证券代码：300051 证券简称：琏升科技 公告编号：2025-041 一、 本次重大资产重组的基本情况 琏升科技股份有限公司（以下简称"公司"或"上市公司"）拟以发行股份及支 付现金的方式购买兴储世纪科技股份有限公司69.71%股份并募集配套资金（以下简 称"本次交易"）。本次交易标的资产的交易价格尚未最终确定，根据交易各方对评 估作价的初步预期和估计，本次交易预计将构成上市公司重大资产重组但不构成重 组上市。 本次交易募集资金认购方海南琏升科技有限公司（以下简称"海南琏升"）系公 司控股股东，另外，公司董事长黄明良同时担任海南琏升董事长、公司董事王新同时 担任海南琏升董事、公司副董事长朱江同时担任海南琏升董事，海南琏升为公司关联 方。本次交易完成后，部分交易对方持有的上市公司股份比例可能将超过5%。根据 《公司法》《证券法》《深圳证券交易所股票上市规则》等法律、法规及规范性文件 的相关规定，本次交易构成关联交易。 经向深圳证券交易所申请，公司股票（证券简称：琏升科技，证券代码：300051） 自2025年4月7日（星期一）开市起开始停牌，具体内容详见公司于2025年4月8日披露 的《关于筹划重大资产重组的 ...

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides short - term trend judgments for multiple futures products, including precious metals, base metals, energy, chemicals, agricultural products, etc. Each product has its own specific trend, such as gold breaking below the support level, silver oscillating downward, etc. [2][5] Summary by Product Category Precious Metals - **Gold**: Broke below the support level, with a trend intensity of - 1, indicating a bearish outlook. Yesterday, the closing price of Shanghai Gold 2506 was 737.64, down 2.90%. [2][7][11] - **Silver**: Oscillated downward, with a trend intensity of - 1. The closing price of Shanghai Silver 2506 yesterday was 7991, down 2.20%. [2][7][11] Base Metals - **Copper**: Lacked a clear driver, with prices oscillating. The trend intensity was 0. Yesterday, the closing price of Shanghai Copper's main contract was 77,870, down 1.36%. [2][13][15] - **Aluminum**: Oscillated within a range, with a trend intensity of 0. [2][16][19] - **Alumina**: Continued to rebound, with a trend intensity of 0. [2][16][19] - **Zinc**: Prices were adjusted downward, with a trend intensity of - 1. The closing price of Shanghai Zinc's main contract yesterday was 22590, down 0.53%. [2][20][21] - **Lead**: Adjusted within a range, with a trend intensity of 0. The closing price of Shanghai Lead's main contract yesterday was 16975, up 0.24%. [2][23][24] - **Tin**: Oscillated in a narrow range, with a trend intensity of - 1. The closing price of Shanghai Tin's main contract yesterday was 265,210, down 0.21%. [2][26][31] - **Nickel**: The news affected market sentiment, while the fundamentals changed little, with a trend intensity of 0. [2][32][36] - **Stainless Steel**: Inventory decreased slightly at a high level, and short - term repair might not be too high, with a trend intensity of 0. [2][32][36] Energy and Chemicals - **Carbonate Lithium**: The inventory accumulation pattern was difficult to reverse, and the weak trend might continue, with a trend intensity of 0. [2][37][39] - **Industrial Silicon**: The weak fundamentals remained, and the futures price had a downward driving force, with a trend intensity of - 1. [2][40][42] - **Polysilicon**: The downstream prices continued to decline, and the futures price was weak, with a trend intensity of - 1. [2][40][42] - **Iron Ore**: Short - term bullish factors were realized, and the upward driving force slowed down, with a trend intensity of - 1. [2][43] - **Rebar**: Oscillated in a wide range, with a trend intensity of 0. [2][45][47] - **Hot - Rolled Coil**: Oscillated in a wide range, with a trend intensity of 0. [2][45][47] - **Silicon Ferrosilicon**: There was concentrated production reduction in the main producing areas, and prices oscillated in a wide range, with