12月16日，寒武纪盘中跌5.01%，截至发稿，现报1265.23元，成交76.05亿元，换手率2.92%，总市值5341亿元。寒武纪股价已经连续5天下跌，区间累计 跌幅近12%。 12月15日晚间，寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。本次公积金弥补亏损以公司2024年末母公司未分配 利润负数弥补至零为限。根据相关规定，公司现通知债权人，债权人可自接到通知之日起30日内或自公告披露之日起45日内申报债权。 此前，寒武纪于11月29日发布公告称，公司第三届董事会第一次会议审议通过了《关于使用公积金弥补亏损的议案》，拟使用母公司资本公积约27.78亿 元，用于弥补母公司累计亏损。 据披露，截至2024年12月31日，寒武纪母公司财务报表中累计未分配利润为-27.78亿元，盈余公积余额为0元，资本公积期末余额为96.25亿元。公司母公 司未分配利润为负的原因主要为以前年度累计的亏损。拟用于弥补亏损的资本公积全部来源于股东以货币方式出资形成的资本（股本）溢价。 图源：寒武纪2024年报中披露的母公司资产负债表（此处母公司指代自身主体） 据了解，2024年7月1日起施行的新公 ...

本文字数：2974，阅读时长大约5分钟 作者 |第一财经 张丽华 若不是动用资本公积与盈余公积弥补母公司亏损，泰豪科技（600590.SH）母公司账面上的巨额累计亏 损或许还未被市场注意到。 泰豪科技此前披露议案，拟使用母公司盈余公积1.04亿元、资本公积12.63亿元，合计13.67亿元弥补截 至2024年12月31日的累计亏损；12月4日，该公司公告称议案获股东大会审议通过。此举将抹平母公司 账面上的累计亏损。 泰豪科技此番动用13.67亿元公积金补亏，并非孤立案例，而是恰逢A股市场因监管新规叠加新《公司 法》实施催生的补亏热潮，其核心诉求直指融资资质和分红资格的修复。 2024年7月1日起施行的新《公司法》，打破了此前 "资本公积金不得用于弥补公司亏损"的禁令，明确 "公积金弥补亏损，应先使用任意公积金和法定公积金；仍不能弥补的，可按规定使用资本公积金"，同 时划定了资本公积补亏的范围，仅限股东资本性投入形成的部分。 2025.12.12 新规落地后，A股市场迅速涌现补亏潮，截至2025年12月上旬，已有超30家上市公司披露公积金补亏方 案，补亏总额超300亿元，保变电气、冠捷科技、国新证券等公司此次补 ...

Core Viewpoint - The article discusses the recent financial maneuver by Taihao Technology to use its capital reserves to offset significant accumulated losses, highlighting a broader trend in the A-share market driven by new regulatory changes that allow such practices to restore financing qualifications and dividend eligibility [3][4][16]. Group 1: Financial Maneuver and Regulatory Changes - Taihao Technology plans to use 1.04 billion yuan from its surplus reserves and 12.63 billion yuan from its capital reserves, totaling 13.67 billion yuan, to cover accumulated losses as of December 31, 2024 [3][4]. - The new Company Law effective from July 1, 2024, permits the use of capital reserves to offset losses, breaking the previous prohibition [3][17]. - Over 30 listed companies have announced similar capital reserve offset plans, with a total amount exceeding 30 billion yuan, indicating a surge in such activities in the A-share market [4][17]. Group 2: Financial Performance and Historical Context - Taihao Technology has reported losses for five consecutive years since 2020, with a significant loss of 910 million yuan in 2024, leading to a negative retained earnings balance of 540 million yuan [6][7][9]. - The company's profitability has been heavily reliant on non-recurring gains from asset sales, with core operating profits showing a cumulative net loss of 2.624 billion yuan from 2019 to 2024 [9][8]. - The company’s financial struggles are linked to its aggressive acquisition strategy, which resulted in substantial goodwill that has since been impaired, reflecting a decline in asset quality [11][12][13]. Group 3: Implications for Future Operations - The capital reserve offset is seen as a "paper improvement" that does not provide real benefits to shareholder equity but is aimed at meeting regulatory requirements for future dividends and financing [16][17]. - The company has faced tightening financing conditions, with cash outflows from financing activities since 2023, indicating a need for improved financial metrics to regain investor confidence [17][16]. - Despite the challenges, Taihao Technology's emergency equipment business has shown strong performance, becoming a key growth area amid the company's strategic transformation [14].

