思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）正在筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份有限公司（以下简称"奥 拉股份"或"标的公司"）股权并募集配套资金（以下简称"本次交易"）。 经初步测算，本次交易可能构成《上市公司重大资产重组管理办法》规定的重大资产重组。根据《上海证券交易所科创板股票上市规则》相关法规，本次 交易不会导致公司实际控制人发生变更，不构成重组上市。 因本次交易尚存在不确定性，为了保证公平信息披露、维护投资者利益，避免对公司股价造成重大影响，根据上海证券交易所的相关规定，经公司申请， 公司股票（证券简称：思瑞浦，证券代码：688536）自2025 年11 月26 日（星期三）开市起开始停牌，公司定向可转换公司债券（债券简称：思瑞定转， 转债代码：118500）自2025 年11 月26 日（星期三）开市起停止转股。预计停牌时间不超过10 个交易日。 股票停牌期间，公司将根据事项进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待上述事项确定后，公司将及时发布相关公告并申请 公司股票复牌。敬请广大投资者关注后续公告，并注意投资风险。 | 证券代码:6885 ...

Core Viewpoint - The recent developments regarding the major asset swap and share issuance for asset acquisition by State Power Investment Corporation (SPIC) indicate a focus on addressing financial concerns related to the acquired assets, particularly the financial status of the nuclear power segment, with a low risk of continued decline in gross profit margins [1][3]. Financial Status and Cost Structure - The main business costs of the nuclear power segment are primarily composed of depreciation, fuel costs, repair costs, spent fuel disposal funds, and employee compensation, which collectively accounted for approximately 90% of the total business costs in recent periods [2]. - Depreciation costs represent the largest portion, with amounts of 1.772 billion, 1.814 billion, and 0.945 billion for the years 2023, 2024, and the first half of 2025, respectively [2]. - The spent fuel disposal fund is expected to significantly increase starting in 2024, reaching 458 million, which will impact overall cost structures [2]. Gross Profit Margin Trends - The gross profit margin for the nuclear power segment is projected to decline from 42.30% in 2023 to 31.14% in 2024, primarily due to the increased allocation of spent fuel disposal funds [3]. - The gross profit margin for electricity sales is expected to drop from 42.55% to 31.47%, while the heating business margin is anticipated to decrease from 24.95% to 19.15% [3]. - However, there is an indication of recovery in the first half of 2025, with the heating business margin rebounding to 30.31% due to the absence of major repairs [3]. Accounts Receivable and Inventory Management - The accounts receivable balance has remained stable at approximately 713 million, while inventory has increased from 1.416 billion to 2.004 billion without any impairment provisions, which has raised regulatory inquiries [4]. - Accounts receivable are primarily from State Grid Shandong Electric Power Company, which has a strong repayment history, and from Haiyang Haifa Water Group, with a 100% historical collection rate [4]. - Inventory mainly consists of nuclear fuel and spare parts, with a significant portion being specialized components for nuclear safety, aligning with industry practices [4]. Fixed Assets and Depreciation Policies - As of the end of 2024, fixed assets totaled 40.709 billion, representing 37.09% of total assets, while construction in progress amounted to 34.974 billion, accounting for 31.87% [5]. - The depreciation policies for fixed assets are consistent with industry standards, with no significant impairment detected, thus no provisions have been made [5]. - The detailed financial disclosures provided in response to regulatory inquiries are intended to enhance market understanding of the asset quality involved in the major asset restructuring [5].

上交所指出，草案披露，ST景谷于2023年完成收购汇银木业51%股权重大资产重组事项，汇银木业原实 际控制人王存兰、崔会军对2023年至2025年作出业绩承诺与补偿安排。2023年汇银木业业绩踩线达标， 2024年发生大额亏损，2025年业绩继续大幅下滑且出现因民间借贷诉讼等事项导致停工停产的情况。上 市公司于业绩承诺期内即筹划处置标的公司，并计提大额减值准备。同时，根据前期公告，汇银木业所 涉民间借贷事项部分发生在上市公司收购汇银木业之前。 上交所要求ST景谷结合汇银木业收购不久即发生业绩变脸，特别是在业绩承诺期内即筹划本次重大资 产出售，补充说明公司前期收购是否审慎；结合汇银木业所涉风险事件的具体情况，说明公司前期收购 汇银木业时所披露的重组报告书及相关财务数据等是否真实、准确、完整，是否存在尽调不充分等情 形，是否对上市公司后续信息披露产生重大影响；结合公司业务开展情况、行业变化、主要财务指标 等，说明汇银木业近两年业绩大幅下滑的原因，前期业绩预测是否审慎，相关方业绩承诺的测算依据是 否合理。 另外，上交所就公司持续经营能力、资金拆借偿还安排、保留意见所涉借款事项、标的公司借款到期、 减值等问题对ST景 ...

