LONGi Green Energy Technology: Anticipates a net loss of 6 billion to 6.5 billion yuan in 2025 due to persistently low product prices and cost pressures.
Today’s Focus
[Ronbay Technology: Investigation Initiated by CSRC Due to Alleged Misleading Statements in Major Contract Announcements]
Ronbay Technology (688005.SH) announced that the company received a Notice of Investigation from the China Securities Regulatory Commission (CSRC) on January 18, 2026. The investigation is due to alleged misleading statements in major contract announcements, among other issues. According to relevant laws and regulations, the CSRC has decided to initiate an investigation into the company. Currently, all business operations and activities are proceeding normally. During the investigation period, the company will fully cooperate with the CSRC’s requirements and strictly adhere to applicable laws, regulations, and regulatory obligations to ensure timely disclosure of information.
[LONGi Green Energy Technology: Anticipated Net Loss of RMB 6 Billion to RMB 6.5 Billion in 2025 Due to Persistent Price Weakness and Cost Pressures]
LONGi Green Energy Technology (601012.SH) announced that the company anticipates a net loss attributable to shareholders of between RMB 6 billion and RMB 6.5 billion for the fiscal year 2025. In 2025, the photovoltaic (PV) industest faced continued supply-demand mismatches, low-price competition, and reduced capacity utilization rates. Meanwhile, domestic power market reforms deepened, and overseas trade barriers intensified, creating a challenging and complex operating environment for PV enterprises. In the fourth quarter, significant increases in silver paste and polysilicon costs substantially raised the production costs of wafers, cells, and modules, further straining corporate performance. Due to persistent price weakness and rising cost pressures, the company’s operating results remained in deficit for 2025.
[Tongwei Co., Ltd.: Expected Net Loss of RMB 9 Billion to RMB 10 Billion in 2025 Amid Ongoing Industest Overcapacity and Declining Capacity Utilization Rates]
Tongwei Co., Ltd. (600438.SH) announced that it expects the net profit attributable to parent company shareholders in 2025 to be approximately -RMB 9 billion to -RMB 10 billion. During the reporting period, the scale of newly installed photovoltaic capacity maintained year-on-year growth overall, but slowed significantly in the second half of the year. The industest’s periodic oversupply issue has yet to ease, with operating rates declining across all segments of the supply chain. Prices of some key raw materials, such as silver, have continued to rise, while product prices have fallen further year-on-year. Industest operating pressures remain significant.
[Fenglong Co., Ltd.: Trading Halt Verification Completed; Shares to Resume Trading]
Fenglong Co., Ltd. (002931.SZ) announced that its shares will resume trading starting from the market opening on January 19, 2026. The company’s share price has significantly deviated from its fundamental value, reflecting overheated market sentiment and risks of irrational speculation. From December 25, 2025, to January 13, 2026, the company’s stock experienced 12 consecutive limit-up sessions, with a cumulative price increase of 213.97%. During this period, the stock frequently triggered abnormal trading volatility alerts, displaying substantial short-term price gains that have diverged markedly from broader market trfinishs. This may pose risks of rapid price declines in the future. During the trading suspension, the company conducted a review of the unusual trading activity. The verification process has now been completed. As of now, the company’s main business remains focapplyd on the research, development, production, and sales of garden machinery components, automotive parts, and hydraulic components, with no material modifys. Over the next 36 months, Ubtech Robotics does not have any plans or arrangements for a backdoor listing through the company. For the next 12 months, Ubtech Robotics has no plans for asset restructuring, nor does it currently have any intentions to inject assets.
[Ronbay Technology Responds to Inquiry Letter: Intfinishs to Meet Project Funding Needs Through Bank Loans, Internal Funds, and Other Means]
Ronbay Technology (688005.SH) responded to the Shanghai Stock Exmodify’s inquiry letter regarding the contract signed with CATL: “The total contract amount of RMB 120 billion is an estimate, and final sales remain uncertain.” Considering the company’s planned and ongoing capacity expansion projects and financial resources, the company possesses the comprehensive ability to fulfill its contractual obligations. To match anticipated customer orders, the company intfinishs to acquire part of Guizhou Xinren’s equity applying internal funds of RMB 342 million and inject RMB 140 million into Guizhou Xinren as capital. Currently, the company has completed partial payment for the equity transfer and is in the process of registering the modify with the relevant authorities. Guizhou Xinren currently operates an annual production line with a capacity of 60,000 tons of lithium iron phosphate. Moving forward, the company will continue expanding its production capacity through investments, mergers and acquisitions, and self-built facilities to meet actual customer order demands.
