1）海正生材 （上海季胜投资管理有限公司参与公司特定对象调研&电话会议） 调研纪要：3D打印行业进入快速发展期，聚乳酸作为重要原料，2024年消耗量预计超4万吨。海外企业 在3D打印领域聚乳酸供应中占据主导地位，国内企业占比不高，但公司凭借持续创新成为推动耗材升 级的重要力量。目前3D打印需求主要集中在欧美地区，国内需求起步晚但增速快。为提升市场份额， 公司将获取更多增量份额，服务头部企业，并加强研发和产品品质。3D耗材对聚乳酸性能有特殊要 求，如适应高速打印、快速冷却及不同颜色和视觉效果。聚乳酸市场供大于求，2024年全球消费量约26 万吨，国内约12万吨，价格已逼近成本线，未来波动不大。 机构简介： 根据市场公开信息及6月25日披露的机构调研信息，知名私募季胜投资近期对1家上市公司进行了调研， 相关名单如下： 季胜投资是专注于股票投资的投资机构，奉行价值投资基础上投机操作的理念。为客户的资产不断增值 为己任，追求每个季度都盈利是我们最高目标。xa0截止到2014年1季度末，已经连续超过10个季度保持 盈利。2013年正式阳光化，现为中国证劵业协会会员（编号：805151），中国证券投资基金协会基金管 理人 ...

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's regulatory inquiry regarding the sale of a 25% stake in its subsidiary, Changyuan Electronics, which is valued at 3.4 billion yuan, below its assessed value of 15.163 billion yuan [1][10]. Valuation and Transaction Price - The valuation of Changyuan Electronics was conducted using the income approach, with the assessed value of 100% equity at 15.163 billion yuan, while the 25% stake is priced at 3.4 billion yuan, indicating a discount of 10.31% from the assessed value [1][12]. - The net assets of Changyuan Electronics increased from approximately 3.71 billion yuan in 2018 to about 11.96 billion yuan currently, reflecting a significant growth [1][10]. Financial Projections - The projected revenue for Changyuan Electronics from 2025 to 2029 is as follows: - 2025: 126.77 million yuan - 2026: 134.34 million yuan - 2027: 140.20 million yuan - 2028: 144.80 million yuan - 2029: 148.88 million yuan - The revenue growth rates are projected to decline from 6.84% in 2025 to 2.82% in 2029 [2][8]. Cost and Profitability - The total operating costs for Changyuan Electronics are projected as follows: - 2025: 90.45 million yuan - 2026: 97.12 million yuan - 2027: 102.52 million yuan - 2028: 106.73 million yuan - 2029: 110.34 million yuan - The gross profit margin is expected to decrease from 28.65% in 2025 to 25.89% in 2029 [3][9]. Cash Flow and Financial Health - The projected cash flows for Changyuan Electronics are as follows: - 2025: 9.16 million yuan - 2026: 9.49 million yuan - 2027: 9.78 million yuan - 2028: 9.91 million yuan - 2029: 9.83 million yuan - The cash flow growth rate is expected to decline from 3.66% in 2025 to -0.82% in 2029 [9][10]. Transaction Rationale - The sale of the 25% stake is aimed at improving liquidity and optimizing the asset structure of the company, as the subsidiary has not provided significant dividends to the parent company [14][17]. - The company has faced financial challenges, including a reported loss of 9.78 billion yuan in 2024, necessitating the sale to repay bank loans and supplement operational funds [18]

Group 1 - The core viewpoint of the document is the legal opinion regarding the adjustment and initial grant of the 2025 restricted stock incentive plan for Shanghai Narl Industrial Co., Ltd. [2][17] - The adjustment of the incentive plan includes a reduction in the total number of granted rights from 5.875 million shares to 5.645 million shares and a decrease in the number of initial grantees from 120 to 115 [7][8] - The initial grant of restricted stock is set for June 25, 2025, with a total of 4.645 million shares to be granted to eligible participants [12][13] Group 2 - The granting price of the restricted stock has been adjusted from 4.79 RMB per share to 4.67 RMB per share [11] - The company has fulfilled necessary approval and authorization procedures for the adjustments and grants, complying with relevant laws and regulations [17] - The conditions for granting the restricted stock include the absence of negative audit opinions and compliance with the regulations set forth in the incentive plan [14][15]

