Group 1 - The company, Liansheng Technology, announced the completion of the registration capital increase and related business change registration [2] - The company has obtained a new business license issued by the Nantong Data Bureau [2] - The changes include updates to the company's articles of association [2]

证券代码：300051 证券简称：琏升科技 公告编号：2025-095 琏升科技股份有限公司 关于公司完成注册资本工商变更登记并换发营业执照的公告 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，没有虚假 记载、误导性陈述或重大遗漏。 一、注册资本工商变更情况 琏升科技股份有限公司（以下简称"公司"）于2025年9月22日召开第六届董事 会第五十二次会议，于2025年10月9日召开2025年第五次临时股东大会，审议通过了 《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》，具体内 容详见公司于2025年9月23日披露的《关于变更公司注册资本、修订<公司章程>并办 理工商变更登记的公告》（公告编号:2025-087）、2025年10月9日披露的《2025年第 五次临时股东大会决议公告》（公告编号:2025-090）。 近日，公司已办理完成注册资本增加相关的工商变更登记和《公司章程》备案 手续，并取得了由南通市数据局换发的《营业执照》，新《营业执照》基本信息如 下: 1、名称：琏升科技股份有限公司 4、法定代表人：黄明良 5、成立日期：2004年04月01日 6、注册资本：37213.6 ...

Core Viewpoint - The company has decided to terminate the acquisition of 69.71% of Xingshu Shiji Technology Co., Ltd. due to a lack of agreement on key terms among the parties involved, but it remains committed to exploring other acquisition opportunities to enhance its operational scale and performance [3][6]. Group 1: Acquisition Details - The acquisition plan was initially announced in April 2023 and included both Xingshu Shiji and Tianjin Liansheng Technology Co., Ltd., the latter being a subsidiary of the company [3]. - The termination of the acquisition was attributed to the failure to reach consensus on the transaction price and other core terms [3]. - Xingshu Shiji is a key player in the sodium battery industry, with the local government aiming to develop a billion-level new energy industry cluster centered around sodium energy storage [4]. Group 2: Company Performance - The company's stock price closed at 6.52 CNY per share, reflecting a decline of 4.68% on October 15 [2]. - Despite rapid growth in the heterojunction (HJT) battery sector, the company has not yet achieved profitability, reporting a loss of 110 million CNY for 2024 and 50 million CNY for the first half of the year [6]. - The company plans to enhance the conversion efficiency of its HJT battery products and reduce production costs to maintain a competitive edge amid a historically low market period [6]. Group 3: Business Operations - The company was founded in 2004 and went public in 2022 through a reverse merger, subsequently integrating its photovoltaic business [5]. - It has established two major production bases in Meishan and Nantong, with significant investments in high-efficiency HJT solar cell projects [5]. - The Meishan project has a total investment of 4.5 billion CNY, with a current capacity of 3.8 GW, while the Nantong project is expected to reach a capacity of 20 GW by 2027 [5].

Core Viewpoint - The company held an investor briefing to discuss the termination of a share issuance and cash payment for asset acquisition, addressing key issues such as operational performance, reasons for the merger termination, and future strategic direction [1] Group 1: Operational Performance and Strategy - Investors raised concerns about the company's insufficient profitability and continuous losses, as well as the reduction in production scale. The company responded by emphasizing ongoing cost reduction and efficiency improvement through technological research and process upgrades, aiming to enhance product performance and market competitiveness [2] - The company plans to focus on the heterojunction (HJT) battery business and will seek further development opportunities to improve operational performance and protect shareholder interests [3][6] - The company is committed to expanding both domestic and international markets while optimizing asset structure and increasing capacity utilization [2] Group 2: Merger Termination Reasons - The termination of the acquisition was due to the inability of the parties involved to agree on core terms such as transaction price, leading to a decision made after careful consideration to protect the interests of the company and its shareholders [4] - The board's voting on the termination showed 4 votes in favor, 0 against, and 3 abstentions due to conflicts of interest, as the funding party was a controlling shareholder [2] Group 3: Market Conditions and Future Outlook - The company anticipates an improvement in product prices and profitability in the photovoltaic industry due to national policies aimed at reducing competition within the sector [5] - The company will continue to monitor acquisition opportunities, including potential purchases of energy storage companies, depending on operational conditions [6] - The company reassured that the termination of the merger will not significantly impact its current operations and strategic development [7]

Core Points - Liansheng Technology announced the termination of its plan to acquire 69.71% of Xingshu Century's shares due to failure to reach an agreement on key terms with the parties involved [1][4] - The company confirmed that the decision to terminate the restructuring was made after careful research and does not involve any breach of contract liabilities [1] - Liansheng Technology has committed not to plan any major asset restructuring within one month from the announcement of the termination [1] Company Overview - Liansheng Technology has focused its capital operations on the renewable energy sector since establishing heterojunction (HJT) solar cell business as its strategic direction in 2022 [1] - The target company, Xingshu Century, specializes in the research and application of intelligent microgrid solutions, covering household energy storage, commercial energy storage, and sodium-ion battery development [1] - Xingshu Century has a total photovoltaic power station scale exceeding 2.2 GW and an energy storage installation capacity of over 1 GWh [1] Related Parties - The transaction involved parties from the ZTE system, with ZTE Weixiantong holding 22.0952% and ZTE Development holding 11.7841% of Xingshu Century's shares, collectively exceeding 35% [2]