若不是动用资本公积与盈余公积弥补母公司亏损，泰豪科技（600590.SH）母公司账面上的巨额累计亏 损或许还未被市场注意到。 泰豪科技此前披露议案，拟使用母公司盈余公积1.04亿元、资本公积12.63亿元，合计13.67亿元弥补截 至2024年12月31日的累计亏损；12月4日，该公司公告称议案获股东大会审议通过。此举将抹平母公司 账面上的累计亏损。 泰豪科技此番动用13.67亿元公积金补亏，并非孤立案例，而是恰逢A股市场因监管新规叠加新《公司 法》实施催生的补亏热潮，其核心诉求直指融资资质和分红资格的修复。 2024年7月1日起施行的新《公司法》，打破了此前 "资本公积金不得用于弥补公司亏损"的禁令，明确 "公积金弥补亏损，应先使用任意公积金和法定公积金；仍不能弥补的，可按规定使用资本公积金"，同 时划定了资本公积补亏的范围，仅限股东资本性投入形成的部分。 新规落地后，A股市场迅速涌现补亏潮，截至2025年12月上旬，已有超30家上市公司披露公积金补亏方 案，补亏总额超300亿元，保变电气、冠捷科技、国新证券等公司此次补亏金额均超40亿元，寒武纪-U 也达到27.78亿元。 财务专家分析指出这些公司补亏的核 ...

Group 1 - The company plans to use approximately 1.45 billion yuan from surplus reserves and capital reserves to eliminate accumulated losses, which has been interpreted as paving the way for future dividends [1] - This action has raised concerns among some investors about potential "window dressing" and benefits to major shareholders, especially given the company's limited history of cash dividends [1][4] Group 2 - Despite achieving a net profit of approximately 27.92 million yuan in Q3 2025, the company's non-recurring net profit remains negative at -82.86 million yuan for the first three quarters, indicating ongoing operational challenges [2] - The profit increase is largely attributed to government subsidies and non-recurring income, with other income rising by 233.63% to 91.6 million yuan, significantly outpacing net profit growth [2] Group 3 - The company heavily relies on the "Manhansin" quadrivalent meningococcal vaccine for revenue, which saw a 28% increase in sales, contributing to a 22.13% growth in revenue for the first three quarters [3] - The company has faced two consecutive years of losses following the decline of COVID-19 vaccine demand, highlighting its over-reliance on a single product amidst increasing market competition [3] Group 4 - While the use of surplus reserves to cover losses may temporarily boost market sentiment, fundamental issues regarding the company's operational quality, negative non-recurring net profit, limited product diversity, and high sales expenses remain significant long-term concerns [4]

Core Viewpoint - The company, China Merchants Jinling, plans to hold its third extraordinary general meeting on November 12, 2025, to discuss two key proposals related to financial adjustments and agreements with affiliated parties [1] Group 1: Financial Adjustments - The first proposal involves using reserve funds to cover losses, with the company's undistributed profits projected to be -1.574 billion yuan by the end of 2024. The plan includes reducing surplus reserves by 3.1939 million yuan, and the remaining shortfall of 1.571 billion yuan will be covered by capital reserves, resulting in undistributed profits being adjusted to zero [1] Group 2: Financial Service Agreement - The second proposal is to sign a financial service agreement with the affiliated company, China Merchants International Finance, which is a subsidiary of China Merchants Group. This agreement will provide deposit and settlement services to China Merchants Jinling and its subsidiaries for a duration of three years, with a daily deposit balance not exceeding 500 million HKD and a loan balance not exceeding 1 billion HKD [1]

Core Viewpoint - The financial performance of Haowu Co., Ltd. continues to improve, with a significant increase in net profit despite a decline in revenue [1] Financial Performance - For the first three quarters of 2025, Haowu Co., Ltd. reported a revenue of 2.183 billion yuan, a year-on-year decrease of 16.98% - The net profit for the same period was 42.7752 million yuan, showing a year-on-year increase of 279.04% - In the third quarter alone, the company achieved a revenue of 726 million yuan, down 18.69% year-on-year, while net profit reached 12.3436 million yuan, up 324.27% year-on-year - The net profit has been positive for four consecutive quarters [1] Business Segments - Haowu Co., Ltd. operates in two main segments: automotive sales and services, and internal combustion engine crankshaft manufacturing - The automotive sales segment includes vehicle sales, maintenance services, and comprehensive services, with key brands such as SAIC Volkswagen, FAW Volkswagen, and various new energy vehicle brands - The crankshaft business focuses on the research, manufacturing, and sales of crankshafts for automotive, engineering machinery, and agricultural machinery, leading in production and sales within the domestic passenger car crankshaft industry [2] Capital Management - On October 27, the company announced plans to use its surplus reserves to cover losses, with a total of 944 million yuan allocated from surplus reserves and capital reserves - This move aims to eliminate the accumulated losses reported in the parent company's financial statements, which stood at -944 million yuan at the end of last year - The implementation of this plan requires approval from the shareholders' meeting [3] Regulatory Context - The use of surplus reserves to cover losses aligns with the new Company Law, which allows companies to utilize capital reserves for loss compensation after exhausting other reserves - This regulatory change is seen as a way to enhance the operational flexibility of listed companies and create conditions for future dividend distributions [3][4] Expert Opinion - Financial experts suggest that using surplus reserves to cover losses can effectively relieve operational constraints and optimize equity structure, potentially restoring cash dividend capabilities and improving key financial metrics - This strategy is expected to enhance market confidence and valuation for the company [4]