Group 1: Core Business and Financial Performance - The core business of the company includes energy chemical and chemical logistics sectors, focusing on the manufacturing of chemical raw materials and products, as well as chemical logistics [1] - In Q1 2025, the company achieved a revenue of 6.206 billion yuan, representing a year-on-year growth of 19.39%, and a net profit attributable to shareholders of 946 million yuan, up 26.26% year-on-year [1] - As of March 31, 2025, the total assets of the company amounted to 43.3 billion yuan, an increase of 1.11% from the beginning of the year, while the equity attributable to shareholders rose by 3.83% to 28.281 billion yuan [1] Group 2: Digitalization and Technological Innovation - The company is focusing on digitalization and intelligentization to enhance process management and drive production innovation, which has become a consensus in the industry [3] - In 2024, the company identified "digitalization and intelligentization" as a key strategy for building new advantages, collaborating deeply with Huawei to create a comprehensive digital application and innovation model [3] - The goal is to develop a one-stop smart platform that integrates visualization, statistical analysis, early warning monitoring, predictive analytics, data quality management, and intelligent decision-making [3] Group 3: Research and Development - In 2024, the company's R&D investment reached 665 million yuan, accounting for 2.64% of sales revenue, with a workforce of 1,031 technology personnel [4] - As of December 31, 2024, the company held a total of 420 patents, including 45 invention patents, 374 utility model patents, and 1 design patent [4] - These achievements demonstrate the company's strong resilience and commitment to high-quality development, maintaining a high level of R&D investment and enhancing its role as a practitioner of innovation-driven development in the industry [4]

Core Viewpoint - The company is utilizing temporarily idle raised funds for cash management to enhance fund efficiency and generate investment returns without affecting normal operations and maintaining risk control [1][2][10]. Summary by Sections Cash Management Overview - The purpose of cash management is to maximize the use of temporarily idle raised funds while ensuring normal operations and risk control [2]. - The funds used for cash management are sourced entirely from temporarily idle raised funds, specifically from the 2014 non-public stock issuance and the 2018 asset acquisition fundraising [2][3]. Fundraising Details - The total amount raised from the 2014 non-public stock issuance was 62,865 million, with a remaining balance of 30,956,300 as of June 25, 2025 [5]. - The 2018 asset acquisition fundraising had a total investment of 100 million, with a remaining balance of 133,800 as of June 25, 2025 [5][6]. Cash Management Products - The company has engaged China Minsheng Bank to manage cash through structured deposits, with two products totaling 2,488 million [4][5]. - The first product has an expected annual yield of 0.9%-1.6% and a term of 32 days, while the second product has an expected yield of 0.95%-1.65% and a term of 61 days [5][7]. Risk Control Measures - The company has established internal controls to ensure the safety of funds during cash management, including separation of decision-making, execution, and supervision [8]. - The cash management products are low-risk, with a commitment to capital protection, and the company will maintain close contact with the bank to monitor the investment [8][9]. Financial Impact - The cash management initiative is expected to improve fund efficiency and generate returns without adversely affecting the company's main business or fundraising projects [10]. - As of March 31, 2025, the company's cash management payments totaled 2,488 million, representing 2.88% of the total cash [10][11]. Recent Cash Management Performance - In the last 12 months, the company invested 45,138 million in cash management products, with actual returns of 264.88 million [13]. - The highest single-day investment in the last year was 10,470 million, which is 3.61% of the net assets [13].

Summary of Key Points Core Viewpoint - Shanxi Tongde Chemical Co., Ltd. has provided guarantees totaling RMB 149.15 million for its subsidiaries, which represents 74.70% of the company's latest audited net assets. The company has recently signed a guarantee contract with China Bank for a loan of RMB 9.5 million for its wholly-owned subsidiary, Xinzhou Tongli Blasting Engineering Co., Ltd. [1][2][5] Guarantee Overview - The company has approved a total guarantee amount not exceeding RMB 3 billion for its wholly-owned and controlling subsidiaries [1][2] - Prior to the recent guarantee, the total guarantee balance was RMB 146.25 million, which increased to RMB 147.20 million after the new guarantee [2] Subsidiary Information - The guaranteed entity, Xinzhou Tongli Blasting Engineering Co., Ltd., has total assets of RMB 82.92 million and liabilities of RMB 23.54 million as of December 31, 2024. The company reported a net profit of -RMB 1.79 million for the same period [2][3] Guarantee Agreement Details - The guarantee agreement specifies that the company will be liable for the principal, interest, penalties, and other costs associated with the debt if the subsidiary defaults [3][4] - The guarantee period lasts for three years after the main debt is settled, or until the last installment is paid if the debt is to be repaid in installments [4] Cumulative Guarantee Amount - The total guarantee amount provided by the company and its subsidiaries is RMB 3 billion, with an actual guarantee balance of RMB 147.20 million, accounting for 73.72% of the latest audited net assets [5]

