Today's Spotlight

[Xiangcai shares: plans to exchange shares to absorb and merge Great Wisdom and raise supporting funds of no more than 8 billion yuan for stock resumption].

Xiangcai Co., Ltd. (600095.SH) announced that the company intends to absorb and merge Great Wisdom by issuing A shares to all shareholders of Great Wisdom, and issue A shares to raise matching funds. The total amount of matching funds raised this time shall not exceed RMB 8 billion (including the principal amount), and the final amount of funds raised will be capped by the amount of funds raised that has been approved by the Shanghai Stock Exchange and the registration decision made by the China Securities Regulatory Commission. The two parties confirm and agree that the share exchange ratio between Great Wisdom and Xiangcai Shares is 1:1.27 (the exchange ratio is rounded to 2 decimal places), that is, every 1 Great Wisdom Share can be exchanged for 1.27 A-share consideration shares newly issued by Xiangcai Shares. This transaction is expected to constitute a major asset restructuring, and after the completion of the transaction, Great Wisdom will terminate the listing and cancel the legal personality. The Company's A-shares will resume trading from the market open on March 31, 2025.

[Great wisdom: It is planned to be absorbed and merged by Xiangcai shares at a share exchange ratio of 1:1.27 to resume trading].

Great Wisdom (601519.SH) announced that the company and Xiangcai Shares are planning to absorb and merge Great Wisdom by issuing A shares to all A-share exchange shareholders of the company and issue A-shares to raise matching funds. The two parties confirm and agree that the share exchange ratio between Great Wisdom and Xiangcai Shares is 1:1.27 (the exchange ratio is rounded to 2 decimal places), that is, every 1 Great Wisdom Share can be exchanged for 1.27 A-share consideration shares newly issued by Xiangcai Shares. The total amount of matching funds raised this time shall not exceed RMB 8 billion (including the principal amount), and the final amount of funds raised will be capped by the amount of funds raised that has been approved by the Shanghai Stock Exchange and the registration decision made by the China Securities Regulatory Commission. Trading in the Company's A-shares will resume from the market open on March 31, 2025.

[Yuntu Holdings: It is planned to invest about 15.9 billion yuan in the construction of Yuntu Zhiling Green Chemical New Energy Materials Project].

Yuntu Holdings (002539.SZ) announced that the company recently signed the "Yuntu Zhiling Green Chemical New Energy Materials Project Investment Cooperation Agreement" with the Guigang Municipal People's Government and the People's Government of Qintang District, Guigang City, and plans to invest in the construction of the Yuntu Zhiling Green Chemical New Energy Materials Project in Guigang Qintang Industrial Park, with a total investment of about 15.9 billion yuan, which will be constructed in three phases.

[Cambridge Technology: intends to issue H shares and list on the Hong Kong Stock Exchange].

Cambridge Technology (603083.SH) announced that it intends to issue overseas listed foreign shares (H shares) and apply for listing on the main board of The Stock Exchange of Hong Kong Limited (hereinafter referred to as the "Hong Kong Stock Exchange").

[Guizhou Gas: It is planned to purchase 100% of the shares of Guizhou Shale Gas Exploration and Development Co., Ltd., and the trading will be suspended from next Monday].

Guizhou Gas (600903.SH) announced that Guizhou Gas intends to purchase 100% of the shares of Guizhou Shale Gas Exploration and Development Co., Ltd. held by Guizhou Wujiang Energy Investment Co., Ltd., Guizhou New Kinetic Energy Industry Development Fund Partnership and Guizhou New Industrialization Development Equity Investment Fund Partnership by issuing shares, and issue shares to no more than 35 specific investors to raise matching funds. The trading of the company's stocks, convertible bonds and convertible bonds will be suspended from the market open on March 31, 2025, and the suspension is expected to last no more than 10 trading days.

[Tongwei Co., Ltd.: Yongxiang Co., Ltd., a subsidiary, plans to introduce strategic investors to increase its capital by no more than 10 billion yuan].

