Today's Spotlight

[CETC Chip: Subsidiary Included in the Entity List by the U.S. Department of Commerce].

Dianke Chip (600877.SH) announced that the company's subsidiary, Southwest Design, was included in the "Entity List" of the Bureau of Industry and Security of the U.S. Department of Commerce. Southwest Design is mainly engaged in the design of silicon-based RF/analog integrated circuits and modules, mainly for 5G/6G cellular communications, satellite Internet communications and other fields. According to the U.S. Export Administration Regulations, suppliers are required to apply for an export license from the U.S. Department of Commerce in advance for the sale of EAR Controlled Items to Entities on the Entity List. At present, Southwest Design's various businesses are progressing steadily, and the operating and financial conditions are normal, and the inclusion in the "Entity List" will not have a substantial impact on Southwest Design's business.

[Yulong shares: to terminate the suspension of listed stocks from tomorrow].

Yulong shares (601028.SH) announced that because the company intends to voluntarily withdraw the listing and trading of A-shares on the Shanghai Stock Exchange by resolution of the general meeting of shareholders, and apply for the shares to enter the delisting section of the national small and medium-sized enterprise share transfer system to continue trading, the company's shares will be suspended from the opening of the market on March 27, 2025 (Thursday) until the Shanghai Stock Exchange will delist the company's shares within 5 trading days after the announcement of the company's stock termination decision, and the company's shares will be terminated. If the termination of the listing is not approved by the general meeting of shareholders, the company will apply to the Shanghai Stock Exchange for the resumption of trading of shares from the date of the announcement of the resolution of the general meeting of shareholders (April 8, 2025).

[Xunjiexing: planning to purchase 100% of Jiazhihong's shares, the stock will be suspended from tomorrow].

Xunjiexing (688655.SH) announced that the company is planning to purchase 100% of the shares of Shenzhen Jiazhihong Electronics Co., Ltd. (hereinafter referred to as "Jiazhihong") by issuing shares and paying cash and raising matching funds. The transaction is expected to constitute a major asset restructuring. Trading in the Company's shares will be suspended from the market open on Thursday, March 27, 2025, and the suspension is expected to last no more than 10 trading days. Jiazhihong's general business items include: the production and sales of membrane switches and flexible circuit boards (including tinned lead); manufacturing of electronic components, etc.

[NOVOSENSE: plans to issue H shares and list on the Hong Kong Stock Exchange].

NOVOSENSE Micro (688052.SH) announced that the company intends to issue shares (H shares) overseas and list on the main board of the Hong Kong Stock Exchange to improve the company's comprehensive competitiveness, further promote the internationalization strategy, and use the international capital market to diversify financing channels. The issuance and listing of H shares are subject to the approval of the company's general meeting of shareholders, and have been filed with the China Securities Regulatory Commission and approved by the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission. At present, the company is actively discussing with relevant intermediaries, and other specific details have not yet been determined.

[CITIC Securities: Net profit in 2024 will increase by 10.06% year-on-year, and 10 distributions of 2.8 yuan are planned].

CITIC Securities (600030.SH) announced that the company's operating income in 2024 will be 63.789 billion yuan, a year-on-year increase of 6.20%; net profit attributable to shareholders of the parent company was 21.704 billion yuan, a year-on-year increase of 10.06%. The company intends to distribute a cash dividend of 2.80 yuan (tax included) for every 10 shares.

[Bank of Qingdao: Issued a valuation improvement plan to encourage shareholders to increase their holdings in the bank].

Bank of Qingdao (002948.SZ) issued an announcement on the valuation improvement plan, saying that the bank said that in the next step, the bank will actively communicate with shareholders of all parties to encourage shareholders to increase their holdings of the bank. The annual profit distributed to ordinary shareholders in cash shall not be less than 20% of the distributable profit attributable to ordinary shareholders of the Bank realized in the current year. Bank of Qingdao released its 2024 annual report on the same day, and the company achieved operating income of 13.498 billion yuan in 2024, a year-on-year increase of 8.22%; net profit was 4.264 billion yuan, a year-on-year increase of 20.16%.

