天茂集团（000627）公告，公司原定于2025年4月29日披露2024年年度报告和2025年第一季度报告。因 公司定期报告涉及的部分信息需要进一步核实、补充完善，公司未能完成2024年年报的编制工作，公司 无法在法定期限内(2025年4月30日)披露上述定期报告。根据《深圳证券交易所股票上市规则》的相关 规定，公司股票(股票简称：天茂集团，股票代码：000627)已自2025年5月6日开市起停牌。若公司在股 票停牌两个月内仍未披露2024年年度报告，公司股票交易将被实施退市风险警示。 ...

Summary of Key Points Group 1: Company Listings - Company 001390 Guqi Fur Materials is set to announce its online subscription rate on May 20, 2025 [1] - Company 301590 Youyou Green Energy will begin its preliminary inquiry on May 20, 2025, with the inquiry period ending on the same day [1] - Company 603049 Zhongce Rubber will also start its preliminary inquiry on May 20, 2025, concluding on the same day [1] Group 2: Trading Suspension Announcements - The Invesco Great Wall S&P Consumer Select ETF (QDII) will be suspended from trading on May 20, 2025, until 10:30 AM to protect investor interests [2] - The Guotai S&P 500 ETF will also be suspended on May 20, 2025, until 10:30 AM for the same reason [2] - Company 000151 Zhongcheng Co., Ltd. is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [2] - Company 000584 *ST Gongzhi is suspended due to a risk warning regarding potential delisting, effective from April 28, 2025 [2] - Company 000622 *ST Hengli is suspended for failing to disclose periodic reports within the statutory deadline, effective from May 6, 2025 [2] - Company 000627 Tianmao Group is suspended for the same reason as *ST Hengli, effective from May 6, 2025 [2] - Company 000878 Yunnan Copper is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 13, 2025 [2] - Company 002336 *ST Renle is suspended due to a risk warning regarding potential delisting, effective from April 30, 2025 [2] - Company 002708 Guangyang Co., Ltd. is suspended due to plans for issuing shares and cash to acquire assets and raise matching funds, effective from May 19, 2025 [2] - Company 002750 *ST Longjin is suspended due to a risk warning regarding potential delisting, effective from April 25, 2025 [2]

证券代码：000627 证券简称：天茂集团 公告编号：2025-017 天茂实业集团股份有限公司 特别提示： 年年度报告和2025年第一季度报告。因公司定期报告涉及的部分信息需要进一步核实、补 充完善，公司未能完成2024年年报的编制工作，公司无法在法定期限内（2025年4月30日） 披露上述定期报告。 团，股票代码：000627）已自2025年5月6日开市起停牌。若公司在股票停牌两个月内仍未 披露2024年年度报告，公司股票交易将被实施退市风险警示。若公司在股票交易被实施退 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的相关年度报告， 深圳证券交易所将决定终止公司股票上市交易。 公司原定于2025年4月29日披露2024年年度报告和2025年第一季度报告。因公司定期报 告涉及的部分信息需要进一步核实、补充完善，公司未能完成2024年年报的编制工作，公 司无法在法定期限内（2025年4月30日）披露上述定期报告。公司股票（股票简称：天茂集 团，股票代码：000627）已自2025年5月6日开市起停牌。具体内容详见公司于2025年5月6 日刊登于《中国证券报》《证券时报》《上海证券报》和巨潮 ...

证券代码：000627 证券简称：天茂集团 公告编号：2025-017 天茂实业集团股份有限公司 关于定期报告披露进展暨股票交易可能被实施退市风险警示的 风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 1、天茂实业集团股份有限公司（以下简称"公司"）原定于2025年4月29日披露2024 年年度报告和2025年第一季度报告。因公司定期报告涉及的部分信息需要进一步核实、补 充完善，公司未能完成2024年年报的编制工作，公司无法在法定期限内（2025年4月30日） 披露上述定期报告。 2、根据《深圳证券交易所股票上市规则》的相关规定，公司股票（股票简称：天茂集 团，股票代码：000627）已自2025年5月6日开市起停牌。若公司在股票停牌两个月内仍未 披露2024年年度报告，公司股票交易将被实施退市风险警示。若公司在股票交易被实施退 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的相关年度报告， 深圳证券交易所将决定终止公司股票上市交易。 公司原定于2025年4月29日披露2024年年度报告和2025年第一季度报告。因公司 ...

Summary of Key Points Core Insights - The report highlights the upcoming listings and trading activities of several companies on May 19, 2025, indicating a busy market day with multiple new entries [1][2][3]. Upcoming Listings - Company 001390 Guqi Fur Material will be available for online subscription on May 19, 2025 [1]. - Companies 301595 N Taili and 603014 N Weigao will officially list on the same day, with allocations for general institutional investors [1]. - Company 920060 Wanyuantong will also list on May 19, 2025, specifically for the public portion [1]. Suspension Announcements - Company 002092 ST Zhongtai and 002259 ST Shengda will be suspended for one day due to the announcement of the withdrawal of other risk warnings [2]. - The Invesco Great Wall S&P Consumer Select ETF (QDII) and Guotai S&P 500 ETF will also be suspended until 10:30 AM on May 19, 2025, to protect investor interests [2]. - Company 300506 *ST Mingjia will be suspended for one day following the announcement of the withdrawal of delisting risk warnings [2]. Special Suspensions - Company 000151 Zhongcheng Co. will be suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [3]. - Company 000584 *ST Gongzhi and 000622 *ST Hengli will also face suspensions due to potential delisting risks and failure to disclose periodic reports within the legal timeframe [3]. - Company 002336 *ST Renle will be suspended for one day due to the announcement of potential delisting risks [3].

