Core Viewpoint - The article discusses various companies' recent announcements regarding stock price fluctuations, operational updates, and strategic partnerships, highlighting potential investment opportunities and risks in the market. Group 1: Company Announcements - Aerospace Development reported a revenue of 1.697 billion yuan for the first three quarters of 2025, with a significant increase attributed to ship deliveries, while its subsidiary's revenue contribution remains below 1% [3] - Victory Energy announced that it may apply for a trading suspension if its stock price continues to rise, indicating potential risks for investors [4] - Jia Mei Packaging also warned of possible trading suspension due to significant stock price deviations from its fundamentals, urging investors to be cautious [5][6] - Fenglong Co. stated that its acquirer, UBTECH, has no plans to change its main business or conduct significant asset transactions in the next 12 months [7] - ST Huluwa is under investigation by the China Securities Regulatory Commission for information disclosure violations, but its operations continue normally [8] Group 2: Project Updates - Yijing Optoelectronics announced delays in its photovoltaic project in Anhui due to industry-wide capacity mismatches, leading to a halt in production and potential financial liabilities [9] - Tongyu Communication cautioned about the risks of irrational market speculation following a significant stock price increase [10] - Junda Co. clarified that its strategic cooperation with Shangyi Optoelectronics will not have a major impact on its current financial performance due to the preliminary nature of the agreement [12] Group 3: Strategic Partnerships and Acquisitions - Hengrui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a 30 million yuan upfront payment and potential milestone payments totaling up to 190 million yuan [13] - Tongye Technology plans to acquire a 91.69% stake in Beijing Silingke Semiconductor Technology for 561 million yuan, focusing on power IoT communication chips [14] - ST Lutong intends to apply for the removal of risk warnings after a shareholder's commitment to repay funds misappropriated by the actual controller [15] Group 4: New Contracts and Market Expansion - Wangfujing won a bid for the Beijing Capital International Airport duty-free project, with a guaranteed operating fee of 113 million yuan for the first year and a sales commission of 5%, marking its entry into a major international hub [17]

Core Viewpoint - ST Luton (ST路通) has made progress in resolving the long-standing issue of fund occupation by its actual controller, with a repayment of 10.2254 million yuan [1][2] Group 1: Financial Developments - On December 27, ST Luton received a total of 10.2254 million yuan, which includes both the principal and interest of the funds occupied by its major shareholder Wu Shichun [1] - As of November 28, the total amount returned by the occupying parties reached 14.71064 million yuan, leaving 869.36 thousand yuan still outstanding [2] - The repayment is expected to have a positive impact on the company's ongoing operations, pending the results of an accountant's audit [3] Group 2: Corporate Governance and Control - Wu Shichun became the largest shareholder after a control struggle in November 2025 and initiated efforts to address historical issues within the company [3] - Following the repayment, Wu Shichun transferred all rights to pursue claims against the original occupying parties to ST Luton, ensuring that any recovered funds will fully benefit the listed company [3] - The new board of directors, which currently consists of only four members, is working on stabilizing the operational order by resolving related lawsuits and implementing new seals [4] Group 3: Business Challenges - ST Luton has faced continuous losses over the years, with its core business struggling due to market demand fluctuations and intensified industry competition [5] - The company’s traditional business includes network transmission systems and related technical services, with a notable decline in revenue and profit expected in 2023 and 2024 [5] - The new leadership under Wu Shichun faces the daunting task of reversing the ongoing losses and restructuring the business to enhance competitiveness [5]

证券代码：300555 证券简称：ST路通 公告编号：2025-129 无锡路通视信网络股份有限公司 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。 特别提示： 无锡路通视信网络股份有限公司（以下简称"公司"）因实际控制人及其 关联方存在非经营性占用公司资金的情形，根据《深圳证券交易所创业板股票 上市规则》第 9.4 条、第 9.5 条的相关规定，公司股票已于 2023 年 2 月 1 日起被 实施其他风险警示。 一、实施其他风险警示的原因 公司于 2022 年 12 月 30 日收到中国证券监督管理委员会江苏监管局出具的 《行政处罚决定书》（〔2022〕10 号）。根据《行政处罚决定书》查明的事实， 2021 年 9 月至 2022 年 7 月期间，公司实际控制人及其关联方累计发生资金占用 15,580 万元。根据《深圳证券交易所创业板股票上市规则》第 9.4 条第（五）项 的规定，"公司向控股股东或者其关联人提供资金或者违反规定程序对外提供担 保且情形严重的"；第 9.5 条"本规则第 9.4 条第五项所述 ...

