Latest update on major announcements from Shanghai and Shenzhen listed companies on the evening of March 27

Companies listed on both the Shanghai and Shenzhen exchanges released announcements late on March 27. The following is a roundup of the key announcements.

【Company Developments】

Fuyun Transport: Plans to change the controlling rights; trading remains suspended

Fuyun Transport (002357) announced on March 27 that its controlling shareholder, Yongfeng Group, is planning a transfer of the company’s shares. The matter may result in a change in the company’s controlling shareholder and its actual controller. At present, relevant parties are actively推进 various aspects of the share transfer. The company’s stock is expected not to resume trading on March 30; it will continue to be suspended from the opening of trading on March 30, and the suspension is expected to last no more than three trading days.

International Building Materials: Plans to acquire 40% equity interest in its controlling subsidiary Hongfa New Materials for RMB 712 million

International Building Materials (301526) announced on March 27 that the company has signed an Equity Transfer Agreement with the minority shareholder(s) of its controlling subsidiary Changzhou Hongfa Zongheng New Materials Technology Co., Ltd. (abbreviated as “Hongfa New Materials”). The company plans to use RMB 712 million to purchase the 40% equity interest in Hongfa New Materials held in aggregate by Tan Kunlun and Tan Lingzhi, the minority shareholder(s). After completion of the transaction, Hongfa New Materials will become a wholly owned subsidiary of the company.

Xinfengguang: Prototype of the next-generation solid-state transformer (SST) successfully rolls off the production line

Xinfengguang (688663) announced on March 27 that recently the prototype of the next-generation solid-state transformer (SST) independently developed by the company has officially successfully rolled off the production line. The next-generation SST prototype rolled out this time shares the same origin in high-voltage-side inverter technology with the high-voltage SVG and high-voltage cascaded energy storage products technology that the company has already commercialized at large scale. Reliability has been verified over the long term through extensive engineering application scenarios. From the topology architecture, drive design, high-frequency isolation, and core control algorithms to manufacturing process implementation, the company’s next-generation SST product has been fully independently developed. The product features 10kV input, 800V DC output, and 2500kW power, with advantages such as high power density, low losses, and high functional integration. On the input side, it has a grid-forming function and unit redundancy; the voltage can be covered up to 13.8kV, enabling perfect adaptation to complex application scenarios of new power systems.

Liuzhou Chemical: Plans to invest about RMB 290 million to build a 200,000-ton-per-year all-acid fluidized-bed hydrogen peroxide project

Liuzhou Chemical (600423) announced on March 27 that the company plans to invest about RMB 290 million to build a 200,000-ton-per-year all-acid fluidized-bed hydrogen peroxide project. After the project is completed and reaches production capacity, the company’s 27.5% hydrogen peroxide capacity will increase from 160,000 tons per year to more than 360,000 tons per year, which will directly expand the scale of the company’s main business.

Tianzun Technology: Plans to invest about RMB 1 billion to build a high-end vision equipment industrialization project

Tianzun Technology (688003) announced on March 27 that the company plans to purchase land use rights to carry out a high-end vision equipment industrialization construction project in the Science and Technology City area of Huqiu District in Suzhou, with a total investment amount of about RMB 1 billion (including land transfer fees).

Vogel Optoelectronics: Yi Weihua resigns; elects Zhang Chunqiao as chairman

Vogel Optoelectronics (603773) announced on March 27 that Yi Weihua, due to personal reasons, has applied to resign from positions including chairman of the company (legal representative), director, and members of each special committee under the board of directors. After his resignation, Yi Weihua will still serve at subsidiaries such as Hubei Tongge Micro etc. The company’s board of directors reviewed and approved a proposal to elect Zhang Chunqiao as chairman. The company’s legal representative will be changed from Yi Weihua to Zhang Chunqiao.

Hua Hai Pharmaceuticals: Controlling subsidiary enters into global research collaboration and licensing agreement with ALM

Hua Hai Pharmaceuticals (600521) announced on March 27 that the company’s controlling subsidiary, Shanghai Hua’otai Biopharmaceutical Co., Ltd. (abbreviated as “Hua’otai”), has reached a global research collaboration and licensing agreement with Almirall, S.A. (abbreviated as “ALM”) to develop monoclonal antibody candidate drugs targeting new targets with multiple potential indications (including dermatology). Under the agreement, Hua’otai will have rights to develop and commercialize projects and products in China, while ALM will have rights to develop and commercialize projects and products globally outside China. Using an innovative R&D platform, Hua’otai will conduct the relevant research until obtaining molecules with clinical concept validation. ALM will pay Hua’otai an upfront payment of up to USD 340 million, development and commercialization milestone payments, and corresponding tiered royalties.

