【Trading Halts】 300391 *ST Changyao (Rights Protection) 603729 Longyun Co., Ltd. 002969 Jiamei Packaging 002931 Fenglong Co., Ltd.

【Trading Resumption】 002155 Hunan Gold

【Major Events】 Fenglong Co., Ltd. announced it will conduct a verification review of its stock price fluctuations, with trading halted from January 26. Fenglong Co., Ltd. (002931) issued a risk warning announcement on January 25 regarding abnormal stock trading volatility and a subsequent trading halt for verification. The company's stock price had hit the daily limit up for 17 consecutive trading days from December 25, 2025, to January 23, 2026, surging by 405.74%. During this period, it repeatedly triggered conditions for abnormal trading volatility. The substantial short-term price increase has accumulated significant trading risks and deviated markedly from market trends, posing a potential risk of a rapid price decline. To protect investor interests, the company will halt trading to verify the price fluctuations. Upon the company's application, trading will be suspended starting from the market open on January 26 and will resume after the verification is completed and an announcement is disclosed, with the expected halt not exceeding five trading days.

Jiamei Packaging announced it will conduct a verification review of its stock price fluctuations, with trading halted from January 26. Jiamei Packaging (002969) stated in an announcement that its stock price increased by 408.11% during the period from December 17, 2025, to January 23, 2026, repeatedly triggering conditions for abnormal trading volatility. The significant short-term price rise has deviated from the company's fundamentals. To safeguard investor interests, the company will halt trading to verify the price fluctuations. Trading will be suspended starting January 26, with the expected halt not exceeding five trading days.

Bayi Iron & Steel (Rights Protection) announced its stock may be subject to a delisting risk warning. Bayi Iron & Steel (600581) announced on January 25 that it expects a net loss of 1.85 billion to 2.05 billion yuan for 2025; after deducting non-recurring gains and losses, the loss is expected to be 1.9 billion to 2.1 billion yuan. The company also expects its net assets at the end of 2025 to be between -1.76 billion and -1.95 billion yuan. These estimated figures are expected to trigger the condition for imposing a delisting risk warning on stock trading as stipulated in point (ii) of Article 9.3.2 of the Shanghai Stock Exchange Listing Rules, which pertains to negative net assets at the end of the most recent fiscal year after audit or restatement. Following the disclosure of the 2025 annual report, the company's stock may be placed under a delisting risk warning.

Hunan Gold announced plans to acquire 100% equity in Huangjin Tianyue and Zhongnan Smelting, with trading resuming on January 26. Hunan Gold (002155) announced on January 25 its intention to acquire, via a share issuance, a total of 100% equity in Huangjin Tianyue from the transaction counterparts Hunan Gold Group and Tianyue Investment Group, as well as 100% equity in Zhongnan Smelting held by Hunan Gold Group. The company also plans to issue shares to no more than 35 specific investors to raise supporting funds. Huangjin Tianyue is primarily engaged in the integration and exploration of mining rights in the Wangu mining area, along with the mining, processing, and sales of certain gold ores, with its main product being gold concentrate. Zhongnan Smelting focuses on the specialized smelting and processing of difficult-to-treat gold concentrates, such as those high in arsenic and sulfur, covering an integrated business system from raw material procurement and smelting processing to product sales and technical services. Through this transaction, the company aims to integrate both the mining/processing and smelting segments of gold resource operations, further increase resource reserves, enhance control over high-quality assets and the industrial chain, and boost profit margins. Trading of the company's shares will resume at the market open on January 26.

Yongjie New Materials announced plans to acquire 100% equity in Alcoa Qinhuangdao and 95% equity in Alcoa Kunshan. Yongjie New Materials (603271) announced on January 25 its intention to acquire, via a cash payment, 100% equity in Alcoa Qinhuangdao and 95% equity in Alcoa Kunshan held by Alcoa China. The total preliminary consideration for the transaction is set at a RMB amount equivalent to $180 million, to be converted at the exchange rate applicable on the agreed-upon closing date.

