每经记者｜王帆 每经编辑｜程鹏 陈俊杰 并购重组 天龙股份：拟取得苏州豪米波54.87%股权 天龙股份公告称，公司拟以现金1.32亿元受让苏州豪米波32.2998%股权，同时拟以现金 1亿元对苏州豪米波进行增资并获得增资后33.3333%股权，合计获 得苏州豪米波54.8666%股权，苏州豪米波将成为公司控股子公司，并纳入公司的合并报表范围。 金财互联：拟6343万元收购无锡三立51%股权 金财互联公告称，拟使用自有资金 6343.08万元，通过股权收购及增资方式取得无锡三立机器人技术有限公司51%股权，将借此契机将热处理技术直接延 伸至机器人零部件产品制造领域。 圣阳股份：拟7447万元收购达人高科51%股权 圣阳股份公告称，为增强公司在储能领域的技术研发与系统集成实力，公司拟以自有资金 7447.0761万元收购达人高科51%股权。本次交易完成后，达人 高科将成为公司控股子公司，并纳入公司合并报表范围。 福龙马公告称，控股股东、实际控制人、董事长张桂丰通过集中竞价或大宗交易或两者相结合的方式合计减持公司股票621.13万股，占公司总股本的 1.4952%，并提前终止本次减持计划。 延江股份：拟购买甬强科技 ...

Mergers and Acquisitions - Yilong Co. plans to acquire 51% stake in Wenkong Salt Lake from its controlling shareholder for a cash consideration of 4.605 billion yuan, making Wenkong Salt Lake a subsidiary and included in the consolidated financial statements [1] - Shengxin Lithium Energy intends to acquire 30% stake in Qicheng Mining for 2.08 billion yuan, which will result in 100% ownership of Qicheng Mining, enhancing control over Huirong Mining, known for its high-grade lithium mine with an annual production capacity of 3 million tons [2] - Mingde Bio plans to acquire 100% stake in Wuhan Bikaier Rescue Supplies for cash, which is expected to constitute a major asset restructuring [3] - CITIC Special Steel's wholly-owned subsidiary plans to acquire 100% stake in Fujing Special for 1.51 billion yuan, which will support the company's global strategy and optimize its industrial chain [4] Shareholding Changes - Su Shi Testing's controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 10.17 million shares, representing 6.26% of its holdings [5] - Hongxun Technology's controlling shareholder intends to reduce its stake by up to 3%, totaling a maximum of 1.21266 million shares through various methods [6] - Youbuxun's controlling shareholder and its concerted action party plan to reduce their combined stake by up to 2.96%, amounting to a maximum of 950.22 million shares [7]

Mergers and Acquisitions - Jinke Environment plans to acquire 100% equity of Tangshan Eric Environmental Technology Co., Ltd. for a total consideration of 84.8 million yuan, which includes 54.8 million yuan in cash and a 30 million yuan value of new water island products. This transaction does not constitute a related party transaction or a major asset restructuring [1] - Ningbo Port intends to acquire 100% equity of Zhoushan Comprehensive Bonded Zone Terminal Co., Ltd. from its controlling shareholder, Ningbo Zhoushan Port Group Co., Ltd., for a cash consideration of 706 million yuan. This transaction is classified as a related party transaction but does not constitute a major asset restructuring [2] - ST Jinglan plans to acquire 51% equity of South Africa's NORTHWEST VANADIUM PROPRIETARY LIMITED for 1 million USD, which primarily holds exploration rights for exclusive vanadium-titanium magnetite mineral resources [3] Shareholding Changes - Oke Yi's shareholder Yuan Meihe plans to reduce his holdings by no more than 1.89% of the company's total shares, which amounts to a maximum of 3 million shares [4] - Unisplendour's shareholder, holding 5.5% (157 million shares), plans to reduce holdings by no more than 1% of the total shares, equating to a maximum of 28.6 million shares [5] - Huaxin Cement's shareholder, holding over 5%, plans to increase its stake in the company by no less than 200 million yuan and no more than 400 million yuan, funded by its own resources and a special loan of up to 360 million yuan from ICBC Hubei Branch [6] Risk Matters - Oriental Yuhong reported that its wholly-owned subsidiary in the U.S., OYH Construction Materials LLC, is suspected to have fallen victim to a telecom scam involving approximately 1.7183 million USD (about 12.118 million yuan). The company has reported the incident to local authorities and established a special task force for investigation and risk management [7] - Haohai Biological's controlling shareholder, Jiang Wei, was fined 14.6292 million yuan by the China Securities Regulatory Commission for insider trading and advising others on securities trading. This penalty is unrelated to the company's operations and will not significantly impact its daily business or finances [8]