Tongwei Co., Ltd. (600438.SH) announced that Yongxiang Co., Ltd., a wholly-owned subsidiary of the company, as a leading global high-purity crystalline silicon enterprise, plans to introduce strategic investors and implement capital increase and share expansion to enhance capital strength and optimize financial structure. The proposed equity valuation of Yongxiang shares before the capital increase and share expansion is 27 billion yuan, the introduction of strategic investors, the total capital increase to Yongxiang shares does not exceed 10 billion yuan, and the total equity ratio after the capital increase of Yongxiang shares is expected to not exceed 27.03%. The capital increase is mainly used for Yongxiang shares to repay the liabilities of financial institutions and replenish liquidity. After the completion of the capital increase and share expansion, the company will still directly and indirectly hold Yongxiang shares of no less than 72.97%, and Yongxiang shares will continue to be included in the company's consolidated statements. At present, the company has signed relevant agreements with some investment institutions, and other investment institutions are promoting the internal investment approval and agreement signing process.

[Jinshan Office: Qiwen Nwei plans to inquire and transfer 7,761,800 shares, accounting for 1.68% of the total share capital].

Kingsoft Office (688111.SH) announced that shareholder Qiwen Nwei plans to transfer 7,761,800 shares through inquiry transfer, accounting for 1.68% of the company's total share capital. The total shareholding ratio of the transferor is 7.57%. Lei Jun, the actual controller of the company, and Kingsoft WPS Corporation Limited, the controlling shareholder, do not participate in the transfer of this inquiry.

[China Duty Free: Net profit in 2024 will decrease by 36.44% year-on-year, and 10 distributions of 10.5 yuan are planned].

China Duty Free (601888.SH) announced that it will achieve operating income of 56.474 billion yuan in 2024, a year-on-year decrease of 16.38%; The net profit attributable to shareholders of the listed company was 4.267 billion yuan, a year-on-year decrease of 36.44%. The company plans to distribute a cash dividend of 10.5 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of 2.172 billion yuan.

[China Galaxy: Net profit in 2024 will increase by 27.31% year-on-year, with a dividend of 1.96 yuan per 10 shares].

China Galaxy (601881.SH) announced that it will achieve operating income of 35.471 billion yuan in 2024, a year-on-year increase of 5.43%; net profit attributable to shareholders of the parent company was 10.031 billion yuan, a year-on-year increase of 27.31%. The company intends to distribute a cash dividend of RMB 2.143 billion (tax included), with a cash dividend of RMB 1.96 (tax included) for every 10 shares. During the reporting period, the company's net fee and commission income increased by 12.45% compared with 2023, mainly due to the increase in net brokerage fee income; Investment income and fair value change gains and losses increased by 50.21% compared with 2023, mainly due to the increase in investment income from the disposal of financial instruments, and the impact of changes in fair value of trading financial assets and derivative financial instruments.

[Changsheng Bearing: The implementation of the share repurchase plan has been completed].

Changsheng Bearing (300718.SZ) announced that the company reviewed and approved the share repurchase plan on September 27, 2024 for the implementation of employee stock ownership plans and/or equity incentives. The total amount of repurchase funds shall not be less than 20 million yuan and not more than 40 million yuan, and the upper limit of the repurchase price shall not exceed 21 yuan per share. The repurchase period shall be within 6 months from the date of approval by the board of directors. The company has adjusted the upper limit of the price of repurchased shares according to the equity distribution, and finally adjusted it to 128.5 yuan per share. As of March 27, 2025, the company has repurchased a total of 240,600 shares, accounting for 0.08% of the total share capital, and the total amount paid is 20.0507 million yuan. The buyback plan has been implemented and complies with the requirements of relevant laws and regulations and the company's established plan.

[Guotai Junan: Net profit in 2024 will increase by 38.94% year-on-year, and it is proposed to distribute 2.8 yuan per 10 shares].

Guotai Junan (601211.SH) released its 2024 annual report, achieving operating income of 43.397 billion yuan, a year-on-year increase of 20.08%; The net profit attributable to the parent company was 13.024 billion yuan, a year-on-year increase of 38.94%. The company intends to distribute a cash dividend of 2.8 yuan (tax included) for every 10 shares.

[Huatai Securities: net profit in 2024 will be 15.351 billion yuan, a year-on-year increase of 20.4%].

