公司已退出对湖南云松的投资，商誉值占净资产比例较高(30.7%)，减值后可能改善财务状况。 近期受关注事件 公司因关联方资金占用问题于2025年4月被ST，截至2026年1月尚未公告实质性进展。若欠款未能收 回，2025年报告可能继续亏损，影响2026年初摘帽申请。 公司状况 经济观察网ST合纵（300477）近期业绩预亏，同时面临关联方欠款回收、摘帽风险及多项诉讼，业务 转型前景受行业政策影响。 证券虚假陈述责任纠纷案已提交新一轮立案申请，诉讼时效截至2026年12月3日。同时，公司与多家企 业存在诉讼纠纷，涉及现金流压力。 业绩经营情况 公司于2026年1月30日发布公告，预计2025年归属净利润亏损4.7亿元至7亿元，主要因电力板块和锂电 池正极材料业务下滑，以及资产减值测试影响。 财务状况 行业政策现状 公司主营业务为电力电网设备和新能源储能，可能受益于国家"十五五"电力投资规划，但短期业绩承 压。 以上内容基于公开资料整理，不构成投资建议。 ...

证券代码：300477 证券简称：ST 合纵 公告编号：2026-005 合纵科技股份有限公司 关于变更签字注册会计师的公告 本公司及董事会全体成员保证公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、签字注册会计师变更概述 合纵科技股份有限公司（以下简称"公司"）于 2025 年 12 月 18 日召开第 七届董事会第十八次会议、第七届监事会第七次会议并于 2025 年 12 月 29 日召 开 2025 年第五次临时股东会审议通过《关于聘任会计师事务所的议案》，同意 聘任北京中名国成会计师事务所（特殊普通合伙）（以下简称"中名国成"）为 公司 2025 年度财务报告和内部控制审计机构，具体内容详见公司于 2025 年 12 月 18 日在巨潮资讯网上披露的《关于聘任会计师事务所的公告》。 近日，公司收到中名国成出具的《关于变更签字注册会计师的函》，因内部 工作调整，原签字注册会计师张荣荣变更为丁小锋，项目组其他成员保持不变。 二、本次变更的签字注册会计师信息 2、变更后签字注册会计师的相关证件。 特此公告。 合纵科技股份有限公司 董事会 2026 年 2 月 4 日 本次变更过程中 ...

证券代码：300477 证券简称：ST 合纵 公告编号：2026-006 合纵科技股份有限公司 关于公司股票被实施其他风险警示相关事项的进展 公告 本公司及董事会全体成员保证公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、被实施其他风险警示、可能被实施退市风险警示的相关情况 1、合纵科技股份有限公司（以下简称"公司"）2024 年度财务报告内部控 制被中兴财光华会计师事务所（特殊普通合伙）（以下简称"中兴财光华"）出 具了否定意见的审计报告。根据《深圳证券交易所创业板股票上市规则》第 9.4 条第（四）项规定，公司出现"（四）最近一个会计年度财务报告内部控制被出 具无法表示意见或者否定意见的审计报告，或者未按照规定披露财务报告内部控 制审计报告"的情形，公司股票交易被深圳证券交易所实施其他风险警示。具体 内容详见公司于 2025 年 4 月 29 日在巨潮资讯网披露的《关于公司股票被实施其 他风险警示暨股票停复牌、可能被实施退市风险警示的提示性公告》。 2、根据《深圳证券交易所创业板股票上市规则》第 10.4.1 条第（六）项规 定，上市公司出现"连续两个会计年度财务报告内部控制被出 ...

Group 1 - The company ST Hezhong expects a net profit loss of 470 million to 700 million yuan for the year 2025, primarily due to tight funding and changes in the external market environment affecting its power and lithium battery cathode material segments [1] - The company plans to conduct year-end impairment testing on related assets, including fixed assets, intangible assets, inventory, and goodwill, based on a principle of prudence [1] - As of the announcement date, the impairment testing is still ongoing, and the estimated impact on the profit forecast is preliminary, with the final amount to be disclosed in the audited annual report [1]

Core Viewpoint - The company expects a net loss attributable to shareholders for the fiscal year 2025 to be between 470 million to 700 million yuan, compared to a loss of 631 million yuan in the same period last year [1] Financial Performance - The net loss after deducting non-recurring gains and losses is projected to be between 466 million to 696 million yuan, compared to a loss of 624 million yuan in the previous year [1] - The decline in performance is attributed to factors such as tight funding and changes in the external market environment, affecting both the power sector and the lithium battery cathode materials sector [1] Asset Impairment - The company plans to conduct year-end impairment testing on certain assets based on the principle of prudence, in accordance with the relevant accounting policies [1] - The impairment preparations will mainly include fixed assets, intangible assets, inventory, and goodwill, particularly for assets showing signs of impairment [1]

