Core Viewpoint - Ningbo Fubon has completed the transfer of 100% equity of its aluminum profile subsidiary, optimizing its asset structure and focusing on strategic transformation for high-quality development [1] Group 1: Transaction Details - On December 8, 2025, Ningbo Fubon’s aluminum profile company received a new business license, completing the equity transfer process [1] - The final transaction price for the equity transfer was 23.1756 million yuan, with the last payment of 9.9456 million yuan already received by the company [1] - Following the completion of this transaction, the aluminum profile company will no longer be included in the company’s consolidated financial statements [1] Group 2: Financial Implications - The aluminum profile company has fully repaid its loans and interest to Ningbo Fubon, eliminating any non-operating fund occupation [1] - The divestment of the aluminum profile business, which had weaker profitability, is expected to enhance the company's overall financial performance and asset structure [1]

安义县铝型材产业优势突出、产业链完备，18万安义籍从业者掌握了全国近70%的下游销售渠道，每年 正月举办的江西（安义）铝型材及门窗博览会形成行业口碑。 铝型材产业是江西省南昌市安义县的主导产业、支柱产业，目前在规模上已形成华东第一、全国第二的 铝型材生产基地，产业链完备，销售渠道优势显著。面对市场变化，安义县积极探索转型，引导企业开 展数字化改造、向工业铝型材领域拓展。同时，"出海"成为安义铝型材产业重要增长路径，政府带队参 展，企业积极开拓东南亚、非洲等市场，设立海外仓并组建出口联盟，推动品牌集体出海。2024年，安 义铝型材出口额显著增长，直接出口额实现翻番，转型与出海共同驱动产业可持续发展。 夯实基础 安义县铝型材产业起步较晚，但近年来发展势头强劲。2023年，"安义门窗"经国家知识产权局批准注册 为集体商标，这是江西省第二个、南昌市第一个工业类集体商标；2024年，安义铝型材产业集群被评为 国家级中小企业特色产业集群，位列江西省产业集群第十二。如今的安义，已享有"中国铝材之乡""中 国门窗之乡"等的美誉。 企业争相奋楫"出海"的同时，安义县也凝聚各方合力，为企业"护航"。例如，安义县积极帮助县内铝型 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7] Core Views - The company is expected to benefit from the increasing demand for photovoltaic frames and lightweight automotive products, driven by the growth in global photovoltaic installations and the high growth rate of new energy vehicle production [7] - The company is actively expanding its overseas production capacity and entering new markets such as robotics, which are anticipated to contribute to future revenue growth [7] - The report highlights that the company’s earnings are expected to improve significantly by 2027, with a projected PE ratio lower than the average of comparable companies [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6,821 million - 2024: 8,572 million - 2025: 8,532 million - 2026: 10,654 million - 2027: 13,196 million - The expected growth rates for total revenue are 61.6% for 2023, 25.7% for 2024, -0.5% for 2025, 24.9% for 2026, and 23.9% for 2027 [5][31] - The projected net profit for the company is as follows: - 2023: 302 million - 2024: 168 million - 2025: 14 million - 2026: 200 million - 2027: 308 million - The expected growth rates for net profit are 60.8% for 2023, -44.3% for 2024, -91.8% for 2025, 1346.0% for 2026, and 50.7% for 2027 [5][31] Industry and Company Situation - The company focuses on new energy photovoltaic (photovoltaic frames) and automotive lightweight (aluminum profiles) businesses, with a strong market share in the photovoltaic frame industry [7] - The company is positioned to benefit from the increasing global photovoltaic installation capacity, which is expected to drive demand for photovoltaic frames [7] - The domestic new energy vehicle production is projected to maintain a high growth rate, which will increase the demand for aluminum profiles used in automotive lightweighting [7] - The acquisition of Wuhu Bida is expected to deepen cooperation with Chery Automobile, potentially boosting the company's performance [7] Key Assumptions - For new energy photovoltaic products, revenue growth is expected to be -5% in 2025, 16% in 2026, and 14% in 2027, with gross margins of 5.0%, 5.7%, and 5.5% respectively [7] - For automotive lightweight products, revenue growth is projected at 55% in 2025, 120% in 2026, and 80% in 2027, with gross margins of 13.5%, 15.5%, and 16% respectively [7]

