Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services such as elderly care, childcare, and housekeeping, effective from January 1, 2026, to December 31, 2027. Income from these services will be exempt from VAT and calculated at 90% for taxable income [24][26] - Recently, a surge in commercial space activities has prompted banks to participate actively. Several banks, including SPDB and CMB, successfully launched satellites aimed at enhancing their risk control capabilities. Satellite remote sensing technology will allow banks to monitor loan project progress and collateral status in real-time, addressing the limitations of traditional inspections [24][26] - Starting from January 20, 2026, domestic gasoline and diesel prices will increase by 85 yuan per ton, marking the first price hike for refined oil in 2026. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel will be 0.07 yuan per liter [24][26] - Japan plans to invest over $330 billion in artificial intelligence and semiconductor sectors [25] - A recent report indicates that the shipment share of ASIC AI servers is expected to rise to 27.8% in 2026, the highest since 2023, with growth rates surpassing those of GPU AI servers [25] - Shanghai has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [25] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [26][34] - Hu Silicon Industry announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 2% between January 7 and January 19, completing the reduction plan [26] - Liou Co. announced the completion of its suspension review and will resume trading [29] - Kailong High-Tech is planning to acquire control of Jinwangda, leading to a suspension of its stock [29] - Yifan Transmission intends to purchase 87.07% of Beijing Helish's shares, which is expected to constitute a major asset restructuring [29] - Tonghu Microelectronics forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [29] - Baile Tianheng's application for the listing of iza-bren for the treatment of recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list [29] - Guosheng Technology expects a net loss of 325 million to 650 million yuan for 2025 due to low component prices affecting revenue [29] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [29]

1月20日晚间，ST赛为（证券代码：300044）发布公告称，预计2025年度期末净资产为负值，在公司2025年年报披露后，公司股票交易可能被实施退市风 险警示（股票简称前冠以"*ST"字样）。 同日晚间，ST赛为还发布了2025年业绩预告。公司预计2025年归母净利润为-10.2亿元至-7.2亿元。 对于业绩亏损幅度扩大及净资产可能为负，ST赛为称，原因在于与深圳市艾特网能技术有限公司（以下简称艾特网能）诉讼、仲裁判决影响，对2025年 度净利润影响约为-7.18 亿元。 回溯公告，ST赛为及子公司廊坊市梅特科技有限公司（以下简称梅特科技）与艾特网能的买卖合同纠纷于2023年12月被深圳国际仲裁院受理，并在近日 作出仲裁判决。深圳国际仲裁院裁决内容包括：ST赛为需向艾特网能支付合同价款6.1279亿元；支付逾期付款违约金（以6.1034亿元为基数按每日万分之 四、以245.45万元为基数按LPR自2022年3月30日起计算至实际清偿日止）；补偿律师费100万元；与梅特科技共同补偿财产保全费5000元、保全保险费 26.87万元，并共同承担仲裁费498.87万元。此外，艾特网能对梅特科技提供抵押的设备在上述债 ...

权威精选 《每日经济新闻》记者注意到，这场业绩"强震"的震中，有一起金额巨大的仲裁案——公司在与深圳市 艾特网能技术有限公司（以下简称"艾特网能"）的纠纷中败诉，需支付超6亿元的合同款及违约金。该 案件与另一案件将直接导致公司2025年净利润减少约7.18亿元。 面对业绩巨亏与净资产转负的双重打击，ST赛为不仅经营面临严峻考验，更已站在了退市风险警示的 悬崖边上…… 预亏上限破10亿元，净资产跌为负 ST赛为发布的《2025年度业绩预告》显示，公司预计2025年归母净利润为亏损7.2亿元至10.2亿元，与 2024年同期亏损5.07亿元相比，亏损幅度扩大41.92%至101.06%。 反映经营情况的扣除非经常性损益后的净利润同样不容乐观，预计2025年亏损6.9亿元至9.8亿元，上年 同期则亏损2.18亿元。 回顾ST赛为2025年的经营轨迹，颓势早已显现。 2025年前三季度，ST赛为实现营业收入8747.88万元，同比下降46.25%；归母净利润亏损5368.76万元， 同比下滑205.65%。ST赛为解释，营收下降主要受轨道交通业务减少影响。 这种"断崖式"下滑并非一日之寒。 1月20日晚间，ST赛为披 ...