Financial Performance Expectations - The company expects a net loss of between RMB 47 million and RMB 70 million for the fiscal year 2025, compared to a net loss of RMB 63.12 million in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss between RMB 46.6 million and RMB 69.6 million, compared to a loss of RMB 62.37 million in the previous year[3]. Factors Affecting Performance - The decline in performance is attributed to tight funding and changes in the external market environment, affecting both the power sector and lithium battery cathode materials segment[4]. Impairment Testing and Reporting - The company plans to conduct impairment testing on certain assets and goodwill, including fixed assets, intangible assets, and inventory, due to indications of impairment[4]. - The final impairment amounts will be disclosed in the subsequent annual report after the audit by the accounting firm[5]. - The preliminary financial data presented in the earnings forecast is subject to further detailed disclosure in the 2025 annual report[6]. - The company has communicated with the accounting firm regarding the earnings forecast, and there are no discrepancies in the reported figures[4].

Core Viewpoint - The article discusses the legal implications and compensation opportunities for investors affected by false statements made by Hezhong Technology, emphasizing the importance of timely action for potential claimants [1][5]. Group 1: Legal Violations - Beijing Securities Regulatory Bureau has identified that Hezhong Technology's subsidiaries provided financial assistance to related parties, amounting to 508.48 million yuan in 2022, which constituted 21.78% and 17.01% of the company's latest audited net assets and disclosed net assets respectively [2][6]. - Hezhong Technology failed to disclose these related party transactions in a timely manner, violating Article 78 of the Securities Law, and did not include them in the 2022 annual report, leading to significant omissions and further violations [2][6]. Group 2: Compensation Claims - Investors who purchased Hezhong Technology shares between January 1, 2022, and December 3, 2023, and continued to hold or sell at a loss after December 4, 2023, are eligible to claim compensation for their losses [3][8]. - Required documentation for filing claims includes stock transaction statements and a copy of the investor's ID, with legal fees typically structured as a contingency fee, meaning no upfront costs are required [3][8].

Group 1 - The battery sector increased by 1.14% compared to the previous trading day, with ST Huzhong leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the battery sector showed significant price increases, with ST Taizong rising by 16.08% to a closing price of 3.32 [1] Group 2 - The battery sector saw a net inflow of 4.148 billion yuan from main funds, while retail investors experienced a net outflow of 3.977 billion yuan [2] - The trading volume for ST Taizong reached 1.6446 million shares, contributing to a total transaction value of 500 million yuan [1] - The stock of Tianji Co. closed at 45.15, with a rise of 6.44%, and a trading volume of 1.1822 million shares [1]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The lithium battery industry is expected to maintain optimistic demand outlook for 2026, despite a decrease in pre-production for January [45] - The recent implementation of the "2026 Automobile Trade-in Subsidy Implementation Details" is anticipated to stabilize market expectations and stimulate the expansion of the new energy vehicle market [45] - The solid-state battery technology is progressing, with the first solid-state battery pack successfully installed in a vehicle, indicating a shift from laboratory validation to real vehicle testing [45] Summary by Sections Market Review - As of January 8, 2026, the lithium battery index has decreased by 0.85% over the past two weeks, underperforming the CSI 300 index by 2.90 percentage points [12] - The lithium battery index has increased by 0.97% month-to-date, also underperforming the CSI 300 index by 1.36 percentage points [12] Price Changes in the Lithium Battery Supply Chain - As of January 8, 2026, the average price of battery-grade lithium carbonate is 138,600 CNY/ton, up 19.38% over the past two weeks [25] - The price of lithium hydroxide (LiOH 56.5%) is 136,700 CNY/ton, increasing by 33.24% in the same period [25] - The price of lithium iron phosphate is 47,100 CNY/ton, up 11.88% [28] - The price of hexafluorophosphate lithium has decreased by 12.5% to 157,500 CNY/ton [31] Industry News - The first solid-state battery pack developed by Hongqi has been successfully installed in the Hongqi Tian Gong 06 model, marking a significant milestone in solid-state battery technology [40] - The Ministry of Commerce and other departments have issued guidelines for the 2026 automobile trade-in subsidy, which is expected to stimulate the new energy vehicle market [40] Company Announcements - Companies like Ningde Times and Tianqi Lithium have announced plans for production adjustments and expansions, indicating ongoing developments in the lithium battery supply chain [42][46]

Group 1 - The core point of the article is the resignation of Wang Ping as the Secretary of the Board of Directors of ST Hezhong due to personal reasons, and the appointment of Dong Xiaoyu as the new Secretary [1] - The Board of Directors approved the appointment of Dong Xiaoyu as the Deputy General Manager and Secretary of the Board, effective from the date of the board's approval until the end of the current board's term [1]