a trend intensity of 0. [2][50][53] - **Manganese Silicide**: The raw material price continued to rise, and prices oscillated in a wide range, with a trend intensity of 0. [2][50][53] - **Coke**: With the decline of molten iron, prices oscillated in a wide range, with a trend intensity of 0. [2][54][58] - **Coking Coal**: With the decline of molten iron, prices oscillated in a wide range, with a trend intensity of 0. [2][54][58] - **Steam Coal**: The coal mine inventory increased, and prices oscillated weakly, with a trend intensity of 0. [2][59][61] - **Log**: Oscillated repeatedly, with a trend intensity of - 1. [2][62][66] - **Para - Xylene**: Had a single - sided oscillating market. [2][67] - **PTA**: The strategy was to go long on PX and short on PTA. [2][68] - **MEG**: The single - sided trend remained relatively strong. [2][68] - **Synthetic Rubber**: The upward trend slowed down. [2] - **Asphalt**: Oscillated repeatedly following crude oil. [2] - **LLDPE**: Had a medium - term oscillating market. [2] - **PP**: Prices rose slightly, but trading volume was weak. [2] - **Caustic Soda**: There was still pressure in the later stage. [2] - **Glass**: The price of the original sheet was stable. [2] - **Methanol**: Oscillated. [2] - **Urea**: Oscillated with support. [2] - **Styrene**: Oscillated in the short term. [2] - **Soda Ash**: There were few changes in the spot market. [2] - **LPG**: Short - term bearish factors were realized, and attention should be paid to the lower support. [2] - **PVC**: Oscillated in the short term, and there was still pressure in the later stage. [2] - **Fuel Oil**: Continued to fall at night, and the short - term weakness continued. [5] - **Low - Sulfur Fuel Oil**: Retreated in the short term, and the price difference between high - and low - sulfur fuels in the external market slightly narrowed. [5] Agricultural Products - **Palm Oil**: The pressure was released stage by stage, and it was looking for support below. [5] - **Soybean Oil**: There was an emotional bubble in US soybean oil, and the risk of edible oils increased. [5] - **Soybean Meal**: Concerns about the biodiesel policy and the decline of US soybeans might lead to a weak oscillation. [5] - **Soybean No. 1**: Might oscillate weakly following other soybean products. [5] - **Corn**: Oscillated. [5] - **Sugar**: Trended weakly. [5] - **Cotton**: Attention should be paid to changes in the overall market sentiment. [5] - **Eggs**: Oscillated and adjusted. [5] - **Live Pigs**: The game continued. [5] - **Peanuts**: Oscillated strongly. [5] Others - **Container Freight Index (European Line)**: Oscillated strongly. Hold the 6 - 8 and 10 - 12 reverse spreads. [5] - **Short - Fiber and Bottle - Chip**: Oscillated in the short term. Hold the strategy of going long on PF and short on PR. [5] - **Offset Printing Paper**: Oscillated weakly. [5]

2025年05月16日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：消息面扰动情绪，基本面变化有限 | 2 | | --- | --- | | 不锈钢：库存高位小幅去化，短线修复或难以过高 | 2 | | 碳酸锂：累库格局难反转，偏弱走势或延续 | 4 | | 工业硅：弱势基本面依旧，盘面具备下行驱动 | 6 | | 多晶硅：下游继续跌价，盘面弱势 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 5 月 16 日 镍：消息面扰动情绪，基本面变化有限 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 123,600 | -1,630 | -30 | -120 | -640 | -950 | | 期 | | 不锈钢主力（收盘价） | 12,995 | -85 | 290 | 325 | ...