【Performance Overview】 Lead Intelligent Technology expects its 2025 net profit to increase by 424.29% to 529.15% year-on-year. Lead Intelligent Technology (300450) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 1.5 billion to 1.8 billion yuan for 2025, representing a year-on-year increase of 424.29% to 529.15%. In 2025, the global power battery market continued to recover, demand in the energy storage sector grew strongly, and overall industry demand sustained its rebound. As leading domestic battery manufacturers increased their operational rates and orderly accelerated expansion plans, the company's order volume rebounded rapidly year-on-year, with the pace of order fulfillment and project acceptance simultaneously accelerating. This drove a bottoming out and rapid growth in the company's operating performance, leading to a significant improvement in overall profitability.

Zhongwei Semiconductor expects its 2025 net profit to increase by approximately 107.55% year-on-year. Zhongwei Semiconductor (688380) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of approximately 284 million yuan for 2025, a year-on-year increase of about 107.55%. During the reporting period, the launch of new products enhanced product competitiveness, and the company's product shipment volume continued to climb; the shipment volume and revenue proportion of 32-bit MCUs expanded; and the floating gains from the company's holdings of Dianke Chip stock increased substantially.

Yuyuan Tourist Mart announced that its 2025 operating performance will show a loss. Yuyuan Tourist Mart (600655) announced on January 25 that, based on preliminary calculations by its finance department, it expects the net profit attributable to shareholders for 2025 to be negative, indicating that the company's operating performance for the year will incur a loss.

Laird Technologies reported a 13.67% year-on-year increase in its 2025 net profit. Laird Technologies (688683) released an earnings report on January 25, stating that the company achieved total operating revenue of 962 million yuan in 2025, an 82.79% year-on-year increase; net profit attributable to shareholders was 42.4641 million yuan, up 13.67% year-on-year; and basic earnings per share were 0.28 yuan. During the reporting period, a substantial increase in revenue from the company's carbon-coated foil business significantly boosted overall operating revenue. Coupled with optimized product structure, gross profit grew synchronously, continuously solidifying the profit foundation.

Hefu China expects a loss of 25 million to 36 million yuan for 2025. Hefu China (603122) announced on January 25 that it expects a net loss attributable to shareholders of 25 million to 36 million yuan for the full year of 2025, compared to a net profit of 27.5663 million yuan in the previous year. During the reporting period, as domestic macroeconomic conditions evolved and medical policies such as centralized procurement in the in-vitro diagnostics industry were gradually implemented nationwide, the company was impacted by industry policy adjustments. The competitive landscape is being reshaped, leading to lower product procurement prices from hospital clients and fluctuations in order volume compared to the previous year, presenting阶段性 challenges to the company's sales revenue and gross profit levels.

Changjiu Logistics expects a loss of 50 million to 75 million yuan for 2025. Changjiu Logistics (603569) announced on January 25 that it expects a net loss attributable to shareholders of 50 million to 75 million yuan for the full year of 2025, compared to a net profit of 79.5655 million yuan in the previous year. During the reporting period, the profitability of the company's new energy business segment was significantly impacted by multiple factors, including intensified market competition, slower-than-expected market development progress, and high costs of raw materials like battery cells procured earlier. Additionally, vehicle shipping rates in the first three quarters of 2025 had not yet returned to reasonable levels, resulting in lower-than-expected profitability for the vehicle transportation business in 2025.

Actions Technology expects its 2025 net profit to increase by 91.4% year-on-year. Actions Technology (688049) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 204 million yuan for 2025, a year-on-year increase of 91.40%. During the reporting period, driven by the industry wave of AI integration into edge-side products, the company's product matrix continued to be enriched and perfected: its edge AI processor chips were applied in high-end speakers and party speakers from leading audio brands, achieving a significant increase in market penetration and resulting in multiple-fold growth in related sales revenue; demand for low-latency, high-fidelity wireless audio products remained strong, with sales growing rapidly; and the penetration rate of its Bluetooth speaker SoC chip series within leading audio brands steadily increased.

Huangshan Gujie expects its 2025 net profit to decrease by 45.5% to 54.43% year-on-year. Huangshan Gujie (301581) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 51 million to 61 million yuan for 2025, a year-on-year decrease of 45.50% to 54.43%. During the reporting period, the company expects operating revenue to increase compared to the previous year. However, due to factors such as intense industry competition, declining product prices, and rising raw material costs, the company's profit for the period decreased significantly compared to the same period last year.

