工业和信息化部部长李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦 主业、精耕细作，实现高端化、数字化、绿色化、国际化发展。 量大面广的中小微企业，是中国经济韧性的重要支撑。 第二十届中国国际中小企业博览会6月27~30日在广州举行。工业和信息化部部长李乐成在开幕致辞中表 示，要加力优化中小企业公平竞争环境，推动建设开放型世界经济，通过消除制度性壁垒、完善市场准入 规则、加强知识产权保护等措施，让中小企业在开放的国际市场中平等获取资源、技术与信息，公平参与 竞争。 李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦主业、精耕细作，实 现高端化、数字化、绿色化、国际化发展，不断增强创新能力和核心竞争力。引导优质资源向中小企业聚 集，建设更多中小企业特色产业集群。 6月是2025年全国中小企业服务月。当前，从中央到地方正积极部署，围绕市场拓展、融资促进、数字化 转型、技术赋能等多个领域推出系列暖企惠企举措，开展针对性的服务活动，通过精准有力的政策助力中 小企业强信心、稳预期。 中小企业相关指标稳中向好 工信部、国家统计局发布的最新数据显示，今年前5个月，我国中小企 ...

Economic Overview - Dongguan's economy showed stable performance in the first five months of 2025, with industrial production and foreign trade maintaining rapid growth [1][2] Industrial Performance - The industrial added value of Dongguan increased by 5.5% year-on-year from January to May 2025, with significant growth in key sectors: electronic information manufacturing up by 9.2%, electrical machinery and equipment manufacturing up by 9.5%, and chemical manufacturing up by 12.2% [1] - New momentum industries continued to grow rapidly, with advanced manufacturing and high-tech manufacturing added value increasing by 7.8% and 9.2% respectively [1] - High-tech product output saw substantial increases, with servers up by 380.9%, integrated circuits by 85.9%, sensors by 80.8%, and complete electronic computers by 42.6% [1] Foreign Trade - Dongguan's total foreign trade import and export volume reached 615.85 billion yuan from January to May 2025, a year-on-year increase of 17.4%. Imports were 244.11 billion yuan (up 28.5%) and exports were 371.74 billion yuan (up 11.2%) [1] - In May 2025, foreign trade total volume grew by 10.7% year-on-year, with imports increasing by 14.2% and exports by 8.6% [1] Investment Trends - Fixed asset investment in Dongguan decreased by 16.7% year-on-year from January to May 2025, with a 4.6% decline when excluding real estate development investments. Infrastructure investment grew by 7.0%, while industrial investment fell by 4.1% and real estate development investment dropped by 43.3% [2] - The proportion of industrial investment in total fixed asset investment rose to 54.4%, an increase of 7.1 percentage points year-on-year [2] Consumer Market - The retail sales of consumer goods in Dongguan reached 186.281 billion yuan from January to May 2025, reflecting a year-on-year growth of 4.4%, with an acceleration of 0.4 percentage points compared to the first four months [2]

Group 1 - The company held its second supervisory board meeting on June 27, 2025, to discuss and approve the use of idle raised funds for cash management, with a maximum amount of up to 540 million RMB [3][9][25] - The cash management aims to improve the efficiency of fund usage and generate investment returns without affecting the company's normal operations or project progress [3][11][23] - The company will invest in low-risk, high-liquidity principal-protected products, with the investment period from July 1, 2025, to June 30, 2026 [14][15][18] Group 2 - The company plans to change the implementation subjects and locations of certain fundraising projects to enhance project efficiency and align with strategic goals [5][28][31] - The new implementation subject will be Xian High Voltage Electric Research Institute (Xiamen) Co., Ltd., which will focus on technology services and innovation in the green electrical equipment sector [32][33] - This change will not alter the total investment amount or the nature of the projects, ensuring no adverse impact on the company's operations or shareholder interests [28][35][39] Group 3 - The company will convene a temporary shareholders' meeting on July 15, 2025, to discuss the approved proposals from the board meetings [42][44] - The meeting will utilize a combination of on-site and online voting methods to facilitate shareholder participation [45][46] - Shareholders must register in advance and provide necessary documentation to attend the meeting [53][54]

