2025年12月30日，据上交所披露，郑州城市发展集团有限公司（以下简称"郑州城发"或"公司"）2025年面向专业投资者非公开发行公司债券项目状态更 新为已受理。该项目拟注册金额37亿，品种为私募，发债人郑州城市发展集团有限公司，债券存量规模171.28亿，行业建筑装饰。 2025年6月，联合资信评估股份有限公司（以下简称"联合资信"）确定维持郑州城发公司主体长期信用等级为AAA，评级展望为稳定。 2024营收微增2025年三季度亏损超8亿 作者 | 城投君 数据显示，2024年郑州城发实现营业收入97.6亿元，同比增长3.71%；净利润3.97亿元，同比上涨24.25%。然而进入2025年，公司经营压力显现：前三季 度营收23.50亿元，同比下降5.62%；利润总额和净利润分别为-8.03亿元和-8.31亿元，出现季度亏损。 | | 合并口径 | | | | | --- | --- | --- | --- | --- | | 项目 | 2022年 | 2023年 | 2024 年 | 2025年3月 | | 现金类资产(亿元) | 110.98 | 96.95 | 111.05 | 99.83 | | 资产 ...

鉴于中国制造业面临重大营运挑战，集团致力积极扩展其业务活动，并更加努力提高营运的灵活性。集 团的首要任务之一是提高营运效率。公司认为，收购目标公司其余49%股权权益乃进一步加强公司于精 细化工行业地位的策略机遇。整合后，公司将取得目标公司的全部所有权，以精简决策流程、提高营运 效率，并使目标公司的营运与集团的长期增长策略保持一致。 天德化工(00609)发布公告，于2025年12月29日，买方潍坊滨海石油化工有限公司(公司的间接全资附属 公司)、卖方浙江中山化工集团股份有限公司与目标公司潍坊中赢化工有限公司订立股权转让协议，卖 方同意出售待售股权权益(即目标公司的49%股权权益)，代价为人民币8800万元。完成后，目标公司将 成为公司的间接全资附属公司。目标公司主要从事研发、制造及销售化学产品业务。 透过全面整合目标公司，集团可利用其强大实力、竞争业务优势、深厚的行业专业知识及既有的客户关 系，以争取额外的增长机遇。此举支持集团致力透过有纪律的扩张及卓越营运，为股东创造可持续价值 的承诺。 ...

鉴于中国制造业面临重大营运挑战，集团致力积极扩展其业务活动，并更加努力提高营运的灵活性。集 团的首要任务之一是提高营运效率。 公司认为，收购目标公司其余49%股权权益乃进一步加强公司于 精细化工行业地位的策略机遇。整合后，公司将取得目标公司的全部所有权，以精简决策流程、提高营 运效率，并使目标公司的营运与集团的长期增长策略保持一致。 透过全面整合目标公司，集团可利用其强大实力、竞争业务优势、深厚的行业专业知识及既有的客户关 系，以争取额外的增长机遇。此举支持集团致力透过有纪律的扩张及卓越营运，为股东创造可持续价值 的承诺。 智通财经APP讯，天德化工(00609)发布公告，于2025年12月29日，买方潍坊滨海石油化工有限公司(公 司的间接全资附属公司)、卖方浙江中山化工集团股份有限公司与目标公司潍坊中赢化工有限公司订立 股权转让协议，卖方同意出售待售股权权益(即目标公司的49%股权权益)，代价为人民币8800万元。 完 成后，目标公司将成为公司的间接全资附属公司。 目标公司主要从事研发、制造及销售化学产品业 务。 ...

Core Viewpoint - Dezhong Automobile announced the establishment of a wholly-owned subsidiary, Zunyi Baocheng Automobile Sales Service Co., Ltd., to expand its business layout in line with its development plan [2][3]. Investment Details - Zunyi Baocheng will be fully controlled by Hunan Deyuan New Energy Automobile Group Co., Ltd., a wholly-owned subsidiary of Dezhong Automobile, with a registered capital of 10 million yuan [2]. - The subsidiary's business scope includes automobile sales, new energy vehicle sales, auto parts wholesale and retail, used car trading, vehicle repair and maintenance, and charging station operations [3]. - The investment will be funded entirely by the company's own funds, with no involvement of physical assets, intangible assets, or equity contributions [3]. Strategic Impact - The investment is a strategic decision aimed at long-term development and market expansion, which is expected to enhance the company's sustainable profitability [4]. - The establishment of the subsidiary is seen as a way to improve the company's industrial chain layout, positively impacting long-term growth and business expansion [4].

本次IPO公司拟募集资金19.51亿元，将重点投向8大核心项目，包括高储能脉冲电容器产业化建设、新 型电子元器件及集成电路生产(一期/二期)、精密零组件能力提升等产业化项目，以及3个电子材料与元 器件关键技术研发项目，其中4.5亿元用于补充流动资金(占募资总额23%)，将全面支撑业务扩张与技术 迭代。 值得关注的是，业绩稳定性是本次发审会核心关注要点，公司已针对该问题提交专项回复，明确高可靠 电子元器件业务将成为2025年营收核心支撑，为上市后的业绩增长提供保障。 经济观察网12月12日，作为国家"一五"时期重点建设工程的成都宏明电子股份有限公司(简称"宏明电 子")，正式亮相深交所创业板IPO发审会，保荐机构为申万宏源证券（000562），A股上市冲刺进入关 键核验阶段。 作为国家级技术创新示范企业和"科改示范企业"，宏明电子拥有60余年行业积淀，核心业务聚焦阻容元 器件为主的新型电子元器件研发、生产和销售，同时覆盖精密零组件业务，产品广泛应用于消费电子、 新能源电池及汽车电子等核心领域，凭借深厚技术积累奠定行业地位。 财务数据显示，2022年至2024年公司营业收入分别为31.46亿元、27.27亿元、2 ...