Smartsens Technology expects its 2025 net profit to increase by 149% to 162% year-on-year. Smartsens Technology (688213) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 976 million to 1.031 billion yuan for 2025, representing a year-on-year increase of 149% to 162%. During the reporting period, in the smartphone sector, the company's cooperation with multiple customers continued to deepen comprehensively. Its products met the application requirements for more flagship phone primary cameras, secondary cameras, and multi-spectral cameras. The shipment volume of several high-end 50-megapixel primary camera products, innovatively developed based on Lofic HDR®2.0 technology, increased substantially. Additionally, the mass production and shipment of several newly developed mid-to-high-end HS series 50-megapixel products drove a significant increase in the company's smartphone sector revenue.

Aidea Pharma expects a loss of approximately 16 million to 24 million yuan for 2025. Aidea Pharma (688488) announced on January 25 that it expects a net loss attributable to shareholders of approximately 16 million to 24 million yuan for 2025, compared to a loss of 141 million yuan in the previous year. During the reporting period, sales expenses increased by approximately 92 million yuan compared to the same period last year, due to the company's intensified efforts in promoting new drugs and the consolidation of operating data from Nanda Pharmaceutical.

Newpoint Software expects its 2025 net profit to decrease by 80.61% to 87.08% year-on-year. Newpoint Software (688232) announced on January 25 that it expects a net profit attributable to shareholders of 26.4 million to 39.6 million yuan for 2025, a year-on-year decrease of 80.61% to 87.08%. During the reporting period, the smart government business declined significantly, primarily affected by customer budget constraints, which slowed down the overall progress of some projects from initiation to acceptance. To seize industry development opportunities and consolidate its core technological advantages, the company maintained strategic investments in areas such as high-end talent recruitment and technological innovation R&D.

Aucma expects a loss of 170 million to 220 million yuan for 2025. Aucma (600336) released an earnings forecast on January 25, anticipating a net loss attributable to shareholders of approximately 170 million to 220 million yuan for the full year of 2025, compared to a loss of 48.5254 million yuan in the previous year. During the reporting period, the company's smart home appliance industry was affected by various adverse factors, including insufficient effective domestic demand, the diminishing marginal effects of the national subsidy policy for appliance replacements, fluctuations in bulk raw material prices, and more intense industry price competition. This led to operating performance falling short of expectations, resulting in an overall decline in revenue, a drop in gross profit, and an expansion of the operating loss.

Zhaojin Gold expects a net profit of 122 million to 182 million yuan for 2025, turning a profit year-on-year. Zhaojin Gold (000506) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 122 million to 182 million yuan for 2025, compared to a loss of 127 million yuan in the previous year. During the reporting period, the company's subsidiary, Fiji Vatukoula Gold Mine Co., Ltd., actively promoted technical transformation work to increase production and efficiency. Coupled with the factor of rising gold prices, gross profit improved significantly.

Zhicun Technology (Rights Protection) expects a loss between 300 million and 450 million yuan for 2025. Zhicun Technology (603690) announced on January 25 that it expects a net loss attributable to shareholders of between 300 million and 450 million yuan for the full year of 2025, compared to a net profit of 23.5975 million yuan in the previous year. The primary reasons for this performance change include a year-on-year decrease in revenue, growth in R&D expenses, provision for specific credit impairment losses, and a decrease in non-recurring gains and losses.

Zhengzhou Coal & Electric Power expects a loss of approximately 916 million yuan for 2025. Zhengzhou Coal & Electric Power (600121) released an earnings announcement on January 25, anticipating a net loss attributable to shareholders of approximately 916 million yuan for 2025, compared to a net profit of 283 million yuan in the previous year. During the reporting period, affected by market supply-demand dynamics, coal market prices continued to decline, with the average selling price of coal down 15.6% year-on-year, leading to a significant decrease in coal sales revenue.

MGI expects a loss of 221 million to 273 million yuan for 2025. MGI (688114) released an earnings forecast on January 25. Based on preliminary calculations, the company expects a net loss attributable to shareholders of 221 million to 273 million yuan for 2025. Compared with the same period last year, the loss is expected to decrease by 328 million to 380 million yuan. During the reporting period, due to fluctuations in the USD and EUR exchange rates, the company's exchange gains generated from holding foreign currency monetary items increased year-on-year.

