Core Viewpoint - The article discusses the recent suspension announcement by Gao Le Co., Ltd. due to potential changes in control stemming from its major shareholder, Huatong Group, planning to transfer its shares or delegate voting rights, which may lead to a shift in the company's governance structure [2][6]. Group 1: Company Background - Huatong Group, established in 2003, is the largest shareholder of Gao Le Co., Ltd. and primarily operates in pig farming and slaughtering [5]. - Gao Le Co., Ltd., founded in October 1989, has two main business segments: toys and internet education [6]. Group 2: Shareholding Changes - In November 2022, Huatong Group acquired a 14% stake in Gao Le Co., Ltd. by purchasing 133 million shares for 290 million yuan, along with additional voting rights, resulting in a total control of 21.74% of voting rights [6]. - Following Huatong Group's acquisition, the company aimed to diversify into the new energy battery sector, announcing a 2 billion yuan investment in a 2GWh solid-state battery project in January 2023 [6]. Group 3: Project Adjustments and Financial Performance - By June 2024, the initial project was revised to a 1.2GWh sodium-ion battery project with a reduced investment of 1.05 billion yuan, indicating challenges in the transition to the new energy sector [6]. - As of the first three quarters of 2025, Gao Le Co., Ltd. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still faced a net loss of 11.67 million yuan [7].

停牌期间，相关各方正在积极推动本次控制权变更的各项工作，尚未签署相关交易协议，公司预计无法 在2025年11月27日（星期四）上午开市起复牌。根据《深圳证券交易所上市公司自律监管指引第6号一 一停复牌》等相关规定，经向深圳证券交易所申请，公司股票（证券简称：高乐股份，证券代码： 002348）自2025年11月27日（星期四）上午开市起继续停牌，预计停牌时间不超过三个交易日。 继续停牌期间，公司将根据事项进展情况，严格按照法律法规的规定和要求履行信息披露义务。待上述 事项确定后，公司将及时披露相关公告并申请公司股票复牌。公司指定的信息披露媒体为《中国证券 报》、《证券时报》、和巨潮资讯网（ http://www.cninfo.com.cn ），公司所有信息均以在上述指定媒体 刊登的公告为准。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 广东高乐股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗 漏。 鉴于广东高乐股份有限公司（以下简称"公司"或"高乐股份"）第一大股东华统集团有限公司（以下简 称"华统 ...

（文章来源：证券日报） 证券日报网讯 11月26日晚间，高乐股份发布公告称，鉴于公司第一大股东华统集团有限公司（简称"华 统集团"）正在筹划转让其持有的公司股份或（及）委托表决权，本次筹划事项可能导致公司控制权发 生变更。由于上述事项尚存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异 常波动，根据有关规定，经公司向深圳证券交易所申请，公司股票于2025年11月25日、2025年11月26日 停牌两个交易日。停牌期间，相关各方正在积极推动本次控制权变更的各项工作，尚未签署相关交易协 议，公司预计无法在2025年11月27日（星期四）上午开市起复牌。经向深圳证券交易所申请，公司股票 自2025年11月27日（星期四）上午开市起继续停牌，预计停牌时间不超过三个交易日。 ...

人民财讯11月26日电，高乐股份（002348）11月26日公告，公司第一大股东华统集团正在筹划转让其持 有的公司股份或委托表决权，可能导致公司控制权变更。公司股票自2025年11月27日起继续停牌，预计 停牌时间不超过三个交易日。 ...

广东高乐股份有限公司 关于公司第一大股东筹划控制权变更进展暨继续停牌的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏。 证券代码：002348 证券简称：高乐股份 公告编号：2025-033 2025 年 11 月 27 日 继续停牌期间，公司将根据事项进展情况，严格按照法律法规的规定和要求 履行信息披露义务。待上述事项确定后，公司将及时披露相关公告并申请公司股 票复牌。公司指定的信息披露媒体为《中国证券报》、《证券时报》、和巨潮资讯 网（ http://www.cninfo.com.cn ），公司所有信息均以在上述指定媒体刊登的 公告为准。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 广东高乐股份有限公司 董 事 会 鉴于广东高乐股份有限公司（以下简称"公司"或"高乐股份"）第一大股 东华统集团有限公司（以下简称"华统集团"）正在筹划转让其持有的公司股份 或（及）委托表决权，本次筹划事项可能导致公司控制权发生变更。由于上述事 项尚存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价 异常波动，根据《深圳证券交易所主板股票上市规则》、《 ...

