Core Viewpoint - Liansheng Technology, established in 2004 and listed in 2010, operates in the internet services sector, providing diverse software products and services, with a focus on enterprise email, e-commerce website construction, and cloud office solutions [1] Group 1: Business Performance - For Q3 2025, Liansheng Technology reported revenue of 295 million yuan, ranking 20th in the industry, significantly lower than the top competitors Longi Green Energy (50.915 billion yuan) and Trina Solar (49.97 billion yuan) [2] - The company's net profit for the same period was -252 million yuan, ranking 10th in the industry, with the industry average at -74.4 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Liansheng Technology's debt-to-asset ratio was 76.96%, higher than the previous year's 73.21% and above the industry average of 70.17% [3] - The gross profit margin for Q3 2025 was -20.66%, a decline from -4.31% in the previous year and significantly below the industry average of 1.80% [3] Group 3: Executive Compensation - The chairman, Huang Mingliang, received a salary of 880,000 yuan in 2024, an increase of 310,800 yuan from 2023 [4] - The general manager, Yang Ping, earned 1.1881 million yuan in 2024, up by 237,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.88% to 25,300, while the average number of circulating A-shares held per shareholder decreased by 8.59% to 14,500 [5] - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed A ranked fifth, holding 7.3608 million shares, a decrease of 291,000 shares from the previous period [5]

琏升科技股份有限公司 第六届董事会第五十四次会议决议公告 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、董事会会议召开情况 证券代码：300051 证券简称：琏升科技 公告编号：2025-096 表决结果：同意7票，反对0票，弃权0票。该议案获得通过。 三、备查文件 特此公告！ 琏升科技股份有限公司 琏升科技股份有限公司（简称"公司"）于2025年10月26日以邮件和微信等形式发 出会议通知，公司定于2025年10月29日上午10:00以通讯表决的方式召开第六届董事 会第五十四次会议审议相关议案。本次会议由董事长黄明良先生召集和主持。本次 会议应出席的董事共7名，实际出席董事共7名，公司高级管理人员列席会议。本次 董事会会议的通知和召开程序均符合相关法律法规和公司章程的规定。 二、董事会会议审议情况 经与会董事审议并记名投票表决，会议通过了如下议案： （一）审议通过《关于<2025年第三季度报告>的议案》 经审议，董事会认为：公司《2025年第三季度报告》的编制和审核程序符合法 律法规的相关规定；2025年第三季度报告内容真实、准确、完整地反映了公司的实 ...

Financial Performance - Q3 2025 revenue decreased by 40.40% year-on-year to ¥85,187,156[5] - Net profit attributable to shareholders dropped by 67.89% to ¥39,957,020, with a year-to-date decline of 36.09%[5] - Basic earnings per share fell by 83.33% to -¥0.11, reflecting a significant downturn in profitability[5] - Total operating revenue for the current period is ¥294,628,202.34, a decrease of 0.14% from ¥297,035,783.50 in the previous period[46] - Operating profit for the current period is -¥215,354,324.30, an improvement from -¥265,738,000.13 in the previous period[47] - Net profit for the current period is -¥251,919,140.95, compared to -¥209,680,837.46 in the previous period[47] - The company reported a basic and diluted earnings per share of -¥0.24, compared to -¥0.18 in the previous period[48] Assets and Liabilities - Total assets decreased by 20.81% to ¥2,616,523,625.31 compared to the beginning of the year[10] - Total liabilities amount to ¥2,013,650,145.66, down from ¥2,457,361,951.67 in the previous period[44] - Total equity attributable to shareholders of the parent company is ¥161,955,341.28, a decrease from ¥241,842,814.58 in the previous period[44] - Non-current assets decreased from ¥2,753,169,248.28 to ¥2,344,127,810.15, representing a reduction of about 15%[43] - The company’s long-term borrowings increased to ¥567,278,419.70 from ¥531,938,845.69 in the previous period[44] - The company’s total non-current liabilities rose to ¥1,200,888,669.63 from ¥1,124,523,602.19 in the previous period[44] Cash Flow - Cash and cash equivalents dropped by 80.99% to ¥47,513,184.54, primarily due to cash payments for fixed and intangible assets[11] - Net cash flow from operating activities decreased by 154.67% compared to the same period last year, primarily due to a decrease in cash received from sales of goods and services[35] - Cash flow from operating activities is ¥276,299,081.32, down from ¥338,945,942.47 in the previous period[49] - The net cash flow from operating activities was -30,359,739.71, compared to 55,530,150.77 in the previous period, indicating a significant decline[50] - The net increase in cash and cash equivalents was -128,030,184.09, compared to -221,533,189.19 in the previous period[51] - Cash received from other operating activities amounted to 48,215,346.47, a decrease from 97,657,189.97 in the previous period[50] Investments and Expenses - Long-term equity investments increased by 113.55% to ¥4,495,445.42, due to completed capital contributions to joint ventures[16] - Investment income increased by 50.71% compared to the same period last year, mainly due to increased investment income from joint ventures[28] - Sales expenses decreased by 60.34% compared to the same period last year, primarily due to the disposal of a subsidiary, which is no longer included in the consolidated scope[25] - R&D expenses decreased by 38.84% compared to the same period last year, also due to the disposal of a subsidiary[27] Shareholder Information - The number of common shareholders at the end of the reporting period was 25,348[38] - The largest shareholder, Hainan Liansheng Technology Co., Ltd., holds 13.87% of the shares, totaling 51,601,566 shares[38] - The company plans to grant 6,278,000 restricted stocks under the 2024 incentive plan, with 2,043,600 stocks released from restrictions this period[40] - The company has a total of 4,860,675 restricted shares remaining after the current period's adjustments[43] Other Financial Information - The company has adjusted its accounting policy regarding revenue recognition for domain name transactions, impacting reported figures[5] - Total operating costs increased to ¥491,594,358.58, up 2.83% from ¥480,687,253.17 in the previous period[47] - The company is undergoing a significant capital restructuring, with changes to its registered capital and articles of association expected in early 2025[41] - The company’s third-quarter financial report was not audited[52]

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]