【导读】 ST 赛为预计 2025 年度期末净资产为负值 中国基金报记者 夏天 1 月 20 日晚间 ， S T 赛 为（证券代码： 300044 ）发布公告称， 预 计 2025 年度期末 净资产为负 值，在公司 2025 年年报披露后，公司股票交易可能被实施退市风险警示（股票 简称前冠以 "*ST" 字样）。 具体来看，经公司财务部门测算， S T 赛 为预计 2025 年末归属于上市公司的所有者权益为 -8.7 亿元至 -6.2 亿元（未经审计）。这直接触发了《深圳证券交易所创业板股票上市规 则》（ 2025 年修订） 第 10.3.1 条第一款第二项的规定：上市公司出现 " 最近一个会计年 度经审计的期末净资产为负值 " 的情形，其股票交易将被实施退市风险警示。 S T 赛 为表示，如公司 2025 年度经审计的财务数据触及上述规定，公司将在披露《 2025 年年度报告》的同时，披露公司股票交易被实施退市风险警示的公告。公司股票于公告后停 牌一天，自复牌之日起，深交所将对公司股票交易实施退市风险警示。 同日晚间， ST 赛为 还发布了 2025 年业绩预告。公司预计 2025 年归母净利润为 -10. ...

Core Viewpoint - ST Saiwei is expected to have a negative net asset value by the end of 2025, which may lead to a delisting risk warning for its stock trading [2] Group 1: Financial Forecasts - The company estimates that its net assets attributable to shareholders will be between -870 million yuan and -620 million yuan by the end of 2025 [2] - The projected net profit for 2025 is expected to be between -1.02 billion yuan and -720 million yuan [2] Group 2: Legal and Financial Issues - The anticipated losses are primarily due to a lawsuit and arbitration ruling involving Shenzhen Aite Network Technology Co., which is expected to impact the 2025 net profit by approximately -718 million yuan [3] - The arbitration ruling requires ST Saiwei to pay Aite Network a contract price of 612.79 million yuan, along with overdue payment penalties and other fees totaling approximately 6.1 million yuan [3] Group 3: Recent Performance and Market Reaction - In 2024, the company reported revenue of 143 million yuan, a year-on-year decline of 68.03%, with a net profit loss of 507 million yuan [4] - For the first three quarters of 2025, revenue further decreased to 87.48 million yuan, a 46.25% year-on-year decline, with a net profit loss of 53.69 million yuan, representing a 205.65% increase in losses compared to the previous year [4] - Despite poor financial performance, the company's stock has seen significant gains, with a 48% increase year-to-date as of January 20, 2023 [4]

Mergers and Acquisitions - CNOOC Services plans to convert its $746 million debt (approximately RMB 5.242 billion) owed by its wholly-owned subsidiary COSL Norwegian AS into equity investment, resulting in ownership stakes of 83.02% and 16.98% respectively [1] - Placo New Materials intends to acquire a 20% stake in Huizhou Placo New Sensation Technology Co., Ltd. for RMB 20 million, increasing its ownership from 80% to 100% [2] - Kailong High-Tech is planning a major asset restructuring to acquire control of Shenzhen Jinwangda Electromechanical Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [3] - Kangxin New Materials aims to acquire a 51% stake in Yubang Semiconductor for RMB 392 million through a combination of share transfer and capital increase, making it a subsidiary [4] Earnings Disclosure - Yonghui Supermarket expects a net loss of RMB 2.14 billion for 2025, compared to a loss of RMB 1.47 billion in the previous year, with a projected adjusted net loss of RMB 2.94 billion [5] - Longzi Co., Ltd. anticipates a net profit of RMB 900 million to RMB 1.05 billion for 2025, representing a year-on-year increase of 245.25% to 302.80% [6] - Hikvision reports a net profit of RMB 14.188 billion for 2025, reflecting an 18.46% year-on-year growth, with total revenue of RMB 92.518 billion, a slight increase of 0.02% [7] - Tonghuashun expects a net profit of RMB 2.735 billion to RMB 3.282 billion for 2025, indicating a growth of 50% to 80% year-on-year [8] Shareholding Changes - Aolian Electronics' shareholder Liu Junsheng plans to reduce his stake by up to 3%, with the reduction price not lower than the initial public offering price, for personal financial planning [9] - Bluefeng Biochemical's shareholder Hainan Wenqin intends to reduce his stake by up to 3%, equating to a maximum of 11.2678 million shares [10] - Zhixin Precision's shareholder Zhou Xin plans to reduce his stake by up to 3%, not exceeding 1.6 million shares, with a minimum price set at the issuance price [11] - Hoshine Silicon Industry's controlling shareholder Hoshine Group plans to reduce its stake by up to 3%, equating to a maximum of 35.4662 million shares, with the reduction price determined by market conditions [12] Risk Matters - ST Saiwei anticipates a negative net asset value by the end of 2025, which may lead to a risk warning for delisting after the annual report is disclosed [13]