2025 年 05 月 16 日 工业硅：弱势基本面依旧，盘面具备下行驱动 多晶硅：下游继续跌价，盘面弱势 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2506收盘价（元/吨） | 8,410 | -80 | 95 | -1,145 | | | | Si2506成交量（手） | 209,778 | -172,858 | -187,080 | 52,987 | | | | Si2506持仓量（手） | 124,014 | -22,511 | -57,097 | -18,844 | | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 37,920 | -500 | 970 | - | | | | PS2506成交量（手） | 136,753 | -99,329 | -318,288 | - | | | | PS2506持仓量（手） | 37 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Fed Chair Powell is re - evaluating the "key parts" of the 2020 monetary policy framework, and long - term interest rates may rise [7][18][24]. - The rebound in the crude oil market may not be over, but the expected US - Iran peace talks have weakened the upside space. It is recommended to hold long positions and positive spreads lightly [8]. - Soda ash is expected to be volatile and slightly stronger in the short term but still face pressure in the medium term [10]. 3. Summary by Related Catalogs 3.1 Gold and Silver - **Core View**: Gold has broken below the support level, and silver is oscillating downward [13][19]. - **Fundamentals**: Gold and silver prices showed different trends in the day and night sessions, with changes in trading volume, open interest, and inventory. The trend strength of both is - 1 [18][22]. - **News**: The Fed's adjustment of the monetary policy framework, US economic data such as PPI and retail sales, and international political and economic events [18][23]. 3.2 Copper - **Core View**: Copper lacks a clear driver and its price is oscillating [13][24]. - **Fundamentals**: Copper prices had fluctuations in the day and night sessions, with changes in trading volume, open interest, and inventory. The trend strength is 0 [24][26]. - **News**: The Fed's policy adjustment, US economic data, and news about copper imports and mining projects [24][26]. 3.3 Aluminum and Alumina - **Core View**: Aluminum is in a range - bound oscillation, and alumina continues to rebound [13][27]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of aluminum and alumina. The trend strength of both is 0 [27][29]. - **News**: Spot alumina transactions in Henan [27]. 3.4 Zinc - **Core View**: Zinc prices are adjusting downward [13][30]. - **Fundamentals**: Zinc prices declined, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [30][31]. - **News**: US economic data [31]. 3.5 Lead - **Core View**: Lead is in a range - bound adjustment [13][33]. - **Fundamentals**: Lead prices had slight changes, with changes in trading volume, open interest, and inventory. The trend strength is 0 [33][34]. - **News**: US economic data [34]. 3.6 Tin - **Core View**: Tin is oscillating in a narrow range [13][36]. - **Fundamentals**: Tin prices had minor fluctuations, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [37][41]. - **News**: The Fed's policy adjustment, US economic data, and international political and economic events [38]. 3.7 Nickel and Stainless Steel - **Core View**: News has affected market sentiment for nickel, but the fundamentals have changed little. For stainless steel, inventory has slightly decreased at a high level, and the short - term recovery may not be significant [13][42]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of nickel and stainless steel. The trend strength of both is 0 [42][46]. - **News**: Indonesia's adjustment of nickel product resource tax rates, Canada's potential nickel export policy change, and the progress of nickel - related projects [42][45]. 3.8 Lithium Carbonate - **Core View**: The pattern of inventory accumulation in the lithium carbonate market is difficult to reverse, and the weak trend may continue [13][47]. - **Fundamentals**: Lithium carbonate futures prices declined, with changes in trading volume, open interest, and inventory. The trend strength is 0 [47][49]. - **News**: The price increase of battery - grade lithium carbonate and the growth of the global electric vehicle market [48][49]. 3.9 Industrial Silicon and Polysilicon - **Core View**: Industrial silicon has a weak fundamental situation and the disk has a downward drive. Polysilicon's downstream prices continue to fall, and the disk is weak [13][50]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of industrial silicon and polysilicon. The trend strength of both is - 1 [50][52]. - **News**: Lian Sheng Technology's major asset restructuring [51]. 3.10 Iron Ore - **Core View**: Short - term positive factors for iron ore have been realized, and the upward drive has slowed down [13][53]. - **Fundamentals**: Iron ore prices declined slightly, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [54]. - **News**: China's M2 data [54]. 3.11 Rebar and Hot - Rolled Coil - **Core View**: Both rebar and hot - rolled coil are in wide - range oscillations [13][56]. - **Fundamentals**: Rebar and hot - rolled coil prices had minor fluctuations, with changes in trading volume, open interest, and inventory. The trend strength of both is 0 [56][58]. - **News**: Steel production data from the China Iron and Steel Association, steel production, inventory, and demand data from Shanghai Steel Union, and China's loan and money supply data [56][58]. 3.12 Ferrosilicon and Silicomanganese - **Core View**: Ferrosilicon has concentrated production cuts in major producing areas and is in wide - range oscillations. Silicomanganese's raw material prices continue to rise, and it is also in wide - range oscillations [13][60][61]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of ferrosilicon and silicomanganese. The trend strength of both is 0 [60][63]. - **News**: Price changes and production cuts in the ferrosilicon and silicomanganese markets [60]. 3.13 Coke and Coking Coal - **Core View**: Both coke and coking coal are in wide - range oscillations due to the decline in hot metal production [13][64][65]. - **Fundamentals**: Coke and coking coal prices declined, with changes in trading volume, open interest, and inventory. The trend strength of both is 0 [65][68]. - **News**: Price and inventory data of coke and coking coal [65]. 3.14 Steam Coal - **Core View**: Steam coal inventories in mines are increasing, and the price is oscillating weakly [13][69]. - **Fundamentals**: Steam coal had no trading on the previous day, with price and inventory information. The trend strength is 0 [69][71]. - **News**: Steam coal prices in domestic and foreign ports [70]. 3.15 Logs - **Core View**: Logs are oscillating repeatedly [13][72].