Huatai Securities (601688.SH) announced that in 2024, the company will achieve operating income of 41.466 billion yuan, a year-on-year increase of 13.37%; net profit was 15.351 billion yuan, a year-on-year increase of 20.40%. The company intends to distribute a cash dividend of 0.37 yuan (tax included) per share, plus 0.15 yuan (tax included) already distributed in the interim period, for a total of 0.52 yuan (tax included) per share for the whole year.

[Hang Seng Electronics: Net profit in 2024 will decrease by 26.75% year-on-year, and it is proposed to distribute 1 yuan per 10 shares].

Hang Seng Electronics (600570.SH) released its 2024 annual report, and the company achieved operating income of 6.581 billion yuan, a year-on-year decrease of 9.62%; The net profit attributable to shareholders of the listed company was 1.043 billion yuan, a year-on-year decrease of 26.75%. It is proposed to distribute 1 yuan (tax included) in cash to all shareholders for every 10 shares. In 2024, some financial institutions will experience negative growth in technology investment, and the implementation rate of IT budgets will decline and the implementation progress will slow down. In terms of the procurement process, the procurement project establishment, procurement decision-making process and acceptance process of financial institutions have been greatly lengthened, which has made the business challenges and pressures faced by the company continue to increase. In addition, the company's new generation of products is in the process of upgrading and replacement, and has not yet been converted into scale revenue.

[Chifeng Gold: Net profit in 2024 will increase by 119.46% year-on-year, and it is proposed to distribute a cash dividend of 1.60 yuan for every 10 shares].

Chifeng Gold (600988.SH) released its 2024 annual report, and the company achieved operating income of 9.026 billion yuan, a year-on-year increase of 24.99%; net profit attributable to shareholders of listed companies was 1.764 billion yuan, a year-on-year increase of 119.46%. The company intends to distribute a cash dividend of 1.60 yuan (tax included) for every 10 shares. The principal business includes the mining, dressing and sale of gold, with 7 gold and polymetallic mines. In 2024, the volatility of international gold prices will increase, and the main products of the company's mining subsidiaries are precious metals such as gold and electrolytic copper, as well as non-ferrous metals.

[SF Holdings: Net profit in 2024 will increase by 23.51% year-on-year, and it is proposed to distribute a dividend of 4.4 yuan for every 10 shares].

S.F. Holding (002352.SZ) released its 2024 annual report, and the company achieved operating income of 284.42 billion yuan, a year-on-year increase of 10.07%; net profit attributable to shareholders of listed companies was 10.17 billion yuan, a year-on-year increase of 23.51%. The company intends to distribute a cash dividend of 4.4 yuan (tax included) to all shareholders for every 10 shares.

[China Eastern Airlines: net loss of 4.226 billion yuan in 2024].

China Eastern Airlines (600115.SH) announced that it will achieve operating income of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%; The net profit loss attributable to the parent company was 4.226 billion yuan, compared with a loss of 8.19 billion yuan (adjusted) in the same period last year. Taking into account the company's long-term development and the interests of all shareholders, the board of directors of the company agreed not to pay cash dividends in 2024 and not to implement the conversion of provident fund into share capital.

[China Shipbuilding Defense: net profit of 377 million yuan in 2024, a year-on-year increase of 685%].

China Shipbuilding Defense (600685.SH) announced that in 2024, the operating income will be 19.402 billion yuan, a year-on-year increase of 20.17%, and the net profit attributable to shareholders of listed companies will be 377 million yuan, a year-on-year increase of 684.86%. The company intends to distribute a cash dividend of RMB 0.70 (tax included) to all shareholders for every 10 shares, with a total cash dividend of RMB 98.9454 million (tax included). In 2024, the company will not implement the conversion of capital reserve into share capital.

[Fulai New Materials: Net profit in 2024 will increase by 98.42% year-on-year, and it is planned to transfer 10 to 4 and distribute 1.5 yuan].

Fulai New Materials (605488.SH) announced that its operating income in 2024 will be 2.541 billion yuan, a year-on-year increase of 19.23%; net profit attributable to shareholders of listed companies was 139 million yuan, a year-on-year increase of 98.42%. The company plans to distribute a cash dividend of 1.50 yuan (tax included) for every 10 shares, and increase 4 shares. The company has successfully developed high-performance flexible sensor materials to provide key material support for humanoid robots in the fields of tactile and electronic skin, industrial detection, wearable devices, medical health, and new energy battery testing.