Sinopharm Group Co., Ltd. expects its 2025 net profit to increase by 64.20% to 89.11% year-on-year. Sinopharm Group Co., Ltd. (000028) released an earnings forecast on January 25, anticipating a net profit attributable to shareholders of 1.055 billion to 1.215 billion yuan for 2025, a year-on-year increase of 64.20% to 89.11%. During the reporting period, the distribution business, as the cornerstone of the company's operations, continued its stable growth. Guoda Pharmacy effectively enhanced operational quality by strengthening its commercial procurement system, optimizing the product mix, and strategically adjusting store layouts.

ADVANCE Intelligence expects a net loss of 100 million to 140 million yuan for 2025. ADVANCE Intelligence (688125) released an earnings forecast on January 25, anticipating a net loss attributable to shareholders of 100 million to 140 million yuan for 2025, compared to a loss of 30.7452 million yuan in the previous year. During the reporting period, the company is in a phase of transitioning between old and new growth drivers, with new markets and products not yet achieving scale. To accelerate the expansion into new markets and for new products, the company maintained a high level of investment in technological innovation and market development, leading to an increase in period expenses.

Fuda Alloy expects its 2025 net profit to increase by 67.31% to 78.11% year-on-year. Fuda Alloy (603166) released an earnings announcement on January 25, anticipating a net profit attributable to shareholders of 310 million to 330 million yuan for 2025, a year-on-year increase of 67.31% to 78.11%. The main reasons for the performance growth are: firstly, the company actively promoted the enhancement of crankshaft and forging production capacity, effectively driving business revenue growth compared to the previous year; secondly, the company continued to deepen specific work on quality and efficiency improvement, achieving tangible results; thirdly, the company transferred its entire equity stake in a joint venture, further optimizing the resource allocation structure and driving a year-on-year increase in investment income.

Hymson Laser expects a loss of 850 million to 910 million yuan for 2025. Hymson Laser (688559) released an earnings forecast on January 25, anticipating a net loss attributable to shareholders of 850 million to 910 million yuan for 2025, compared to a loss of 163 million yuan in the previous year. During the reporting period, affected by overcapacity in the lithium battery and photovoltaic industries, industry competition intensified, and product prices remained persistently low. Coupled with increased difficulties in cost control, the company faced operational pressure. Simultaneously, in accordance with accounting standards and the prudence principle, the company conducted impairment tests on projects in delivery and recognized corresponding impairment losses, impacting the current period's profit.

【Shareholding Changes】 Medicilon announced that a shareholder plans to reduce their stake by no more than 0.6% of the company's shares. Medicilon (688202) announced on January 25 that shareholder Lin Changqing plans to reduce his holding by no more than 800,000 shares, representing no more than 0.60% of the company's total shares, within three months starting 15 trading days from the announcement date, through either centralized bidding or block trades.

Shanghai Hugong announced that Mingxin Guangchu plans to reduce its stake by no more than 3% of the company's shares. Shanghai Hugong (603131) announced on January 25 that shareholder Mingxin Guangchu, holding 7.51% of shares, plans to reduce its holding by no more than 3% of the company's total shares, equivalent to no more than 10.1072 million shares, within three months starting 15 trading days from the announcement date, through a combination of centralized bidding and block trades.

【Major Contracts】 Delijia announced plans to invest 5 billion yuan in constructing an R&D and manufacturing project for wind power gearboxes rated above 10 MW. Delijia (603092) announced on January 25 that it has reached a cooperation agreement and signed an "Investment Cooperation Agreement for Delijia's 10MW+ Wind Power Gearbox R&D and Manufacturing Project" with Wuxi Wanshanhu Industrial Development Co., Ltd. and Yangjian Town People's Government, to advance the expansion of its wind power gearbox production capacity. The total project investment is 5 billion yuan. The implementation of this project will effectively enhance the company's production scale and delivery capabilities, further consolidating and strengthening its market competitiveness and industry position in the wind power gearbox sector.

Huadong Heavy Machinery announced receiving a letter of award from India's Adani Group and signing contracts for domestic intelligent port handling equipment projects. Huadong Heavy Machinery (002685) announced on January 25 that it recently received a letter of award from India's Adani Group and signed several contracts for domestic intelligent port handling equipment projects. The total value of these domestic and international projects amounts to approximately 1.25 billion yuan. The company has not yet signed a formal contract for the awarded Adani project. If successfully contracted subsequently, the project is expected to be delivered in batches between 2027 and 2029, which will positively impact the company's future operating performance.

