1. Report Industry Investment Rating - No information is provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The company has been facing challenges such as a broken - issue stock price and low gross profit margins. However, it has taken a series of measures to improve its situation. Through actions like mergers, share repurchases, and dividends, it has initiated market value management. The company aims to enhance its internal value, strengthen value transmission, make good use of capital tools, and adapt to the market environment. It also plans to focus on head - customers, expand overseas markets, reduce costs, and increase efficiency to achieve profitability and sustainable development [24][29][33]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Yuchen Intelligent, and the reception time was on September 23, 2025. The listed company's reception staff included the chairman, manager Zhang Hanhong, director and board secretary Ye Yuling, financial director Zhu Shunzhang, and independent director Zeng Xiaosheng [17]. 3.2. Detailed Research Institutions - The reception objects included investors and others, and the reception object type was not fully specified [20]. 3.3. Research Institution Proportion - No information is provided in the report. 3.4. Main Content Data 3.4.1. Market Value Management - The company has carried out market value management through mergers, share repurchases, and dividends. In the next stage, it will strengthen market value management by enhancing internal value, such as focusing on the main business, technological innovation, and cost - reduction; strengthening value transmission through investor communication and information disclosure; using capital tools like employee stock incentives and mergers; and adapting to the market environment by following policies [24][25][26]. 3.4.2. Overseas Business - Overseas business is an important contributor to the company's performance recovery. About 30% of the company's disclosed orders are from overseas. The company will expand its overseas business scale to improve overall profitability [26]. 3.4.3. Solid - State Battery Layout - The company is tracking the industrialization of new battery technologies and has a core product that can be applied to new battery manufacturing. It has established a R & D mechanism to develop key technologies for new batteries [27]. 3.4.4. Photovoltaic Project - The company signed a cooperation agreement with Xinyuan Jinwu and won a bid for a photovoltaic project worth about RMB 29.6 million. The project is the world's first full - color micro - coating equipment production line for photovoltaic [27][28]. 3.4.5. Gross Profit Margin Improvement - The company's low gross profit margin is due to factors such as order pricing and lack of scale effect. It will reduce costs through digital transformation, supplier management, and cost control, and increase efficiency through R & D innovation and market expansion [29][30]. 3.4.6. R & D Results Application - The company's core technologies are mainly applied in the lithium - battery field and will be promoted to other industries to expand the performance growth curve [30]. 3.4.7. Order Revenue - The amount of orders that can be recognized as this year's revenue depends on the customer's acceptance progress, and the specific data will be announced later [31]. 3.4.8. Customer Cooperation and Expansion - The company has established cooperation with many battery companies. New customer expansion mainly focuses on overseas customers, and the number of overseas customers has increased significantly [32]. 3.4.9. Factory Operation - The Zhongshan production base has been put into operation, which can improve production efficiency and reduce costs. However, there is still room for improvement in overall production efficiency [32][33]. 3.4.10. Loss - Turning Measures - The company's loss is due to low order gross profit margins and lack of scale effect. It will focus on head - customers, expand overseas markets, reduce costs, and increase efficiency to achieve profitability [33][34]. 3.4.11. Acquisition of Jiayang Battery - Jiayang Battery's operation remained stable in the first half of the year. Despite being affected by overseas tariff policies, the overall risk is controllable, and it has become a stable profit contributor to the company [34][35].

本报记者 肖伟 9月23日，上海期货交易所沪金2510合约盘中突破850元/克大关，创出历史新高。现货市场千足金回收价同步飙升至800元/ 克上方。在世界黄金协会发布的《全球黄金需求趋势报告》中，一个隐秘而关键的黄金细分市场正浮出水面：今年二季度全球 回收金供应量超过330吨，占当季黄金总产量的37%，其产业价值正随着金价暴涨和政策红利迎来井喷式发展。 在河南豫光金铅股份有限公司的生产车间，自主研发的连续底吹炉技术正创造着行业奇迹。一套黄金回收系统使铅冶炼伴 生黄金的回收率大幅度提升。通过构建"采矿-选矿-冶炼-深加工"全链条回收体系，该公司实现了在冶炼环节对黄金等稀贵金属 的极致提取。株洲冶炼集团股份有限公司在伴生矿和阳极泥当中也顺利回收黄金。株洲冶炼集团股份有限公司董秘陈湘军向 《证券日报》记者表示："我公司去年黄金产能再上新台阶，而且公司的'火炬牌'黄金在上海期货交易所完成注册，大大提高回 收黄金产品的溢价能力。" 电子废弃物正在变身城市金矿。在湖北荆门的格林美股份有限公司循环产业园，每天有成吨废旧电路板经历"凤凰涅槃"。 这条全球领先的贵金属回收产线，能从手机主板、电脑芯片中提炼出20余种稀有金属。湖 ...

