenue composition as follows: 72.68% from real estate sales, 23.77% from property leasing, and 3.55% from property management [1] Shareholder Analysis - Among the top ten circulating shareholders of Shahe Co., Ltd., a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 35,100 shares in the third quarter, now holding 2.1286 million shares, which accounts for 0.88% of circulating shares. The estimated floating loss today is approximately 2.0435 million CNY [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 202 million CNY. Year-to-date returns are 8.83%, ranking 3695 out of 4216 in its category; over the past year, it has incurred a loss of 2.52%, ranking 3845 out of 3896; since inception, it has lost 39.35% [2] Fund Management - The fund manager of the Southern CSI Real Estate ETF Initiated Link A (004642) is Luo Wenjie, who has a cumulative tenure of 12 years and 200 days. The total asset scale under management is 170.445 billion CNY, with the best fund return during his tenure being 151.55% and the worst being -47.6% [3]

Core Viewpoint - The company is in the process of acquiring 70% of Jinghua Electronics to enhance its quality, scale, and profitability, despite Jinghua's ongoing financial losses [2][3]. Group 1: Company Performance - As of November 3, 2025, the stock price of Shahe Co., Ltd. (000014) closed at 18.86 yuan, up 0.59%, with a turnover rate of 12.48%, trading volume of 302,000 shares, and a transaction amount of 590 million yuan [1]. - Jinghua Electronics reported a revenue of 127 million yuan in 2023, with a net loss of 20.35 million yuan. For 2024, revenue is projected at 135 million yuan with a net loss of 10.27 million yuan, and for the first three quarters of 2025, revenue is 123 million yuan with a net loss of 30.84 million yuan [2]. Group 2: Market Reactions - Following the announcement of the acquisition, the stock price experienced a limit down, indicating negative market sentiment and concerns from investors regarding the acquisition of a loss-making company [2]. - On November 3, the main funds saw a net outflow of 35.56 million yuan, accounting for 6.02% of the total transaction amount, while retail investors had a net inflow of 28.90 million yuan, representing 4.9% of the total transaction amount [4][5].

Core Viewpoint - The company, Shahe Co., indicated that investors should pay attention to the company's future periodic reports for specific operational conditions [2] Summary by Categories - **Company Communication** - Shahe Co. responded to investor inquiries on November 3, emphasizing the importance of future disclosures for understanding its operational status [2]