凤形股份拟收购白银华鑫九和75%股权，控股股东再质押股份

Group 1 - The company plans to acquire 75% equity of Baiyin Huaxin Jiuhua Recycling Resources Co., Ltd. through a share issuance, which is expected to constitute a major asset restructuring [1][2] - The company anticipates turning a profit in 2025, with a projected net profit ranging from 18 million to 22 million yuan [4] - The controlling shareholder, Qinghai Western Indium Industry Co., Ltd., has pledged 4 million shares after unpledging the same amount, with a cumulative pledge ratio of 71.19% of its holdings, primarily to supplement liquidity [3] Group 2 - The company is expected to disclose the transaction plan and apply for resumption of trading by March 2, 2026, but the transaction is subject to audit, evaluation, and regulatory approval, introducing uncertainty [2] - The company has made progress in the controllable nuclear fusion materials sector, having won a project from the Chinese Academy of Sciences in 2025, which may enhance market attention in the long term, although current business contributions are minimal [4]