眉山国资有望以约10.86亿元取得一家上市公司的实际控制权。 10月10日晚间，精艺股份(002295.SZ)公告称，控股股东南通三建控股有限公司（下称"三建控股"）所持有的公司7518.47万股，占总股本的29.99996%的股 票已被司法拍卖。竞得人为四川兴东投资集团有限公司（下称"四川兴东"），成交价格为1,085,514,969.60元。若本次股份拍卖完成，三建控股将不再持有 公司股份，公司控股股东、实际控制人发生变更。 公开信息显示，四川兴东为眉山市东坡区区属一级公司，注册资本30亿元，旗下涵盖下属公司20家，其中二级公司4家（主体信用评级AA+公司1家）， 资产总额839亿元。四川兴东秉持聚焦主业、转型开放的理念，全力打造产业型投资集团，公司经营涵盖投资运营、文化科技综合服务、新能源、大健 康、园区开发运营及城市基础设施建设六大业务板块。 川商传媒记者注意到，在竞拍过程中，四川兴东在最后一轮出价表现尤为果断，不惜以较高价格锁定标的——其最后一笔加价高达5000万元，令其他竞拍 方望而却步。 | | | LIVINGAR | | | --- | --- | --- | --- | | 状态 | 竞买 ...

Core Viewpoint - The shares of Jingyi Co., Ltd. (002295.SZ), held by Nantong Sanjian Holdings Co., Ltd., are set for judicial auction with a starting price of 725 million yuan, raising concerns about potential changes in the company's controlling shareholder and actual controller [2][4]. Group 1: Auction Details - Nantong Sanjian's 75,184,700 shares in Jingyi Co., representing approximately 29.9996% of the total share capital, are being auctioned, with the auction date scheduled for October 9 [2]. - The initial auction price of 725 million yuan is only 60% of the 1.2 billion yuan paid by Nantong Sanjian in 2018 for these shares [2][4]. - The final auction price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction, multiplied by the number of shares, and then discounted by 10% [3]. Group 2: Company Performance - Jingyi Co., Ltd. is a leading player in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, reflecting a year-on-year growth of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [4]. - The stock price of Jingyi Co. surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase, driven by demand from the new energy sector [4]. Group 3: Nantong Sanjian's Financial Issues - Nantong Sanjian has faced significant financial difficulties, being included in the list of dishonest entities in July 2024 due to multiple overdue debts and failure to disclose timely information [5]. - The company is involved in several legal cases with a total amount of approximately 1.4 billion yuan, leading to the freezing of its shares in Jingyi Co. [5].

Group 1 - Nantong Sanjian Holdings Co., Ltd. is facing a judicial auction of its shares in Jingyi Co., Ltd. (002295.SZ), with an initial auction price of 725 million yuan for 75.1847 million shares, scheduled for October 9 [2] - The shares represent approximately 29.9996% of Jingyi's total equity, and if successfully auctioned, it will lead to a change in the controlling shareholder and actual controller of the company [2] - The initial auction price is only 60% of the 1.2 billion yuan that Nantong Sanjian paid for the shares in November 2018 [2] Group 2 - Jingyi Co., Ltd. is a leading company in China's copper processing industry, established in 1999, with products widely used in home appliances, automotive, communication, and new energy sectors [3] - The company reported a revenue of 3.754 billion yuan in 2024, a year-on-year increase of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [3] - The stock price of Jingyi surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase due to demand from the new energy industry [3] Group 3 - Nantong Sanjian was listed among the "Top 500 Chinese Enterprises" in 2018, ranking 157th, and was the second highest revenue-generating private enterprise in Nantong, with annual revenue exceeding 100 billion yuan [3] - The company has faced financial difficulties since the Evergrande crisis in 2022, leading to a series of defaults and being listed as a dishonest entity [4][5] - The shares of Jingyi held by Nantong Sanjian have been frozen by the court, involving multiple cases with a total amount of approximately 1.4 billion yuan [5]

Group 1 - Nantong Sanjian Holdings Co., Ltd. is auctioning its stake in Jingyi Co., Ltd. on JD Asset Disposal Platform, with a starting price of 725 million yuan [1] - The stake being auctioned amounts to 75,184,700 shares, representing approximately 30% of Jingyi's total share capital [1] - The auction is scheduled for October 9, and the final starting price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction [1] Group 2 - Jingyi Co., Ltd. is a leading company in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, marking a 38.43% year-on-year increase [2] - The net profit attributable to shareholders for Jingyi in 2024 was 27.7063 million yuan, reflecting a 15.57% increase compared to the previous year [2] - The stock price of Jingyi surged from 5.7 yuan per share in January to a peak of 12.49 yuan per share in July, representing a 120% increase [2] Group 3 - Nantong Sanjian was once ranked first among Jiangsu's top 100 construction companies and was included in the "China Top 500 Enterprises" list in 2018 [2] - The company faced financial difficulties following the crisis of Evergrande in 2022, leading to a series of defaults and loss of creditworthiness [3] - Nantong Sanjian's equity in Jingyi has been frozen by the court, with related cases involving a total amount of approximately 1.4 billion yuan [3]

