2025年8月26日，兴源环境（维权）科技股份有限公司召开第六届董事会第九次会议，审议通过《关于 城东污水处理厂BOT项目政府回购并提前终止特许经营权的议案》。 对公司影响 项目情况回顾 漳州兴源水务有限公司为兴源环境全资子公司。2016年6月，诏安县四都镇人民政府与漳州兴源签订 《福建省诏安县城东污水处理厂BOT项目投资、设计、建设、运营、移交特许经营协议》，漳州兴源负 责厂区投资、建设、运营及维护，诏安县四都镇人民政府支付污水处理服务费。特许经营期29年，2019 年6月项目正式运营。 交易标的详情 本次交易标的为诏安县城东污水处理厂特许经营权资产，位于福建省诏安县，污水处理能力1.2万吨/ 日。经审计，项目专项投资审计金额4361.42万元，协商后账面价值3609.45万元。评估报告显示，截至 2025年7月24日评估基准日，特许经营权评估价值与公允价值均为2894.67万元。该标的产权清晰，无抵 押、争议等情况。 交易协议要点资产回购与特许经营权终止：诏安县四都镇人民政府（甲方）、漳州兴源水务有限公司 （乙方）、诏安工业园区管理委员会（丙方）、兴源环境科技股份有限公司（丁方）四方同意解除相关 协议，提 ...

| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 2025 年半年度经营数据 （一）主营业务分业态情况 注：（1）表内物流供应链业务数据为合并抵消后数据。物流供应链合并抵消前主营业务 收入为 29.50 亿元，占合并抵消前公司主营收入的 56.48%。 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个别及连带责任。 根据上海证券交易所的相关规定，现将公司 2025 年半年度主要经营数据（未 经审计）公告如下： 一、报告期内公司门店变动情况 报告期内，公司新开便利店及生鲜社区店 8 家，新开品类专营店 1 家，关闭 综合超市 9 家，关闭便利店及生鲜社区店 20 家，关闭品类专营店 7 家。关闭的 综合超市情况如下： | 序号 | 地区 | 门店名称 | 经营业态 | | 闭店时间 | | | 经营面积 （平方米） | 来源 | | --- | --- | --- | --- ...

Core Viewpoint - The merger between subsidiaries of Zhongju Semiconductor Technology Co., Ltd. aims to optimize management structure, reduce costs, and enhance operational efficiency, while maintaining the integrity of fundraising projects and protecting shareholder interests [6][8][9] Group 1: Merger Details - The merger involves the absorption of Zhongju (Quzhou) by Kaisen Fluorochemical, with all assets, debts, and operations being inherited by Kaisen Fluorochemical [4][6] - The project "Wet Etching and Cleaning Solutions for Integrated Circuits" will continue under Kaisen Fluorochemical, with no changes to investment amount, purpose, or location [6][8] Group 2: Financial Overview - For the absorbing entity (Kaisen Fluorochemical), total assets are reported at 132,961.03 million, liabilities at 73,269.31 million, net assets at 59,691.72 million, revenue at 74,559.39 million, and net profit at 5,676.71 million [3] - For the absorbed entity (Zhongju Quzhou), total assets are 41,743.66 million, liabilities at 4,807.06 million, net assets at 36,936.60 million, and a net loss of 63.40 million [4] Group 3: Fundraising and Project Changes - The company raised a total of 1,806,750,318.06 RMB from its IPO, with the funds fully in place as of September 1, 2023 [5] - The fundraising project "Advanced Electronic Chemical Materials for Integrated Circuits (Phase I)" has been renamed to "Wet Etching and Cleaning Solutions for Integrated Circuits," with total investment remaining at 150,000.00 million [5][6] Group 4: Governance and Compliance - The board of directors and the supervisory board have approved the merger and changes to the fundraising project, confirming that it aligns with legal and regulatory requirements [7][9] - The sponsor, Guotai Junan Securities, has also expressed no objections to the merger and project changes, affirming that they do not adversely affect the implementation of fundraising projects or shareholder interests [9]