Market Overview - On November 25, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.53%, and the ChiNext Index gained 1.77% with a total market turnover of 1.83 trillion yuan [1] - 4,300 stocks rose, with 95 stocks hitting the daily limit up, while sectors such as gaming, AI applications, CPO, and precious metals saw significant gains, whereas military equipment and aquaculture sectors declined [1] Key Stocks Performance - Jialv Technology (301117) saw a price increase of 20.00% to 48.17 yuan, with a turnover of 13.22 million yuan [2] - Guangku Technology (300620) rose by 20.00% to 147.00 yuan, with a turnover of 65.45 million yuan [2] - Qingshuiyuan (300437) increased by 20.00% to 18.66 yuan, with a turnover of 9.01 million yuan [2] - Dekeli (688502) also rose by 20.00% to 142.56 yuan, with a turnover of 28.73 million yuan [2] - Changguang Huaxin (688048) increased by 20.00% to 89.29 yuan, with a turnover of 20.29 million yuan [2] Top Net Buying and Selling Stocks - The top three net buying stocks were Guangku Technology (4.59 billion yuan), Hudian Co. (3.11 billion yuan), and Changguang Huaxin (1.77 billion yuan) [4] - The top three net selling stocks were Giant Network (2.18 billion yuan), Dekeli (1.56 billion yuan), and Zhongshui Fishery (1.05 billion yuan) [5] Sector Highlights - Solid-state battery concept stock Guosheng Technology achieved 8 boards in 12 days, while AI application concept stock Rongji Software recorded 6 boards in 7 days [3] - The commercial aerospace sector saw significant activity with stocks like Aerospace Power (2 boards) and Aerospace Universe (3 boards) [3] Institutional Activity - Institutional net buying was significant in stocks like Aerospace Development (1.47 billion yuan) and Guofeng New Materials (939.09 million yuan) [6] - Institutional net selling was led by Dekeli (1.50 billion yuan) and Shengxin Lithium Energy (1 billion yuan) [7] Trading Dynamics - The trading dynamics showed a high turnover rate for stocks like Guangku Technology (19.11%) and Qingshuiyuan (30.79%) [2][4] - The market experienced a notable fluctuation with stocks like Hudian Co. showing a 7.41% amplitude [11] Conclusion - The market showed a positive trend with significant gains in various sectors, particularly in technology and aerospace, indicating strong investor interest and potential growth opportunities in these areas [1][3]

ST景谷公告称，公司于2025年11月25日收到上交所对重大资产重组草案信息披露的问询函。公司拟向 控股股东周大福投资现金转让汇银木业51%股权。问询函涉及前期重组情况、公司持续经营能力、资金 拆借偿还安排等6方面问题。如要求结合汇银木业业绩变脸情况说明前期收购是否审慎；结合2025年三 季报营收仅1.4亿元且净利润为负，说明交易后持续经营风险等。公司将尽快回复问询并履行信披义 务。 ...

Core Viewpoint - The recent major asset restructuring plan of Yaxing Chemical has led to significant stock price fluctuations, raising concerns about the stability of the target company Tianyi Chemical and the potential for Yaxing Chemical to recover from its ongoing losses [1][2]. Group 1: Stock Performance - Yaxing Chemical resumed trading on November 18 after a suspension, experiencing two consecutive trading limits before a decline, resulting in a total drop of 20.89% over three trading days [1]. - As of November 24, the company's stock price returned to the pre-announcement level, closing at 8.52 yuan per share [1]. Group 2: Acquisition Details - The restructuring involves Yaxing Chemical acquiring 100% of Tianyi Chemical through a combination of "issuing shares + cash payment," with a non-public offering price set at 5.83 yuan per share [1]. - As of the signing date of the proposal, the audit and evaluation of the target assets had not been completed, leaving the final transaction price undecided [1]. Group 3: Financial Performance of Tianyi Chemical - Tianyi Chemical's performance has deteriorated in recent years, with a net profit of 240 million yuan in 2021, over 200 million yuan in the first seven months of 2022, but only 54 million yuan in 2023 (unaudited) [1]. - The company's net profit for the first half of 2025 is not expected to return to previous levels, with only 34 million yuan (unaudited) reported [1]. Group 4: Financial Performance of Yaxing Chemical - Yaxing Chemical has faced continuous financial pressure, reporting a cumulative net loss of 144 million yuan in the first three quarters of the year, with quarterly losses of 46.05 million yuan, 50.49 million yuan, and 47.39 million yuan respectively [1]. - The ability of the acquisition to help Yaxing Chemical escape its loss-making situation remains uncertain, with market focus on the stability of the target's performance and the details of the transaction [1].

