格隆汇12月18日丨佳缘科技(301117.SZ)公布，经向机构投资者询价后，初步确定的转让价格为39.93元/ 股。本次询价转让拟转让股份已获全额认购，初步确定受让方为14名机构投资者，拟受让股份总数为 3,240,020股。 ...

Core Viewpoint - Jiarun Technology (301117) announced a preliminary inquiry transfer price of 39.93 yuan per share based on the inquiry subscription situation as of December 18, 2025 [1] Group 1 - The inquiry transfer will not be conducted through centralized bidding or block trading methods, and it does not fall under the category of secondary market reduction [1] - The transferee is prohibited from transferring the shares acquired through the inquiry transfer for a period of six months after the acquisition [1]

（二）参与本次询价转让报价的机构投资者家数为16家，涵盖了基金管理公 司、证券公司、私募基金管理人、合格境外投资者等专业机构投资者。参与本次 询价转让报价的机构投资者合计有效认购股份数量为3,627,000股，对应的有效认 购倍数为1.12倍。 （三）本次询价转让拟转让股份已获全额认购，初步确定受让方为14名机构 投资者，拟受让股份总数为3,240,020股。 证券代码：301117 证券简称：佳缘科技 公告编号：2025-070 佳缘科技股份有限公司 股东询价转让定价情况提示性公告 股东成都佳多吉商务信息咨询中心（有限合伙）、厦门嘉德创信创业投资合伙企 业（有限合伙）保证向佳缘科技股份有限公司（以下简称"佳缘科技"、"公司"或"本 公司"）提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真 实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为39.93元/股。 二、相关风险提示 1 根据2025年12月18日询价申购情况，初步确定的本次询价转让价格 ...

Core Viewpoint - Jiarun Technology (301117) announced a shareholder inquiry transfer plan, involving the transfer of 3,240,020 shares, representing 2.51% of the total share capital, by two shareholders before the company's IPO [1] Group 1: Shareholder Transfer Details - The transferring shareholders are Chengdu Jiaduoji Business Information Consulting Center (Limited Partnership) and Xiamen Jiade Chuangxin Venture Capital Partnership (Limited Partnership) [1] - Chengdu Jiaduoji plans to transfer 3,083,500 shares (2.39% of total shares), while Xiamen Jiade plans to transfer 156,520 shares (0.12% of total shares) [1] - The transfer will not occur through centralized bidding or block trading and is not classified as a secondary market reduction [1] Group 2: Shareholder Background - Chengdu Jiaduoji is an action-in-concert party with the actual controller of Jiarun Technology, holding over 5% of the shares collectively with its concerted parties [2] - Xiamen Jiade is not a controlling shareholder and does not hold more than 5% of the shares [2] - The actual controller of Jiarun Technology is Wang Jin, with Yin Mingjun and Chengdu Jiaduoji as concerted parties [2] Group 3: Financial Performance - For the first three quarters of 2025, Jiarun Technology reported revenue of 203 million yuan, a year-on-year increase of 4.22% [3] - The net profit attributable to shareholders was -9.5654 million yuan, a year-on-year increase of 46.43% [3] - The net cash flow from operating activities was -122 million yuan, a year-on-year decrease of 29.70% [3] Group 4: Stock Trading Activity - Jiarun Technology's stock price experienced a significant fluctuation, with a cumulative increase of 31.11% over three consecutive trading days in late November 2025 [3] - During this period, key executives sold shares, raising concerns about stock trading anomalies [3] Group 5: Shareholder Reduction Plans - Major shareholders Zhu Weihua and Zhu Weimin reduced their holdings, with Zhu Weihua's shares decreasing from 10,066,640 to 7,920,340, and Zhu Weimin's from 6,458,405 to 5,294,705 [4] - The reductions triggered notifications due to touching 1% integer multiples [4] Group 6: Historical Context - Jiarun Technology was listed on the Shenzhen Stock Exchange on January 17, 2022, with an initial issuance of 23.0733 million shares at a price of 46.80 yuan per share [6] - The company raised a total of 1.08 billion yuan, with net proceeds of 995 million yuan after expenses [6] - The highest price recorded post-IPO was 99.80 yuan on January 18, 2022 [6]

