电子/电子化学品Ⅱ 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 瑞联新材 沪深300 相关研究报告 《业绩符合预期，OLED 材料成为第 一大业务板块—公司信息更新报告》 -2025.4.21 《Q3 业绩创历史新高，OLED 材料需 求回暖，电子化学品放量可期—公司 信息更新报告》-2024.10.29 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn xuzhengfeng@kysec.cn 证书编号：S0790524070005 瑞联新材（688550.SH） 业绩超预期，国资控股后有望迎来发展新机遇 2025 年 08 月 22 日 投资评级：买入（维持） Q2 单季度业绩创历史新高，看好国资控股带来发展新机遇 公司发布 2025 年中报，实现营收 8.06 亿元，同比+16.3%；归母净利润 1.66 亿 元，同比+74.2%。其中 Q2 实现营收 4.62 亿元，同比+26.5%、环比+34.4%；归 母净利润 1.2 亿元，同比+97.5%、环比+163.9%，Q2 单季度业绩创历史新高，半 年报业绩 ...

Core Viewpoint - The article discusses the strategic investment by Wuhan Financial Holdings, through its subsidiary Changjiang International Trade Group, in Liangpinpuzi, marking a significant change in the company's control structure and aiming to enhance its long-term development and competitiveness in the snack food industry [1][5][11]. Summary by Sections Transaction Details - On July 17, Liangpinpuzi announced the introduction of Changjiang International Trade Group as a strategic investor, with a total transaction value of 1.046 billion yuan, resulting in Changjiang holding 21% of the company's shares [1][5]. - The share transfer involves Ningbo Hanyi and its action group transferring a total of 84,000,000 shares, which constitutes 21% of the company, while their holdings will decrease to 17.22% post-transaction [3][7]. Control Change - The actual controller of Liangpinpuzi will shift from private individuals to the Wuhan Municipal Government's State-owned Assets Supervision and Administration Commission, indicating a significant governance change [2][5]. - Prior to the transaction, Ningbo Hanyi and its action group held 38.22% of the shares, which will be reduced after the transfer [5][11]. Strategic Implications - The partnership is expected to leverage Changjiang's supply chain capabilities and Liangpinpuzi's established brand network, creating a complementary ecosystem that enhances operational efficiency and market competitiveness [16][20]. - Liangpinpuzi aims to transition from a "snack brand" to a "quality food operator," focusing on product innovation and supply chain integration, which aligns with industry trends towards comprehensive value chain competition [16][20]. Market Context - The transaction is viewed as a critical move for Liangpinpuzi amidst a competitive landscape, with analysts highlighting its uniqueness as the first national snack food platform controlled by local state capital [14][20]. - The introduction of state capital is seen as a pathway to drive industry upgrades and improve governance structures, potentially enhancing profitability and shareholder returns [13][20]. Future Outlook - The company plans to utilize the resources from state capital to optimize supply chains, expand channels, and innovate in research and development, positioning itself for sustainable growth [18][19]. - The founder will remain involved in the company, ensuring continuity in leadership while pursuing strategic goals [18].

Core Viewpoint - The announcement details the change of control at Shankai Intelligent (300897) following the signing of a share transfer agreement with Hubei Changjiang Aerospace Technology Investment Co., Ltd, which will become the controlling shareholder of the company [1][2]. Group 1: Share Transfer Details - On July 16, Shankai Intelligent received a share transfer agreement signed by its actual controllers, which includes a change in the actual controller to the State-owned Assets Supervision and Administration Commission of the People's Government of Xinzhou District, Wuhan [1]. - After the transfer, Hubei Changjiang will hold 27.6191 million shares, representing 19.7% of the total share capital, thus becoming the controlling shareholder [1]. - The previous controllers' shareholdings will decrease to 11.14%, 7.24%, 8.58%, 6.49%, and 3.07% respectively, and they will waive voting rights for their remaining shares for 36 months post-transfer [1]. Group 2: Hubei Changjiang's Background - Hubei Changjiang's registered capital has increased from 800 million to 1.2 billion yuan, with shareholders including Wuhan Aerospace New City Industry Investment Co., Ltd (40%), Hubei Changjiang Linxin Electronic Technology Co., Ltd (40%), and Hubei Changxin Technology Partnership (20%) [2]. - Wuhan Aerospace New City and Hubei Changjiang Linxin have signed a concerted action agreement, establishing them as concerted actors [2]. Group 3: Strategic Investors and Future Prospects - The actual controller of Hubei Changjiang is the State-owned Assets Supervision and Administration Commission of the People's Government of Xinzhou District, with Changjiang Industrial Investment Group and Shanghai Linxin Investment Management Co., Ltd as significant strategic investors [2]. - Changjiang Industrial Group has a registered capital of 33.6 billion yuan and total assets of 250.9 billion yuan, with over 700 billion yuan in subscribed fund scale and 25 controlled subsidiaries [3]. - Shanghai Linxin Investment Management is recognized for its early involvement in overseas mergers in the integrated circuit sector and has led notable projects, contributing to the strategic investment in Shankai Intelligent [3]. - The transaction is expected to leverage state-owned resources to enhance Shankai Intelligent's business capabilities and governance, thereby improving its competitive strength [3].