Core Viewpoint - The gradual recovery of industrial product prices and the implementation of domestic demand expansion policies are expected to maintain a positive trend in domestic demand, leading to a slight recovery in the profit growth of large-scale industrial enterprises in the second half of the year, influenced by a low base from the previous year [1][3]. Group 1: Industrial Profit Trends - In the first five months, the total profit of large-scale industrial enterprises reached 27,204.3 billion yuan, an increase of 6,034.1 billion yuan compared to the first four months, but a year-on-year decline of 1.1% [1]. - The profit of large-scale industrial enterprises in May alone saw a year-on-year decline of 9.1% [1]. - Despite the decline in profit, the gross profit and revenue of industrial enterprises continued to grow, with gross profit increasing by 1.1% year-on-year, contributing to a 3 percentage point increase in overall profit [1]. Group 2: Sector Performance - The equipment manufacturing sector showed strong performance, with profits increasing by 7.2% year-on-year, contributing 2.4 percentage points to the overall profit of large-scale industrial enterprises [2]. - Among the eight industries in equipment manufacturing, seven reported profit growth, with significant increases in the electronics, electrical machinery, and general equipment sectors, achieving year-on-year growth rates of 11.9%, 11.6%, and 10.6% respectively [2]. - The aerospace, aviation, and maritime industries experienced rapid growth, with profits increasing by 56.0% year-on-year, and the shipbuilding and related equipment manufacturing sector saw an impressive profit growth of 85% [2]. Group 3: Policy Impact and Future Outlook - The implementation of "two new" policies has effectively stimulated domestic demand, leading to positive profit performance in related industries [3]. - The general and specialized equipment sectors benefited from large-scale equipment renewal policies, with profits increasing by 10.6% and 7.1% year-on-year, respectively, contributing 0.6 percentage points to the overall profit growth [3]. - The outlook for the next phase suggests that with ongoing recovery in market conditions and industrial product prices, along with strengthened domestic demand policies, the profit growth of large-scale industrial enterprises may show slight recovery in the second half of the year [3].

Core Viewpoint - The stock of Liaoning Times Wan Heng Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase deviation of over 20% over three consecutive trading days from June 25 to June 27, 2025 [1][2] Group 1: Stock Trading Abnormality - The company's stock trading showed a cumulative closing price increase deviation of over 20% during the specified period, qualifying as an abnormal trading situation according to the Shanghai Stock Exchange trading rules [1][2] - The company conducted a self-examination and confirmed that there are no undisclosed significant matters apart from those already disclosed [2][4] Group 2: Business Operations - The company's current production and operational situation is normal, with no significant changes in the internal and external operating environment [1][4] - The main business of the company involves the research, production, and sales of new energy batteries, specifically lithium-ion and nickel-hydride batteries [3][4] Group 3: Financial Metrics - The company's price-to-earnings (P/E) ratio is 134.2, which is significantly higher than the industry average P/E ratio of 20.3 for the manufacturing sector of electrical machinery and equipment [4]

Core Viewpoint - The termination of the joint action agreement between the actual controllers of Shenzhen Zhengxian Electric Co., Ltd. marks a significant change in the company's governance structure, allowing for independent decision-making by shareholders while maintaining stability in control and governance [1][8]. Summary by Sections 1. Joint Action Agreement Signing and Termination - The original joint action agreement was signed on December 28, 2011, by Mr. Tu Conghuan and Mr. Zhang Xiaoguang to ensure effective control and stable operations of the company [1]. - The agreement was terminated on June 27, 2025, allowing shareholders to exercise their rights independently without the need for consensus on decisions requiring board or shareholder approval [2]. 2. Reasons and Compliance for Termination - The termination was agreed upon to optimize the company's governance structure and improve decision-making efficiency, with both parties confirming no disagreements on core strategic matters [2][4]. 3. Change in Actual Controller - Following the termination, the actual controller of the company changed from both Mr. Tu Conghuan and Mr. Zhang Xiaoguang to Mr. Tu Conghuan alone, who maintains significant influence over company decisions [4][8]. 4. Impact of Termination on Company Control Structure - The governance structure remains stable, with Mr. Zhang Xiaoguang continuing as a board member, ensuring no adverse effects on the company's management continuity [5][8]. 5. Commitments from Shareholders - Both Mr. Tu Conghuan and Mr. Zhang Xiaoguang have made commitments to adhere to share reduction regulations and maintain transparency in their shareholding activities post-termination [6][8]. 6. Shareholding and Voting Rights Before and After - Before the change, Mr. Tu Conghuan and Mr. Zhang Xiaoguang collectively held 53.18% of voting rights, which changed to 33.79% for Mr. Tu and 19.39% for Mr. Zhang after the termination [7]. 7. Overall Impact on Company Governance - The termination of the joint action agreement is expected to enhance the decision-making process by allowing shareholders to act based on their professional judgment, contributing to a more market-oriented governance structure [6][8].

