Group 1: Autonomous Driving - China's first batch of L3 conditional autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing, marking a significant step towards commercialization [1] - The two approved models include an electric sedan capable of 50 km/h in congested traffic and another capable of 80 km/h on highways and urban expressways, both limited to specific routes [1] Group 2: Financial Sector Reforms - The China Securities Regulatory Commission (CSRC) has initiated reforms to enhance the inclusivity and attractiveness of the capital market, focusing on the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board [3][10] - The CSRC aims to promote high-quality development in the private equity fund sector and expedite the pilot program for commercial real estate REITs [10] - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [11] Group 3: Company Financials - Cambrian Technology plans to use approximately 2.78 billion yuan from its capital reserve to offset accumulated losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [8] - TCL Technology intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.21% to 94.98%, to enhance its competitiveness in the semiconductor display industry [12] Group 4: Currency and Real Estate Market - The onshore and offshore RMB against the USD reached a 14-month high, with the onshore rate peaking at 7.0500 and the offshore rate at 7.046, indicating a favorable external environment for the RMB [13] - In November 2025, the sales prices of commercial residential properties in 70 major cities in China showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices [14]

12月10日晚间，保变电气（600550.SH）公告披露，其拟使用母公司盈余公积金和资本公积金用于弥补 母公司累计年度亏损。 北京国富会计师事务所出具的审计报告显示，截至2024年12月31日，保变电气母公司累计未分配利润 为-54.50亿元，盈余公积3.26亿元，资本公积为39.92亿元（其中股本溢价39.75亿元）。 根据《中华人民共和国公司法》及《公司章程》等相关规定，保变电气拟使用母公司盈余公积金和资本 公积金用于弥补母公司累计年度亏损。其中，优先使用法定盈余公积3.26亿元冲减。对于仍不能弥补 的，以资本公积—股本溢价弥补39.75亿元。 保变电气方面表示，此举有利于改善权益结构，减轻历史亏损负担，提升投资者回报能力和水平。该事 项尚需提交股东大会审议，存在不确定性。 保变电气主业为输变电设备的研发、制造及销售。2025年前三季度，公司实现营收45.02亿元，同比增 长41.90%；净利润1.46亿元，同比增长72.91%。 （文章来源：中国经营报） ...

长荣股份公告称，公司于2025年12月10日召开董事会，审议通过使用公积金弥补亏损议案，尚需股东会 审议。截至2024年12月31日，母公司未分配利润为-4.94亿元，拟用盈余公积1.15亿元和资本公积3.79亿 元，合计4.94亿元弥补亏损。亏损主因是以前年度计提长期股权投资减值准备。方案实施后，母公司累 计亏损将减至0元，盈余公积减至0元，资本公积降至21.49亿元。 ...

Core Points - The company announced a plan to use 328 million yuan from its surplus and capital reserves to cover cumulative losses by December 31, 2024 [1] - The cumulative losses are primarily due to the impact of early business operations, particularly in fruit cultivation and sales, which are vulnerable to extreme weather and pests [1] - After the loss compensation plan, the company's surplus will be reduced to 0 yuan, capital reserves to 189 million yuan, and undistributed profits to 0 yuan [1] - The wholly-owned subsidiary, Shanghai Xili Ke Industrial Development Co., plans to use 53.97 million yuan from capital reserves to cover its losses [1] - The subsidiary's losses are mainly due to interest expenses from acquisition loans related to the purchase of Unified Petrochemical [1] Financial Performance - Despite significant revenue growth in recent years, the company's profitability has been poor, with non-recurring net profits showing losses for 12 consecutive years from 2012 to 2023 [2] - The company reported a slight improvement in 2024, achieving operating revenue of 2.314 billion yuan, a year-on-year increase of 3.35%, and a net profit of 31.39 million yuan [2] - For the first three quarters of 2024, the company recorded operating revenue of 1.916 billion yuan, a year-on-year increase of 4.77%, and a net profit of 49.20 million yuan, up 84.70% year-on-year [2] Market Information - As of November 28, the company's stock price was 25.99 yuan per share, with a total market capitalization of 4.991 billion yuan [3]

Group 1 - The board of directors of the company held its sixth meeting of the ninth session on November 29, 2025, to discuss various financial matters [4][5][6] - The board approved the use of surplus reserves to cover losses amounting to 328,221,490.68 yuan, which includes 34,192,504.86 yuan from surplus reserves and 294,028,985.82 yuan from capital reserves [7][16] - The company plans to hold a temporary shareholders' meeting on December 16, 2025, to further discuss the resolution regarding the use of surplus reserves to cover losses [13][32] Group 2 - The board also approved a resolution for its wholly-owned subsidiary, Shanghai Xilike Industrial Development Co., Ltd., to use 53,965,483.46 yuan from capital reserves to cover its accumulated losses [10][22] - The accumulated losses of Shanghai Xilike are primarily due to interest expenses from acquisition loans related to the purchase of Unified Petrochemical Co., Ltd. [23] - After the loss compensation, Shanghai Xilike's capital reserves will decrease to 347,034,516.54 yuan, and its undistributed profits will be adjusted to zero [24][28] Group 3 - The board approved a cash dividend distribution of 68,000,000.00 yuan from its subsidiary, Unified Petrochemical Co., Ltd., to its shareholders, with Shanghai Xilike expected to receive 53,101,200.00 yuan [12][29] - The available distributable profits of Unified Petrochemical as of December 31, 2024, are reported at 121,890,040.83 yuan [29] - The dividend distribution is not expected to significantly impact the daily operations of Unified Petrochemical [30] Group 4 - The company emphasizes its commitment to enhancing investor returns and protecting the rights of small and medium investors through these financial maneuvers [15][20] - The board's decisions are in line with regulatory requirements aimed at promoting high-quality development in the capital market [15][20] - The company aims to improve its financial condition and meet the profit distribution conditions set by laws and regulations [16][24]

