Group 1 - The acquisition valuation is considered reasonable, with an overall valuation of 1.45 billion yuan based on an expected net profit of 145 million yuan for 2025, resulting in a price-to-earnings (P/E) ratio of 10 times [1] - The average net profit for the years 2025-2027 is projected to be 176 million yuan, leading to a P/E ratio of approximately 8.24 times [1] - The company hired an evaluation agency that assessed the overall value of the target company, Jidandun, at 1.512 billion yuan, indicating that the acquisition valuation of 1.45 billion yuan is slightly below this assessed value [1] Group 2 - Jidandun is recognized as a leader in the niche market of energy storage fire safety, with a high compound annual growth rate (CAGR) expected for its performance over the next three years [1] - The valuation of the acquisition is deemed reasonable given the strong growth prospects of Jidandun in the energy storage sector [1]

Group 1 - The core viewpoint of the news is that Helen Zhe's stock has shown significant growth in recent trading periods, with a notable increase in both revenue and net profit year-on-year [2][3] - As of January 7, Helen Zhe's stock price increased by 2.07%, reaching 6.90 CNY per share, with a total market capitalization of 6.962 billion CNY [1] - The company has experienced a stock price increase of 1.02% year-to-date, with a 20.84% increase over the past 20 days and a 23.43% increase over the past 60 days [2] Group 2 - Helen Zhe's main business involves the research, production, sales, and service of specialized vehicles, with revenue composition including aerial work vehicles (44.89%), military and fire trucks (26.35%), and power supply vehicles (20.85%) [2] - As of December 10, the number of shareholders in Helen Zhe decreased by 5.47% to 49,000, while the average circulating shares per person increased by 5.61% to 20,465 shares [2] - For the period from January to September 2025, Helen Zhe achieved operating revenue of 1.29 billion CNY, representing a year-on-year growth of 28.75%, and a net profit attributable to shareholders of 176 million CNY, up 32.57% year-on-year [2]

徐州海伦哲专用车辆股份有限公司（以下简称"公司"）于 2025 年 12 月 8 日召开第六届董事会第十八次会议、第六届监事会第十四次会议，审议通过了《关 于回购公司股份方案的议案》。公司拟使用自有资金以集中竞价交易的方式回购 公司部分人民币普通股 A 股股票，回购的股份计划用于实施员工持股计划或股权 激励。本次回购股份的资金总额不低于人民币 5,000 万元，不超过人民币 10,000 万元（均包含本数），回购价格不超过人民币 7.5 元/股（含），具体回购股份 的数量以回购结束时实际回购的股份数量为准。本次回购股份的实施期限自公司 董事会审议通过本次回购股份方案之日起不超过 12 个月。回购方案具体内容详 见公司于 2025 年 12 月 9 日在巨潮资讯网披露的《关于回购公司股份方案的公告》 （公告编号：2025-086）。 一、回购股份的进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相 关规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下： 证券代码：300201 证券简称：海伦哲 公告编号：2026-005 徐州海伦哲专用 ...

Core Viewpoint - Helen Zhe's stock price has shown fluctuations, with a recent decline of 2.05% and a total market capitalization of 6.76 billion yuan, indicating potential volatility in investor sentiment [1]. Group 1: Stock Performance - Year-to-date, Helen Zhe's stock price has decreased by 1.90%, while it has increased by 1.82% over the last five trading days, 18.17% over the last 20 days, and 20.94% over the last 60 days [2]. - As of January 6, the stock was trading at 6.70 yuan per share, with a trading volume of 280 million yuan and a turnover rate of 4.09% [1]. Group 2: Financial Performance - For the period from January to September 2025, Helen Zhe achieved a revenue of 1.29 billion yuan, representing a year-on-year growth of 28.75%, and a net profit attributable to shareholders of 176 million yuan, reflecting a growth of 32.57% [2]. Group 3: Business Overview - Helen Zhe, established on March 21, 2005, and listed on April 7, 2011, specializes in the research, production, sales, and service of specialized vehicles, with main revenue sources including aerial work vehicles (44.89%), military and fire trucks (26.35%), and power supply vehicles (20.85%) [2]. - The company is categorized under the machinery equipment sector, specifically in engineering machinery, and is associated with various concepts such as fire protection, small-cap stocks, and lithium battery [2]. Group 4: Shareholder Information - As of December 10, the number of shareholders for Helen Zhe was 49,000, a decrease of 5.47% from the previous period, with an average of 20,465 circulating shares per shareholder, an increase of 5.61% [2]. - The company has distributed a total of 149 million yuan in dividends since its A-share listing, with 64.44 million yuan distributed over the past three years [3].

