Core Viewpoint - The company plans to dissolve its wholly-owned subsidiary KEESON (BINH DUONG) CO., LTD to optimize resource allocation and management efficiency as it expands its production capacity in Vietnam [1] Group 1: Company Actions - The company has proposed the dissolution of its subsidiary KEESON (BINH DUONG) CO., LTD, which requires approval from the shareholders' meeting [1] - The decision to dissolve the subsidiary is part of a strategy to enhance operational management as the company shifts production to a new facility in Binh Phuoc Province [1] Group 2: Production Capacity Expansion - In 2019, the company established a smart electric bed production base in Binh Duong Province with an annual production capacity of 600,000 units [1] - The company plans to increase the assembly capacity at its new factory in Binh Phuoc Province to 1 million units per year, with operations expected to commence in 2025 [1] - Following the new factory's launch, all production capacity from the Binh Duong facility will be transferred to the new site [1]

格隆汇11月24日丨森鹰窗业(301227.SZ)公布，公司于2024年6月14日召开第九届董事会第九次会议，审 议通过了《关于公司对外投资的议案》，同意公司与秦皇岛圣标门窗有限公司（简称"合作方"）共同出 资设立森鹰窗业（秦皇岛）有限公司（简称"目标公司"或"控股子公司"），并共同签署了《出资协议 书》。基于市场环境变化、行业发展趋势及项目进展等因素多方面影响，目标公司合作项目继续实施的 不确定性增加，公司后续将结合内外部经营发展需要，另行调整新塑窗产业布局。该控股子公司自成立 后未开展实质业务，为进一步优化资源配置，提高资产运营效率，经与合作方友好协商一致，拟注销目 标公司。 ...

智通财经APP讯，江西长运(600561.SH)发布公告，为进一步推进资源的优化配置，提升资产运营效 率，公司全资子公司江西抚州长运有限公司拟在产权交易所公开挂牌转让持有的南丰西站土地使用权及 地上建筑物等资产，并拟按照上述资产的评估价值，以778.70万元作为首次挂牌转让底价，最终转让价 格以产权交易所挂牌成交结果为准。 ...

本次转让持有的富山川40.00%股权，有利于公司进一步优化资源配置，聚焦优势产业，符合公司发展 战略和定位，不会影响公司现有主营业务，不会对公司的持续经营、整体发展产生重大影响。 智通财经APP讯，哈空调(600202.SH)发布公告，公司拟在黑龙江联合产权交易所公开挂牌转让所持有 的控股子公司哈尔滨富山川生物科技发展有限公司(以下简称"富山川")40.00%股权。富山川股东全部权 益于评估基准日2024年12月31日的市场价值评估值为人民币953.14万元，哈空调所持富山川40.00%股权 对应的评估价格为381.26万元(最终评估价格以国有资产监管部门备案通过的评估报告为准)，根据国有 资产监督管理相关规定，富山川在产权交易所的挂牌底价不低于评估价人民币381.26万元。 ...

本次转让持有的富山川40.00%股权，有利于公司进一步优化资源配置，聚焦优势产业，符合公司发展 战略和定位，不会影响公司现有主营业务，不会对公司的持续经营、整体发展产生重大影响。 哈空调（600202）(600202.SH)发布公告，公司拟在黑龙江联合产权交易所公开挂牌转让所持有的控股 子公司哈尔滨富山川生物科技发展有限公司(以下简称"富山川")40.00%股权。富山川股东全部权益于评 估基准日2024年12月31日的市场价值评估值为人民币953.14万元，哈空调所持富山川40.00%股权对应的 评估价格为381.26万元(最终评估价格以国有资产监管部门备案通过的评估报告为准)，根据国有资产监 督管理相关规定，富山川在产权交易所的挂牌底价不低于评估价人民币381.26万元。 ...

Core Viewpoint - Anhui Quanchai Power Co., Ltd. has decided to deregister its wholly-owned subsidiary, Wuhan Quanchai Power Co., Ltd., to optimize resource allocation and improve operational efficiency [1][4]. Summary by Sections Company Announcement - The company announced the deregistration of its wholly-owned subsidiary, Wuhan Quanchai, based on current operational conditions and business development plans [1][4]. Reasons for Deregistration - The decision to deregister Wuhan Quanchai was made to optimize resource allocation, reduce management costs, and enhance operational management efficiency, as the subsidiary no longer has any actual business operations [4][8]. Company Information of Deregistered Subsidiary - Name: Wuhan Quanchai Power Co., Ltd. - Unified Social Credit Code: 914201007179459092 - Type: Limited liability company (wholly owned by a legal entity) - Address: B19, Hongqiao Industrial Park, Jingnan Avenue, Zhuyeshan, Wuhan - Legal Representative: Tong Xianwu - Registered Capital: 15 million yuan - Established: December 6, 1999 - Business Scope: Wholesale and retail of diesel engines, agricultural machinery, construction materials, and automotive operations [5][6][7]. Financial Data of Deregistered Subsidiary - As of December 31, 2024: - Total Assets: 19.73 million yuan - Net Assets: 19.48 million yuan - Revenue: 8.33 million yuan - Net Profit: -0.76 million yuan - As of June 30, 2025 (unaudited): - Total Assets: 19.46 million yuan - Net Assets: 19.17 million yuan - Revenue: -0.39 million yuan - Net Profit: -0.31 million yuan [7]. Impact of Deregistration - Following the deregistration, Wuhan Quanchai will no longer be included in the company's consolidated financial statements, and it will not have a significant impact on the company's overall business development or profitability [8].

