Northern Rare Earth: Net profit for 2025 is expected to increase by 117%-135% year-on-year, driven by the year-on-year growth in production and sales of rare earth metals and rare earth permanent magnet motors.
Today's Focus
[Dingxin Communication: Director and Deputy General Manager Yuan Zhishuang is under investigation by the CSRC for suspected short-term trading of company shares.]
Dingxin Communication (603421.SH) announced that Yuan Zhishuang, a director and deputy general manager of the company, has received a 'Notice of Investigation' from the China Securities Regulatory Commission (CSRC). Due to suspected short-term trading of the company's shares, the CSRC has decided to initiate an investigation against him.
[Northern Rare Earth: 2025 net profit forecasted to increase by 117%-135% YoY; output and sales volume of rare earth metals and rare earth permanent magnet motors grow year-on-year.]
Northern Rare Earth (600111.SH) released its 2025 earnings forecast, predicting that net profit attributable to shareholders will reach RMB 2.176 billion to RMB 2.356 billion, representing an increase of 116.67% to 134.60% compared to the same period last year. In terms of production and marketing, the company achieved, for the first time in recent years, annual sales exceeding production for lanthanum and cerium products, with significant progress in reducing inventory. The company’s main products, including smelting separation, rare earth metals, functional rare earth materials, and rare earth permanent magnet motors, have seen varying degrees of growth in output and sales, providing energy-saving and carbon-reducing rare earth material solutions for the development of industries such as new energy. Regarding industrial system construction, mergers and acquisitions, joint ventures, and capacity expansion projects across the rare earth metal, magnetic alloy, magnet body, and secondary resource utilization supply chains are progressing efficiently. Several projects, including the Phase I project of the Northern Magnetic Materials’ 50,000-ton magnetic alloy facility and the Northern Zhaobao’s 3,000-ton magnet body project, have been completed and put into operation. Some research and development achievements have been scaled up for mass production, further improving the company’s production efficiency, consolidating its core competitive advantages, and enhancing value creation along the industrial chain.
[Deppon Logistics: Stock to be suspended on January 21, 2026; cash option rights record date set for February 6.]
Deppon Co., Ltd. (603056.SH) announced that the company’s shares will be suspended from trading starting at the opening of the market on January 21, 2026 (Wednesday), which is the next trading day after the record date for the shareholders’ meeting. Trading will remain suspended until the Shanghai Stock Exchange delists the shares within five trading days following the announcement of the delisting decision. Investors may continue normal trading of the company’s shares on January 19, 2026 (Monday) and January 20, 2026 (Tuesday). If the delisting proposal is not approved by the shareholders’ meeting, the company will apply to the Shanghai Stock Exchange for resumption of trading from the date of the shareholders’ resolution announcement (January 30, 2026). The tentative record date for this cash alternative right is February 6, 2026.
[Sweaver Advanced Materials: Chairman Peng Zhihui never held any role or exerted influence during the R&D process.]
Sweaver Advanced Materials (688585.SH) announced that it had received regulatory inquiry letters from the Shanghai Securities Regulatory Bureau and the Shanghai Stock Exchange. In response, the company stated that Peng Zhihui, as chairman of the board, is one of three external directors. His participation in promotional activities is part of his duties as a representative of the company, which is entirely separate from the company's R&D activities. Considering that Peng Zhihui concurrently holds a position at the related party Zhiyuan Robotics, to prevent market misunderstandings regarding his different roles, he will adopt a cautious approach in external communications and marketing activities, ensuring compliance with corporate governance requirements. In summary, Peng Zhihui, as chairman, strictly exercises his authority in accordance with laws, regulations, and the company’s articles of association, has not participated in specific R&D work, and his market promotion activities are isolated from R&D operations, thus avoiding any violation of commitments concerning the independence of listed companies.
[Biwin Storage: Investors are advised to continuously monitor the sustainability of AI investments and cyclical changes in the storage industry; current storage prices are at historical highs.]
