智通财经APP讯，海天国际(01882)发布公告，于2026年1月5日，宁波海天国华机械有限公司(国华机 械，作为目标公司)、国华企业集团有限公司(国华企业，作为卖方)与宁波保税区海天智胜金属成型设备 有限公司(海天智胜，作为买方)订立股权转让协议，据此，国华企业已同意出售，而海天智胜已同意购 买国华机械的全部股本权益，现金代价约为人民币3.42亿元(相当于约3.8亿港元)。出售事项完成后，集 团将不再持有国华机械任何股本权益。 国华机械由集团于2018年在中国浙江省宁波市成立，一直由集团用于在中国浙江省宁波市开展厂房楼宇 及配套资产租赁业务。董事会认为，国华机械经营的业务并非集团现时专注的核心业务，对集团核心业 务的整体生产力亦无贡献。为更加聚焦集团的主营业务，集团拟出售其于国华机械的全部股本权益，此 举对集团更有利，并有效减少集团主营业务以外的营运风险。 于本公布日期，国华机械由公司的间接全资子公司国华企业直接持有其100.00%股本权益。 ...

转自：证券时报 人民财讯12月17日电，凯撒旅业(000796)12月17日公告，为统一品牌标识，使公司名称与证券简称"凯 撒旅业"保持一致，同时深化业务聚焦以及彰显集团化运营实质，公司名称拟由"凯撒同盛发展股份有限 公司"变更为"凯撒旅业集团股份有限公司"。公司证券简称"凯撒旅业"和证券代码"000796"不变。 ...

科森医疗成立于2018年7月，注册资本1.18亿元，主要经营微创手术器械加工与出口业务。受外部市场 环境变迁与中美贸易摩擦持续影响，其业务发展已面临挑战，且与公司核心主业协同效应有限。 据公告，本次交易完成后，科森医疗将不再纳入公司合并报表范围。经初步测算，预计将增加公司2025 年度投资收益约6亿元，有利于实现资金回笼，降低资金压力，所获款项将用于补充流动资金。此举旨 在优化公司资产结构，全面退出医疗业务，进一步聚焦消费电子主业，提升经营水平和质量。 科森科技主要以精密压铸、锻压、冲压、CNC、激光切割等制造工艺为基础，为苹果、华为、亚马 逊、谷歌等国际知名客户提供消费电子、医疗器械、汽车等终端产品所需精密结构件产品的研发、制造 及部分组装服务。 核校：孙萍 交易对方耀岭科为FSP Holdings Pte. Ltd的全资子公司，专为此次收购设立。FSP是一家位于新加坡的医 疗器械CDMO公司，由LYFE Capital控股，后者是一家全球医疗领域投资平台，管理资产超过20亿美 元。 ...

倘潜在出售事项落实，集团可透过出售销售股权，释放于内地非核心业务的投资价值，从而专注于发展 香港的核心业务，把资源投放于更具成长潜力的领域。集团将持续积极优化其资产及业务，务求提升集 团在香港运输业的整体竞争力，为股东创造更多价值。董事会认为意向协议条款属公平合理，而潜在出 售事项亦符合公司及公司股东整体利益。 冠忠巴士集团(00306)公布，于2025年12月5日，公司间接全资附属公司冠忠(重庆)旅游开发有限公司(卖 方一)及公司间接联营公司成都西部旅游投资控股(集团)股份有限公司(卖方二)与阿坝大九寨旅游集团有 限责任公司(买方一)及成都新天府文化旅游发展股份有限公司(买方二)与目标公司理县毕棚沟旅游开发 有限公司就潜在出售事项订立不具法律约束力的股权交易意向协议。根据意向协议，卖方拟向买方出售 目标公司85.3%的股权，目标公司主要从事毕棚沟景区旅游相关业务。 ...

倘潜在出售事项落实，集团可透过出售销售股权，释放于内地非核心业务的投资价值，从而专注于发展 香港的核心业务，把资源投放于更具成长潜力的领域。集团将持续积极优化其资产及业务，务求提升集 团在香港运输业的整体竞争力，为股东创造更多价值。董事会认为意向协议条款属公平合理，而潜在出 售事项亦符合公司及公司股东整体利益。 智通财经APP讯，冠忠巴士集团(00306)公布，于2025年12月5日，公司间接全资附属公司冠忠(重庆)旅 游开发有限公司(卖方一)及公司间接联营公司成都西部旅游投资控股(集团)股份有限公司(卖方二)与阿坝 大九寨旅游集团有限责任公司(买方一)及成都新天府文化旅游发展股份有限公司(买方二)与目标公司理 县毕棚沟旅游开发有限公司就潜在出售事项订立不具法律约束力的股权交易意向协议。根据意向协议， 卖方拟向买方出售目标公司85.3%的股权，目标公司主要从事毕棚沟景区旅游相关业务。 ...

