Announcement Highlights | Sanhua Intelligent Controls' net profit is expected to increase by over 31% in 2025 | Ying Shi Innovation responds to DJI lawsuit

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（Source: Caixin）

WuXi AppTec’s net profit is expected to grow by 102.65% in 2025; Glodon’s net profit is expected to grow by 61.77% in 2025; Hu Green Biological invests 200 million yuan to establish Shouqing Factory.

Performance Reports

Dongmu Co., Ltd. (600114.SH): Plans to acquire a 34.75% stake in Shanghai Fuchi High-Tech Co., Ltd. through share issuance and cash payment, and raise supporting funds. The review is currently underway. Due to the large workload involved, the company’s original plan to disclose the 2025 annual report on March 28 will be postponed to April 21.

China World Trade (600007.SH): The company’s total operating revenue in 2025 is expected to be 3.77 billion yuan, down 3.63% year-on-year; net profit attributable to shareholders is expected to be 1.202 billion yuan, down 4.76% year-on-year.

Haitian Precision (601882.SH): Achieved operating revenue of 3.368 billion yuan in 2025, up 0.48%; net profit attributable to parent company is 429 million yuan, down 17.97%; basic earnings per share are 0.82 yuan. The company plans to pay a cash dividend of 3 yuan per 10 shares (tax included).

Jincai Internet (002530.SZ): Revenue in 2025 is expected to be 1.046 billion yuan, down 17.38%; net profit attributable to parent is 64.86 million yuan, compared to a loss of 9.1609 million yuan in the same period last year. The company plans to distribute a cash dividend of 0.26 yuan per 10 shares (tax included).

WuXi AppTec (603259.SH): The company’s revenue in 2025 is expected to be 45.456 billion yuan, up 15.84%; net profit attributable to shareholders is 19.151 billion yuan, up 102.65%. The company plans to pay a cash dividend of 15.7927 yuan per 10 shares (tax included), totaling about 4.712 billion yuan.

Fuxiang Pharmaceutical (300497.SZ): Estimated net profit attributable to shareholders for Q1 2026 is between 52 million and 75 million yuan, compared to 2.2388 million yuan in the same period last year, a year-on-year increase of 2222.67%-3250.01%. During the reporting period, benefiting from the continued improvement in the new energy industry, steady growth in power battery market demand, and rapid explosion of energy storage battery demand, upstream lithium battery materials demand has continued to rise. The company’s lithium battery electrolyte additive business is performing well, with core products like VC and FEC increasing in both volume and price, driving significant year-on-year growth.

YouboXun (300531.SZ): Estimated net profit attributable to shareholders in Q1 2026 is between 38 million and 48 million yuan, a year-on-year increase of 79.23%–126.40%. During the reporting period, the company’s main business continued to improve, with notable success in expanding overseas markets. Overseas revenue grew rapidly year-on-year, driving overall operational scale; simultaneously, product structure optimization and lean operation management were promoted, improving operational efficiency and profitability.

Glodon (002410.SZ): The company released a summary of its 2025 annual report, achieving revenue of 6.068 billion yuan, down 2.17% year-on-year; net profit attributable to shareholders was 405 million yuan, up 61.77%. The company plans to distribute a cash dividend of 2.3 yuan per 10 shares (tax included).

SanHua Zhikong (002050.SZ): In 2025, the company achieved revenue of 31.012 billion yuan, up 10.97%; net profit was 4.063 billion yuan, up 31.10%. The company plans to pay a cash dividend of 2.80 yuan per 10 shares (tax included).

Top Group (601689.SH): In 2025, the company achieved revenue of 29.581 billion yuan, up 11.21%; net profit attributable to shareholders was 2.779 billion yuan, down 7.38%. The company plans to distribute a cash dividend of 4.90 yuan per 10 shares (tax included), totaling about 852 million yuan.

External Investments

Sitaili (603520.SH): Plans to acquire a 20% stake in Jiangsu Ruishi Pharmaceutical Co., Ltd. held by Li Yongping for 10 million yuan. Ruishi Pharmaceutical has established deep cooperation with well-known domestic and international CDMO companies and leading original drug manufacturers. Its product line covers small molecule compounds, amino acids, and derivatives, aiming to provide stable, reliable high-quality materials for early drug development to submission stages, accelerating new drug development. This transaction will enhance the company’s CMO capacity and expand downstream customer base, improving overall competitiveness.

Luan Environmental Energy (601699.SH): Won the coal exploration rights for Sucun Block in Xiangyuan County, Shanxi Province, with a bid of 8.222 billion yuan. The exploration area covers 47.6467 square kilometers, with coal resources of 49.178 billion tons (including potential resources of 7.5686 billion tons). The block is adjacent to the company’s headquarters and near the Wuyang Coal Mine’s existing mining area, offering strategic advantages. Once converted to mining rights, it can be exploited through the existing production system of Wuyang Coal Mine, making it a long-term key resource.

