Today's Focus 1. ST West Development: Receives Court Decision on Pre-reorganization Extension ST West Development announced on February 25 that it received a decision from the Lhasa Intermediate People's Court of Tibet Autonomous Region. The court has decided to extend the company's pre-reorganization period by one month, from February 26, 2026 to March 25, 2026, citing the complexity of historical issues and legacy debts.

2. Founder Securities: Share Reduction Plan Expires Without Action by China Cinda Founder Securities announced on February 25 that its shareholder China Cinda did not reduce its shareholding during the period from November 26, 2025 to February 25, 2026. The original plan was to sell up to 82.32 million shares, representing approximately 1.00% of the company's total shares.

3. Sichuan Jinluo: Impact of US National Security Priorities on Phosphorus and Glyphosate Remains Unclear Sichuan Jinluo announced on February 25 that its stock price has increased by 34.18% over two consecutive trading days, triggering abnormal trading volatility. Recent market rumors suggest the US may designate phosphorus and glyphosate as national security priorities under the Defense Production Act. The actual impact on the company's operations remains unclear. The company also warned that high sulfur prices may increase production costs and pressure operating performance.

4. Huilong New Materials: Planning Control Change, Trading Halt from Tomorrow Huilong New Materials announced on February 25 that its controlling shareholder Shen Shunhua is planning a major matter that may lead to a change in control. Trading of the company's shares will be suspended from February 26, 2026, for no more than two trading days.

5. SMIC: Application for Share Issuance to Acquire Assets Receives SSE Acceptance SMIC announced on February 25 that it plans to issue shares to the National Integrated Circuit Industry Investment Fund and others to acquire a 49% equity stake in SMIC North. The Shanghai Stock Exchange has accepted the application documents for review on February 25, 2026. The transaction still requires approval from the SSE and registration consent from the China Securities Regulatory Commission.

6. Hygon Information: Forecasts 23% to 42% Net Profit Growth for Q1 2026 Hygon Information announced on February 25 that it expects Q1 2026 net profit to reach 620 million to 720 million yuan, representing year-on-year growth of 22.56% to 42.32%. The company attributed this to increased R&D investment, enhanced product competitiveness, and growing market demand for domestic high-end chips driven by AI industry needs.

7. Francotyp-Postalia: Controlling Shareholder Planning Share Transfer, Trading Halt from Tomorrow Francotyp-Postalia announced on February 25 that its controlling shareholder is planning a share transfer that may lead to a change in control. Trading will be suspended from February 26, 2026, for no more than two trading days.

8. Zhangyue Technology: Normal Operations, No Undisclosed Major Matters Zhangyue Technology announced on February 25 that its stock price has declined over 20% in two consecutive trading days, constituting abnormal volatility. The company confirmed normal production and operations without significant changes in its business environment or undisclosed major matters.

9. Topray New Energy: Controlling Shareholder Plans to Reduce Holdings by Up to 3% Topray New Energy announced on February 25 that its controlling shareholder Shenzhen Aoxin Investment Development plans to reduce its holdings by up to 42.249 million shares, representing 3% of the total share capital, within three months starting 15 trading days after the announcement.

10. Zhiyang Innovation: Terminates Major Asset Restructuring, Resumes Trading Zhiyang Innovation announced on February 25 that it has terminated its plan to acquire control of Shenzhen Lingming Photon Technology through share issuance and other means. Trading will resume on February 26, 2026.

11. Toly Bread: Controlling Shareholders Plan to Reduce Holdings by Up to 3.00% Toly Bread announced on February 25 that controlling shareholder Wu Zhigang plans to reduce holdings by up to 2.62% of total shares, while acting-in-concert person Xiao Shuyan plans to reduce up to 0.38%. The reduction period is from March 19 to June 18, 2026, for personal funding needs.

12. *ST Rock: Faces Potential Termination of Listing Risks *ST Rock announced on February 25 that its stock faces possible delisting due to outstanding issues with its 2024 audit opinion and failure to meet profitability and revenue thresholds. The controlling shareholder's shares are frozen, and the actual controller is under criminal compulsory measures.

13. Nuode shares: Warns of Potential Correction After Rapid Price Increase Nuode shares announced on February 25 that its stock price has risen 20% over three consecutive trading days. The company expects a 2025 net loss of approximately 260 million yuan and warns of potential correction risks given its high PE ratio of -62.2 times.

14. ST Xinhua Jin: Company and Actual Controller Under CSRC Investigation ST Xinhua Jin announced on February 25 that both the company and its actual controller Zhang Jianhua are under investigation by the CSRC for suspected information disclosure violations. Operations remain normal.

Performance Forecasts/Reports 1. Nan Ya New Materials: 2025 net profit 241 million yuan, up 378.65% 2. Aike Photoelectric: 2025 net profit 64.0919 million yuan, up 307.63% 3. Shen Gong Shares: 2025 net profit 101 million yuan, up 146.54% 4. Qingda Environmental Protection: 2025 net profit 181 million yuan, up 94.62% 5. Xinqi Microequipment: 2025 net profit 290 million yuan, up 80.42% 6. Xindong Liantech: 2025 net profit 302 million yuan, up 36.10% 7. Zhigao Machinery: 2025 net profit 120 million yuan, up 14.12% 8. Zhujiang Beer: 2025 net profit 903 million yuan, up 11.42% 9. Transsion Holdings: 2025 net profit 2.584 billion yuan, down 53.43% 10. Hanlan Shares: 2025 net profit 592 million yuan, down 9.59% 11. Hygon Information: 2025 net profit 2.542 billion yuan, up 31.66%

Repurchases & Share Changes 1. Wens Foodstuff Group: Plans 800 million-1.2 billion yuan share repurchase for employee incentives 2. Guotai Environmental Protection: Plans 50-100 million yuan repurchase for employee incentives 3. Sinomedicine: Plans 15-30 million yuan share repurchase 4. ST Huayang: Controlling shareholder completes 1% share increase 5. Sichuan Gold: Shareholder plans to reduce up to 2.1190% stake 6. Bidding Shares: Shareholder plans to reduce up to 3% stake 7. Chenfeng Technology: Shareholder completes 3% share reduction

Major Contracts 1. Zhiguang Electric: Subsidiary wins 182 million yuan Southern Power Grid tender 2. Huadian Technology: Wins 827 million yuan Inner Mongolia power project 3. *ST Songfa: Subsidiary signs $300-400 million VLCC construction contracts 4. Beijing Creative: Wins total 588 million yuan tender projects 5. Beit Road & Bridge: Consortium wins 751 million yuan highway reconstruction project 6. Zhiyang Innovation: Signs 300 million yuan strategic investment intent agreement

Other Announcements 1. Fosun Pharma: Subsidiary's drug receives clinical trial approval 2. Tuoxin Pharma: Subsidiary obtains Coenzyme Q10 API production license 3. China Pharma: Subsidiary receives drug registration certificate 4. Kexing Biotech: GB19 injection receives clinical trial approval 5. Muyuan Foods: Plans to change company name to Muyuan Food Group Co., Ltd.