一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 证券代码：688299 证券简称：长阳科技 公告编号：2026-001 宁波长阳科技股份有限公司 关于预计 2026 年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次预计的关联交易属于公司及子公 司日常关联交易，以正常生产经营业务为基础，以市场价格为定价依据，不影响 公司的独立性，不存在损害公司及股东利益的情形，不会对关联人形成依赖。 2026 年 1 月 12 日，宁波长阳科技股份有限公司（以下简称"公司"）召开 第四届董事会第八次会议，审议通过了《关于预计公司 2026 年度日常关联交易 的议案》，表决结果：关联董事杨衷核回避表决，出席会议的非关联董事一致同 意该议案。 本议案已经第四届董事会独立董事第二次专门会议审议通过，并同意将该议 案提交至公司董事会进行审议。独立董事认为：公司及子公司本次预计 2026 年 度与关联人发生的日常关联交易系正常市场行为，符合公 ...

Core Viewpoint - The company announced that it will hold the eighth meeting of the fourth board of directors on January 12, 2026, to review the proposed daily related party transactions for 2026, which do not require shareholder approval [1] Group 1: Related Party Transactions - The company expects to sell goods worth 3 million yuan to related party Changzhou Aozhi High Polymer Group and its subsidiaries in 2026, accounting for 0.31% of similar business [1] - The cumulative transaction amount from the beginning of the year to the disclosure date is 0, while the actual transactions in the previous year amounted to 3.1726 million yuan [1] - The related party transactions are priced at market rates, ensuring that the company's independence is not affected and shareholder interests are not harmed [1]

Group 1 - In 2025, out of 650 comparable QDII funds, 619 funds saw an increase in net value, representing 95.2% of the total, while 31 funds experienced a decline [1] - The top-performing fund, Huatai Fuhong Hong Kong Advantage Selection Mixed (QDII) A/C, achieved a remarkable growth of 114.19% and 113.83% respectively [1] - The fund's investment strategy focuses on innovative pharmaceuticals with global competitiveness and high-barrier equipment and consumables [1] Group 2 - The current fund manager of Huatai Fuhong is Zhang Wei, who has extensive experience in the pharmaceutical sector [2] - Six other QDII funds recorded growth exceeding 80%, with four of them managed by E Fund Management, all surpassing 85% growth [2] - The top holdings of these funds include major companies like TSMC, NVIDIA, Google, and Alibaba [2] Group 3 - There are 26 QDII funds with monthly growth rates between 60% and 80%, with the largest being GF Zhongzheng Hong Kong Innovative Medicine ETF (QDII), which had a growth of 66.65% [3] - The Fuguo Blue Chip Selected Stock (QDII) in USD also showed significant growth of 67.99% [4] Group 4 - The bottom-performing QDII funds in 2025 were primarily those focused on oil and gas products, with 10 funds declining over 10% [5] - E Fund Management had four products leading the decline, with losses ranging from 11.64% to 13.59% [5]

Core Insights - GaoTeng Pharmaceutical is evolving from a traditional biopharmaceutical company to a technology-driven global platform, redefining the boundaries of pharmaceutical innovation [1] - The company employs a unique model of "technology empowerment + ecological collaboration," which integrates global standards with local practices to create a competitive edge in the pharmaceutical industry [1][5] Group 1: Company Overview - GaoTeng Pharmaceutical is characterized as a "possibility engine," continuously evolving and breaking boundaries in the pharmaceutical sector [1] - The company has established a comprehensive global supply network, integrating quality management systems for drug production and clinical trials, ensuring compliance and safety [2] - GaoTeng's rise is attributed to its team's global experience and innovative capabilities, rather than just capital investment, creating a structural advantage that is difficult to replicate [2] Group 2: Operational Efficiency - The company has localized production to reduce costs associated with international projects, achieving over 30% savings on production and packaging costs [3] - GaoTeng's operational model combines global standards with local resources, enhancing efficiency and responsiveness in the pharmaceutical supply chain [3][5] - The company has developed a smart system, OptiSupply, which utilizes AI to predict demand and optimize supply chain management [10][12] Group 3: Global Strategy - GaoTeng aims to serve global markets from its base in China, leveraging the country's vast pharmaceutical market and regulatory advantages [6] - The establishment of a 7,500 square meter global drug supply center in Shanghai is expected to reduce clinical drug delivery times by 50% and waste by 30% [6] - The company is positioned to transition from domestic leadership to global competitiveness, with a focus on creating a closed-loop operation of "global orders - local production - cross-border delivery" [9] Group 4: Future Prospects - GaoTeng plans to initiate an IPO or financing plan within three years, reflecting its rapid growth since its establishment [13] - The company is seen as an "invisible champion" in the industry, with aspirations to further its global presence and impact [14] - The ongoing transformation of Chinese enterprises from "followers" to "leaders" in the global market is exemplified by GaoTeng's strategic initiatives [14]

