Group 1 - Beixin Road and Bridge's application for issuing shares to specific targets has been approved by the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [1] - Wangbian Electric's shareholders plan to reduce their holdings by a total of up to 2.99% of the company's shares, with specific reductions detailed for each shareholder [1] - Guotou Zhonglu is planning a major asset restructuring, leading to a suspension of its stock trading for up to 10 trading days [2] Group 2 - Baiotai has signed a licensing agreement with SteinCares for the commercialization of BAT2406 in Brazil and Latin America, with total payments potentially reaching up to $10 million [3] - Dongfang Bio has obtained two medical device registration certificates for its products, which are valid until June 1, 2030 [4] - Pulaike's subsidiary has received a new veterinary drug registration certificate [5] Group 3 - Wanyi Technology has signed an agreement to establish a joint laboratory with the Energy Research Institute, with a total research and development budget of 6 million yuan [6] - Yingboer plans to use up to 300 million yuan of idle funds for financial management [7] - Blue Biological has received two new veterinary drug registration certificates [8] Group 4 - Jinkai New Energy intends to inject up to 1.247 billion yuan into its wholly-owned subsidiary to enhance its operational capabilities [9] - China Pacific Insurance's assistant general manager's qualification has been approved [10] - Zhaoyan New Drug is reducing its registered capital and notifying creditors [11] Group 5 - Weili Medical plans to invest 37.5 million yuan in establishing a medical industry investment fund [12] - Hongbai New Materials has signed a deposit agreement for idle raised funds [13] - Tongyou Technology is applying for a credit limit of 10 million yuan from a bank [14] Group 6 - Warner Pharmaceutical's subsidiary has received approval for its magnesium sulfate raw material drug [15] - Fuda Co. plans to establish a wholly-owned subsidiary with a capital contribution of 475 million yuan [16] - Yabao Pharmaceutical has obtained a loan commitment letter for stock repurchase of up to 90 million yuan [17] Group 7 - Zhongyin Securities' chairman has resigned due to work adjustments [18] - Aili Home has terminated its share reduction plan ahead of schedule [19] - Samsung New Materials has appointed a new financial officer [20] Group 8 - Guobang Pharmaceutical's subsidiary has received EU GMP certification for its product [21] - Yipin Hong has received a drug registration certificate for its injection solution [22] - Wenzhou Hongfeng's subsidiary has obtained a utility model patent certificate [23] Group 9 - Cangge Mining plans to sign a financial service agreement with Zijin Mining Group [24] - Naipu Mining's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [25] - Shenyang Machine Tool has completed its major asset restructuring [26] Group 10 - Xinlaifu plans to distribute a cash dividend of 5 yuan per 10 shares [27] - Jiashitang plans to distribute a cash dividend of 1.7 yuan per 10 shares [28] - Manbuer plans to distribute a cash dividend of 2.5 yuan per 10 shares [29] Group 11 - Guo Wang Yingda plans to distribute a cash dividend of 0.51 yuan per 10 shares [30] - Changsha Bank's shareholder plans to reduce holdings by up to 0.92% [31] - Hu Nong Commercial Bank plans to distribute a cash dividend of 1.93 yuan per 10 shares [32] Group 12 - Huaxiang Co. plans to distribute a cash dividend of 1.17 yuan per 10 shares [33]

Core Points - Jiangsu Huachen Transformer Co., Ltd. has completed the registration of changes in business and has obtained a new business license [1] - The company held its 17th meeting of the third board of directors on April 28, 2025, and approved the change of registered capital and business scope [1] - The new registered capital is RMB 164,435,000 [1] Business License Details - The new business license includes the following information: - Unified Social Credit Code: 9132031266639531XY - Company Name: Jiangsu Huachen Transformer Co., Ltd. - Legal Representative: Zhang Xiaojin - Type: Joint Stock Company (Listed) - Established Date: September 4, 2007 - Business Term: From September 4, 2007, to long-term [1] Business Scope - The company’s business scope includes: - Licensed projects: Technology import and export, import and export agency, power facility installation, repair, testing, special equipment inspection and testing, special equipment design, goods import and export, road freight transport (excluding hazardous goods), power generation, transmission, and supply [1] - General projects include: - Manufacturing of transformers, rectifiers, inductors, and various electrical equipment, as well as research and development in energy-efficient technologies and renewable energy systems [1]

