Core Viewpoint - The company announced the resignation of its auditor, RSM Hong Kong, effective December 17, 2025, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - RSM Hong Kong has resigned as the company's auditor, effective December 17, 2025 [1] - The resignation is attributed to the inability to agree on the audit fees for the fiscal year ending December 31, 2025 [1] - The company has appointed Tenzhong Hong Kong CPA Limited as the new auditor, effective December 17, 2025, to fill the vacancy left by RSM Hong Kong [1] Group 2 - The new auditor's term will last until the conclusion of the company's next annual general meeting [1]

Core Viewpoint - The prospectus of Gude Electric Materials reveals significant ambiguities in contract disclosures, raising concerns about the company's financial transparency and growth narrative, particularly in the context of its reliance on foreign markets for revenue growth [1][4][20]. Contract Disclosures - The prospectus contains various types of contracts, including completed foreign contracts with clear amounts, indefinite contracts without amounts, and framework contracts with specified durations but no disclosed amounts [2][3]. - The lack of disclosed contract amounts for completed contracts raises questions about compliance with disclosure regulations and potential motives for obfuscation [4][5]. Financial Performance - Gude Electric Materials reported a revenue increase from 475 million in 2022 to 908 million in 2024, with a non-recurring net profit rising from 57.87 million to 173 million [11]. - However, growth rates have significantly slowed, with revenue growth dropping to 24% in the first half of 2025 and non-recurring net profit growth stagnating at 1.87% [12][11]. Market Dynamics - The company derives nearly 45% of its revenue from exports, with the U.S. market accounting for 25%, despite the global electric vehicle market's growth being primarily driven by China [5][6]. - The company's strategy of focusing on slower-growing foreign markets raises concerns about the sustainability of its growth trajectory [5][6]. Operational Efficiency - The production capacity utilization rate has declined from over 100% in 2023 to 82% in the first half of 2025, indicating potential inefficiencies and reduced demand for its products [12][13]. - Despite declining growth and underutilized capacity, the company plans to invest 528 million in new production facilities, raising questions about the rationale behind this expansion [12][13]. Profitability Concerns - Gude Electric Materials has reported a significant increase in gross margin from 28% to 37%, but inventory turnover has decreased, suggesting potential issues with sales velocity and inventory management [14][15]. - The company's profitability is also threatened by U.S. tariffs, which could further erode margins by 4% to 6% with each additional 10% tariff increase [16]. Financial Health - The company's balance sheet shows high accounts receivable, which accounted for 30%-40% of current assets, indicating slower cash flow compared to industry peers [17]. - Inventory levels have been rising, with a significant portion of stock potentially becoming obsolete due to shifts in battery technology, posing risks of write-downs [17][18]. - Prepayments have surged by 220% in 2024, raising concerns about potential mismanagement of supplier relationships and internal controls [19].

登录新浪财经APP 搜索【信披】查看更多考评等级 曾被誉为"麻醉一哥"的人福医药，在2025年岁末迎来一记重击。因年报财务数据虚假记载，公司收到湖 北证监局的《行政处罚事先告知书》，股票自12月15日起停牌，复牌后简称变更为"ST人福（维 权）"。这家营收连续多年超200亿元、在麻醉镇痛药市场占据绝对优势的医药龙头企业，为何一夜之间 被冠以ST帽子？其背后，是一场由大股东当代集团主导的资本游戏逐渐失控的故事。 一、暗雷引爆：财务造假与资金占用的双重冲击 人福医药此次被处罚，直接原因在于四项信息披露违规行为，涉及非经营性资金占用、关联交易未披 露、定期报告虚假记载及关联关系隐瞒。其中最触目惊心的是，2020年至2022年3月期间，在当代集团 的要求与安排下，人福医药累计发生非经营性资金占用127.85亿元。这些资金并未用于公司主营业务， 反而成为大股东的"提款机"。 令人深思的是，即便在违规期间，人福医药的核心业务表现依然亮眼——旗下麻醉药产品长期占据市场 八成以上份额，2024年营收突破250亿元，子公司宜昌人福净利润甚至超过母公司。优质的基本面与混 乱的公司治理形成鲜明对比，折射出上市公司在集团资本操控下的 ...

