日前，中国上市公司协会会长宋志平在中国上市公司协会第三届理事会第六次会议上表示，新"国九条"和资本市 场"1+N"政策体系的发布实施，多层次资本市场体系更加完备，市场功能不断健全，市场韧性明显增强，市场生态持 续净化。上市公司作为国民经济的"基本盘"和科技创新的"主力军"，展现了强大的韧性与活力。 宋志平提到，2024年11月《市值管理指引》的颁布，为资本市场注入了一股强劲的"稳定剂"和"价值发现"动力。上市 公司积极响应，通过制定市值管理制度、发布回报方案、估值提升计划、现金分红等方式回报投资者。截至2025年10 月31日，累计741家公司建立了市值管理制度，累计实施259起分红方案，总金额约1352.94亿元。 特别针对上市公司"出海"方面，宋志平提供了一组数据：截至2024年底，共有3667家A股公司披露了境外业务收入， 占A股公司总数的68%；合计实现境外总收入9.52万亿元，较2020年增长56.58%。其中，制造业上市公司合计实现境外 总收入6.39万亿元，较2020年增长75.42%。在产业结构上，以新能源汽车、锂电池、光伏为代表的"新三样"构筑了新 的外贸增长极。 《南华早报》此前曾发文称， ...

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized the importance of corporate governance and board effectiveness in listed companies, leading to the launch of the "2025 Best Practices for Corporate Boards" initiative, which has recognized 240 best practice cases, 190 excellent cases, and 156 typical cases [1][2]. Group 1: Corporate Governance and Board Effectiveness - The initiative aims to enhance the legal and compliant operation of corporate boards, improving governance effectiveness in response to higher demands from the new "National Nine Articles" and the "1+N" policy framework [1]. - The core role of corporate boards is to drive strategic decision-making, align with national macro policies, and integrate company growth into the modernization of the industrial system [1][2]. - Companies are encouraged to establish robust internal control systems and risk supervision capabilities to support high-quality development in the capital market [1][2]. Group 2: Value Management and Shareholder Returns - Corporate boards are elevating value management to a strategic level, focusing on enhancing intrinsic value, optimizing investor communication, and standardizing information disclosure [2]. - Emphasis on sustainable dividends has become a key aspect of governance, with companies responding to policies for multiple dividends per year and ensuring the continuity and stability of shareholder return policies [2]. - The boards are actively working to improve investor satisfaction and confidence through optimized dividend strategies [2]. Group 3: ESG Integration - Corporate boards are advancing the establishment and practice of Environmental, Social, and Governance (ESG) frameworks, embedding sustainability into strategic planning and performance evaluation [3]. - The ESG strategy focuses on innovation, employee growth, environmental friendliness, and corporate governance, aiming for a sustainable development governance model unique to China [3]. Group 4: Best Practice Case Listings - A comprehensive list of recognized companies for best practices in corporate governance has been compiled, showcasing a diverse range of sectors and industries [4][5][6][7][8][9][10].

Core Viewpoint - The company, Yantai Eddie Precision Machinery Co., Ltd., is taking significant steps to enhance its market value and optimize its capital structure through a share buyback and a reduction in the conversion price of its convertible bonds, reflecting confidence in its intrinsic value amid industry recovery and new capacity launches [1][2]. Group 1: Share Buyback and Capital Structure Optimization - The company plans to invest between 100 million to 200 million yuan to repurchase shares at a price not exceeding 27 yuan per share, with all repurchased shares intended for the conversion of convertible bonds [1]. - The conversion price of the "Eddie Convertible Bonds" has been lowered from 23.58 yuan per share to 18.75 yuan per share, significantly enhancing the attractiveness of the bonds to investors and accelerating the conversion process [1][2]. Group 2: Financial Performance - In the first three quarters of the year, the company achieved a revenue of 2.374 billion yuan, representing a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 316 million yuan, up 12.63% [2]. - The third quarter showed particularly strong performance, with revenue of 806 million yuan and a net profit of 109 million yuan, marking year-on-year increases of 23.59% and 29.66%, respectively, both reaching the highest quarterly figures in nearly four years [2]. Group 3: Diversification and New Business Growth - The company is seeing positive results from its diversification efforts, with its incubation business gradually becoming a second growth curve, including sectors like hard alloy tools, industrial robots, smart energy storage, and screw guide rails [2][3]. - The company's subsidiary, Aiqi Precision (Suzhou) Co., Ltd., has begun stable supply to main engine manufacturers since its production start in January, with expectations of strong sales performance for the year [3]. Group 4: International Expansion and Market Conditions - The company's Thailand factory is set to commence operations by the end of November, which will optimize its global supply chain and reduce the impact of trade barriers, facilitating further expansion into international markets [3]. - The hydraulic breaker equipment industry is experiencing a recovery driven by increased infrastructure investment and mining demand, placing the company in a favorable position as a leading player in the sector [3][4].

