New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]

Summary of Key Points Core Viewpoint - The company, Visionox Technology Co., Ltd., has provided guarantees for its subsidiaries, which has resulted in a significant increase in its total external guarantees exceeding its audited net assets. Group 1: Guarantee Overview - The company approved a total guarantee amount not exceeding RMB 22.62 billion for its subsidiaries during the 2025 fiscal year [3][21] - The guarantee period is effective for 12 months from the date of approval by the 2024 annual general meeting [3][21] Group 2: Guarantee Progress - On November 11, 2025, the company signed a maximum guarantee contract with Shanghai Bank for a maximum debt of RMB 300 million for its subsidiary, Kunshan Guoxian Optoelectronics Co., Ltd. [4][23] - Prior to this guarantee, the total guarantee balance for Guoxian Optoelectronics was RMB 3.186 billion, which increased to RMB 3.586 billion after this guarantee [4][23] Group 3: Basic Information of the Guaranteed Entity - Kunshan Guoxian Optoelectronics Co., Ltd. was established on November 19, 2012, with a registered capital of RMB 670.715 million [5][24] - The company specializes in the research, production, and sales of new flat panel display products and equipment [6][24] Group 4: Main Content of the Guarantee Contract - The guarantee covers various financial activities including loans, trade financing, and other credit services, with a maximum principal amount of RMB 100 million [26][30] - The guarantee period extends for three years after the debt repayment period [33][34] Group 5: Board of Directors' Opinion - The board believes that the risks associated with the guarantees are under effective control and do not harm the interests of shareholders, especially minority shareholders [15][35] - The guarantees are seen as beneficial for expanding financing channels for subsidiaries and ensuring stable development [16][36] Group 6: Cumulative External Guarantees - After the latest guarantee, the total external guarantees of the company and its subsidiaries amount to RMB 181.014536 billion, which is 326.19% of the company's audited net assets for 2024 [16][37] - There are no overdue guarantees or guarantees involved in litigation [16][37]

Core Viewpoint - The leading domestic OLED panel manufacturer Visionox (002387) is set to welcome state-owned capital control through a private placement to Hefei Jianshu Investment Co., Ltd, which will increase its stake to 31.89%, transitioning the company from having no actual controller to being state-controlled, potentially enhancing long-term value across various dimensions such as strategic planning and market confidence [1][2]. Group 1: Capital Increase and Control Change - Visionox plans to issue 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan, which will be used to supplement working capital and repay debts [1]. - Hefei Jianshu, a state-owned investment platform, previously held 11.45% of Visionox's shares, and this capital increase will solidify its position as the controlling shareholder [1][2]. Group 2: Industry Context and Collaboration - Hefei is a core city in China's display industry and ranks first in the "Top Ten Cities for High-Quality Development of China's New Display Industry" for 2024-2025 [2]. - Visionox has established a strong operational foundation in the OLED sector, with advanced production lines in multiple locations, including a sixth-generation flexible AMOLED production line in Hefei [3]. Group 3: Financial Strength and Market Position - The capital increase will enhance Visionox's financial strength and optimize its capital structure, providing a stable foundation for long-term strategic development and business sustainability [4]. - Visionox ranks third globally in AMOLED smartphone panel shipments, with a year-on-year increase of 16.7% in the third quarter of 2025, reflecting a recovering market [4]. Group 4: Innovation and Technology - Visionox's ViP technology enhances production efficiency and product performance while circumventing foreign technological barriers, positioning the company strategically in high-end display sectors [5]. - The company has received significant awards for its innovations, indicating a strong competitive edge and commitment to advancing the OLED industry [5].

Core Viewpoint - The investment in 8.6-generation OLED production lines is accelerating, indicating a significant development phase for OLED technology in the medium-sized application market [1][2][3]. Group 1: Industry Dynamics - The construction of 8.6-generation OLED production lines is being driven by the growing demand in the IT market, particularly for tablets, laptops, and monitors, as well as the efficiency of glass substrate cutting [3][4]. - Major panel manufacturers are actively participating in the construction of 8.6-generation OLED production lines, with a notable increase in orders for OLED equipment manufacturers [4][5]. Group 2: Equipment Procurement - Panel manufacturers are accelerating the procurement of OLED equipment, with companies like BOE and Visionox leading in the purchase of key equipment such as evaporation, exposure, and lamination machines [5][9]. - Recent contracts include BOE's procurement of automatic laminating machines and evaporation source equipment, with significant contract values indicating robust demand [9][10]. Group 3: Production Line Progress - Four major 8.6-generation OLED production lines are under construction by Samsung Display, Visionox, BOE, and TCL Huaxing, each with different investment amounts and target applications [14][15]. - Samsung Display's A6 line is expected to be the first to achieve mass production, with a projected start date in Q2 2026 [22]. - BOE's B16 line is also on track for production in early 2026, while Visionox and TCL Huaxing plan to ramp up production in 2027 [22]. Group 4: Future Outlook - The OLED display industry is transitioning towards higher generation technology, with continued investment in production equipment expected to rise as the 8.6-generation lines progress towards mass production [23].