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

Group 1: Financial Performance and Challenges - The company is currently facing insufficient profitability in its main business, resulting in continuous losses and a reduction in production scale [2] - The average conversion efficiency of the company's mass-produced HJT batteries has reached over 26%, with the highest power of self-developed high-efficiency HJT 0BB modules reaching 781.97W [3] - The company has not received any notifications regarding shareholder reduction plans and will comply with information disclosure obligations [3] Group 2: Acquisition and Restructuring - The termination of the acquisition was due to a failure to reach an agreement on core terms, including the transaction price [4] - The voting results for the termination of the acquisition were: 4 votes in favor, 0 against, and 3 abstentions [3] - The company commits to not planning any major asset restructuring within one month following the termination of this transaction [5] Group 3: Future Strategies and Market Outlook - The company will continue to focus on HJT battery technology and seek development opportunities to enhance operational performance [4] - The implementation of national policies aimed at promoting healthy development in the photovoltaic industry is expected to lead to a rise in product prices and profitability [4] - The company will actively monitor related opportunities for future acquisitions, supported by external policy environments [5]

Core Viewpoint - Liansheng Technology (300051.SZ) announced the termination of its plan to issue shares and pay cash for asset acquisition and related fundraising, following a board meeting on October 14, 2025 [1][2]. Group 1: Transaction Details - The company intended to acquire 69.71% of Xingshu Century Technology from 38 counterparties, including Ziyang Jinma Industrial Investment Co., Ltd. and Fuzhou Digital New Infrastructure Industry Investment Partnership [1]. - The transaction was expected to constitute a major asset restructuring but not a restructuring listing, and it involved related party transactions due to the connections between the company and Hainan Liansheng Technology Co., Ltd., its controlling shareholder [2]. Group 2: Financial Performance - Liansheng Technology has reported losses for seven and a half consecutive years, with net profits attributable to shareholders from 2018 to the first half of 2025 being -346 million, -257 million, -69 million, -25 million, -32 million, -40 million, -110 million, and -50 million respectively [2]. - The company's stock was suspended from trading on April 7, 2025, and resumed on April 21, 2025, with a significant price increase of 19.94% on the first day of trading after resumption, closing at 7.46 yuan [2]. Group 3: Earnings and Revenue Metrics - The company reported a total revenue of 500.6 million yuan for the year ending December 31, 2024, which is a 35.90% increase compared to the previous year [3]. - The net profit attributable to shareholders for the same period was -50.16 million yuan, reflecting an 18.24% decrease from the previous year [3]. - The company’s basic earnings per share for the year ending December 31, 2024, was -0.30 yuan, with a diluted earnings per share also at -0.30 yuan [3].

Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a 69.71% stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [2][5][6]. Group 1: Acquisition Details - In April 2023, Liansheng Technology planned to acquire control of Xingshu Century through a combination of issuing shares and cash payments, which was expected to constitute a major asset restructuring and related party transaction [5][8]. - The acquisition aimed to leverage synergies between Liansheng Technology and Xingshu Century, particularly in the photovoltaic and energy storage sectors, enhancing competitive advantages and market opportunities [11]. Group 2: Financial Performance - Xingshu Century reported revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively, with net profits of CNY 75.89 million and CNY 192 million [8]. - Liansheng Technology has faced continuous losses, reporting a net loss of CNY 39.73 million in 2023 and an expected loss of CNY 110 million in 2024 [15]. - As of mid-2025, Liansheng Technology's revenue was CNY 209 million, a year-on-year increase of 35.90%, but it still reported a net loss of CNY 50.16 million, a decline of 18.24% year-on-year [15][17]. Group 3: Market Reaction - The market reacted positively to the initial announcement of the acquisition, with Liansheng Technology's stock hitting the daily limit up on April 21, 2023, after the resumption of trading [12].

Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a controlling stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [1][2]. Group 1: Acquisition Details - Liansheng Technology planned to acquire 69.71% of Xingshu Century's shares through a combination of issuing shares and cash payments, alongside raising matching funds [3]. - The acquisition was expected to constitute a major asset restructuring and related party transaction [1][3]. - Xingshu Century is primarily engaged in photovoltaic power generation and has a strong asset-liability structure and profitability, with projected revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively [3][4]. Group 2: Financial Performance - Liansheng Technology has faced continuous losses, reporting a net profit loss of CNY 39.73 million in 2023 and an anticipated loss of CNY 110 million in 2024 [7]. - The company's revenue for the first half of 2025 was CNY 209 million, a year-on-year increase of 35.90%, but the net profit loss was CNY 50.16 million, a decline of 18.24% year-on-year [7][9]. - As of mid-2025, the company's debt pressure has increased, with a current ratio of 0.3 and a debt-to-asset ratio of 76.69% [7]. Group 3: Market Reaction - The market reacted positively to the initial acquisition announcement, with Liansheng Technology's stock hitting the daily limit on the day of its resumption of trading [5].