来源：读懂财经 在当下的国内消费市场，信任壁垒已成为孕育消费巨头的新路径，山姆、胖东来等过往标杆，以及如今 的转转，都是这一逻辑的典型印证。 为进一步夯实自身的信任壁垒，转转于9月22日宣布，将逐步关停自由市场业务，全面转向战略聚焦透 明度与信任度更高的CBC模式。 关停C2C,全面依托CBC模式，转转正全力解决循环经济中最关键的结构性问题——信息不对称与信任 缺失。 围绕这两个核心痛点，CBC模式为转转构建循环经济领域稀缺的信任壁垒提供了强力支撑：其背后的专 业质检体系、高效履约能力、完善服务保障体系等核心能力，不仅难以被复制，更是循环经济实现规模 化发展不可或缺的基础设施。 具备规模化的基础能力后，转转也有了极大的想象空间。 循环经济正站在爆发点上。根据Statista《2024年二手市场报告》，全球二手市场规模2024年达到1.8万 亿美元，预计到2027年将增长至2.2万亿美元，年复合增长率达14.6%。这不只是一个消费"细分赛道"， 而是一条正在变宽、变深、变重的价值新链路。 所以，转转的故事，不只是"二手"这么简单。若从整个消费市场的视角审视，转转正在复刻港股 "消费 四姐妹" 的故事。 2024 ...

Company Overview - Jiangxi Ganfeng Lithium Co., Ltd. is the first A+H listed company in China's lithium industry, with A-share code 002460 and H-share code 01772. The company has developed industrial technologies for lithium extraction from brine, ore, and recycling, forming five major business segments: lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and lithium battery recycling. It produces over 40 types of lithium compounds and lithium metal products, making it one of the most comprehensive manufacturers in the lithium product supply chain [1]. Green Transition Initiatives - In response to the critical background of green transformation, the company is enhancing its research and manufacturing capabilities for power battery technology, expanding advanced production capacity for high-nickel ternary and solid-state batteries in phases to meet electric vehicle market demand. The company is also accelerating the iteration of household energy storage products and strengthening commercial energy storage solutions, including the development and promotion of integrated solar-storage applications [2]. - The company is advancing battery recycling capacity construction and improving its vertical integration capabilities in the "retired battery-black powder lithium-recycled materials" process. Through technological innovation, it aims to enhance lithium recycling rates and actively align with domestic and international policies to build a policy-driven recycled lithium salt supply system, specifically enhancing the production capacity and technical standards for recycled materials [2]. Sustainable Projects - The company has launched green solutions, first applied to its own projects. For instance, in the Mariana project in Argentina, a photovoltaic power station with an installed capacity of 120 MW was built, equipped with a 288 MWh energy storage system using self-developed batteries, ensuring the project operates entirely on renewable energy with stable power supply for 24 hours. Additionally, the domestic transportation segment has been fully electrified, with external transport widely using electric vehicles, resulting in a reduction of approximately 1,265.85 tons of CO2 emissions at the Ma Hong ten-thousand-ton lithium salt factory through oil-to-electricity conversion [2]. - Internal transportation utilizes electric forklifts and loaders, with each electric forklift reducing emissions by approximately 53.39 tons annually and each electric loader by about 220.53 tons. All power batteries used are sourced from the company's own production, creating a "green closed-loop" value chain from raw materials to products [2]. Future Development Plans - In 2024, the lithium chemical segment plans to research brine extraction technology to replace traditional salt flat evaporation, significantly reducing the area required for salt flats and freshwater usage, while improving lithium recovery rates and saving costs. The lithium battery segment focuses on solid-state batteries and mobile energy storage, developing power batteries for various applications and entering the commercial energy storage market [3]. - The company is establishing a comprehensive value chain system that includes production technology optimization, waste raw material recycling, capacity construction, and industrial cluster development in the lithium circular economy. Through industry-academia-research cooperation, it is advancing "circular economy projects" to expand resource reserves and enhance utilization efficiency. These initiatives aim to reduce carbon footprints while solidifying market competitiveness and expanding shares in emerging markets, achieving a win-win in economic and environmental benefits [3].