New Stock Issuance - The stock code 300277 (Hai Lian Xun) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 688353 (Hua Sheng Lithium) reported severe abnormal fluctuations on November 11, 2025[1] - Stock code 603122 (He Fu China) has an announcement dated November 8, 2025[1] Trading Alerts - Stock code 601888 (China Zhong Mian) has an announcement dated November 12, 2025[1] - Stock code 600537 (Yi Jing Guang Dian) has an announcement dated November 12, 2025[1] - Stock code 688028 (Wo Er De) has an announcement dated November 12, 2025[1] Abnormal Fluctuations - Stock code 600815 (Xia Gong Co.) reported abnormal fluctuations on November 6, 2025[2] - Stock code 603557 (ST Qi Bu) reported abnormal fluctuations on November 7, 2025[3] - Stock code 002478 (Chang Bao Co.) reported abnormal fluctuations on November 7, 2025[3]

证券代码：002387 证券简称：维信诺 公告编号：2025-137 维信诺科技股份有限公司 关于为控股孙公司提供担保的进展公告 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，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，敬请广大投资者注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会第十七 次会议和 2024 年度股东大会，审议通过了《关于 2025 年度为公司及子公司提供 担保额度预计的议案》，同意公司 2025 年度为控股子公司云谷（固安）科技有 限公司、控股孙公司昆山国显光电有限公司（以下简称"国显光电"）、全资公 司昆山工研院新型平板显示技术中心有限公司、全资公司江苏汇显显示技术有限 公司和公司提供总额度不超过人民币 226.2 亿元的担保。担保 ...

公司于 2025 年 11 月 11 日与江苏银行股份有限公司苏州分行（以下简称"江 苏银行"）签署了《最高额保证合同》，为控股孙公司国显光电在《最高额保证 合同》约定的主债权发生期间内连续签订的多个业务合同所形成的债务提供连带 责任保证担保，担保的最高债权本金为 1 亿元。公司将根据后续工作安排，由国 显光电与江苏银行在上述最高担保额度内签署具体的业务合同。本次担保事项在 证券代码：002387 证券简称：维信诺 公告编号：2025-138 维信诺科技股份有限公司 关于为控股孙公司提供担保的进展公告 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，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，敬请广大投资者注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会 ...

Core Viewpoint - The company emphasizes its long-term partnership with Visionox, highlighting the deep collaboration and integration of materials into Visionox's product lines, which is expected to continue despite changes in Visionox's ownership structure [1]. Group 1 - Visionox is a long-term important customer for the company, with a high degree of collaboration and business integration [1]. - The company's materials have been successfully integrated into Visionox's material system and are used in several mainstream terminal products [1]. - The recent acquisition of Visionox by state-owned enterprises in Hefei is viewed as a change in the client's equity and management structure, with the company planning to deepen cooperation with its core clients [1].

Core Insights - The trading volume of Visionox reached 1.015 billion yuan, marking the highest level since February 26, 2025 [2] - The latest stock price increased by 0.49%, with a turnover rate of 6.84% [2] - The previous trading day's total transaction volume for the stock was 79 million yuan [2]

Group 1 - The core viewpoint of the news is that Visionox has experienced fluctuations in its stock performance and financing activities, indicating a mixed sentiment among investors [1][2] - On November 11, Visionox's stock rose by 9.98%, with a trading volume of 79.21 million yuan, while the net financing buy was -6.62 million yuan, suggesting a higher level of selling pressure compared to buying [1] - As of November 11, the total margin balance for Visionox was 278 million yuan, with the financing balance accounting for 1.94% of the circulating market value, indicating a low level of financing compared to the past year [1] Group 2 - As of October 31, the number of shareholders for Visionox increased to 63,200, with an average of 22,081 circulating shares per person, reflecting a slight decrease in individual holdings [2] - For the period from January to September 2025, Visionox reported a revenue of 6.051 billion yuan, representing a year-on-year growth of 3.50%, while the net profit attributable to shareholders was -1.623 billion yuan, showing a 9.67% increase in losses compared to the previous year [2] - Visionox has distributed a total of 53.24 million yuan in dividends since its A-share listing, with no dividends paid in the last three years, indicating a focus on reinvestment rather than shareholder returns [2]