Group 1 - Jia Mei Packaging's stock will resume trading on January 12, 2026, after completing a review due to a 230.48% price increase from December 17, 2025, to January 6, 2026 [1] - Yan Jiang Co. continues to suspend trading as it plans to acquire assets, with a disclosure expected by January 19, 2026 [2] - Defu Technology terminated its acquisition of 100% of Luxembourg Copper Foil due to restrictions from the Luxembourg Ministry of Economy, with a refund of €17.4047 million expected [3] Group 2 - Defu Technology plans to acquire at least 51% of Huiru Technology through cash and capital increase, with Huiru focusing on high-performance electrolytic copper foil [4] - Shangluo Electronics' application for issuing convertible bonds has been accepted by the Shenzhen Stock Exchange [5] - Xianle Health intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [6] Group 3 - Hangyu Technology plans to sell up to 752,800 repurchased shares to supplement working capital, with a potential cancellation of unsold shares [7] - Fangsheng Pharmaceutical's production facility failed a GMP compliance check, but it will not significantly impact operations [8][9] - East China Pharmaceutical's subsidiary's product has been included in the list of breakthrough therapeutic varieties for severe hypertriglyceridemia [10] Group 4 - Dechang Co. expects a net profit decrease of 51% to 61% for 2025, primarily due to competitive pressures and foreign exchange losses [12] - Hebang Bio anticipates a net loss for 2025 due to asset impairment provisions [13] - Qu Mei Home expects a net loss for 2025, with significant negative figures reported for the first nine months [14] Group 5 - Jinzongzi Wine forecasts a net loss for 2025, although the loss is expected to narrow compared to the previous year [15] - Sichuan Electronics expects a net loss of between 265 million to 340 million yuan for 2025, attributed to market competition and delayed orders [16] - Wansheng Co. anticipates a net loss for 2025 [17] - Weiyuan Co. also expects a net loss for 2025 [19] - Kosen Technology predicts a net loss for 2025 due to low capacity utilization and strategic adjustments [20] - Zhongheng Group expects a net loss for 2025 [21] Group 6 - Xiantan Co. reported a 9.41% year-on-year increase in chicken product sales revenue to 530 million yuan in December 2025 [22] Group 7 - Huate Gas shareholders plan to reduce their holdings by up to 2% through block trades [24] - Meidike shareholders plan to reduce their holdings by up to 1% through market transactions [25]

格隆汇1月11日丨德福科技(301511.SZ)公布，近日，公司与安徽慧儒科技有限公司(以下简称"慧儒科 技"、"标的公司")及其实际控制人王孙根签署《收购意向书》，公司拟以现金收购及增资方式，取得慧 儒科技不低于51%的股权。本次交易完成后，慧儒科技将成为公司控股子公司。 本次交易属于同行业并购，符合公司战略发展规划。基于市场需求快速增长的情况，公司当前产能利用 已接近饱和状态。通过本次收购，公司可以整合行业内现有的先进生产线和设备，在短期内快速实现产 能规模扩张以应对下游不断增长的需求，同时依托上市公司的规模优势、供应链能力、行业内先进的技 术水平和产品优势，进一步提升公司的业务规模和盈利水平。 慧儒科技主要从事各类高性能电解铜箔的研发、生产和销售，主要产品包括锂电铜箔和电子电路铜箔。 截至本公告披露日，慧儒科技电解铜箔产能为2万吨/年，具有成熟的电解铜箔生产能力。 ...

Group 1 - The core point of the article is that Defu Technology (301511) plans to acquire at least 51% of Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, which does not constitute a related party transaction or a major asset restructuring as per regulations [1] - Huiru Technology specializes in the research, production, and sales of high-performance electrolytic copper foil, with main products including lithium battery copper foil and electronic circuit copper foil [1] - As of the announcement date, Huiru Technology has an electrolytic copper foil production capacity of 20,000 tons per year [1] Group 2 - On the same evening, Defu Technology also announced the termination of its acquisition of 100% equity in Luxembourg Copper Foil [1]

根据《股权购买协议》及其补充协议二的约定，本次交易的最终截止日为2026年1月9日。2026年1月10 日，经德福科技与交易对方共同确认，因卢森堡经济部出具的决定所附加的上述限制，导致交易双方预 期无法完成本次卢森堡铜箔100%股权的交易。因此，双方同意本次交易的最终截止日不再进一步延 长，并且本次交易应予终止，同时交易对方将于终止后10个工作日内全额退还德福科技已支付的合同保 证金。 智通财经APP讯，德福科技(301511.SZ)发布公告，2026年1月9日，公司收到卢森堡经济部出具的决定， 就公司根据当地法律申请的关于拟收购卢森堡铜箔100%股权交易的强制性外国直接投资审查，卢森堡 经济部通知，根据当地法律该项外国直接投资附条件获准，该项批准所附加的一系列限制条件包括但不 限于，投资者所能购买的股权比例仅能对应少数投票权的水平且不得对公司决策机制享有否决权，以及 后续关于公司治理、知识产权、商业秘密等经营事项的限制。 因本次交易未能获得境外有关部门的无条件批准，经公司与交易对方友好协商，决定终止本次收购。除 合同保证金外，公司尚未支付股权转让款，本次交易项下标的股权未交割。根据双方约定，交易对方应 于本 ...