文/梧桐数据中心 6月23日至6月24日，深、北交易所又新受理了19家IPO。其中深交所主板新受理1家：福恩股份，创业板新受理4家：贝特利、联亚药业、欣兴 工具、高特电子；北交所新受理14家：南方乳业、中健康桥、康美特、海昌智能、德硕科技、弥富科技、新纳科技、中德科技、斯瑞达、北 方实验、欧伦电气、广泰真空、天康制药、传美讯。 截至6月24日，2025年沪、深、北三大交易所共受理了80家IPO项目，其中上交所受理了14家、深交所受理了17家、北交所受理了49家。 一、杭州福恩股份有限公司深主板IPO，6月24日获受理 公司前身有限公司成立于1997年1月22日，2023年9月1日整体变更为股份公司。公司目前注册资本17,500万元。 （一）主营业务 公司是一家以可持续发展为核心的全球生态环保面料供应商，以生态环保面料的研发、生产和销售作为主营业务。公司的主要产品为生态环 保面料，以再生面料为主。 （二）控股股东、实际控制人 湃亚控股持有公司6,400万股股份，持股比例为36.57%，为公司控股股东。公司的实际控制人为王内利、王学林和王恩伟，王内利、王学林系 夫妻关系，王内利、王恩伟系父女关系。王内利、王学林和 ...

瑞财经 钟鸣辰近日，晨光新材(SH605399)发布2025年一季报。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | | 本报告期比上年同 | | | | 上年同期 | 期增减变动幅度 | | | | | (%) | | 营业收入 | 232,521,752,26 | 273,853,534.36 | -15.09 | | 归属于上市公司股东的净利 | -4,730,216.63 | 25,646,683.60 | -118.44 | | 润 | | | | | 归属于上市公司股东的扣除 | -11,794,087.83 | 15,169,774.42 | -177.75 | | 非经常性损益的净利润 | | | | | 经营活动产生的现金流量净 | -16,362,217.94 | -5,834,283.11 | 不适用 | | 额 | | | | | 基本每股收益(元/股) | -0.02 | 0.08 | -125.00 | 报告显示，晨光新材公司一季度营业收入为2.33亿元，同比下降15.09%；归母净利润为-473.02万 ...

Core Viewpoint - Xiangtan Electric Chemical announced that its stock has experienced significant volatility, with a cumulative price increase exceeding 20% over three consecutive trading days, attributed to ongoing research and development collaborations in the solid-state battery sector [1] Group 1: Company Developments - The company's subsidiary, Guangxi Lijin New Materials Co., Ltd., is collaborating with several solid-state battery enterprises to research the application of lithium manganese oxide in semi-solid/solid-state batteries [1] - The current stage of this collaboration is limited to small batch sample testing, and it has not yet generated any revenue for the company [1] Group 2: Market Context - The business area of solid-state batteries is characterized by intense competition, and there are uncertainties regarding future developments in this field [1]

金十数据6月25日讯，天际股份发布股票交易异常波动公告，公司关注到近期固态电池概念受到市场关 注度较高。截至目前，公司控股子公司江苏泰瑞联腾材料科技有限公司已获得《一种硫化锂材料及其制 备方法和应用》的专利授权，硫化锂是生产硫化物固态电池电解质的原材料，目前公司正在推进该专利 的产业化，相关研发和试验工作在有序进行中。受宏观经济、行业政策、市场环境变化等因素的影响， 该项目亦存在产业化、商用化不及预期的风险。 天际股份：已获得《一种硫化锂材料及其制备方法和应用》的专利授权 相关研发和试验工作在有序进 行中 ...