Financial Performance - The company expects a net profit of -52,300,000 RMB for the year 2025, compared to -26,191,560 RMB in the previous year, indicating a significant decline [4]. - The net profit after deducting non-recurring gains and losses is projected to be -53,400,000 RMB, down from -28,032,310 RMB year-over-year [4]. - Basic earnings per share are expected to be -0.5153 RMB, compared to -0.3000 RMB in the same period last year [4]. Revenue and Costs - The company has increased its market expansion efforts, resulting in a year-over-year increase in operating revenue [6]. - The overall gross margin has declined due to rapidly rising operating costs [6]. - Financial expenses have significantly decreased year-over-year, benefiting from exchange rate fluctuations and the progress of the bankruptcy reorganization plan [6]. Future Projections and Adjustments - The company plans to recognize goodwill impairment and reduce deferred tax assets in 2025 [6]. - The financial data in the earnings forecast has not been audited by registered accountants and is subject to final audit confirmation [5][7]. - The company will disclose any significant discrepancies from the earnings forecast in accordance with relevant regulations [7]. Investor Guidance - Investors are advised to make cautious decisions and be aware of investment risks [8].

Core Viewpoint - The company, Lian Shi Aviation Technology Co., Ltd., has undergone a restructuring process, resulting in a significant increase in its registered capital and total share capital following the approval of its restructuring plan by the Chengdu Intermediate People's Court [1][2]. Group 1: Restructuring Process - On September 23, 2025, the company received a civil ruling from the Chengdu Intermediate People's Court accepting its restructuring application [1]. - On November 12, 2025, the court approved the restructuring plan, leading to the termination of the restructuring process and the commencement of the execution phase [1]. - As of November 27, 2025, the company completed the transfer of 522,987,424 shares, increasing its total share capital from 873,100,876 shares to 1,396,088,300 shares, and its registered capital from 873,100,876 yuan to 1,396,088,300 yuan [1]. Group 2: Changes in Corporate Structure - On December 12 and December 23, 2025, the company held board and shareholder meetings to approve changes to its registered capital and amendments to its articles of association [2]. - The company completed the necessary business registration changes on January 6, 2026, and received a new business license from the Xi'an Administrative Approval Service Bureau [2]. - The updated corporate registration information includes a registered capital of 13,960,883,300 yuan and a business scope that encompasses the development, manufacturing, and sales of various aviation components and related services [2].

炼石航空科技股份有限公司 关于完成注册资本变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或者重大遗漏。 2025年9月23日，炼石航空科技股份有限公司（以下简称"公司"）收到四川 省成都市中级人民法院（以下简称"成都中院"）送达的（2025）川01破申19号 《民事裁定书》，裁定受理公司的重整申请。2025年11月12日，公司收到成都 中院送达的（2025）川01破13号之一《民事裁定书》，成都中院裁定批准《重 整计划》，并终止公司重整程序，公司进入重整计划执行阶段。2025年11月27 日，公司执行《重整计划》转增的522,987,424股股票已全部转增完毕，公司总 股本由873,100,876股增至1,396,088,300股，注册资本由873,100,876元变更为 1,396,088,300元。 公司于2025年12月12日、12月23日分别召开第十一届董事会第二十四次会 议和2025年第四次临时股东会，审议通过《关于变更注册资本并修订<公司章 程>的议案》，同意变更注册资本并修订《公司章程》相关条款，具体情况详 见公司披露的《关于变 ...