The company will arrange new or expanded production capacities according to the agreed construction schedule and actual order signings to meet supply requirements. It is estimated that over the next three years, capital expfinishitures required to fulfill this contract will amount to approximately RMB 8.7 billion. Based on project timelines and payment schedules, projected capital investments for expansions in 2026, 2027, and 2028 are RMB 3.6 billion, RMB 3.3 billion, and RMB 1.8 billion, respectively. A tiny portion of warranty payments will be created in 2029. The company plans to meet funding requireds for construction and commissioning through bank loans, internal funds, and other means. (1) The company’s cash reserves: As of September 30, 2025, the company’s current assets amounted to RMB 13.336 billion, including RMB 4.591 billion in cash and liquid financial assets, and RMB 2.578 billion in outstanding bank acceptance bills. The company maintains ample liquidity, providing a solid financial foundation for daily operations and investment projects. (2) Available banking credit lines: As of the finish of Q3 2025, the company had secured total credit lines of RMB 19.737 billion, of which RMB 8.438 billion remains unapplyd, ensuring sufficient backup liquidity. With strong creditworthiness, these credit facilities will provide adequate financing for day-to-day operations and future investments. In summary, although this project involves significant investment, the company’s robust cash position and strong financing capabilities are expected to mitigate any major adverse impacts on liquidity or financial stability. The company is well-positioned to provide solid financial support for fulfilling this contract.
The 3.05 million tons signed in this agreement represent the forecasted demand, which will be implemented in phases over six years. The company has completed the payment for part of the equity transfer of Xinren Guizhou and is currently undergoing industrial and commercial registration modifys. Xinren Guizhou currently operates a production line with an annual capacity of 60,000 tons of lithium iron phosphate. The construction of subsequent production capacity will be influenced by multiple factors such as project approval, capital investment, construction progress, and market conditions, building the timely achievement of capacity tarreceives uncertain. Future capacity investments and acquisitions by the company also carry risks of delays.
[Tianyuan Innotifyigence: Actual Controller, Chairman, and General Manager Wu Yizhong Placed Under Detention]
Tianyuan Innotifyigence (603273.SH) announced that it recently received a notice from the Jiangsu Provincial Supervisory Commission stating that the company’s actual controller, chairman, and general manager Wu Yizhong has been placed under detention and is under investigation. As of the announcement date, the company has not been requested to assist in the investigation.
Sell & Buy
[Vixen Medical: Entities Acting in Concert with Actual Controller Plan to Reduce Stake by Up to 3%]
Vixen Medical (688580.SH) announced that Nanjing Zhida Venture Capital Center (Limited Partnership) (‘Zhida Venture’), which holds 7.06% of the company’s shares, plans to reduce its holdings through centralized bidding and block trading methods, with a total reduction of no more than 2.8731 million shares, representing no more than 3% of the company’s total share capital. Zhida Venture and the company’s actual controller, Wang Zhiyu, are entities acting in concert.
[Suntar Membrane: Qingyuan China Plans to Reduce Stake by Up to 3%]
Suntar Membrane (688101.SH) announced that Qingyuan (China) Co., Ltd. (‘Qingyuan China’), which holds 24.81% of the company’s shares, plans to reduce its stake through centralized bidding and block trading methods, with a total reduction of no more than 9.9604 million shares, representing no more than 3% of the company’s total share capital.
[Chuhuan Technology: Pre-IPO Employee Shareholding Platform Plans to Reduce Stake by Up to 3%]
Chuhuan Technology (001336.SZ) announced that Taizhou Yuanye Investment Consulting Partnership (Limited Partnership) (‘Yuanye Investment’) and Taizhou Chuyi Investment Consulting Partnership (Limited Partnership) (‘Chuyi Investment’), collectively holding 9.61% of the company’s shares, plan to reduce their combined holdings through centralized bidding and block trading methods, with a total reduction of no more than 2.3956 million shares (representing 3% of the company’s total share capital after excluding repurchased shares held in the dedicated securities account). Yuanye Investment and Chuyi Investment are employee shareholding platforms established prior to the company’s initial public offering and listing, and they act in concert with the controlling shareholder and actual controller.
[Heshi Eye Hospital: Advanced Manufacturing Fund Plans to Reduce Stake by Up to 1.97%]
He Eye Hospital (301103.SZ) announced that Advanced Manufacturing Industest Investment Fund (Limited Partnership), a shareholder holding 6.54% of the company’s shares (hereinafter referred to as “Advanced Manufacturing Fund”), plans to reduce its holdings in the company by no more than 3.1061 million shares through centralized bidding and block trading, accounting for 1.97% of the company’s total share capital.
