Core Points - The company Zhonghuan Hailu announced that its stock price has experienced a significant decline, with a cumulative drop of over 50% in closing prices over nine consecutive trading days from September 5 to September 17, 2025 [2] - The company conducted a self-examination and reported that there have been no significant changes in its recent operational conditions or external business environment [2] - On September 4, 2025, the company disclosed an announcement regarding the termination of the planned change of control, indicating that its controlling shareholder and actual controller, Mr. Wu Jun San, has halted this control change process [2]

Core Points - Zhonghuan Hailu (301040) announced that its stock price has experienced a cumulative decline of over 50% during the trading period from September 5, 2025, to September 17, 2025, indicating severe abnormal fluctuations in stock trading [1] - The company conducted a self-examination and reported that there have been no significant changes in its recent operational conditions or external business environment [1]

| 证券代码：301040 | 证券简称：中环海陆 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：123155 | 债券简称：中陆转债 | | 张家港中环海陆高端装备股份有限公司 特别提示： 1、张家港中环海陆高端装备股份有限公司（以下简称"公司"）股票连续 9 个交易日（2025 年 9 月 5 日至 2025 年 9 月 17 日）收盘价格跌幅偏离值累计超 过 50%，根据深圳证券交易所相关规定，属于股票交易严重异常波动的情形； 2、经自查，公司近期经营情况及内外部经营环境未发生重大变化； 3、公司于 2025 年 9 月 4 日在巨潮资讯网（www.cninfo.com.cn）披露了《关 于终止筹划公司控制权变更事项暨复牌的公告》（公告编号：2025-061），公司控 股股东、实际控制人吴君三先生已终止本次控制权变更事项。 一、股票交易严重异常波动的具体情况 公司股票连续 9 个交易日（2025 年 9 月 5 日至 2025 年 9 月 17 日）收盘价格 跌幅偏离值累计超过 50%，根据深圳证券交易所相关规定，属于股票交易严重异 常波动的情形。 二、公司关 ...

Company Overview - Zhonghuan Hailu, established on January 28, 2000, and listed on August 3, 2021, is located in Jiangsu Province, specializing in the research, production, and sales of industrial metal forgings [1][2] - The company's main business revenue composition is 90.24% from forging products and 9.76% from other supplementary sources [1] Stock Performance - As of September 16, Zhonghuan Hailu's stock price increased by 2.02%, reaching 24.22 CNY per share, with a trading volume of 120 million CNY and a turnover rate of 5.33%, resulting in a total market capitalization of 2.422 billion CNY [1] - Year-to-date, the stock price has risen by 95.48%, with a recent 5-day increase of 1.13%, a 20-day decline of 11.02%, and a 60-day decline of 0.45% [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the latest occurrence on September 8, where it recorded a net buy of -5.9115 million CNY [1] Financial Performance - For the first half of 2025, Zhonghuan Hailu reported a revenue of 358 million CNY, reflecting a year-on-year growth of 25.27%, while the net profit attributable to shareholders was -42.4899 million CNY, a decrease of 15.27% compared to the previous year [2] - The company has distributed a total of 24 million CNY in dividends since its A-share listing, with 4 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, the number of shareholders for Zhonghuan Hailu was 7,432, a decrease of 10.67% from the previous period, while the average circulating shares per person increased by 11.95% to 12,679 shares [2] Industry Classification - Zhonghuan Hailu is classified under the Shenyin Wanguo industry as part of the electric equipment sector, specifically in wind power equipment and components, and is associated with concepts such as aerospace military, engineering machinery, small-cap stocks, nuclear power, and specialized and innovative enterprises [2]

Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Group 1 - The company, Zhonghuan Hailu, announced that its stock price experienced a cumulative decline of over 30% over two consecutive trading days on September 5 and September 8, 2025, indicating abnormal trading fluctuations [1] - The company confirmed that there is no need to correct or supplement previously disclosed information, and no significant changes in recent operating conditions or external business environment have been observed [1] - The major shareholders and actual controllers of the company have not disclosed any significant matters that should have been disclosed, and there were no stock trading activities by them or the company's directors and senior management during the period of abnormal fluctuations [1]