Core Viewpoint - Hailiang Co., Ltd. reported a significant improvement in its performance for the first half of the year, with a net profit attributable to shareholders of 711 million yuan, representing a year-on-year increase of 15.03% [1] Financial Performance - The company achieved a sales volume of 526,200 tons for copper processing products, marking a year-on-year growth of 3.79% [1] - Copper foil sales reached 24,400 tons, with a remarkable year-on-year increase of 72.33% [1] - Copper busbar sales amounted to 23,500 tons, reflecting a year-on-year growth of 33.44% [1] - The overall revenue from the copper processing segment was 34.07 billion yuan, up 13.59% year-on-year [1] Capacity and Investment - Currently, the company has 30,000 tons of production capacity in operation [1] - An additional 60,000 tons of capacity is under construction, with an investment amount of 1.15 billion yuan; 1.09 billion yuan has already been invested [1] - The new capacity is expected to be operational soon, with North American production anticipated to ramp up gradually from the second half of 2025 to 2026 [1] Market Position and Valuation - The company is recognized as the largest copper tube and rod processing enterprise globally, benefiting from economies of scale and strong operational quality [1] - The copper tube business is expected to benefit directly from changes in North American tariff policies [1] - The current valuation of the company is considered undervalued, and a "buy" rating is maintained based on the ongoing progress in production and the copper foil segment [1]

Group 1: Financial Performance - The company reported a revenue of 256.96 billion yuan for the first half of the year, a decrease of 4.94% year-on-year [1] - Net profit reached 4.18 billion yuan, an increase of 15.42% year-on-year [1] Group 2: Production and Operations - The company achieved differentiated growth in core product areas, with cathode copper production at 1.20 million tons, up 1.74% year-on-year [1] - Silver production was 703.71 tons, an increase of 11.14% year-on-year [1] - Sulfuric acid production reached 3.46 million tons, up 8.10% year-on-year [1] - Copper processing products production was 956.5 thousand tons, an increase of 9.72% year-on-year, with copper rod production at 841.4 thousand tons, up 6.63% year-on-year [1] - Gold production decreased to 49.97 tons, down 30.66% year-on-year [1] Group 3: Resource Expansion and Investments - The company signed a share purchase agreement with SolGold in Canada, becoming the largest shareholder, enhancing resource reserves [2] - Ongoing projects include the completion of the Silver Mountain Mining tailings dam expansion, which supports a daily production capacity of 13,000 tons [2] - The successful production launch of the Bakuta tungsten mine in Kazakhstan and the expansion of the 500KV high-voltage cross-linked cable project in Jiangxi [2] Group 4: Technological Innovation and Environmental Initiatives - The company participated in two research projects nominated for the National Science and Technology Progress Award, focusing on key technology development [3] - A total of 986 patents have been authorized, including 233 invention patents [3] - The company is advancing safety production initiatives and creating a digital platform for safety and environmental management [3] Group 5: Dividend Proposal - The board proposed a dividend of 0.40 yuan per share (before tax), totaling approximately 1.38 billion yuan, which accounts for 33.08% of the net profit attributable to shareholders for the first half of the year [3]

Group 1 - The stock price of Jingyi Co., Ltd. closed at 10.78 yuan on August 26, 2025, down 1.82% from the previous trading day [1] - The company reported a revenue of 2.381 billion yuan for the first half of 2025, representing a year-on-year increase of 38.80% [1] - The net profit attributable to shareholders was 10.8591 million yuan, a decrease of 42.95% year-on-year [1] Group 2 - The company has a negative operating cash flow of -203 million yuan, although this shows improvement compared to the same period last year [1] - The largest shareholder, Nantong Sanjian Holding Co., Ltd., has pledged all of its shares, which account for 30% of the total share capital [1] - On August 26, there was a net outflow of 2.8932 million yuan in main funds, with a cumulative net outflow of 32.7538 million yuan over the past five days [1]

