Key A-Share Announcements | Moore Threads (688795.SH): New Products and Architectures Under R&D; Commercialization and Revenue Generation Will Take Time

**Key Highlights**

1. **Moore Threads (688795.SH)** stated that its stock price has risen significantly, outpacing relevant indices, and warned of potential short-term correction risks. The company will soon hold its inaugural MUSA Developer Conference, though this event is unlikely to materially impact near-term financial performance. Its new products, still in development, have yet to generate revenue, as commercialization requires certification, client onboarding, and mass production—all subject to uncertainties. Failure to gain market competitiveness, technological delays, weaker-than-expected demand, client attrition, or production hurdles could adversely affect operations and finances. While Moore Threads continues heavy R&D investment and product iteration under its self-developed MUSA architecture, it acknowledges gaps versus global peers in R&D capabilities, core technology, and client ecosystems. Mass production and revenue realization remain distant.

2. **Landun Photoelectron (300862.SZ)** announced the termination of its agreement to acquire partial equity in StarThink Semiconductor, with no transaction completed or payments made.

3. **Apeloa Pharmaceutical** disclosed that its subsidiary obtained a food production license for *Cordyceps militaris* mycelium powder, classified as a health food product.

4. **CATARC Automotive Testing (301215.SZ)** confirmed the Shenzhen Stock Exchange’s acceptance of its convertible bond application, pending further regulatory approvals.

5. **Bairui Medical** reported that its subsidiary secured approval for China’s first collagen fiber dermal filler (for cheek augmentation) from the NMPA.

6. **Sinopharm Modern (600420.SH)** subsidiary received NMPA approval for bumetanide injection, used to treat edema, hypertension, and acute kidney injury prevention.

7. **Chongqing Rural Commercial Bank (601077.SH)** announced regulatory approval for three non-executive directors’ appointments.

8. **Changshan Pharma (300255.SZ)** obtained Turkmenistan registration for its heparin sodium injection, an anticoagulant for thrombosis and dialysis.

9. **Yipinhong Pharmaceutical (300723.SZ)** subsidiary was granted NMPA approval for levofloxacin oral solution, treating bacterial infections in adults.

10. **Sunshine Lake Pharma (688621.SH)** plans to invest RMB 20 million for a 2.04% stake in Biling Biotech, a nanodrug R&D firm.

**Operational Updates** - **Huazhong Agriculture (002840.SZ)**: November hog sales rose 23.09% YoY to 247,400 heads, though revenue fell 16.27% YoY to RMB 344 million. Average selling price edged up 0.88% MoM to RMB 11.50/kg. Poultry sales dropped 27.4% YoY, dragging revenue down 32.24%.

**Shareholder Actions** - **Sunshine Dairy (001318.SZ)**: Major shareholder Nanchang Zhihe plans to sell up to 3% (8.48 million shares) via block and bulk trading.

**Contract Wins** - **Shaanxi Construction (600248.SH)**: Secured five major projects totaling RMB 3.91 billion across construction, EPC, logistics, and ecological sectors. - **Yabo Group (002323.SZ)**: Subsidiary won RMB 7.29 million in photovoltaic contracts, equal to 2.13% of 2024 revenue. - **Golden Wisdom Tech (002090.SZ)**: Won RMB 76.17 million in State Grid and prison IT projects, accounting for 4.3% of 2024 revenue.