Latest update on major announcements from Shanghai and Shenzhen listed companies on the evening of March 10

Shanghai and Shenzhen Stock Markets Release Important Company Announcements on March 10

Major Events

Changling Hydraulic: Core Breakthroughs Tender Offer to Acquire 12% of Company Shares; Stock to Resume Trading on March 11

Changling Hydraulic (605389) announced on March 10 that its stock will resume trading starting March 11, 2026. During the tender offer period, three shareholder accounts have accepted the offer, totaling 17.2905 million shares, representing 12.00007% of the company’s total shares. The acquirer, Wuxi Core Breakthrough Technology Partnership (Limited Partnership) (“Core Breakthrough”), will purchase the accepted shares proportionally according to the “Jiangsu Changling Hydraulic Co., Ltd. Tender Offer Report.” After the completion of this tender offer, Core Breakthrough and its concerted parties will hold a total of 60.5022 million shares, accounting for 41.99% of the company’s total share capital.

Pudong Jinqiao: Jinqiao Capital Subscribes 194 Million Yuan to Establish Pudong Intelligent Manufacturing Phase II Fund

Pudong Jinqiao (600639) announced on March 10 that recently, its Shanghai Jinqiao Investment Partnership (Limited Partnership) (“Jinqiao Capital”) and Anhui Fulede Technology Development Co., Ltd. (“Fulede”) and other partners signed the “Shanghai Pudong Intelligent Manufacturing Phase II Private Equity Investment Fund Partnership Agreement,” jointly establishing the Shanghai Pudong Intelligent Manufacturing Phase II Private Equity Investment Fund Partnership (“Pudong Phase II Fund”). Jinqiao Capital plans to contribute 194 million yuan as a limited partner with its own funds. Sheng Ang Company will serve as the general partner and executive partner with a contribution of 1 million yuan, and other professional investors such as Shijiazhuang Xin Cheng Equity Investment Fund Co., Ltd. and Fulede will jointly establish the fund.

Wuhan Tianyuan: Subsidiary Plans 560 Million Yuan Investment in Independent Shared Energy Storage Station Project

Wuhan Tianyuan (301127) announced on March 10 that its controlling subsidiary, Wuhan Tianyuan Energy Co., Ltd., and the People’s Government of Xiushui County, Jiujiang City, Jiangxi Province, signed an “Investment Agreement” for the construction of an “Independent Shared Energy Storage Station” project with a total investment of 560 million yuan. Upon completion, the project will synergize with more than ten existing waste incineration green energy projects, further strengthening the diversified business layout of “Water Management + Solid Waste Disposal + Green Energy + High-end Equipment Manufacturing,” and upgrading green energy from a strategic focus to a core growth driver.

Guangzhi Technology: Subsidiary to Establish Joint Venture for Infrared Optical Detection and Complete Machine Manufacturing

Guangzhi Technology (300489) announced on March 10 that its controlled subsidiary, Anhui Zhongfei Technology Co., Ltd. (“Anhui Zhongfei”), signed a “Project Investment Agreement” with Qingdao Huizhu Chuangxin Venture Capital Partnership (“Qingdao Huizhu”) to jointly establish a joint venture in Qingdao’s Shibei District to develop “Infrared Optical Detection and Complete Machine Manufacturing” projects. The joint venture will have a registered capital of 300 million yuan, with Anhui Zhongfei contributing 150 million yuan (50%) and Qingdao Huizhu contributing 150 million yuan (50%).

Igor: Thai Subsidiary to Establish Joint Venture for Transformer Manufacturing

Igor (002922) announced on March 10 that its wholly owned subsidiary, Thailand Igor, plans to jointly invest with Xindor and CSI in Thailand to establish a joint venture for transformer manufacturing, mainly producing medium and low voltage distribution transformers, box-type transformers, and pre-assembled substations. Thailand Igor will subscribe 51% of the project capital in cash, Xindor 19%, and CSI 30%. The initial registered capital of the joint venture is tentatively set at 5 million Thai Baht for registration purposes. After meeting the conditions specified in the agreement, the parties will make additional cash investments proportionally, with the total planned investment not exceeding approximately 130 million yuan.

