Core Viewpoint - Huakong Saige announced the termination of its plan to issue shares to specific investors, which was initially aimed at raising funds to reduce its high debt levels and improve financial stability [1][4]. Group 1: Company Actions and Decisions - The company held multiple meetings to discuss the issuance of shares, with the initial plan proposed in August 2023 and extended in December 2024 [3]. - The decision to terminate the share issuance was made after thorough communication and analysis, ensuring it would not adversely affect the company's operations or shareholders [4]. Group 2: Financial Situation - Huakong Saige's debt-to-asset ratio decreased from 90.19% at the end of 2022 to 75.18% by the third quarter of 2025, but it remains high [4]. - As of the third quarter of 2025, the company's total liabilities reached 3.024 billion, with current liabilities at 1.709 billion and cash reserves of only 101 million [4]. - The company has faced continuous losses, with a net profit loss of 1 billion in the first three quarters of 2025, compared to a loss of 733.72 million in the same period the previous year [6]. Group 3: Business Operations - Huakong Saige is engaged in sponge city construction, water engineering, smart water management, EPC contracting, engineering consulting, and new ventures in equipment and bulk commodity trading [5].

格隆汇11月28日丨安域亚洲(00645.HK)公布截至2025年9月30日止六个月的中期业绩。本期间，煤炭及 其他商品贸易业务之所得收益约为50万美元，较去年同期之收益约330万美元减少85.14%或282万美 元。于九月十九日，集团订立总量达120公吨(「公吨」)之镍矿买卖协议，并随后于本期间在新加坡出 售30公吨镍。对比去年同期，集团则出售约0.038百万公吨动力煤。收益剧跌主要归因于中国内地进口 需求转弱导致销量大跌。与2024年同期比较，集团于本期间录得股东应占亏损净额增加约10.58%至72.1 万美元，主要由于毛利减少。 ...

Core Viewpoint - Haosai is under investigation for suspected information disclosure violations, raising questions about potential bribery related to its performance and the competitive nature of its industry [1][2] Group 1: Company Background - Haosai's main business includes smart lighting, smart tourism, and smart cities, with lighting design and engineering as its core revenue source [4] - The industry is highly competitive, with demand influenced by economic cycles, macroeconomic policies, and local government finances [4] - The company's clients primarily consist of state-owned enterprises and government departments, utilizing bidding and negotiation for business acquisition [4] Group 2: Financial Performance - Since its listing in 2019, Haosai has faced continuous losses, with revenues declining from 7.88 billion in 2020 to 4.59 billion in 2024 [5] - In the first three quarters of 2025, the company reported revenues of 2.65 billion, a year-on-year decrease of 29.79%, and a net loss of 2631.38 million, a decline of 523.96% [6] Group 3: Internal Control and Compliance Issues - The company has faced scrutiny for its internal controls and compliance, receiving a regulatory warning for failing to disclose information timely [8] - The investigation into bribery and the subsequent legal actions against its former chairman highlight significant governance and operational deficiencies [2][8]

格隆汇11月28日丨承辉国际(01094.HK)公布中期业绩，截至2025年9月30日止六个月，公司收益为 3359.2万港元，同比增长减少59.42%；公司股东应占期内亏损为3293.6万港元，上年同期则盈利为234.3 万港元；基本每股亏损为5.65港仙。 亏损乃主要由于业务产生的毛利减少、贸易及其他应收账款减值亏损以及投资物业公平值亏损增加。与 去年同期相比，溢利减少主要是由于该期间下半年投资物业公平值显著减少及期间集团贸易及其他应收 账款减值。 ...