Core Viewpoint - The company plans to utilize a total of 328,221,490.68 yuan from its surplus reserves and capital reserves to offset accumulated losses as of December 31, 2024 [1] Group 1 - The company will use 34,192,504.86 yuan from its surplus reserves [1] - The company will use 294,028,985.82 yuan from its capital reserves [1] - The loss offset will be limited to bringing the negative retained earnings to zero as of the end of 2024 [1]

Group 1 - The company will hold its 2025 Eighth Extraordinary General Meeting on December 15, 2025, at 14:50, with a combination of on-site voting and online voting [3][4][60] - The record date for shareholders to attend the meeting is December 10, 2025, and eligible shareholders can appoint proxies to attend and vote [5][60] - The meeting will discuss two main proposals: the use of surplus reserves to offset losses and the provision of a guarantee for a financing credit of 10 million yuan for a subsidiary [60][41][50] Group 2 - The company plans to use 83,015,164.70 yuan from surplus reserves and 1,171,706,382.33 yuan from capital reserves to cover cumulative losses amounting to 1,254,721,547.03 yuan as of December 31, 2024 [39][47] - The company has reported a cumulative undistributed profit of -1,254,721,547.03 yuan, primarily due to losses from previous years [46][39] - The proposal to use surplus and capital reserves to offset losses has been approved by the board and will be submitted for shareholder approval [42][48] Group 3 - The company will provide a joint liability guarantee for its subsidiary, Beijing Zhongshi Tongda, which is applying for a financing credit of up to 10 million yuan from Nanjing Bank [50][25] - The collateral for this guarantee includes real estate and land use rights valued at 26,132.53 million yuan as of July 14, 2025 [26][50] - The total amount of guarantees provided by the company and its subsidiaries will reach 94,100,000 yuan, which is 59.24% of the latest audited net assets [37][50]

Core Points - Guangxi Huaxi Nonferrous Metals Co., Ltd. plans to use its capital reserve to cover losses, as approved in recent board and shareholder meetings [2][4] - The company reported a cumulative loss of approximately 1.07 billion yuan as of December 31, 2024, with available surplus reserves of 57 million yuan and capital reserves of approximately 2.9 billion yuan [2][3] - The capital reserve to be used for loss compensation is derived from shareholder contributions and is not restricted to specific shareholders [3] Notification to Creditors - The company is notifying creditors about the decision to use capital reserves for loss compensation, as required by Chinese law [4] - Creditors have 30 days from receiving the notice, or 45 days from the announcement date, to claim their debts or request guarantees [4] - Specific documentation is required for creditors to assert their claims, including contracts and identification [5][6] Claim Submission Details - Creditors can submit claims from November 28, 2025, to January 11, 2026, during specified hours [7] - Claims can be submitted in person, by mail, or via email, with clear instructions provided for each method [7] - Contact information for the company's securities affairs department is included for further inquiries [7]

Core Viewpoint - The company, Siwei Technology (01202), plans to use its reserves to offset accumulated losses, which amount to RMB 272 million as of December 31, 2024, primarily due to slow business transformation and inadequate profitability from 2012 to 2021 [1][2] Group 1 - The board of directors will review a proposal to use reserves to cover losses during a meeting on November 27, 2025 [1] - As of December 31, 2024, the company has accumulated losses of RMB 272 million and reserves of RMB 8.7 million, with a capital reserve of RMB 571 million [1] - The accumulated losses are attributed to the company's inability to capitalize on opportunities in the optical communication industry due to slow business transformation and product iteration [1] Group 2 - The proposed plan will reduce the capital reserve to RMB 307.7 million and eliminate the accumulated losses [2] - Implementing this plan will help the company meet profit distribution conditions as per relevant laws and its articles of association, thereby enhancing investor returns and promoting high-quality development [2]

Core Points - The company Siwei Technology (01202) announced a board meeting on November 27, 2025, to review a proposal to use reserves to offset accumulated losses [1] - As of December 31, 2024, the company's cumulative losses amounted to RMB 272 million, while the surplus reserves were RMB 8.7 million and capital reserves were RMB 571 million [1] - The cumulative losses were primarily due to slow business transformation, lagging product iterations, insufficient profitability, and failure to seize opportunities in the optical communication industry from 2012 to 2021 [1] Financial Summary - The proposal suggests using surplus reserves of RMB 8.7 million and capital reserves of RMB 571 million (totaling RMB 579.7 million) to offset the cumulative losses [1] - After the implementation of the proposal, the capital reserves will decrease to RMB 307.7 million, and cumulative losses will be reduced to zero [2] - This action is expected to help the company meet profit distribution conditions as per relevant laws and regulations, thereby enhancing investor return capabilities and achieving high-quality development [2]