因不满数百万年薪而"不想当董事长"的一幕，正发生在市值不足60亿的艾比森（300389.SZ）身上。 日前，艾比森董事会审议通过了《关于选举第六届董事会董事长的议案》等多份议案，创始人、董事长 丁彦辉以"8票同意、1票反对"再次当选董事长。 这唯一的反对票正是源自丁彦辉，理由是"对董事长岗位薪酬不满意"。 事实上，丁彦辉的薪酬并不低。2024年薪酬高达435.56万元，同比增长了超5成。 如此增速与艾比森的业绩形成了反差，2024年艾比森归母净利润同比下滑了66.82%，今年三季度虽然 同比增长了超6成，但仍未回到2023年同期的业绩水平。 丁彦辉真正"不满"的或许不是这几百万的薪酬。 对于丁彦辉的操作，得从3年前的一场定增说起. 此后，艾比森开始大手笔分红，2022年至2024年合计分红金额达到7.01亿元，而作为大股东的丁彦辉斩 获2.42亿元。 今年5月，丁彦辉再度计划以7.80元/股认购艾比森增发的股份，金额不超过3.6亿元，但遭到股东大会的 反对。 这或许是丁彦辉此次投下反对票的一大原因。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 ...

Group 1: Financial Performance - The company achieved a revenue of 30 billion in Q3 2025, aiming for a target of 60 billion by the end of the year [1] - The sales net profit margin decreased from 8.79% in 2021 to 1.31% in 2024, indicating a decline in profitability despite revenue growth [3] - The weighted return on net assets fell from 10.06% to 2.49% over the same period, reflecting challenges in maintaining profitability [3] Group 2: Product Development and Market Strategy - The company is actively working on the mass production of third-generation semiconductor products, responding to market demand [1] - The company has achieved a 10% silver content in its silver-copper products, maintaining a technological edge in the photovoltaic slurry industry [3] - The company is exploring potential collaborations in the electric vehicle sector, leveraging its existing product advantages [2] Group 3: Investor Relations and Future Outlook - The company is enhancing investor communication and engagement through various activities to build investor confidence [3] - The current capital increase plan is under review by the exchange, with no specific timeline for completion provided [2] - The company is committed to optimizing product structure and enhancing competitiveness to improve overall profitability and shareholder returns [3]

Core Viewpoint - Tianfeng Securities' stock price dropped significantly following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and illegal financing practices [2][3]. Group 1: Company Background - Tianfeng Securities was established in 2000 and went public on the Shanghai Stock Exchange in October 2018. It is headquartered in Wuhan, Hubei Province, and is the only provincial securities company in Hubei [3]. - The current controlling shareholder is Hubei Hongtai Group, a provincial state-owned financial services enterprise, which took over after the previous major shareholder, Contemporary Group, exited due to a debt crisis [4]. Group 2: Investigation and Financial Issues - The investigation is linked to historical issues with the former major shareholder, Contemporary Group, particularly regarding the occupation of funds. This investigation may signify a complete separation between Tianfeng Securities and Contemporary Group [3][4]. - In 2022, Contemporary Group repaid a total of 1.903 billion yuan in principal and 106 million yuan in interest related to the occupied funds, which were fully returned by the end of the year [4]. Group 3: Management Changes and Capital Increase - Following the exit of Contemporary Group, Tianfeng Securities prioritized capital replenishment. In April 2023, the company announced a plan to raise up to 4 billion yuan through a private placement to Hubei Hongtai Group [5]. - The private placement was officially accepted by the Shanghai Stock Exchange in March 2025 and was fully subscribed by Hubei Hongtai Group, increasing its shareholding to 28.14% [5]. Group 4: Shareholder Activity and Performance - UBS entered as a new shareholder but quickly exited Tianfeng Securities' top ten shareholders within a short period [5]. - For the first three quarters of 2025, Tianfeng Securities reported a revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan [5].