[Shanghai Airport: net profit in 2024 will be 1.934 billion yuan, a year-on-year increase of 107.05%].

Shanghai Airport (600009.SH) announced that the company's total operating income in 2024 will be 12.369 billion yuan, a year-on-year increase of 11.97%; net profit attributable to shareholders of listed companies was 1.934 billion yuan, a year-on-year increase of 107.05%. This is mainly due to the fact that the annual passenger throughput of the two Shanghai events in 2024 will exceed 124 million, a record high, as well as the company's operating income will increase significantly year-on-year, strict cost control, housing expropriation compensation will be obtained this year, and the operating efficiency of investment enterprises will grow steadily.

[Hisense Home Appliances: Net profit in 2024 will increase by 17.99% year-on-year, and it is planned to use no more than 23 billion yuan of its own idle funds to entrust financial management].

Hisense Home Appliances (000921.SZ) released its 2024 annual report, with operating income reaching 92.746 billion yuan, a year-on-year increase of 8.35%, and a net profit of 3.348 billion yuan, a year-on-year increase of 17.99%, and a cash dividend of 12.30 yuan (tax included) for every 10 shares to all shareholders. On the same day, it was announced that it planned to use no more than 23 billion yuan of its own idle funds to entrust financial management.

[Lianglian Plate Guanshi Technology: The business income of photomask manufacturing projects accounts for less than 1% of the company's operating income].

Crown Stone Technology (605588.SH) issued an announcement on abnormal fluctuations in stock trading, and after the company's self-inspection, as of the announcement date, it was concerned that the market had recently included the company in the concept of new Kailai Semiconductor related equipment. As of December 31, 2024, the revenue from photomask manufacturing projects accounted for less than 1% of the company's operating income, which did not have a significant impact on the company's operating results.

[Two-board Zhichun Technology: There is uncertainty in the issuance of shares and the payment of cash to purchase assets].

Zhichun Technology (603690.SH) issued an announcement on abnormal fluctuations in stock trading, the company is planning to issue shares and pay cash to purchase 83.7775% shares of Guizhou Weidun Jingpho Electronic Materials Co., Ltd. and raise matching funds, but the relevant work has not been completed, and there is uncertainty. The company expects a net profit of 90 million yuan to 135 million yuan in 2024, a year-on-year decrease of 64.22% to 76.14%, mainly due to the increase in R&D expenses, individual credit impairment provisions and a decrease in non-recurring profit and loss.

[Xinlai Materials: The 2024 annual performance express report has been revised and the recent production and operation situation is normal].

Xinlai Applied Materials (300260.SZ) announced that the company's shares have deviated from the closing price increase by more than 30% for two consecutive trading days, which is an abnormal fluctuation in stock trading. Recently, the company's production and operation situation is normal, and there are no major changes in the internal and external business environment and related businesses. The company has made an appointment on the Shenzhen Stock Exchange to disclose the "2024 Annual Report" on April 23, 2025, and as of the disclosure date of this announcement, the company has not provided the 2024 annual financial data to third parties other than the accounting firm audited by the company. On the same day, the company disclosed the "2024 Annual Performance Express Report Amendment Announcement", which revised the previous performance forecast data, and the net profit attributable to shareholders of listed companies was 223.7116 million yuan, a decrease of 5.17% from the same period last year.

[Zhongji Health: The stock was subject to delisting risk warning, and the stock abbreviation was changed to "*ST Zhongji"].

Zhongji Health (000972.SZ) announced that the company's shares will be suspended for one day on March 31, 2025, and will resume trading from the opening of the market on April 1. The company's shares have been subject to delisting risk warning since April 1, and the stock abbreviation has been changed from "Zhongji Health" to "*ST Zhongji", and the stock code is still "000972". The daily rise and fall limit is 5%. The main reason for the implementation of the delisting risk warning is that the company's total profit, net profit, and net profit after deducting non-recurring gains and losses in 2024 are all negative, and the operating income after deduction is less than 300 million yuan, and at the same time, the net assets attributable to shareholders of the listed company are negative.