[General Shares: The controlling shareholder plans to change the control of the stock trading from tomorrow].

General Motors (601500.SH) announced that the company's controlling shareholder Hongdou Group and Guangzhou Industrial Control reached an agreement on the termination of the transfer of the company's shares, and signed the "Termination Agreement of the Share Transfer Intent Agreement". GM announced on the same day that the company received a notice from the controlling shareholder Hongdou Group on March 26 that Hongdou Group was planning to transfer the company's shares held by it, which may lead to a change in the company's control. Trading in the company's shares will be suspended from the market open on the morning of March 27, 2025 (Thursday), and the suspension is expected to last no more than 2 trading days.

[ENN shares: to be privatized ENN energy shares resumption of trading].

ENN (600803.SH) announced that the company intends to use Xinneng Hong Kong as the offeror, and after the conditions precedent are met, it will propose a plan for the privatization of ENN Energy to the planned shareholders and a share option offer to the holders of ENN Energy's share options. The purpose of this transaction is to achieve the delisting of ENN Energy. Upon the effective date of the Scheme of Arrangement, ENN Energy will become a wholly-owned subsidiary of New Energy Hong Kong and will be delisted from the Stock Exchange; ENN shares will be listed on the Main Board of the Stock Exchange by way of introduction; The Scheme Shareholders will become H shareholders of ENN Shares. Based on the H-Share Valuation Report issued by Somerley, the Transaction Plan and ENN Energy's Planned Shares and Share Options as of the date of signing this Plan, it is assumed that none of the share options have been exercised and all the share option offers have been validly accepted on the Scheme Registration Date. The theoretical total value of ENN's H shares and cash payments to be paid in connection with the transaction is approximately HK$59,519 million, assuming that all share options have been exercised on the record date, the theoretical total value of ENN H shares and cash payments to be paid in this transaction is approximately HK$59,924 million. The company's shares will resume trading from the market open on March 27, 2025.

[Jimin Health: The vice president was investigated on suspicion of forging seals].

Jimin Health (603222.SH) announced that the company received the "Notice of Case Filing" issued by the Huangyan Branch of the Taizhou Public Security Bureau, and the company's vice president He Qinghong and his team members were suspected of forging the company's seal and had been placed on file for investigation. In the sales process, He Qinghong's team fraudulently used the company's name and signed a "supplementary agreement" with the dealer with a fake seal, stipulating that if the dealer did not realize the sales of the product within a certain period of time, it had the right to return it to the company, and required the company to give 10% of the purchase amount of the returned product to compensate for the capital occupation. In 2023 and 2024, He Qinghong's team will achieve a total sales of about 117 million yuan. The company will actively cooperate with the public security organs in the investigation, recover losses, and convene a board meeting as soon as possible to remove He Qinghong from the position of vice president.

[Huisheng Biotechnology: The market price of the company's tylosin and tylosin products has an upward fluctuating trend].

Huisheng Biotechnology (300871.SZ) announced that the company has paid attention to the recent market rumors about the rising prices of tylosin and tyvanectin on stock bars and other platforms. After verification, affected by the market supply and demand factors recently, the market price of the company's main products tylosin and tyvanectin products has an upward fluctuation trend, because its price fluctuations are affected by a variety of factors, with uncertainty, and the impact on the company's performance is also uncertain, please invest rationally and pay attention to investment risks; The company's current operating conditions are normal, and there have been no major changes in the internal and external business environment.

[Two-plate Baili Electric: At present, the amount of income from controllable nuclear fusion-related business of the holding subsidiary is small].

