Market Overview - The Shanghai Composite Index closed at 3865.23 points, with a decline of 0.62% [1] - The total trading volume of A-shares reached 25,965.85 billion yuan [1] Technical Analysis - A total of 114 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Hongxing Co., Ltd. with a distance of -2.60% [1] - Huayi Technology with a distance of -2.54% [1] - Top Group with a distance of -2.48% [1] Individual Stock Performance - Hongxing Co., Ltd. (001209) saw a decline of 2.11% with a trading turnover of 4.66% [1] - Huayi Technology (688071) experienced a drop of 6.84% with a trading turnover of 5.55% [1] - Top Group (601689) fell by 6.13% with a trading turnover of 2.80% [1] - Other notable declines include: - Green Harmonic (688017) down 7.05% [1] - Fangzheng Electric (002196) down 1.99% [1] - Zhongyou Technology (688648) down 5.32% [1] Additional Stock Movements - Several stocks showed minor declines, including: - ST Huayi (600360) down 0.49% [2] - Olin Biotech (688319) down 7.06% [2] - Qinchuan IoT (688528) down 1.43% [2] - Stocks with slight increases include: - Gujing (000596) up 2.81% [2]

证券代码：300169 证券简称：天晟新材 公告编号：2025-045 常州天晟新材料集团股份有限公司（以下简称"公司"）与被上诉人国家知识 产权局及一审第三人威海维赛新材料科技有限公司、保定维赛新材料科技股份有 限公司、望都维赛新材料科技有限责任公司、维赛（威海）科技发展有限公司、 维赛（江苏）复合材料科技有限公司的发明专利权无效行政纠纷一案, 最高人民 法院已终审判决。现将具体情况公告如下： 常州天晟新材料集团股份有限公司 关于重大诉讼事项进展的公告 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。 重要提示： 1、案件（发明专利权无效行政纠纷案）所处的诉讼阶段：终审判决。 2、公司所处的当事人地位：上诉人（一审原告、专利权人）。 3、涉案的金额：不涉及。 4、对公司损益产生的影响：发明专利权无效行政纠纷一案，最高人民法院 已终审判决，此诉讼对公司本期利润或期后利润暂无重大影响。公司将及时履行 信息披露义务，敬请投资者注意投资风险。 一、诉讼案件的基本情况 公司就威海维赛新材料科技有限公司、保定维赛新材料科技股份有限公司、 望都维赛新材料科技有限责任公司、维 ...

Core Viewpoint - Tian Sheng New Materials announced the completion of the sale of its wholly-owned subsidiary, Xingyue Capital, for 2.8 million RMB, marking a strategic exit from the securities business [1] Group 1: Transaction Details - Tian Sheng Hong Kong signed a share purchase agreement with Li Nan, Cao Zheng, and Wang Jiyang to transfer 100% equity of Xingyue Capital [1] - The transfer price for the equity was set at 2.8 million RMB [1] - The transaction was completed on September 26, 2025, with all conditions met as per the delivery confirmation documents [1] Group 2: Impact on Company Structure - Following the completion of the equity transfer, Tian Sheng will no longer hold any direct or indirect equity in Xingyue Capital and its subsidiary, Tian Sheng Securities [1] - As a result, Xingyue Capital and Tian Sheng Securities will be excluded from the company's consolidated financial statements [1] - The company will cease to engage in securities-related business activities [1]

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、交易概述 证券代码：300169 证券简称：天晟新材 公告编号：2025-044 常州天晟新材料集团股份有限公司 关于出售子公司全部股权进展暨完成交割的公告 2025 年 6 月 30 日，常州天晟新材料集团股份有限公司（以下简称 "公司"） 下属全资子公司天晟新材料（香港）有限公司（以下简称"天晟香港"）与李楠、 曹征、王继杨签署了《关于兴岳资本有限公司的股份买卖协议》，天晟香港将其 持有的兴岳资本有限公司 100%的股权转让给李楠、曹征、王继杨，转让价格为 280 万元人民币。兴岳资本有限公司的主要资产为其持有的天晟证券有限公司 100%的股权。具体内容详见公司 2025 年 6 月 3 日、2025 年 7 月 1 日披露的《关 于终止股权转让框架协议及重新签署框架协议的提示性公告》（公告编号： 2025-034）、《关于出售子公司全部股权的公告》（公告编号：2025-035）。 二、交易进展及交割完成情况 二〇二五年九月二十九日 截至本公告披露日，根据交易各方签署的交割确认文件，《关于兴岳资本有 限公 ...