来源：城商行研究 昨天大家都被景顺长城的朋友们刷屏了： | | | Q3规模增长最多的10只固收增强基金 | | | | --- | --- | --- | --- | --- | | 吸用代引 | 日前景区 | 服務費加值(亿) | 今年以東國權 | 基金科理 | | 014068 OF | 康直维修道灵使用A | 273.31 | 15.21% | 民植,来宣传 | | 003504 OF | 图图机试图机电视语A | 222 25 | 24,21% | 团组,学验文,江山 | | 014000 DF | 中欧和利侵格A | 184.67 | 7.44% | :绿原城 | | 276571 OF | 直营动同信用A | 20001 | 1.5577 | 复典班: 黄胶兔 | | 018756.0F | 都齿着盘露30天精有世界A | 156.12 | 7.33% | 应值新 | | 016869 OF | 影音长城是香港日便器人 | 166-15 | 636% | 图书馆 | | 100035 OF | 重要代化营销售额A/B | 148.49 | 18.01% | 好用服 | | DOGBS.OF | ...

2025年末金融反腐风暴持续纵深，中原资产管理有限公司（以下简称"中原资产"）再掀波澜。近日，该 公司原副董事长李建国因涉嫌严重违纪违法被查，成为近年来第三位接连落马的高管。作为肩负区 域"坏账清道夫"使命的地方资产管理有限公司（以下简称"地方AMC"），中原资产一边在不良资产一 级市场频频出手，持续推进资产扩张，一边却深陷盈利增长乏力的困境，2025年前三季度营业收入与归 母净利润双双下滑。高管接连落马暴露的治理缺陷、规模扩张与盈利质量的失衡、行业变局与监管收紧 的双重压力，叠加经济波动下不良资产处置难度攀升，让这家老牌地方AMC站在了转型发展的关键十 字路口。如何清除自身"不良"病灶、夯实治理根基，从而实现高质量转型发展，成为中原资产待破解的 核心命题。 三任高管连续被查 前任高管被查，再度将这家地方金融机构推至公众视野。12月15日，据河南省纪委监委消息，中原资产 原党委副书记、副董事长、总经理李建国涉嫌严重违纪违法，目前正接受河南省纪委监委纪律审查和监 察调查。 李建国出生于1965年7月，在职研究生学历、硕士学位，高级经济师。入职中原资产前，他曾任河南省 农业综合开发有限公司党委委员、副总经理；20 ...

本报讯 （记者徐一鸣）12月15日，国元证券股份有限公司（以下简称"国元证券"）召开2025年第二次临时股东会，选举沈 和付、许植、胡伟、于强、高园园、沈春水、孙先武、左江为第十一届董事会非独立董事；选举鲁炜、阎焱、郎元鹏、任明 川、蒋翠清为第十一届董事会独立董事。职工董事王大庆则由公司职工代表大会选举产生，与公司股东会选举产生的董事共同 组成公司第十一届董事会。 同日，国元证券召开第十一届董事会第一次会议，选举沈和付为公司第十一届董事会董事长，选举产生董事会各专门委员 会委员及主任委员，并完成高管人员聘任。其中，聘任胡伟为公司执行委员会主任、总裁；司开铭为公司执行委员会委员、总 会计师；陈宁为公司执行委员会委员、副总裁；梁化彬为公司执行委员会委员、副总裁；李洲峰为公司执行委员会委员、董事 会秘书；唐亚湖为公司执行委员会委员、首席风险官、合规总监；张国威为公司执行委员会委员、首席信息官；黄越为公司执 行委员会委员，任期自本次董事会审议通过之日起至第十一届董事会届满。 据记者了解到，新一届公司董事会呈现三大特点：一是稳定筑基。本届董事会仅调整3名董事，其中两名独立董事为任满 六年自然到期，另有一名股东董事作结构 ...