Dawei Shares: Plans to Raise Up to 108.5 Million Yuan via Private Placement for Embedded Memory Project

Dawei Shares (002213) announced on March 10 that it intends to raise no more than 108.5 million yuan through a simplified private placement to specific investors, which will be used for the research and industrialization of embedded memory.

UCloud: Lightweight Cloud Host Products with OpenClaw Image Not Yet Scaled

UCloud (688158) disclosed on March 10 that its lightweight cloud host products based on OpenClaw images have not yet formed a scaled product system. Technology iteration and commercialization may fall short of expectations. Currently, the related business has no stable, sustainable revenue sources, with very low revenue contribution, and future revenue scale, profitability, and cash flow contributions are highly uncertain. The impact on overall performance in the short term is limited. The OpenClaw AI framework is still in early development, with uncertainties in market potential, technological stability, and data security. Multiple cloud service providers have launched similar products, leading to intense market competition and high uncertainty regarding future performance contribution.

Hengguang Shares: Annual 300,000 Tons Chemical Construction Project Enters Trial Production

Hengguang Shares (301118) announced on March 10 that the “Annual 300,000 Tons Chemical Construction Project,” specifically the 100,000-ton phosphorus chemical production line, has completed main construction, equipment installation, and debugging, and has entered trial production.

China Tungsten High-tech: Rising Tungsten Prices Favor Company Performance

On March 10, China Tungsten High-tech stated on an interactive platform that since 2025, the company has issued multiple price adjustment notices for terminal products. With a variety of cemented carbide products and different raw material sensitivities, the company has enhanced product added value through technological innovation and structural optimization, mitigating raw material price fluctuations, and maintaining or improving gross profit margins. Overall, rising tungsten prices at high levels are beneficial to the company’s performance.

Fulin Precision: Fully Operational Capacity

Fulin Precision (002299) stated on an interactive platform on March 10 that its subsidiary Jiangxi Shenghua currently has a capacity of 300,000 tons of high-pressure dense lithium iron phosphate cathode materials and is advancing new capacity projects of 350,000 tons and 500,000 tons for high-end energy storage lithium iron phosphate. The company’s capacity is now fully operational and sold out.

Dongfang Securities: Approved to Issue Up to 40 Billion Yuan in Corporate Bonds

Dongfang Securities (600958) announced on March 10 that it received approval from the China Securities Regulatory Commission to register the public issuance of corporate bonds with a total value not exceeding 40 billion yuan. The same day, it also announced approval for the issuance of subordinate bonds up to 15 billion yuan.

Zhongjie Resources: Neither the Company nor Its Fully Owned Subsidiary Involved in Lithium Battery Copper Foil Business

Zhongjie Resources (3月10日) stated on an interactive platform that its main business is the research, production, and sales of industrial sewing machines. The company and its wholly owned subsidiary, Zhejiang Zhongjie Sewing Technology Co., Ltd., are not involved in lithium battery copper foil business.

Changying Precision: Planning to Issue H-shares and List on Hong Kong Stock Exchange

Changying Precision (300115) announced on March 10 that it is planning to issue H-shares abroad and list on the Main Board of the Hong Kong Stock Exchange. As of the announcement date, the company is discussing relevant matters with intermediaries, but specific details are yet to be finalized.

S Microelectronics: MEMS-MicroLED Pilot or Mass Production Not Yet Achieved

S Microelectronics (300456) stated on March 10 that its invested Swedish production line has provided OCS and Micro-LED manufacturing services for clients in optical communications and AR/VR display fields. The domestic production line has not yet achieved risk pilot or mass production of MEMS-MicroLED. This technology combines MEMS and Micro LED display techniques, aiming to use MEMS microstructures for dynamic control, efficient coupling, and integrated packaging to address issues like large-scale transfer, light efficiency, and heat dissipation. Applications include AR/VR displays and optical communications, depending on process maturity and commercialization progress.