Group 1 - The release and implementation of the new "National Nine Articles" and the capital market "1+N" policy system have enhanced the multi-level capital market system, improving market functions and resilience [1] - As of October 31, 2025, a total of 741 companies have established market value management systems, implementing 259 dividend plans with a total amount of approximately 135.29 billion [1] - By the end of 2024, 3,667 A-share companies disclosed overseas business income, accounting for 68% of the total A-share companies, with total overseas income reaching 9.52 trillion, a 56.58% increase compared to 2020 [1] Group 2 - Manufacturing listed companies achieved a total overseas income of 6.39 trillion, representing a 75.42% increase compared to 2020 [1] - The new trade growth drivers include sectors such as new energy vehicles, lithium batteries, and photovoltaics [1] - Chinese companies' global capabilities are seen as having potential, with "going out" helping to diversify risks, expand sales channels, and enter global markets [4]

Core Viewpoint - Linglong Tire emphasizes the importance of market value management since its listing and has established relevant systems to promote this work [1] Group 1: Company Strategy - The company aims to strengthen its core business through multiple strategies, including optimizing production processes, enhancing equipment efficiency, and implementing lean production management [1] - Linglong Tire is focused on optimizing production planning and scheduling, as well as advancing smart manufacturing and digital transformation [1] - The company is committed to research and development innovation and building a robust marketing system to improve its profitability and market competitiveness [1] Group 2: Performance Goals - Linglong Tire intends to continuously enhance the utilization rate of existing production capacity and optimize its cost structure and product mix [1] - The company aims to deliver long-term stable performance to reward the trust and support of its stakeholders [1]

Core Insights - The president of the China Listed Companies Association emphasizes the need for multi-faceted efforts to enhance the quality of listed companies, focusing on governance, core business, resource allocation, shareholder returns, and risk management [1][4]. Governance and Compliance - Strengthening governance foundations and enhancing compliance effectiveness are crucial, with a shift from "formal compliance" to "substantive effectiveness" in corporate governance [4]. - The revised Corporate Governance Guidelines aim to create a governance structure that is comprehensive, efficient, and well-balanced [4]. Business Focus and Innovation - Companies should concentrate on upgrading their core businesses and identifying technological breakthroughs and new growth points, avoiding blind expansion [5]. - Innovation should drive business upgrades, with increased R&D investment to overcome key technological challenges [5]. Resource Allocation and M&A - Mergers and acquisitions (M&A) should align with overall corporate strategies and enhance core competitiveness, avoiding unnecessary acquisitions [6]. - Companies are encouraged to ensure accurate and complete information disclosure during M&A processes to comply with market regulations [6]. Shareholder Returns - There is a growing awareness of the importance of shareholder returns, with 741 companies establishing value management systems and implementing 259 dividend plans totaling approximately 135.29 billion yuan [3]. - The total cash dividends for A-share listed companies in 2024 are projected to reach 2.4 trillion yuan, marking a 9% increase from 2023 [3]. Risk Management - Companies are advised to establish a comprehensive risk prevention system, fostering a culture of risk awareness and enhancing internal controls [6].

Group 1: Business Focus and Development - The company will continue to focus on two core business areas: lithium-ion battery materials and thermal management products, aiming to optimize its industry layout and enhance competitiveness [2][4] - The company has been included in the list of enterprises meeting the standards for the comprehensive utilization of waste power batteries in the new energy vehicle sector [3] - The lithium-ion battery recycling business serves as a source of raw materials for the company's lithium-ion battery materials business, sourcing from both domestic and international waste battery recycling companies [3] Group 2: Investor Relations and Market Communication - The company emphasizes the importance of market communication and investor relations management to enhance value creation and shareholder returns [3] - The company has committed to improving the quality and transparency of information disclosure to strengthen interactions with market participants [3] - The company will disclose any significant events affecting its operations in accordance with relevant regulations [3] Group 3: Production and Market Performance - The company is currently operating normally, adjusting production based on market orders, with specific operational data to be disclosed in future reports [4] - The first phase of the lithium battery key material production base has completed construction and is in trial production [3][4] - The company is monitoring market trends closely to adapt its project development accordingly [4] Group 4: Future Strategy and Industry Outlook - The company aims to build an industrial ecosystem around lithium-ion battery materials and thermal management, enhancing its competitive edge [4] - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions, market trends, and industry policies [4] - The company is focused on creating better returns for investors by solidifying its core business and internal value [4]

