Core Insights - China's import and export trade with ASEAN reached 4.93 trillion yuan in the first eight months of this year, marking a year-on-year growth of 9.7%, the highest historical level for the same period, accounting for 16.7% of China's total import and export value [1] - The trade volume between China and ASEAN has increased from over 870 billion yuan in 2004 to nearly 7 trillion yuan in 2024, representing a sevenfold increase and maintaining growth for nine consecutive years [1] Agricultural Cooperation - Agricultural cooperation between China and ASEAN continues to deepen, with increasing market openness facilitating the release of complementary advantages in agricultural trade [1] - ASEAN has remained China's largest trading partner for agricultural products for eight consecutive years, with imports and exports of agricultural products amounting to 290.6 billion yuan in the first eight months of this year, a year-on-year increase of 9.7%, accounting for 20.1% of China's total agricultural import and export value [1] - ASEAN is the primary source of imports for China's dried and fresh fruits, edible oils, cassava, and cassava starch [1] Manufacturing Cooperation - The cooperation in the manufacturing sector between China and ASEAN is becoming increasingly close, driving rapid growth in related product imports and exports [1] - In the first eight months of this year, over 90% of China's imports and exports with ASEAN were manufacturing products, with exports of machine tools and auto parts increasing by 56.1% and 22%, respectively [1] - Imports from ASEAN of computer components and printed circuit boards grew by 47.4% and 22.2%, respectively [1]

Core Insights - In the first eight months of this year, China's trade with ASEAN reached a record high of 4.93 trillion yuan, marking a year-on-year increase of 9.7% and accounting for 16.7% of China's total trade value during the same period [1][2] - China and ASEAN have been each other's largest trading partners for five consecutive years, with trade volume increasing from over 870 billion yuan in 2004 to nearly 7 trillion yuan in 2024, representing a sevenfold growth [1] - ASEAN has maintained its position as China's largest trading partner for agricultural products for eight consecutive years, with agricultural trade between China and ASEAN reaching 290.6 billion yuan in the first eight months, also up by 9.7% [1] Trade Dynamics - The manufacturing cooperation between China and ASEAN is increasingly close, with over 90% of the trade in manufacturing products. Exports of machine tools and auto parts from China to ASEAN grew by 56.1% and 22% respectively, while imports of computer components and printed circuits from ASEAN increased by 47.4% and 22.2% [2] - The China-ASEAN Free Trade Area is advancing towards version 3.0, which will further expand cooperation areas and promote deep integration of regional supply chains and economic development [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002870 证券简称：香山股份 公告编号：2025-057 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用(不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用(不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用(不适用 公司是否需追溯调整或重述以前年度会计数据 □是(否 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用(不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用(不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 ■ 3、公司股东数量及持股情况 单位：股 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用(不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变 ...

Core Viewpoint - The Chinese government is implementing various measures to support foreign trade enterprises amid ongoing COVID-19 challenges, including increasing credit support, enhancing export credit insurance, and stabilizing the RMB exchange rate [1][6]. Group 1: Trade and Economic Data - From January to April, China's total import and export value reached 125,799 billion yuan, a year-on-year increase of 7.9%. Exports were 69,674 billion yuan, up 10.3%, while imports were 56,125 billion yuan, up 5.0% [1]. - The proportion of imports and exports by private enterprises increased to 48.5%, up 1.4 percentage points from the same period last year [1]. - Trade with countries along the "Belt and Road" saw a growth of 15.4%, with exports increasing by 12.9% and imports by 18.6% [1]. Group 2: Financial Support Measures - The People's Bank of China and the State Administration of Foreign Exchange are promoting policies to facilitate trade foreign exchange receipts and payments for quality enterprises, enhancing the efficiency of RMB usage [2]. - Financial institutions are encouraged to provide various foreign exchange risk management services, including spot, forward, swap, and options to help enterprises hedge against exchange rate risks [3]. - The Zhejiang Banking and Insurance Regulatory Bureau is urging banks to utilize monetary policy tools to increase credit support for foreign trade enterprises, especially small and micro enterprises [4]. Group 3: Export Credit Insurance - Export credit insurance plays a crucial role in stabilizing the confidence and expectations of foreign trade enterprises, with the People's Bank of China emphasizing its importance [7]. - In 2021, the China Export & Credit Insurance Corporation provided financing guarantees amounting to 2,213.3 billion yuan, a growth of 22.5% [7]. - In the first four months of this year, China Export & Credit Insurance Corporation achieved an insured amount of 284.87 billion USD, a year-on-year increase of 13.7% [9]. Group 4: Innovative Financing Solutions - The China Bank in Zhejiang Province developed specialized products for small and micro foreign trade enterprises, including small-amount, multi-frequency, and quick-disbursement loans [4]. - A tailored financing plan of 10 million USD was successfully implemented for a company facing cash flow issues due to the pandemic, showcasing the effectiveness of the "bank-insurance-enterprise" cooperation model [5]. - The introduction of online financing processes has significantly reduced the time required for loan approvals, enhancing service efficiency for enterprises [3][8].

