Focus Events - Spot gold has fallen below $4000 per ounce, down 3.15% to $3981.98 per ounce, with COMEX gold futures down 3.40% to $3997.00 per ounce. The cumulative decline since the high of $4381.484 per ounce on October 20 exceeds 5% [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released 23 practical measures to enhance the protection of small and medium investors in the capital market, focusing on investor protection during the IPO and delisting processes, and promoting a diversified dispute resolution mechanism [2] - CSRC Chairman Wu Qing announced plans to introduce a refinancing framework to broaden support channels for mergers and acquisitions, urging listed companies to improve governance and increase shareholder returns through dividends and buybacks [6] - The CSRC issued a new plan to optimize the Qualified Foreign Institutional Investor (QFII) system, providing equal treatment for foreign public funds and domestic public funds regarding short-term trading [8] Industry Dynamics - The automotive industry reported a profit margin of 4.5% for the first nine months of 2025, with production reaching 24.05 million units, a year-on-year increase of 11%. Revenue was 782.35 billion yuan, up 7.8%, while costs rose by 8.6% to 688.67 billion yuan [10][11] - Domestic gasoline and diesel prices were reduced due to falling international oil prices, with a decrease of 265 yuan per ton for gasoline and 255 yuan per ton for diesel, translating to a reduction of approximately 0.21 to 0.22 yuan per liter [12] Company News - Reader Media announced that its two former chairmen are subject to administrative regulatory measures due to insufficient independence in decision-making processes [4] - Xibu Mining won the exploration rights for a large copper-gold mine in Anhui province for 8.609 billion yuan, with confirmed copper ore reserves of 121.803 million tons [14] - Xuchang Electric plans to accept a 122.3 million yuan entrusted loan from its controlling shareholder at an interest rate of 2.3% for three years [15] - Qianwei Central Kitchen reported a 4.27% year-on-year increase in third-quarter revenue, totaling approximately 4.92 billion yuan, with a net profit of 53.775 million yuan [16] - North Rare Earth reported a 280% year-on-year increase in net profit for the first three quarters, driven by increased sales volume and higher product prices [19][20] - The company Yihui Lithium Energy set a preliminary transfer price of 72.20 yuan per share, reflecting a 6.1% discount from the closing price [25]

Core Viewpoint - The company,航新科技, is undergoing a potential change in control as its major shareholder, 广州恒贸创业投资合伙企业, is planning to alter the company's control structure, which may lead to a change in the controlling shareholder and actual controller [1] Summary by Relevant Sections - **Shareholder Change** The major shareholder is in the process of planning a change in control, which could result in a new controlling shareholder and actual controller for the company [1] - **Stock and Bond Suspension** The company's stock and convertible bonds will be suspended from trading starting October 28, 2025, with the suspension expected to last no more than two trading days. During this suspension period, the convertible bonds "航新转债" will also halt conversion [1]

Core Viewpoint - After three years of ownership, both performance and stock price of Hangxin Technology have stagnated, prompting the second actual controller to consider divesting [1] Company Performance - Hangxin Technology's major business includes the development, testing, and maintenance of airborne equipment, with maintenance services accounting for approximately 80% of revenue [1] - The company has experienced a decline in performance since its IPO, with the net profit dropping from 61.89 million yuan in 2015 to 50.67 million yuan in 2019, representing a decrease of 13.24% in the first year [2][5] - In 2020, the company reported a significant loss of 327 million yuan, marking its first annual loss since going public, alongside a decline in revenue to 1.224 billion yuan, down 18.13% year-on-year [6] Shareholder Changes - Guangzhou Hengmao, the current controlling shareholder, is planning to transfer control of Hangxin Technology, which may lead to a change in the actual controller [1][4] - The original founding team began to divest their shares after the company faced financial difficulties, culminating in a transfer of shares to Guangzhou Hengmao in September 2022 [6] Stock Performance - Hangxin Technology's stock has not seen significant growth over the past three years, although there was a notable increase of nearly 11% on October 27, 2025, just before the stock was suspended [9] - The company's latest market capitalization is approximately 4.95 billion yuan [9] Financial Metrics - In 2022, the company's non-net profit was only over 10 million yuan, which decreased to less than 5 million yuan in 2023, and it reported a loss of 117 million yuan in 2024 [10] - For the first half of 2025, revenue growth was less than 1%, with a non-net profit of 16.02 million yuan [10]