并购重组 观想科技公告称，公司拟以发行股份方式购买辽晶电子不低于60%的股权，同时募集配套资金。本次交 易尚存在不确定性。公司股票12月22日开市时起停牌 增减持 德林海：副董事长马建华拟减持公司股份不超19.6万股 德林海公告称，因个人资金需求，公司副董事长马建华拟通过集中竞价方式减持其持有的公司股份不超 过19.6万股，占公司总股本的比例不超过0.1735%，占其个人本次减持前所持公司股份数量的比例不超 过 25%。 水星家纺：股东李丽君、李裕奖拟合计减持不超1.72%股份 中天精装：参投企业拟间接收购中国高科控制权 中天精装公告称，参投合伙企业长江半导体拟受让方正国际教育100%股权，从而间接收购中国高科的 控制权。长江半导体拟向中国高科导入半导体封装业务，聚焦HBM封装、定制化封装产品，具体需以 后续实际发生的进展为准。 金石资源：拟2.57亿元购买诺亚氟化工15.71%股权 金石资源公告称，公司拟以2.57亿元的对价，以现金方式受让诺亚氟化工股东所合计持有的15.7147%股 权，公司将成为诺亚氟化工第二大股东。本次交易系公司依托上游资源优势，对下游精细化工领域优质 标的实施的战略性参股投资。 观想 ...

每经记者｜王帆 每经编辑｜许绍航 陈星 并购重组 百纳千成：筹划购买厦门众联世纪股份有限公司100%股权 百纳千成公告称，公司拟以发行股份及支付现金等方式购买厦门众联世纪股份有限公司100%股权并募集配套资金，股票停牌，公司预计在不超过10个交 易日的时间内披露本次交易方案。 TCL科技：拟以60.45亿元收购深圳华星半导体10.77%股权 TCL科技公告称，控股子公司TCL华星拟以现金 60.45 亿元购买深圳市重大产业发展一期基金有限公司持有的深圳华星半导体10.7656%的股权。本次交易 完成后，公司合计控制深圳华星半导体的股权比例将由84.2105%提高至94.9761%，预计公司盈利水平将得到有效提升。 中泰化学：拟12亿元收购华泰公司15.173%股权 中泰化学公告称，公司拟以12亿元收购农银投资、投资计划、陕金资管合计持有的华泰公司15.173%股权。本次股权收购不会导致公司合并财务报表范围 发生变化，股权收购的资金来源于公司自有或自筹资金。 佳都科技：拟7920万元收购海信微联60%股权 佳都科技公告称，全资子公司广东华之源信息工程有限公司拟以现金 7920万元收购青岛海信微联信号有限公司60 ...

Mergers and Acquisitions - *ST Bosen has terminated the plan to sell 35% equity of Shaanxi Bosen due to failure to reach agreement on key terms [1] - Chongqing Water intends to acquire wastewater treatment project assets for 382 million yuan [2] - Rongbai Technology plans to use 342 million yuan to acquire 54.9688% of Guizhou Xinren and will increase its capital by 140 million yuan [3] - Greeenmei intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [4] Shareholding Changes - Xilong Science's major shareholder plans to reduce holdings by up to 1% [5] - Dream Lily's major shareholder intends to reduce holdings by up to 1% [6] - Jincheng Co., Ltd. plans to reduce holdings by up to 0.97% [7] Risk Matters - Bestme's actual controller has been released on bail [8] - Chaoxun Communication received a warning letter from Guangdong Securities Regulatory Commission for various issues [9] - *ST Huke has been filed for suspected violations of information disclosure [10]

Mergers and Acquisitions - Yubang Power plans to acquire 10% equity of Yubang Zhiyuan for 30 million yuan, increasing its direct stake from 66% to 76% [1] - Xiamen Airport is planning to acquire 100% equity of Zhaoxiang Technology using its own funds, which constitutes a related party transaction but is not expected to be a major asset restructuring [2] - SIRUI Technology has decided to terminate its plan to acquire equity in Ningbo Aola Semiconductor and raise supporting funds through share issuance or cash payment [3] - Rhine Biology is planning a change of control and intends to acquire at least 80% equity of Beijing Jinkangpu through share issuance and cash payment, along with raising supporting funds [4] Shareholding Changes - Juhe Materials' shareholder Chen Yaomin plans to reduce his stake by up to 2.80%, transferring 6.7769 million shares, which represents 2.80% of the total share capital [5] - Donghua Testing's controlling shareholder Liu Shigang and his associate Luo Mian plan to reduce their holdings by up to 1.99%, totaling 2.7525 million shares, due to personal financial needs [6] - Lide New Energy's shareholder Shandong Electric Construction, holding 5.6813%, plans to reduce its stake by up to 1% for operational management needs [7] Risk Matters - Tianyuan Dike's chairman Chen You has been placed under detention by the local supervisory committee, but the company's board operations and management remain normal [8] - Yangfan New Materials announced that the detention measures against its controlling shareholder and director Fan Peiren have been lifted, allowing him to resume his duties, with the company's operations remaining normal [9]