Group 1 - On November 26, a total of 20 stocks, including Gaole Co., Ltd. (002348), Chaozhuo Aerospace Technology, and Aike Co., Ltd. (300889), were suspended from trading [1]

Core Viewpoint - The major shareholder, Huadong Group, is planning to transfer its shares in Gaole Co., which may lead to a change in control and potentially halt the company's ambitions in the new energy sector [1][2]. Group 1: Shareholder Changes - Huadong Group has notified Gaole Co. about its plan to transfer shares or voting rights, which could result in a change of control [1]. - The stock of Gaole Co. experienced a limit-up before the announcement of the share transfer [1]. - The transfer comes after Huadong Group took control of Gaole Co. in March 2023, following a share acquisition in November 2022 [1][2]. Group 2: New Energy Ventures - Huadong Group's entry into Gaole Co. was seen as a critical step towards establishing a new energy business [2]. - In December 2022, Gaole Co. established Gaole New Energy Technology (Zhejiang) Co., focusing on battery manufacturing and sales [2]. - A strategic cooperation agreement was signed to invest in a 2GWh solid-state battery project in Yiwu, with a total investment of approximately 2 billion yuan [2]. Group 3: Financial Aspects and Project Status - The 20 billion yuan solid-state battery project was partially funded by Huadong Group through bond financing, contributing about 601 million yuan [3]. - The project has been adjusted to a 1.2GWh sodium-ion battery project, reducing the total investment to 1.05 billion yuan [3]. - As of now, the battery project remains in its early stages, with no production or revenue generated [4]. Group 4: Performance Metrics - For the first three quarters of 2025, Gaole Co. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still incurred a net loss of 12 million yuan [6]. - The company has not achieved profitability since Huadong Group's acquisition, with continued losses expected in 2023 and 2024 [6].

Core Viewpoint - Gaole Co., Ltd. is undergoing a potential change in control as its largest shareholder, Huadong Group, is planning to transfer its shares or delegate voting rights, leading to a suspension of trading from November 25 for up to two trading days [1][3]. Company Overview - Gaole Co., Ltd. was established in October 1989 and is headquartered in Puning, Guangdong. It was one of the first toy companies to be listed in China, successfully going public on the Shenzhen Stock Exchange in 2010 [6]. - The company primarily operates in two business segments: toys and internet education. Its toy business includes the "GOLDLOK" brand and a complete industrial system covering R&D, design, mold manufacturing, production, and sales [5][6]. Recent Developments - On November 24, prior to the suspension announcement, Gaole's stock price surged to 4.81 yuan per share, marking a 10.07% increase, with a market capitalization of 4.556 billion yuan and a trading volume of 1.26 billion yuan [3]. - Huadong Group, which acquired control of Gaole three years ago, is now considering exiting this investment, indicating a potential shift in strategic focus [4][9]. Financial Performance - Gaole has faced continuous financial challenges, reporting losses for nearly seven consecutive years. The net losses for 2022, 2023, and 2024 are projected at 83.63 million yuan, 61.98 million yuan, and 57.30 million yuan, respectively [9]. - For the first three quarters of the current year, Gaole reported a revenue of 226 million yuan, a year-on-year increase of 10.06%, but still incurred a net loss of 11.67 million yuan [9]. Shareholder Dynamics - The second-largest shareholder, Yang Guangcheng, holds a 6.15% stake and is also the company's vice general manager [5]. - The ownership structure has become more fragmented, with recent share acquisitions by other investors, adding uncertainty to the control change process [14]. Strategic Challenges - The initial strategic intent of Huadong Group to leverage Gaole's toy business for diversification into solid-state battery projects has not materialized effectively, leading to a reassessment of the investment [9][12]. - The lack of progress in the battery project and ongoing operational difficulties in Gaole's core business have prompted Huadong Group to consider exiting the investment [9][12].

