**Trading Alerts** Investors are advised to consult Jin Qilin analyst reports for authoritative, professional, timely, and comprehensive analysis to uncover potential thematic opportunities! **【Trading Halts】** 601969 Hainan Mining **【Trading Resumptions】** 600499 Kedu Manufacturing **【Major Corporate Announcements】** Chihong Zinc & Germanium announced plans to inject 3.3 billion yuan in capital into its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., using its own funds. The capital infusion is primarily designated for repaying internal loans, supplementing working capital, and funding lead-zinc smelting project construction. This capital increase has been approved by the company's board of directors and does not require shareholder meeting approval. Post-injection, Hulunbuir Chihong's registered capital will rise to 3.515 billion yuan. This move will not alter the scope of the company's consolidated financial statements, is not expected to negatively impact the company's overall operating cash flow, and will have no direct effect on its asset-liability ratio or profits.
Yuguang Gold Lead, having seen its stock price hit the upward limit for four consecutive sessions, issued a volatility announcement stating that the future trajectory of silver prices—whether they will continue to rise or remain elevated—is uncertain. The company's stock price experienced significant increases over six consecutive trading days from January 21 to January 28, 2026, accumulating a gain of 59.52%. Operating in the non-ferrous metal smelting sector with a relatively low self-sufficiency rate in raw materials, the company's profitability is susceptible to fluctuations in non-ferrous metal prices. While the price of its silver product has risen substantially recently, the sustainability of these high prices is unclear; a future decline in silver prices could adversely affect the company's performance. Investors are urged to invest rationally and be mindful of risks.
Changjiang Investment announced an estimated net loss of 30 million to 45 million yuan for 2025, indicating that its stock may be subject to a delisting risk warning. The company forecasts an annual profit margin for 2025 ranging from -20 million to -30 million yuan, with a net loss of 30 million to 45 million yuan. After deducting non-recurring gains and losses, the net loss is projected to be between 33 million and 48 million yuan. Revenue is estimated between 1.8 billion and 2.2 billion yuan, while revenue after excluding business income unrelated to its main operations and income lacking commercial substance is projected between 1.79 billion and 2.19 billion yuan, falling below the 3 billion yuan threshold. According to the Shanghai Stock Exchange Listing Rules, the company's stock may face a delisting risk warning (*ST). If this condition is triggered, trading of the company's stock will be halted starting from the date of the annual report disclosure, and the Shanghai Stock Exchange will impose the delisting risk warning within five trading days after the halt. The company cautions investors to be aware of the investment risks.
Kechuan Technology, with its stock hitting the upward limit for two consecutive sessions, disclosed in a volatility announcement that its main business involves the design, R&D, production, and sales of functional devices. As of the announcement date, its wholly-owned subsidiary, Kechuan Photonics Technology (Suzhou) Co., Ltd., has not yet generated any revenue and does not constitute a significant impact on the company's current revenue. Preliminary financial department estimates indicate an expected net profit attributable to shareholders of 13 million to 18 million yuan for 2025, representing a decrease of 72.90% to 80.42% compared to the same period last year.
Hainan Mining announced that it is planning to acquire a controlling stake in Luoyang Fengrui Fluoride Industry Co., Ltd. through a combination of share issuance and cash payment, alongside raising supporting funds. Consequently, the company's stock will be halted from trading. As details such as the audit and valuation of the target company, transaction amount, and the ratio of share issuance to cash payment are still undetermined, it remains unclear whether this transaction will constitute a major asset restructuring or a connected transaction. Trading of the company's shares will be suspended starting January 29, 2026, with an expected halt not exceeding ten trading days.
Chifeng Gold announced that the cumulative increase in the market price of its gold products is significant and is expected to have a certain impact on its operating performance. The company's stock price deviated by more than 20% over three consecutive trading days, constituting an abnormal trading volatility scenario. Its primary business is gold mining and processing, and currently, internal production and operational order are normal, with no significant changes in the internal or external operating environment. The recent substantial cumulative rise in the market price of its gold products is anticipated to influence the company's operational results.