Biwin Storage (688525.SH) announced that the cumulative deviation of daily closing price increases over three consecutive trading days exceeded 30%, constituting an abnormal stock price fluctuation. After internal review, the market is paying close attention to the super-cycle in storage, and there indeed exists tight supply and demand alongside rising prices in the current storage market. Additionally, the company is actively advancing its advanced packaging business, with ongoing smooth progress in relevant projects. Apart from this, no media reports or market rumors that could significantly impact the company's stock price were identified. The company’s wafer-level advanced packaging manufacturing project is still in the sampling and verification phase, and the progress of the advanced packaging business may fall short of expectations in the future. Investors are reminded to be mindful of investment risks. Investors are advised to continuously monitor the sustainability of AI investments and cyclical changes in the storage industry. Given that current storage prices are at historical highs, investors are once again reminded to take note of investment risks.
[Shimao Energy: Termination of planning for change of control; stock to resume trading on January 19.]
Shimao Energy (605028.SH) announced that the company's controlling shareholder, Shimao Investment, and the actual controller held extensive communication and deliberation with the counterparty regarding the planning of the control rights change. However, as both parties failed to reach a consensus on certain key terms, they decided to terminate the planning of this control rights change. The company’s shares will resume trading from January 19, 2026. Currently, all business operations of the company are proceeding normally, and terminating the planning of this control rights change will not have any material adverse impact on the company’s operating performance or financial condition.
Cambridge Technology's net profit for 2025 is projected to increase by 51%-67% year-on-year. Orders and shipments in the high-speed optical module business have significantly grown compared to the same period last year, but Q4 performance fell below expectations.
Cambridge Technology (603083.SH) announced that the company expects its net profit attributable to shareholders of the listed company for the fiscal year 2025 to be between RMB 252 million and RMB 278 million, representing a year-over-year increase of 51.19% to 66.79%. The sustained growth in this period's performance is primarily driven by the synergistic development of the company's three core businesses—high-speed optical modules, broadband access, and wireless access. Among these, the high-speed optical module business has benefited from robust market demand driven by advancements in artificial intelligence and accelerated global data center construction. Additionally, the company's continuous capacity expansion efforts—including the commissioning of its Jiashan new production base, ramp-up of production capacity at its Malaysia base, and planned expansions of domestic and international facilities—have led to significant year-over-year growth in order volume and shipment quantities. Meanwhile, the company has been actively advancing product technology iterations and structural optimization, with a notable increase in the proportion of high-speed, high-margin products, further improving overall sales gross margin. The broadband access and wireless access businesses, supported by stable customer relationships and competitive product offerings, have maintained steady growth in shipment volumes and values, providing solid support for the company’s financial performance.
Montage Technology: Net profit for 2025 is forecasted to rise by 52%-66% year-on-year due to a substantial increase in interconnect chip shipments.
Montage Technology (688008.SH) announced that its estimated net profit attributable to parent company shareholders for the fiscal year 2025 will range from RMB 2.15 billion to RMB 2.35 billion, representing an increase of 52.29% to 66.46% compared to the same period last year. The net profit attributable to parent company shareholders, excluding non-recurring gains and losses, is expected to reach RMB 1.92 billion to RMB 2.12 billion, reflecting a year-on-year growth of 53.81% to 69.83%. Benefiting from AI industry trends and robust market demand, the company has seen a significant rise in interconnect chip shipments, driving substantial growth in operating performance for 2025 compared to the previous year.
Huatian Hotel: The controlling shareholder is planning a merger and reorganization, with the actual controller expected to change to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission.
Huatian Hotel (000428.SZ) announced that its controlling shareholder, Hunan Tourism Development Investment Group Co., Ltd., is planning a merger and reorganization. The reorganization plan has not yet been finalized. This matter does not involve a major asset restructuring of the company and will not have a significant impact on corporate governance or production and operations. However, it may involve a change in the company's controlling shareholder. The actual controller will be changed from the Hunan Provincial People's Government State-owned Assets Supervision and Administration Commission to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission.
Jianda Shares expects a net loss of RMB 1.2 billion to RMB 1.5 billion for 2025, with Q4 results significantly below expectations.