Yongjin Shares: Time-window violation trade; receives a warning letter

Yongjin Shares (603995) announced on March 27 that the company received a decision issued by the Zhejiang Financial Regulatory Bureau, the document titled “Decision of the Zhejiang Financial Regulatory Bureau on Taking Measures of Issuing a Warning Letter to Yu Qiqun.” After investigation, it was found that Yu Qiqun, as the chairman at the time for Yongjin Shares, within the 30 days prior to the announcement of the company’s 2019 annual report, conducted trades of other people’s securities accounts totaling 289,800 shares of the company’s stock, with a transaction amount of RMB 6.162 million. The above conduct constitutes time-window violation trading of the company’s shares. The Zhejiang Financial Regulatory Bureau has decided to take supervisory management measures of issuing a warning letter to Yu Qiqun and to record it in the integrity archives for the securities and futures markets.

Fulin Precision: Establishes a wholly owned subsidiary to accelerate industrialization of intelligent robots

Fulin Precision (300432) announced on March 27 that the company established Sichuan Banqiao Intelligent Robot Co., Ltd. as a wholly owned subsidiary in Mianyang’s Fucheng District with RMB 50 million, and obtained a Business License. The establishment of this wholly owned subsidiary is intended to meet the company’s needs for the development of intelligent robot industries, as well as to satisfy customers’ and market demands in the humanoid robot application and service sector, thereby accelerating the industrialization and scale-up of the company’s intelligent robots.

State Grid Yingda: 9.79% of shares held by the controlling shareholder to be transferred free of charge to China National Petroleum Group

State Grid Yingda (600517) announced on March 27 that its controlling shareholder, State Grid Yingda International Holding Group Co., Ltd. (abbreviated as “State Grid Yingda Group”), and China National Petroleum Corporation (abbreviated as “China National Petroleum Group”) signed a share transfer agreement on the 27th. State Grid Yingda Group plans to transfer, free of charge via a transfer of state-owned shares, 560 million A-share shares of the company (representing 9.79% of the company’s total share capital) held by it to China National Petroleum Group. This transfer will not lead to a change in the company’s controlling shareholder or actual controller.

Jiangshan Shares: Prices of glyphosate products have risen recently

Jiangshan Shares said on an interaction platform that affected by factors such as international geopolitical conflicts and fluctuations in the prices of raw materials like petroleum, the price of glyphosate products has risen somewhat recently. For the specific average sales price of each product, please refer to the company’s 2025 annual report and operating data announcement to be disclosed on April 21, 2026. In addition, the Phase I project of the “Guizhou Jiangshan Phosphochemical Resources Comprehensive Utilization Project” implemented in Guizhou has entered trial production at the end of 2025, and is currently in the process of ramping up production; production is normal.

【Earnings Watch】

China Construction Bank: 2025 net profit attributable to shareholders up 0.99% year over year; proposes RMB 2.029 cash dividend per 10 shares

China Construction Bank announced on the HKEX that in 2025, operating income was RMB 740.871 billion, up 1.69% year over year; net profit attributable to shareholders was RMB 338.906 billion, up 0.99% year over year. The board of directors proposed to distribute a cash dividend at year-end 2025 of RMB 2.029 per 10 shares (including tax). The total dividend is approximately RMB 53.079 billion.

Bank of Communications: 2025 net profit attributable to shareholders RMB 95.622 billion; up 2.18% year over year

Bank of Communications announced on the HKEX that in 2025, net profit attributable to shareholders was RMB 95.622 billion, up 2.18% year over year; net operating income was RMB 265.6 billion, up 2.05% year over year. At the end of the reporting period, the non-performing loan ratio was 1.28%, down 0.03 percentage points from the end of the prior year; the allowance coverage ratio was 208.38%, up 6.44 percentage points from the end of the prior year.