Baili Electric (600468.SH) issued an announcement on abnormal fluctuations in stock trading, saying that the company is concerned that the company has recently been listed as a controllable nuclear fusion-related concept stock, and after self-inspection, the company's holding subsidiary Rongxin Xingye Company has only participated in the design and manufacture of reactive power compensation and filtering (RPC&HF) equipment in the power system of the International Thermonuclear Test Reactor (ITER) project, which plays a role in controlling power quality and reducing power loss. At present, the amount of related business income is small, and it is expected that the related business income will account for less than 1% of the company's overall revenue in 2024, which will not have a significant impact on the company's performance.

Stock price movements

[Two-plate Jianbang shares: production and construction projects of non-pentaerythritol series products].

Jianbang shares (603285.SH) issued an announcement on abnormal fluctuations in stock trading, and recently, the company has paid attention to the reports and publicity on the market about the company's core products, including pentaerythritol series. The company is mainly engaged in the research and development, production and sales of polymer material environmental protection additives, after years of business accumulation, the formation of a core product system with Cyke, titanate, DBM, SBM, acetylacetone and other polymer material environmental protection additives as the core. As of the disclosure date of the announcement, the company has no production and construction projects of pentaerythritol series products.

[Northern Copper: The company does not have any material matters that should be disclosed but have not been disclosed].

North Copper (000737.SZ) announced that the company's shares deviated from the closing price increase by more than 20% for three consecutive trading days from March 24 to 26, 2025, which is an abnormal fluctuation in stock trading. After verification, there is no need to correct or supplement the information disclosed by the company in the early stage, no undisclosed material information that may or has had a greater impact on the company's stock trading price reported by the recent public media, no major changes in the company's recent business conditions and internal and external business environment, no major matters that should be disclosed but not disclosed about the company, no major matters that should be disclosed but not disclosed by the controlling shareholder and actual controller, or other major matters in the planning stage.

[Yida in 13 days and 7 boards: product structure, main business, and business model have not undergone major changes].

Zhongyida (600610.SH) issued a change announcement. The company's production capacity remains stable, and there are no new construction plans in the near future. The company's product structure, main business and business model have not undergone major changes. The company hereby reminds investors to pay attention to the risk of speculation of hot concepts, prudent judgment and rational decision-making.

[3 Plate Forging Intelligence: The static P/E ratio is significantly higher than the average level of the same industry].

According to the price-earnings ratio data as of March 26, 2025 released on the official website of China Securities Index Co., Ltd., the static price-earnings ratio of the company's C34 general equipment manufacturing industry is 37.81, and the company's static price-earnings ratio is 367.35, which is significantly higher than the average level of the same industry.603011.SH

[7 days and 6 boards of Southern Precision: The company does not violate the fair disclosure of information].

Southern Precision (002553.SZ) announced that the company's A-share shares on March 25, 2025 and March 26, 2025 for two consecutive trading days The deviation of the closing price increase reached 20%, which is an abnormal fluctuation in stock trading. After self-inspection, the company did not violate the fair disclosure of information. After verification, there is no need to correct or supplement the information disclosed by the company in the early stage, and there have been no major changes in the company's operating conditions and internal and external business environment recently. The Company is planning for refinancing, and in addition to the above matters, the Company, its controlling shareholder and actual controller do not have any material matters that should be disclosed but have not been disclosed, or major matters that are in the planning stage.

[20CM daily limit Qide New Materials: The expansion project of carbon fiber products and the expansion project of subsidiaries are still in the stage of internal communication].

Qide New Materials (300995.SZ) issued an announcement on abnormal fluctuations in stock trading, and the company is currently planning refinancing matters including the expansion project of carbon fiber products and the expansion project of its subsidiary Qide Auto Parts Materials (Thailand) Co., Ltd., which is still in the stage of internal communication, and the specific financing method and amount have not yet been determined.

Private placement & financing & repurchase

[Changsheng Bearing: repurchased 240,600 shares for the first time, involving 20,050,700 yuan].

Changsheng Bearing (300718.SZ) announced that on March 25, 2025, the company repurchased 240,600 shares of the company for the first time through a special securities account for share repurchase in a centralized bidding transaction, accounting for 0.08% of the company's current total share capital, with the highest transaction price of 83.56 yuan / share and the lowest transaction price of 82.85 yuan / share, with a total transaction amount of 20.0507 million yuan (excluding transaction costs).