Core Viewpoint - Tianfeng Securities is facing significant challenges following a regulatory investigation, leading to a sharp decline in its stock price and changes in shareholder composition [2][3]. Group 1: Regulatory Investigation - Tianfeng Securities has been placed under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing [2]. - The investigation is reportedly linked to issues concerning the former major shareholder, Wuhan Dandai Technology Industry Group, and its fund occupation matters disclosed in the 2022 annual report [2]. Group 2: Stock Performance - Following the announcement of the investigation, Tianfeng Securities' stock opened down nearly 9% and closed at 4.51 CNY per share, reflecting a decline of 6.63% on that day [2]. - For the first three quarters of the year, Tianfeng Securities reported revenue of 2.112 billion CNY, a year-on-year increase of 57.53%, and a net profit of 153 million CNY, marking a return to profitability [2]. Group 3: Shareholder Composition - As of the end of the third quarter, Hubei Hongtai Group is the controlling shareholder of Tianfeng Securities, holding 2.854 billion shares, which is 28.14% of the total [3]. - UBS had entered as a new shareholder with a 0.87% stake but exited the top ten shareholders by the end of September [3].

Core Insights - The number of A-share listed companies announcing private placements has significantly increased, with 400 companies making announcements as of November 27 this year, compared to 196 in the same period last year [1] - The primary purposes for these private placements include supplementing working capital, supporting financing, and acquiring other assets, indicating a focus on alleviating financial pressure and enhancing core business operations [1] Group 1: Market Characteristics - The private placement market is characterized by a significant increase in the proportion of hard technology sectors, larger fundraising scales for leading companies, a rise in long-term industrial capital and state-owned investment participation, and a more focused approach on long-term strategic goals [1][2] - The dual drivers of policy and market conditions have contributed to the active private placement market this year, with reforms in the registration system and optimized refinancing policies expanding financing channels for emerging industries [1] Group 2: Economic Implications - Active private placements are expected to have multiple ripple effects, injecting incremental funds into the market, optimizing asset supply, and promoting resource allocation towards high-quality enterprises [2] - The current stable monetary policy provides a relatively loose liquidity environment, facilitating smoother capital flow into the real economy, which is essential for enhancing the position of companies within the global supply chain [2]

Core Viewpoint - Su Yan Jing Shen (603299.SH) has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2] Summary by Sections Issuance Details - The total amount to be raised from the issuance of shares is not to exceed 180 million yuan, which will be used for the brine salt comprehensive utilization project [1][2] - The project has a total investment of 188.912 million yuan, indicating that the raised funds will cover a significant portion of the project costs [2] Investor Composition - The issuance will target no more than 35 specific investors, including the wholly-owned subsidiary of the controlling shareholder, Su Yan Group [2][3] - Other potential investors include qualified institutional investors such as securities investment fund management companies, securities firms, trust companies, financial companies, insurance institutions, and qualified foreign institutional investors [2] Pricing and Allocation - The pricing for the share issuance will be based on 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [3] - The shares subscribed by Su Yan Asset, the subsidiary of Su Yan Group, will not be subject to the pricing competition but will be purchased at the same price as other investors [3] Lock-up Period - Shares acquired by Su Yan Asset will have an 18-month lock-up period post-issuance, while shares acquired by other investors will have a 6-month lock-up period [4] - Su Yan Group will remain the controlling shareholder after the issuance, with no change in control expected [4] Underwriting - The lead underwriter for this issuance is Huatai United Securities Co., Ltd., with representatives responsible for the sponsorship [4]

Core Viewpoint - 莱尔科技 has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors through a simplified procedure in 2025, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Share Issuance Details - The total amount to be raised through the share issuance is approximately RMB 199.99 million, not exceeding RMB 300 million or 20% of the company's net assets as of the end of the previous year [2] - The funds will be allocated to three main projects: high-performance functional film new materials, new energy battery collector materials production, and working capital supplementation [2][3] - The issuance will consist of 7,418,386 shares, with a proposed price of RMB 26.96 per share, based on the average trading price over the previous 20 trading days [4][5] Group 2: Shareholder Structure - After the issuance, the total share capital of 莱尔科技 will increase to 162,596,315 shares, with the controlling shareholder, 特耐尔, holding 44.43% of the total shares [5][6] - The actual controller, 伍仲乾, will maintain control over 44.72% of the voting rights post-issuance, indicating no change in the controlling structure of the company [6]