Core Viewpoint - The recent detention of Wu Haifeng, a director of Suzhou Hesheng New Materials Co., Ltd., due to alleged illegal loan issuance has raised concerns, although the company claims it will not affect its operations or control stability [2][3][4]. Company Response - Hesheng New Materials stated that the incident is a personal matter of Wu Haifeng and does not impact the company's operations or governance [3][4]. - The company emphasized that its board of directors remains functional and that there has been no change in control [3][4]. Market Reaction - Following the news of Wu Haifeng's detention, Hesheng New Materials' stock price fell by 8.71% on October 14, closing at 38.14 yuan [2][8]. - Prior to the incident, the stock had seen a notable increase, reaching 41.78 yuan per share on October 13 [8]. Financial Performance - Hesheng New Materials has shown positive financial performance, with a 58.31% year-on-year increase in net profit for the first half of 2025, reaching 97 million yuan [6][7]. - The company's gross profit margin improved to 15.66%, reflecting a 48.69% increase compared to the previous year [6][7]. - However, the company has been facing challenges with cash flow, reporting a 17.06% decline in net cash flow from operating activities in 2024 [7]. Shareholder Actions - Wu Haifeng had previously announced plans to increase his shareholding by 10 to 20 million yuan, but there has been no progress reported on this front [2][4]. - Other shareholders, including the chairman, have reduced their holdings, with a total of approximately 16,730 shares sold, accounting for 0.0675% of the company's total shares [6]. Future Considerations - Experts suggest that Wu Haifeng's detention may hinder his ability to participate in stock transactions, potentially affecting his planned share purchase [5]. - The company is advised to strengthen compliance and internal control mechanisms to mitigate risks associated with high-level executives [5].

Core Viewpoint - Starway Co., Ltd. (300464.SZ) is attempting to cover its cumulative losses of 2.693 million yuan from surplus reserves and 1.511 billion yuan from capital reserves, totaling 1.538 billion yuan, amid continuous losses over the past four and a half years, amounting to a cumulative loss of 2.33 billion yuan [2][3][9]. Financial Performance - Starway's revenue has been declining consistently since 2021, with revenues of 3.660 billion yuan, 2.351 billion yuan, 1.626 billion yuan, and 1.510 billion yuan from 2021 to 2024, reflecting year-on-year declines of 33.74%, 35.77%, 30.85%, and 7.13% respectively [5]. - The net profit for the same period has been negative, with figures of -1.524 billion yuan, -260 million yuan, -76.09 million yuan, and -460 million yuan, showing a significant increase in losses in 2021 and a slight recovery in subsequent years [5]. - As of the end of 2024, the company's cumulative undistributed profits stood at -1.133 billion yuan, with surplus reserves of 2.693 million yuan and capital reserves of 1.511 billion yuan [3]. Debt and Equity Situation - As of mid-2025, Starway's debt-to-asset ratio reached 89.93%, indicating a high level of financial leverage [12]. - The debt-to-asset ratios from the end of 2021 to the end of 2024 were 81.77%, 92.52%, 70.52%, and 89.61% respectively, showing fluctuations but a generally high level of debt [11][12]. - The company's major shareholders have pledged a significant number of shares, with a total of 132 million shares pledged, accounting for 28.74% of the total share capital [16]. Shareholder Actions - Recently, a major shareholder, Guangdong Xingye Investment Co., Ltd., transferred 32 million shares, representing 6.99% of the total share capital, to another party at a price of 4.50 yuan per share [13]. - The controlling shareholder, Xie Xiaohua, has pledged 16 million shares, which is 15.65% of his holdings and 3.49% of the total share capital [14]. Business Operations - Starway primarily engages in the research, development, manufacturing, and sales of precision hardware components such as slides and hinges, as well as smart home appliances and related products [4]. - The company reported that its core competitiveness remains unchanged despite the ongoing financial difficulties [6].

Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. plans to use surplus reserves and capital reserves to offset accumulated losses, which is significant for accelerating dividend distribution and enhancing investor confidence [1][2]. Financial Summary - As of December 31, 2024, the company has an accumulated undistributed profit deficit of 519 million yuan, with surplus reserves of approximately 45.91 million yuan and capital reserves of about 2.1 billion yuan [1]. - The loss offset will prioritize using surplus reserves first, followed by capital reserves, aiming to bring the undistributed profit to zero by the end of 2024 [1]. Performance Highlights - In the first half of 2025, the company reported revenue of 500 million yuan, a year-on-year increase of 35.41%, and a net profit attributable to shareholders of 91.61 million yuan, reflecting a 54.15% increase, both marking the highest figures for the same period in recent years [1]. Dividend Implications - With the implementation of the reserve offset plan, the company's past accumulated losses will be cleared in the coming months, allowing part of the net profit to be allocated for shareholder dividends after the necessary legal reserves are set aside [2].