Market Trends - On January 8, the main contract for polysilicon closed at 53,610 yuan/ton, with a daily drop of 9%, hitting the limit down. The total open interest for polysilicon fell to 104,600 contracts, the lowest since April 2025 [2] Regulatory Environment - A leaked meeting summary indicated that on January 6, the State Administration for Market Regulation held discussions with various industry players, including the Photovoltaic Association and major companies like Tongwei and Xiexin, focusing on monopoly risks and requiring corrective actions [4][5] - Industry insiders confirmed the authenticity of the leaked minutes, indicating that companies would comply with regulatory requirements and self-discipline, aligning with national "anti-involution" policies [5] Key Factors Influencing Price Drop 1. **Regulatory Stance**: The expectation of a price alliance through self-discipline and production limits was shattered by regulatory discussions emphasizing the need to eliminate vicious competition and outdated capacity, rather than allowing price monopolies [5] 2. **Severe Supply-Demand Imbalance**: Domestic polysilicon production capacity reached approximately 2.65 million tons, while global demand is projected at only 1.45 million tons by 2026, resulting in an excess supply of nearly 1.2 million tons. Total inventory across the industry may exceed 550,000 tons [6][13] 3. **Cost Disparity and Market Competition**: The market has shifted to a brutal cost competition, where leading companies can produce at cash costs as low as 24-25 yuan/kg, while many smaller firms face costs over 30% higher. This necessitates prices falling below the survival threshold of high-cost producers to clear the market [7] 4. **Capital Flight and Panic Selling**: A significant reduction of 4,212 contracts in open interest indicates that many investors exited the market due to concerns over deteriorating fundamentals and failed policy expectations, exacerbating the downward price trend [8] 5. **Failed Market Support Expectations**: The anticipated industry storage platform, seen as a potential market stabilizer, was confirmed to be more of an information hub without substantial storage actions or clear pricing, leading to a collapse of market confidence [9] Supply and Demand Overview - **Supply Side**: Total polysilicon production capacity is at approximately 2.65 million tons, with production expected to decrease by 28.4% year-on-year in 2025. January 2026 production is projected to drop to around 106,000-110,000 tons, with leading companies reducing operating rates below 50% [11][12] - **Demand Side**: The first quarter is traditionally a slow season for photovoltaic installations, with limited support for polysilicon demand. Long-term growth expectations have been downgraded, with some forecasts predicting a 35% year-on-year decline in domestic installations [13] - **Inventory Levels**: Industry inventory remains high, with total inventory expected to exceed 550,000 tons by the end of 2025 [14][18] Market Sentiment and Future Outlook - Analysts suggest that the regulatory signals indicate a shift towards market-driven competition rather than coordinated industry actions. The polysilicon market's path to clearing excess capacity may change, with prices expected to test lower thresholds amid ongoing supply pressures [15][16] - Short-term strategies recommend cautious operations due to high policy uncertainty, while long-term signals to watch include demand recovery in late January and specific regulatory measures for production cuts [16][17]

Group 1 - The core viewpoint of the article is that Ningbo Huizhixing New Materials Technology Co., Ltd. has officially commenced its IPO listing guidance, planning to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange, with Kaiyuan Securities serving as the advisory institution [1]. Group 2 - Huizhixing specializes in the research, production, and sales of optical-grade hardening films and other special functional films, with its main products including CPI functional film materials, polarizer functional film materials, and PET functional film materials, making it one of the few companies in China capable of producing CPI and TAC functional film materials [3]. - By December 2025, Huizhixing plans to use self-raised funds to purchase and assemble high-precision coating production lines to meet its production and operational development needs [3]. - The company's revenue for 2023, 2024, and the first half of 2025 is projected to be 262 million yuan, 330 million yuan, and 214 million yuan, respectively, while net profits are expected to be -17.39 million yuan, 21.45 million yuan, and 29.38 million yuan [3]. - Huizhixing has established partnerships with various optical manufacturers, including Nitto Group, Zhanxin Co., Ltd., Sandexin, Feirongda, Anjie Technology, Lingyi Technology, Dingfeng Precision, Sanlipu, Shengbo Optoelectronics, BOE, Tianma, and TCL Huaxing, and its products are widely used by well-known electronic terminal brands such as Huawei, Honor, OPPO, and vivo [3]. - Notably, Huizhixing secured financing of 29.90 million yuan from Changyang Technology, an optical film company, in May of last year, further advancing its CPI and PET functional film materials business [3].