Group 1 - The core viewpoint emphasizes the strategic importance of new materials in driving the green transformation of traditional industries and fostering new productive forces, with Lanzhou Lanshi Zhongke Nano Technology Co., Ltd. emerging as a notable player in this field [1] - The company has achieved a breakthrough in the continuous and large-scale preparation of nano materials at normal temperature and pressure, overcoming the limitations of traditional batch production methods in terms of efficiency, cost, and environmental impact [2] - Lanzhou Lanshi Zhongke has established multiple production lines, including an annual output of 4,000 tons of nano magnesium hydroxide, 4,000 tons of magnesium-aluminum hydrotalcite, 5,000 tons of nano zinc oxide, and 1,500 tons of nano lithium iron phosphate precursor materials, achieving industry-leading standards in particle size control, dispersion, and batch stability [2] Group 2 - The company aligns with national strategies and aims to list on the Sci-Tech Innovation Board, which has become a preferred platform for hard-tech enterprises, supported by recent policies that enhance inclusivity for technology companies [3] - Lanzhou Lanshi Zhongke plans to submit its IPO application by the end of 2027, leveraging capital market opportunities to accelerate technological iteration and expand production capacity [3] - The company occupies a unique position in the resource recycling and new materials intersection, providing irreplaceable value in promoting low-carbon transformation in traditional industries, with no direct competitors in the A-share market [4] Group 3 - The national focus on green technology and new materials under the "dual carbon" goals has led to increased support for companies like Lanzhou Lanshi Zhongke, which reduces production energy consumption and costs while aiding downstream enterprises in resource recycling [5] - Guotai Junan Securities is set to provide comprehensive capital services for the company’s upcoming issuance, ensuring strong support for its market entry [5] - The growth trajectory of Lanzhou Lanshi Zhongke reflects the transformation and upgrading of Chinese SMEs through technological innovation, positioning it as a benchmark enterprise in the new materials sector [8]

企业介绍 蔚来公司于2014年11月成立，致力于提供高性能的智能电动汽车与极致用户体验，是全球首家在美国、 中国香港、新加坡三地上市的汽车企业，建立了由12个领域的技术栈构成的"蔚来技术全栈"。蔚来公司 是一家全球化的智能电动汽车公司，在上海、合肥、北京、圣何塞、慕尼黑、牛津、布达佩斯、新加 坡、阿布扎比等10余地设立了研发与生产机构，并在中国、欧洲、中东、大高加索等地的10个国家和地 区建立销售和服务体系，覆盖全球超350个城市的用户。公司旗下现有NIO蔚来、ONVO乐道、firefly萤 火虫三大品牌，其中，蔚来品牌有九款高端智能电动车型在售，乐道品牌有两款车型在售，firefly萤火 虫品牌有一款智能电动高端小车在售。截至目前，蔚来公司已累计交付新车80多万台。 文/华夏ESG观察联盟 为实现"车到车" 闭环回收全流程，蔚来Circular Car Lab在2024年自主设计开发了线上追溯系统，并交付 循环各级合作伙伴使用，全流程追溯2024年度报废车、废料、成品、零件情况，以保证"车到车" 回收 数据的追溯性、真实性、完整性。 2024年，依托Circular Car Lab，蔚来已完成"车到车" 级 ...

节能降碳是加快发展方式绿色转型的重要抓手，既利当前、更利长远。数据显示，2021年至2024年，全 国单位GDP能耗累计下降率达到11.6%，达到"十四五"目标进度要求。 此外，我国产业低碳化进程加速。稳步淘汰落后产能，退出钢铁落后产能超1.5亿吨。截至2024年底， 累计培育国家级绿色工厂6430家，全国绿色工厂产值占制造业总产值的比重约20%。国家层面累计培育 绿色工业园区491个，单位工业增加值能耗仅为全国平均水平的2/3。新产业、新业态、新模式"三新"经 济占GDP的比重超过18%。今年上半年，高技术制造业增加值占规模以上工业的比重达到16.4%。 今年是"双碳"目标提出5周年。记者22日从国家发展改革委获悉，5年来，各地区、各部门锚定"双碳"目 标，加强统筹协调，坚持系统推进，推动经济社会发展全面绿色转型。 能源是国民经济的命脉，也是推进碳达峰碳中和的主战场。 截至今年6月底，可再生能源装机容量超21.59亿千瓦，占全部发电装机的比重约59.2%；非化石能源消 费比重由2020年的15.9%增至2024年的19.8%，煤炭消费比重从2020年的56.8%降至2024年的53.2%；截 至2024年底 ...