Jinhui股份, after three consecutive limit-up sessions, issued a stock trading risk提示公告 clarifying that revenue from its silver products constitutes a relatively low proportion of its total operating revenue. For the first three quarters of 2025, the company reported total operating revenue of 1.18 billion yuan. Revenue from sales of lead concentrate (containing silver) was 382 million yuan, accounting for 32.37% of total revenue, while revenue from silver sales was 147 million yuan, representing 12.46% of operating revenue.
Western Gold issued a stock trading abnormal fluctuation announcement, noting the current high market热度 for gold and stating that gold mining and smelting are one of the company's main business operations.
Gehua Cable announced its intention to invest 100 million yuan to subscribe to a private equity fund focused on investments within the intelligent robotics industry chain. Acting as a limited partner, the company will use its own funds to subscribe to the Shunxin Embodied Intelligent Robotics Equity Investment Fund (Limited Partnership), initiated and managed by Zhongbing Shunjing Equity Investment Management Co., Ltd. as the general partner. This investment represents 5% of the fund's total committed capital. The fund's focus on the intelligent robotics industry chain is expected to foster synergy between embodied intelligence and the company's broadcasting business, strengthen technological integration and ecological cooperation in its main operations, empower future development, and generate reasonable investment returns, aligning with the company's growth and shareholder interests.
Kedu Manufacturing announced plans to acquire a 51.55% stake in Guangdong Tefu International Holding Co., Ltd. through a combination of share issuance and cash payment, and to raise supporting funds by issuing shares to no more than 35 specific investors. Upon completion of the transaction, the listed company will hold a 100% stake in Tefu International. In accordance with relevant Shanghai Stock Exchange regulations, the company's A-shares will resume trading starting January 29, 2026.
Haixin Food announced that it has successfully entered the retail channel of Sam's Club and launched customized products. Such collaborations are beneficial for enhancing brand image and product added value. Currently, the related business is in its early developmental stages. The company will actively seize channel opportunities, although volume growth and profitability realization from new channels require time. Moving forward, the company will deepen cooperation with leading retailers, explore more customized, high-quality product lines, and optimize its supply chain to meet their requirements for efficient turnover.
Shangwei New Materials issued a stock trading risk提示公告 stating that its embodied intelligent robotics business is currently in the R&D stage with prototype output,处于宣发初期. The journey from new product R&D to achieving mass production involves a certain周期 and validation processes. The ultimate success of product development, product launch timing, and post-launch market reception all carry uncertainties. Risks include slowed R&D progress, changes in the market environment, intensified competition, and insufficient market promotion and customer acquisition, which could lead to product benefits falling short of expectations. The company cannot yet predict the impact on its 2026 revenue and profitability. While the company's fundamental operations have not undergone significant changes, its stock price has accumulated substantial gains since July 2025, repeatedly triggering abnormal and severe abnormal volatility alerts. The company has already conducted two trading halts for verification related to these stock price movements. The current stock price is severely detached from its fundamental value. If the stock price rises further, the company may apply for another trading halt for verification. **【Performance Review】** Xiechuang Data announced that its 2025 net profit is forecasted to increase by 52% to 81% year-on-year. The company expects a net profit attributable to shareholders of 1.05 billion to 1.25 billion yuan for 2025, representing growth of 51.78% to 80.69% compared to the previous year.
Industrial Fulian announced an estimated net profit for 2025 between 35.1 billion and 35.7 billion yuan, a year-on-year increase of 51% to 54%. The company forecasts annual net profit attributable to母公司 owners for 2025 in the range of 35.1 billion to 35.7 billion yuan, an increase of 11.9 billion to 12.5 billion yuan from the same period last year.