黄康俊 著《中国企业力量》华夏出版社出版2007年8月 长篇纪实《中国企业力量》 ——罗苏与兴发品牌传奇 黄康俊 35. 后 记 去年7月，我放下手头上另一部书的写作，静下心来，入驻西樵山下南庄的兴发，开始为"中国杰出企业系列丛书"之一的《中国企业力量——罗苏与兴发品 牌传奇》一书的采访。 罗苏与兴发的坚持，因而孕育出代表中国企业的一种力量—— 锲而不舍，百折不挠，从弱到强，做专做优，自我超越，从而成就为代表一个民族的品牌…… 正如我国著名经济学家吴敬琏教授在"兴发现象"研讨时指出的："兴发现象"的核心不在于大，而在于专，在于特，在于优。这个中的"专"、"特"、"优"，归 结到一个涵义的诠释：那就是——"坚持"——罗苏与兴发的坚持。 同时，纵观罗苏与兴发品牌经营管理模式，其实会让我们看到中国民营企业几乎共通的一点，那就是：在创业初始时，他们并不知道什么叫"管理模式"，所 谓"管理模式"，只是人们在事后总结提炼的，而非他们事先规划出来的。一般说来，支持他们作出决定的往往是一种基于价值观的想像力和信念。这些价值 观通常是由创始人所确定的，而管理模式不过是这些价值观的实现方式。正如个人的价值观会决定其为人处世，一个 ...

宁波富邦公告，为进一步优化公司产业结构，促进公司战略转型，公司拟将与铝型材业务相关的资产 （包括铝业分公司的相关资产和负债以及宁波富邦精业铝型材有限公司100%股权）转让给富邦铝材。 2025年12月8日，铝型材公司取得了宁波市镇海区市场监督管理局换发的营业执照，铝型材公司股权转 让的工商变更手续已办理完成。本次变更完成后，铝型材公司100%股权已变更至富邦铝材名下，公司 不再持有铝型材公司的股权。富邦铝材将按照《资产出售协议》的相关付款约定在年内支付剩余交易对 价。 ...

黄康俊 著《中国企业力量》华夏出版社出版2007年8月 长篇纪实《中国企业力量》 ——罗苏与兴发品牌传奇 黄康俊 30.第二十八章 捍卫兴发：直面"李鬼"之恶 我们要注重依法经营，也要注重学会保护自己。一个企业如果没有自主创新，没有自己的"个性化"产品，没有树立"知识产权"观念，就算模仿出新产品，也 没前途，甚至要吃官司，害人害己。如今，企业若长期拼资本，拼小聪明假冒伪劣，定会必死无疑。 —— 罗 苏 自主技术创新，一直是兴发公司决胜铝型材市场的利器。 从90年代末期开始，兴发开始注重保护自己的知识权，对自主创新的技术和产品实行申请专利保护。到2005年止，兴发公司拥有的专利达261项，其中发明5 项，实用新型12项，外观设计244项，在同行中处于领先地位。尤其是2004年起公司实施专利战略，仅当年就通过申请专利73项；而2005年申请获得的专利 数目更是惊人，全年专利141项，其中发明2项，实用新型4项，外观设计135项，也就是说，平均每两天半即产生一项专利。看看，这简直是一个专利"专业 大户"，在中国铝型材行业中是独一无二的！ 南海区工商联副会长申伟君评价说："兴发公司在国内行业中具有突出的地位，这与掌舵 ...

黄康俊 26.第二十四章"兴发现象"与"名牌战略"（一） 创立企业家品牌，必须要有"四尽"：尽忠、尽孝、尽情、尽爱。企业家是企业的领导者，有怎样的企业家就有怎样的企业。 黄康俊 著《中国企业力量》华夏出版社出版2007年8月 长篇纪实《中国企业力量》 ——罗苏与兴发品牌传奇 —— 罗苏 2002年8月的北京，这天天公不作美，一早就纷纷场扬刮起了沙尘暴，让人心情十分不爽。 但天气显然没影响罗苏此刻的热情，他在广东省经济学家企业家联谊会秘书长张绪森的陪同下，刚一下飞机，就急急乘车赶往北京城区。 罗苏此行是专程前来拜望经济学家吴敬琏教授的。 吴敬琏是我国当代最有影响力的经济学家，现任全国政协常委、国务院发展研究中心高级研究员、中国社会科学院研究生院导师。其长期坚持市场取向的经 济改革主张被誉为"吴市场"。吴敬琏引介传播了众多对中国经济理论和改 革实践有益的现代经济理论和国际经验，其不同时期的理论主张和政策建议，被中央和国务院采用，制定为各个时期的政策与法规。比如，建设市场经济， 建立现代公司制度，国有企业战略改组，大力发展中小企业，大力扶持和发展民营企业等。作为当代中国经济大省、强省的广东，一直受益受教于吴敬琏的 ...