Group 1 - The stock of Zhonghuan Hailu experienced a significant decline of 15.85% in a single trading day, with a turnover rate of 35.31% and a total transaction amount of 876 million yuan, indicating high volatility with an amplitude of 12.48% [2] - Institutional investors net sold 30.95 million yuan worth of shares, while brokerage seats collectively net bought 25.04 million yuan, reflecting mixed investor sentiment [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to its closing price drop and high turnover rate, with institutional specialized seats contributing to the net selling [2] Group 2 - As of September 5, the margin trading balance for the stock was 27.4 million yuan, with a financing balance of 27.4 million yuan and a small margin balance of 320 yuan, indicating a decrease in financing activity [3] - Over the past five days, the financing balance decreased by 31.95 million yuan, representing a decline of 10.45%, while the margin balance saw a minor reduction of 792 yuan, or 20% [3] - The trading data on September 8 showed significant buying from various brokerage firms, with the top buyer being Huatai Securities, which purchased 30.03 million yuan worth of shares, while the top seller was CITIC Securities, which sold 27.5 million yuan [3]

| 证券代码：301040 | 证券简称：中环海陆 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：123155 | 债券简称：中陆转债 | | 张家港中环海陆高端装备股份有限公司 关于公司股价异动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 张家港中环海陆高端装备股份有限公司（以下简称"公司"） 股票于 2025 年 9 月 5 日、9 月 8 日，连续 2 个交易日收盘价格跌幅偏离值累计超过 30%，根据 深圳证券交易所相关规定，属于股票交易异常波动的情形。 二、公司关注及核实情况的说明 3、公司近期经营情况及内外部经营环境未发生重大变化； 4、公司控股股东和实际控制人不存在关于公司的应披露而未披露的重大事 项，也不存在处于筹划阶段的重大事项； 5、股票异常波动期间，公司控股股东、实际控制人及公司董事、高级管理 人员不存在买卖公司股票的情形； 针对公司股价异常波动，公司董事会对公司控股股东、实际控制人及公司全 体董事和高级管理人员就相关事项进行了核实，现就有关情况说明如下： ...

Core Viewpoint - The control transfer negotiation of Zhonghuan Hailu (301040) has ended due to price disagreements, despite the initial perception of a "9 billion cash-out plan" [1][3]. Company Overview - Zhonghuan Hailu's actual controllers, Wu Jun San and Wu Jian, have terminated negotiations with potential buyers, citing differences in future development plans, although market speculation points to valuation disputes as the main issue [1][3]. - The company was established from a loss-making subsidiary of Zhangjiagang Boiler Factory, and under Wu Jun San's leadership, it transformed from a struggling entity to a publicly listed company, first on the New Third Board in 2015 and then on the ChiNext in 2021 [3][5]. Financial Performance - The company's performance post-IPO has been disappointing, with profits declining sharply in the year following its listing, leading to losses in the third year [3][5]. - Despite the stock price being driven up to 40 yuan (double the issue price) due to expectations of a change in control, potential buyers were unwilling to pay a premium for a company with poor performance [3][5]. Industry Context - The ring forgings industry, where Zhonghuan Hailu operates, has high technical barriers, with products used in critical applications such as wind power flanges, nuclear pipelines, and aircraft engines [5]. - The complexity of the manufacturing process and the limited number of stable suppliers in China highlight the company's technical capabilities and investment in equipment [5]. Management and Future Outlook - The aging of Wu Jun San and his son Wu Jian, along with the competitive nature of the manufacturing industry, may have influenced their desire to exit the business [5]. - The failed negotiations indicate a persistent urgency for the controllers to divest, raising questions about the initial intentions behind the IPO and the company's future governance [5]. - The ongoing uncertainty regarding control transfer, coupled with high stock prices and poor performance, suggests that the company may be preparing for a third attempt at a transaction, although valuation disagreements remain a significant hurdle [5].