[Livzon Group: plans to increase its capital by 1 billion yuan to its holding subsidiary, Livzon Biotech].

Livzon Group (000513.SZ) announced that it plans to use its own funds of 1 billion yuan to increase capital in Zhuhai Livzon Biomedical Technology Co., Ltd. Livzon Biotech is an enterprise jointly invested by the Company and its controlling shareholder, Jianyuan Pharmaceutical Group Co., Ltd., and this transaction constitutes a connected transaction. After the completion of the capital increase, the registered capital of Livzon Biotech will increase from 1.095 billion yuan to 1.302 billion yuan, and the company's shareholding ratio will increase to 66.54%. The capital increase is to meet the capital needs of Livzon Biotech's R&D projects and daily business activities, optimize the capital structure, and meet the company's strategic development goals.

[Debang Technology: The chairman proposed to repurchase shares for 40 million yuan to 80 million yuan].

Debang Technology (688035.SH) announced that Xie Haihua, one of the actual controllers and chairman of the company, proposed that the company repurchase part of the company's issued RMB ordinary shares (A shares) through the Shanghai Stock Exchange trading system through its own funds and repurchase special loan funds, with a total repurchase fund of not less than 40 million yuan (inclusive) and not more than 80 million yuan (inclusive). The repurchased shares will be used for employee stock ownership plans or equity incentives and will be cancelled at an appropriate time in the future.

Underweight & Overweight

[Heshun Technology: Shareholder Yuanning Huixin intends to reduce its holdings of no more than 3% of the company's shares].

Heshun Technology (301237.SZ) announced that the shareholder Yuanning Huixin plans to reduce its holdings of the company's shares through centralized bidding or block trading within 3 months after 15 trading days from the date of the announcement, and the number of shares reduced will not exceed 2,345,289 shares, that is, no more than 3% of the company's total share capital after excluding the number of shares in the special account for repurchase.

[6 days and 5 boards Dalian Heavy Industry: The controlling shareholder's exchangeable bonds and share swaps led to a passive decrease of 2.27%].

Dalian Heavy Industry (002204.SZ) announced that the exchangeable corporate bonds issued by Dalian Heavy Industry Equipment Group Co., Ltd., the controlling shareholder of the company, completed the exchange of 43,755,787 shares on March 24, 2025, accounting for 2.27% of the company's total share capital, resulting in a passive reduction in its shareholding ratio from 59.15% to 56.89%. This change in equity will not affect the tender offer, will not lead to a change in the controlling shareholder or actual controller of the company, and will not have a significant impact on the company's governance structure and continuing operations.

Transfers & Acquisitions & Investments

[Ninestar: The transaction consideration for the proposed sale of 100% equity interest in Lexmark International is expected to be significantly lower than the historical net investment amount of US$1.385 billion in the joint investment entity].

Ninestar (002180.SZ) announced that the company intends to sell 100% of its equity in Lexmark International II, LLC to Xerox Corporation in cash through its controlled Cayman subsidiary II, with an estimated transaction consideration in the range of US$75 million to US$150 million. Since the acquisition in 2016, the syndicated investee has made a historical net investment of US$1.385 billion in Lexmark International, and the Company estimates that the consideration for this transaction is expected to be significantly lower than the historical net investment of the syndicated investor. After the completion of this transaction, the listed company will divest the printing business and software and service business of the target company. From January to September 2023 and 2024, the operating income of the target company accounted for 60.90% and 60.57% of the consolidated statement data of the listed company, so there is a risk caused by the decline in the scale of operation in this transaction. The main business entity of the target company is Lexmark International, which is a U.S.-based enterprise involved in information security, and its customers are mainly sensitive sectors such as governments and banks.

[YIPLI: It is planned to acquire 51% of the shares of Songguang Civil Explosion for 316 million yuan].