Core Viewpoint - The article discusses the investment activities and market presence of Duan Yongping and his brother Duan Liping, highlighting their roles in the capital market and their connections to the Budweiser Group and other companies in the A-share market [4][6][12]. Group 1: Investment Activities - Duan Liping has been actively investing in the stock market, particularly in Guocheng Mining, which has seen a significant price increase of approximately 127% from 13.63 CNY to 31.04 CNY per share within a month [8][11]. - Guocheng Mining's recent asset restructuring involves acquiring a 60% stake in Guocheng Industrial, which owns a significant molybdenum mine, enhancing its core asset portfolio [8][9]. - Duan Liping and his wife, Wang Xiaomei, along with Liao Yannan, have gradually increased their holdings in Guocheng Mining, collectively owning 1.64% of the company, with a market value that surged to approximately 5.73 billion CNY during the stock price rally [11][12]. Group 2: Family Background and Business Involvement - Duan Yongping, known as the "Chinese Buffett," has distanced himself from direct business operations since moving to the U.S. in 2002, while Duan Liping remains active in the domestic market [4][12][15]. - Duan Liping has a strong academic background in water resources economics and has held various managerial positions in companies related to the Budweiser Group, indicating his ongoing involvement in the business sector [14][15]. - Despite Duan Yongping's withdrawal from operational roles, the Duan family continues to maintain a presence in the business landscape, with Duan Liping actively participating in ventures related to the Budweiser Group [16]. Group 3: Strategic Acquisitions - Duan Liping has collaborated with Zhang Yuan, a prominent figure in the Budweiser Group, to acquire control of Liyuan Co., Ltd. for 38 million CNY, indicating a strategic move into the automotive parts sector [19][20]. - The acquisition of Liyuan Co. comes amid the company's operational struggles, allowing the new owners to capitalize on the opportunity to pivot towards the automotive industry, which is currently a hot market [20][21]. - The transaction reflects a broader trend of strategic repositioning within the market, where new players seek to leverage existing assets for growth in emerging sectors [21].

Core Viewpoint - The article discusses the significant management reform initiated by Luo Su at Xingfa Company, emphasizing the removal of family members and relatives from key positions to ensure a modern corporate governance structure and avoid conflicts of interest [6][11][13]. Group 1: Company Reform - Luo Su announced a family meeting to inform his family that they would become shareholders of Xingfa, indicating a shift in company structure and the need for internal reforms [3][4]. - The reform aims to eliminate any family members from management roles, including Luo Su's wife and children, to maintain a professional and unbiased corporate environment [6][12]. - Luo Su's decision to exclude relatives from the company is seen as a necessary step to prevent nepotism and ensure the company's long-term success [11][12][20]. Group 2: Family Dynamics - The family meeting revealed tensions as Luo Su's wife and children initially resisted the idea of being removed from the company, highlighting the emotional impact of the reform [4][9]. - Luo Su's children expressed a desire to contribute to the company, but he insisted on their independence and the importance of not mixing family ties with business operations [8][10]. - Ultimately, the family members accepted the decision, with Luo Su's son expressing a wish to start his own business, indicating a shift towards individual entrepreneurship [9][10]. Group 3: Employee Reactions - The decision to remove family members from the company sparked discussions among other shareholders, with some questioning the necessity of such strict measures [11][12]. - Employees began to understand the rationale behind the reform, recognizing it as a move towards modern corporate governance that would enhance respect for leadership and increase expectations for the company [12][13]. - The reform was reported as a significant news event, drawing attention to Luo Su's commitment to professionalizing the company and distancing it from familial influences [13].

Core Viewpoint - The article emphasizes the importance of quality management and adherence to international standards in enhancing the competitiveness and sustainability of the company, Xingfa, in the aluminum industry. Group 1: Management Philosophy - The company believes in the power of management through systems, information, and standards to achieve efficiency and effectiveness [2] - The founder, Luo Su, advocates for a strong foundation and continuous improvement, drawing inspiration from historical wisdom [4] Group 2: Quality Management Initiatives - In 1995, the company decided to implement the ISO9002 quality management certification, a bold move for a local enterprise at the time [5][6] - The initiative faced skepticism from both internal and external stakeholders, but Luo Su remained committed to aligning the company with international quality standards [5][6] Group 3: Implementation Process - The company established an ISO9002 certification office and began extensive documentation and training to meet the certification requirements, producing over 400,000 words of documentation [10][11] - Regular audits and a quality responsibility system were implemented to ensure compliance and continuous improvement [11] Group 4: Achievements and Recognition - By March 1996, the company successfully passed the ISO9002 certification, significantly enhancing its quality management and innovation capabilities [12][13] - The company was recognized as a national production base for aluminum profiles by the Ministry of Construction, highlighting its industry leadership and commitment to quality [19][20] Group 5: Market Position and Impact - Despite market challenges, including competition from low-quality products, the company maintained strong demand for its high-quality aluminum products, which are known for their durability and performance [15][16] - The company played a pivotal role in setting industry standards, participating in the formulation of national aluminum profile standards, thus influencing the entire industry [21]