China Merchants Bank: 2025 net profit attributable to shareholders up 1.21% year over year; proposes RMB 10.03 per 10 shares

China Merchants Bank announced on the HKEX that in 2025 it achieved net operating income of RMB 337.273 billion, up 0.05% year over year; net profit attributable to shareholders was RMB 150.181 billion, up 1.21% year over year. The board of directors proposed to distribute a cash dividend for 2025 to holders of ordinary shares: RMB 2.016 per share (including tax) for the full year. After deducting the interim cash dividend for 2025 already distributed (RMB 1.003 per share, including tax), the cash dividend proposed for this time is RMB 1.003 per share (including tax). As of the end of the reporting period, the non-performing loan balance was RMB 68.206 billion, up RMB 2.596 billion from the end of the prior year; the non-performing loan ratio was 0.94%, down 0.01 percentage points from the end of the prior year; the allowance coverage ratio was 391.79%, down 20.19 percentage points from the end of the prior year; the loan loss allowance ratio was 3.68%, down 0.24 percentage points from the end of the prior year.

Fuling Zhacai: 2025 net profit down 3.92% year over year; proposes RMB 2.2 per 10 shares

Fuling Zhacai (002507) disclosed its annual report on March 27. In 2025, operating revenue was RMB 2.432 billion, up 1.88%; net profit attributable to shareholders was RMB 768 million, down 3.92% year over year; basic earnings per share were RMB 0.67. The company proposed to distribute cash dividends of RMB 2.2 per 10 shares (including tax).

Hongta Securities: 2025 net profit up 58.84% year over year; proposes RMB 1.6 per 10 shares

Hongta Securities (601236) disclosed its annual report on March 27. In 2025, operating revenue was RMB 2.434 billion, up 37.76%; net profit attributable to shareholders was RMB 1.214 billion, up 58.84%; basic earnings per share were RMB 0.26. The company proposed to distribute cash dividends of RMB 1.6 per 10 shares (including tax). During the reporting period, the company continued to advance the nondirection-oriented transformation of its proprietary investment business. The asset-liability structure and content were continuously optimized, asset quality continued to improve, and the combined gain from changes in the fair value of financial assets and investment income increased by RMB 566 million year over year. Net fee and commission income from capital-light businesses such as investment banking and wealth management increased by RMB 131 million year over year.

KaiKai Industrial: 2025 net profit down 63.03% year over year; proposes RMB 0.15 per 10 shares

KaiKai Industrial (600272) disclosed its annual report on March 27. In 2025, operating revenue was RMB 1.132 billion, up 3.52%; net profit attributable to shareholders was RMB 12.9375 million, down 63.03% year over year; basic earnings per share were RMB 0.05. The company proposed to distribute cash dividends of RMB 0.15 per 10 shares to all shareholders (including tax).

Watson Biologics: 2025 net profit up 25.03% year over year; proposes RMB 1.25 per 10 shares

Watson Biologics (300142) disclosed its annual report on March 27. In 2025, operating revenue was RMB 2.418 billion, down 14.29% year over year; net profit attributable to shareholders was RMB 178 million, up 25.03% year over year; basic earnings per share were RMB 0.1111. The company proposed to distribute cash dividends of RMB 1.25 per 10 shares (including tax).

Tiantan Biologicals: 2025 net profit down 29.59% year over year; proposes RMB 0.5 per 10 shares

Tiantan Biologicals (600161) disclosed its annual report on March 27. In 2025, operating revenue was RMB 6.168 billion, up 2.26%; net profit attributable to shareholders was RMB 1.091 billion, down 29.59% year over year; basic earnings per share were RMB 0.55. The company proposed to distribute cash dividends of RMB 0.5 per 10 shares (including tax). During the reporting period, due to the impact of an increase in sales volume, operating revenue increased year over year. However, due to factors including a decline in product selling prices compared with the same period last year, an increase in impairment provisions caused by changes in credit policies, and a reduction in interest income, net profit attributable to shareholders declined year over year.

Hailan Home: 2025 net profit up 0.34% year over year; proposes RMB 4.1 per 10 shares

Hailan Home (600398) disclosed its annual report on March 27. In 2025, operating revenue was RMB 21.626 billion, up 3.19%; net profit attributable to shareholders was RMB 2.166 billion, up 0.34%; basic earnings per share were RMB 0.45. The company proposed to distribute cash dividends of RMB 4.1 per 10 shares (including tax).

Muyuan Shares: 2025 net profit down 13.39% year over year; proposes RMB 4.27 per 10 shares

Muyuan Shares (002714) released its annual report on March 27. In 2025, operating revenue was RMB 144.145 billion, up 4.49%; net profit attributable to shareholders was RMB 15.487 billion, down 13.39% year over year; basic earnings per share were RMB 2.88. The company proposed to distribute cash dividends of RMB 4.27 per 10 shares (including tax).