Core Viewpoint - 莱尔科技 has received approval from the Shanghai Stock Exchange for a simplified procedure to issue shares to specific investors in 2025, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The total amount to be raised through the share issuance is approximately RMB 199.99 million, not exceeding RMB 300 million or 20% of the latest year's net assets [1] - The funds will be allocated to three main projects: high-performance functional film new materials, new energy battery collector materials production, and working capital [1][2] Project Investment Breakdown - High-performance functional film new materials project: Total investment of RMB 7.67 million, with RMB 7.50 million from the raised funds - New energy battery collector materials production project: Total investment of RMB 7.61 million, with RMB 7.00 million from the raised funds - Working capital: Total investment of RMB 5.50 million, fully funded by the raised funds - Total investment across all projects amounts to RMB 20.79 million, with raised funds totaling RMB 19.99 million [2] Share Issuance Mechanics - The shares will be domestic RMB ordinary shares (A-shares) with a par value of RMB 1.00 per share [2] - The issuance will be completed within ten working days after receiving CSRC's registration decision [2] - The pricing benchmark date is set for September 18, 2025, with the issuance price not lower than 80% of the average trading price over the previous 20 trading days [3] Shareholder Structure - The proposed issuance involves 7,418,386 shares, which does not exceed 30% of the company's total shares prior to the issuance [4] - After the issuance, the total share capital will increase to 162,596,315 shares, with the controlling shareholder, 特耐尔, holding 44.43% of the shares [4] - The actual controller, 伍仲乾, will maintain control over 44.72% of the voting rights post-issuance, ensuring no change in control [4] Underwriting Information - The lead underwriter for this issuance is Century Securities, with representatives Zhao Yu and Peng Jun [5]

Core Viewpoint - The company Nopson (002215.SZ) plans to raise up to 145 million yuan through a private placement of A-shares to fund projects including the expansion of a blueberry base, the construction of an international research center for small berries, and to supplement working capital [1][2]. Investment Projects - The total investment for the blueberry base expansion project is approximately 122.09 million yuan, with 110 million yuan sourced from the raised funds [2]. - The small berry international research center construction project has a total investment of about 27.45 million yuan, with 15 million yuan allocated from the raised funds [2]. - The company plans to allocate 20 million yuan from the raised funds to supplement working capital [2]. Share Issuance Details - The shares to be issued will not exceed 301,557,393 shares, representing up to 30% of the total share capital prior to the issuance [3][4]. - The pricing benchmark for the share issuance will be set at the first day of the issuance period, with the price not lower than 80% of the average trading price over the previous 20 trading days [3]. Shareholder Structure - The controlling shareholder, Lu Boqiang, holds 26.56% of the company’s total shares, while related parties hold an additional 8.76% [3]. - After the issuance, the controlling shareholders will collectively hold 26.92% of the company’s shares [4]. Share Reduction Plan - The controlling shareholder and related parties plan to reduce their holdings by up to 30 million shares, which is 2.98% of the total shares [5]. - The reduction will occur within three months following a 15 trading day notice period, with a maximum of 1% through open market transactions and 2% through block trades [5]. Recent Share Transactions - From October 16 to November 6, 2025, Nopson Holdings reduced its holdings by 2,096,900 shares at an average price of 11.63 yuan, totaling approximately 24.39 million yuan [6].

Core Viewpoint - The company has implemented a 3 billion capital increase over the past three years, but its revenue has declined annually, leading to losses in its main business [1] Group 1 - The investor inquired about the timeline for the capital increase to generate revenue for the main business, given the ongoing losses [1] - The company secretary thanked the investor for their interest and directed them to relevant announcements for information regarding performance commitments related to the capital increase [1]