[Anbiping: Nanjing Qianjing Plans to Reduce Company Shares by No More Than 1.61%]
Anbiping (688393.SH) announced that Nanjing Qianjing Venture Investment Partnership (Limited Partnership) (hereinafter referred to as “Nanjing Qianjing”), which holds 1.61% of the company’s shares, plans to reduce its holdings in the company by no more than 1.5023 million shares (inclusive) through centralized bidding and block trading, accounting for no more than 1.61% of the company’s current total share capital.
Transfers and Acquisitions & Investments
[Lizhong Group: Wholly-Owned Subsidiary to Collaborate with Leading Domestic New Energy Vehicle Manufacturer to Build Joint Innovation Lab]
Lizhong Group (300428.SZ) announced that its wholly-owned subsidiary Lizhong Alloy Group has jointly signed the ‘Joint Innovation Laboratory Strategic Cooperation Agreement’ with a leading domestic new energy vehicle manufacturer. Both parties have decided to jointly establish a ‘Joint Innovation Laboratory.’ The Joint Innovation Laboratory serves as a consortium for technical cooperation between both parties, aiming to allocate talent and resources rationally and fully leverage their respective technological advantages. It aims to jointly promote research, development, and application technology for aluminum alloys applyd in automobiles and advance the production and application of aluminum alloy components for vehicles.
[Minbao Optoelectronics: Planning to Acquire 100% Equity of Xiazhi Precision and Jiangxi Maidao, Specializing in Core Consumables for PCB Manufacturing; Stock Trading Suspfinished]
Minbao Optoelectronics (301362.SZ) announced that the company is planning to acquire assets through the issuance of shares and cash payments while raising supporting funds. The tarreceive assets for this transaction are 100% of the equity in Xiamen Xiazhi Precision Technology Co., Ltd. and Jiangxi Maoda Innotifyigent Technology Co., Ltd. The counterparties have been preliminarily identified as the controlling shareholder of the tarreceive companies, Xiamen Maoda Innotifyigent Technology Co., Ltd., and trading has been suspfinished. Xiazhi Precision and Jiangxi Maoda focus on the research, production, and sales of micro drill bits, specializing in core consumables for PCB manufacturing and providing professional micro-hole processing technology solutions to leading global PCB clients. PCB drill bits, as essential core consumables in PCB manufacturing, serve the primary function of creating precise point-to-point pathways by drilling through circuit board layers to enable stable connectivity between electronic components, forming the basis for signal transmission and functional integration in PCBs. As a high-tech enterprise specializing in the R&D and production of advanced drill bits, the company’s core products include tungsten carbide micro drills applyd in processing PCBs, FPCs, IC substrates, and AIPCBs, with sizes ranging from 0.09mm to 0.35mm, with particular expertise in the R&D and manufacturing of extremely tiny-diameter micro drills below 0.20mm.
[Yanjiang Co., Ltd.: Plans to Purchase 98.54% Equity of Yongqiang Technology; Stock Resumes Trading]
Yanjiang Co., Ltd. (300658.SZ) announced that it plans to acquire 98.54% of Yongqiang Technology’s equity through a combination of share issuance and cash payments. Concurrently, the company will issue shares to Xiamen Yansheng and Xie Jihua to raise supplementary funds, with trading of its stock resuming. Prior to this transaction, Yanjiang Co., Ltd. primarily engaged in the research, development, production, and sales of surface materials for disposable hygiene products, focapplying on providing innovative surface material solutions to customers. Its product portfolio includes perforated nonwoven fabrics, PE perforated films, and hot-air nonwoven fabrics. Yongqiang Technology is a company specializing in the R&D, production, and sales of high-finish electronic interconnect materials for integrated circuits, with core products including high-performance copper-clad laminates and semi-cured sheets.
[Venustech: Subsidiary Signs Framework Agreement with Hong Kong Broadband to Provide Cybersecurity Products and Solutions Services]
Venustech (002439.SZ) announced that its wholly-owned subsidiary Beijing Venustech Information Security Technology Co., Ltd. (hereinafter referred to as “Security Company”) has signed a ‘Framework Agreement’ with Hong Kong Broadband Limited (hereinafter referred to as “Hong Kong Broadband”). Security Company and its group members will provide cybersecurity products and solutions services to Hong Kong Broadband and its group members, who will purchase and distribute such products and services in Hong Kong and Macau; the agreement period runs from the effective date of the agreement until December 31, 2028; the annual transaction caps during the agreement period are as follows: the transaction amount for 2026 shall not exceed 32 million Hong Kong dollars, the transaction amount for 2027 shall not exceed 32 million Hong Kong dollars, and the transaction amount for 2028 shall not exceed 38 million Hong Kong dollars. Both the company and Hong Kong Broadband are ultimately controlled by China Mobile Group.