Core Viewpoint - *ST Hengli is facing delisting due to negative net profit and insufficient revenue, with its stock entering a delisting preparation period starting June 25, 2025 [1][2] Group 1: Company Announcements - *ST Hengli received a notice of administrative penalty and will enter a delisting preparation period due to a negative audited net profit for 2023 and revenue below 100 million yuan [1] - The company has been warned of delisting risk since May 6, 2024, and has failed to disclose a majority of its board's assurance of the 2024 annual report by the legal deadline [1] - The stock will be delisted after a 15-day preparation period, with the delisting effective on the next trading day after the period ends [1] Group 2: Financial Performance - The company has experienced a significant decline in revenue and profitability since 2018, with 2023 revenue reported at only 79.54 million yuan, leading to a delisting risk warning [2] - For the first three quarters of 2024, *ST Hengli's revenue was merely 70.06 million yuan, indicating ongoing financial struggles [2] - Following an asset acquisition, the company reported a surge in revenue exceeding 200 million yuan in Q4 2024, but projected a loss of 33 to 43 million yuan for the year [3] Group 3: Industry Context - The company has attempted to pivot into the lithium battery sector, partnering with Ganfeng Lithium for comprehensive cooperation in the new energy industry chain [2] - The lithium battery industry is experiencing increased competition and overcapacity, leading to many cross-industry entrants facing challenges and withdrawing from the market [3] - A significant number of cross-industry lithium battery ventures have failed since 2023, highlighting the importance of focusing on core business and niche markets for survival [3]

Core Viewpoint - The article discusses the challenges faced by *ST Hengli, including its impending delisting due to negative net profit and declining revenues, as well as the broader issues in the lithium battery industry where many companies are struggling to adapt and survive amidst increasing competition and market saturation [2][4][7]. Company Overview - *ST Hengli, listed on the Shenzhen Stock Exchange since 1996, primarily engages in automotive parts manufacturing and the processing of new energy battery materials [3]. - The company has faced multiple delisting threats throughout its history, being labeled as "ST" (special treatment) several times due to financial difficulties [3]. - In 2023, *ST Hengli reported a significant loss with revenues dropping to 79.54 million yuan, leading to a delisting risk warning [4]. Recent Developments - On June 18, 2024, *ST Hengli received a notice of administrative penalty and was informed of its stock entering a delisting preparation period due to failing to meet financial reporting requirements [2]. - The company attempted to mitigate its financial struggles by acquiring New Energy Co., Ltd. for 15 million yuan, aiming to enhance its revenue through this asset purchase [5]. Industry Context - The lithium battery industry is experiencing an adjustment period characterized by intensified competition and overcapacity, leading many cross-industry entrants to halt or terminate their investment projects [7]. - Since 2023, over 100 cross-industry lithium battery cases have been recorded, with many companies exiting the market, highlighting the difficulties of adapting to the industry's dynamics [8]. - The article emphasizes that companies should focus on their core business and adopt differentiated competition strategies to survive the cyclical adjustments in the industry [8].

Core Viewpoint - The lawsuit against the auditing firm by *ST Hengli reflects the company's severe risk of delisting due to its inability to disclose the 2024 annual report on time, following a negative net profit for 2023 and revenue below 100 million yuan [1][2]. Group 1: Company Situation - Hengli has been under delisting risk warning due to a negative audited net profit for 2023 and revenue below 100 million yuan [1]. - The company has faced continuous revenue decline, with net profits in 2022 and 2023 being negative, and it has not turned a profit in the first three quarters of 2024 [2]. - The previous auditing firm issued a qualified opinion on Hengli's 2023 financial report, highlighting issues with prepaid items and other equity investments, raising doubts about the company's ability to continue as a going concern [2]. Group 2: Audit Issues - Hengli accuses the auditing firm, Shenzhen Xutai, of creating obstacles, citing unreasonable audit scheduling, lack of diligence, improper work arrangements, and unqualified personnel [1]. - The audit report was delivered late and was criticized by the company as being filled with errors, leading to questions about the auditing firm's professionalism [1][2]. - The short preparation time for the audit, given the company's complex business and delisting risk, has been deemed insufficient [2]. Group 3: Future Outlook - To regain market confidence, Hengli must undertake systematic reforms to address both operational and governance challenges [2]. - The company needs to establish transparent communication with the auditing firm and proactively disclose substantial progress in business improvement and risk mitigation to investors [2]. - A successful return to the A-share market requires Hengli to abandon the mindset of "report repair" and demonstrate sustainable operational capability through genuine performance and compliant governance [3].