Market Overview - The Shanghai Composite Index closed at 3821.83 points, with a decline of 0.18% [1] - The total trading volume of A-shares reached 25,184.71 billion yuan [1] Technical Analysis - A total of 171 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Innovation Medical: 5-day MA at 22.60 yuan, 10-day MA at 23.25 yuan, a difference of -2.80% [1] - Xiangyu Medical: 5-day MA at 54.48 yuan, 10-day MA at 55.33 yuan, a difference of -1.54% [1] - Northern Long Dragon: 5-day MA at 122.21 yuan, 10-day MA at 123.92 yuan, a difference of -1.38% [1] Stock Performance - Key stocks with notable declines include: - Innovation Medical: down 2.97% with a turnover rate of 16.99% [1] - Xiangyu Medical: down 5.95% with a turnover rate of 2.14% [1] - Northern Long Dragon: down 2.23% with a turnover rate of 20.67% [1] - Other stocks with significant declines include: - Aorui: down 5.25% [1] - Changbai Mountain: down 7.15% [1] - Hengbao Shares: down 6.73% [1]

Market Overview - The Shanghai Composite Index closed at 3781.61 points, with a decline of 1.23% [1] - The total trading volume of A-shares reached 1713.539 billion yuan [1] Technical Analysis - A total of 228 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Innovation Medical: 5-day MA at 22.55 yuan, 10-day MA at 23.23 yuan, a difference of -2.92% [1] - North Long Dragon: 5-day MA at 121.67 yuan, 10-day MA at 123.65 yuan, a difference of -1.60% [1] - Xiangyu Medical: 5-day MA at 54.49 yuan, 10-day MA at 55.34 yuan, a difference of -1.53% [1] Individual Stock Performance - Significant declines in stock prices include: - Innovation Medical: down 4.27% with a turnover rate of 14.36% [1] - North Long Dragon: down 4.52% with a turnover rate of 13.85% [1] - Xiangyu Medical: down 5.86% with a turnover rate of 1.42% [1] - Other notable declines: - Shandong Mining Machine: down 4.43% [1] - Huakang Clean: down 6.50% [1] - Beautiful Ecology: down 5.15% [1] Additional Stock Data - The following stocks also showed significant declines: - Yuyin Co.: down 5.46% [2] - Kexin Information: down 5.22% [1] - Visual China: down 3.88% [1] - Stocks with notable trading activity include: - Hengbao: down 6.64% with a turnover rate of 10.88% [2] - Changbai Mountain: down 6.53% with a turnover rate of 4.05% [2]

