证券代码：601162 证券简称：天风证券 公告编号：2025-076号 天风证券股份有限公司关于与公司控股股东湖北宏泰集团有限公司 签订《次级债务借入合同补充协议》暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 天风证券股份有限公司（以下简称"公司"）向控股股东湖北宏泰集团有限公司（以下简称"宏泰集 团"）借入总额为人民币40亿元的次级债务，期限为5年，利率为年化5%，按季付息，到期一次性还 本。基于公司经营发展及流动性管理需要，为维持净资本规模稳定，提升业务质量，经与宏泰集团协 商，公司拟对该笔40亿元次级债务进行展期及利率调整，即拟将债务期限展期一年，拟将展期后的存续 期间年化利率由5%调整为4%。 ● 本次交易构成关联交易，本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 ● 本公告前12个月内，公司与同一关联人或与不同关联人进行的交易类别相关的关联交易（已根据《上 海证券交易所股票上市规则》（以下简称《股票上市规则》）的规定审议披露的除外）未达到公司最近 ...

Group 1 - The core point of the article is that Silver Star Energy announced an investment of RMB 62.4 million to construct a distributed photovoltaic power generation project with a capacity of 21.567 MWp on rooftops and idle land owned by three subsidiaries of its actual controller, China Aluminum Corporation [2] Group 2 - The company will hold the first temporary meeting of the 10th board of directors on December 18, 2025, to review and approve the proposal for signing the "Contract Energy Management Agreement for Distributed Photovoltaic Project" with related parties [2] - The related parties involved in this transaction are subsidiaries of China Aluminum Corporation, which is the actual controller of the company, thus constituting a related party transaction [2]

格隆汇12月18日丨国星光电(002449.SZ)公布，为进一步优化资本结构、提升资金运作效率及效益，佛 山市国星光电股份有限公司拟通过非公开协议转让方式，以3.59万元的价格转让全资子公司高州市国星 光电科技有限公司（简称"高州国星"）49%认缴股权（对应出资额为1,470万元）给广东广晟百千万高质 量发展产业投资母基金合伙企业（有限合伙）（简称"百千万基金"），引入其作为战略投资者。百千万 基金的有限合伙人广东省广晟资本投资有限公司（简称"广晟资本公司"）以及普通合伙人深圳市广晟私 募基金管理有限公司（简称"深圳广晟公司"）均为公司实际控制人广东省广晟控股集团有限公司所属子 公司。根据《深圳证券交易所股票上市规则》等相关规定，本次交易构成关联交易。 ...

惠而浦公告，因业务发展需求，公司拟与惠而浦集团签署《有关元器件采购的补充协议》。惠而浦集团 为公司关联人，本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。本次交易已经公司2025年第四次临时董事会审议通过，尚需提交公司股东大会审议。 ...

国泰海通发布研报称，维持农夫山泉(09633)25-27年EPS为1.35/1.62/1.91元，给予35倍PE(25E)，目标价 51.92港元/股(港元兑人民币0.91汇率计算)，维持"增持"评级。考虑到旺季旺销，低基数效应，以及聚酯 瓶片有利价格，继续看好25H2业绩良好表现。 国泰海通主要观点如下： 饮料的主要原材料以聚酯瓶片为主，从价格走势来看，参照wind，25H2(截止12/17)聚酯瓶片价格同比 下滑11.24%，环比下滑3.73%。因此该行预计持续下行的聚酯瓶片价格走势将有利于公司下半年的毛利 率表现。此外考虑到24年下半年巴黎奥运会期间公司东方树叶产品的品牌宣传活动带来的一次性销售费 用增加，而25年下半年公司没有相关大的品宣营销活动投入，因此该行对下半年盈利表现继续保持良好 信心。 新关联交易金额上限增速体现部分产品良好需求潜力 2025年12月17日公司披露《重续持续关联交易》公告。公司向养生堂集团采购部分瓶盖(例如尖叫)、养 生堂集团产品、以及部分水果原料、饮品原料并构成关联交易。参照公告，26-28年最新采购框架协议 中的上限金额分别为4.345/5.285/6.295亿元，若以2 ...

智通财经APP获悉，国泰海通发布研报称，维持农夫山泉(09633)25-27年EPS为1.35/1.62/1.91元，给予35 倍PE(25E)，目标价51.92港元/股(港元兑人民币0.91汇率计算)，维持"增持"评级。考虑到旺季旺销，低 基数效应，以及聚酯瓶片有利价格，继续看好25H2业绩良好表现。 新关联交易金额上限增速体现部分产品良好需求潜力 2025年12月17日公司披露《重续持续关联交易》公告。公司向养生堂集团采购部分瓶盖(例如尖叫)、养 生堂集团产品、以及部分水果原料、饮品原料并构成关联交易。参照公告，26-28年最新采购框架协议 中的上限金额分别为4.345/5.285/6.295亿元，若以25年前10个月实际发生的3.228亿元关联交易额进行计 算，则26-28年关联交易额上限同比增速为34.60%/21.63%/19.11%。该行认为公司关联交易金额的良好 增速亦反映出公司下游部分产品未来旺盛需求的潜力。 饮料旺季集中在Q3且一般呈现旺季旺销特点，因此从22年以及23年历史业绩来看，公司下半年收入同 比增速均较上半年加速(24年由于网络事件影响导致销售节奏异常，不具备参考意义)。此外25H ...