Group 1 - The company plans to acquire at least 51% of Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, making it a subsidiary after the transaction is completed [1] - The acquisition of Luxembourg-based CFL for 100% equity has been terminated due to fundamental conflicts with the company's strategic demands, despite initial conditional approval [2] - The termination of the CFL acquisition is expected to avoid overseas investment risks and allows the company to refocus on domestic industry consolidation [2] Group 2 - The acquisition of Huiru Technology aligns with the company's strategic development plan, aiming to expand production capacity to meet rapidly growing market demand [3] - The company intends to implement a dual-driven strategy focusing on lithium battery copper foil and electronic circuit copper foil, leveraging regional advantages for integrated operations [3] - The company will accelerate the independent research and production of high-end copper foil to break foreign monopolies, having already achieved mass production of several product generations [3]

证券代码：301511 证券简称：德福科技 公告编号：2026-003 九江德福科技股份有限公司 关于终止收购境外公司股权的公告 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、交易基本情况 2025年7月29日，九江德福科技股份有限公司（以下简称"德福科技"、" 公司"）与Volta Energy Solutions S.à.r.l.（以下简称"交易对方"）签署了《股 权购买协议》，德福科技拟收购Circuit Foil Luxembourg S.a.r.l.（以下简称"卢 森堡铜箔"、"标的公司"）100%股权，后续本次交易将由德福科技位于卢森 堡的全资控股公司具体实施。 关于本次交易，公司已完成中国境外投资备案（ODI）的相关审批手续， 并且根据《股权购买协议》及其补充协议一（仅针对合同保证金的支付安排） 的约定，公司已通过位于卢森堡的全资控股公司KWAXKARO LUXEMBOURG S.À.R.L.（以下简称"德福卢森堡"）向交易对方支付1,740.47万欧元（即相当 于收购价格10%的金额）作为合同保证金。 2025年12月24日，德福科技、德 ...

Core Viewpoint - The acquisition of 51% stake in Anhui Huiru Technology by Jiujiang Defu Technology marks a significant strategic move to enhance the company's position in the global electrolytic copper foil industry, aiming for high-quality development and increased industry concentration [1] Group 1: Cost and Operational Advantages - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to a dual peak-valley pricing system, which allows for substantial cost reductions in production [2] - The company has established its own substation, further lowering electricity costs and enhancing Defu Technology's overall cost leadership [2] Group 2: Strategic Location and Market Reach - The Chuzhou production base is strategically located in the core area of the Yangtze River Delta, providing natural advantages for rapid response to customer needs, particularly in the PCB and lithium battery sectors [3] - This location enhances Defu Technology's coverage in the East China region and improves service response capabilities to core customers [3] Group 3: Capacity and Demand - Defu Technology has maintained a 100% operating rate since Q4 2025, indicating full capacity utilization, necessitating the acquisition to meet growing demand from downstream industries such as new energy vehicles and energy storage [4] - The acquisition will increase effective production capacity, allowing for revenue growth and improved operational profits [4] Group 4: Technological and Operational Synergies - Defu Technology plans to leverage its superior production management and supply chain resources to optimize Anhui Huiru's production processes, aiming to enhance energy efficiency and operational effectiveness [5] - The company will support the development of high-end products at Anhui Huiru, maximizing the integration value through shared technology and innovation [5] Group 5: Market Position and Industry Impact - Post-acquisition, Defu Technology's total electrolytic copper foil capacity will rise from 175,000 tons per year to 195,000 tons per year, solidifying its position as the largest producer globally [6] - The acquisition will optimize domestic capacity layout and enhance service capabilities, contributing to a comprehensive supply chain network [7] Group 6: Industry Leadership and Transformation - The strategic acquisition reflects Defu Technology's commitment to leading the transformation of the copper foil industry from scale expansion to quality enhancement [8] - By integrating quality capacity and promoting advanced management practices, Defu Technology aims to set a benchmark for industry consolidation and drive the market towards high-quality development [8] Group 7: Growth and Value Creation - The acquisition is expected to significantly enhance Defu Technology's performance and open new avenues for market capitalization growth [9] - With the backdrop of rapid growth in the global new energy and electronic information sectors, Defu Technology is positioned to expand its scale and technological barriers through both organic growth and acquisitions [9]