Hu Green Biological (300970.SZ): Plans to sign an investment agreement with Wenshan City government to build a daily 50-ton fresh beef liver mushroom (Shouqing) factory in Wenshan, Yunnan Province, with a total investment of about 200 million yuan, covering approximately 220 acres, with an annual capacity of about 18,000 tons.

Changyuan Donggu (603950.SH): The company is planning to acquire 100% equity of Xiangyang Kanghao Mechanical and Electrical Engineering Co., Ltd., held by Hubei Xinyuan Power Technology Group, through share issuance and cash payment, and raise supporting funds. This transaction is expected to constitute a major asset restructuring and related-party transaction. The stock will be suspended from trading starting March 24, with an estimated suspension period of no more than 10 trading days.

Wande Kai (301309.SZ): The company is planning to acquire 100% equity of Jiangsu Zengrui Zhi Control Technology Co., Ltd. through share issuance and cash payment, and raise supporting funds. Due to the uncertainty of the matter, trading will be suspended from the market opening on March 24, 2026, for no more than 10 trading days to disclose the transaction plan. Initial potential counterparties include Orlando Precision Manufacturing Co., Ltd. and Li Ronghu. The transaction is not expected to constitute a related-party transaction or major asset restructuring, nor will it result in a change of control.

Rongjie Co., Ltd. (002192.SZ): The ninth board of directors approved several proposals, including the full acquisition of Lanzhou Rongjie Materials Technology Co., Ltd., with an investment of about 1.1 billion yuan to build an annual 50,000-ton high-performance lithium-ion battery anode material project.

Major Orders

Haitian Co., Ltd. (603759.SH): On March 23, 2026, signed a strategic cooperation framework agreement with Tongwei Solar Co., Ltd. The two parties will collaborate deeply in the field of photovoltaic cell slurry, including R&D and application of new slurry types such as HJT, TOPCon, and perovskite, and establish a joint R&D and intellectual property sharing mechanism. The agreement is valid until December 31, 2030. This cooperation aligns with the company’s green and low-carbon transformation strategy and is expected to positively impact future annual performance. Tongwei Solar is a leading global crystalline silicon solar cell manufacturer. Tongwei Co., Ltd. (600438.SH) owns 100% of Tongwei Solar.

Risk Alerts

Shaanxi Black Cat (601015.SH): The stock’s closing price deviation for three consecutive trading days on March 19, 20, and 23 reached 20%, indicating abnormal stock trading fluctuations. After self-inspection and verification with the controlling shareholder and actual controller, the company’s production and operations have not changed significantly, and there are no major undisclosed events or other incidents likely to impact the stock price.

SanFangXiang (600370.SH): The stock’s closing price deviation for three consecutive trading days on March 19, 20, and 23 exceeded 20%, indicating abnormal trading fluctuations. The company’s controlling shareholder SanFangXiang Group Co., Ltd. and its concerted action partner Jiangsu SanFangXiang International Trade Co., Ltd. have all pledged and judicially frozen their shares.

Legal Investigation

ST Jinggu (600265.SH): Recently received a “Case Filing Notice” from Tang County Public Security Bureau in Hebei Province. The company’s former controlling subsidiary, Tang County Huiyin Wood Industry Co., Ltd. (“Huiyin Wood”), whose actual controller was Cui Huijun, is involved in a contract fraud case and has been filed by the police. The company completed a major asset restructuring in 2023 by acquiring 51% of Huiyin Wood. During the acquisition, Cui Huijun and Wang Lincun, as information disclosure obligors, failed to truthfully disclose their use of Huiyin Wood for private lending, concealing the existence of substantial private loans. To mitigate risks, the company transferred its 51% stake in Huiyin Wood in December 2025, removing it from the consolidated scope. The impact of this case on the company remains uncertain.

Listing Information

Naru Radar (688522.SH): The board agreed to terminate the company’s plan to acquire 100% of Tianjin Sigmar Microelectronics Technology Co., Ltd. through share issuance and cash payment, and to withdraw the application documents. The management is authorized to handle all matters related to this termination.

*ST Likuang (Rights Protection) (300344.SZ): On March 23, 2026, the Shenzhen Stock Exchange announced the termination of the company’s stock listing. The stock will resume trading on March 31, 2026, and enter the delisting risk warning period, with the last trading day expected to be April 21, 2026.

Shareholding Changes

Yongguan New Materials (603681.SH): The controlling shareholder and actual controller, Lü Xinmin, plans to increase holdings of A-shares by at least 50 million yuan and no more than 100 million yuan within six months from the disclosure date through centralized bidding.

Others

Yingshi Innovation (688775.SH): Media reports indicate DJI has filed a lawsuit in Shenzhen Intermediate People’s Court involving six patent ownership disputes, with several former DJI R&D personnel involved. As of now, the company has not received related litigation materials. Internal review shows involved employees left DJI within a year before joining the company, and the patent applications they submitted as inventors were independently developed during their tenure, with legal and compliant R&D processes. The company emphasizes that the patents do not disclose inventors’ names in accordance with legal procedures, and these patents are not core or major patents, so they are unlikely to significantly impact the company’s operations, finances, or future development. The company will continue to monitor the case and fulfill disclosure obligations as required.

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