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、资金占用事项的基本情况 公司于 2022 年 12 月 30 日收到中国证券监督管理委员会江苏监管局（以下 简称"江苏证监局"）出具的《行政处罚决定书》（〔2022〕10 号）。根据《行 政处罚决定书》查明的事实，2021 年 9 月至 2022 年 7 月期间，公司实际控制人 及其关联方以预付货款、对外股权投资或支付投资诚意金的名义，通过中间方将 路通视信资金划转至相关关联人银行账户，累计发生资金占用 15,580 万元。具 体内容详见公司披露于中国证监会指定的创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上的《无锡路通视信网络股份有限公司关于收到行 政处罚决定书暨可能被实施其他风险警示的提示性公告》（公告编号：2022-081）。 二、资金占用事项的进展 2025 年 12 月 24 日，公司收到持有公司 10.46%股份的股东吴世春发来的《关 于自愿代偿资金占用款项的承诺函》，其承诺自愿以自有资金代公司实际控制人 及其关联方（以下简称"资金占用方"）全额偿还资金占用本 ...

Core Viewpoint - The A-share market in 2025 is experiencing a series of intense internal conflicts within listed companies, revealing deep governance issues that affect corporate vitality and market performance [1][2]. Group 1: Internal Conflicts - Since 2025, internal conflicts among A-share listed companies have erupted, covering various industries such as home textiles, healthcare, electronics, and manufacturing, with forms of conflict ranging from board voting confrontations to public accusations and legal disputes [2][3]. - Dream洁股份 is embroiled in a control dispute, with board member Chen Jie publicly accusing Chairman Jiang Tianwu of financial misconduct and decision-making issues, leading to a significant governance crisis [3][4]. - Reliable股份 faces ongoing internal strife stemming from the divorce of its controlling shareholder, resulting in a close shareholding battle between the former couple, which has escalated into public confrontations over company management [5][6]. -艾比森's founder voted against his own election as chairman, highlighting dissatisfaction with the company's governance structure and concentrated shareholding, which hinders long-term development [7][21]. -金鸿顺 has seen repeated attempts by its second-largest shareholder to remove the chairman due to absenteeism, linked to the controlling shareholder's debt crisis, leading to a power struggle [8][22]. - ST路通 has experienced a dramatic power struggle, with new shareholders attempting to oust the original management, resulting in legal disputes and governance chaos [9][23][24]. Group 2: Governance Issues - The internal conflicts reflect common governance issues such as imbalanced shareholding structures, ineffective governance mechanisms, and unequal distribution of interests, which have long been latent and erupted at specific points [11][25]. - The instability of shareholding structures is a key factor in internal conflicts, as seen in Dream洁股份's loss of a controlling shareholder and the close shareholding in Reliable股份, leading to ongoing confrontations [12][26]. - Governance mechanisms in some companies have become ineffective, with board operations being dominated by a few individuals, and independent directors failing to play their roles effectively, exacerbating internal conflicts [13][27]. - Unequal distribution of interests and lack of communication mechanisms have escalated minor disagreements into major conflicts, as seen in艾比森 and Reliable股份, where shareholder interests are not adequately represented [14][28]. Group 3: Path to Resolution - The surge of internal conflicts in 2025 serves as a warning for governance optimization in A-share listed companies, necessitating a collaborative effort from enterprises, regulators, and the market to strengthen governance foundations [15][29]. - Companies should solidify their shareholding structures and establish clear boundaries and exit mechanisms when introducing strategic investors to prevent future conflicts [29]. - Improving governance mechanisms is essential, including standardizing board and shareholder meeting operations, enhancing the independence and professionalism of independent directors, and ensuring compliance with disclosure requirements [29]. - Balancing interest distribution and establishing a compensation system linked to company performance and governance levels are crucial for maintaining harmony among stakeholders [29][30].

鉴于资金占用方目前尚未履行还款义务，严重影响上市公司治理规范与中小股东权益，2025年12月24 日，公司收到持有公司10.46%股份的股东吴世春发来的《关于自愿代偿资金占用款项的承诺函》，其 承诺自愿以自有资金代资金占用方全额偿还资金占用本金869.36万元及相应利息，并于2025年12月30日 前将自愿代偿款项分次支付至上市公司指定账户，偿还款项支付至上市公司账户之日起，吴世春因自愿 代偿行为而对资金占用方所依法享有的全部追偿权无权转让给上市公司。 格隆汇12月25日丨ST路通(300555.SZ)公布，公司于2022年12月30日收到中国证券监督管理委员会江苏 监管局出具的《行政处罚决定书》（〔2022〕10号）。根据《行政处罚决定书》查明的事实，2021年9 月至2022年7月期间，公司实际控制人及其关联方（简称"资金占用方"）累计发生资金占用15,580万 元，截至本公告披露日，公司实际控制人及其关联方累计归还公司占用资金金额14,710.64万元，尚未归 还金额为869.36万元，前述资金占用仍未全部解决。 ...