Core Viewpoint - The controlling shareholder of Hangxin Technology is planning to transfer the company's control, which may lead to a change in the actual controller after three years of poor performance in both revenue and stock price [1][4]. Group 1: Company Performance - Hangxin Technology's revenue and net profit have not improved since the acquisition by Guangzhou Hengmao in September 2022, with net profit declining further [4][9]. - The company primarily engages in the research and development of airborne equipment, with maintenance services accounting for about 80% of its revenue [4]. - The company's total revenue in 2020 was 1.224 billion yuan, a decrease of 18.13% year-on-year, resulting in a net loss of 327 million yuan [5][9]. - In 2022, the company's non-net profit was only over 10 million yuan, dropping to less than 5 million yuan in 2023, and reporting a loss of 117 million yuan in 2024 [9][10]. Group 2: Financial Indicators - The total revenue for Hangxin Technology in 2024 was 1.703 billion yuan, with a year-on-year growth of 7.87% [10]. - The company's net profit for 2024 was -95.38 million yuan, indicating a significant decline compared to previous years [10]. - The non-net profit for 2024 was -117.3 million yuan, showing a drastic decrease from the previous year's figures [10]. Group 3: Stock Performance - Hangxin Technology's stock has not seen significant growth over the past three years, with a recent surge of nearly 11% on October 27, 2025, before the trading suspension [4][10]. - The company's latest market capitalization is 4.95 billion yuan [10].

Core Viewpoint - The company, Hangxin Technology (300424.SZ), is undergoing a potential change in control as its major shareholder, Guangzhou Hengmao Venture Capital Partnership (Limited Partnership), is planning to alter the company's control structure [1] Summary by Sections - **Control Change** - The major shareholder is in the process of planning a change in the company's control, which may result in a change of the controlling shareholder and actual controller [1] - **Stock and Bond Suspension** - The company has applied to the Shenzhen Stock Exchange for a suspension of its stock (Hangxin Technology, stock code: 300424) and convertible bonds (Hangxin Convertible Bonds, bond code: 123061) starting from October 28, 2025 [1] - The expected duration of the suspension is no more than two trading days [1] - During the suspension period, the convertible bonds will also halt their conversion into shares [1]

Core Viewpoint - The company is undergoing a potential change in control, which may lead to a shift in its major shareholder and actual controller, prompting a temporary suspension of its stock and convertible bonds trading [1]. Company Overview - Hangxin Technology specializes in comprehensive operational support services for airborne equipment, covering areas such as equipment development, maintenance, and services [1]. - The company has made significant progress in the development and production of domestic aircraft components, benefiting from China's large aircraft strategy and the growth of the civil aviation industry [1]. Financial Performance - In the first half of the year, Hangxin Technology achieved a revenue of 937 million yuan, representing a year-on-year increase of 0.95% [1]. - The net profit attributable to shareholders was 16.67 million yuan, up 3.51% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 16.02 million yuan, showing a substantial year-on-year growth of 39.53% [1]. Shareholder Changes - On October 17, the former major shareholder, Liu Shaojun, announced plans to divest all remaining 2.4013 million shares, which constitutes 0.98% of the total share capital [2]. - Since 2019, Liu Shaojun has reduced her holdings multiple times, totaling 12.4081 million shares, with a divestment amount of approximately 197 million yuan [2].