COSCO Shipping Intelligent Tech: 2025 net profit decreased 74.5% year over year; proposes RMB 0.28 per 10 shares

COSCO Shipping Intelligent Tech (002401) disclosed its annual report on March 27. In 2025, operating revenue was RMB 1.806 billion, up 0.51%; net profit attributable to shareholders was RMB 32.5413 million, down 74.5% year over year; basic earnings per share were RMB 0.0876. The company proposed to distribute cash dividends of RMB 0.28 per 10 shares (including tax).

HuaFeng Chemical: 2025 net profit down 16.32% year over year; proposes RMB 1 per 10 shares

HuaFeng Chemical (002064) disclosed its annual report on March 27. In 2025, operating revenue was RMB 24.198 billion, down 10.15% year over year; net profit attributable to shareholders was RMB 1.858 billion, down 16.32% year over year; basic earnings per share were RMB 0.37. The company proposed to distribute cash dividends of RMB 1 per 10 shares (including tax).

Hualan Biologics: 2025 net profit down 13.55% year over year; proposes RMB 5 per 10 shares

Hualan Biologics (002007) disclosed its annual report on March 27. In 2025, operating revenue was RMB 4.595 billion, up 4.93%; net profit attributable to shareholders was RMB 940 million, down 13.55% year over year; basic earnings per share were RMB 0.5151. The company proposed to distribute cash dividends of RMB 5 per 10 shares to all shareholders (including tax). On the same day, Hualan Biologics also announced that it plans to transfer 75% equity interest in its controlling subsidiary Hualan Biologics Engineering (Suzhou) Co., Ltd. The transfer consideration will be RMB 96.7141 million.

Orient Securities: 2025同比增长68.16% 拟10派2元

Orient Securities (600958) disclosed its annual report on March 27. In 2025, operating revenue was RMB 15.358 billion, up 26.18%; net profit attributable to shareholders was RMB 5.634 billion, up 68.16%; basic earnings per share were RMB 0.65. The company proposed to distribute cash dividends of RMB 2 per 10 shares (including tax). During the reporting period, the company’s net fee and commission income was RMB 6.211 billion, up RMB 0.776 billion year over year, an increase of 14.29%. Investment income was RMB 7.863 billion, up RMB 2.168 billion year over year, an increase of 38.08%.

Sibao Technology: 2025 net profit up 17.25% year over year; proposes RMB 3 per 10 shares

Sibao Technology (300019) disclosed its annual report on March 27. In 2025, operating revenue was RMB 3.751 billion, up 18.75%; net profit attributable to shareholders was RMB 279 million, up 17.25% year over year; basic earnings per share were RMB 0.71. The company proposed to distribute cash dividends of RMB 3 per 10 shares to all shareholders (including tax).

Sinopharm Modern: 2025 net profit down 13.11% year over year; proposes RMB 2 per 10 shares

Sinopharm Modern (600420) disclosed its 2025 annual report on March 27. In 2025, operating revenue was RMB 9.363 billion, down 14.39% year over year; net profit was RMB 942 million, down 13.11% year over year; basic earnings per share were RMB 0.7021. The company proposed to distribute cash dividends of RMB 2 per 10 shares (including tax). In 2025, affected by multiple factors including intensified market competition, industry policies, and cyclical adjustments in the industrial sector, the company’s overall profitability experienced a period of decline.

New Hope Holdings: 2025 net profit up 4.19% year over year; proposes RMB 9.6 per 10 shares

New Hope Holdings (600803) disclosed its annual report on March 27. In 2025, operating revenue was RMB 131.457 billion, down 3.22% year over year; net profit attributable to shareholders was RMB 4.681 billion, up 4.19% year over year; basic earnings per share were RMB 1.52. The company proposed to distribute cash dividends of RMB 9.6 per 10 shares (including tax).

Qingdao Port: 2025 net profit RMB 5.272 billion; up 0.7% year over year

Qingdao Port (601298) disclosed its annual report on March 27. In 2025, operating revenue was RMB 18.806 billion, down 0.71% year over year; net profit attributable to shareholders was RMB 5.272 billion, up 0.7% year over year; basic earnings per share were RMB 0.81. For 2025, the company plans to distribute cash dividends of RMB 3.454 per 10 shares (including tax), of which the interim dividend already distributed was RMB 1.466 per 10 shares (including tax). After approval at the general meeting of shareholders, the remaining dividend of RMB 1.988 per 10 shares (including tax) will be paid within two months after the shareholders’ meeting.

