一、品牌合法传承,运营一切正常 "富贵鸟"系列品牌商标及相关知识产权,已于2019年通过合法、公开的司法拍 卖程序,由我方母公司盛悦晟（厦门）资产管理有限公司成功竞得并完成权利转移。 自此,"富贵鸟"品牌已由全新的运营主体承接,并持续开展设计、生产与销售等全部 经营活动。目前公司业务健康、运营正常,线上线下销售渠道畅通,持续为市场与消 费者提供优质的产品与服务。 二、现品牌与原注销主体无关联 媒体报道中提及的"富贵鸟股份有限公司"的破产注销,系其独立的企业行为。 该主体与我方目前运营的"富贵鸟"品牌已无任何法律及经营上的关联。相关报道未 能完整呈现"品牌已成功转让并持续运营"这一关键事实，导致公众产生严重误解, 已对我方"富贵鸟"品牌声誉与市场形象造成损害。 三、品牌承诺与行动 每经AI快讯，11月25日，"富贵鸟"品牌现运营方富贵鸟(厦门)科技集团有限公司发布声明称，"富贵鸟"品牌已由全新的运营主体承接，并持续开展设计、 生产与销售等全部经营活动。目前公司业务健康、运营正常。声明称，"媒体报道中提及的"富贵鸟股份有限公司"的破产注销，系其独立的企业行为。该 主体与我方目前运营的'富贵鸟'品牌已无任何法律及经 ...

Core Viewpoint - The company formerly known as Beixin Ruifeng Fund has officially changed its name to Huayin Fund Management Co., Ltd, marking a significant rebranding effort aimed at enhancing its market presence and service capabilities [1][3]. Group 1: Name Change and Legal Aspects - The name change has been officially registered, and the company will apply to the China Securities Regulatory Commission for a new securities and futures business license, along with corresponding changes to its public fund product names [1][2]. - The legal entity and external legal relationships remain unchanged, and existing contracts and legal documents signed under the previous name will still be valid [1][2]. Group 2: Background and Ownership - Huayin Fund was established on March 17, 2014, and is co-founded by Beijing International Trust Co., Ltd and Laizhou Ruihai Investment Co., Ltd, with respective shareholdings of 60% and 40% [2]. - There are rumors regarding a potential acquisition of Beixin Ruifeng Fund by Huaxia Bank, which has led to speculation about a shift in shareholder background from "trust" to "bank" [3][4]. Group 3: Relationship with Huaxia Bank - Despite the lack of direct equity ties, there is a strong connection between Huaxia Bank and Huayin Fund, with both entities sharing a deep Beijing state-owned enterprise background [5]. - Recent management changes at Huayin Fund include the appointment of Xuan Xue Zhu, a former executive at Huaxia Bank, as the new general manager, indicating a closer operational relationship [5][6]. Group 4: Fund Performance and Challenges - Following a tumultuous period marked by management issues and regulatory scrutiny, the fund's management scale has rebounded significantly, growing from 27 billion to 207.9 billion by the end of the third quarter of 2025 [6].