Core Viewpoint - The article discusses the challenges faced by the solar energy sector, particularly focusing on the struggles of Liansheng Technology, which is attempting to pivot towards energy storage amid a difficult photovoltaic market [2][9]. Group 1: Company Overview - Liansheng Technology, under the leadership of Huang Mingliang, has a diversified portfolio but is primarily struggling in the solar energy sector [2][3]. - The company has a high debt ratio of 74.37% as of the end of 2024, indicating significant financial pressure [4]. - As of the end of 2024, Liansheng Technology reported a net asset of 242 million yuan, with a revenue of 501 million yuan, reflecting a year-on-year growth of 121.79% [5]. Group 2: Financial Performance - The company reported a net loss of 110 million yuan for 2024, a decline of 177.65% year-on-year, and a non-recurring net profit loss of 139 million yuan, down 234.09% [5]. - The gross margin for its main product, solar cells and modules, was -27.08% in 2024, indicating unprofitability in its core business [7]. Group 3: Market Challenges - The photovoltaic market is currently oversaturated, leading to continued losses for Liansheng Technology's solar business [8]. - The company has been unable to significantly increase its production capacity, with only 1.8 GW of solar cell production capacity as of the end of 2024, despite ambitious plans [12][14]. Group 4: Strategic Moves - Liansheng Technology is pursuing a major asset restructuring to acquire a 69.71% stake in Xingshu Century, a storage platform under the ZTE system, as part of its strategy to diversify into energy storage [16][32]. - Xingshu Century has shown better financial performance, with revenues of 1.037 billion yuan and 980 million yuan in 2023 and 2024, respectively [17]. Group 5: Future Outlook - The acquisition of Xingshu Century is seen as a potential way for Liansheng Technology to leverage synergies, although the feasibility of this integration is questioned given Liansheng's current market position [33][34]. - The competitive landscape for energy storage is becoming increasingly challenging, with many companies facing declining margins and profitability [26][28].

Core Viewpoint - Liansheng Technology reported significant revenue growth in Q1 2025, with a revenue of 99.73 million yuan, an increase of 80.88% year-on-year, although it still recorded a net loss of 23.30 million yuan, improving from a loss of 28.49 million yuan in the same period last year [1][2]. Financial Performance Summary - Q1 2025 revenue reached 99.73 million yuan, up 80.88% from 62.03 million yuan in Q1 2024 [2]. - Net profit attributable to shareholders was -23.30 million yuan, an improvement of 18.23% from -28.49 million yuan in the previous year [2]. - The net cash flow from operating activities was -58.61 million yuan, a decline of 252.05% compared to 38.55 million yuan in the previous year [2]. - Basic and diluted earnings per share were both -0.06 yuan, a 25% improvement from -0.08 yuan in the same period last year [2]. - Total assets at the end of Q1 2025 were 3.15 billion yuan, down 4.62% from 3.30 billion yuan at the end of the previous year [2]. 2024 Performance Overview - For the full year 2024, Liansheng Technology achieved a revenue of 500.55 million yuan, representing a year-on-year increase of 121.79% from 225.69 million yuan in 2023 [3][5]. - The net profit attributable to shareholders for 2024 was -110.32 million yuan, worsening from -39.74 million yuan in 2023 [3]. - Revenue from solar cells and modules reached 343.11 million yuan, a remarkable increase of 437.75%, accounting for 68.55% of total revenue [3][5]. Strategic Acquisition - Liansheng Technology announced plans to acquire 69.71% of Xingshu Century Technology Co., Ltd., aiming to enhance its business synergy and leverage Xingshu's advanced technology in photovoltaic energy storage systems [5][7]. - The acquisition is expected to strengthen Liansheng's position in the high-efficiency heterojunction technology supply chain and expand its overseas market opportunities [7].