Core Viewpoint - The company, Jiujiang Defu Technology Co., Ltd., has made a strategic move by acquiring a 51% stake in Anhui Huiru Technology Co., Ltd. while terminating the acquisition of Circuit Foil Luxembourg due to geopolitical risks and strategic misalignment [1][2][3]. Group 1: Acquisition of Anhui Huiru - The acquisition of a 51% stake in Anhui Huiru is a significant strategic initiative aimed at strengthening the company's position in the electrolytic copper foil industry, enhancing total production capacity, and solidifying its leadership in the global copper foil market [1]. - This move is expected to leverage the scale and demonstration effects of a leading enterprise, promoting a shift in the Chinese copper foil industry towards higher concentration and competitiveness [1]. Group 2: Termination of CFL Acquisition - The termination of the acquisition of Circuit Foil Luxembourg was due to the Luxembourg Ministry of Economy's final decision, which imposed conditions that conflicted with the company's strategic control requirements [2][3]. - The company emphasized that the imposed conditions would hinder its ability to integrate CFL into its overall strategic framework, thus jeopardizing shareholder interests [3]. Group 3: Geopolitical Risk Insights - The company’s decision to terminate the acquisition reflects a prudent approach to avoid geopolitical risks, similar to the challenges faced by other Chinese tech firms in overseas acquisitions [4]. - The restrictions imposed by the Luxembourg government are akin to those experienced by Nexperia, highlighting the increasing scrutiny on foreign investments in sensitive sectors [4]. Group 4: Strategic Shift - The termination of the CFL acquisition is not a retreat from globalization but a strategic pivot towards domestic industry consolidation, which is seen as a more stable and efficient growth path [5]. - The company aims to focus on integrating domestic high-quality production capacities, particularly leveraging Anhui Huiru's advantages, to meet the growing demands of the electric vehicle and PCB industries [5]. Group 5: Future Outlook - The company plans to drive growth through a dual strategy of internal development and domestic acquisitions, emphasizing the importance of local integration and technological independence [6]. - Future international expansion will prioritize non-controlling forms of collaboration to mitigate geopolitical sensitivities, ensuring a more flexible approach to global competition [6]. - The company reassures that the termination of the CFL acquisition will not adversely affect its normal operations or financial health, as it maintains a healthy cash flow and is progressing with domestic integration projects [6].

Core Viewpoint - Defu Technology (301511.SZ) plans to acquire at least 51% of Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, making it a subsidiary after the transaction [1] Group 1: Acquisition Details - The acquisition involves cash purchase and capital increase to gain control over Huiru Technology [1] - Huiru Technology specializes in the R&D, production, and sales of high-performance electrolytic copper foil, including lithium battery copper foil and electronic circuit copper foil [1] Group 2: Production Capacity - As of the announcement date, Huiru Technology has an electrolytic copper foil production capacity of 20,000 tons per year [1] - The company possesses mature production capabilities in electrolytic copper foil [1] Group 3: Strategic Rationale - The acquisition aligns with the company's strategic development plan and is categorized as a merger within the same industry [1] - Due to rapidly growing market demand, the company's current production capacity utilization is nearing saturation [1] - The acquisition will allow the company to integrate existing advanced production lines and equipment, enabling rapid capacity expansion to meet increasing downstream demand [1] - Leveraging the listed company's scale advantages, supply chain capabilities, and advanced technology, the company aims to enhance its business scale and profitability [1]

Core Viewpoint - Defu Technology (301511.SZ) plans to acquire at least 51% equity in Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, making it a subsidiary after the transaction [1] Group 1: Acquisition Details - The acquisition involves cash purchase and capital increase to gain control over Huiru Technology [1] - Huiru Technology specializes in the R&D, production, and sales of high-performance electrolytic copper foil, including lithium battery copper foil and electronic circuit copper foil [1] Group 2: Production Capacity - As of the announcement date, Huiru Technology has an electrolytic copper foil production capacity of 20,000 tons per year [1] - The company possesses mature production capabilities in electrolytic copper foil [1] Group 3: Strategic Rationale - The acquisition aligns with the company's strategic development plan and is categorized as a merger within the same industry [1] - Due to rapidly growing market demand, the company's current production capacity utilization is nearing saturation [1] - The acquisition will enable the company to integrate existing advanced production lines and equipment, allowing for rapid capacity expansion to meet increasing downstream demand [1] - Leveraging the listed company's scale advantages, supply chain capabilities, and advanced technology, the company aims to enhance its business scale and profitability [1]