Group 1 - *ST Dongyi's restructuring plan has been approved by the court, marking the end of its restructuring process and entering the execution phase, which is expected to improve the company's financial structure and promote sustainable development [1] - Guankang Technology is planning to acquire at least 60% of Liaojing Electronics' shares, leading to a suspension of trading starting December 22, 2025, due to uncertainties surrounding the transaction [2] - Zhuoran Co. and its actual controller are under investigation for suspected violations of information disclosure laws, but the company's operations remain normal during this period [3] Group 2 - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, which will significantly enhance its coal resource reserves and production capacity [5] - Bohai Chemical has decided to terminate its major asset restructuring plan due to a lack of agreement on key terms, with trading resuming on December 22, 2025 [6] - Jinshi Resources intends to acquire a 15.7147% stake in Noah Fluorine Chemical for approximately 256.94 million yuan, which will strengthen its position in the fluorine chemical sector [8] Group 3 - Qingdao Port plans to invest 9.097 billion yuan in the construction of a container terminal, with an expected internal rate of return of 8.15% [13] - Tianchuang Fashion is undergoing a potential change in control, leading to a suspension of its stock starting December 22, 2025, for a maximum of two trading days [12] - Deyu Water Conservancy has won a bid for a significant irrigation project in Guangxi, with a contract value of 1 billion yuan, which is expected to positively impact future earnings [15] Group 4 - The stock of Guizhou Bailin will be suspended for one day starting December 22, 2025, due to an administrative penalty notice, and will resume trading under the name "ST Bailin" [20] - *ST Weihai's stock will also be suspended for one day and will resume trading on December 23, 2025, with the removal of certain risk warnings [23] - Tianpu Co. has completed a public offering of shares, with a total of 33.52 million shares being offered at a price of 23.98 yuan per share [21]

Core Viewpoint - Sichuan Jiuzhou is strategically upgrading its core RF business through an associated transaction, marking a significant step towards providing subsystem-level solutions [1][2] Group 1: Transaction Details - The company plans to establish a wholly-owned subsidiary to acquire the RF business asset group from its controlling shareholder, Sichuan Jiuzhou Electric Group, for a transaction price of 757.10 million yuan [1] - The asset group includes assets, liabilities, business, and personnel related to RF, primarily engaged in the R&D, production, and sales of microwave RF and power systems [1][2] - The asset group has a strong technical foundation with 66 authorized patents, including 28 invention patents, and has previously supported projects that won significant awards [1] Group 2: Financial Performance - As of September 30, 2025, the net assets of the target asset group are 487.17 million yuan, with projected revenues of 592.87 million yuan and 518.14 million yuan for 2024 and the first nine months of 2025, respectively [2] - The net profits for the same periods are expected to be 15.47 million yuan and 42.96 million yuan, with a performance commitment from the seller to achieve a total net profit of no less than 208.57 million yuan from 2026 to 2028 [2] Group 3: Industry Context and Strategy - The RF industry has a large market size but low concentration, with a CR10 of only 8.2%, indicating a period of professional consolidation [2] - The company's strategy focuses on "chip," "module," and "array" products, aiming to build integrated capabilities in electronic systems and RF front-end solutions, positioning itself as a leader in the domestic microwave RF industry [2] - The acquisition is seen as a core move in this strategy, extending the company's reach into the downstream RF subsystem field and enhancing its competitive edge [2][4] Group 4: Market Implications - The asset group, previously an internal supplier for Jiuzhou Electric, is expected to operate independently in the market, potentially unlocking its technical and R&D capabilities [3] - Following the transaction, the company's related sales are projected to increase from approximately 470 million yuan to about 992 million yuan, raising the proportion of related sales in total revenue from 11.26% to 20.81% [3] - The acquisition reflects a broader trend in the RF microwave industry towards consolidation driven by domestic substitution, supply chain security, and cost control pressures [3][4]

证券日报网讯12月19日晚间，四川九洲（000801）发布公告称，公司将于2026年1月14日召开2026年第 一次临时股东会。 ...