证券代码：002480 证券简称：新筑股份 编号：2025-006 投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺 参与机构：国联民生证券股份有限公司 时间 2025 年 11 月 21 日（星期五）上午 9:30-11:30 地点 成都市高新区交子大道 499 号蜀道集团大厦 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"新筑股份 或公司"）副总经理、董事会秘书陈思遥介绍了控股股东蜀道 集团成立背景、主责主业和发展规划；介绍了新筑股份从四川 发展无偿划转至蜀道集团的背景和意义以及本次重大资产重 组方案中注入资产蜀道清洁能源集团的经营情况、竞争优势及 产业布局等。 二、问答环节 问 1：介绍一下新筑股份本次推进重大资产重组后，对未 来可持续发展，有没有设定一个短期、中期和长期目标。 答：本次重组完成后，新筑股份将全面退出磁浮及桥梁功 能部件，蜀道清洁能源成为控股子 ...

长江商报奔腾新闻记者 沈右荣 经营业绩陷入亏损困境的佳华科技（688051.SH）正在筹划重大资产重组。 11月23日晚间，佳华科技发布重大资产重组事项停牌公告。公司宣布，正在筹划以发行股份及支付现金 的方式收购数盾信息科技股份有限公司（以下简称"数盾科技"）控股权并募集配套资金。 经初步测算，上述交易可能构成重大资产重组，公司股票自11月24日开市起停牌，预计停牌时间不超过 5个交易日。 数盾科技是国内首批获得国家密码管理局认定商用密码资质的公司，目前已形成密码安全产品、信息安 全产品、等保服务、密评服务四大产品体系。2025年初以来，公司已斩获108项中标记录，服务覆盖能 源、交通、铁路、金融、政府等关键行业领域。公司在官网中表示，其在高速、超高速密码技术领域国 内领先。 截至目前，佳华科技已与数盾科技主要股东朱云签署《股权收购意向协议》，明确收购控股权的核心目 标，但交易金额、发行股份与现金支付比例等关键细节仍在协商中。 目前，佳华科技尚未披露数盾科技的资产及经营状况。 佳华科技本次筹划收购资产事项，被解读产业突围，公司自身存在较大的经营业绩压力。 佳华科技主要从事智慧城市和智慧环保业务，利用物联网技术 ...

11月23日晚间，佳华科技（688051.SH）发布重大资产重组停牌公告，宣布公司正筹划以发行股份及支 付现金的方式收购数盾信息科技股份有限公司（简称"数盾科技"）控股权并募集配套资金。经初步测 算，该交易可能构成重大资产重组，公司股票自11月24日开市起停牌，预计停牌时间不超过5个交易 日。 从交易进展看，佳华科技已与数盾科技主要股东朱云签署《股权收购意向协议》，明确收购控股权的核 心目标，但交易金额、发行股份与现金支付比例等关键细节仍在协商中。 值得注意的是，数盾科技股东结构较为复杂，共有50位股东，除朱云直接持股19.49%外，还包括中金 资本、深圳高新投等多家知名投资机构。 此次收购被市场解读为佳华科技应对业绩压力、拓展战略赛道的关键举措。财报数据显示，受行业竞争 加剧及客户预算收紧影响，佳华科技2025年前三季度营业收入同比下滑30.72%，归母净利润亏损6723.8 万元。 市场对此消息已提前有所反应，11月21日，佳华科技盘中振幅超9%，尾盘出现拉升，终盘下跌2.28%， 总市值报37亿元，年内累计涨幅仍超130%。 佳华科技强调，将在停牌期间加快推进交易事宜，及时披露重组预案等后续文件。 公告 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688051 证券简称：佳华科技 公告编号：2025-032 罗克佳华科技集团股份有限公司 关于筹划重大资产重组事项停牌的公告 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法律责任。 因筹划发行股份及支付现金购买资产并募集配套资金事项 ,本公司的相关证券停复牌情况如下： ■ 一、停牌事由和工作安排 罗克佳华科技集团股份有限公司（以下简称"公司"）正在筹划以发行股份及支付现金的方式购买数盾信 息科技股份有限公司（以下简称"数盾科技"或"标的公司"）的控股权并募集配套资金（以下简称"本次 交易"）。 本次交易尚处于筹划阶段，截至本公告披露日，经初步测算，本次交易可能构成《上市公司重大资产重 组管理办法》规定的重大资产重组。根据《上海证券交易所股票上市规则》相关法规，本次交易不会导 致公司实际控制人发生变更，不构成重组上市。此外，因标的公司审计评估、交易金额、发行股份及支 付现金比例等内容暂未确定，尚无法确定本次交易是否构成关联交易。关于本次交易是否构成重大资产 重组及关联交易的具 ...