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 证券代码：000627 证券简称：天茂集团 公告编号：2025-016 天茂实业集团股份有限公司 成交总金额为99,982,600.00 元（不含交易费用）。公司本次回购事项已实施完毕，回购资金 总额不低于回购方案中的资金总额下限，且未超过回购资金总额上限；回购价格未超过回购方 案中的回购价格上限，本次回购符合公司股份回购方案及相关法律法规的规定。具体内容详见 公司于2025年5月6日刊登于《中国证券报》、《证券时报》、《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《关于首次回购公司股份及回购股份实施完成暨股份变动 的公告》（公告编号：2025-013）。 二、回购股份的注销情况 公司已于2025年5月15日在中国证券登记结算有限责任公司深圳分公司（以下简称"结算 公司"）办理完毕上述回购股份的注销手续，本次注销的股份数量为36,490,000股，占公司本 次注销前总股本的比例为0.7386%。本次回购股份注销数量、完成日期、注销期限符合回 ...

证券代码：000627 证券简称：天茂集团 公告编号：2025-016 天茂实业集团股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 特别提示： 1、天茂实业集团股份有限公司（以下简称"公司"）本次注销的股份数量为36,490,000 股，占公司本次注销前总股本的0.7386%。本次回购股份注销完成后，公司总股本由 4,940,629,165股变更为4,904,139,165股。 二、回购股份的注销情况 公司已于2025年5月15日在中国证券登记结算有限责任公司深圳分公司（以下简称"结算 公司"）办理完毕上述回购股份的注销手续，本次注销的股份数量为36,490,000股，占公司本 次注销前总股本的比例为0.7386%。本次回购股份注销数量、完成日期、注销期限符合回购股 份注销相关法律法规的规定。 2、公司已于2025年5月15日在中国证券登记结算有限责任公司深圳分公司办理完毕上述回 购股份的注销手续。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关规定，现 ...

Core Viewpoint - Tianmao Group is facing significant financial difficulties, including a continuous decline in stock prices and potential delisting risks due to substantial losses and regulatory scrutiny [1][2]. Financial Performance - Tianmao Group has reported a cumulative loss exceeding 1.1 billion yuan over the past two years, primarily due to the poor performance of its subsidiary, Guohua Life Insurance [1][2]. - For 2024, the company anticipates a net loss between 500 million to 750 million yuan, with total revenue projected to be between 40 billion to 43 billion yuan [2]. - Guohua Life Insurance has been a major contributor to these losses, with a net loss of 1.155 billion yuan in 2023 and 716 million yuan in the first half of 2024 [2]. Regulatory Issues - The company has received a notice from the China Securities Regulatory Commission regarding an investigation, which has led to a suspension of its stock trading [1]. - If the company fails to disclose its annual report within two months of the trading suspension, it may face delisting risks [1]. Investment and Business Strategy - Guohua Life Insurance has been heavily involved in real estate investments, which have drawn criticism and raised concerns about potential conflicts of interest and fund misappropriation [1][7]. - The company has seen a significant increase in investment properties, rising by 73.96% from 11.2 billion yuan in 2022 to 19.48 billion yuan in 2023 [8]. Market Trends - The insurance sector, particularly Guohua Life, has been adversely affected by a wave of policy cancellations, with surrender payments reaching 3.036 billion yuan in 2021 and 3.030 billion yuan in 2022, accounting for over 79% of insurance revenue during those years [5]. - The declining interest rate environment has also pressured Guohua Life's profitability, leading to increased reserve requirements [2][6]. Related Parties and Transactions - Tianmao Group has significant receivables from related parties, amounting to 680 million yuan, primarily from Wuhan Guorong Real Estate [10]. - There are allegations of improper use of insurance funds, with reports indicating that these funds have been directed towards real estate projects and other investments [12].

| · 中国移动 令 | 下午7:53 | | | --- | --- | --- | | く 気 | 天茂集团-龙虎榜 | [7] Q | | ~ 买八营业部 0 | | 买入/卖出 | | ● 中信证券上海环球金融中心 ... | | 9999万 | | | | 0 | | 华鑫证券上海分公司 | | 2384万 | | 198次 46.46% 量化打板 | | 26.19万 | | 光大证券金华宾虹路证券营 ... | | 1546万 | | 9次 11.11% 落升(江南神鹰) | | 5.41万 | | 广发证券上海龙华路证券营 ... | | 837 7 | | | | O | | 东方财富证券拉萨金融城南 ... | | 817万 | | 774次 28.42% 互联网营业部 | | 520万 | | ~ 卖出营业部 | | 卖出/买入 | | 恒泰证券上海张杨路证券营 ... | | 1398万 | | 1次 100% | | 38.69万 | | 浙商证券金华分公司 | | 1269万 | | | | 86.30万 | | 招商证券北京建国路证券营 ... | | 1161万 | 华夏时报（ ...