从行业背景来看，本次合作原本被寄予产能协同与区域布局优化的预期。公开资料显示，金龙集团是国 内精密铜管领域的头部企业，为全国第四批单项产品冠军企业，业务覆盖新能源驱动电机、集成电路等 高端领域，且与地方资源绑定。而海亮股份作为全球铜加工行业龙头，正积极布局成渝双城经济圈、雄 安新区等战略区域，通过"地理区位+产业协同+政策赋能"构建战略网络，若能成功参股金龙集团，可 借助其现有产能快速响应西南地区轨道交通、新能源基建等领域的铜材需求，缩短供应链半径并降低物 流成本。 对于本次交易搁置的核心原因，海亮股份在公告中明确指向"外部形势剧烈变化"及"监管要求未达成统 一"。公告称，框架协议披露后，双方始终保持密切沟通并为事项合规推进作出不懈努力，但受外部形 势变化影响，在满足各自监管要求的关键事项上未能形成一致意见，导致本次投资事项存在重大不确定 性。基于审慎性原则，公司第九届董事会第六次会议于2026年1月7日审议通过相关议案，正式决定搁置 该收购事项。 1月8日晚，海亮股份（002203）发布公告，宣布搁置原拟投资入股金龙精密铜管集团股份有限公司(简 称"金龙集团")的相关事项。公告显示，因外部形势发生剧烈变化， ...

Core Viewpoint - Jingyi Co., Ltd. is a leading metal processing company in China, focusing on metal processing equipment, precision copper tubes, and deep processing products, with a full industry chain production advantage [1] Group 1: Business Performance - In Q3 2025, Jingyi's revenue was 3.481 billion yuan, ranking 15th in the industry, while the industry leader, Jiangxi Copper, reported revenue of 396.047 billion yuan [2] - The net profit for the same period was 14.7401 million yuan, placing the company last in the industry ranking [2] Group 2: Financial Ratios - As of Q3 2025, Jingyi's debt-to-asset ratio was 46.12%, lower than the industry average of 54.12%, but increased from 33.10% year-on-year [3] - The gross profit margin was 2.84%, significantly below the industry average of 10.36%, and decreased from 3.43% year-on-year [3] Group 3: Executive Compensation - The chairman, Gu Chong, received a salary of 814,000 yuan in 2024, an increase of 303,800 yuan from 2023 [4] - The general manager, Wei Guo, earned 809,000 yuan in 2024, up by 57,200 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 121.61% to 32,200 [5] - The average number of circulating A-shares held per shareholder decreased by 54.88% to 7,766.59 [5]

Group 1 - The State-owned Assets Supervision and Administration Commission of Meishan Dongpo District acquired 29.9% of Jingyi Metal's shares for 1.086 billion yuan, changing the actual controller to the Meishan Dongpo District State-owned Assets Supervision and Administration Commission [1] - Jingyi Metal, founded in July 1999 and listed in September 2009, specializes in precision copper tubes and related products, serving major clients like Gree and Midea, and is recognized as one of China's top ten copper pipe manufacturers [1] - The acquisition marks the first instance in 2023 of a district-level state-owned enterprise in Sichuan acquiring control of a listed company, enhancing the capital liquidity and operational efficiency of state-owned assets in the region [2] Group 2 - Meishan Dongpo District aims to become a "thousand billion core" area, with a projected GDP of 33.553 billion yuan in the first half of 2025, reflecting an 8.7% year-on-year growth, the highest in Meishan City [2] - The district has established a leading industrial system focused on new energy materials and food medicine, with advanced manufacturing clusters in lithium batteries, crystalline silicon photovoltaics, and high-end fine chemicals [2] - The collaboration between the China Yangtze River Economic Belt Development Research Institute and Meishan Dongpo District includes planning for industrial transfer demonstration zones and regional public brand establishment [3]

Group 1 - The core point of the news is that Sichuan Xingdong Investment Group Co., Ltd. acquired a 29.9% stake in Guangdong Jingyi Metal Co., Ltd. for 1.086 billion yuan, changing the company's controlling shareholder to the state-owned assets supervision and administration office of Meishan City Dongpo District [1][12] - The acquisition is significant as it marks the first instance of a county-level state-owned enterprise in Sichuan acquiring control of a listed company in 2023, enhancing the capital liquidity and operational efficiency of state-owned capital in the region [12] - The auction for the shares was highly competitive, with 32,000 participants and 77 bids, ultimately resulting in a price approximately 40% higher than the starting bid [7][12] Group 2 - Guangdong Jingyi Metal Co., Ltd. reported a revenue of 3.754 billion yuan in 2024, representing a year-on-year increase of 38.43%, and a net profit of 27.7 million yuan, up 15.57% [5] - The company has a solid asset structure, with total assets of 2.088 billion yuan and a debt ratio of 35.03%, indicating a safe financial leverage position [5] - The cash flow situation is healthy, with a net increase in cash and cash equivalents of 158 million yuan, and a year-end cash balance of 353 million yuan [6] Group 3 - The company operates in a traditional industry but maintains a robust fundamental performance, benefiting from the growing demand for copper materials in the renewable energy sector [4] - The company has established itself as a strategic supplier for leading enterprises such as Gree and Midea, with its products widely used in refrigeration, communications, and new energy sectors [5] - The acquisition allows the state-owned enterprise to leverage capital market resources to integrate industrial resources in new energy and intelligent manufacturing sectors [12]

Core Viewpoint - The company intends to temporarily use part of the idle raised funds to supplement working capital, ensuring that this does not affect the normal progress of its investment projects and complies with regulatory requirements [1][5][6]. Fundraising Basic Situation - The company was approved to issue convertible bonds totaling RMB 1,450 million, with a net amount of RMB 1,447 million after expenses [1]. - The funds are stored in a dedicated account with regulatory agreements in place [1]. Previous Fund Usage and Return - The company previously used RMB 768 million of idle funds to supplement working capital, which was fully returned to the dedicated account by August 6, 2025 [2]. Investment Project Changes - The original investment project was changed from "Annual production of 80,000 tons of small diameter thin-walled efficient heat dissipation copper tubes" to "Annual production of 80,000 tons of precision copper tubes in Thailand" [2]. - The timeline for the "Annual production of 70,000 tons of precision copper alloy bar project" has been extended by 24 months to March 2026 [2]. Current Fund Usage Plan - The company plans to use RMB 600 million of idle convertible bond funds to temporarily supplement working capital for a period not exceeding 12 months [4]. - This usage is strictly for operations related to the company's main business and will not be used for securities investments or other high-risk activities [5]. Approval and Compliance - The plan to use idle funds was approved in the board and supervisory meetings held on August 11, 2025, and complies with relevant regulatory requirements [5][6]. - The sponsor institution has confirmed that the plan will enhance fund efficiency without affecting the investment projects or shareholder interests [5].

Group 1 - The company is focusing on strategic guidance and continues to advance its international layout, with significant progress in its Thailand and Vietnam projects [1] - The Thailand project aims to produce 80,000 tons of precision copper tubes annually, while the Vietnam projects are expanding business cooperation to meet global customer demands for one-stop copper material procurement [1] - Steady growth in overseas business is laying a solid foundation for the company to deepen the upgrade of its global product and customer structure [1] Group 2 - The company anticipates a substantial increase in net profit attributable to shareholders, projected to grow by 176.66% to 225.48% year-on-year in the 2025 mid-year report [3] - The overseas production capacity from projects in Thailand and Vietnam is gradually being released, contributing to revenue and profit growth [3] - The company is inquiring about the specific impact of overseas capacity on performance growth, particularly in meeting local market demand and cost reduction [3]