Core Insights - Ningbo has demonstrated robust economic growth, achieving a GDP of 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year increase of 5.0% [1] - The city is home to 119 national manufacturing champions, maintaining its position as the leader in this category for eight consecutive years [3] - Emerging sectors such as artificial intelligence, robotics, and high-tech services have seen significant investment growth, with increases of 9.3%, 41.2%, and 56.7% respectively [1] Economic Structure and Innovation - Ningbo is a vital economic center in the Yangtze River Delta, with a diverse and vibrant economic structure, excelling in manufacturing, foreign trade, and logistics [2] - The city has a high concentration of innovative enterprises, with 90% of R&D activities and 80% of invention patents originating from businesses [2] - High-tech enterprises in Ningbo have reached a total of 8,855, with an average annual growth rate exceeding 30% over the past three years [2] Manufacturing and Global Presence - Ningbo's manufacturing sector has a strong global presence, with significant contributions to various industries, including optical lenses and sewing machines [3] - The city has seen a rise in the number of companies capable of producing humanoid robots, increasing from 3 to 8 since 2025 [6] - Notable companies like Long阳科技 have achieved a 55% market share in their field, showcasing Ningbo's competitive edge in global markets [3] Technological Advancements - Ningbo's innovation landscape is characterized by a focus on high-barrier hard technology, addressing critical challenges in various sectors [5] - The establishment of national key laboratories and high-energy innovation platforms has bolstered original innovation capabilities [7] - The city has made significant strides in developing advanced materials and technologies, such as the "极智G-X100" space computing chip [7] Financial Support and Capital Markets - The financial sector in Ningbo has shown strong growth, with a financial industry value added of 1,224.3 billion yuan, a 13.8% increase year-on-year [14] - The city has implemented various financial tools to support manufacturing and emerging industries, including specialized loans and insurance [14] - Ningbo's private equity fund management scale reached 6,982 billion yuan, with a significant portion directed towards cutting-edge sectors [22] Challenges and Strategic Responses - Ningbo faces challenges from global trade tensions and market fluctuations, yet it remains committed to high-quality development through technological innovation [9] - The city has adopted a collaborative approach between government and enterprises to enhance innovation and address industry challenges [11] - Efforts to strengthen partnerships with leading enterprises, such as 吉利控股, aim to foster technological advancements and industry integration [19]

Core Viewpoint - The company is focusing on long-term technological positioning and industry transformation despite short-term performance fluctuations, aiming to evolve from a "single champion" to a "platform enterprise" in the materials industry [1][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 809 million yuan, with a net profit attributable to shareholders of -5.34 million yuan, indicating a year-on-year decline [2][5]. - The gross margin increased to 30.58%, up 6.66 percentage points year-on-year, with the third quarter's gross margin reaching 32.57% and a net profit margin of 1.13%, reflecting a significant quarter-on-quarter improvement of 9.92 percentage points [2][3]. Strategic Focus - The company emphasizes the importance of continuous R&D investment as a core philosophy, balancing the pursuit of technological diversity with the need for business growth [2][3]. - The materials industry is characterized as a long-cycle sector, where true value lies in achieving key technological advancements rather than short-term gains [1][3]. Product Development - Solid-state batteries are identified as a key growth engine for the company over the next decade, with early investments made in this area since 2021 [4][5]. - The company has developed the concept of "ion-conducting membranes" to address critical technical challenges in solid-state battery production, aiming for a complete closed-loop from materials to processes [4]. Market Positioning - The company holds a 60% global market share in reflective films, establishing itself as a "single champion" in this segment, but aims to become a "platform materials enterprise" with multiple leading products [6]. - The strategic implementation relies on the establishment of the "Changyang Advanced Materials Research Institute," with a goal to develop 1-2 new globally leading products within the next decade [6]. Collaborative Efforts - The company is actively promoting the formation of a "solid-state battery industry alliance" in Ningbo, aiming to collaborate with local enterprises and research institutions to set standards and facilitate technology implementation [7]. - The CEO encourages investors to adopt a long-term perspective on the company's growth, emphasizing that the current investments in R&D and capacity building are aimed at future growth over the next five to ten years [7].