Xinji Energy: 2025 net profit down 10.73% year over year; proposes RMB 1.2 per 10 shares

Xinji Energy (601918) disclosed its annual report on March 27. In 2025, operating revenue was RMB 12.28 billion, down 3.51% year over year; net profit attributable to shareholders was RMB 2.136 billion, down 10.73% year over year; basic earnings per share were RMB 0.825. The company proposed to distribute cash dividends of RMB 1.2 per 10 shares (including tax). During the reporting period, the company’s coal product output was 197.582 million tons, up 3.69% year over year; sales volume of coal products was 196.929 million tons, up 4.35% year over year; power generation volume was 14.223 billion kWh, up 10.4% year over year; and electricity sold to the grid was 13.446 billion kWh, up 10.06% year over year.

Collin Electric: 2025 net profit up 45.06% year over year; proposes RMB 1.9835 per 10 shares

Collin Electric (603050) disclosed its annual report on March 27. In 2025, operating revenue was RMB 4.388 billion, up 7.05% year over year; net profit attributable to shareholders was RMB 258 million, up 45.06% year over year; basic earnings per share were RMB 0.64. The company proposed to distribute cash dividends of RMB 1.9835 per 10 shares (including tax). During the reporting period, the company actively expanded domestic and overseas markets. While continuously improving the order amount of high-quality customers, it also targeted large projects to drive breakthroughs in new customers, new industries, and new regional markets. In terms of the power grid business, it achieved new signed orders from two-grid customers of RMB 1.74 billion, up 24.73% year over year. For data center industry customers, new signed orders were RMB 384 million, up 70.57% year over year.

Aerospace Electronics: 2025 net profit down 58.58% year over year; proposes RMB 0.21 per 10 shares

Aerospace Electronics (600879) disclosed its annual report on March 27. In 2025, operating revenue was RMB 13.91 billion, down 2.59% year over year; net profit attributable to shareholders was RMB 227 million, down 58.58% year over year; basic earnings per share were RMB 0.069. The company proposed to distribute cash dividends of RMB 0.21 per 10 shares (including tax). The company’s revenue decline was mainly due to the fact that Aerospace Electric did not fall within the consolidated scope during the reporting period. The year-over-year decline in net profit attributable to shareholders was mainly due to an increase in credit impairment loss and asset impairment loss compared with the previous year, as well as a decrease in investment income compared with the previous year.

Northern Navigation: 2025 net profit up 104.3% year over year; proposes RMB 0.25 per 10 shares

Northern Navigation (600435) disclosed its annual report on March 27. In 2025, operating revenue was RMB 4.192 billion, up 52.56% year over year; net profit attributable to shareholders was RMB 121 million, up 104.3% year over year; basic earnings per share were RMB 0.08. The company proposed to distribute cash dividends of RMB 0.25 per 10 shares (including tax). During the reporting period, the company’s main operating indicators remained stable and improved, and its operating performance showed a positive upward and better development trend.

Quanchai Power: 2025 net profit down 22.66% year over year; proposes RMB 0.3 per 10 shares

Quanchai Power (600218) disclosed its annual report on March 27. In 2025, operating revenue was RMB 4.398 billion, up 10.73% year over year; net profit attributable to shareholders was RMB 64.4613 million, down 22.66% year over year; basic earnings per share were RMB 0.15. The company proposed to distribute cash dividends of RMB 0.3 per 10 shares (including tax). During the reporting period, with the strict implementation of national emission regulations and the rapid development of new energy, the engine and complete-vehicle industry is currently in a phase of adjustment and development, with intense competition.

Ruijie Network: 2025 net profit up 21.3% year over year; 10-for-transfer 4 and cash dividend of RMB 5.25

Ruijie Network (301165) released its annual report on March 27. In 2025, operating revenue was RMB 14.316 billion, up 22.37% year over year; net profit attributable to shareholders was RMB 696 million, up 21.3% year over year; basic earnings per share were RMB 0.8754. The company plans to increase share capital by transferring 4 shares for every 10 shares and to distribute cash dividends of RMB 5.25 per 10 shares (including tax).