YIPLI (002096.SZ) announced that the company intends to acquire 51% of the shares of Henan Songguang Civil Explosive Materials Co., Ltd. held by Henan Songguang Enterprise Management Consulting Center (Limited Partnership) in cash, with a transaction price of 316 million yuan. After the completion of the transaction, Songguang Civil Explosion will become a holding subsidiary of the company. This transaction does not constitute a connected transaction, nor does it constitute a material asset restructuring.

[Zhongcheng Co., Ltd.: Signed the EPC contract for the 56MW photovoltaic project in the Indji-Kyrgyz Special Economic Zone of the Congo (Brazzaville)].

Zhongcheng Co., Ltd. (000151.SZ) announced that Zhongcheng Import and Export Co., Ltd. and Congo (Brazzaville) TINDA ENERGY Co., Ltd. signed the "Congo (Brazzaville) Yingji Special Economic Zone 56MW Photovoltaic Project Design, Procurement and Construction (EPC) Contract", with a contract amount of US$75,955,380 (about RMB 545 million). If the contract comes into force and is fully performed, it will have a positive impact on the company's financial position and operating results in the coming years.

[Shihua Technology: The subsidiary plans to invest 500 million yuan to build a high-performance optical and integrated circuit polymer materials project].

Shihua Technology (688093.SH) announced that the company's wholly-owned subsidiary, Jiangsu Shituo New Material Technology Co., Ltd., plans to invest in a new "high-performance optical and integrated circuit polymer materials project" in Jiangsu Yangtze River International Chemical Industrial Park, with an estimated total investment of about 500 million yuan, including about 350 million yuan in fixed assets and about 150 million yuan in working capital. The source of funds for the project is the company's own or self-raised funds, and the construction period is expected to be 2-3 years.

[Haitong Development: Wholly-owned subsidiary plans to purchase four dry bulk ships].

Haitong Development (603162.SH) announced that Haitong International Shipping Co., Ltd., a wholly-owned subsidiary of the company, intends to purchase four dry bulk carriers from a wholly-owned subsidiary of S-KY MERMAID HOLDCO, with a total amount of US$59.25 million, and the source of funds is self-owned or self-raised.

Business & Performance

[Aluminum Corporation of China: Net profit in 2024 will increase by 85% year-on-year, and 10 distributions of 1.35 yuan are planned].

Aluminum Corporation of China (601600.SH) released its 2024 annual report, achieving operating income of 237.066 billion yuan in 2024, a year-on-year increase of 5.21%, and net profit attributable to the parent company of 12.4 billion yuan, a year-on-year increase of 85.38%; Basic earnings per share is 0.723 yuan, and it is planned to pay a final dividend of 0.135 yuan per share (tax included) to all shareholders in cash for 2024. The increase in performance for the period was mainly affected by the increase in revenue due to the increase in the selling price of the main products, and the decrease in revenue due to the reduction in the scale of gross profit trading business.

[Commodity City: net profit of 3.074 billion yuan in 2024, a year-on-year increase of 14.85%].

Commodity City released an annual report, with an operating income of 15.737 billion yuan in 2024, a year-on-year increase of 39.27%, and a net profit of 3.074 billion yuan, a year-on-year increase of 14.85%. It is proposed to distribute a cash dividend of RMB3.30 (tax included) for every 10 shares.

[Radio and Television Electric: Net profit will increase by 411.28% in 2024 and it is proposed to distribute 0.70 yuan per 10 shares].

Radio and Television Electric (601616.SH) released its 2024 annual report, and the company achieved operating income of 1.037 billion yuan, a year-on-year increase of 37.01%; The net profit attributable to shareholders of listed companies was 74.7272 million yuan, a year-on-year increase of 411.28%. It is proposed to distribute 0.70 yuan (tax included) in cash for every 10 shares.

[Livzon Group: Net profit in 2024 will increase by 5.5% year-on-year, and 10 distributions of 11 yuan are planned].

