Major Events - Xiansheng Pharmaceutical (02096) subsidiary signed an exclusive licensing agreement with Ipsen for SIM0613 (LRRC15 antibody-drug conjugate) [1] - Cloudwalk Technology (09678) released the "Shanhai·Zhi Medical Model 5.0" version, a large model for the medical field [1] - Zhongchuang Zhiling (00564) plans to establish Zhongchuang Zhiling (Zhengzhou) Industrial Investment Partnership for external investment activities [1] - Brain Dynamics Aurora-B (06681) participates in a national key research project and has been approved for a key laboratory in digital healthcare for cognitive disorders in Beijing [1] - Dipo Technology (01384) entered into a strategic cooperation agreement with Muxi Co., Ltd. [1] - Shimao Services (00873) intends to establish a partnership with Huludao Yongsheng [1] - Hansai Aitai-B (03378) received 3,074.09 times subscription for its public offering in Hong Kong, with a share price of HKD 32 [1] - Qingsong Health (02661) received 1,421.47 times subscription for its public offering in Hong Kong, with a share price of HKD 22.68 [1] - Nobi Kan (02635) received 188.74 times subscription for its public offering in Hong Kong, with a share price of HKD 80 [1] Operating Performance - Sanhua Intelligent Controls (02050) issued a profit warning, expecting annual net profit attributable to shareholders to increase by 25%-50% year-on-year [1] - Cathay Pacific Airways (00293) reported 2.5304 million passengers in November, a year-on-year increase of 26% [1] - Tobo (06110) reported a high single-digit decline in total sales for retail and wholesale business in the third quarter year-on-year [1]

Core Viewpoint - Sanhua Intelligent Controls (002050) expects a net profit attributable to shareholders of approximately 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year growth of 25% to 50% [1] - The company anticipates a net profit of about 3.679 billion to 4.615 billion yuan after deducting non-recurring gains and losses, indicating a year-on-year increase of 18% to 48% [1] Business Performance - The primary reason for the expected performance increase is the company's continued consolidation of its leading position in the refrigeration and air conditioning components industry, effectively seizing market demand growth opportunities [1] - The core products benefit from deep technical accumulation and advantages in large-scale production, driving sustained growth in this business segment [1] Automotive Sector Growth - The company leverages its leading market position in the global electric vehicle thermal management sector, utilizing the demonstration effect of benchmark customers to continuously expand high-quality orders [1] - The synergy between the two major business segments provides solid support for the company's overall performance growth throughout the year [1]

智通财经APP讯，三花智控(02050)公布，该集团预期2025年归属于上市公司股东的净利润约38.74 亿-46.49亿元，同比增长25%-50%;扣除非经常性损益后的净利润约36.79亿-46.15亿元，同比增长 18%-48%。 公告称，公司报告期内业绩预增的主要原因：报告期内，公司持续巩固制冷空调电器零部件业务的行业 龙头地位，充分把握市场需求增长契机，叠加核心产品深厚的技术积淀与规模化生产优势，驱动该业务 实现持续增长。与此同时，公司依托全球新能源汽车热管理领域的领先市场布局，借助标杆客户的示范 效应持续拓展优质订单，进一步夯实汽车零部件业务的业绩增长动能。两大业务板块协同发力，为公司 全年业绩增长提供了坚实的支撑。 ...

Core Viewpoint - The company expects a significant increase in net profit for 2025, driven by growth in its two main business segments: refrigeration and automotive components [1][2]. Group 1: Financial Performance - The company forecasts a net profit of between 3.874 billion and 4.649 billion yuan for 2025, representing a year-on-year growth of 25% to 50% [1]. - For 2024, the expected year-on-year growth rate for net profit is 6.10% [1]. - In the first three quarters of 2025, the company achieved a net profit of 3.242 billion yuan, indicating an estimated fourth-quarter net profit of approximately 632 million to 1.407 billion yuan, with a year-on-year change of -20.77% to 76.42% [2]. Group 2: Business Segments - The growth in net profit for 2025 is attributed to the synergistic development of the refrigeration and automotive components sectors [1]. - The company is strengthening its position in the refrigeration parts market by leveraging market demand and its technological advantages [1]. - The automotive components business is expected to grow due to the demonstration effect of benchmark clients and the expansion of quality orders [1]. Group 3: Market Outlook and Expansion - Several institutions have optimistic forecasts for the company's performance, predicting a net profit growth rate of no less than 32% for the year [2]. - The company has a first-mover advantage in the liquid cooling components sector and is collaborating with multiple liquid cooling system providers [2]. - The company has established a dedicated robotics division and is expanding its production capabilities globally, with facilities in Poland, Mexico, Thailand, Vietnam, and the United States [2].

