炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 相比此前的方案，此次定增募资额从25.5亿下调至16.5亿，缩水35%，原募投项目"年产10GW储能变流器、10GWh储能系统集成、20万台光储一体机项 目"变更为"年产15GW储能变流器项目"，同时公司董事长吴强将出资5000万元参与认购，锁定期为18个月。 出品：新浪财经上市公司研究院 作者：昊 11月23日， 上能电气发布公告，公司向特定对象发行股票的注册申请获批。此次定增拟募资16.5亿，用于年产25GW组串式光伏逆变器 产业化建设项目和年 产15GW储能 变流器产业化建设项目，剩余部分用于补充流动资金。 相比此前的方案，上能电气此次定增募资额从25.5亿下调至16.5亿，募投项目也有所缩减，但扩产后分布式组串、储能变流器等主要产品的产能利用率从 536%和272%大幅降至50%以下，融资扩产的合理性依旧存疑。 同时，在IPO和可转债融资后，上能电气负债率仍长期高于可比公司，被市场质疑 "名为融资扩产，实则补充流动资金降负债"。 不仅如此，上能电气毛利率长期低于可比公司，叠加销售费用、财务费用、信用减值损失等拖累，今年前三季度增 ...

每经记者｜许立波 每经编辑｜魏官红 从高调抛出10.33亿元定增方案，到主要股东明确反对，再到正式宣告终止，"抗生素第一股"盟科药业 （688373.SH）这场历时近两个月的资本运作，在多方激烈博弈之下最终以按下终止键收场。 11月17日，盟科药业披露公告称，公司第二届董事会第二十二次会议审议通过了《关于终止向特定对象 发行股票事项的议案》。在解释终止定增的原因时，盟科药业表示，公司主要股东Genie Pharma持续反 对公司按照股东大会决议推进发行方案的执行，与公司其他股东、公司管理层之间存在较大分歧。公司 在近日与相关各方多次沟通后认为，持续推进本次股票发行方案可能影响上市公司的稳健经营发展。 盟科药业还表示，目前公司生产经营正常。本次终止向特定对象发行股票事项后，公司将积极通过多种 融资渠道，包括但不限于接洽新的战略投资方、向不特定对象发行股票等监管规则允许的方式进行融 资。 11月20日，《每日经济新闻》记者致电盟科药业董事长袁征宇，当被询问"定增方案终止后，与Genie Pharma之间的矛盾是否有所缓和"时，袁征宇回应称："我们之间的矛盾就是海鲸（药业）的增资，增资 既然已经没有了，那还有矛盾吗 ...

Core Points - Srey New Materials (688102.SH) has successfully completed its first post-IPO private placement, raising approximately 600 million yuan at a price of 14.38 yuan per share [2][3] - The company aims to enhance its financial strength and expand production capacity in response to the rapid development of industries such as electronics and aerospace in China [2][5] - Srey New Materials reported a revenue of 772 million yuan for the first half of 2025, a year-on-year increase of 23.74%, and a net profit of approximately 75 million yuan, up 33.61% [2][5] Fundraising Details - The private placement involved issuing 41.72 million shares to 16 specific investors, with a net fundraising amount of about 590 million yuan after deducting related costs [3][4] - The largest single investor, Zhang Liang, subscribed for 6.95 million shares, amounting to approximately 100 million yuan [3][4] - Following the issuance, the total share capital of Srey New Materials increased to 773 million shares, with the controlling shareholder's stake decreasing from 40.15% to 37.98% [4] Project Investments - The raised funds will be allocated to the construction of the Srey New Materials Technology Industrial Park and the industrialization of liquid rocket engine thrust chamber materials and components [5][6] - The liquid rocket engine project has a total investment of 230 million yuan, with 200 million yuan expected to be funded from the private placement, aiming for an annual revenue of 200 million yuan upon reaching full production [5][6] - Another project focused on medical imaging equipment aims for an annual production capacity of 30,000 CT tube components and is projected to generate 507 million yuan in sales revenue [6] Performance and Growth - Srey New Materials has achieved continuous performance growth since its IPO, with three and a half years of increasing revenues and profits [5][6] - The company has realized significant benefits from its two major IPO fundraising projects, totaling approximately 75 million yuan in benefits for 2023 and 2024 [7]