Core Viewpoint - The rapid development of China's wind power industry is driving significant growth in the demand for wind turbine blades and their core materials, particularly in the wind blade core material sector, which is expected to see its market size increase from 7.35 billion yuan in 2021 to 14.05 billion yuan in 2025, reflecting an 18.1% year-on-year growth [1][6]. Wind Blade Core Material Industry Overview - Wind blades are the core components of wind turbines, responsible for converting wind energy into mechanical energy, which is then transformed into electrical energy [2]. - The manufacturing materials for wind blades include various components such as reinforcement materials, core materials, matrix materials, surface coatings, and structural adhesives [2]. Key Materials in Wind Blade Structure - Core materials, which are crucial for enhancing the structural integrity of wind blades, are typically used in the skin and web of the blades to improve stiffness and reduce weight [3][4]. - Common core materials include balsa wood, PVC foam, and PET foam, with balsa wood being the primary material due to its favorable compressive and shear strength [3][4]. Industry Chain of Wind Blade Core Materials - The upstream of the wind blade core material industry consists of raw materials like balsa wood, PVC, and PET, with a high dependency on imports for balsa wood [4]. - The midstream involves the production and manufacturing of core materials, while the downstream pertains to the application in wind blade manufacturing [4]. Market Size and Growth - The market size for the wind blade industry in China is projected to grow from 29.4 billion yuan in 2021 to 56.2 billion yuan in 2025, driven by increasing installed capacity [5][6]. - The wind blade core material market is expected to expand from 7.35 billion yuan in 2021 to 11.9 billion yuan in 2024, with a forecasted growth to 14.05 billion yuan in 2025 [1][6]. Competitive Landscape - Key players in the wind blade core material industry include both wind blade manufacturers and specialized core material producers, such as Tian Sheng New Materials and Jiangsu Changyou Environmental Technology [8][9]. - Companies are focusing on vertical integration to reduce costs and enhance competitiveness in the market [8]. Development Trends in the Industry - The trend towards larger and lighter wind blades is driving demand for improved core materials, which must meet higher performance and cost-efficiency standards [12]. - PET foam is anticipated to become the mainstream material in the future due to its mechanical strength, lower cost, and recyclability compared to balsa wood and PVC foam [13]. - The demand for wind blade core materials is expected to rise in line with the increasing global demand for clean energy and the growth of wind power installations in China [14].

Group 1 - The company is actively developing supporting products for power battery components in new energy vehicles [1] - The company will fulfill information disclosure obligations in accordance with relevant laws and regulations if the products meet disclosure standards [1]

Core Viewpoint - Yushu Technology is facing a patent infringement lawsuit just as it begins its listing guidance, which could potentially impact its IPO process [1][3]. Group 1: Lawsuit Details - The plaintiff is Hangzhou Luweimei Daily Chemical Co., Ltd., with Zhou Jianjun holding a 90% stake and owning multiple patents, including one for an electronic dog [2]. - The lawsuit's timing is critical as Yushu Technology is preparing for its IPO, raising concerns about the potential delay or failure of the listing [3]. Group 2: Historical Context of Patent Infringement Cases - The article discusses two previous cases of companies facing patent infringement lawsuits during their IPO processes: one failed to list, while the other succeeded [3]. - Weisi New Material faced a patent infringement lawsuit in March 2023, which led to the cancellation of its IPO review just before the scheduled meeting [5]. - Weisi New Material attempted to counter the lawsuit by applying for the invalidation of the patent involved, but ultimately withdrew its IPO application in April 2024 after a year-long struggle [9]. Group 3: Successful Case Study - In contrast, Yingjixin, a chip company, successfully navigated a patent infringement lawsuit while pursuing its IPO. The involved patent was declared invalid in September 2019, allowing Yingjixin to proceed with its listing application in June 2021 [13][15]. - Yingjixin faced additional lawsuits related to trade secrets and cooperation agreements but managed to reach a settlement by paying 52 million yuan to the plaintiff, allowing it to continue with its IPO process [19][21].

Group 1 - The stock price of Tian Sheng New Materials is reported at 8.56 yuan as of August 20, 2025, with a slight increase of 0.02 yuan from the previous trading day [1] - The company operates in the chemical products industry, focusing on the research, production, and sales of polymer foam materials, which are widely used in rail transportation, new energy, and building energy conservation [1] - The company is based in Changzhou, Jiangsu Province, China [1] Group 2 - A lawsuit involving Baoding Weisai New Materials Technology Co., Ltd. has entered the second instance, with Weisai New Materials appealing the first-instance judgment, seeking to overturn the original ruling and support its claims, involving an amount of 80.2 million yuan [1] - The litigation costs for both the first and second instances will be borne by the respondent [1] Group 3 - On August 20, the net outflow of main funds was 10.51 million yuan, with a cumulative net outflow of 52.44 million yuan over the past five trading days [1]