Mergers and Acquisitions - Puyang Huicheng plans to acquire up to 37.0051% equity in Henan Leibaorui New Materials through cash payment, aligning with its long-term strategic goals [1] - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring [2] - Zhongneng Electric intends to purchase 65% equity and associated debts in three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [3] Shareholding Changes - New Media Co. shareholder Hongqin Hongtu Rongyao plans to reduce its holdings by selling all 251,200 shares, representing 0.11% of the total share capital [4] - Aisheng Co. shareholder Yiwu Qiguang plans to reduce its holdings by up to 3% of the total share capital, equating to no more than 63,517,500 shares, within three months after the announcement [5] - Quanxin Hao's shareholder Jiande Junlin plans to reduce its holdings by up to 1,732,250 shares, which is 5% of the total share capital [6] Investment Contracts - Roman Co.'s subsidiary signed contracts worth approximately 448 million yuan for the sale and service of computing power equipment, including a 292 million yuan procurement contract and additional contracts totaling about 156 million yuan [7]

Group 1: Acquisition and Restructuring - Wanlong Optoelectronics is planning to acquire control of Zhejiang Zhongkong Information Industry Co., Ltd. through a combination of issuing shares and cash payments, along with purchasing shares from other shareholders, while raising matching funds. This transaction is expected to constitute a major asset restructuring but will not result in a restructuring listing. The company's securities will be suspended from trading starting December 4, 2025, with the transaction plan to be disclosed within 10 trading days [1] - Degute has announced the termination of its planned major asset restructuring, which involved acquiring 100% of Haowei Cloud Computing Technology Co., Ltd. through issuing shares and cash payments. The board approved the termination and signed a release agreement with the parties involved in the transaction [2] Group 2: Performance Disclosure - Qianli Technology reported that its total vehicle sales in November 2025 reached 9,504 units, a year-on-year increase of 63.44%. However, the sales of new energy vehicles fell to 1,201 units, representing a significant year-on-year decline of 43.98% [3] Group 3: Shareholding Changes - Tianshan Aluminum's actual controllers, Zeng Chaoyi and Zeng Chaolin, have announced a plan to reduce their holdings by up to 45.899 million shares, which accounts for 1% of the company's total share capital, within three months after a 15 trading day period following the announcement [4] - Weisaibo's controlling shareholder, Weisaibo Environmental Materials Holdings Co., Ltd., plans to reduce its holdings by up to 520,000 shares, representing 2.99% of the company's total share capital, between December 26, 2025, and March 25, 2026 [5] - Anfu Technology's shareholder, Qin Daqian, intends to reduce his holdings by no more than 257,820 shares, which is also 1% of the company's total share capital [6] Group 4: Risk Matters - Yuntianhua announced that its wholly-owned subsidiary, Yunnan Phosphate Group Co., Ltd., needs to pay a total of 386 million yuan in overdue resource taxes and penalties, including 293 million yuan in resource taxes and 92.645 million yuan in late fees, covering the period from 2022 to October 2025 [7] - Guizhou Bailing disclosed that its actual controller, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission for suspected insider trading and violations of information disclosure regulations, leading to a formal case being opened against him [8] - Antai Group's stock has experienced abnormal fluctuations, with a cumulative price increase of 20% over two consecutive trading days. The company reported net losses of 678 million yuan, 335 million yuan, and 156 million yuan for the first three quarters of 2023 to 2025, indicating uncertain future profitability. Additionally, the company has a guarantee balance of 2.538 billion yuan, which is 167.68% of its net assets as of the end of 2024, and all shares held by the controlling shareholder are pledged, prompting a risk warning for investors [9]

Mergers and Acquisitions - DingTong Technology plans to acquire 70% stake in Blue Ocean Vision for 126 million yuan, making it a subsidiary after the transaction [1] - Dongfang Zhizao intends to purchase 70% stake in Nantong Saifu Machinery Equipment for 27.4887 million yuan using its own funds [3] Shareholding Changes - Sobor Protein's shareholder Jinan Fosun and its concerted parties plan to reduce their holdings by up to 574.38 thousand shares, representing 3% of the total share capital [4] - Hetai Electromechanical's shareholder Hangzhou Haitai Jinghua plans to reduce its holdings by up to 195.98 thousand shares, accounting for 2.98% of the total share capital [5] - Hongtong Gas's shareholder Tian Hui intends to reduce his holdings by up to 848.64 thousand shares, which is not more than 3% of the total share capital [6] - Zhonggu Logistics's shareholder Ningbo Guyang Investment plans to reduce its holdings by up to 3% of the total share capital [7] Risk Matters - ST Chang Pharmaceutical faces a risk of delisting due to a cumulative price drop of 34.98% over two consecutive trading days, linked to an investigation by the Securities Regulatory Commission for suspected false financial reporting [8]