Group 1 - Cambrian Technology announced a private placement of A-shares at a price of 1195.02 CNY per share, which is a 10% discount compared to the closing price [1] - The total number of shares issued is 3.3349 million, raising a total of 3.985 billion CNY, with a net amount of 3.953 billion CNY after deducting issuance costs [1] - The funds will be used for chip and software platform projects aimed at large models and to supplement working capital [1] Group 2 - Hainan Huatie's subsidiary terminated a 3.69 billion CNY computing power service agreement due to market conditions and lack of purchase orders [2] - The agreement was not executed and did not incur any costs, thus not affecting the company's operations or long-term strategy [2] Group 3 - Dongfang Fortune's shareholders plan to transfer 1.5% of the company's shares through an inquiry method, totaling 23.8 million shares [3] - The shares being transferred are free from restrictions and the transferors have clear ownership [3] Group 4 - Zhong Wuyun signed a significant sales contract worth 615 million CNY for drone systems with a related party [4] - The related party holds a 6.44% stake in Zhong Wuyun, complying with the relevant regulations [4] Group 5 - Nanxin Pharmaceutical is under investigation by the China Securities Regulatory Commission for suspected violations in annual report disclosures [5] - The company will cooperate with the investigation and fulfill its disclosure obligations [5] Group 6 - Heng Rui Pharmaceutical received approval for clinical trials of its innovative anti-tumor drug HRS-2329, which has no similar drugs approved globally [6] - The total R&D investment for this project is approximately 60.15 million CNY [6] Group 7 - Hao Wei Group's controlling shareholder plans to reduce holdings by up to 24 million shares, representing 1.99% of the total shares [7][8] - The reduction is aimed at repaying loans and lowering pledge rates [8] Group 8 - Tuo Jing Technology's employee stock platforms plan to reduce holdings by up to 1% of the company's shares, totaling 281.16 thousand shares [9] Group 9 - Tonghuashun's shareholder completed the reduction of 699.1 thousand shares, which is 0.13% of the total shares [10] - The reduction aligns with previous plans and does not affect the company's governance structure [10] Group 10 - Fosun Pharma's subsidiary received approval for clinical trials of a new drug for treating advanced solid tumors, with no similar combination therapies approved globally [11] - The total R&D investment for this treatment plan is approximately 150 thousand CNY [11] Group 11 - Hangzhou Bank reported that China Life has completed the reduction of 50.79 million shares, accounting for 0.70% of the total shares [12] - The total amount raised from the reduction was approximately 833 million CNY [12] Group 12 - Jiao Da Sino announced that its chairman is under detention, temporarily unable to fulfill his duties [13] - The company appointed the deputy general manager to perform the chairman's responsibilities during this period [13] Group 13 - New Yisheng's controlling shareholder plans to transfer 1.15% of the company's shares, totaling 11.43 million shares, due to personal funding needs [14] - The transfer price will be no less than 70% of the average trading price over the previous 20 trading days [14] Group 14 - ST Zhengping's stock has experienced abnormal fluctuations, leading to a suspension for investigation [15] - The stock price increased by 101.86% from September 1 to September 30, with significant deviations from the market index [16]

Core Viewpoint - The company Lide New Energy has faced significant financial challenges, including a rapid decline in profits and high levels of bad debt, leading to a loss of market confidence following a major shareholder's recent stock reduction [1][3][4]. Financial Performance - Lide New Energy's main business focuses on wind and solar power generation, but after its IPO in 2022, the company experienced a sharp decline in profits, with net profit dropping by 31.01% in 2023 and 62.89% in 2024, and a staggering 90.17% decrease in the first half of 2024 [4][6]. - The company's accounts receivable amounted to 2.72 billion, with over 1.1 billion (approximately 40.6%) being overdue by more than three years, indicating a high risk of further bad debt [6][8]. Debt and Cash Flow Issues - Lide New Energy's debt ratio has risen to over 80%, with annual financial expenses consistently around 200 million, further eroding profits [2][8]. - The operating cash flow has decreased from 812 million in 2022 to 356 million in 2024, while capital expenditures have significantly exceeded cash inflows, leading to ongoing financial strain [8][10]. Shareholder Actions - The major shareholder, Shandong Electric Power Construction Third Engineering Co., Ltd., completed a stock reduction plan, which raised concerns about the company's future prospects, especially as it was during a period when the company was attempting to raise funds through a private placement [1][3][10]. - The private placement plan has undergone six modifications over nearly two years and has yet to be finalized, further impacting market confidence [10].