Core Viewpoint - The announcement details the absorption merger between two wholly-owned subsidiaries of Zhongjuxin Technology Co., Ltd., namely Kaisheng Fluorochemical Co., Ltd. and Zhongjuxin (Quzhou) Technology Co., Ltd., aimed at optimizing resource allocation and improving operational efficiency [1][2][7]. Summary by Sections Absorption Merger Details - Kaisheng Fluorochemical will absorb Zhongjuxin (Quzhou), which will lead to the cancellation of Zhongjuxin (Quzhou)'s independent legal status, with all assets, debts, personnel, and business being inherited by Kaisheng Fluorochemical [1][2][4]. - The implementation subject of the fundraising project "Advanced Electronic Chemical Materials for Integrated Circuits (Phase I)" will change from Zhongjuxin (Quzhou) to Kaisheng Fluorochemical, while the investment amount, purpose, and location remain unchanged [1][2][7]. Financial Information - Kaisheng Fluorochemical's total assets as of the first half of the year are approximately 1.33 billion, with total liabilities of about 732 million and net assets of around 596 million [3]. - Zhongjuxin (Quzhou) has total assets of approximately 417 million, with total liabilities of about 48 million and a net asset value of around 369 million [4]. Fundraising Project Overview - The company successfully raised approximately 1.81 billion RMB from its initial public offering, with a share price of 5.18 RMB per share [5]. - The total planned investment for the fundraising projects has been adjusted, with the "Advanced Electronic Chemical Materials for Integrated Circuits (Phase I)" project now renamed to "Wet Etching and Cleaning Solutions for Integrated Circuits" [6]. Rationale and Impact of the Merger - The merger is intended to optimize the management structure, reduce costs, and effectively integrate resources, aligning with the company's strategic development needs [7][9]. - The merger will not adversely affect the company's overall business development or profitability, nor will it harm the interests of shareholders, particularly minority shareholders [7][9]. Approval Process - The board of directors and the supervisory board have approved the merger and the change of the implementation subject for the fundraising project, confirming compliance with relevant regulations [8][9].

Core Viewpoint - The innovative "shared" temporary land solution in Binjiang District addresses the challenges of land resource scarcity and high project land utilization, benefiting both enterprises and workers while optimizing land use efficiency [1][2] Group 1: Shared Temporary Land Solution - The Binjiang District has introduced a "shared" temporary land solution to consolidate 11 undeveloped land parcels into a centralized area, allowing multiple projects to share facilities and services [1] - The model includes three aspects of sharing: shared space, shared facilities, and shared services, which collectively enhance resource allocation [1] Group 2: Cost Savings and Efficiency - The shared model allows for the accommodation of 7 enterprises in a 50-acre area, which previously could only support 5, thus providing additional development space [1] - One project engineer calculated that the shared model saves approximately 100,000 yuan annually in project management and maintenance costs alone [1] Group 3: Approval and Management Improvements - The district has implemented a dual mechanism of "specialist service + pre-approval service," reducing the average processing time for temporary land approvals to 3 working days [1] - A "warning + support" system has been established to remind enterprises 30 days in advance to prepare for land return, ensuring timely land restoration and transfer [1] Group 4: Land Efficiency Gains - The implementation of the shared model has replaced 46 scattered land parcels, saving 261.86 acres of land, with facility sharing alone saving 22 acres [2] - This innovative practice alleviates the temporary land supply-demand conflict while achieving cost reduction for enterprises, benefits for workers, and enhanced land efficiency [2]

Core Insights - The A-share market has seen a surge in mergers and acquisitions (M&A) activities since August, with 96 companies disclosing M&A announcements from August 1 to August 24, indicating that M&A is a crucial method for optimizing resource allocation and enhancing company efficiency [1] Group 1: M&A Activities - Several companies are involved in resolving industry competition through M&A, such as Chongqing Waterworks planning to acquire 100% of Chongqing Yujing Waterworks for 354 million yuan to address potential competition with its parent company [2] - Yunnan Copper intends to acquire an additional 40% stake in Liangshan Mining, which will make it a subsidiary, enhancing resource reserves and production capacity [2] - China Shenhua is set to acquire assets from its parent company, covering 13 firms across coal, coal chemical, and logistics sectors, aiming for a strategic resource integration and improved emergency response capabilities [3] Group 2: Supportive Policies - Continuous supportive policies for M&A activities have been introduced, including guidelines from the People's Bank of China to enhance M&A loan policies and support investments in industrial chains [4] - Local governments, such as the Chongqing Municipal Government, are also promoting M&A through financial support and optimizing loan services for quality enterprises in technology and green industries [4] - Hainan Province has introduced measures to support the biopharmaceutical industry, offering 50% interest subsidies on bank loans for companies involved in M&A within the sector [5] - Henan Province has announced policies to broaden financing channels for companies, encouraging M&A and refinancing as tools for growth [6] - Since the introduction of the "Six M&A Guidelines," the market has remained active, with Jiangsu Province reporting 209 new M&A disclosures and a total transaction amount exceeding 650.84 billion yuan [6]