Group 1 - Changyu Group, established in 2019, is not a startup but has rapidly grown by absorbing existing assets and teams from its actual controller Liu Qiyong, with over 90% of its revenue and profit coming from acquired subsidiaries [2][4] - The company plans to go public on December 19, 2025, and has a leading global position in zirconium products, with an annual production capacity of 75,000 tons of oxychloride zirconium [4][7] - The main customers, including the first rare element, purchase products at a premium of 34.4% above market prices, raising concerns about the fairness of these transactions [9][10] Group 2 - The historical administrative penalties and debt disputes of Zibo Guangtong Chemical Co., the predecessor of Changyu Group, have been excluded from the listing framework, raising questions about transparency [3][5] - The prospectus fails to disclose the relationship between Liu Qiyong and key guarantor Che Xiufeng, which could be seen as a significant omission [12] - The management team largely consists of individuals from Zibo Guangtong, indicating that Changyu Group is not a newly established entity but rather a restructured version of an existing business [5][6] Group 3 - Changyu Group's revenue from its two main subsidiaries, Guangtong New Materials and Guangyin New Materials, accounted for 96.52% of total revenue in 2024, highlighting the dependency on these entities for financial performance [8] - The company has a low utilization rate of less than 50% for its nylon production capacity, yet it plans to raise funds for expansion, which raises questions about the rationale behind this decision [11] - The prospectus contains errors regarding the employment history of executives, which could indicate a lack of diligence in information disclosure [13]

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to have its IPO application reviewed by the Beijing Stock Exchange, with a focus on the sustainability, independence, and authenticity of its profitability during the review process [2] Group 1: Financial Performance - Chuangda New Materials achieved a total profit of 22.44 million yuan in 2022, with tax incentives accounting for over half of this amount [2][5] - The company's revenue from electronic packaging materials for the years 2022 to 2025 is projected to be 309 million yuan, 339 million yuan, 397 million yuan, and 202 million yuan, respectively, making it the core revenue source [4] - The company reported revenue growth rates of 10.76%, 21.53%, and 8.84% for the years 2022, 2023, and 2025, respectively, while net profit growth rates were significantly higher, indicating a mismatch between revenue and profit growth [4][5] Group 2: Tax Incentives - Tax incentives significantly impacted Chuangda's profits, with amounts of 12.54 million yuan, 16.36 million yuan, 17.52 million yuan, and 8.73 million yuan during the reporting period, representing 55.88%, 28.49%, 25.00%, and 23.46% of total profits, respectively [5] Group 3: Related Party Transactions - The Beijing Stock Exchange is scrutinizing the necessity of related party transactions, particularly with Wuxi Shaohui Trading Co., Ltd., which transitioned from a wholly-owned subsidiary to an associate company during the IPO reporting period [6] - Chuangda's procurement from Wuxi Shaohui and its affiliates increased over the years, with amounts of 5.09 million yuan, 6.15 million yuan, 8.46 million yuan, and 6.66 million yuan, representing 2.68%, 3.11%, 3.91%, and 6.23% of total procurement, respectively [6] - The company has been asked to clarify the rationale behind the transactions with Wuxi Shaohui, including the reasons for the increase in procurement through this entity rather than directly from suppliers [7]

Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd., which is expected to constitute a major asset restructuring [2][5]. Group 1: Transaction Details - The acquisition involves issuing shares to purchase the equity, with the total amount of funds raised not exceeding 100% of the transaction price [4]. - The number of shares issued will not exceed 30% of the company's total share capital prior to the transaction [4]. - The funds raised will be used for project construction, working capital, debt repayment, and intermediary fees related to the acquisition [4]. Group 2: Company Background - Baiyin Huaxin, established in April 2021, focuses on hazardous waste disposal and recycling, with a processing capacity of 755,000 tons per year [5][6]. - The company’s main products include zinc oxide, silver powder, and iron powder, derived from hazardous waste [5]. - Baiyin Huaxin has stable raw material sources due to long-term partnerships with local waste-producing units [6]. Group 3: Financial Performance - Baiyin Huaxin's revenue for 2023 to the third quarter of 2025 is projected at 253 million, 366 million, and 307 million yuan, respectively [6]. - The net profit for the same periods is expected to be approximately 41.06 million, 72.75 million, and 72.67 million yuan [6]. Group 4: Strategic Implications - Post-acquisition, Baiyin Huaxin will become a subsidiary of Fengxing, enhancing the company's service offerings in the mining and non-ferrous metal sectors [6]. - The transaction aims to create new business growth points and improve overall profitability by integrating upstream mining and downstream waste disposal operations [6].

证券代码:002225 证券简称:濮耐股份 公告编号:2025-098 濮阳濮耐高温材料（集团）股份有限公司 第七届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 一、董事会会议召开情况 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）第七届董事会第七次会议通知于2025年12 月10日以电子邮件形式发出，2025年12月16日下午在公司四楼会议室召开了现场结合通讯会议。本次会 议应参会董事9名，亲自参会董事9名，其中以通讯方式出席会议的董事有：孔志远先生、曹阳先生、刘 诚先生。本次会议由董事长刘百宽先生主持，部分高级管理人员列席了会议，会议的召开符合《公司 法》、《公司章程》及《董事会议事规则》的有关规定。 二、董事会会议审议情况 本次会议经过认真讨论，采取记名投票方式，审议通过了如下议案： 1、以9票赞成、0票反对、0票弃权审议通过了《关于公司及控股子公司2026年度向银行申请授信额度的 议案》 根据经营需要，2026年度公司及其控股子公司拟向银行申请不超过74.78亿元的 ...