Core Viewpoint - The company formerly known as Beixin Ruifeng Fund Management Co., Ltd. has officially changed its name to Huayin Fund Management Co., Ltd. as part of a brand upgrade initiative, focusing on four core development directions: quality, market orientation, digitalization, and compliance [1][2]. Company Name Change - The name change was completed on November 17, 2025, and the company will subsequently update the names of its fund products accordingly [2]. Management Changes - The company announced the departure of Deputy General Manager Wang Naili and Chief Information Officer Wei Hongsheng due to work reasons, with Wang Bo appointed as the new Chief Information Officer and Zhao Weijing as the new Inspector General [2]. - Both new executives have relevant experience in the banking sector, which may influence the company's strategic direction [2]. Market Speculation - The management changes and rebranding have sparked speculation regarding potential changes in the company's ownership structure, particularly rumors about Huaxia Bank's interest in acquiring the company [2]. - Huaxia Bank's executive Xuan Xuezh柱 has been appointed as the company's General Manager, indicating a closer relationship between the two entities [2]. Shareholding Structure - The company's two major shareholders are Beijing International Trust Co., Ltd. and Laizhou Ruihai Investment Co., Ltd., holding 60% and 40% respectively, with no changes in the shareholding structure reported [3]. Fund Size Growth - Huayin Fund has experienced significant growth in its asset size, reaching a historical high of 20.79 billion yuan by the end of Q3 this year, a substantial increase from 2.706 billion yuan at the end of Q2, marking a quarter-on-quarter increase of 6.68 times [3]. - The company's industry ranking improved from 163rd to 118th as a result of this growth [3]. Strategic Focus - The new management aims to promote a transition from a "personalized" to a "platform-based" investment research structure, enhancing collaboration with traditional banking channels while also strengthening its presence on internet platforms [5].

今年三季度，凭借着单只基金吸金171亿元的优异成绩，北信瑞丰基金规模暴增，强势跻身两百亿公募 阵营。11月19日，北信瑞丰基金正式官宣更名为华银基金。此前，华夏银行系高管出任该公司总经理的 消息曾引发市场广泛猜想。 据知情人士表示，北信瑞丰基金此次更名主要是出于品牌角度考量。在新管理层上任之后，公司的投研 结构、薪酬与考核体系、渠道合作等方面均有较大变化。 官宣更名 11月19日，北信瑞丰基金公告称，公司名称变更为"华银基金管理有限公司"。公告称，公司名称变更已 完成工商变更登记手续，将按照相关法律法规的规定，向中国证监会申请更换经营证券期货业务许可 证。 此前，业内一度流传着关于华夏银行收购北信瑞丰基金的消息，关于北信瑞丰基金的名字变更也有诸多 猜想。华夏银行高管出任北信瑞丰基金总经理，更是让这一传言的热度飙升。今年8月，北信瑞丰基金 公告迎来新总经理宣学柱，他此前曾担任华夏银行广州分行党委委员、中山分行行长、总行金融市场部 副总经理等职务。 此外，公司章程相关条款已相应更改。公司名称变更后，法律主体和对外法律关系不变，原以北信瑞丰 基金名义签署的合同及法律文件的条款、效力及履行均不受影响，后续将对旗下公募 ...

● 本报记者 张舒琳 今年三季度，凭借着单只基金吸金171亿元的优异成绩，北信瑞丰基金规模暴增，强势跻身两百亿公募 阵营。11月19日，北信瑞丰基金正式官宣更名为华银基金。此前，华夏银行系高管出任该公司总经理的 消息曾引发市场广泛猜想。 据知情人士表示，北信瑞丰基金此次更名主要是出于品牌角度考量。在新管理层上任之后，公司的投研 结构、薪酬与考核体系、渠道合作等方面均有较大变化。 此外，公司章程相关条款已相应更改。公司名称变更后，法律主体和对外法律关系不变，原以北信瑞丰 基金名义签署的合同及法律文件的条款、效力及履行均不受影响，后续将对旗下公募基金产品名称进行 相应变更。 关于股权结构变化，知情人士对中国证券报记者表示，目前华银基金与华夏银行尚无股权关系。不过， 华夏银行会对华银基金业务开展、渠道拓展、投研合作等方面给予支持。 王博此前为北信瑞丰基金信息技术部总监，此外还曾任职北京银行信息技术部职员、中加基金信息技术 部副总监，从业经历涵盖信息技术治理、信息系统建设和运维管理、网络和信息安全管理、推动数字化 转型进程等。 官宣更名 11月19日，北信瑞丰基金公告称，公司名称变更为"华银基金管理有限公司"。公告称 ...