新京报贝壳财经讯12月17日，佳缘科技（301117）发布公告称，股东成都佳多吉商务信息咨询中心(有 限合伙)、厦门嘉德创信创业投资合伙企业(有限合伙)拟询价转让324万股公司股份，占公司总股本的比 例为2.51%。本次询价转让的出让方成都佳多吉商务信息咨询中心(有限合伙)为公司实际控制人的一致 行动人。 ...

南方财经12月18日电，佳缘科技(301117.SZ)发布公告称，股东成都佳多吉及厦门嘉德创信拟通过询价 转让方式减持公司股份。本次拟转让股份总数为324万股，占公司总股本的2.51%。转让时间为2025年 12月17日启动，具体价格将根据询价结果确定。 ...

Core Viewpoint - Jiarun Technology announced a share transfer plan involving approximately 3.24 million shares, representing 2.51% of the company's total equity, due to the funding needs of its shareholders [1][3]. Group 1: Share Transfer Details - Shareholders Chengdu Jiaduoji Business Information Consulting Center and Xiamen Jiade Chuangxin plan to transfer a total of about 3.24 million shares through a pricing inquiry, not through secondary market transactions [1][2]. - Chengdu Jiaduoji, an employee stock ownership platform, holds 313.6 thousand shares (2.43% ownership), while Xiamen Jiade Chuangxin holds 15.65 thousand shares (0.12% ownership) [3]. - The transfer price will not be lower than 70% of the average trading price over the 20 trading days prior to the transfer invitation date [3][4]. Group 2: Company Background and Performance - Jiarun Technology's employee stock ownership platform, Chengdu Jiaduoji, was established in 2015 and has been holding shares for a long time [4]. - The company reported a revenue of 203 million yuan for the first three quarters of the year, a year-on-year increase of 4.22%, while the net profit attributable to shareholders was -9.57 million yuan, a 46.43% reduction in losses compared to the previous year [8]. - As of December 17, the company's stock price increased by 3.82%, following a previous decline of 10.96% on December 16 [10].

12月17日晚间，佳缘科技（SZ301117，股价51.13元，市值66.04亿元）公告称，因自身资金需求，股东成都佳多吉商务信息咨询中心（有限合伙）（以下 简称"成都佳多吉"）、厦门嘉德创信创业投资合伙企业（有限合伙）（以下简称"厦门嘉德创信"）拟通过询价转让的方式转让合计约324万股公司股份， 占公司总股本的比例为2.51%。 每经记者｜蔡鼎 每经编辑｜许绍航 黄博文 公告称，成都佳多吉为公司实控人的一致行动人，实则为佳缘科技的员工持股平台。 图片来源：公司公告 佳缘科技公告称，股东与中信证券综合考虑股东自身资金需求等因素，协商确定本次询价转让的价格下限，且本次询价转让的价格下限不低于发送认购邀 请书之日（即2025年12月17日，含当日）前20个交易日股票交易均价的70%。 本次询价认购的报价结束后，中信证券将对有效认购进行累计统计，依次按照价格优先、数量优先、时间优先的原则确定转让价格。 公告表示，本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减持。受让方通过询价转让受让的股份，在受让后6个月内不得 转让。此外，本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资者。 ...