Core Viewpoint - Sichuan Jiuzhou plans to acquire the RF business assets from Jiuzhou Electric through a newly established wholly-owned subsidiary, aiming to enhance its competitive edge and avoid potential competition in the industry [1][4]. Group 1: Transaction Details - The acquisition involves cash purchase of the RF business assets, including assets, liabilities, operations, and personnel [1]. - The registered capital for the new subsidiary, Sichuan Jiuzhou Xincheng Microwave Technology Co., Ltd., is set at 100 million yuan [1]. - The RF business assets group has a total asset value of 488 million yuan and 523 million yuan for the years 2024 and the first nine months of 2025, respectively [2]. Group 2: Financial Performance - The RF business assets group reported revenues of 593 million yuan and 518 million yuan for the years 2024 and the first nine months of 2025, with net profits of 15 million yuan and 43 million yuan, indicating significant profit growth [2]. - The assessed net asset value of the RF business assets group is 757 million yuan, representing a premium of 55.41% over the book net asset value [2]. Group 3: Industry Context - The overall market size of the RF industry is approximately 265 billion yuan, with the top ten companies generating 21.78 billion yuan and a low concentration ratio of 8.2% [3]. - Sichuan Jiuzhou has developed key technologies in the RF sector, including multi-functional chip integration and system-level packaging, and aims to provide high-performance RF products [3]. Group 4: Strategic Implications - The transaction aligns with Sichuan Jiuzhou's strategy to extend into the downstream RF subsystem market, enhancing its overall capabilities in the RF business [4]. - Post-transaction, the company will be able to offer integrated solutions at the subsystem level, improving its competitive position in a challenging market [4]. - An agreement was signed for performance commitments, with a total net profit guarantee of 209 million yuan for the years 2026 to 2028 [5].

四川九洲（000801）(000801.SZ)发布公告，公司拟通过新设全资子公司以现金方式购买四川九洲电器 集团有限责任公司旗下的射频业务相关资产、负债、业务及人员等，交易金额为7.57亿元。 本次交易通过将与公司形成互补和协同的射频业务资产组注入公司，运用市场化手段，优化和调整产业 布局，助力国有资产的高效配置。 ...

本次交易通过将与公司形成互补和协同的射频业务资产组注入公司，运用市场化手段，优化和调整产业 布局，助力国有资产的高效配置。 智通财经APP讯，四川九洲(000801.SZ)发布公告，公司拟通过新设全资子公司以现金方式购买四川九洲 电器集团有限责任公司旗下的射频业务相关资产、负债、业务及人员等，交易金额为7.57亿元。 ...

Core Viewpoint - Sichuan Jiuzhou (000801.SZ) aims to expand into the microwave radio frequency subsystem and micro-system markets by establishing a wholly-owned subsidiary, Sichuan Jiuzhou Xincheng Microwave Technology Co., Ltd., with a registered capital of 100 million yuan [1] Group 1 - The company plans to invest in the establishment of a subsidiary in the Science and Technology City New District of Mianyang, Sichuan Province [1] - The investment is intended to enhance the company's capabilities in integrated electronic systems, including avionics and phased array technologies [1] - The focus will be on developing the company's "chip," "module," and "array" product layout [1]

格隆汇12月19日丨四川九洲(000801.SZ)公布，公司拟通过新设立的全资子公司（简称"新公司"）以现金 方式购买四川九洲电器集团有限责任公司（简称"九洲电器"或"交易对方"）旗下的射频业务相关的资 产、负债、业务以及人员等，本次交易以2025年9月30日为评估基准日的评估价值为定价依据，射频业 务资产组的评估值为75,710.00万元。 ...

四川九洲电器集团有限责任公司射频业务 2024 年 1 月 1 日至 2025 年 9 月 30 日 审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-3 | | 二、模拟财务报表 | 4-6 | | (一) 模拟资产负债表 | 4-5 | | (二) 模拟利润表 | 6 | | 三、模拟财务报表附注 | 7-50 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzho ...

ICP备案号京ICP备2020034749号 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020008202504447 | | | --- | --- | --- | | 合同编号: | 2502J004A | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中联评报字[2025]第5657号 | | | 报告名称: | 四川九洲电器集团有限责任公司拟出售其持有的射频业务相关经 | | | | 营性资产及负债评估项目 | | | 评估结论: | 757,100,000.00元 | | | 评估报告日: | 2025年12月18日 | | | 评估机构名称: | 中联资产评估集团有限公司 | | | 签名人员: | 罗英 (资产评估师) | 正式会员 编号:51140056 | | | 汤鸿飞 (资产评估师) | 正式会员 编号:51200043 | | | 罗英、汤鸿飞已实名认可 | | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资 ...