Livzon Group (000513.SZ) disclosed its annual report that the company will achieve operating income of 11.812 billion yuan in 2024, a year-on-year decrease of 4.97%; net profit was 2.061 billion yuan, a year-on-year increase of 5.5%; Basic earnings per share was 2.24 yuan. The company intends to distribute a cash dividend of 11 yuan (tax included) for every 10 shares. During the reporting period, in the field of chemical preparations, the sales revenue of the key product ilaprazole sodium for injection declined due to the impact of the price reduction negotiated by the national medical insurance; Voriconazole for injection won the bid for the eighth batch of national centralized drug procurement, and rabeprazole sodium enteric-coated capsules were included in the ninth batch of national centralized drug procurement catalog.

[Guolian Minsheng: net profit in 2024 will decrease by 40.8% year-on-year, and 10 distributions of 0.56 yuan are planned].

Guolian Minsheng (601456) released its 2024 annual report, achieving operating income of 2.683 billion yuan in 2024, a year-on-year decrease of 9.21%; net profit attributable to shareholders of the parent company was 397 million yuan, down 40.8% year-on-year; The basic earnings per share is 0.14 yuan, and a cash dividend of 0.56 yuan (tax included) is planned for every 10 shares. The decrease in revenue for the period was mainly due to the increase in the company's financing scale and the decrease in the scale of other debt investments.

[Hengbang shares: net profit in 2024 will increase by 4.07% year-on-year, and 10 distributions of 1.41 yuan are planned].

Hengbang Co., Ltd. (002237.SZ) disclosed its annual report that the company will achieve operating income of 75.801 billion yuan in 2024, a year-on-year increase of 15.59%; net profit was 537 million yuan, a year-on-year increase of 4.07%; Basic earnings per share was 0.47 yuan. The company intends to distribute a cash dividend of 1.41 yuan (tax included) for every 10 shares. In 2024, the company completed a total of 95.98 tons of gold production, an increase of 29.91% over the same period of last year, and 825.68 tons of silver, a decrease of 13.31% over the same period of last year. The output of electrolytic copper was 194,100 tons, a decrease of 4.39% over the same period last year.

Winning & Approved

[Traffic Control Technology: Won the bid for the 302 million yuan urban rail transit signal system equipment procurement project].

Traffic Control Technology (688015.SH) announced that the company won the bid for the procurement of signal system equipment for the second phase of Shenzhen Urban Rail Transit Line 13 (North Extension) Project and (South Extension) Project B Package B (contract number) (secondary), with a bid amount of 302 million yuan. The contract performance period of the winning project is from the date of contract signing to the end of the project defect notice period, the second phase (north extension) project of Shenzhen Urban Rail Transit Line 13 is tentatively scheduled to open for operation in December 2025, and the second phase (south extension) project of Shenzhen Urban Rail Transit Line 13 is tentatively scheduled to be put into operation in June 2026, with a defect notice period of 2 years.

[Junshi Biosciences: toripalimab was approved for marketing in Singapore].

Junshi Biosciences (688180.SH) announced that the company received notice that the marketing authorization application of toripalimab (Singapore trade name: LOQTORZI) in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, inoperable or radiotherapy, or metastatic nasopharyngeal carcinoma has been approved by the Health Sciences Authority of Singapore. Toripalimab became the first and only immuno-oncology drug approved for nasopharyngeal carcinoma in Singapore. The drug has previously been approved for marketing in the United States, the European Union, India, the United Kingdom, Jordan, Australia and other countries and regions.

Miscellaneous

[*ST Hanma: Apply for cancellation of the company's stock delisting risk alert and other risk alerts].

*ST Hanma (600375.SH) announced that the company has submitted an application to the Shanghai Stock Exchange to withdraw the delisting risk warning and other risk warnings for the company's shares. According to the relevant provisions of the Listing Rules of the Shanghai Stock Exchange, the company's shares have been eliminated if they are subject to delisting risk warning and other risk warnings, and those who meet the relevant provisions can apply for cancellation of the delisting risk warning and other risk warnings for the company's shares.