Core Viewpoint - The company is actively addressing long-term receivables and exploring new business opportunities while maintaining a focus on environmental services and strategic growth initiatives [1][2][3] Group 1: Financial Performance and Management - As of the end of Q3 2025, the company reported long-term receivables of 5.16 billion yuan, indicating a persistent challenge in managing receivables [2] - The company is implementing various measures to tackle accounts receivable issues, including cash collections and exploring potential project asset injections [2] - The overall financing cost is expected to decrease slightly compared to the previous year, with ongoing efforts to optimize the debt structure [3] Group 2: Strategic Development and Market Position - The company is exploring opportunities for market expansion and is focused on enhancing its market share in the environmental services sector [2][3] - The company is undergoing a "15th Five-Year" strategic planning process, emphasizing regional advantages and a tailored project approach [3] - The company aims to transition into a comprehensive urban environmental service provider while maintaining operational efficiency [2] Group 3: Future Projects and Investments - Current construction projects include various water treatment and renewable energy initiatives, such as the Tianjin urban recycled water pipeline project and the Karamay sewage treatment plant [4] - The company is committed to sustainable development through new project reserves and is actively seeking new market opportunities [3][4] - The expected annualized return on significant projects like the Tianjin recycled water pipeline is aligned with the company's internal investment return requirements [4] Group 4: Shareholder Returns and Value Management - The company has been increasing its dividend payout ratio, with a target of 33.07% for 2024, and is exploring further enhancements to shareholder returns [4] - Discussions regarding a share buyback plan are ongoing, with future actions dependent on market conditions [4] - The major shareholder is focused on value management strategies, including optimizing dividend plans and potential asset injections to enhance market value [4]

Financial Performance - The company achieved a net profit of 132.87 million CNY in the first three quarters of 2025, representing a 23.40% increase year-on-year [1] - The non-recurring net profit reached 129.97 million CNY, marking a 26.33% growth compared to the previous year [1] Business Operations - The company provides intelligent equipment, software systems, and key chemical materials for the civil blasting industry, and is involved in the development of various types of industrial robots [2][3] - The company is actively participating in the Western Development strategy, optimizing products and services to increase market share in the western region [2] Market Presence - Domestic revenue for the first half of 2025 was 752.66 million CNY, accounting for 91.25% of total revenue, while overseas revenue was 72.14 million CNY, making up 8.75% [4] - The overseas revenue increased by 701.73% compared to the same period last year [4] Strategic Focus - The company is focusing on high-end intelligent manufacturing and the development of core control technologies for industrial robots [3][4] - It aims to expand its market presence in the robotics sector and enhance its technological capabilities in motion control and visual recognition [3] Shareholder Engagement - The company has established a market value management system and has implemented two share repurchase plans since its listing [4] - It emphasizes cash dividends to investors and is committed to enhancing overall performance and intrinsic value [4]

Financial Performance - The company reported a cumulative revenue of 212 million yuan and a net loss of 62 million yuan for the first three quarters of 2025 [1] - Operating cash flow was 274 million yuan, with total assets at 2.358 billion yuan and net assets at 1.572 billion yuan as of the end of Q3 2025 [1] Business Strategy and Outlook - The company is maintaining its strategic focus on the semiconductor industry while stabilizing its decoration and renovation business [2][3] - There is confidence in achieving revenue targets for 2025, with no anticipated uncontrollable risks [2] - The company aims to enhance operational efficiency through organizational reforms and asset turnover improvements [2][3] Shareholder and Market Concerns - The company is actively managing its market value and is focused on maintaining shareholder rights amid stock price fluctuations [4][5] - There are no current plans for stock buybacks, but the company is committed to transparent communication regarding significant developments [4][5] Investments and Partnerships - The company has invested in several semiconductor-related firms, including a 27.99% stake in CoreSys Semiconductor Technology [8][9] - Ongoing projects include the FCBGA high-end packaging substrate project, which commenced production on September 27, 2025 [9][10] - The company is exploring further investments in the semiconductor sector to strengthen its business portfolio [6][10] Corporate Governance - The board of directors currently consists of 9 members, with one employee representative to be elected [3] - There are no disclosed plans for significant shareholding changes among major shareholders [5][6]