[*ST Oriental: The company's shares may be terminated due to the stock price being lower than 1 yuan].

*ST Oriental (600811.SH) announced that the closing price of the company's shares on March 28, 2025 was 0.58 yuan per share, which has been below 1 yuan for 10 consecutive trading days. Even if the next 10 trading days (excluding the company's stock all-day suspension days) continue to rise and fall, it will be forced to delist because the closing price is lower than 1 yuan for 20 consecutive trading days. The company was investigated by the China Securities Regulatory Commission on suspicion of illegal information disclosure, and if the company touched a major illegal forced delisting situation according to the conclusion of the formal penalty decision, the company's shares will be terminated from listing.

Investment & Contracting

[Tianwei Video: It is planned to acquire 70% of the equity of Tianqing Digital for 84.28 million yuan].

Tianwei Video (002238.SZ) announced that the company intends to acquire 70% of the shares of Tianqing Digital held by Shenzhen Radio and Television Group for 84.28 million yuan in cash. Shenzhen Radio and Television Group promises that the cumulative net profit of Tianqing Digital from 2025 to 2027 will not be less than 33.01 million yuan. The source of funds for the acquisition is the company's own funds. The acquisition constitutes a connected transaction, but does not need to be submitted to the general meeting of shareholders for approval.

[Sichuan Energy Power: The holding subsidiary plans to invest in the construction of Malkang photovoltaic project].

Sichuan Power (000155.SZ) announced that the company's holding subsidiary, Malkang Chuanneng New Energy Development Co., Ltd., plans to invest in the construction of Aba Malkang Nibu Yinglang photovoltaic power generation project, with an installed capacity of 300MW and an investment of no more than 1.395 billion yuan in photovoltaic power plants. The source of funds for the project is 20% of the shareholders' capital and 80% of the credit of financial institutions. The project is in line with the development strategy of the company's main new energy business, which will help improve the installed capacity of the company's new energy power generation and create new profit growth points. However, there may be risks that the project revenue is less than expected, the construction progress of the project is less than expected and the project cost increases.

Increase or decrease in holdings & repurchase

[Intercontinental Oil & Gas: Shareholders are expected to reduce their holdings of no more than 3% of the company's shares in total].

Intercontinental Oil & Gas (600759.SH) announced that Beijing Housheng, Xiamen Jiucheng and Haikou Dongduo, the concerted actors of Anton Petroleum, a shareholder of more than 5% of the company's shares, intend to reduce their holdings within 3 months after 15 trading days from the date of disclosure of the announcement. Among them, Beijing Housheng intends to reduce its holdings of no more than 0.33% of the company's shares, Xiamen Jiucheng intends to reduce its holdings of no more than 0.14% of the company's shares, and Haikou Dongduo intends to reduce its holdings of no more than 2.53% of the company's shares.

[Huayi Group: The controlling shareholder increased its holdings and received 270 million yuan of special loan support].

Huayi Group (600623.SH) announced that the company's controlling shareholder, Shanghai Huayi Holding Group Co., Ltd., obtained a loan commitment letter from Shanghai Pudong Development Bank, and Shanghai Pudong Development Bank intends to provide financing support for Shanghai Huayi Holding Group Co., Ltd. to increase its holdings of listed companies, with a loan amount of RMB 270 million and a loan term of no more than 3 years, which is specifically used to increase Huayi Group's shares.

[Yandong Micro: The National Integrated Circuit Fund has reduced its holdings of 1% of the company's shares].

Yandong Micro (688172.SH) announced that as of March 28, 2025, the company's shareholder of more than 5%, the National Integrated Circuit Industry Investment Fund Co., Ltd., has reduced its holdings of 11,991,041 shares of the company through block trading, accounting for 1% of the company's total share capital, and the implementation of the shareholding reduction plan has been completed.

Business & Performance

[Wanwei High-tech: Net profit is expected to increase by 90.85% to 154.47% year-on-year in the first quarter of 2025].