Core Viewpoint - The legal case involving Helen Zhe (300201) and the original shareholders of Lianshuo Technology has progressed, with the Jiangsu Provincial High Court ruling that the appeal by the original shareholders has been withdrawn, making the first-instance judgment effective immediately [1] Group 1: Legal Developments - On January 4, the Jiangsu Provincial High Court issued a civil ruling stating that the appeal by Jiang Min and Yu Shunping was automatically withdrawn [1] - The first-instance judgment will take effect from the date the ruling is delivered, and this ruling is final [1] - Helen Zhe had previously acquired 100% of Lianshuo Technology for 260 million yuan in September 2015, completing the share transfer in January 2016 [1] Group 2: Financial Performance and Issues - According to a special audit report, Lianshuo Technology's performance completion rates from 2016 to 2019 were 151.54%, 132.32%, 108.35%, and 60.63%, with an overall completion rate of 102.37% during the commitment period [1] - In April 2021, Helen Zhe transferred its 100% stake in Lianshuo Technology for 1 yuan, completing the registration change in June 2021 [1] - The Jiangsu Securities Regulatory Bureau issued a market ban and administrative penalty against Lianshuo Technology for inflating revenue and profits from 2016 to 2019, leading to a restatement of financial reports for 2016 to 2020 [2] Group 3: Compensation and Court Rulings - In 2024, Helen Zhe filed a lawsuit against the original shareholders of Lianshuo Technology, seeking approximately 248 million yuan in performance compensation and return of cash dividends [2] - In September 2025, the court ruled that the defendants must pay Helen Zhe a total of 234 million yuan in performance compensation and return of cash dividends [2][3] Group 4: Company Performance - For the first three quarters of 2025, Helen Zhe reported revenue of 1.29 billion yuan, a year-on-year increase of 28.75%, and a net profit attributable to shareholders of 176 million yuan, up 32.57% year-on-year [4] Group 5: Market Performance - As of January 5, Helen Zhe's stock closed at 6.84 yuan per share, with a total market capitalization of 6.902 billion yuan [5]

重要内容提示： 1、案件及所处的诉讼阶段：公司起诉杨娅等深圳连硕自动化科技有限公司原 股东，请求判令杨娅等向公司支付业绩承诺补偿款、返还现金红利等。案件经一审 判决后，被告姜敏、余顺平提起上诉，被告杨娅、朱玉树、深圳市中亚图投资合伙 企业（有限合伙）公司未提起上诉。后姜敏、余顺平未在法院通知指定的期限内交 纳上诉费，现江苏省高级人民法院出具民事裁定书。 2、上市公司所处的当事人地位：原告。 3、涉案金额：合计为 2.34 亿元。 4、进展情况：江苏省高级人民法院裁定：按上诉人姜敏、余顺平自动撤回上 诉处理。一审判决自本裁定书送达之日起发生法律效力。 5、诉讼对上市公司损益产生的影响：一审判决已生效，公司将积极督促及跟 进判决执行情况，如向法院申请强制执行等，尽最大努力追讨业绩补偿款。案件对 公司的影响仍存在不确定性，对公司本期利润或期后利润的实际影响以公司最终实 际收到的业绩补偿款为准。公司将继续跟进案件进展，并将依法采取相关法律措施， 维护公司及股东合法权益。 徐州海伦哲专用车辆股份有限公司（以下简称"公司""海伦哲"）于 2024 年 11 月 20 日披露《关于公司提起重大诉讼的公告》（公告编号：202 ...

Market Overview - Major US stock indices showed mixed performance, with the S&P 500 rising by 0.19% and the Dow Jones increasing by 0.66%, while the Nasdaq fell by 0.03% [1] - Tesla shares dropped by 2.6%, influenced by software stocks offsetting gains in chip stocks, while Salesforce fell over 4% and Nvidia rose over 1% [1] - The White House's decision to delay tariffs on certain household goods led to an 8% increase in shares of RH [1] Semiconductor Sector - SanDisk surged nearly 16%, Micron Technology rose over 10%, ASML increased by over 8%, and TSMC hit a historical high with a rise of over 5% [2] - The semiconductor sector is expected to benefit from increased capital expenditure in 2026, with analysts projecting a tightening market for memory chips, leading to significant price increases [11] Chinese Tech Stocks - The China concept index rose over 4%, with Baidu increasing by 15% and Alibaba by over 6% [3] - Baidu announced plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, resulting in a 9% rise in its stock [10] Economic Policies and Initiatives - The State Council approved the draft of the Water Supply Regulations and the revised Drug Administration Law Implementation Regulations [4] - Shanghai's measures to accelerate the construction of low-altitude economic advanced manufacturing clusters include support for eVTOL and industrial-grade drones, with funding up to 50 million yuan [5] - The State Council issued a solid waste comprehensive governance action plan aiming for a 45 billion-ton annual comprehensive utilization of major solid waste by 2030 [5] IPO and Corporate Actions - Blue Arrow Aerospace's IPO application was accepted, aiming to raise 7.5 billion yuan for reusable rocket technology upgrades and capacity enhancement [12] - Multiple companies announced acquisitions, including Zhongwei Company planning to acquire a 64.69% stake in Hangzhou Zhonggui, and Meike Home proposing to buy 100% of Wande Technology [15][16] Lithium and Battery Materials - Tianqi Lithium forecasted a net profit of 1.1 to 1.6 billion yuan for 2025, driven by strong demand in the new energy vehicle and energy storage markets [29] - The lithium hexafluorophosphate market is expected to remain tight, with significant price increases anticipated due to strong demand and cautious supply expansion [13] Consumer Market Trends - Hainan's duty-free market saw a significant increase during the New Year holiday, with sales reaching 712 million yuan, a year-on-year growth of 128.9% [10][14]