| 珠海冠宇电池股份有限公司相关 | | --- | | 2025 年跟踪评级报告 债券 | | 中鹏信评【2025】跟踪第【411】号 01 | | 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 | | 在任何足以影响评级行为独立、客观、公正的关联关系。 | | 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 | | 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 | | 作任何保证。 | | 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 | | 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 | | 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 | | 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 | | 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评 ...

Core Points - The company, Xi'an High Voltage Apparatus Research Institute Co., Ltd., was established as a joint-stock limited company based on the transformation of Xi'an High Voltage Apparatus Research Institute Co., Ltd. [2][3] - The company was approved for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 30, 2023, with an initial public offering of 79,144,867 shares [2][3] - The registered capital of the company is RMB 316,579,466 [3] Company Overview - The company is located at 18 North Section, West Second Ring Road, Lianhu District, Xi'an, with a postal code of 710077 [3] - The company aims to become an international public technology service platform for electrical equipment with independent intellectual property rights and a well-known brand [4][5] - The business scope includes measurement technology services, technical services, engineering and technology research, manufacturing and sales of testing machines, and software development [5][6] Share Structure - The company's shares are issued in the form of stocks, with a par value of RMB 1 per share [18][20] - The total number of shares issued by the company is 316,579,466, all of which are ordinary shares [22] - The company prohibits providing any financial assistance to individuals or entities purchasing its shares [24] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise the company's operations, and request information [36][37] - Shareholders must comply with laws and the company's articles of association, and they are responsible for timely payment of their subscribed capital [41][42] - Shareholders holding more than 5% of voting shares must report any pledges of their shares to the company [42] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [47] - Shareholders can propose temporary meetings under certain conditions, such as significant losses or requests from shareholders holding over 10% of shares [48][49] - The company must provide legal opinions on the meeting's legality and the qualifications of attendees [50] Voting and Resolutions - Resolutions can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][81] - Shareholders can exercise their voting rights based on the number of shares they hold, with each share granting one vote [83] - Related shareholders must abstain from voting on transactions involving their interests [30]

证券研究报告 关税影响显现，5 月工企利润同比转负 华泰研究 2025 年 6 月 27 日│中国内地 动态点评 5 月工业企业利润数据点评 今年 5 月工业企业盈利同比增速较 4 月的 3%明显回落至-9.1%，出口相关 的中游制造业量价有所承压、或显示关税政策对企业利润率及订单的影响 显现，下游部分消费品行业或受促销影响、呈现"量增价跌"，亦对盈利形 成扰动。整体而言，工业企业收入同比增速从 4 月的 2.6%继续回落至 0.8%， 与 5 月出口增速放缓相印证，出口链相关行业盈利回升态势受阻，关税影响 或逐步凸显，电气机械、仪器仪表、专用设备、计算机通信等行业利润率及 收入增速均有回落；同时，油价及黑色系价格下跌对石化及煤炭开采等行业 利润率回升持续形成压制，对应中下游的石化加工相关行业盈利边际改善； 此外，汽车、服装、文教娱乐用品等行业营收增速回升，但盈利增速走弱， 或显示出购物节促销等因素对价格的拖累。 往前看，7 月 9 日"对等关税"豁免期后关税政策仍有较大扰动，外需不确 定性或对后续出口订单带来扰动，尤其是对企业利润率的影响或逐步显现。 内需层面，"以旧换新"政策补贴使用过半，虽然三四季度补贴 ...

Group 1 - The core business of the company is the research, production, and sales of new energy batteries, specifically lithium-ion and nickel-hydride batteries [1] - The company operates under two main entities: Jiuyi Lithium Energy, focusing on lithium-ion battery development and sales, primarily for power tools, and Jiuyi Energy, which specializes in nickel-hydride batteries for personal care, consumer goods, and power tools [1] - The company is classified under the manufacturing industry, specifically in electrical machinery and equipment manufacturing according to the China Securities Regulatory Commission [1] Group 2 - The company has confirmed that its current production and operational status is normal, with no significant changes in the internal and external operating environment [1]