Wanwei High-tech (600063.SH) announced that it is expected to achieve a net profit attributable to shareholders of listed companies of 90 million yuan to 120 million yuan in the first quarter of 2025, a year-on-year increase of 90.85% to 154.47%. The expected increase in performance is mainly due to the recovery of the downstream market of the industry, the improvement of customer demand, and the growth of the sales volume of the company's main products, especially the double growth of sales and price of PVA. In addition, by adjusting the sales strategy, the company's foreign trade market share has increased, and the export volume of some products has increased. At the same time, the company continues to invest in R&D to promote product technology upgrading and enhance profitability.

[CRRC: net profit in 2024 will be 12.388 billion yuan, a year-on-year increase of 5.77%].

CRRC released its annual report, with a net profit of 12.388 billion yuan in 2024, a year-on-year increase of 5.77%. It is proposed to distribute RMB 2.1 (tax included) for every 10 shares.

[China Railway: Net profit in 2024 will decrease by 16.71% year-on-year, and 10 distributions of 1.78 yuan will be proposed].

China Railway (601390.SH) announced that it will achieve operating income of 1,157.439 billion yuan in 2024, a year-on-year decrease of 8.2%; the net profit attributable to the parent company was 27.887 billion yuan, a year-on-year decrease of 16.71%; The company intends to distribute a cash dividend of 1.78 yuan (tax included) to all shareholders for every 10 shares. During the reporting period, the new contract value of the company's engineering construction business was 1,871.01 billion yuan, a year-on-year decrease of 16.9%.

[Orient Securities: net profit in 2024 will be 3.35 billion yuan, a year-on-year increase of 21.66%].

Orient Securities (600958.SH) released its annual report, achieving a net profit of 3.35 billion yuan in 2024, a year-on-year increase of 21.66%. The Company's 2024 annual profit distribution plan is based on the total share capital of the Company on the equity record date of this dividend distribution, and a cash dividend of RMB 1.00 (tax included) will be distributed to shareholders of A shares and H shares registered on the equity record date of the dividend distribution.

[Taichenguang: net profit in 2024 will increase by 68.46% year-on-year, and it is proposed to distribute a cash dividend of 8 yuan for every 10 shares].

Taichenguang (300570.SZ) released its 2024 annual report, and the company achieved operating income of 1.378 billion yuan, a year-on-year increase of 55.73%; net profit was 261 million yuan, a year-on-year increase of 68.46%. The company intends to distribute a cash dividend of 8 yuan (tax included) to all shareholders for every 10 shares.

Contract & Project Winning Prize

[Zhejiang Jiaotong Branch: The subordinate company pre-won the bid for a total of 5.594 billion yuan for the expressway project].

Zhejiang Jiaotong (002061.SZ) announced that the company's subsidiaries Zhejiang Jiaogong Road and Bridge Construction Co., Ltd., Zhejiang Jiaogong Hongtu Transportation Construction Co., Ltd., and Zhejiang Jiaogong Group Co., Ltd. (collectively referred to as "subsidiaries") respectively participated in the bidding for the TJ02, TJ03 and TJ05 sections of the civil engineering section from Jinhua Wucheng to Zhejiang-Jiangxi boundary of Yongjin-Qushang Expressway. The tenderer announced the bid evaluation results on March 25, and the subordinate company is the first winning candidate for the relevant bid, with a total bid price of 5.594 billion yuan.

[China State Construction: Recently, it has obtained a number of major projects with a total amount of 12.23 billion yuan].

China State Construction (601668.SH) announced that the company has recently obtained a number of major projects, including the general contracting of the design and construction of the Guangzhou Frontier Science and Technology Innovation Industrial Park project in Guangdong, the high-rise residential project of the Blue Water Long Causeway in Dubai, the high-rise residential project of the Blue Water Long Causeway in Dubai, the sub-project (construction) of the main stadium of the 1# plot (stadium) project of the Ningbo Olympic Sports Center in Zhejiang, the EPCO of the urban renewal project of Helixi Area in Ningguo City, Xuancheng, Anhui Province, and the design and construction general contracting project of the National Fitness Center in Tianfu Jingcheng, Deyang, Sichuan. The total amount of the project is 12.23 billion yuan, accounting for 0.5% of the audited operating income in 2023.

Financing & Private Placement

[Sanyou Chemical: The scale of the proposed public issuance of corporate bonds does not exceed 900 million yuan].