据港交所9月22日披露，格林美（002340）股份有限公司(简称：格林美)向港交所主板提交上市申请书，摩根大通、中信证 券、中信建投（601066）国际为其联席保荐人。格林美(002340.SZ)已在深交所上市。 | [編纂]項下的[編纂]數目 | : ﺑ | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | ·· | 「編纂】股H股(可予重新分配及視乎「編 | | 纂]行使與否而定) | | | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027%證監會交易徵 | | | | | | 費、0.00565％香港聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於「編 | | 纂]時以港元繳足) | | | | 面值 .. | | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | | 聯席保薦人·[編纂] | | | 招股书显示，格林美是关键金属资源回收生产以及锂离子电池回收行业的引领者，亦是全球新能源材 ...

Core Viewpoint - The company, Zhuanzhuan, has announced the gradual shutdown of its C2C marketplace, shifting focus to an "official verification" business model, which raises questions about its competitive strategy and future growth potential in the second-hand market [2][6][10]. Market Context - The Chinese second-hand market is projected to exceed 3 trillion yuan, indicating a vast potential for growth [6]. - Zhuanzhuan has historically operated under the shadow of larger competitors like Xianyu and Aihuishou, lacking strong e-commerce backing [6][10]. Competitive Landscape - Zhuanzhuan's reliance on advertising to maintain its C2C presence has proven costly and ineffective compared to the community-driven approach of Xianyu, which benefits from Alibaba's ecosystem [6][9]. - Xianyu has over 600 million registered users, with a significant portion being active Gen Z users, highlighting its strong market position [9]. Business Model Challenges - The C2C segment has been financially burdensome for Zhuanzhuan, with CEO Huang Wei admitting to nearly 200 million yuan in subsidies to support this business line [7]. - Zhuanzhuan's previous attempts to pivot towards a C2B2C model included quality verification services, but recent controversies have undermined consumer trust [10][11]. Strategic Shifts - Zhuanzhuan has made several strategic pivots, including a recent acquisition of Hongbulin and a focus on the luxury second-hand market, which aims to address consumer demand for quality assurance [12][13]. - The launch of "Super Zhuanzhuan," a multi-category second-hand store, represents a significant shift towards offline retail, catering to consumer preferences for tangible product experiences [13]. Risks and Future Outlook - The decision to exit the C2C market may lead to user attrition as consumers migrate to platforms that still support peer-to-peer transactions [14]. - Zhuanzhuan's approach contrasts with competitors like Xianyu and Dewu, which continue to embrace C2C models, suggesting potential long-term implications for Zhuanzhuan's market relevance [14][15].

智通财经APP获悉，据港交所9月22日披露，格林美股份有限公司(简称：格林美)向港交所主板提交上市申请书，摩根大通、中 信证券、中信建投国际为其联席保荐人。格林美(002340.SZ)已在深交所上市。 | [編纂]項下的[編纂]數目 : ﻳ | | 「編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 . . | | 「編纂】股H股(可予重新分配) | | [編纂]數目 | | :「編纂】股H股(可予重新分配及視乎[編 | | | 纂 行使與否而定) | | | 最高[繃纂] : | | 每股H股[編纂]港元,另加1.0%經 | | | | 紀佣金、0.0027%證監會交易徵 | | | | 費、0.00565%香港聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於「編 | | | 纂]時以港元繳足) | | | 面值 . | 每股H股人民幣1.00元 | | | [編纂] : [編纂] | | | | 聯席保薦人·「編纂] | | | 招股书显示，格林美是关键金属资源回收生产以及锂离子电池回收行业的引领者，亦是全球新能源材料制造行业的领先 ...