Group 1: Monetary Policy and Financial Market Developments - The central bank emphasizes promoting reasonable price recovery as a key consideration for monetary policy, aiming to maintain prices at a reasonable level [1] - The central bank plans to support more private technology enterprises and private equity investment institutions in bond financing, enhancing the development of the bond market and improving legal frameworks [1] - As of the end of July 2025, foreign institutions held 3.93 trillion yuan in interbank market bonds, accounting for approximately 2.3% of the total custody volume [4] Group 2: Stock Market and Regulatory Actions - The Shanghai Stock Exchange is monitoring stocks with significant abnormal fluctuations, including companies like Aoweixin Material and Dongxin Co., taking regulatory measures against 154 instances of abnormal trading behavior [5] - The Shenzhen Stock Exchange is also focusing on stocks with unusual price increases, such as Guangshengtang, and has taken self-regulatory measures against 159 instances of abnormal trading [6] Group 3: Company-Specific News - Vanke A's subsidiary provides guarantees for bank loans [7] - Aoweixin Material faces potential impacts on performance due to a client's bankruptcy protection application [7] - Siyuan Electric reports a net profit of 1.293 billion yuan for the first half of the year, a year-on-year increase of 45.71% [7] - Dongfang Fortune reports a net profit of 5.567 billion yuan for the first half of the year, a year-on-year increase of 37.27% [7] - Shitai Shen's shareholder plans to reduce holdings by no more than 2% [7] - Sheneng Co. plans to issue convertible bonds to raise no more than 2 billion yuan [7] - Meijin Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - *ST Songfa's subsidiary signs a procurement framework contract for ship steel plates worth approximately 3.371 billion yuan [7]

Investment Rating - The report assigns a "Buy" rating for the company, Jintian Co., Ltd. (金田股份) [4] Core Viewpoints - Jintian Co., Ltd. is the largest producer of copper and copper alloy materials globally, with a comprehensive industrial chain from smelting to deep processing. The company is expected to benefit from the rapid growth in demand for high-end copper products driven by trends in industrial and consumer sectors such as AI data centers and electric vehicles [4][10] - The company is positioned to capture new growth opportunities through its high-end, international, and green product offerings, establishing partnerships with leading brands [4][10] - The report anticipates that the company's profitability will improve due to a stable processing fee rate and a strong pricing power for high-value products, despite fluctuations in copper prices [4][32] Summary by Sections 1. Company Overview - Jintian Co., Ltd. has established itself as a global leader in the copper processing industry, with multiple production bases in China and Vietnam, and a total copper processing capacity expected to reach 2.2 million tons by 2024 [4][10][11] - The company has diversified its product offerings to include rare earth permanent magnetic materials, contributing to its growth strategy [10][11] 2. Historical Growth and Profitability - The company's revenue growth has primarily been driven by the expansion of its copper processing capacity, with a compound annual growth rate (CAGR) of 12.8% from 2017 to 2024 [21] - The processing fee model, which is based on copper prices plus processing fees, provides a stable revenue stream, making the company's profitability less sensitive to copper price fluctuations [18][21] 3. Emerging Industry Demand - The demand for copper is expected to grow significantly in emerging industries such as renewable energy, AI, and robotics, with structural changes in consumption patterns favoring high-end copper products [43][47] - The report highlights that the copper processing industry is moving away from price competition towards consolidation, benefiting leading companies like Jintian Co., Ltd. [43] 4. Financial Projections - The company is projected to achieve revenues of 134.68 billion yuan, 143.46 billion yuan, and 153.59 billion yuan for the years 2025 to 2027, with corresponding net profits of 7.11 billion yuan, 9.99 billion yuan, and 11.86 billion yuan [2][4] - The earnings per share (EPS) are expected to increase from 0.48 yuan in 2025 to 0.80 yuan in 2027, reflecting a positive growth trajectory [2][4]

8月1日，精艺股份盘中上涨6.67%，截至13:34，报10.55元/股，成交2.05亿元，换手率8.01%，总市值 26.44亿元。 截至3月31日，精艺股份股东户数1.36万，人均流通股1.85万股。 2025年1月-3月，精艺股份实现营业收入10.79亿元，同比增长48.58%；归属净利润772.43万元，同比增 长6.69%。 资料显示，广东精艺金属股份有限公司位于广东省佛山市顺德区北滘镇黄龙村龙涌龙汇路1号，公司的 主营业务是铜加工产业和精准供应链服务贸易，产品在家电领域拥有较高的知名度和美誉度，同时也为 中小企业提供一站式的供应链服务，帮助其加快营运速度、降低营运成本和经营风险。公司始终坚持科 学研判、正确认识面临的挑战和机遇，积极防范和化解风险，不断完善公司治理机制，提升公司规范运 作意识和水平，以此赢得了客户及社会各界的高度认同、尊重和信赖。 ...