Jianda Shares (002865.SZ) released its 2025 financial performance forecast, projecting a net loss attributable to shareholders of listed companies between RMB 1.2 billion and RMB 1.5 billion. Global photovoltaic installations continued their strong growth trend, with particularly high demand for photovoltaic cells in overseas markets. However, ongoing imbalances in industry supply and demand, coupled with challenges in price transmission along the main industrial chain, placed operational pressure on the company, resulting in a temporary loss. Additionally, adhering to the principle of prudence, the company plans to make provisions for asset impairment, which will impact this period’s performance. During the reporting period, despite facing cyclical industry adjustments, the company steadfastly advanced its global development strategy, with overseas sales exceeding 50% and establishing itself as a core supplier of photovoltaic cells in overseas regions. The company is simultaneously promoting the localization of overseas production capacity.
Jinpeng Titanium Industry’s wholly-owned subsidiary, Xuzhou Titanium White, has suspended production due to a contract dispute with a supplier, resulting in the sequential seizure of its properties.
Jinpeng Titanium Industry (000545.SZ) announced that the prices of titanium dioxide products have continued to decline, leaving the company in a prolonged state of losses. To reduce operating costs, the company decided to cut production, leading to the shutdown of its wholly-owned subsidiary, Xuzhou Titanium White. Xuzhou Titanium White has an annual production capacity of 80,000 tons, accounting for 50% of the company’s total titanium dioxide production capacity. This suspension is expected to significantly impact the company’s revenue in 2026. In another announcement on the same day, Jinpeng Titanium Industry stated that Xuzhou Titanium White’s properties were sequentially seized due to a contract dispute with a supplier. The book value of the involved properties is RMB 146 million, representing 10.45% of the company’s audited net assets for 2024. This sequential seizure primarily arose from a contractual dispute between Xuzhou Titanium White and a supplier, who initiated litigation preservation measures. The total amount involved in the lawsuit is RMB 12.8537 million.
Zhongji Xuchuang: The largest shareholder, Zhongji Holdings, cumulatively reduced its holdings by 5.5 million shares between November 20, 2025, and January 15, 2026. This reduction plan has now been fully implemented.
Zhongji Xuchuang (300308.SZ) announced that Shandong Zhongji Investment Holdings Co., Ltd., the company’s controlling shareholder, reduced its holdings by 5.5 million shares through block trading between November 20, 2025, and January 15, 2026, representing 0.49% of the company’s total share capital. This reduction plan has now been fully executed.
[Changxin Bochuang: Net profit in 2025 expected to increase by 344%-413% year-on-year, with steady growth in data communication-related product revenue]
Changxin Bochuang (300548.SZ) released its 2025 annual performance forecast, expecting net profit attributable to shareholders of the listed company to be between RMB 320 million and RMB 370 million, representing a year-on-year increase of 344.01%-413.39%. During the reporting period, the demand for computing power driven by new-generation information technologies such as cloud computing, artificial intelligence, and big data propelled rapid development in the data communication market, driving steady growth in the company's data communication-related product revenue, which in turn boosted net profit growth. Additionally, the performance of the company's controlling subsidiary, Changxin Sheng, increased significantly year-on-year. Meanwhile, through the acquisition of an additional 18.16% equity interest held by minority shareholders of Changxin Sheng, the company increased its ownership stake in Changxin Sheng from 42.29% to 60.45%. The increase in shareholding proportion contributed to corresponding growth in net profit attributable to shareholders of the listed company.
[Shenghong Technology: Net profit in 2025 expected to increase by 260%-295% year-on-year; multiple high-end products in AI computing power and data center fields have achieved large-scale mass production, but Q4 results fell below expectations]
Shenghong Technology (300476.SZ) released its 2025 annual performance forecast, expecting net profit attributable to shareholders of the listed company to be between RMB 4.16 billion and RMB 4.56 billion, representing a year-on-year increase of 260.35%-295%. In 2025, the company accurately seized historical opportunities brought by technological innovation in AI computing power and upgrades in data centers, continuously consolidating its leading position in technology within the global PCB manufacturing sector. With the sustained expansion of global AI infrastructure and computing power demand, the company has become a core partner for numerous leading technology enterprises at home and abroad. In key areas such as AI computing power, data centers, and high-performance computing, multiple high-end products have achieved large-scale mass production, driving the product mix towards higher value and greater technical complexity, significantly increasing the proportion of high-end products, and propelling rapid growth in the company’s performance.