Group 1 - The core point of the announcement is that Beijing Zhangqu Technology Co., Ltd. has decided to absorb and merge its wholly-owned subsidiary, Beijing Juyou Zhanglian Technology Co., Ltd., to optimize resource allocation and improve operational efficiency [1] - The merger will result in the cancellation of Juyou Zhanglian's independent legal status, with all rights and obligations related to its assets and liabilities being assumed by the parent company [1] - The merger does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [1] Group 2 - Juyou Zhanglian was established on August 26, 2009, with a registered capital of 1 million RMB and is wholly owned by the parent company [1] - As of June 30, 2025, Juyou Zhanglian reported total assets of approximately 146.89 million RMB and a net asset of approximately -527.59 million RMB [1] - The financial performance for the first half of 2025 showed a net loss of approximately 149.93 million RMB, compared to a net loss of approximately 875.38 million RMB for the entire year of 2024 [1] Group 3 - The purpose of the merger is to enhance the overall operational and management efficiency of the company, aligning with its development needs [1] - The financial statements of Juyou Zhanglian have already been included in the consolidated financial statements of the parent company, indicating that the merger will not have a significant impact on the company's financial condition or operating results [1]

江苏国泰公告，因外部客观条件及行业环境变化，公司下属公司宁德国泰华荣新材料有限公司拟终止投 资建设年产40万吨锂离子电池电解液项目。该项目总投资15.38亿元，用地面积约180亩，计划建设周期 24个月。截至公告披露日，项目已投入土地款3285.02万元。由于市场竞争激烈，电解液产品价格持续 下行，行业盈利空间受压，公司决定终止该项目以优化资源配置，提高资金使用效率。此次终止不会对 公司正常生产经营及当期利润产生重大不利影响。 ...

Core Viewpoint - The company, Chengfa Environment, is divesting its wholly-owned subsidiary, Henan Walkman Construction Engineering Co., Ltd., to focus on its core businesses in environmental protection and highway operations, optimizing resource allocation and aligning with its long-term strategic goals [1][2]. Group 1: Divestment Details - Chengfa Environment plans to transfer 100% equity of Walkman through a public listing, with the base price determined by an asset assessment [1]. - The divestment is driven by reduced internal construction needs due to the stabilization of waste-to-energy projects and challenges in market expansion [1]. - The proceeds from the sale will be used for acquiring quality projects in the environmental sector, supporting the company's strategic development [1]. Group 2: Financial Performance - In the first half of 2025, Chengfa Environment reported revenue of 32.16 billion, a year-on-year increase of 11.25%, and a net profit of 5.89 billion, up 20.15% [2]. - The environmental business generated revenue of 24.54 billion, reflecting a 14.58% increase, accounting for 76.31% of total revenue [2]. - The company attributes its performance growth to acquisitions, operational improvements, cost reductions, and enhanced efficiency [2]. Group 3: Operational Highlights - The company’s core highway assets include several key highways in Henan province, with a total operational mileage of 255.36 kilometers, contributing stable cash flow [3]. - Chengfa Environment is expanding its overseas market presence, focusing on strategic regions such as Central Asia and Eastern Europe, with projects like the Hungary initiative underway [3].

Core Viewpoint - The company, Chengfa Environment, announced the intention to transfer 100% equity of its wholly-owned subsidiary, Henan Walkman Construction Engineering Co., Ltd., through public listing due to reduced internal construction needs and challenges in market expansion [1] Group 1: Company Strategy - The transfer of the subsidiary's equity is aimed at allowing the company to further focus on its core businesses, including environmental protection and highway operation [1] - The transaction will optimize resource allocation within the company [1] Group 2: Market Conditions - The company is facing significant challenges in market expansion due to external environmental factors [1] - The announcement comes as the company's waste-to-energy projects have entered a stable operational phase, leading to a notable decrease in internal construction demands [1]