Mingyang Smart Energy announced that its 2025 net profit is预计 to increase by 131.14% to 188.92% year-on-year. The company expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025. During the reporting period, the scale of wind turbine deliveries and sales revenue achieved significant year-on-year growth, while cost-reduction and efficiency-enhancement measures gradually showed results, leading to an improvement in the gross profit margin for wind turbines and配件.
iFlytek announced that its 2025 net profit is预计 to increase by 40% to 70% year-on-year. The company expects a net profit attributable to shareholders of 785 million to 950 million yuan for 2025.
Yongshan Lithium announced an estimated net loss for 2025 between 310 million and 390 million yuan. The company forecasts a net loss attributable to shareholders of 310 million to 390 million yuan for 2025, compared to a profit of 25.4216 million yuan in the same period last year.
Hunan Silver announced that its 2025 net profit is预计 to increase by 67.88% to 126.78% year-on-year, driven by increases in both the production volume and price of silver and gold. The company expects a net profit attributable to shareholders of 285 million to 385 million yuan for 2025. The performance growth is primarily attributed to the company's focus on its main business, advancement of refined management and technical upgrades, leading to improvements in production technology and economic indicators. Simultaneously, silver and gold production volumes increased significantly, coupled with an overall upward trend in market prices, resulting in higher sales prices.
Honghe Technology announced that its 2025 net profit is预计 to increase by 745% to 889% year-on-year, due to increased market demand for electronic-grade glass fiber cloth. The company expects a net profit attributable to shareholders of 193 million to 226 million yuan for 2025. In 2025, end-market demand increased influenced by the rapid growth in AI demand, leading to higher market demand for electronic-grade glass fiber cloth. The company's product selling prices rose due to market demand, resulting in rapid growth in net profit.
Zhongtian Rocket announced an estimated net loss for 2025 between 95 million and 115 million yuan, a turnaround to loss compared to the previous year. The company expects a net loss attributable to shareholders of 95 million to 115 million yuan for 2025, compared to a profit of 19.5662 million yuan in the same period last year. The performance change is mainly due to its carbon/carbon thermal field materials business being affected by intensified competition in the photovoltaic industry, leading to lower sales prices, combined with provisions for inventory depreciation and fixed asset impairment. Additionally, market expansion and sales progress for its intelligent weighing systems and measurement and control system integration products fell short of expectations.
Zotye Auto announced an estimated net loss for 2025 between 281 million and 417 million yuan. The company expects a net loss attributable to shareholders of 281 million to 417 million yuan for 2025, compared to a loss of 1 billion yuan in the same period last year. The loss is primarily due to the vehicle manufacturing segment being largely idle because of historical issues, while the company still incurs necessary rigid fixed expenses such as administrative and financial costs to maintain its basic framework and advance work towards resuming production. **【Shareholding Changes】** Huaguang Power announced that its controlling shareholder, Wuxi Guolian Development (Group) Co., Ltd., plans to reduce its shareholding by up to 1% due to strategic development needs. The reduction will be carried out through centralized bidding, involving no more than 9.5596 million shares, representing 1.00% of the company's total share capital. The reduction period is from March 2, 2026, to June 1, 2026.
Bozhong Precision Technology announced that its shareholder, Tianjin Xinke Hongchuang Equity Investment Partnership, plans to reduce its shareholding by up to 1% due to its own capital requirements. The shareholder, holding more than 5% of shares, intends to reduce its holding by no more than 4.4665 million shares via centralized bidding, representing no more than 1% of the total share capital. The reduction period is from February 27, 2026, to May 26, 2026. The shares to be reduced were originally acquired through a协议转让. **【Major Contracts】** *ST Songfa announced that its subsidiary has signed a shipbuilding contract for container vessels valued between 3.4 and 4 billion yuan. The company's subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed a contract with Shanghai Zhonggu Logistics Co., Ltd. for the construction of 4+2 6000TEU container vessels. The total contract value is approximately 3.4 to 4 billion yuan. The delivery schedule stipulates successive deliveries starting in 2028. This transaction does not constitute a connected transaction and does not require approval from the company's board of directors or shareholders' meeting.
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