报告期内业绩预增的主要原因：报告期内，公司持续巩固制冷空调电器零部件业务的行业龙头地位，充 分把握市场需求增长契机，叠加核心产品深厚的技术积淀与规模化生产优势，驱动该业务实现持续增 长。与此同时，公司依托全球新能源汽车热管理领域的领先市场布局，借助标杆客户的示范效应持续拓 展优质订单，进一步夯实汽车零部件业务的业绩增长动能。两大业务板块协同发力，为公司全年业绩增 长提供了坚实的支撑。 智通财经APP讯，三花智控(002050.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润38.74亿元至46.49亿元，同比增长25%-50%。预计扣除非经常性损益后的净利润36.79亿元至46.15亿 元，同比增长18%-48%。 ...

Macro Dynamics - The National Healthcare Security Administration has initiated centralized procurement for high-value medical consumables, including drug-coated balloons and urological intervention materials, with a focus on public medical institutions and participating social medical institutions [2] - The Ministry of Commerce announced temporary countervailing measures on imported dairy products from the EU, effective December 23, 2025, due to identified subsidies causing substantial harm to the domestic dairy industry [3] Market Data - Domestic gasoline and diesel prices will decrease by 170 yuan and 165 yuan per ton respectively, effective December 22, 2025, resulting in a reduction of approximately 0.13 yuan per liter for 92-octane gasoline [5] - Domestic gold jewelry prices have increased by 15 yuan per gram, with the current price for 24K gold jewelry at 1368 yuan per gram [6] - The European Union has extended economic sanctions against Russia for an additional six months, until July 31, 2026, affecting various sectors including trade and finance [7] Financial Institutions - The draft amendment to the Banking Supervision Law has been submitted for review, emphasizing enhanced regulatory measures and consumer protection, extending oversight to major shareholders and actual controllers of banking institutions [8] Company Dynamics - Aolian Electronics has announced a potential change in control, leading to a temporary suspension of its stock trading [15] - Yichang Technology is also planning a change in control, resulting in a stock suspension [16] - Huaxia Happiness's board rejected a proposal from Ping An Life to add temporary resolutions to the upcoming shareholder meeting [17] - Sanhua Intelligent Controls expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year growth of 25% to 50% [19] - GlaxoSmithKline's new drug has been approved in China for the treatment of chronic obstructive pulmonary disease in adults [20] - Reader Culture is planning a change in control, leading to a temporary stock suspension [21]

Group 1 - Linyi Intelligent Manufacturing plans to acquire 35% equity of Limin Technology for 875 million yuan, gaining control with a total voting power of 52.78% [4] - Sanhua Intelligent Control expects a net profit growth of 25.00% to 50.00% in 2025, driven by its leading position in the HVAC components market and expansion in the automotive parts sector [14] - China General Nuclear Power has commenced full construction of the Lufeng Unit 2, with a capacity of 1245 MW, marking a significant step in its nuclear power development [11] Group 2 - Yipin Pharmaceutical's controlling shareholder plans to transfer 9.07% equity of Arthrosi to the company to support its development in gout treatment [2] - Changfei Fiber indicates that the demand for optical fiber and cable products remains under pressure despite some market improvements [2] - Aolian Electronics is planning a change in control, leading to a temporary suspension of its stock trading [3][19] Group 3 - ChaoSheng Electronics intends to invest 1.008 billion yuan in upgrading its high-performance HDI printed circuit board production capacity [6] - Nanya New Materials plans to raise up to 900 million yuan for the development of advanced high-frequency copper-clad laminates [10] - Hualian Holdings aims to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD to enter the lithium extraction business [12][13]