本报讯 （记者彭衍菘）11月19日，原北信瑞丰基金管理有限公司公告称，公司名称变更为"华银基金管理有限公司"（以下 简称"华银基金"）。 | 基金管理人名称 | 华银基金管 | | --- | --- | | 公告依据 | 《中华人目 信息披露窄 | | 法定名称变更日期 | 2025-11-1 | | 变更前基金管理人法 | 北信瑞丰麦 | | 定名称 | | | 变更后基金管理人法 | 华银基金管 | | 定名称 | | （编辑 李家琪 郭之宸） (1)公司名称由"北信瑞丰基á (2)公司名称变更已完成工商? 中国证监会申请更换经营证券期货1 (3) 公司章程相关条款已相应] (4)公司名称变更后,法律主体 限公司"名义签署的合同及法律文 (5)公司后续将对旗下公募基: 和其他规定媒介披露的各产品项下 (6) 投资者可以登录公司网站? 进行相关咨询。 特此公告。 公告显示，该公司名称变更已完成工商变更登记手续，公司章程相关条款已相应更改，后续将对旗下公募基金产品名称进 行相应变更。 据华银基金相关人员向《证券日报》记者透露："此次更名系出于品牌升级、品牌定位的考虑。公司管理层立足行业发展 趋势与自身资源禀 ...

Core Viewpoint - The recent name change of Beixin Ruifeng Fund to Huayin Fund is seen as a significant signal of Huaxia Bank's impending acquisition of the fund management company [2][3] Group 1: Name Change and Branding - On November 19, Beixin Ruifeng Fund announced its name change to Huayin Fund Management Co., Ltd., effective from November 17 [3] - The new logo adopted by Huayin Fund aligns with Huaxia Bank's iconic "dragon-shaped square hole money" design, reinforcing market expectations of the acquisition [2][3] Group 2: Company Background and Management Changes - Huayin Fund, originally established in March 2014, was co-founded by Beijing International Trust Co., Ltd. and Laizhou Ruihai Investment Co., Ltd., with a registered capital of 170 million yuan [3] - The company recently underwent a significant management reshuffle, with new appointments including Zhao Weijing as the Chief Compliance Officer and Wang Bo as the Chief Information Officer [4] Group 3: Growth and Strategic Direction - As of the end of Q3 this year, Huayin Fund's public fund management scale reached 20.79 billion yuan, a substantial increase from 2.706 billion yuan at the end of Q2, marking a growth of approximately 650% [3] - The new management has outlined four core strategic directions: "premiumization, marketization, digitalization, and compliance" [5] - The company aims to transition from a personalized to a platform-based investment research structure and is revising its compensation and assessment systems [5]