Core Viewpoint - Zhongrun Resources Investment Co., Ltd. has undergone significant transformations, including divesting from real estate, focusing on gold mining, and changing its controlling shareholder to a state-owned enterprise, resulting in a dramatic increase in stock price from 0.89 yuan to 10.81 yuan per share within a year, marking a 970.3% increase [2][4][5] Group 1: Company Transformation - The company has successfully divested from its real estate business, which previously accounted for 58.11% of its total revenue in 2021, and shifted its focus to mining [4][6] - In October 2024, a state-owned enterprise, Shandong Zhaojin Ruining Mining Co., Ltd., acquired a 20% stake in Zhongrun Resources, changing its actual controller to state-owned assets [4][6] - The company plans to change its name to Zhaojin International Gold Co., Ltd. and its stock abbreviation to Zhaojin Gold, reflecting its new focus on gold [6] Group 2: Financial Performance - Despite the stock price surge, the company still faces challenges in turning around its operating losses, with a reported revenue of 3.33 billion yuan in 2024 but a net loss of 1.27 billion yuan [5][8] - The company reported a revenue of 978.6 million yuan in the first quarter of 2025, showing a year-on-year growth of 95.79%, but still incurred a net loss of 310.47 million yuan [8] Group 3: Mining Operations - Zhongrun Resources' core asset, the Vatukoula Gold Mine in Fiji, has over 100 tons of gold resources, with current mining capacity at 750 tons per day and plans to upgrade to 2000 tons per day [2][9] - The company is investing 500 to 600 million yuan in technical upgrades for the Vatukoula Gold Mine, with expectations to resolve immediate operational issues by the end of this year [9][10] - The mine's current recovery rate is approximately 80%, with plans to enhance processing capabilities significantly [10] Group 4: Market Outlook - The company remains optimistic about gold prices, which have risen to over 3300 USD per ounce, providing a favorable environment for growth [6][11] - Zhongrun Resources is currently under significant institutional interest, indicating a positive market perception following its transformation [9]

Core Viewpoint - The company, Haiwang Bio, has announced the termination of its control change and private placement plan, marking the end of a capital cooperation that was initiated in early 2024 [2][8]. Group 1: Background of Control Change and Private Placement - The control change and private placement plan began on January 13, 2024, when Haiwang Bio and its controlling shareholder, Haiwang Group, signed a cooperation agreement with Sifang Group to transfer part of the shares [5]. - On July 28, 2024, a share transfer agreement was signed, where Sifang Group was to acquire 315.7 million unrestricted shares from Haiwang Group, representing 12% of Haiwang Bio's total shares [5][6]. - To ensure the smooth transfer of control, a voting rights waiver agreement was signed, where Haiwang Group would relinquish voting rights for 900.7 million shares, effectively transferring control to Sifang Group [5][6]. Group 2: Termination of Agreements - On June 6, 2025, the capital cooperation was abruptly terminated, with Haiwang Bio, Haiwang Group, and Sifang Group signing a termination agreement [8]. - The termination was described as a "no-fault termination," indicating that it was a result of amicable negotiations, with no party liable for breach of contract [8]. - Haiwang Group is required to return a deposit of 10 million yuan to Sifang Group within five days of the termination agreement's effectiveness [8]. Group 3: Impact of Termination - Following the termination, Haiwang Bio stated that there would be no change in its controlling shareholder or actual controller, and business operations would continue as normal [11]. - The company expressed regret for any inconvenience caused to investors and emphasized its commitment to focusing on core business areas, particularly in medical devices [11]. - Haiwang Bio indicated that it would continue to seek potential partnerships with state-owned enterprises for future equity cooperation opportunities [11]. Group 4: Financial Performance - In the first quarter of 2025, Haiwang Bio reported a revenue of 7.38 billion yuan, a year-on-year decrease of 8.8%, and a net profit attributable to shareholders of 23.72 million yuan, down 44.4% year-on-year [12]. - As of June 6, 2025, the company's stock price closed at 2.56 yuan per share, with a total market capitalization of 6.736 billion yuan [13].

Core Viewpoint - The founder and general manager of Red Star Macalline, Che Jianxing, is under investigation by the Yunnan Provincial Supervisory Committee, which has led to the company appointing Li Yupeng to act in his stead, ensuring normal business operations continue [1][2]. Group 1: Company Leadership Changes - Che Jianxing had already stepped back from frontline roles before the investigation, officially resigning as the legal representative and chairman in August 2023, while still serving as a director and general manager [2]. - Following the acquisition of a 29.95% stake by Xiamen Jianfa Co., Ltd., Che Jianxing's family members and key executives resigned from their positions, leading to a shift in control to state-owned entities [2]. - Li Yupeng has taken over the responsibilities of both chairman and general manager during Che Jianxing's investigation, marking a transition from a family-run business to a state-controlled enterprise [2]. Group 2: Company Operations and Strategy - Red Star Macalline has been active in Yunnan since 2011, opening multiple stores, but has slowed its expansion in the region due to adjustments in the real estate market [3][4]. - The company plans to implement a new retail strategy with the opening of a large "one store, two MALLs" shopping center in Zhenxiong, Yunnan, aiming to improve store turnover rates [4]. Group 3: Recent Challenges - The company has faced multiple issues, including the sentencing of its former executive for embezzlement and penalties from the Ministry of Finance for accounting errors related to inflated investment properties [6]. - Che Jianxing has been implicated in these financial discrepancies, which occurred during his tenure as chairman and general manager [6]. - The broader trend of increased scrutiny and investigations into key figures in publicly listed companies reflects a tightening regulatory environment [6].