Core Viewpoint - The company plans to raise up to 1.033 billion yuan through a private placement, which will enhance its financial strength and accelerate clinical research and development efforts [4][6]. Group 1: Company Financing and Ownership Changes - The company intends to issue 164 million shares at a price of 6.3 yuan per share to Nanjing Haiqing Pharmaceutical, raising no more than 1.033 billion yuan, which will be used for daily R&D and operational investments [4]. - Following the issuance, Haiqing Pharmaceutical will hold a 20% stake in the company, becoming the controlling shareholder, with Zhang Xiantao as the actual controller [4]. Group 2: Strategic Partnerships and Market Expansion - Haiqing Pharmaceutical, a key player in the chemical pharmaceutical sector, will leverage its extensive sales network and experience to help the company expand its hospital coverage and accelerate commercialization [5]. - The company has set sales revenue targets of 260 million yuan, 388 million yuan, and 600 million yuan for the years 2026 to 2028, respectively [5]. Group 3: Clinical Development Acceleration - The financing will significantly enhance the company's capital strength, expediting the overseas clinical development of antibacterial drugs MRX-5 and MRX-8, which have already completed Phase I trials [6]. - MRX-5 has received FDA orphan drug designation, and successful Phase II trials could substantially increase the company's value [6]. - Surplus funds will also support the advancement of the company's preclinical pipeline, which includes peptide conjugates, antibody-drug conjugates, and other anti-infective drugs [6].

Group 1 - Jinbo Biological has received approval from the Beijing Stock Exchange for a targeted stock issuance, with a maximum of 7.1757 million shares to be issued, aiming to raise up to 2 billion yuan [1][2] - The strategic investor for this issuance is Yangshengtang, which will acquire shares at a price of 278.72 yuan per share, resulting in a 6.24% ownership stake in Jinbo Biological post-issuance [2] - The funds raised will be allocated to the development of a humanized collagen FAST database and product development platform, with 1.15 billion yuan designated for this project and the remaining 850 million yuan for working capital [2] Group 2 - Yangshengtang's involvement is expected to enhance Jinbo Biological's core competitiveness and innovation capabilities, providing strategic resources for market expansion and sales performance improvement [3] - In addition to Jinbo Biological's developments, Wantong Hydraulic has also received approval for a targeted convertible bond issuance, with a maximum of 1.5 billion yuan to be raised [4] - Wantong Hydraulic plans to use the funds raised from the convertible bonds to supplement working capital, thereby alleviating financial pressure and enhancing its competitive strength in the hydraulic sector [5]

Core Viewpoint - JiuHua Tourism has decided to terminate its A-share private placement plan due to changes in the market environment and company development strategy, emphasizing that this decision will not affect normal operations or harm the interests of shareholders, especially minority shareholders [2][4]. Group 1: Fundraising and Investment Plans - The company initially planned to raise 500 million yuan for projects including the JiuHua Mountain Lion Peak Scenic Area cable car project, hotel upgrades, and transportation equipment improvements [2]. - The cable car project is a key focus, with an investment of 326 million yuan expected to generate annual revenue of 111 million yuan and a net profit of 37 million yuan [2]. - Despite the termination of the private placement, the cable car project is expected to continue, as the company has already secured land for the project at a cost of 14.35 million yuan [4]. Group 2: Financial Situation and Future Plans - As of March 31, 2025, the company's cash and financial assets totaled 594 million yuan, raising questions about the necessity of the private placement [4]. - The management has indicated that, in addition to the current projects, the company requires an additional investment of 923 million yuan for future projects, leading to an estimated funding gap of 698 million yuan over the next three years [4]. - The cable car project is projected to attract 224,000 passengers in its first year, with a 15% annual growth rate, stabilizing after 15 years with a gross margin of 71.69% [3].