Core Viewpoint - The largest shareholder of Gaole Co., Ltd. is planning to transfer its shares or delegate voting rights, which may lead to a change in control of the company [2]. Group 1: Shareholder Changes - On January 24, Gaole Co., Ltd. announced that its largest shareholder, Huadong Group, is planning to transfer its shares or delegate voting rights, potentially resulting in a change of control [2]. - The company's stock was suspended from trading starting November 25, 2025, due to this significant announcement, with an expected suspension period of no more than two trading days [3]. Group 2: Stock Performance - Prior to the suspension, on November 24, Gaole Co., Ltd. saw its stock price hit the daily limit up, closing at 4.81 yuan per share, reflecting a 10.07% increase, with a market capitalization of 4.556 billion yuan [5]. Group 3: Historical Context - Huadong Group became the controlling shareholder of Gaole Co., Ltd. in November 2022 through a share transfer and voting rights delegation, acquiring 133 million shares (14% of total shares) and additional voting rights for 73.31 million shares (7.74% of total shares), totaling 21.74% voting rights [8][11]. - The group had previously planned to increase its stake to 33.85% through a private placement, but this plan was not executed [11]. Group 4: Business Transformation Challenges - Huadong Group, established in 2003, has a background in the feed industry and has expanded into a full industry chain covering pig farming, slaughtering, and meat processing. In contrast, Gaole Co., Ltd. primarily operates in the toy and internet education sectors [13]. - The company had announced plans to leverage Huadong Group's technology to transform its business, including a strategic cooperation agreement to invest approximately 2 billion yuan in a 2GWh solid-state battery project in Yiwu [13]. - However, as of September this year, there has been no substantial progress on the battery project, and the company has not generated any revenue from this sector [14]. Group 5: Financial Performance - Gaole Co., Ltd. has faced ongoing financial difficulties, reporting a net loss for six consecutive years since 2019. In the first three quarters of this year, the company achieved a revenue of 226 million yuan, a year-on-year increase of 10.06%, but still reported a net loss of 11.67 million yuan [15].

Group 1 - Beijing Junzheng adjusted management expenses by 11.44 million yuan, increasing net profit by the same amount [1] - Ningbo Energy's subsidiary plans to publicly transfer 15% equity of Lingfeng Energy at a base price of 16.06 million yuan [1] - Dongjiang Environmental's subsidiary was fined 2.02 million yuan for tax evasion [1][2] Group 2 - AVIC's subsidiary Harbin Aircraft Industry Group plans to absorb and merge with Harbin Hafei Aviation, increasing registered capital to 3.038 billion yuan [3] - Dongfang Ocean's shareholder plans to reduce holdings by up to 3% of total shares [4] - Xinghui Entertainment's controlling shareholder plans to reduce holdings by up to 2.9% of total shares [6] Group 3 - Kaineng Health plans to acquire 100% equity of four subsidiaries for 204 million yuan [8] - Suoao Sensor's controlling shareholder changed to Zhongchuang Innovation [9] - Shanghai Port Bay reported that its commercial aerospace and perovskite solar business accounts for less than 1% of revenue [10] Group 4 - Zhonghuan Environmental's specific shareholder plans to reduce holdings by up to 2.37% of total shares [11] - Xinlaifu's asset management plan intends to reduce 874,300 shares [12] - Guangdian Measurement plans to invest 800 million yuan to build a testing base [13] Group 5 - Modern Investment plans to invest 1.04 billion yuan to establish a smart logistics company [14] - Gaole Co.'s major shareholder is planning a control change, leading to stock suspension [16] - Weiling Co.'s major shareholder is planning a control change, leading to stock suspension [18] Group 6 - Igor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [20] - Huanrui Century's shareholder sold 7.26 million shares due to judicial enforcement [21] - Jinhua Co.'s controlling shareholder plans to acquire 5.77% of company shares at 9.15 yuan per share [22] Group 7 - Wireless Media's four shareholders plan to reduce holdings by up to 4.7% of total shares [24] - CATL's shareholder completed the transfer of 10% of shares for approximately 17.16 billion yuan [26] - *ST Lian Stone entered the restructuring phase, with potential downward adjustment of stock price [28]