Operations & Performance
[Guolian Minsheng: Net Profit Forecasted to Increase Approximately 406% Year-over-Year in 2025; Significant Growth Achieved in Securities Investment, Brokerage, and Wealth Management Business Lines]
Guolian Minsheng (601456.SH) announced that the company expects to achieve a net profit attributable to parent company shareholders of RMB 2.008 billion in fiscal year 2025, representing an increase of RMB 1.611 billion compared to the same period last year, with a year-over-year growth rate of approximately 406%. During the reporting period, the company acquired control of Minsheng Securities and consolidated it into its financial statements. By proactively seizing market opportunities and actively exploring the deep integration of technology, finance, and industest, the company focapplyd on ‘synergistic empowerment’ and ‘organic growth’ to enhance its comprehensive financial service capabilities. Significant growth was achieved in business lines such as securities investment, brokerage, and wealth management. Additionally, due to the relatively low comparative base from the previous year, this year’s operating performance improved substantially on a year-over-year basis.
[Aiqubo Co., Ltd.: Estimated Net Loss of RMB 1.2 Billion to RMB 1.9 Billion for 2025]
Aiqubo Co., Ltd. (600732.SH) announced that the company expects a net loss attributable to parent company shareholders of RMB 1.2 billion to RMB 1.9 billion for fiscal year 2025. In 2025, sales of ABC modules are expected to grow by more than double year over year, with market share and brand recognition continuing to rise both domestically and internationally. However, due to structural overcapacity within the industest, supply-demand imbalances have yet to improve significantly. Prices of key products remain at relatively low levels, and rising upstream raw material costs in the second half of 2025 were not effectively passed on to downstream module prices, leading to pressure on overall operations and resulting in losses. Nevertheless, the extent of the loss narrowed significantly compared to the previous year.
[OLO Furniture: Expected 40.78%–56.42% Year-over-Year Growth in Net Profit for 2025]
OLO Furniture (603326.SH) announced that it expects to achieve a net profit attributable to parent company shareholders of RMB 171 million to RMB 190 million in fiscal year 2025, representing a year-over-year increase of 40.78% to 56.42%. During the reporting period, the company firmly implemented a differentiated strategy for mid-to-high-finish brands, continuously optimized channel layouts and business structures, comprehensively advanced the construction of retail systems, and effectively enhanced terminal operational capabilities. Dealer businesses achieved steady growth.
[Okcobi: Expected 67.53%–91.96% Year-over-Year Growth in Net Profit for 2025]
Okcobi (688308.SH) announced that it expects to achieve a net profit attributable to parent company shareholders of RMB 96 million to RMB 110 million in fiscal year 2025, representing a year-over-year increase of 67.53% to 91.96%. In 2025, prices of major raw materials for cemented carbide tools, including tungsten carbide and cobalt powder, increased significantly, and product prices also rose rapidly. As a leading enterprise in the cemented carbide tool industest, Okcobi leveraged its capital advantages and economies of scale to achieve growth in both volume and price. On the same day, Okcobi also announced that Vice President and Board Secretary Han Hongtao plans to purchase shares worth RMB 10 million to RMB 20 million.
[Streamax Technology: Expected 27.58%–37.92% Year-over-Year Growth in Net Profit for 2025]
Streamax Technology (002970.SZ) announced that it expects to achieve a net profit attributable to parent company shareholders of RMB 370 million to RMB 400 million in fiscal year 2025, representing a year-over-year increase of 27.58% to 37.92%. The company’s overseas, domestic, and pre-installation businesses all achieved comprehensive growth during the reporting period.
[Tande Group: Estimated Net Loss of RMB 900 Million to RMB 1.35 Billion for 2025]
Tian Di Yuan (600665.SH) announced that it expects a net loss attributable to shareholders of the parent company in the range of RMB 900 million to RMB 1.35 billion for the fiscal year 2025. During the reporting period, due to the overall downturn in the real estate market, inventory in certain real estate projects displayed signs of impairment. The company plans to create provisions for impairment on some of its inventory. Additionally, influenced by sales and revenue recognition of its real estate projects, the scale of operating income during the reporting period declined, resulting in reduced gross profit contribution.
Others
[Tian Tie Technology: Actual Controller Xu Jiding Released on Bail Pfinishing Trial]
Tian Tie Technology (300587.SZ) announced that previously, Xu Jiding, one of the company’s controlling shareholders and actual controllers, was placed under criminal detention by the Taizhou Public Security Bureau. Recently, the company received notice from Xu Jiding that his compulsory measures had been modifyd to bail pfinishing trial, and he has been released. The relevant matters are still under further investigation by the public security authorities. The investigation pertains to Xu Jiding’s personal matters and is unrelated to the company’s daily operations. Moreover, Xu Jiding currently does not hold any director or senior management position within the company, and the company’s daily business operations remain normal.
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