Group 1 - The announcement details the transfer of state-owned shares from Shaanxi Baoguang Group Co., Ltd. to China Xidian Group Co., Ltd., which will result in Baoguang Group becoming the direct controlling shareholder of Baoguang Co. [1] - The transfer involves 99,060,484 shares, representing a significant portion of the company's equity [1]. - The company is currently in the process of completing the necessary regulatory procedures and has already registered the property rights in the State-owned Assets Supervision and Administration Commission's system [2]. Group 2 - The company will continue to monitor the progress of the share transfer and will fulfill its information disclosure obligations in accordance with relevant laws and regulations [2]. - As of the date of the announcement, the share transfer is still in progress, and the company has not yet completed the transfer procedures [2].

证券代码：600312 证券简称：平高电气 公告编号：2025-020 河南平高电气股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.067元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/25 | － | 2025/6/26 | 2025/6/26 | | 四、 分配实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 已办理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定 交易的股东红利暂由中国结算上海分公司保管，待办理指定交易后再进行派发。 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后登记在册股东持股数，按比例直 ...

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

1. Report Industry Investment Rating There is no mention of the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Huachen Convertible Bond (113695.SH) will start online subscription on June 20, 2025, with a total issuance scale of 460 million yuan. After deducting issuance fees, the net raised funds will be used for the construction project of the new - energy power equipment intelligent manufacturing industrial base (Phase I), the construction project of the new - energy power equipment digital factory, and supplementing working capital [3]. - The current bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The bond floor protection is average. The current conversion parity is 100.4 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and there is a certain dilution pressure on the equity [3]. - It is expected that the listing price of the Huachen Convertible Bond on the first day will be between 118.84 and 132.40 yuan, and the subscription success rate is expected to be 0.0016%. It is recommended to actively subscribe [3]. - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. The company's sales net profit margin and gross profit margin have remained stable [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The Huachen Convertible Bond has a total issuance scale of 460 million yuan, a bond term from June 20, 2025, to June 19, 2031, and a credit rating of A +/A +. The initial conversion price is 23.53 yuan per share, and the conversion period is from December 26, 2025, to June 19, 2031 [3][9]. - The bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The conversion parity is 100.42 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and the total equity dilution rate is 10.63% [3][12][13]. 3.2. Investment Subscription Suggestions - By referring to comparable targets and empirical results, considering the average bond floor protection, rating, and scale attractiveness of the Huachen Convertible Bond, it is expected that the conversion premium rate on the first - day of listing will be around 25%, and the corresponding listing price will be between 118.84 and 132.40 yuan [3][14][15]. - It is expected that the priority subscription ratio of original shareholders will be 72.49%, and the online subscription success rate will be 0.0016% [16][17]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. In 2023, the company achieved an operating income of 1.51 billion yuan, a year - on - year increase of 47.40%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. In 2023, it achieved a net profit attributable to the parent of 121 million yuan, a year - on - year increase of 33.11% [3][19]. - Jiangsu Huachen's operating income mainly comes from dry - type transformers, and the product structure is adjusted annually. From 2021 - 2023, the proportion of dry - type transformer business revenue in the main business revenue was 57.77%, 53.26%, and 39.12% respectively [3][20][22]. - From 2019 - 2023, the company's sales net profit margin and gross profit margin remained stable, the sales expense rate first decreased and then increased, and the financial expense rate and management expense rate fluctuated [3][23]. 3.3.2. Company Highlights - The company is a national high - tech enterprise and a national specialized and sophisticated "little giant" enterprise. It has won many honors and has established a perfect R & D system and quality control system [27]. - The company has mastered multiple core technologies, has good technical reserves, and provides technical support and experience for the implementation of the fundraising projects [28].