Investment Rating - The report provides a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within six months [56]. Core Insights - The global commercial space launch sector is undergoing a profound cost restructuring, shifting from a one-time manufacturing model to a reusable cost model. Traditional rockets have a hardware manufacturing cost share of about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs [3][27]. - The launch market from 2024 to 2025 is expected to exhibit an absolute oligopoly, with launch service providers monopolizing orders and exerting control over the supply chain [5][42]. Summary by Sections 1. Cost Structure of Commercial Rockets - The cost breakdown of rockets shows that the first stage accounts for 60-70% of total costs, with engines being the most significant component, comprising over 50% of the first stage cost [13][27]. - The Falcon 9 rocket's cost structure indicates that the marginal cost of reuse is significantly lower than that of traditional rockets, with costs dropping to approximately $2,720 per kilogram in reusable mode [27][28]. 2. Industry Chain Benefits from Launch Volume - Launch service providers benefit directly from increased launch frequency and larger contracts, with revenue correlating to the number of launch tasks [4][35]. - The demand for reusable components and high-frequency replacement parts is expected to grow, driven by the need for higher reliability and maintenance of reusable systems [36]. 3. Investment Recommendations - Beneficiary stocks include companies involved in rocket manufacturing and space computing, such as Aerospace Power, Superjet, and West Materials, among others [6][52][53].

Group 1 - Company X plans to invest in the research and production of optical modules, focusing on ultra-low power consumption chips for high-end applications such as AI computing centers [1] - CICC is planning to absorb and merge with Dongxing Securities and Xinda Securities through a share swap, with stock trading resuming on December 18, 2025 [2] - Bona Film Group reports normal operations and has invested in multiple films for the upcoming holiday seasons, including major productions [3] Group 2 - Tongrentang clarifies it does not hold any equity or investment rights in Sichuan Health Pharmaceutical, which is associated with a product mentioned in recent reports [4] - Meike Home is planning to acquire control of Shenzhen Wandeling Technology through a combination of cash and stock issuance, with trading suspended for up to 10 days [5] - Lanhua Ketech has obtained a coal exploration license for a specific area, laying the groundwork for future mining rights [6] Group 3 - China Duty Free Group's subsidiary has signed contracts for duty-free store operations at major Shanghai airports [7] - Baida Group's stock has seen a significant increase of 61.1% in a short period, raising concerns about potential rapid declines [8] - Changyuan Power's subsidiary has successfully connected a new power generation unit to the grid, marking its commercial operation [9] Group 4 - Guangdong Construction has launched two clean energy projects, contributing to a total installed capacity of 5084.52 MW across various energy sources [10] - Shanghai Airport has signed contracts for duty-free store operations, which are expected to positively impact future revenues [11] - Aokeli's subsidiary has entered trial production for a special high-temperature resistant resin project, aligning with its strategic goals in aerospace [12] Group 5 - China Nuclear Engineering has reported cumulative revenue of 92.03 billion yuan as of November 2025 [13] - Zhaobiao Co. plans to reduce its stake by up to 3% through various trading methods [14] - Shengtai Group's major shareholder intends to reduce its stake by up to 3% [15] Group 6 - Xinyi Co. plans to reduce its stake by up to 1% due to personal asset allocation needs [16] - Nanjing Bank intends to fully redeem 49 million preferred shares on December 23, 2025 [17] - Huakai Yibai plans to repurchase shares worth between 15 million and 30 million yuan for employee incentives [18] Group 7 - China Metallurgical Group plans to repurchase A-shares worth between 1 billion and 2 billion yuan [19] - A director of Gao Neng Environment has increased his stake by purchasing 56,100 shares [20] - Jiayuan Technology's shareholders plan to transfer 3.24 million shares, representing 2.51% of the total share capital [21] Group 8 - Pubang Co. has been awarded a construction project for Xiangmi Lake Park with a bid of 333 million yuan [22] - China CRRC has signed contracts totaling approximately 53.31 billion yuan, representing 21.6% of its projected revenue for 2024 [23][24] - Pudong Construction's subsidiaries have won multiple projects totaling 1.649 billion yuan [25] Group 9 - Pingzhi Information's subsidiary has signed a 38.25 million yuan computing service contract with a telecommunications company [26]