Market Overview - The three major A-share indices collectively closed lower on January 20, with a total market turnover of approximately 2.8 trillion yuan, and over 2,200 stocks rose, including 63 stocks hitting the daily limit [1] Institutional Ratings - A total of 11 buy ratings were issued by institutions today, covering 9 stocks, with Hunan YN and Keda receiving 2 buy ratings each [2] - Among the stocks with buy ratings, 6 companies provided earnings forecasts for 2025, with Hunan YN expected to see a net profit increase of 114.81% year-on-year, followed by Zhenyu Technology and Keda with expected increases of 106.74% and 59.82% respectively [2] Industry Focus - The power equipment industry was the most favored by institutions, with 4 stocks including Hunan YN and Keda listed [2] - The automotive and food & beverage industries also attracted institutional attention, each having 2 stocks featured [2] Institutional Trading - In the top trading list, 17 stocks had net buying amounts exceeding 10 million yuan, with Hunan Baiyin leading at 80.83 million yuan, followed by Tongyu Communications at 55.55 million yuan [4] - Among the net selling stocks, Sanwei Communication faced the highest net sell of 194 million yuan [4] Northbound Capital - 12 stocks on the northbound trading list saw net buying, with Tongyu Communications leading at 97.57 million yuan, followed by Tiantong Co. and Hunan Baiyin, both exceeding 60 million yuan [6] Company Announcements - ST Saiwei (300044) announced an expected net profit loss of 720 million to 1.02 billion yuan for 2025, influenced by litigation and arbitration judgments [7] - Kangxin New Materials (600076) plans to acquire 51% of Wuxi Yubang Semiconductor Technology for 392 million yuan, marking its expansion into the semiconductor sector [8] - Huadian Technology (601226) signed a procurement contract worth approximately 374 million yuan for a wind-solar hydrogen project [8] - China Merchants Energy (601872) plans to build 4 container ships with a total investment of up to 1.324 billion yuan [9] - Anhui Construction (600502) received project bids totaling 13.76 million yuan for two projects [9]

Group 1 - Liou Co., Ltd. announced that its stock price fluctuations have been investigated, confirming normal operations and no undisclosed significant information [1] - Tongfu Microelectronics expects a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year growth of 62.34% to 99.24% [17][18] Group 2 - Zhongtung High-tech reported an increase of 91,700 tons in tungsten metal resources, which will not directly impact its current operations or financial situation [2] - Aibo Medical plans to acquire at least 51% of Demai Medical to gain control, aiming to cultivate new profit growth points in the sports medicine sector [2] Group 3 - Zhaojin Gold confirmed normal operations and no undisclosed significant matters after its stock price experienced abnormal fluctuations [3] - Riying Electronics stated that it has no revenue from humanoid robot-related businesses and emphasized the need for rational investment decisions [4] Group 4 - Yifan Transmission intends to purchase 87.07% of Beijing Helishi Electric Technology Co., Ltd., which is expected to constitute a major asset restructuring [5] - China Merchants Industry plans to build four 3000TEU traditional fuel container ships with a total investment of no more than 1.324 billion yuan [6] Group 5 - Jiangtian Chemical plans to invest 49.8 million yuan in a project to produce 60,000 tons of acrylic acid annually [7] - *ST Xinyan has received approval to lift its delisting risk warning after completing its restructuring plan [7] Group 6 - Kangxin New Materials intends to acquire 51% of Wuxi Yubang Semiconductor for 392 million yuan, marking its expansion into the semiconductor field [8] - Guoshun Quantum signed a technology implementation license contract with the University of Science and Technology of China [8] Group 7 - Zhenyu Technology reported a significant increase in orders from the robotics sector for Q4 2025, although these orders represent a small portion of its overall revenue [9] - Yongxing Materials announced that its lithium extraction project has reached full production capacity [9] Group 8 - Nanjing Julong plans to invest 110 million yuan in a production line for modified plastics with an annual capacity of 60,000 tons [9] - Guodian Nanzi signed a strategic cooperation agreement with Huawei to establish an AI technology innovation center [10][11] Group 9 - He Sheng New Materials plans to sell idle factory assets for no less than 80 million yuan [13] - He Sheng New Materials expects a net profit increase of 55% to 75% for 2025, driven by improved supply chain management [14] Group 10 - Kangda New Materials forecasts a net profit of 125 million to 135 million yuan for 2025, marking a turnaround from a loss in the previous year [15] - Yanjing Beer anticipates a net profit increase of 50% to 65% for 2025, supported by its large product strategy [16] Group 11 - Jinfang Energy expects a net profit of 109 million to 143 million yuan for 2025, reflecting a year-on-year growth of 123.97% to 193.7% [19] - Yandong Microelectronics predicts a net loss of 340 million to 425 million yuan for 2025 due to market changes and increased R&D costs [20] Group 12 - Taishan Petroleum forecasts a net profit increase of 30.88% to 66.11% for 2025, benefiting from reduced expenses [21] - Huayuan Holdings expects a net profit increase of 50.98% to 66.82% for 2025, driven by lower raw material prices [22] Group 13 - Huajin Co. anticipates a net loss of 1.6 billion to 1.9 billion yuan for 2025, although the loss is expected to be less than the previous year [23] - Zhongyuan Neipei expects a net profit increase of 80.47% to 109.9% for 2025, supported by steady growth in core business [24] Group 14 - Dongfang Tower expects a net profit of 1.08 billion to 1.27 billion yuan for 2025, reflecting a year-on-year growth of 91.4% to 125.07% [34] - Dali Long anticipates a net profit increase of 51.88% to 86.27% for 2025, driven by market expansion and operational efficiency [35] Group 15 - Hikvision reported a net profit increase of 18.46% for 2025, with total revenue reaching 925.18 billion yuan [44] - Zhongfu Industrial expects a net profit increase of 120.27% to 141.59% for 2025, primarily due to lower costs in the electrolytic aluminum business [45]