【Refinancing】 Zhongcheng Co., Ltd. announced that its proposal to issue shares to purchase assets and raise supporting funds has been approved by the Shenzhen Stock Exchange. Zhongcheng Co., Ltd. (000151) announced on January 25 its plan to acquire 100% equity in Zhongji Jiangsu Clean Energy Co., Ltd., held by China National Technical Import & Export Corporation, by issuing shares, and to issue shares to no more than 35 specific investors to raise supporting funds. The M&A and Restructuring Review Committee of the Shenzhen Stock Exchange held a meeting on January 23 to review the application for this transaction. The review result was that the transaction meets the restructuring conditions and information disclosure requirements. The transaction still requires approval from the China Securities Regulatory Commission before it can be implemented.

Tatfook Technology announced plans to apply for the registration and issuance of science and technology innovation corporate bonds not exceeding 300 million yuan. Tatfook Technology (300134) announced on January 25 its intention to apply to the Shenzhen Stock Exchange for a private issuance of science and technology innovation corporate bonds not exceeding 300 million yuan to professional investors. The raised funds will be used to meet the company's production and operational needs, including repaying company debts, supplementing working capital, replacing expenditures for investments in the sci-tech innovation field, project construction and operation, and other purposes compliant with laws and regulations.

【Other Announcements】 Weichai Heavy Machinery stated that it currently has no medium-speed gas engine products entering the North American power generation market. Weichai Heavy Machinery (000880) issued an announcement on abnormal stock trading volatility on January 25, noting that its stock price had increased by a cumulative deviation of over 20% in the past three trading days. Recently, the company noted numerous online rumors suggesting that its medium-speed gas engines were entering the North American power generation market and undergoing order testing with relevant customers. Upon verification, the company clarifies the above rumors as follows: The aforementioned rumors are untrue. Currently, the company has no medium-speed gas engine products entering the North American power generation market and is not conducting order testing with any related customers.

Zhongchong Co., Ltd. announced plans to repurchase shares worth 100 million to 200 million yuan. Zhongchong Co., Ltd. (002891) announced on January 25 its plan to repurchase shares with a value of 100 million to 200 million yuan, to be used for the conversion of the company's issued convertible bonds. The repurchase price will not exceed 78 yuan per share.

Fangsheng Pharmaceutical announced that Loxoprofen Sodium Gel Plaster has obtained a drug registration certificate. Fangsheng Pharmaceutical (603998) announced on January 25 that on January 23, its wholly-owned subsidiary, Jianmeng Pharmaceutical, received the "Drug Registration Certificate" approved and issued by the National Medical Products Administration. The Loxoprofen Sodium Gel Plaster has obtained the drug approval document number and can now be produced. Loxoprofen Sodium Gel Plaster is indicated for the anti-inflammatory and analgesic treatment of swelling and pain associated with osteoarthritis, muscle pain, and post-traumatic conditions. Its active ingredient is Loxoprofen Sodium, which belongs to the phenylpropionic acid class of non-steroidal anti-inflammatory drugs (NSAIDs), possessing significant anti-inflammatory and analgesic effects, particularly strong analgesic properties.

Xinbang Pharmaceutical (Rights Protection) announced that the company and its subsidiaries need to pay additional taxes and late fees totaling 50.7869 million yuan. Xinbang Pharmaceutical (002390) announced on January 25 that, following a self-inspection, the company and its subsidiaries need to pay additional taxes and late fees amounting to 50.7869 million yuan. These additional taxes and late fees will be recorded in the company's current profit and loss for 2025.

CIMC Vehicles announced that a subsidiary and three of its affiliated companies are participating in countervailing and anti-dumping investigations initiated by the U.S. Department of Commerce. CIMC Vehicles (301039) announced on January 25 that on U.S. time, January 21, 2026, in response to an application previously filed by the American Trailer Manufacturers Coalition with the U.S. International Trade Commission (ITC) and the U.S. Department of Commerce (DOC) for the initiation of countervailing and anti-dumping investigations on Van-type trailers and subassemblies thereof from Mexico, Canada, and China, the U.S. Department of Commerce officially announced the launch of these "countervailing and anti-dumping" investigations.