日前，中证投服中心向南网储能董事会提名独立董事候选人张粒子，并就独立董事选任议案向全体 股东公开征集投票权。这也是中证投服中心推进的第三单公开提名上市公司独立董事个案。个人以为， 中证投服中心作为投资者保护机构，在上市公司的公司治理中可发挥更大作用。 现实案例中，有小股东联名提名的独董人选遭否决的，在股东内斗的提名人选遭大股东否决的，还 有的独董因为"独立"遭大股东罢免的。这些现象的出现，从侧面印证着独董制度的短板与缺陷。 作为上市公司的独董，即使呈现出了"独立性"，仍然是远远不够的，更重要的是要在公司治理中发 挥出作用，并非成为摆设。中证投服中心在上市公司的公司治理中发挥作用，可以通过多个方面的途径 实现。 一方面，目前只有三家上市公司的案例，数量明显较少。个人以为，中证投服中心有必要向更多上 市公司提名独董。中证投服中心既是投资者保护机构，又具有"官方"的背景，与中小股东联名提名相 比，其提名的人选更容易获得股东会的通过。 另一方面，在上市公司不再设立监事会后，中证投服中心提名的独董，在当选后应进入上市公司董 事会审计委员会。个中既可行使董事的权利，也可行使监事的职能，达到"一箭双雕"的效果。 此外，由中 ...

文|小方 来源|博望财经 2025年12月12日，越牛新闻发布落款为"绍兴市帮扶祥源控股集团工作组"的"公告"，其中提及"为稳妥有序处置相关风险，维护投资者合法权益，经研究 决定，绍兴市组建帮扶祥源控股集团工作组，即日起进驻企业。" 图片来源：越牛新闻官网截图 据公开资料，祥源控股管理层披露，祥源控股当前资产总额约600亿元，负债规模约为400亿元。 业内人士认为，在文旅和地产板块持续投入的背景下，股权质押以及外部融资能力下降，共同推高了流动性压力。 01 三家上市公司集体火速信披背后 12月7日晚，"祥源系"旗下上市公司祥源文旅、交建股份与海昌海洋公园相继发布了相关公告，公开回应市场关注的祥源控股集团逾期兑付事件。其中， 祥源文旅在公告表示，"在某平台发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公司实际控制人就上述兑付义务承 担连带保证责任。祥源控股及公司实际控制人正与相关方就逾期兑付的具体情况进行沟通处理。" 图片来源：祥源文旅相关公告 其在公告中进一步提及，"本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保义务，公司亦未为任何金融 理财 ...

Financial Data and Key Metrics Changes - The preliminary vote count indicates that all nominees for election to the board have been duly elected, and the appointment of Simon & Edward as the independent registered public accounting firm for the fiscal year ending December 31, 2025, has been ratified [19] - An amendment to effect a reverse stock split of the company's common stock and an increase in the number of authorized shares from 100 million to 500 million have each been approved [19] Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided in the meeting [20] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [20] Company Strategy and Development Direction - The company is focusing on governance changes, including the election of directors and amendments to its Articles of Incorporation, which may indicate a strategic shift towards enhancing shareholder value [19][20] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [20] Other Important Information - The meeting was conducted virtually, allowing shareholders worldwide to participate conveniently [2] - Stockholders were reminded that the meeting is not a public forum for purposes of SEC's Regulation FD, and no material non-public information would be disclosed [10][12] Q&A Session All Questions and Answers - There were no questions submitted by stockholders during the Q&A session, and the meeting concluded without addressing any inquiries [20]

Core Viewpoint - Angel Yeast Co., Ltd. has announced changes to its registered capital and share count, along with amendments to its articles of association, following the approval of relevant proposals by its board of directors [1][24]. Group 1: Changes in Capital and Articles of Association - The company will reduce its registered capital and share count due to the repurchase and cancellation of 160,000 restricted shares from 11 incentive recipients as part of the 2024 restricted stock incentive plan [1]. - The company plans to remove provisions in its articles of association regarding independent directors' opinions on external guarantees in annual reports [1][46]. - The revised articles of association will be submitted for approval at the upcoming fifth extraordinary general meeting of shareholders [1]. Group 2: Shareholder Meeting Notification - The fifth extraordinary general meeting of shareholders is scheduled for December 31, 2025, and will utilize both on-site and online voting methods [4][5]. - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified trading hours on the day of the meeting [6][10]. - The meeting will address several proposals, including those previously approved by the board of directors [8][9]. Group 3: Board Meeting and Resolutions - The board of directors held its ninth meeting on December 15, 2025, where it approved several key proposals, including changes to registered capital and amendments to the articles of association [25][26]. - All proposals received unanimous support from the board members present at the meeting [27][30].