Group 1 - The company announced the conditional agreement to acquire 100% of the shares of Ming Yi Group Limited for a total consideration of €650,000 (approximately HKD 5.87 million) [1] - The acquisition is part of the company's strategic growth objectives, aimed at exploring local and overseas business opportunities [2] - The board believes that the acquisition will enhance the company's business by diversifying its existing portfolio and expanding revenue sources [2] Group 2 - The acquisition is expected to provide significant strategic and operational benefits, improving supply chain stability and revenue diversification [2] - The vertical integration with the target group as an upstream supplier is anticipated to create synergies for the company's operations [2] - The company will gain full control over the production process, which is expected to lower production costs and enhance competitive advantages [2] Group 3 - The exclusive distribution rights for certain products, including disc knives, will significantly expand the company's market coverage [2] - The acquisition presents a good opportunity as the consideration is at a discount to the target group's assessed value and audited net asset value [2]

董事会认为，将门店总数增加到100间是VSING业务长期发展的一个重要里程碑，同时也为建立可扩展 的网络框架奠定基础，支持平台未来的成长，符合本公司及其股东的利益。 开设100间门店是VSING扩张的里程碑，益处多样。这不仅增加了用户访问，加速了用户获取，也促进 了卡拉OK和电子礼品等平台相关消费的发展。同时，透过整合VSING互动娱乐系统作为多个门店的门 店改造解决方案，促进B2B业务的增长，并提升VSING品牌在市场上的知名度。扩展后的网络为未来的 商业模式(例如基于门店的促销活动或媒体展示解决方案)奠定了基础。 VSING(08292)发布公告，本集团已成功签订若干协议，将VSING的全球门店数量扩展至100间，同时进 军柬埔寨及印度市场。这些门店将为顾客提供VSING互动娱乐系统，透过电子礼品等强大的社交媒体 功能，提升顾客的卡拉OK体验与社交互动。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） (1)復 牌 進 度 之 季 度 更 新； 及 (2)繼續暫停買賣 本公告乃百應控股集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交 所」）GEM證券上市規則（「GEM上市規則」）第17.10條及第17.26A條以及香港法 例 第571章證券及期貨條例第XIVA部 內 幕 消 息 條 文 作 出。 茲提述(i)本公司日期為2025年6月9日 的 公 告，內 容 有 關 聯 交 所GEM上市委員會 暫停股份買賣的決定（「停 牌」）；(ii)本公司日期為2025年6月18日 的 公 告，內 容 有 關聯交所發出的復牌指引（「復牌指引」）；及(iii)本公司日期為202 ...

Core Viewpoint - Huaxi Nonferrous reached the daily limit with a price of 40.67 yuan, reflecting a 9.55% increase and a total market capitalization of 25.619 billion yuan, driven by policy benefits, resource integration, and business expansion [1][2]. Group 1: Policy and Resource Integration - The recent intensive introduction of key metal industry policies in Guangxi benefits Huaxi Nonferrous, as its main mines are located in the Nandan experimental zone, allowing the company to fully enjoy policy dividends [2]. - The integration of mining rights in the region enhances the company's resource control, with clear expansion potential for its copper pit and Gaofeng mines, providing resource security for future development [2]. Group 2: Business Transformation and Financial Performance - The company has made significant progress in business transformation, with successful asset injections from Wujin Company and Laiye Company [2]. - Revenue from non-ferrous metal deep processing has surged by 208%, rapidly expanding the business scale and becoming a new growth point [2]. - The production of antimony ingots and indium ingots has been achieved, with antimony ingot gross margin reaching 60.9% [2]. - The company capitalized on market opportunities, resulting in a 16.32% year-on-year increase in operating income due to rising sales and prices of non-ferrous metal products [2]. Group 3: Financial and Governance Initiatives - The company demonstrated strong shareholder support by passing a loss compensation proposal with a 99.96% approval rate [2]. - Successful completion of 599 million yuan in financing provides ample financial support for the company [2]. Group 4: Market and Technical Analysis - Data from Dongfang Caifu indicates a capital inflow into the non-ferrous metal sector on November 25, 2025, with many related stocks performing actively, contributing to Huaxi Nonferrous's limit-up effect [2]. - Technical indicators suggest that if there is a significant net buying from large orders and a notable presence of institutional investors, it reflects positive sentiment towards the company's transformation [2].

Core Viewpoint - Xunlei (XNET.US) experienced a stock price increase of over 2%, reaching $8.16, following the announcement of its Q3 2025 adjusted earnings of $0.09 per ADS, with a strong revenue growth of 57.7% year-over-year to $126.4 million [1] Revenue Breakdown - Subscription service revenue reached $40.7 million, reflecting a year-over-year growth of 22.3%, driven by stable user growth and increased willingness to pay [1] - Live streaming and other services revenue surged to $49.1 million, a significant year-over-year increase of 127.1%, attributed to an enriched content ecosystem, enhanced interactive products, and improved platform commercialization efficiency [1] - Cloud computing revenue amounted to $36.6 million, marking a year-over-year growth of 44.9%, with strong demand particularly in distributed storage and services for small and medium-sized enterprises [1] Future Outlook - For Q4 2025, Xunlei projects total revenue to be between $131 million and $139 million, indicating an approximate 6.8% quarter-over-quarter growth based on the midpoint of the range, with the outlook subject to potential adjustments due to market or operational changes [1]