Core Viewpoint - The company Helenzheng (300201.SZ) plans to acquire a 51% stake in Hubei Jiyandun Fire Technology Co., Ltd. for a cash consideration of RMB 73.95 million, aiming to enhance its strategic development and become the controlling shareholder of the target company [1] Group 1: Acquisition Details - The acquisition involves purchasing shares from individuals and partnerships, including Mr. Li Xianjun, Ms. Li Ke, Mr. Liu Ce, and several limited partnerships [1] - The target company's registered capital is RMB 27.3972 million, and upon completion of the transaction, it will become a subsidiary of Helenzheng [1] Group 2: Target Company Overview - Hubei Jiyandun Fire Technology Co., Ltd. specializes in fire safety technology for high-security applications, focusing on sectors such as energy storage, power, data centers, new energy vehicles, and rail transportation [1] - The company's main products include battery PACK-level and energy storage cabinet-level fire extinguishing devices and systems, which are widely used in various regions including China, North America, Europe, Australia, and the Middle East [1] - The target company has received multiple accolades, including being recognized as a national-level "Little Giant" and a "Gazelle Enterprise," as well as awards for innovation in the fire safety industry [1]

Core Viewpoint - Helen Zhe plans to acquire 51% of Hubei Jiyuan AnDun Fire Technology Co., Ltd. for 740 million yuan, aiming to become the controlling shareholder and tap into the rapidly growing energy storage fire safety sector [1][3]. Group 1: Acquisition Details - The acquisition will not constitute a related party transaction or a major asset restructuring and has been approved by the board, pending shareholder approval [1]. - The target company, AnDun, specializes in fire safety technology for high-security applications, with products widely used in various regions including China, North America, Europe, Australia, and the Middle East [3]. Group 2: Strategic Implications - This acquisition is a strategic move for the company to quickly enter the high-growth energy storage fire safety market, leveraging AnDun's position in the global energy storage fire safety industry [3]. - The company aims to capture market share and cultivate a strong new growth curve through this acquisition [3]. Group 3: Financial Commitments and Risks - The transaction includes performance commitments from the target company, with net profits for 2026 and 2027 promised to be no less than 174 million yuan and 208.8 million yuan, respectively, totaling at least 382.8 million yuan over two years [4]. - The target company reported net profits of 62.21 million yuan and 92.99 million yuan for the first three quarters of 2024 and 2025, respectively, indicating challenges in meeting the 2025 profit target of 145 million yuan [4]. - Risks associated with the performance commitments include market conditions, industry policies, and customer demand, which could adversely affect the target company's profitability and operational outlook [4]. Group 4: Company Performance - Helen Zhe reported revenues of 1.29 billion yuan for the first three quarters of 2025, a year-on-year increase of 28.75%, and a net profit of 176 million yuan, up 32.57% [5]. - The company currently has no controlling shareholder or actual controller, and recent legal issues involving its major shareholder are stated to not impact its daily operations [5].

本报告依据中国资产评估准则编制 徐州海伦哲专用车辆股份有限公司 股权收购涉及的 | 报告编码: | 4111020110410201202500252 | | | | --- | --- | --- | --- | | 合同编号: | PG20251024433000 | | | | 报告类型: | 法定评估业务资产评估报告 | | | | 报告文号: | 中企华评报字(2025)第6741号 | | | | 报告名称: | 徐州海伦哲专用车辆股份有限公司股权收购涉及的湖北及安盾消 | | | | | 防科技有限公司股东全部权益价值 | | | | 评估结论: | 1,511,667,705.85元 | | | | 评估报告日 : | 2025年12月25日 | | | | 评估机构名称: | 北京中企华资产评估有限责任公司 | | | | 签名人员: | (资产评估师) 张海潮 | | 正式会员 编号: 41230220 | | | 骆谱阳 | (资产评估师) | 正式会员 编号: 41210024 | | | 张海潮、骆谱阳已实名认可 | | | | | Contraction of the many o ...