New China Life Insurance: 2025 net profit up 38.3% year over year; proposes RMB 20.6 per 10 shares

New China Life Insurance announced on the HKEX that in 2025, net profit attributable to shareholders was RMB 36.284 billion, up 38.3%. The company plans to distribute a cash dividend for 2025 interim/at year-end of RMB 2.06 per share (including tax), totaling RMB 6.426 billion. In total, the company plans to distribute cash dividends of RMB 8.516 billion for 2025, up 7.9% year over year.

Chuangchuang International: 2025 net profit up 20.76% year over year; proposes RMB 1 per 10 shares

Chuangchuang International (600097) disclosed its annual report on March 27. In 2025, operating revenue was RMB 2.337 billion, up 0.9% year over year; net profit attributable to shareholders was RMB 73.894 million, up 20.76% year over year; basic earnings per share were RMB 0.31. The company proposed to distribute cash dividends of RMB 1 per 10 shares (including tax). During the reporting period, the catch volume of Antarctic krill increased 97.16% year over year, while krill sales revenue increased 13.86% year over year, driving growth in the company’s net profit.

Li Er Chemical: 2025 net profit up 122.33% year over year; proposes RMB 2 per 10 shares

Li Er Chemical (002258) disclosed its annual report on March 27. In 2025, operating revenue was RMB 9.008 billion, up 23.21% year over year; net profit attributable to shareholders was RMB 479 million, up 122.33% year over year; basic earnings per share were RMB 0.5981. The company proposed to distribute cash dividends of RMB 2 per 10 shares (including tax). During the reporting period, sales volumes and overall gross margin of the company’s main products both increased, driving a significant year-over-year growth in performance.

OKKY Metal: Forecast that Q1 net profit will increase by RMB 172 million to RMB 212 million year over year

OKKY Metal (688308) released its performance forecast on March 27. It is expected that the first quarter of 2026 will achieve net profit attributable to owners of the parent company of RMB 180 million to RMB 220 million, which, compared with the same period last year, will increase by RMB 172 million to RMB 212 million. During the reporting period, cemented carbide cutting tool’s main raw material, tungsten carbide, continued to rise sharply, and the company achieved simultaneous growth in both product volume and prices. For the CNC inserts and the CNC tooling industrial park projects, capacity utilization has continued to improve; product prices were correspondingly increased; gross margin and net margin both increased year over year, driving an improvement in the company’s profitability.

China Aluminum: 2025 net profit up 2.25% year over year; proposes RMB 1.47 per 10 shares

China Aluminum (601600) disclosed its annual report on March 27. In 2025, operating revenue was RMB 241.125 billion, up 1.69%; net profit attributable to shareholders was RMB 12.674 billion, up 2.25%; basic earnings per share were RMB 0.74. For 2025, the company plans to distribute cash dividends of RMB 0.27 per share (including tax). The company has already distributed interim cash dividends of RMB 0.123 per share (including tax). This time, the proposed year-end cash dividend is RMB 0.147 per share (including tax). During the reporting period, the company’s main products maintained stable production and high output. The internal matching rates for ore, alumina, and electrolytic aluminum were further optimized. Key energy consumption indicators such as综合交流电耗 for electrolytic aluminum and alumina comprehensive energy consumption continued to decrease, strengthening its cost-competitiveness.

New Urban Holding: 2025 net profit RMB 6.80 billion, down 9.61% year over year

New Urban Holding announced that in 2025, net profit attributable to shareholders of listed companies was RMB 6.80 billion, down 9.61% year over year; operating revenue was RMB 53.012 billion, down 40.44% year over year; total profit was RMB 2.075 billion, down 28.62% year over year; and net cash flow from operating activities was RMB 1.425 billion, down 5.79% year over year. As of the end of 2025, the company’s total assets were RMB 265.643 billion, and net assets attributable to shareholders of listed companies were RMB 61.598 billion. The asset-liability ratio was 70.81%. The company plans the following profit distribution plan for 2025: no cash dividend, no bonus shares, and no capitalization from capital reserves.

【Significant Contract Awards】

ST Weihai: Jointly won a RMB 221 million project for a digital smart agriculture industrial park

ST Weihai (002586) announced on March 27 that the consortium formed by the company (lead party), Fujian Taiyin Construction Engineering Co., Ltd., and Fujian Yucheng Architectural Design Co., Ltd. won the bid for the “China United Jin Di Hezhou Digital Smart Agriculture Industrial Park Project EPC General Contract (Section 2).” The project’s bid amount is RMB 221 million, accounting for 8.9% of the company’s total operating revenue in 2024.