Lingwei Technology: Jiangsu Huimai Spherical Silicon Micro Powder in M9-Level Copper Clad Laminate Applications Currently in Small-Scale Testing

Lingwei Technology (301373) disclosed on March 10 that the revenue proportion of Jiangsu Huimai Powder Technology Co., Ltd. (“Jiangsu Huimai”) in 2025 is about 5% (unaudited), with no significant impact on overall operations. Its spherical silicon micro powder for M9-level copper clad laminates is currently in small-scale testing with downstream customers, not yet in substantial production or order receipt, so future performance impact remains uncertain.

Performance Highlights

Yueyang Forest Paper: Loss of 235 Million Yuan in 2025, Turning from Profit to Loss

Yueyang Forest Paper (600963) released its 2025 annual report on March 10, showing revenue of 8.665 billion yuan, up 6.78% year-over-year; net profit attributable to shareholders was -235 million yuan, turning from profit to loss. Basic earnings per share: -0.13 yuan. The decline is due to intense market competition reducing sales prices and gross margins, and low market conditions in the landscaping and ecological sector affecting profits. Goodwill impairment was also recognized after impairment testing.

Sanong Development: February Sales Revenue of 1.317 Billion Yuan, Up 15.1% YoY

Sanong Development (002299) announced on March 10 that February sales revenue was 1.317 billion yuan, up 15.1% YoY but down 34.87% MoM. Poultry sales in February were 67,100 tons, down 21.54% YoY and 49.84% MoM; processed meat products sales were 42,200 tons, up 65.34% YoY but down 23.32% MoM.

Zhaoxin Shares: 2025 Net Profit of 42.5386 Million Yuan, Turning from Loss to Profit

Zhaoxin Shares (002256) released its 2025 performance brief on March 10, with total revenue of 497 million yuan, up 43.4% YoY; net profit attributable to shareholders was 42.5386 million yuan, reversing a loss of 143 million yuan in the previous year. Revenue growth laid a solid foundation for overall performance improvement.

Hefu China: January–February Consolidated Revenue Decreased 10.34% YoY

Hefu China (603122) announced on March 10 that its consolidated revenue for January–February 2026 was 98.32 million yuan, a decrease of 10.34% compared to the same period last year.

Ankai Bus: 598 Buses Sold in February

Ankai Bus (000868) announced on March 10 that in February 2026, it sold 598 buses; cumulative sales for the year reached 1,056 units, up 14.91% YoY.

Nanjiao Food: February Consolidated Revenue of 198 Million Yuan, Down 6.2% YoY

Nanjiao Food (605339) announced on March 10 that February’s consolidated revenue was 198 million yuan, down 6.2% YoY.

Baiyun Airport: Passenger Throughput in February Increased 18.39% YoY

Baiyun Airport (600004) announced on March 10 that passenger throughput in February was 7.4759 million, up 18.39% YoY; cumulative throughput for January–February was 14.9797 million, up 11.26%.

Jindi Group: February Contracted Sales Down 77.5% YoY

Jindi Group (600383) announced on March 10 that in February 2026, contracted sales area was 46,000 square meters, down 71.78% YoY; contracted sales amount was 630 million yuan, down 77.5%. January–February cumulative contracted area was 124,000 square meters, down 61.13%; contracted amount was 1.85 billion yuan, down 63.37%.

Shaanxi Coal Industry: 2025 Net Profit Attributable to Parent Down 25.99%

Shaanxi Coal Industry (601225) announced on March 10 its 2025 performance brief, with total revenue of 158.189 billion yuan, down 14.1% YoY; net profit attributable to shareholders was 16.548 billion yuan, down 25.99%. Basic earnings per share: 1.71 yuan. In 2025, raw coal production was 175 million tons (+2.58%), coal sales 252 million tons (-2.62%), total power generation 41.845 billion kWh (+11.25%), and total electricity sales 39.292 billion kWh (+11.86%). The decline in performance was mainly due to market supply-demand changes affecting coal sales prices, though gains from fair value changes in financial assets and gains from stock sales offset some declines.