格隆汇12月22日丨三花智控(002050.SZ)公布，预计2025年归属于上市公司股东的净利润387,395.64万元 —464,874.77万元，比上年同期增长25.00%—50.00%，扣除非经常性损益后的净利润367,916.36万元— 461,454.41万元，比上年同期增长18.00%—48.00%。 公司报告期内业绩预增的主要原因：报告期内，公司持续巩固制冷空调电器零部件业务的行业龙头地 位，充分把握市场需求增长契机，叠加核心产品深厚的技术积淀与规模化生产优势，驱动该业务实现持 续增长。与此同时，公司依托全球新能源汽车热管理领域的领先市场布局，借助标杆客户的示范效应持 续拓展优质订单，进一步夯实汽车零部件业务的业绩增长动能。两大业务板块协同发力，为公司全年业 绩增长提供了坚实的支撑。 ...

Group 1 - Tongyu Communication's subsidiary Zhonghong Tongyu plans to introduce Wuhan Wuchuang Institute as an investor through a capital increase of 10 million yuan, raising its registered capital from 200 million yuan to 210 million yuan, and reducing Tongyu's shareholding from 90% to 85.7143% [1] - Sanli Pharmaceutical signed a technology transfer contract with Hainan University to acquire the patent rights for the HXW2324 compound, aimed at developing new Alzheimer's disease treatments, for a total price of 200 million yuan [2] - Ningbo Huaxiang's subsidiary signed a strategic cooperation agreement with Shenzhen Dahuang Robot Technology to enhance collaboration in the development and manufacturing of general humanoid robot dexterous hands [3] Group 2 - Dook Culture announced a potential change in control, leading to a temporary suspension of its stock trading starting December 22, 2025, to ensure fair information disclosure [4] - Nanya New Materials plans to raise no more than 900 million yuan through a private placement to fund AI-based high-frequency copper-clad laminate projects and supplement working capital [5] - Hexing Packaging's major shareholder reduced their stake by 700,000 shares during a period of stock price volatility, consistent with previously disclosed plans [6] Group 3 - Yongding Co. plans to increase capital and introduce external investors, including Cambridge Technology, with a total cash increase of 55 million yuan, resulting in a decrease in its shareholding in Dingxin Optoelectronics [7] - ChaoSheng Electronics intends to invest 1 billion yuan in a high-performance HDI printed circuit board expansion and upgrade project, expecting to add an annual production capacity of 240,000 square meters [8] - Lingyi ZhiZao signed an agreement to acquire 35% of the shares of Limin Da for 875 million yuan, gaining control over 52.78% of the voting rights in the company [10] Group 4 - Sanhua Intelligent Control forecasts a net profit of 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year growth of 25% to 50% [11] - Aolian Electronics announced a potential change in control due to the planned transfer of shares by its major shareholder, leading to a temporary stock suspension starting December 22, 2025 [12]

Core Viewpoint - Sanhua Intelligent Control is expected to achieve significant growth in net profit for the year 2025, with projections indicating a net profit range of 3.874 billion to 4.649 billion yuan, representing a year-on-year increase of 5.00% to 50.00% [1][4] Financial Performance - The company anticipates a net profit attributable to shareholders of 3.874 billion to 4.649 billion yuan for the period from January 1 to December 31, 2025, compared to 3.099 billion yuan in the previous year [1] - The net profit excluding non-recurring gains and losses is expected to be between 3.679 billion and 4.615 billion yuan, reflecting a year-on-year growth of 18.00% to 48.00% [4] - Basic earnings per share are projected to increase to between 0.98 yuan and 1.18 yuan [4] Business Segments - The growth in performance is attributed to the synergy of two core business segments: 1. **Traditional Foundation**: The home appliance segment continues to demonstrate strong market dominance, leveraging technical expertise and production scale to solidify its market position [4] 2. **Emerging Momentum**: The automotive parts business, particularly in the new energy vehicle thermal management sector, is showing remarkable performance, supported by global market expansion and partnerships with leading clients like Tesla [5][6]