Core Viewpoint - The company formerly known as Beixin Ruifeng Fund Management Co., Ltd. has officially changed its name to Huayin Fund Management Co., Ltd., marking a significant rebranding effort aimed at enhancing its market presence and service capabilities [1][4]. Group 1: Name Change Announcement - The name change has been officially registered with the relevant authorities, and the company is in the process of applying for a new securities and futures business license from the China Securities Regulatory Commission [1]. - Prior to the announcement, a "Huayin Fund" verified account appeared on online platforms, confirming rumors of the name change [3]. Group 2: Reasons for Rebranding - The rebranding is primarily driven by the need for brand upgrading and precise brand positioning, with the goal of better serving investors and enhancing overall service capabilities [4]. - The new logo of Huayin Fund is similar to that of Huaxia Bank, leading to speculation that Huayin Fund may evolve into a "bank-affiliated" fund company [4]. Group 3: Shareholder Structure and Future Prospects - Currently, Huayin Fund has two shareholders: Beijing Trust holds a 60% stake, while Laizhou Ruihai Investment Co., Ltd. owns 40% [4]. - The company has stated that there are no current changes in shareholding, but any future developments will be announced promptly [4]. Group 4: Management Changes - On the day before the name change, Huayin Fund announced three personnel changes, including the departure of Deputy General Manager Wang Naili and Chief Information Officer Wei Hongsheng for personal reasons [4]. - Wang Bo has been appointed as the new Chief Information Officer, bringing extensive experience in information technology governance and digital transformation [4][5]. - Zhao Weijing has been appointed as the new Inspector General, with a background in risk control and legal compliance [5]. Group 5: Leadership Changes - In August, the chairman of Beixin Ruifeng was changed to Liu Yanlei, following the previous chairman's removal due to regulatory concerns [6]. - Liu Yanlei has a strong background in banking and has held various significant positions within Beijing Bank [6]. - The former general manager, Liu Xiaoling, also left the company, and the new successor, Xuan Xuezh柱, comes from Huaxia Bank [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.597 billion yuan for the first three quarters of 2025, a year-on-year decline of 7.3%, and a net profit attributable to shareholders of 142 million yuan, down 17.2% year-on-year. In the third quarter alone, revenue was 810 million yuan, a decline of 7.97% year-on-year, with a net profit of 34 million yuan, down 23.1% year-on-year [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue from cosmetics, pharmaceuticals, and raw materials was 1.57 billion yuan, 310 million yuan, and 280 million yuan respectively, with year-on-year changes of -8.2%, -17.5%, and +11.2%. Specifically, the cosmetics segment, led by the brand Yilian, achieved a revenue of 790 million yuan, a growth of 19.5% year-on-year, with the core spray product line seeing a sales increase of 28%. The brand Aier Bo Shi underwent brand adjustments, generating 650 million yuan in revenue, with a narrowing decline in Q3. The brand Kemi accelerated its growth, with revenues of 77.19 million yuan in Q1-Q3, showing sequential growth of 82% and 138% from Q2 to Q3 [10]. Profitability - The company's gross profit margin declined, with the net profit margin decreasing slightly by 0.8 percentage points to 4.2% in Q3 2025. This decline was primarily due to a 2.3 percentage point drop in gross margin attributed to adjustments in the cosmetics business, and an overall increase in sales, management, R&D, and financial expense ratios totaling an increase of 0.9 percentage points [10]. Investment Recommendations - The company is focusing on its core brands in the cosmetics sector, with Yilian showing strong growth. The brand Aier Bo Shi has completed its brand upgrade and product launch, with a narrowing decline. The brand Kemi is also accelerating its growth. The product and brand matrix is gradually improving, which is expected to help restore profitability in the future. The projected EPS for 2025-2027 is 0.24, 0.29, and 0.34 yuan per share respectively [10].

Core Insights - The 212 off-road vehicle brand is undergoing significant management changes following a controversial incident involving a vehicle accident, which has raised safety concerns and led to the dismissal of the brand center director, Li Ran [1][9]. Group 1: Management Changes - Li Ran, the brand center director of 212, was dismissed due to inadequate team management, high personnel turnover, and financial mismanagement, including unclear payment settlements and violations of financial discipline [1]. - The dismissal comes amid a challenging period for the brand, as it attempts to establish itself as an independent entity following its transition from a single model to a full-fledged brand [4][9]. Group 2: Brand Development - The 212 brand, which has historical roots dating back over 60 years to the Beijing Jeep 212, is currently selling the 212 T01 model priced between 139,900 and 188,800 yuan, with over 13,000 units sold in the first ten months of the year [2]. - The brand is set to hold a major launch event on June 6, 2024, marking its independent brand status, although it faces challenges related to its association with the Beijing Automotive Manufacturing Plant, which has no ownership ties to the BAIC Group [2][9]. Group 3: Marketing and Future Strategy - Li Ran played a crucial role in the brand's initial marketing and image development, which included various promotional activities and collaborations, such as the G212 high-speed rail partnership and off-road driving events [7]. - The brand aims to deepen its connection with Chinese off-road culture while navigating the challenges ahead, emphasizing the need for both heritage and innovation in its future development [7].