光庭信息公告称，公司拟将"基于域控制器的汽车电子基础软件平台建设"和"智能网联汽车测试和模拟 平台建设"项目结项，并将这两个项目及已结项的"智能网联汽车软件研发中心建设项目"的合计 10,751.68万元节余募集资金永久补充流动资金，用于日常经营和研发活动。该事项已获董事会审议通 过，尚需提请股东会审议。节余资金源于公司合理控制成本及现金管理收益等。此举利于提高资金使用 效率，满足营运资金需求。 ...

2025年1至6月份，华润双鹤的营业收入构成为：非输液占比75.13%，输液占比25.98%，分部间抵销占 比-1.11%。 截至发稿，华润双鹤市值为192亿元。 每经AI快讯，华润双鹤（SH 600062，收盘价：18.49元）12月26日晚间发布公告称，公司于2025年12月 25日召开第十届董事会第十六次会议审议通过《关于使用自有闲置资金办理理财及定期存款的议案》。 为提高资金使用效率，合理利用闲置资金，为股东创造更大的价值，在不影响日常资金使用的前提下， 公司运用自有闲置资金办理银行短期理财产品，有利于提高自有资金使用效率，且获得一定的投资收 益。该事项属于公司董事会决策权限，无需提交股东会审批。投资金额为不超过5亿元(含5亿元)，额度 内资金可滚动使用。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 张明双） ...

钛媒体App 12月26日消息，平潭发展(000592.SZ)公告称，公司及控股子公司拟使用闲置自有资金购买 银行、证券公司等金融机构发行的安全性高、流动性好的理财产品，最高存量额度不超过人民币5亿 元，有效期自2026年1月1日至12月31日。此举旨在提高资金使用效率，增加收益，不会影响公司日常经 营和主营业务的正常开展。（公司公告） ...

财务公司与集团在存贷款、结算、票据等方面存在长期稳定的业务合作关系，能够深入了解集团的金融 需求和经营运转情况，提供独到、及时、综合的金融服务以满足集团对金融服务的需求变化，有助于集 团实现良好的现金流管理，提高资金使用效率。财务公司能够提供高质量的金融服务兼具较好的风险抵 御能力，对集团的财资管理具有重要意义。根据财务公司业务发展需要，本次增资将进一步提高财务公 司资本充足率，增强财务公司资本实力和风险抵御能力，促进其业务规模拓展提升，可有效提高集团在 财务公司的融资规模。公司作为股东之一，亦将从财务公司行业地位与竞争力的提升中获得更多投资收 益。 中国神华（601088）(01088)公布，2025年12月19日，董事会已审议及批准本次增资事宜。公司拟与国 家能源集团公司及国家能源集团财务有限公司(财务公司)签署财务公司增资协议，据此，财务公司将新 增注册资本金人民币150亿元，由国家能源集团公司、该公司按照其各自的持股比例以现金方式同比例 认缴。其中，国家能源集团公司、该公司分别缴纳人民币90亿元及人民币60亿元，全部计入财务公司注 册资本。 ...

格隆汇12月9日丨奥雅股份(300949.SZ)公布，第四届董事会第十六次会议，审议通过了《关于终止募投 项目并将剩余募集资金永久补充流动资金的议案》，同意公司终止"深圳奥雅设计服务网络建设项 目"及"信息化与协同平台建设项目"，并将项目剩余募集资金永久补充流动资金，以提高资金使用效 率。 ...

Core Viewpoint - Puyuan Precision Electric is initiating an IPO in Hong Kong less than four years after its listing on the Sci-Tech Innovation Board, driven by concerns over declining revenue growth and fluctuating net profits, despite high R&D investments and a focus on technology [2] Revenue and Profitability Concerns - Revenue growth has slowed significantly, with figures of 631 million, 671 million, and 776 million yuan from 2022 to 2024, showing a drop in growth rate from 30.3% in 2022 to 6.34% in 2023, and only a slight recovery to 15.7% in 2024 [3] - In the first half of 2025, revenue was 355 million yuan, with a growth rate of just 15.57%, indicating a clear lag behind faster-growing peers [3] - The quality of revenue growth is questionable, as accounts receivable accounted for 201.54% of net profit in the third quarter of 2025, suggesting reliance on credit sales rather than genuine market demand [3] Net Profit Challenges - Net profit was 92 million yuan in 2022, briefly rising to 108 million yuan in 2023, but then falling by 14.5% back to 92 million yuan in 2024, with a further decline to 16 million yuan in the first half of 2025 [4] - The net profit margin dropped from 16.1% in 2023 to 4.6% in the first half of 2025, highlighting severe issues in cost control and profit stability [4] High R&D Investment with Low Returns - R&D expenses increased from 131 million yuan in 2022 to 207 million yuan in 2024, with R&D expense ratios rising from 20.7% to 26.6% [5] - Despite high R&D spending, only 46.69% of revenue came from self-developed products by the first half of 2025, with a market share of less than 10% in high-end oscilloscopes [5] Sales Channel Dependency - The company heavily relies on direct sales, with the top five customers accounting for 32.7% of sales in 2024, raising concerns about customer concentration risk [7] - Direct sales accounted for 33.47% of revenue in the first quarter of 2025, indicating ongoing reliance on a limited customer base [7] E-commerce Performance Issues - E-commerce revenue accounted for less than 20% of total revenue by 2024, with low repeat purchase rates and a lack of stable customer groups [8] - The overseas e-commerce segment only contributed 20% of foreign business revenue, significantly lower than competitors [8] Financial Discrepancies - The company has distributed 255 million yuan in dividends since its IPO, with the founders receiving over 60% of this amount, raising questions about financial management [9] - Despite holding 3.29 billion yuan in cash and 1.788 billion yuan in financial assets, the company is planning to raise funds in Hong Kong for R&D and capacity expansion, which raises concerns about the rationale behind this strategy [9] Cash Flow and Inventory Issues - The company reported negative cash flow from operating activities of -14 million yuan in the first half of 2025, indicating insufficient cash inflow to cover outflows [10] - Inventory levels rose from 170 million yuan in 2022 to 271 million yuan in 2024, with a turnover period of 248 days, posing risks of obsolescence and price depreciation [11]