Group 1: Domestic News - Xi Jinping emphasized the responsibilities of central enterprises to better serve the national agenda and contribute to high-quality economic development, urging them to focus on core functions and enhance competitiveness [2] - Premier Li Qiang highlighted the importance of central enterprises in advancing new infrastructure construction and ensuring the self-sufficiency of industrial and supply chains, while also calling for deeper reforms in state-owned enterprises [3] - The National Housing and Urban-Rural Development Conference acknowledged the significant changes in the real estate market and emphasized the potential for further development, advocating for a new model of real estate development that meets public housing needs [4] Group 2: International News - The U.S. GDP for Q3 grew by 4.3%, exceeding expectations of 3.3%, with consumer spending showing strong growth at 3.5%, indicating robust economic expansion despite rising borrowing costs [5] - U.S. durable goods orders fell by 2.2% in October, significantly below the expected decline of 1.5%, although year-on-year growth remained at 4.7%, indicating resilience in manufacturing orders [6] Group 3: Bond Market Dynamics - The bond market showed signs of strength with a notable entry of configuration funds, leading to a decline in yields for 10-year government bonds to 1.8350% and 10-year policy bank bonds to 1.898% [11] - The convertible bond market experienced adjustments, with major indices declining and a majority of individual bonds falling, indicating a mixed performance in the market [17] Group 4: Commodity Market - International crude oil prices continued to rise, with WTI crude up by approximately 0.64% to $58.38 per barrel, and natural gas prices surged over 10% [7] Group 5: Financial Market Operations - The central bank conducted a reverse repurchase operation of 593 billion yuan at a fixed rate of 1.40%, resulting in a net withdrawal of 760 billion yuan due to maturing reverse repos [8] - The funding rates remained low, with DR001 and DR007 declining to 1.269% and 1.411% respectively, indicating a continued loose monetary environment [9]

Group 1 - The median annualized yield of money market funds has dropped to 1.23%, a nearly 20% decrease since the beginning of the year, with over 130 products falling below the 1% threshold [1] - The latest yield of Tianhong's Yu'ebao is reported at 1.02%, approaching the 1% mark [1] - Public funds have participated in private placements exceeding 35 billion yuan since the beginning of 2025, with over 40% allocated to hard technology sectors, indicating a proactive capital allocation towards emerging industries [1] Group 2 - Insurance capital has invested over 109.7 billion yuan in private equity funds this year, marking a 55.85% increase compared to the same period last year [2] - The Shanghai Stock Exchange has seen a significant increase in refinancing approvals, with nearly 690 billion yuan raised this year and a notable acceleration in review efficiency [2] - There are currently 256 securities eligible for investor claims due to clear violations, with six companies approaching the end of their litigation period [2] Group 3 - The scale of technology innovation bonds has surpassed 1.7 trillion yuan, reflecting a growing ecosystem in the bond market aimed at supporting technological advancements [3] - The People's Bank of China has initiated measures to promote the construction of a "technology board" in the bond market, enhancing financing channels for tech enterprises [3] Group 4 - China National Offshore Oil Corporation announced the discovery of the Qinhuangdao 29-6 oil field, marking the seventh billion-ton oil field found in the Bohai Sea since 2019, which is significant for national energy security [4] - Nvidia plans to deliver H200 AI chips to Chinese customers before the Lunar New Year, with an expected shipment of 5,000 to 10,000 modules, although uncertainties remain regarding the approval of these orders [4] Group 5 - Zhejiang Youbang Integrated Ceiling Co., Ltd. is planning a change in control, leading to a temporary suspension of its stock trading [12] - A subsidiary of Dongfang Yuhong has reported a telecom fraud incident involving approximately 1.7183 million USD, with measures taken to mitigate losses [9] - Xinhua New Materials intends to acquire 70% of Dongwang Technology for 140 million yuan, aiming to enhance its capabilities in AI and digital transformation [11]