Investment Rating - The report indicates a positive outlook for the flexible converter valve industry in China, driven by domestic production acceleration and technological advancements [3][6]. Core Insights - The flexible converter valve industry in China is experiencing significant growth opportunities due to the acceleration of UHV (Ultra High Voltage) projects and the promotion of carbon neutrality goals. The localization of key components is advancing rapidly, with breakthroughs in domestic R&D for critical components like IGBT (Insulated Gate Bipolar Transistor) and thyristors [3][4]. - The report analyzes the current state of the flexible converter valve industry, focusing on the localization of core components, paths for intelligent upgrades, and application prospects in UHV projects. It also discusses strategic recommendations for leading the new era of UHV construction through intelligent upgrades [3][6]. Summary by Sections Flexible DC Transmission Technology - Flexible DC transmission technology originated from research at McGill University in 1990 and has evolved significantly, particularly with the breakthrough of MMC (Modular Multilevel Converter) technology in 2003, which addressed IGBT voltage balancing issues and reduced losses to 1% [4][20]. Market Size and Investment Trends - The investment share of converter valves in flexible DC transmission has increased from 27% in traditional DC projects to 57% in flexible DC projects, with individual project values reaching several billion yuan [5][28]. - The market for flexible converter valves in China is projected to grow from 120 billion yuan in 2024 to 168 billion yuan by 2030, with offshore wind power contributing significantly to this growth [6][55]. Key Component Localization - Significant breakthroughs have been made in the localization of core components such as IGBT and IGCT (Integrated Gate Commutated Thyristor), with advancements in performance metrics and successful applications in various projects [39][40]. Competitive Landscape - The report highlights the dominance of domestic manufacturers in the flexible converter valve market, with companies like State Grid NARI and XJ Electric leading in various projects. The competitive landscape is becoming increasingly diverse, with several players gaining market share [43][44]. Future Development and Strategic Recommendations - The report emphasizes the need for continued innovation and strategic planning to enhance the intelligent upgrade of flexible converter valves, which is crucial for the future of UHV construction in China [3][6].

Core Viewpoint - Beijing Keri (002350) has recently won and pre-won procurement projects from State Grid Corporation of China for 2025, with a total bid amount of approximately 158 million yuan, accounting for 7.73% of the company's audited revenue for 2024 [1] Group 1 - The company has secured multiple procurement projects, including 10kV transformer agreement inventory procurement, primary and secondary integrated complete pole-mounted circuit breaker agreement inventory procurement, and primary and secondary integrated complete ring network box agreement inventory procurement [1] - The execution of these project contracts is expected to have a positive impact on the company's operating performance for 2025 and subsequent years [1]

Group 1 - The stock of ShunNa Co., Ltd. experienced a decline of 8.93% today, with a turnover rate of 17.30% and a trading volume of 924 million yuan, showing a fluctuation of 8.44% [2] - Institutional investors net sold 22.5851 million yuan, while the total net selling by brokerage seats amounted to 13.4525 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a price deviation of -9.64% [2] Group 2 - Over the past six months, the stock has appeared on the watch list 13 times, with an average price increase of 0.57% the day after being listed, but an average decline of 4.48% in the following five days [3] - The main capital outflow for the stock today was 87.5808 million yuan, with a significant outflow of 52.1220 million yuan from large orders and 35.4588 million yuan from major orders [3] - The trading data for June 11 shows that the top five brokerage seats had a total transaction amount of 140 million yuan, with a net selling of 36.0376 million yuan [3]

证券代码：002350 证券简称：北京科锐 公告编号：2025-049 北京科锐集团股份有限公司 关于公司 2024 年度利润分配实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 根据《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律法规 的规定，北京科锐集团股份有限公司（以下简称"公司"）回购的股份自过户至公 司回购专用证券账户之日起即失去其权利，不享受利润分配权利。公司现通过回购 专用证券账户持有公司股份30,593,992股，公司2024年度利润分配预案为：以未来 实施分配方案时股权登记日的可参与利润分配的股本为基数，以未分配利润向全 体股东每10股派发现金股利0.3元（含税），不送红股，不以公积金转增股本。根据 公司本次利润分配预案董事会审议通过日总股本542,331,351股减去回购专用证券 账户股份30,593,992股为基数计算，本次现金分红总额为15,352,120.77元。本次股 利分配后剩余未分配利润结转至下一年度。在本分配预案实施前，若公司总股本由 于股份回购等原因而发生变化的，分配比例将按分派总额不变的原则 ...