Core Points - The company, Hangxin Technology (300424.SZ), announced a suspension of trading due to a potential change in control, as the controlling shareholder, Guangzhou Hengmao, is planning to transfer its shares [1][2] - The suspension will take effect from October 28, 2025, and is expected to last no more than two trading days [1] - During the suspension, the company's convertible bonds will also be halted from conversion [1] Summary by Sections Control Change Announcement - Hangxin Technology received a notice from its controlling shareholder, Guangzhou Hengmao, regarding the planned transfer of control [1] - This change may lead to a shift in the company's controlling shareholder and actual controller [1] Trading Suspension - The company applied for a trading suspension to ensure fair information disclosure and prevent abnormal stock price fluctuations [1] - The suspension is in accordance with relevant regulations from the Shenzhen Stock Exchange [1] Information Disclosure - The company will fulfill its information disclosure obligations according to legal requirements during the suspension period [2] - Relevant announcements will be made promptly once the matters are determined, and the company will apply for resumption of trading [2]

证券代码：300424 证券简称：航新科技 公告编号：2025-097 债券代码：123061 债券简称：航新转债 广州航新航空科技股份有限公司 关于筹划控制权变更事项的停牌公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示: 1、广州航新航空科技股份有限公司（以下简称"公司"或"航 新科技")控股股东广州恒贸创业投资合伙企业（有限合伙）正在筹 划公司控制权变更相关事宜，该事项可能导致公司控股股东、实际控 制人发生变更。经公司向深圳证券交易所申请，公司股票（股票简称： 航新科技，股票代码：300424）及可转换公司债券（债券简称：航新 转债，债券代码：123061）自2025年10月28日（星期二）开市起停牌， 预计停牌时间不超过2个交易日。停牌期间，公司可转换公司债券"航 新转债"将暂停转股。 1 变更。目前，各方主体正在就具体交易方案、协议等相关事项进行论 证和磋商，具体情况以各方签订的相关协议为准。 鉴于上述事项尚存在重大不确定性，为保证公平信息披露，避免 造成公司股价异常波动，维护广大投资者利益，根据《深圳证券交易 所股票上市规则》《深圳证 ...

每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 王晓波） 截至发稿，航新科技市值为50亿元。 每经AI快讯，航新科技（SZ 300424，收盘价：20.17元）10月27日晚间发布公告称，广州航新航空科技 股份有限公司控股股东广州恒贸创业投资合伙企业（有限合伙）正在筹划公司控制权变更相关事宜，该 事项可能导致公司控股股东、实际控制人发生变更。公司于2025年10月27日收到控股股东广州恒贸创业 投资合伙企业（有限合伙）出具的《关于拟转让航新科技股份控制权的告知函》，获悉公司控股股东广 州恒贸正在筹划公司控制权变更事项，该事项可能导致公司控股股东、实际控制人发生变更。目前，各 方主体正在就具体交易方案、协议等相关事项进行论证和磋商。鉴于相关事项尚存在重大不确定性，为 保证公平信息披露，避免造成公司股价异常波动，维护广大投资者利益，经公司向深圳证券交易所申 请，公司股票（股票简称：航新科技，股票代码：300424）及可转换公司债券自2025年10月28日（星期 二）开市起停牌，预计停牌时间不超过2个交易 ...

Core Insights - The aviation equipment sector experienced a rise of 0.68% on October 27, with Hangxin Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Hangxin Technology (300424) closed at 20.17, with a significant increase of 10.76% and a trading volume of 430,600 shares, amounting to 827 million yuan [1] - Zongheng Co., Ltd. (688070) saw a rise of 7.49%, closing at 53.10, with a trading volume of 27,200 shares and a turnover of 142 million yuan [1] - Western Superconductor (688122) increased by 5.89%, closing at 76.80, with a trading volume of 363,200 shares and a turnover of 2.767 billion yuan [1] - Other notable performers include Yuelida (300696) up 4.34%, Hitec High-tech (002023) up 3.43%, and Parker New Materials (605123) up 3.19% [1] Fund Flow Analysis - The aviation equipment sector saw a net outflow of 90.2583 million yuan from institutional investors, while retail investors contributed a net inflow of 34.4578 million yuan [2] - The overall net inflow from speculative funds was 55.8005 million yuan [2] Individual Stock Fund Flow - Filihua (300395) had a net inflow of 454 million yuan from institutional investors, but a net outflow of 12.8976 million yuan from speculative funds [3] - Western Superconductor (688122) experienced a net inflow of 201 million yuan from institutional investors, with a net outflow of 83.8497 million yuan from speculative funds [3] - Hangxin Technology (300424) had a net inflow of 70.1027 million yuan from institutional investors, but faced a net outflow from both speculative and retail investors [3]