特罗特表示："关键在于聚焦对我们来说最大的机遇。如果试图无所不为，最终将一事无成。"据悉，力 拓正在审查的资产包括集团的钛和硼酸盐业务。 力拓指出，将在本十年末之前，每年削减平均运营单位成本4%。其他改进措施包括：通过简化内部运 营、暂停非核心项目和研究，在明年第一季度末前实现6.5亿美元的生产效益提升。 曾掌管力拓铁矿石部门的特罗特旨在精简这个被批评者认为近年来变得臃肿——尤其是辅助职能部门 ——的组织机构。他已削减部门编制，裁减部分高级员工，并着手剥离或关闭非核心业务。 Barrenjoey Markets Pty Ltd.的金属与矿业研究主管格林.劳考克(Glyn Lawcock)表示："他们提及了电站、 海水淡化厂等基础设施的售后回租方案。这存在资本成本套利空间。我认为特罗特的思路是正确的。" 矿业巨头力拓(RIO.US)新任首席执行官西蒙.特罗特(Simon Trott)概述了筹集至多100亿美元以再投资于 核心业务的计划，同时缩减包括锂业务在内的宏大目标，以打造一个专注于铁矿石和铜等核心领域的精 简型矿业公司。 力拓列出了一系列关键的增长和成本削减目标，并表示将通过资产剥离、出售少数股权和重组部分 ...

Group 1 - The core viewpoint of the articles indicates that Guangdong Yaowang Technology Group Co., Ltd. is facing significant operational pressure due to a substantial decline in its footwear business revenue and ongoing losses, prompting the company to consider selling its footwear sales business to focus on digital marketing [1] - The company plans to restructure internally to facilitate the transfer of its footwear sales business, which includes a debt-to-equity swap and asset transfer to its wholly-owned subsidiary, Foshan Saturday Footwear Co., Ltd. [2] - The total amount of the capital increase for Saturday Footwear is projected to be 53,625.38 million yuan, which will be fully accounted for in the capital reserve, while the registered capital of Saturday Footwear will remain unchanged at 10 million yuan [2]

Core Viewpoint - ST Tongpu, a company with nearly 90 years of winemaking history, has recently experienced a five-day stock surge, reaching a one-year high, despite its ongoing ST status due to historical issues related to illegal guarantees [1][19]. Group 1: Historical Development - Tonghua Wine Co., Ltd. is a well-established brand in China's wine industry, with nearly 90 years of winemaking experience. The company underwent restructuring in 1999 and was officially listed on January 15, 2001. It has experienced multiple changes in shareholding, notably when Xinhua Group became the largest shareholder in 2004 [2][20]. Group 2: Main Business - ST Tongpu's main business is divided into two segments: wine manufacturing and sales, and e-commerce for consumer goods. The wine segment focuses on various types of wines, including dry, ice, sweet, and grape spirits, using unique mountain grapes from Changbai Mountain. The e-commerce segment operates through its subsidiary, Jiurun Yuan, and has obtained internet distribution rights from several brand owners, collaborating with platforms like JD.com, Tmall, and Pinduoduo. The company has recently decided to gradually stop selling white wine online and will focus on wine and non-white wine consumer goods in the future [3][21]. Group 3: Financial Performance (2022-2024) - ST Tongpu's financial data has shown volatility in recent years. Key indicators include: - Basic earnings per share: -0.13 yuan in 2022, -0.17 yuan in 2023, and -0.12 yuan in 2024 [5][23]. - Net asset per share: 0.78 yuan in 2022, 0.72 yuan in 2023, and 0.67 yuan in 2024 [6][24]. - Sales gross margin: 19.49% in 2022, 17.99% in 2023, and 14.54% in 2024 [7][25]. - In 2024, the company reported revenue of 869 million yuan, a year-on-year increase of 1.22%, but a net loss attributable to shareholders of 49.88 million yuan, indicating continued losses [8][26]. - As of the first half of 2025, the company's debt-to-asset ratio reached 66.8%, indicating significant financial pressure [9][27]. Group 4: Reasons for ST Status - The direct reason for ST status is historical issues related to illegal guarantees. In August 2020, the company discovered that the former actual controller had illegally used the company's seal to guarantee a loan agreement for Dalian Dinghua International Trade Co., Ltd. The arbitration involved an amount as high as 306.3 million yuan, and although the arbitration court deemed the guarantee invalid, the company was ordered to bear compensation liability of approximately 61.26 million yuan [10][28]. Additionally, the internal control audit report for 2020 received a negative opinion, contributing to the ongoing ST status [11][29]. Group 5: Current Problem Resolution Status - As of the third quarter of 2025, the core issues leading to ST status remain unresolved, and the conditions for removal have not been met. The company has filed a lawsuit against the former actual controller for losses related to the illegal guarantee but lost the first instance in July 2025 and has appealed, with the case currently in the second instance [12][30]. The company has recognized estimated liabilities for the arbitration matter and is disclosing progress monthly, indicating a commitment to using legal means to protect its rights and mitigate risks [12][31]. Group 6: Potential Speculative Themes - Despite the pressure on fundamentals, the market may focus on the following themes: 1. Business focus: The decision to stop the e-commerce white wine business and return to the core wine business is seen as a signal of strategic clarity [13][32]. 2. Equity incentives: A restricted stock incentive plan is set to be launched in 2025, proposing to grant approximately 6.26% of shares to 45 core employees, which may be interpreted as management's confidence in the future [13][32]. 3. Historical heritage: The company has nearly 90 years of winemaking history and a unique underground wine cellar, providing a foundation for brand storytelling [14][33]. 4. Active stock price: In September 2025, the stock experienced a "five consecutive boards" phenomenon, with a monthly increase of over 40%, likely attracting short-term capital attention [15][34].