中信建投证券股份有限公司 关于 琏升科技股份有限公司 控股子公司增资之重大资产重组 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 5、本独立财务顾问未委托和授权任何其它机构和个人提供未在本持续督导 意见中列载的信息和对本持续督导意见做任何解释或者说明。 6、本独立财务顾问提请广大投资者认真阅读上市公司董事会发布的《厦门 三五互联科技股份有限公司控股子公司增资之重大资产重组暨关联交易报告书 （草案）（修订稿）》和与本次交易有关的审计报告、评估报告、法律意见书等 文件全文。 二零二五年五月 声 明 中信建投证券股份有限公司（以下简称"中信建投"或"独立财务顾问"） 接受委托，担任琏升科技股份有限公司（原"厦门三五互联科技股份有限公司" 以下简称"琏升科技"、"上市公司"或"公司"）2023 年控股子公司增资之重 大资产重组（以下简称"本次交易"或"本次重组"）的独立财务顾问。 本持续督导意见是根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《深圳证券交易所创业板股票上市规则》等 法律、法规的有关规定，按照证券行业公认的业务标准、道德规范和诚实信用、 勤勉尽 ...

Financial Performance - The company reported a basic earnings per share of -0.3000 yuan for 2024, a decrease of 172.73% compared to -0.1100 yuan in 2023 [1] - The net profit for 2024 was -1.1 billion yuan, which is a 175% increase in losses from -0.4 billion yuan in 2023 [1] - Operating revenue increased significantly to 5.01 billion yuan in 2024, up 121.68% from 2.26 billion yuan in 2023 [1] - The return on equity for 2024 was -40.71%, a decline of 159.46% from -15.69% in 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 15,354.33 million shares, accounting for 41.98% of the circulating shares, with an increase of 479.58 million shares compared to the previous period [2] - Hainan Liansheng Technology Co., Ltd. remains the largest shareholder with 5,160.16 million shares, representing 14.11% of the total share capital [3] - New entrants among the top shareholders include Huaxia Industry Prosperity Mixed Fund and Huaxia Vision Growth One-Year Holding Mixed A, while Su Jianguo and Sichuan Haizi Investment Management Co., Ltd. have exited the top ten shareholders [3] Dividend Distribution - The company has announced no dividend distribution or capital increase for the current period [2]

关于琏升科技股份有限公司 2024 年度营业收入扣除情况的 专项核查意见 华兴专字[2025]24012170031 号 华兴会计师事务所（特殊普通合伙） w 关于琏升科技股份有限公司 2024 年度营业收入扣除情况的专项核查意见 华兴专字[2025]24012170031 号 琏升科技股份有限公司全体股东： 我们接受委托，按照中国注册会计师审计准则审计了琏升科技股份有限 公司(以下简称琏升科技公司) 2024 年度财务报表，包括 2024 年 12 月 31 日 的合并及母公司资产负债表、2024 年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司所有者权益变动表，以及相关财务报表附注， 并于 2025 年 4 月 28 日出具了华兴审字[2025]24012170011 号无保留意见的审 计报告。在此基础上，对后附的琏升科技公司管理层编制的《2024 年度营业 收入扣除情况表》(以下简称"营业收入扣除情况表")进行了专项核查。 一、管理层的责任 1 财务信息审计或审阅以外的鉴证业务》的规定执行了核查工作。该准则要求 我们遵守中国注册会计师职业道德规范，计划和实施核查工作，以对营业收 入扣除情 ...