Core Viewpoint - The company has completed the deregistration of its wholly-owned subsidiary, Xiamen Keda Li Precision Industry Co., Ltd., to optimize resource allocation and reduce management costs, thereby enhancing overall competitiveness [1][2]. Summary by Sections Company Actions - Keda Li announced the completion of the deregistration of Xiamen Keda Li, which was officially recognized by the Xiamen Municipal Market Supervision Administration [1]. - The decision to deregister was made during the fifth board meeting on April 16, 2025, and the related business will be integrated into another wholly-owned subsidiary, Fujian Keda Li Precision Industry Co., Ltd. [1]. Strategic Implications - The deregistration is part of the company's strategic development needs, aimed at business integration and resource optimization, which will help reduce management costs and improve operational efficiency [2]. - The company emphasizes that this action will not harm the interests of the listed company or its shareholders, and it aims to consolidate its competitive advantage and protect shareholder rights [2]. - With the completion of the deregistration, the company's business structure will become more concentrated, potentially enhancing resource allocation efficiency and laying a foundation for continued development in core business areas such as automotive components for new energy vehicles [2].

近日，晨壹投资管理合伙人刘晓丹在上海证券交易所国际投资者大会上表示，受中国经济格局重塑、产 业竞争态势演进、企业家代际传承推进及公司治理体系优化等多重因素交织影响，中国并购市场的战略 重要性正持续提升。 资讯数据显示，今年以来，截至目前，A股市场累计新增147单重大资产重组项目，较去年同期大幅增 长45.54%，直观反映出A股并购重组市场热潮迭起的发展态势。在此背景下，并购基金作为专业资本运 作力量，其在资源整合、资金支持、交易架构设计等领域的核心价值愈发凸显，正迎来行业发展的黄金 时期。 专业角色凸显产业价值 并购基金是专注于对目标企业进行并购投资的私募股权基金，核心运作逻辑为通过募集资金收购目标企 业股权，随后通过重组整合、运营优化等方式提升企业价值，最终通过股权转让、IPO等渠道实现退出 并获取收益。在行业快速发展进程中，并购基金的专业角色与独特价值正被市场广泛认知。 刘晓丹表示，并购基金与投行虽有部分从业者背景相通，但是以不同的角色参与并购市场：投行核心聚 焦撮合交易、把控监管合规，交易完成后即转向下一项目；并购基金在收购企业后需长期参与运营管 理，通过治理优化、运营提升等举措提升企业价值，这一点和企 ...

Core Insights - The article highlights the trend of leading companies in the pharmaceutical industry optimizing resource allocation through strategic partnerships, exemplified by Ganli Pharmaceutical's transfer of control over its subsidiary, Gangan Medical Technology Jiangsu Co., Ltd. to Hillhouse Capital [1] Group 1: Strategic Focus and Resource Optimization - Ganli Pharmaceutical is focusing on its core business by transferring control of Gangan Jiangsu, which aligns with its strategy to optimize non-core asset allocation and concentrate resources on innovative drug development for metabolic diseases like diabetes and obesity [2] - The transaction represents a key action in Ganli Pharmaceutical's strategy to enhance its technological competitiveness and market influence in core therapeutic areas [2] Group 2: Innovation and Development - Gangan Jiangsu, driven by innovation, specializes in high-quality drug delivery devices and has established a comprehensive quality management and regulatory compliance system that meets international standards [2] - Following the strategic partnership, Gangan Jiangsu is expected to enter a new phase of development with enhanced focus and vitality, supported by Hillhouse Capital's long-term strategic planning and diverse resource backing [2] Group 3: Ecosystem Synergy and Value Enhancement - The collaboration between Ganli Pharmaceutical and Hillhouse Capital is seen as a significant milestone that promotes resource integration and efficiency improvement within the pharmaceutical industry [3] - The partnership aims to enhance the stability and efficiency of the insulin supply chain, while Gangan Jiangsu will expand its business scope to provide customized solutions for other pharmaceutical companies reliant on drug delivery devices [3] - Hillhouse Capital's accumulated resources in the global healthcare sector are expected to create new opportunities for collaboration in areas such as joint drug development and comprehensive health management services for diabetes patients [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is driven by increased electricity generation and reduced costs, leading to stable operations in Q3 [5] - The company reported a revenue of 213.15 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.6%, and a net profit attributable to shareholders of 39.05 billion yuan, down 10.0% year-on-year [6] - The company is addressing industry competition through asset acquisitions, enhancing resource allocation and integrated operational capabilities [9] Summary by Sections Market Performance - The closing price as of October 27, 2025, was 42.69 yuan, with a market capitalization of 848.19 billion yuan [3] Financial Data - For Q3 2025, the company achieved a revenue of 75.04 billion yuan, a year-on-year decrease of 13.1%, but a quarter-on-quarter increase of 9.5% [6] - The average coal price was 476 yuan per ton in Q3, down 1.0% from the previous quarter [6] - The company’s production cost for self-produced coal was 163.4 yuan per ton in Q3, reflecting a slight increase of 1.7% quarter-on-quarter [6] Profit Forecast and Valuation - The company is projected to have a net profit of 53.07 billion yuan in 2025, with a corresponding P/E ratio of 16.0 [9] - Revenue forecasts for 2025 are estimated at 331 billion yuan, with a year-on-year decline of 2.18% [8] - The company’s return on equity (ROE) is expected to be 11.84% in 2025 [8]