华天酒店11月26日晚间公告，公司于2025年8月26日披露了《关于公司董事会秘书辞职的公告》，原董事会秘书申智明因个人原因辞职，根据相关规定，在 公司董事会秘书空缺期间，董事会指定财务总监谢彩平代为履行董事会秘书职责。谢彩平代行董事会秘书职责已满三个月。根据《深圳证券交易所股票上 市规则》规定，公司董事会秘书空缺期间超过三个月的，董事长应当代行董事会秘书职责。自本公告披露日起，由公司董事长杨宏伟代行董事会秘书职 责。 华天酒店表示，公司将按照相关规定，尽快完成董事会秘书的选聘工作。但读创财经注意到，在8月26日的公告中，华天酒店也是如此表述，"公司将按照 法定程序尽快完成董事会秘书的选聘工作"。时隔三个月，公司董秘一职迟迟空缺。 华天酒店业务以酒店服务业为主业，物资商贸及洗涤、家政、物业、团餐等生活服务业为辅。 公司是1996年上市的老牌酒店集团。但在酒店行业变革中，公司逐渐呈现掉队趋势。目前，仍未摆脱亏损泥淖。 财务数据显示，2014年~2024年，华天酒店扣非净利润持续11年处于亏损状态，累计净亏损额达35.76亿元。 2025年，华天酒店业绩下滑的趋势仍未扭转。前三季度公司实现营业收入3.98亿元，同 ...

远东酒店实业(00037)发布公告，集团截至2025年9月30日止6个月(本期间)的中期业绩预计将取得约800 万港元的净亏损，而截至2024年同期取得净亏损约2300万港元。 预期本集团本期间取得净亏损主要归因本集团投资物业的公允价值减少;及于中国香港营运的酒店业务 和于中国内地营运的服务式物业出租收益下降。 ...

新矿资源(01231)发布公告，集团于截至2025年9月30日止9个月期间取得未经审核净亏损;及集团预期截 至2025年12月31日止年度取得净亏损约220万美元，而截至2024年12月31日止年度取得净亏损约30万美 元。 同时，集团亦将继续物色及发掘新的铁矿石及其他大宗商品供应渠道，使集团的产品供应多元化，并探 索并购、投资或其他合作机遇，以实现可持续发展。 集团于本年度的年度业绩预期下降，主要原因在于：与去年同期相比，鉴于本年度主要供应商的铁矿石 供应量预期减少，导致集团销售额及毛利下降;及由于本年度对集团铁矿石需求疲软，导致铁矿石单位 毛利大幅下降。 此外，如公司于较早前日期为2025年10月24日的公告所披露，Koolan Iron Ore Pty Limited(Koolan)的 Koolan Island作业区主矿坑东侧下盘发生重大落石事故。集团已获通知，Koolan于落石影响区域的补救 工作及恢复采矿作业并不可行。因此，Koolan的采矿活动已经暂停，而Koolan含铁量预期低于55%的低 品位铁矿石仍可继续发货。集团最近亦获通知，若干原定于2025年第四季度进行的发货最近须予以延迟 或取消。 ...

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals and the overall market [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct a stock trading review to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with five consecutive trading days of price limits after the last resumption of trading on November 12, 2025, indicating potential irrational market speculation [3][4]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4][5]. Group 3: Risks and Challenges - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for 2024, and ongoing issues with internal controls and significant uncertainties regarding its ability to continue as a going concern [4]. - There are concerns regarding the company's mining capabilities, with insufficient resources for future development and a high debt ratio of 92.49%, indicating financial instability [5].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, leading to a serious deviation from its fundamentals and the overall market performance [2][4]. Group 1: Stock Performance and Trading Suspensions - The company announced a trading suspension starting November 19, 2025, due to abnormal stock trading activities, with an expected suspension period of no more than 10 trading days [4]. - The stock has hit the daily limit up for five consecutive trading days following its previous resumption, indicating potential irrational market behavior [4]. - The company has undergone multiple trading suspensions and reviews due to significant stock price fluctuations, raising concerns about market sentiment and speculative trading [4]. Group 2: Financial Performance and Risks - In 2024, the company reported a revenue of 1.362 billion and a net loss of 484 million, with a further loss of 99 million reported in the first three quarters of 2025 [5]. - The company faces a risk of delisting due to an inability to provide a clear audit opinion for its 2024 annual report and ongoing financial losses [5]. - The company has a high debt ratio of 92.49%, indicating significant financial strain and limited capacity for future investments [6]. Group 3: Business Operations and Future Prospects - *ST Zhengping is involved in infrastructure construction, cultural tourism, and non-ferrous metal mining, with efforts to expand into new energy and intelligent computing services [5]. - The company has obtained mining permits but faces challenges in resource extraction due to insufficient operational capacity and funding [6]. - The future development of mining resources is uncertain due to various factors, including funding limitations and market conditions [6].