● 本报记者欧阳剑环 强化发行便利与机制创新，提升服务质效。并购票据实行单独命名与标识，突出并购属性。并购票据注 册发行开通"绿色通道"，即报即评，专人对接，切实提高发行效率。支持企业灵活设置分层结构、转 股、分期偿还等个性化要素，鼓励企业通过添加控制权变更回售等保护性条款，健全风险分担机制，提 升投资者认可度与产品市场活力。 12月2日，中国银行间市场交易商协会消息，交易商协会结合前期并购票据的实践经验，在充分调研市 场需求并广泛征求意见后，制定发布《关于优化并购票据相关工作机制的通知》。优化后的并购票据有 利于引导资金精准支持企业并购重组，提升银行间债券市场服务实体经济质效。 交易商协会表示，下一步将在人民银行的指导下，持续探索优化并购票据相关机制，拓宽企业并购重组 融资渠道，激发各类主体参与并购市场的积极性，助力构建新发展格局，推动经济高质量发展。 通知主要内容包括，增强资金使用灵活性，优先支持重点领域并购。支持募集资金直接用于支付并购价 款、偿还并购贷款等用途，并可置换企业过去一年内为并购活动支出的自有资金，进一步拓宽并购支持 范围，提升资金使用灵活性与效率。同时，明确优先支持传统优势产业转型升级、战 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 茲提述資本界金控集團有限公司（以下簡稱「本公司」，連同其附屬公司統稱為「本集團」） 日期為二零二五年七月二十一日內容有關按於記錄日期每持有一(1)現有股份可獲發三(3)股 供股股份之基準進行供股（「供股」）之供股章程（「供股章程」）。除文義另有所指外，本 公佈所用詞彙與供股章程所界定者具有相同涵義。 更改供股所得款項用途 本公司董事會（「董事會」）謹此提供有關建議更改供股所得款項用途的最新資料，更改方 式載列如下。 供股所得款項用途 誠如供股章程所披露，供股的所得款項淨額約 154.5 百萬港元（「所得款項淨額」）將用作以 下用途：(i) 所得款項淨額約 46.6%（或約 72.0 百萬港元），將用作償還本集團債券本金金額 及應計利息；(ii) 所得款項淨額約 44.1%（或約 68.1 百萬港元），將根據本公司的投資目標用 作未來投資；及(iii) 所得款項淨額約 9.3%（或約 14.4 百萬港元）， ...

Group 1 - Options provide flexibility and diversity, allowing investors to choose different contracts and strategies based on their risk preferences and market expectations [3] - Options assist in risk management, as the maximum loss for the buyer is limited to the premium paid, enabling hedging without significant losses [3][8] - Options enhance capital efficiency, requiring less capital compared to directly purchasing underlying assets, thus offering opportunities for high returns with lower investment [3][6] Group 2 - Options have high leverage without the risk of margin calls, allowing investors to achieve high returns with minimal investment while controlling maximum losses [7] - Options serve as a "regret remedy," enabling investors to hedge against market downturns while still participating in potential upswings [8] - The characteristics of options, such as limited risk, leverage, flexible strategies, hedging capabilities, and low costs, make them attractive to investors [8]

Group 1 - The core point of the news is that Titan Chemical (SZ 002145) plans to use up to RMB 2 billion of its own funds to purchase financial products to enhance fund utilization efficiency and increase company revenue [1] - The board meeting held on November 14, 2025, approved the proposal to invest in high-safety, high-liquidity, and capital-preserving financial products, pending shareholder approval [1] - The revenue composition for Titan Chemical in the first half of 2025 shows that fine chemicals account for 80.17%, phosphate chemicals 8.63%, logistics services 4.96%, new energy 3.4%, and other businesses 2.84% [1] Group 2 - As of the report date, Titan Chemical has a market capitalization of RMB 21.4 billion [2]