Tangrenshen: February Pig Sales Revenue Down 19.31% YoY

Tangrenshen (002567) announced on March 10 that in February 2026, pig sales totaled 429,500 head (including 379,500 commercial pigs and 49,900 piglets), up 7.80% YoY but down 3.52% MoM; sales revenue was 549 million yuan, down 19.31% YoY and 9.43% MoM. January–February sales totaled 874,600 head, up 1.99% YoY; revenue was 1.156 billion yuan, down 22.74%.

Xiaoming Shares: February Chicken Product Sales Revenue Up 9.57% MoM

Xiaoming Shares (300967) announced on March 10 that in February 2026, chicken product sales were 21.8877 million birds, with revenue of 64.2019 million yuan, showing a 4.35% decrease in quantity and 9.57% increase in revenue MoM, and a 19.66% decrease in quantity and 44.39% decrease in revenue YoY. The slight changes reflect ongoing industry adjustments, with high poultry stock levels and supply-demand pressures affecting prices and demand.

Share Repurchase and Stake Reduction

Microchip Biotech: Plans to Repurchase 80–120 Million Yuan of Shares

Microchip Biotech (688321) announced on March 10 that it plans to repurchase between 80 million and 120 million yuan of its own shares via centralized bidding, to be used for equity incentives or employee stock ownership plans. The repurchase amount will be at least 80 million yuan and at most 120 million yuan, with a maximum price of 48.69 yuan per share. The company recently obtained a loan commitment letter from CITIC Bank Shenzhen Branch, with a maximum credit line of 91 million yuan over three years.

Yuxin Shares: Major Shareholder Plans to Reduce Holdings by Up to 1%

Yuxin Shares (002986) announced on March 10 that its major shareholder, Ni Yubei, plans to reduce holdings by no more than 3.748 million shares (less than 1% of the company’s total shares after excluding shares in the repurchase account).

Dongnan Wujia: Plans to Repurchase 100–200 Million Yuan in Shares

Dongnan Wujia (002135) announced on March 10 that it intends to repurchase between 100 million and 200 million yuan of shares for future employee stock ownership plans or equity incentives, at a price not exceeding 9.32 yuan per share.

Major Contracts Signed

Yonggui Electric: Subsidiary Recently Signed Contracts Worth 56.3 Million Yuan

Yonggui Electric (300351) announced on March 10 that its subsidiary Chongqing Yonggui signed a goods sale contract worth 14.916 million yuan; another contract with CRRC Tangshan for 41.3863 million yuan; totaling 56.3023 million yuan. The subsidiary also received a bid notification from CRRC Tangshan for 8.3337 million yuan.

Fengfan Shares: Wins About 290 Million Yuan High-Voltage Transmission Project

Fengfan Shares (601700) announced on March 10 that China Southern Power Grid issued a bid result notice for the second batch of the ±800 kV UHV DC transmission project, with the company winning products including 800kV DC steel pipe towers and angle steel towers, totaling about 290 million yuan, accounting for approximately 8.97% of the company’s 2024 audited revenue.

Jinpu Titanium: Fully Owned Subsidiary Signs Leasing Cooperation Agreement

Jinpu Titanium (000545) announced on March 10 that its wholly owned subsidiary, Xuzhou Titanium White Chemical Co., Ltd. (“Xuzhou Titanium White”), plans to cooperate with Jiangsu Zhongyan Chuangxing Materials Technology Co., Ltd. (“Zhongyan Chuangxing”) in leasing operations using existing production lines for three years. Profits during the cooperation period will be shared according to the agreement when positive; costs and losses will be borne solely by Zhongyan Chuangxing if profits are negative. The agreement aims to activate existing assets, improve operations, and support phased goals of cost reduction, profitability, and growth, potentially benefiting the company’s future financial and operational performance.