Core Viewpoint - Xiamen Tungsten's proposed fundraising of up to 4 billion yuan for various projects has attracted scrutiny from the Shanghai Stock Exchange, which has issued an inquiry regarding the rationale behind the fundraising scale and its necessity for the company's operations [1][4]. Fundraising Details - The company plans to raise no more than 4 billion yuan through a stock issuance, with funds allocated for the expansion of hard alloy cutting tools, construction of a 1,000 billion meter photovoltaic tungsten wire production line, and the development of the Bobo County Yuma Po tungsten-molybdenum mine, as well as for working capital [2][4]. - The distribution of the raised funds includes 1 billion yuan for the hard alloy cutting tools expansion, 1.05 billion yuan for the photovoltaic tungsten wire project, 750 million yuan for the tungsten-molybdenum mine, and 1.2 billion yuan for working capital [2]. Project Implementation - The hard alloy cutting tools expansion project will involve the purchase of advanced equipment and is expected to achieve an annual production capacity of 2 million overall cutting tools, 30 million indexable inserts, and 1.7 million superhard tools, primarily serving sectors such as aerospace, general machinery, new energy, and medical equipment [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised questions regarding the necessity of the fundraising projects, the funding methods through non-wholly owned subsidiaries, and whether other shareholders will proportionately contribute to project funding [4]. - The exchange also inquired about the rationale behind the new production capacity, market competition, major customers, and the company's ability to absorb the new capacity [4]. Financial Performance - Xiamen Tungsten's revenue for 2020, 2021, 2022, and Q1 2023 was 18.964 billion yuan, 31.852 billion yuan, 48.223 billion yuan, and 8.562 billion yuan, respectively, with net profits of 956 million yuan, 1.695 billion yuan, 2.183 billion yuan, and 653 million yuan [5]. - In the first half of this year, the company reported a revenue of 18.730 billion yuan, a year-on-year decrease of 22.47%, and a net profit of 791 million yuan, down 12.88% year-on-year [5][6]. Future Outlook - The exchange has requested explanations for the fluctuations in revenue and net profit, the sustainability of future growth, and the reasons behind the continuous decline in gross margin [6].

Core Viewpoint - The controlling shareholder of Jiachuan Video, Chen Kunjian, is planning to relinquish control of the company after six consecutive years of losses, leading to a suspension of the company's stock trading starting August 4 [2][5]. Company Performance - Jiachuan Video has faced continuous operational pressure due to factors such as the decline of the traditional broadcasting market, ineffective strategic transformation, and low operational efficiency, resulting in a cumulative loss of over 500 million yuan from 2019 to 2024 [5][6]. - The company's net profit attributable to shareholders has been negative for six consecutive years, with figures of -158 million yuan in 2019, -48.93 million yuan in 2020, -105 million yuan in 2021, -77.09 million yuan in 2022, -66.62 million yuan in 2023, and -58.05 million yuan in 2024 [6]. - In 2024, Jiachuan Video reported revenue of 149 million yuan, a year-on-year increase of 14.16%, but still recorded a net loss of 58.05 million yuan, indicating a reduction in losses compared to previous years [6]. Financial Condition - As of the end of the reporting period, Jiachuan Video had total assets of 237 million yuan and a net asset value of 27.11 million yuan, with a debt ratio nearing 90% [6]. - The company is at risk of being classified as ST (special treatment) due to its negative net profit and revenue below 100 million yuan in the most recent fiscal year, as per the rules of the Growth Enterprise Market [6][7]. Strategic Measures - In response to the financial challenges, Jiachuan Video has outlined several measures to improve its operational performance, including optimizing cash flow management, restructuring assets, and enhancing profitability through increased investment in core businesses [8]. - The company plans to strengthen the collection of accounts receivable, suspend non-core business investments, and consider selling non-core and impaired assets to improve its asset structure and increase net assets [8]. Control Change and Financing Plans - Chen Kunjian, who has been with the company since its inception and currently holds an 18.63% stake, had previously planned a private placement to raise up to 140 million yuan, which is now uncertain due to the potential change in control [9][10]. - The planned private placement aimed to optimize the capital structure and alleviate debt pressure, but the success of this plan is now in doubt if a new controlling shareholder emerges [13].