Major Announcements - Victory Energy has clarified that it does not engage in robotics-related business and has no asset restructuring plans for the next twelve months, despite its stock experiencing an 8-day trading limit increase of 114.44% since December 12 [1] - Aerospace Engineering confirmed that its main business does not involve commercial aerospace, with a current rolling P/E ratio of 76.85, significantly higher than the industry average [2] - ST Songfa's subsidiary, Hengli Shipbuilding, signed contracts for the construction of 8 vessels, with a total contract value estimated between 500 million to 800 million USD [3] - Libet has stated it does not engage in controllable nuclear fusion business, with its nuclear power-related contracts amounting to 226 million CNY, representing 6.48% of its audited revenue for 2024 [4] - Zhuhai Mian Group has completed the 100% equity transfer of Gree Real Estate for a transaction price of 5.518 billion CNY [5] Investments and Projects - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future performance starting January 2026 [6][7] - Haibo Shichuang plans to invest 2 billion CNY to build a smart green energy storage factory, expected to be completed by December 2028 [8] - Zhenyu Technology's subsidiaries plan to invest at least 1 billion CNY each in projects related to humanoid robots and core components for electric vehicle drive systems [10] Corporate Actions - ST Lian Stone has completed its restructuring plan and will have its delisting risk warning lifted on December 25, 2025 [9] - Huaxin Building Materials' major shareholder plans to increase its stake by 200 million to 400 million CNY [11] - Nova Star Cloud has secured a loan commitment of up to 135 million CNY for share repurchase [13] - Fanwei Network intends to repurchase and cancel 4.2371 million shares, representing 1.63% of its total share capital [14] - Dong'a Ejiao has conducted its first share repurchase, totaling approximately 19.9976 million CNY [15] Stock Trading and Resumption - ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase from 1.496 billion shares to 3.29 billion shares [16]

新京报贝壳财经讯12月23日，*ST炼石（000697）公告，公司重整计划已执行完毕，向深圳证券交易所 申请撤销因重整而实施的退市风险警示。2025年12月23日，深圳证券交易所同意撤销因重整而实施的退 市风险警示，公司股票交易自2025年12月25日起撤销退市风险警示。 ...

Core Viewpoint - The company has successfully completed its restructuring plan, leading to the termination of the restructuring process by the court, which eliminates the delisting risk warning previously imposed on its stock [1] Group 1: Restructuring and Stock Status - The company announced on December 23 that its restructuring plan has been executed and the court has ruled to terminate the restructuring process [1] - Following the court's decision, the company applied to the Shenzhen Stock Exchange to revoke the delisting risk warning that was triggered by the court's acceptance of the restructuring [1] - On December 23, the Shenzhen Stock Exchange agreed to the company's request, and the delisting risk warning will be lifted starting December 25 [1] Group 2: Stock Trading and Audit Report - The company's stock name will change from "*ST炼石" to "ST炼石," while the stock code remains "000697" [1] - The trading limit for the stock will continue to be set at 5% [1] - The audit report for the company's 2024 financial statements issued by Xinyong Zhonghe Accounting Firm includes a paragraph indicating significant uncertainty regarding the company's ability to continue as a going concern, leading to continued implementation of other risk warnings as per the relevant listing rules [1]

格隆汇12月23日丨*ST炼石(000697.SZ)公布，公司收到深圳证券交易所通知，深圳证券交易所同意公司 撤销因重整而实施的退市风险警示，公司股票交易将自2025年12月25日起撤销退市风险警示。因信永中 和会计师事务所（特殊普通合伙）为公司2024年度财务报表出具了带持续经营重大不确定性段落的无保 留意见的《审计报告》。根据《上市规则》9.8.1条第（七）项的规定，公司股票交易仍继续被实施其他 风险警示。股票简称由"*ST炼石"变更为"ST炼石"，股票代码仍为"000697"，股票交易日涨跌幅限制仍 为5%。 ...

格隆汇12月23日丨*ST炼石(000697.SZ)公布，公司收到深圳证券交易所通知，深圳证券交易所同意公司 撤销因重整而实施的退市风险警示，公司股票交易将自2025年12月25日起撤销退市风险警示。因信永中 和会计师事务所（特殊普通合伙）为公司2024年度财务报表出具了带持续经营重大不确定性段落的无保 留意见的《审计报告》。根据《上市规则》9.8.1条第（七）项的规定，公司股票交易仍继续被实施其他 风险警示。股票简称由"*ST炼石"变更为"ST炼石"，股票代码仍为"000697"，股票交易日涨跌幅限制仍 为5%。 ...