Market Overview - The three major A-share indices collectively closed lower on January 20, with a total market turnover of approximately 2.8 trillion yuan, and over 2,200 stocks rising, including 63 stocks hitting the daily limit [1] Institutional Ratings - A total of 11 buy ratings were issued by institutions today, covering 9 stocks, with Hunan YN and Keda receiving 2 buy ratings each [2] - Among the stocks with buy ratings, 6 companies provided earnings forecasts for 2025, with Hunan YN expected to see a net profit increase of 114.81% year-on-year, followed by Zhenyu Technology and Keda with expected increases of 106.74% and 59.82%, respectively [2] - The power equipment industry was the most favored, with 4 stocks listed, while the automotive and food & beverage industries also attracted attention with 2 stocks each [2] Institutional Trading - In the top trading list, 17 stocks had net buying, with 13 stocks seeing net buying amounts exceeding 10 million yuan. Hunan Baiyin topped the list with a net buying amount of 80.83 million yuan [4] - The net selling stocks included Sanwei Communication, which faced a net selling of 194 million yuan, followed by Redxiang Shares and Zhitex New Materials, both exceeding 20 million yuan in net selling [4] Company Announcements - ST Saiwei (300044) announced an expected net loss of 720 million to 1.02 billion yuan for 2025, influenced by litigation and arbitration judgments, with a potential negative net asset value [7] - Kangxin New Materials (600076) plans to acquire 51% of Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, marking its expansion into the semiconductor field [8] - Huadian Technology (601226) signed a procurement contract worth approximately 374 million yuan for a wind-solar hydrogen project [8] - China Merchants Energy (601872) announced plans to build four container ships with a total investment of up to 1.324 billion yuan, with delivery scheduled for 2027-2028 [9] - Anhui Construction (600502) received project bids totaling 13.76 billion yuan, including a hydrogen installation project and a chip industry park project [9]

格隆汇1月20日丨ST赛为(300044.SZ)公布，预计2025年亏损72,000万元-102,000万元，扣非亏损69,000万 元-98,000万元，归属于上市公司股东的所有者权益-87,000万元至-62,000万元。 公司本年因与深圳市艾特网能技术有限公司诉讼、仲裁判决影响，对2025年度净利润影响约负7.18亿 元，具体以会计师审计后的数据为准。经初步测算，公司2025年度净资产可能为负，本年度期末净资产 金额仍存在不确定性，具体以会计师审计后的数据为准。诉讼、仲裁情况详见公司2025年12月2日、 2026年1月19日于巨潮资讯网上披露的《关于重大诉讼进展的公告》（公告编号：2025-055）、《关于 重大仲裁事项进展的公告》（公告编号：2026-003）。 ...