Core Viewpoint - The company is undergoing significant governance restructuring and asset optimization to enhance operational efficiency and focus on core business areas, driven by the support of its major shareholder, CITIC Group [1][2][3][5] Governance Structure - The company has revised its Articles of Association and governance systems, eliminating the supervisory board and streamlining the board from 15 to 9 members to improve decision-making efficiency [1] - A rotation system for the president has been implemented to foster team creativity and align with modern corporate governance standards [1] - The company received recognition as an excellent practice case for its board governance in November 2023 [1] Asset Optimization - Since 2023, the company has disposed of 73 inefficient assets, enhancing asset quality and focusing on its core business [2] - The merger with Longping Development has strengthened the company's position in the international seed market, particularly in transgenic corn [3] Business Focus - The company has established a business matrix centered on staple crops such as hybrid rice, corn, wheat, and soybeans, as well as specialized crops [3] - The company has developed a "dual full dual zero" quality management model, which has earned it the "China Quality Award" in September 2025, marking it as the only agricultural company to receive this honor [3] Financial Performance - In 2024, the company reported a revenue of 8.566 billion yuan, with significant contributions from the rice and corn segments [3] - The company has distributed approximately 125 million yuan in cash dividends over the past two years, with an average dividend payout ratio of nearly 40% of net profit [3] Investor Relations - The company has enhanced its communication with the capital market through various investor relations initiatives and received an A-class rating for information disclosure in October 2025 [4] - Strategic investments from state-owned enterprises have been secured to optimize governance and accelerate the development of the corn seed business [4] Long-term Growth - The company's governance improvements and capital strategy adjustments are laying a solid foundation for high-quality development and long-term growth amid increasing competition in the international seed industry [5]

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total consideration of CNY 2.267 billion, to be paid in two installments [1][5] - The acquisition aims to enhance the net profit attributable to shareholders and optimize the equity structure of Yunnan Aluminum [1][5] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Aluminum Yongxin is expected to have a net profit of CNY 608 million in 2024, while Yunnan Aluminum Runxin's profit is projected to drop by 72.3% to CNY 104 million, and Yunnan Aluminum Hongxin is expected to incur a loss of CNY 3 million [1][5] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Aluminum Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] - The acquisition will result in a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price [2][4] Financial Impact on China Aluminum - Post-acquisition, the net asset value of Yunnan Aluminum will increase by CNY 1.255 billion, and goodwill will rise by CNY 1.099 billion, impacting China Aluminum's financial statements positively [5][6] - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows for a more focused expansion in aluminum products [6][7] Market Outlook and Shareholder Returns - China Aluminum has a history of generous dividends, with cumulative payouts reaching CNY 9.2 billion since 2021, and a dividend payout ratio of 21% [8] - Institutional investors, including CITIC Securities, have shown confidence in the company, increasing their holdings significantly [8][9] - Analysts predict continued growth in net profit, with estimates for 2025-2027 ranging from CNY 146.35 billion to CNY 177.2 billion, reflecting a positive outlook for the company [9]