证券代码：300555 证券简称：ST 路通 公告编号：2025-126 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、关联交易概述 无锡路通视信网络股份有限公司（以下简称"上市公司"或"公司"）于 2022 年12月30日收到中国证券监督管理委员会江苏监管局出具的《行政处罚决定书》 （〔2022〕10 号）。根据《行政处罚决定书》查明的事实，2021 年 9 月至 2022 年 7 月期间，公司实际控制人及其关联方（以下简称"资金占用方"）累计发生资 金占用 15,580 万元，截至本公告披露日，公司实际控制人及其关联方累计归还 公司占用资金金额 14,710.64 万元，尚未归还金额为 869.36 万元，前述资金占用 仍未全部解决。 鉴于资金占用方目前尚未履行还款义务，严重影响上市公司治理规范与中小 股东权益，2025 年 12 月 24 日，公司收到持有公司 10.46%股份的股东吴世春发 来的《关于自愿代偿资金占用款项的承诺函》，其承诺自愿以自有资金代资金占 用方全额偿还资金占用本金 869.36 万元及相应利息，并于 2025 年 12 月 ...

表决结果：同意 2 票，反对 0 票，弃权 0 票。 特此公告。 第五届董事会独立董事专门会议第十次会议决议公告 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。 无锡路通视信网络股份有限公司（以下简称"公司"）第五届董事会独立董事 专门会议第十次会议于2025年12月24日以通讯表决方式召开。会议通知于2025 年 12 月 24 日以书面或电子邮件的方式送达各位独立董事及其他会议参加人。会 议应出席独立董事 2 名，实际出席独立董事 2 名。本次会议的召开符合《中华人 民共和国公司法》等有关法律法规和《无锡路通视信网络股份有限公司章程》《无 锡路通视信网络股份有限公司独立董事专门会议工作制度》的有关规定，会议及 通过的决议合法有效。 一、审议通过了《关于股东吴世春代偿资金占用款项暨关联交易的议案》 经核查，独立董事认为：本次关联交易事项对公司的影响积极正面，旨在解 决资金占用问题，维护了公司及全体股东特别是中小股东的合法权益，符合公司 的长远发展利益，不存在损害公司、股东特别是中小股东利益的情形。因此，我 们一致同意本次关联交易事项，并同意将该议案提交公司董 ...

证券代码：300555 证券简称：ST 路通 公告编号：2025-125 无锡路通视信网络股份有限公司 第五届董事会第二十三次会议决议公告 1、审议通过了《关于股东吴世春代偿资金占用款项暨关联交易的议案》 持有公司 10.46%的股东吴世春承诺自愿以自有资金代替上市公司实际控制 人及其关联方宁波余姚云城人工智能科技有限公司向公司全额偿还资金占用本 金 869.36 万元及相应利息，并于 2025 年 12 月 30 日前将自愿代偿款项分次支付 至上市公司指定账户，偿还款项支付至上市公司账户之日起，吴世春因自愿代偿 行为而对上市公司实际控制人及其关联方宁波余姚云城人工智能科技有限公司 所依法享有的全部追偿权无权转让给上市公司。 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 无锡路通视信网络股份有限公司（以下简称"公司"）于 2025 年 12 月 24 日以电子邮件、传真、电话等方式，向全体董事发出了关于召开公司第五届董事 会第二十三次会议的通知。本次会议于 2025 年 12 月 25 日以通讯表决方式召开， 会议由公司董事长谈文舒先 ...

证券代码：300555 证券简称：ST 路通 公告编号：2025-125 无锡路通视信网络股份有限公司 第五届董事会第二十三次会议决议公告 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 无锡路通视信网络股份有限公司（以下简称"公司"）于 2025 年 12 月 24 日以电子邮件、传真、电话等方式，向全体董事发出了关于召开公司第五届董事 会第二十三次会议的通知。本次会议于 2025 年 12 月 25 日以通讯表决方式召开， 会议由公司董事长谈文舒先生召集，因本次会议审议事项紧急，召集人已在会议 上作出相关说明，全体董事一致同意豁免本次董事会会议的提前通知期限，且已 知悉与所议事项相关的必要信息。会议由过半数董事共同推举董事黄远征先生主 持。 1、审议通过了《关于股东吴世春代偿资金占用款项暨关联交易的议案》 公司董事会授权管理层负责签署本次交易有关协议及具体履行协议的相关 事宜，并就债权转让事项通知实际控制人与关联方，授权期限至相关事宜全部办 理完毕止。 持有公司 10.46%的股东吴世春承诺自愿以自有资金代替上市公司实际控制 人及其 ...