[Jiangbo Long: Fourth, fifth, and sixth largest shareholders among five shareholders plan to collectively conduct a price inquiry transfer of 3% of the company’s shares]
Jiangbo Long (301308.SZ) announced that shareholders Longxi No. 1 Self-Funded Investment Partnership Enterprise (referred to as “Longxi No. 1”), Ningbo Longyi Self-Funded Investment Partnership Enterprise (referred to as “Longxi No. 2”), Ningbo Longxi No. 3 Self-Funded Investment Partnership Enterprise (referred to as “Longxi No. 3”), Ningbo Longjian Self-Funded Investment Partnership Enterprise (referred to as “Longjian Management”), and Ningbo Longxi No. 5 Self-Funded Investment Partnership Enterprise (referred to as “Longxi No. 5”) plan to collectively transfer 12,574,400 shares of the company via a price inquiry transfer method, representing 3.00% of the company’s total share capital.
[Xinhai New Materials: Plans cash acquisition of 51% stake in Hairete]
Xinhai New Materials (301076.SZ) announced that it plans to acquire 51% of the equity in Tangyuan Hairete Engineering Plastics Co., Ltd. through a cash transaction. After the acquisition, Hairete will become a controlled subsidiary of the company. The transaction price is RMB 12.8826 million. This transaction does not involve related-party transactions or constitute a major asset restructuring. According to the announcement, Hairete primarily engages in the research, development, production, and sales of polyether ether ketone (PEEK) specialty resins and polyaryletherketone (PAEK) low-melting-point specialty resins and their modified resin formulations as a high-tech enterprise. Hairete has formed an industrial production capacity of over 200 tons per year of high-quality PEEK resins and PAEK low-melting-point resins.
Shareholding Increase/Decrease & Buybacks
[Chengdu Pioneer: Shareholder Shenzhen Jun Tian plans to reduce holdings by up to 2.51%]
Chengdu Pioneer (688222.SH) announced that shareholder Shenzhen Jun Tian Investment Enterprise (Limited Partnership) plans to reduce its holdings in the company by no more than 10,067,800 shares through centralized bidding and block trading, representing 2.51% of the company’s total share capital. The reason for the reduction is due to its own financial needs and arrangements. The reduction period is from January 22, 2026, to April 21, 2026, and the source of the shares is pre-IPO holdings.
Wen’s Industrial Co., Ltd.: Actual controller Wen Pengcheng plans to reduce holdings by no more than 21 million shares.
Wen's Shareholding (300498.SZ) announced that Wen Pengcheng, one of the company’s actual controllers, plans to reduce holdings by no more than 21 million shares, accounting for 0.3160% of the company’s total share capital, including transferring up to 18.5 million shares (accounting for 0.2784% of the total share capital) via block trading to the actual controller and close relatives.
Yuexiu Capital: Plans to sell no more than 1.00% of CITIC Securities’ total share capital.
Yuexiu Capital (000987.SZ) announced that the company and its controlled subsidiaries plan to sell up to 1.00% of CITIC Securities' total shares through the secondary market. The authorization period is from the date of approval by the board of directors until December 31, 2026. This transaction falls within the decision-making authority of the company's board of directors and does not require submission to the shareholders' meeting for review.
Operations & Performance
China First Heavy Industries: Estimated net loss of 310 million to 460 million yuan for 2025.
China First Heavy Industries (601106.SH) announced that the estimated net profit attributable to parent company shareholders for 2025 is between -310 million and -460 million yuan. The figure for the same period last year was -3.736 billion yuan, indicating a significant narrowing of losses this year. The change in performance is mainly due to operating losses at some subsidiaries and provisions for internal retirement benefits, among other factors. Although profitability has not been reversed, improved performance in the power station casting and forging segment, as well as the nuclear power sector, along with investment gains from the sale of wind farms by a controlling subsidiary, led to a substantial reduction in losses.
KSTAR: Net profit for 2025 is expected to increase by 52.21%-67.43% year-on-year.
KSTAR (002518.SZ) released its 2025 earnings forecast, estimating net profit attributable to shareholders of the listed company to be between 600 million and 660 million yuan, representing an increase of 52.21%-67.43% compared to the same period last year. During the reporting period, the company developed its 'Data Center + New Energy' business, with orders and shipments for both segments continuing to rise. The data center benefited from a new wave of infrastructure development, while the new energy business rebounded into a growth channel driven by recovering demand in the European market and expanding emerging markets, propelling overall performance growth.
