作者 | 城投君 拟注册20亿元超短期融资券 2025年12月8日，银行间交易商协会披露，盐城东方投资开发集团有限公司（以下简称"盐城东方"或"公司"）关于2025年度第五期超短期融资券项目状态 更新为已受理。该项目拟注册金额20亿，品种为超短期融资券，债券存量规模131.9亿，主体评级AA+，行业综合。此前已发行的四期超短期融资券实际 发行额分别为9.3亿元、4亿元、4.3亿元、6亿元；票面年利率分别为1.88%、2.06%、1.99%、1.78%。 此外，据工商信息显示，12月以来盐城东方接连退出4家直接对外投资企业。12月5日、7日、7日、12日，分别退出盐城元润新能源产业投资基金（持股 49.75%）、盐城东方未来科创投资合伙企业（持股99%）、盐东方产业投资集团有限公司（持股100%）、盐城东投人力资源有限公司（持股100%）；退 出上述公司前的投资金额分别为1亿元、1.98亿元、15亿元、2000万元，合计共18.18亿元。 盐城东方成立于2003年8月，为盐城市重要的开发建设主体之一，主要承担盐城经济技术开发区的基础设施、安置房建设及国有资本运营等职能。截至 2025年6月末，公司注册资本和实缴 ...

Core Viewpoint - Tianji Co., Ltd. (002759.SZ) has seen its controlling shareholders reduce their stake through block trading after a series of stock price increases, raising concerns about the company's financial health and future performance [2][3][4]. Shareholding Changes - The controlling shareholders, Wu Xidun and Chi Jinhua, sold a total of 4,550,000 shares at a closing price of 21.69 yuan per share, amounting to approximately 98.68 million yuan [2]. - After the reduction, the shareholders still hold 14.96% of the company's shares, maintaining control [2]. - The reduction represents nearly 3% of the total share capital, with the shareholders previously holding 15.87% [2][3]. Pledged Shares - As of October 13, the controlling shareholders had pledged a significant portion of their shares, with Shantou Tianji pledging 59,488,100 shares (96% of its holdings) and Xingjia International pledging 9,000,000 shares (67% of its holdings) [5]. - The total number of pledged shares represents 15.16% of the company's total share capital, with a financing balance of 186 million yuan [5][6]. Financial Performance - Tianji Co., Ltd. has experienced declining revenues and increasing losses, with revenues of 32.75 billion yuan in 2022, dropping to 21.93 billion yuan in 2023, and projected at 20.55 billion yuan in 2024 [7]. - The net profit has also decreased significantly, from 5.26 billion yuan in 2022 to a loss of 1.36 billion yuan in 2024 [7]. - The company's main product, lithium hexafluorophosphate, has seen a drastic price drop from 600,000 yuan per ton in 2020-2022 to around 50,000 yuan per ton in the second quarter of this year [7][8]. Market Dynamics - Despite increasing sales volume of lithium hexafluorophosphate, the sales revenue has declined due to lower prices, with sales volume increasing from 11,636.37 tons in 2022 to 25,706 tons in 2024 [8]. - The average selling price has decreased by 13% compared to the same period last year, leading to a slight loss in the lithium hexafluorophosphate business [8]. - However, prices have started to rise again since August, reaching 73,000 yuan per ton by October 15 [8][10]. Industry Outlook - Analysts suggest that the demand from leading battery manufacturers is high, while many smaller manufacturers have ceased operations due to previous price drops, indicating a potential supply shortage in the near term [9][10].

Core Viewpoint - Boschke (300422.SZ) has provided accounts receivable pledge guarantees to China Bank for loan applications, with the restricted asset value accounting for 30.18% of the company's audited total assets for 2024 [1] Group 1: Financial Actions - The company has provided guarantees to meet its own and subsidiaries' financing needs, ensuring smooth financing channels and promoting business development [1] - The asset restrictions are primarily due to the need for financing, and the company asserts that this will not adversely affect normal production and operations [1] Group 2: Compliance and Governance - The guarantee actions have been conducted in strict accordance with relevant laws and regulations, as well as the company's articles of association, ensuring no harm to the interests of the company and all shareholders [1] Group 3: Future Strategies - The company plans to continuously monitor the status of pledged assets and expand financing channels through effective fund management and increased accounts receivable collection efforts [1] - There is a focus on managing debt levels and gradually lifting asset restrictions to optimize the capital structure and enhance sustainable operational capabilities [1]

Core Viewpoint - Boschke (300422.SZ) has provided accounts receivable pledge guarantees to China Bank for a loan application, with the restricted assets accounting for 30.18% of the company's audited total assets for 2024 [1] Group 1: Financial Actions - The company has provided guarantees to meet its own and its subsidiaries' financing needs [1] - The action is aimed at ensuring smooth financing channels and promoting sustainable business development [1] - The company has followed legal regulations and internal procedures, ensuring no harm to the interests of the company and its shareholders [1] Group 2: Asset Management - The company will continue to monitor the status of pledged assets and explore various financing channels [1] - It plans to implement efficient capital management and increase accounts receivable collection efforts to broaden funding sources [1] - The company aims to manage its debt levels reasonably and gradually lift asset restrictions to optimize its capital structure and enhance its operational sustainability [1]

Core Viewpoint - ST Huawen (stock code 000793) is facing severe liquidity issues, with significant losses, high debt levels, and restricted assets impacting its operations [2][6]. Financial Performance - In the first half of 2025, ST Huawen reported revenue of approximately 135 million, a year-on-year decline of 22.5% [2]. - The net profit attributable to shareholders was approximately -76.41 million, with a cumulative loss exceeding 2.5 billion over three and a half years [2]. - The net cash flow from operating activities was approximately -63.68 million, a year-on-year decline of 418.79% [2]. - Total liabilities exceeded 2 billion, with a debt-to-asset ratio rising to 82%, an increase of 3.03% from the end of the previous year [2]. Asset Restrictions - ST Huawen has over 1.8 billion in restricted assets, including multiple equity stakes, real estate, and land that are pledged or frozen [2][4]. - The company reported that restricted cash amounted to approximately 898,940, primarily due to litigation-related frozen bank accounts [3]. - The value of restricted fixed assets was approximately 1.44 billion, mainly used for mortgage loans [4]. Business Challenges - The company cited industry adjustments and liquidity constraints as key factors affecting its business development [3]. - Revenue from various segments, including information dissemination, printing, and video services, has seen a comprehensive decline [3]. - ST Huawen is under pre-restructuring proceedings due to its inability to repay debts, with a court decision pending on formal restructuring [6]. Regulatory Issues - ST Huawen was fined 2.5 million for inflating revenue through improper accounting practices, affecting multiple financial reports [8]. - The inflated revenue figures represented significant percentages of the reported income for the respective years [8].