Sanyou Chemical (600409.SH) announced that the company's third interim board meeting in 2025 deliberated and passed the relevant proposals on the public issuance of corporate bonds to professional investors. The issuance scale of the corporate bonds is not more than RMB 900 million (including 900 million yuan), which can be issued at one time or in installments. The maturity of the corporate bond is not more than 3 years (including 3 years), and it can be a single maturity variety or a mixed variety of multiple maturity varieties. The funds raised from the corporate bonds are intended to be used for purposes including but not limited to the following purposes after deducting the issuance costs: repayment of the company's corporate bonds due to maturity; repay the company's (including subsidiaries) financial institution loans; Replenish the working capital of the company (including its subsidiaries).

Stock price movements

[3 board Rongtai Health: There is a certain risk of a large short-term increase in stock prices].

Rongtai Health (603579.SH) announced that the company's shares deviated by 33.70% from the daily closing price increase in three consecutive trading days from March 26 to 28, 2025, and the closing index of the Shanghai Stock Exchange A-share Index fell by 0.56% during the same period. The company's shares have been limited for three consecutive trading days since March 26, 2025, but there has been no major change in the company's fundamentals, and there is no material information that should be disclosed but has not been disclosed. The company's production and business activities are normal, and no major changes in the internal and external business environment have been found in the near future, nor have there been any undisclosed material information reported by the public media that may or has had a greater impact on the company's stock trading price.

Miscellaneous

[Fumanwei: Received the decision on administrative supervision measures from the Shenzhen Securities Regulatory Bureau].

Fumanwei (300671.SZ) announced that the company received the "Decision on Administrative Supervision Measures" issued by the Shenzhen Securities Regulatory Bureau today. After investigation, the company has problems such as inaccurate inventory impairment provision, untimely and imprudent provision of bad debts of accounts receivable, non-standard presentation of individual accounting subjects, failure to perform the review procedure in a timely manner for the change of raised funds, and non-standard signing of some contracts, among which accounting problems lead to inaccurate disclosure of relevant information of the company, which violates the provisions of Article 3, Paragraph 1 of the Administrative Measures for Information Disclosure of Listed Companies. Liu Jingyu, chairman and general manager of the company, and Luo Qiong, the person in charge of finance, are responsible for the above violations. The Shenzhen Securities Regulatory Bureau decided to take regulatory measures to issue warning letters to the company, Liu Jingyu and Luo Qiong.

[ST Molong: Apply for cancellation of other risk warnings for the company's shares].

ST Molong (002490.SZ) announced that the company has submitted an application to the Shenzhen Stock Exchange to withdraw other risk warnings. According to the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange, the Company's 2024 annual audit report is a standard unqualified opinion, and the significant uncertainty of its ability to continue operations has been eliminated, which is in line with the relevant provisions for applying for the cancellation of other risk warnings.

[Nanxin Pharmaceutical: Termination of the listing and transfer of 100% equity of a wholly-owned subsidiary].

Nanxin Pharmaceutical (688189.SH) announced that the company held a board of directors and a board of supervisors on November 15, 2024, and a general meeting of shareholders on December 2, 2024, to deliberate and approve the proposal to publicly list and transfer 100% of the equity of its wholly-owned subsidiary, Changde Zhencheng Pharmaceutical Technology Co., Ltd. However, after the expiration of the listing period, the company decided to terminate the listing transfer. There is no agreement dispute and liability for breach of contract in the termination of the listing, and it will not have a significant impact on the normal production and operation of the company.

[Saisheng Pharmaceutical: The company has passed the drug GMP compliance inspection].

Saisheng Pharmaceutical (300485.SZ) announced that the company received a drug GMP compliance inspection notice issued by the Beijing Municipal Drug Administration, and the inspection scope includes small-volume injections (terminal sterilization (vials)), small-volume injection production workshop: X4 line, thin sesame glycopeptide injection (drug approval number: Guoyao Zhunzi H11022156, specification: 2m1: 5mg (polysaccharide): 1mg (polypeptide)). The inspection conclusion shows that the scope of the company's inspection is in line with the requirements of the "Good Manufacturing Practice for Drugs (Revised in 2010)" and the appendix. This will help improve the company's product structure, enhance production capacity, and play a positive role in promoting the company's future development.