JAC Motors: Estimated net loss of approximately 1.68 billion yuan for 2025.
JAC Motors (600418.SH) released its 2025 earnings forecast, estimating a net loss attributable to parent company shareholders of approximately 1.68 billion yuan, compared to a loss of 1.784 billion yuan for the same period last year. During the reporting period, affected by complex international situations and intensified competition in overseas markets, the company's export business declined. Additionally, the operating losses of the joint venture Volkswagen Anhui resulted in the company recognizing investment losses of approximately -1.08 billion yuan, weighing down overall profitability.
Gangyan Gaona: Net profit for 2025 is expected to decrease by 61.79%-73.86% year-on-year.
Gangyan Gaona (300034.SZ) announced that estimated net profit for 2025 is between 65 million and 95 million yuan, representing a year-on-year decline of 61.79%-73.86%. During the reporting period, there were significant adjustments in customer demand structure, fierce competition for some products, and continuous price declines, further squeezing the company’s gross profit margin, resulting in a substantial year-on-year drop in profits.
Contracts & Project Bids
XGIMI Technology: Its wholly-owned subsidiary, Yibin XGIMI, has received a development定点 notice from a well-known domestic automobile manufacturer.
XGIMI Technology (688696.SH) announced that its wholly-owned subsidiary, Yibin XGIMI Optoelectronics Co., Ltd., has received a second development定点notification from a well-known domestic automobile manufacturer. Yibin XGIMI will become the supplier of in-car projection systems for a specific model of this client. This定点is a direct outcome of the company's 'quality enhancement and efficiency improvement' strategy and aligns with its long-term development plan for automotive business. It is expected that this project will not have a significant impact on the company’s operating performance for the current year, but it will positively affect its operating performance over the lifecycle of the project.
Financing & Private Placements
Chengtian Weiye: Plans to increase capital by no more than 800 million yuan for the industrialization project of liquid cooling systems, semiconductor packaging material expansion projects, etc.
Chengtian Weiye (300689.SZ) announced that the company plans to issue shares to specific investors to raise no more than 800 million yuan for the industrialization project of liquid cooling systems, semiconductor packaging material expansion projects, liquid cooling research and development center, group informatization construction projects, and replenishment of working capital.
Others
Wanhua Chemical: The Phase II MDI facility at Ningbo Industrial Park resumes production.
Wanhua Chemical (600309.SH) announced that the Phase II MDI plant (with an annual capacity of 1 million tons) of its wholly-owned subsidiary, Wanhua Chemical (Ningbo) Co., Ltd., commenced a shutdown for maintenance on November 15, 2025. As of now, the maintenance has been completed, and normal production has resumed.
Lianhuan Pharmaceuticals: Receives clinical trial approval notice for LH-2417 Tablets, a Class 2 improved new drug.
Lianhuan Pharmaceuticals (600513.SH) announced that the company recently received the 'Clinical Trial Approval Notice' issued by the National Medical Products Administration for LH-2417 Tablets, a Class 2 improved new drug, and will initiate clinical trials shortly. This medication is intended for the initial treatment of symptoms associated with benign prostatic hyperplasia in men with enlarged prostates. As of the announcement date, the company's cumulative R&D investment amounted to approximately 1.3678 million yuan. Due to the lengthy R&D cycle for improved new drugs and the extended period from development to production, which are subject to uncertainties, it is expected that this will not significantly impact the company’s revenue or operating performance in the short term.
Joyson Electronics: ABC Investment plans to inject 1 billion yuan into its holding subsidiary Anhui Joyson Safety Systems.
Joyson Electronics (600699.SH) announced that ABC Investment plans to inject 1 billion yuan into the company’s holding subsidiary, Anhui Joyson Safety. After the capital increase, ABC Investment will hold approximately 4.81% of Anhui Joyson Safety’s equity. The proceeds from the capital increase will primarily be used to repay shareholder loans provided by the company, which will then be utilized to pay down the company’s existing bank loans, thereby reducing overall debt levels.