Core Viewpoint - Ningbo is emerging as a significant economic powerhouse in China, showcasing robust growth in its GDP and a strong focus on innovation and high-tech industries, particularly in the manufacturing sector. Economic Growth - Since joining the "trillion GDP club" in 2018, Ningbo's GDP has steadily increased, reaching 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year growth of 5.0% [1] - Investments in emerging sectors such as artificial intelligence and robotics, high-tech services, and technology services have seen significant growth rates of 9.3%, 41.2%, and 56.7% respectively [1] Manufacturing and Innovation - Ningbo is home to 119 national manufacturing champions, maintaining the top position in China for eight consecutive years [3] - The city is recognized for its strong manufacturing base, vibrant private economy, and active foreign trade, which collectively foster an environment conducive to innovation [6] - Approximately 90% of R&D institutions, personnel, and investments, along with over 80% of invention patents, originate from enterprises in Ningbo [8] Global Market Presence - Ningbo's manufacturing sector has gained significant global influence, with notable companies like Sunny Optical Technology supplying one-third of the world's Android phone optical lenses [9] - Long阳科技, listed on the STAR Market, has dominated the global market for optical reflection films with a 55% market share, breaking the long-standing monopoly of Japanese and Korean firms [9] Emerging Industries - The humanoid robot industry in Ningbo is rapidly developing, with the number of companies capable of producing humanoid robots increasing from 3 to 8 since 2025 [10] - The city has established a strong presence in the new energy vehicle supply chain, housing 22 manufacturing champions and 97 specialized "little giant" enterprises [10] Financial Support and Innovation - Ningbo's financial sector has seen a significant increase, with a financial industry value added of 1.224 trillion yuan in the first three quarters of 2025, marking a 13.8% year-on-year growth [16] - The city has implemented various financial tools to support innovation, including specialized loans and risk-sharing mechanisms, which have facilitated the growth of high-tech enterprises [18] Policy and Strategic Initiatives - Ningbo has introduced several policies to enhance its innovation ecosystem, including the "Ningbo City Science and Technology Innovation Regulations" and the establishment of high-level innovation platforms [14] - The government is actively promoting collaboration between enterprises and research institutions to foster innovation and address industry challenges [22] Trade and Export Growth - Ningbo has organized over 300 enterprises to participate in international exhibitions, achieving an intended transaction amount exceeding 5 billion USD [15] - The city has seen a 7% increase in trade with Central and Eastern European countries, with exports reaching 45.45 billion yuan in the first three quarters of 2025 [15] Capital Market Engagement - Ningbo has a robust capital market, with 125 listed companies, including 46 national champions, leveraging capital for technological development and capacity expansion [24] - The city has established a nurturing environment for startups and innovative enterprises, with a focus on attracting long-term capital to support technological advancements [27]

Core Insights - Ningbo has steadily increased its GDP since joining the "trillion yuan club" in 2018, achieving a GDP of 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year growth of 5.0% [2] - The city is recognized as a cradle for national manufacturing champions, boasting 119 national-level manufacturing champions, maintaining the top position in China for eight consecutive years [2][4] - Ningbo's economy is characterized by a diverse structure, with significant advancements in emerging sectors such as artificial intelligence, robotics, and high-tech services, which saw investment growth rates of 9.3%, 41.2%, and 56.7% respectively [2][3] Economic Structure and Innovation - Ningbo is a vital economic center in the Yangtze River Delta, with a robust manufacturing, foreign trade, and logistics industry [3] - The city has implemented an innovation-driven development strategy, with 90% of R&D activities and over 80% of invention patents originating from enterprises [3] - High-tech enterprises in Ningbo have reached a total of 8,855, with an average annual growth rate exceeding 30% over the past three years [3] Manufacturing and Global Presence - Ningbo's manufacturing sector is recognized globally, with significant contributions from companies like Sunny Optical Technology, which supplies one in three Android smartphones with optical lenses [4] - The city has seen a rise in the number of enterprises capable of producing humanoid robots, increasing from 3 to 8 since 2025, supported by a growing supply chain [6] - The global market share of Ningbo's manufacturing products continues to expand, with companies like Longyan Technology leading in the optical film market with a 55% share [5] Financial Support and Innovation Ecosystem - Ningbo's financial sector has shown robust growth, with a financial industry value added of 1,224.3 billion yuan in the first three quarters of 2025, marking a 13.8% increase [13] - The city has established a multi-layered risk mitigation system to support small and micro enterprises, facilitating access to financing [14] - Financial tools such as specialized loans and transformation insurance are being utilized to support the transition of manufacturing and emerging industries [13][14] Policy and Strategic Development - Ningbo has introduced various policies to enhance its innovation ecosystem, including the establishment of national-level innovation platforms and support for high-tech enterprises [8][10] - The city aims to build 10 national-level innovation platforms and over 1,000 provincial-level R&D institutions by 2030 [8] - Collaborative efforts between government and enterprises are emphasized to foster innovation and address industry challenges [10] Market Expansion and Trade - Ningbo has accelerated its international trade efforts, with over 300 companies participating in exhibitions abroad, achieving an intended transaction amount exceeding 5 billion USD [11] - The city has seen a 7% increase in imports and exports to Central and Eastern European countries, with specific companies reporting significant growth in this market [12] - Cross-border e-commerce has also flourished, with Ningbo's special area for cross-border e-commerce exports reaching 47.99 billion yuan, a 16.9% increase year-on-year [12] Conclusion - Ningbo is positioned as a "Champion City" with a strong manufacturing base and a commitment to innovation, aiming to transform into a "New Quality City" through strategic initiatives and financial empowerment [24]