Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately RMB 50 million for 2025, a decrease of about RMB 107 million or 68% compared to the same period last year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be approximately RMB -66 million, representing an improvement of about RMB 101 million compared to the previous year[2]. - The company anticipates total revenue of approximately RMB 6.6 billion for 2025, an increase of about RMB 2.37 billion or 56% year-over-year[2]. - The previous year's net profit attributable to shareholders was RMB 157.23 million, with a total profit of RMB 113.55 million[5]. Impact of Restructuring and Operational Efficiency - The company achieved a significant restructuring gain of RMB 1.19 billion in 2024, which had a substantial impact on profit metrics[6]. - The company has implemented cost control measures and optimized operational efficiency, contributing positively to overall profit performance[6]. - The gross margin has shown a year-over-year increase, reflecting improved sales volume and revenue[6]. Earnings Forecast and Investment Advice - There are no significant uncertainties affecting the accuracy of this earnings forecast[7]. - The financial data provided is preliminary and subject to confirmation in the official 2025 annual report[8]. - The company advises investors to make rational investment decisions and be aware of investment risks[8].

Group 1 - The commercial vehicle sector increased by 0.51% on January 15, with King Long Automobile leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the commercial vehicle sector showed varied performance, with King Long Automobile closing at 18.81, up 3.35%, and Ankai Bus down 0.20% at 5.00 [1] Group 2 - The commercial vehicle sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 137 million yuan [2] - The trading volume and turnover for major stocks in the commercial vehicle sector varied, with Foton Motor having a turnover of 5.22 billion yuan and Dongfeng Motor at 1.89 billion yuan [2] - The net inflow and outflow of funds for individual stocks showed that Foton Motor had a net inflow of 62.94 million yuan from institutional investors, while Ankai Bus had a net outflow of 4.39 million yuan [3]

Core Viewpoint - On January 15, a total of 9 companies had their restricted shares unlocked, with a total unlock volume of 304 million shares, amounting to a market value of 15.476 billion yuan based on the latest closing price [1] Summary by Category Unlock Volume - Hanma Technology, Zhongke Lanyun, and Huitong Technology had the highest unlock volumes, with 140 million shares, 7.62838 million shares, and 5.2872 million shares respectively [1] Unlock Market Value - Zhongke Lanyun, Huitong Technology, and Sikan Technology had the highest unlock market values, amounting to 10.97 billion yuan, 1.529 billion yuan, and 1.344 billion yuan respectively [1] Unlock Ratio - Zhongke Lanyun, Huitong Technology, and Qianjin Technology had the highest unlock ratios, with 63.25%, 37.64%, and 25.13% of their total share capital unlocked respectively [1]

Group 1 - The commercial vehicle sector experienced a decline of 0.69% on January 12, with Yutong Bus leading the drop [1][3] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Major stocks in the commercial vehicle sector showed varied performance, with Jinlong Automobile increasing by 2.51% and Yutong Bus decreasing by 2.65% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 505 million yuan, while retail investors saw a net inflow of 314 million yuan [3][4] - The trading volume for major stocks included 248,600 shares for Yutong Bus and 578,000 shares for Jianghuai Automobile, with transaction amounts of 784 million yuan and 2.851 billion yuan respectively [3][4] - The fund flow analysis indicated that retail investors had a significant net inflow in several stocks, including Jiangling Motors, which saw a net inflow of 11.05% [4]

Market News - China will release December import and export data on January 14, with exports expected to grow by 3.0% year-on-year, down from 5.9% in November, while imports are anticipated to decline by 2.9% [3] - The trade balance for December 2025 will also be published on January 14, with total goods trade from January to November 2025 reaching 41.21 trillion yuan, a year-on-year increase of 3.6% [3] Commodity Futures - The Shanghai Futures Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting from January 13, 2026, with the trading margin standard set at 18% [4] Energy Outlook - The U.S. Energy Information Administration (EIA) will release its Short-Term Energy Outlook report on January 13, maintaining the WTI crude oil price forecast for 2025 at slightly below $69 per barrel [5] U.S. Economic Data - The U.S. will release December CPI data on January 13, with core CPI expected to rebound significantly, predicted at 0.36% by Morgan Stanley and 0.38% by Bloomberg, both higher than the average of 0.08% in October and November [6] - Key economic indicators including October and November PPI and November retail sales will also be released, with expectations of moderate PPI growth and a 0.7% rebound in retail sales for November [6] Federal Reserve - The Federal Reserve will publish its latest Beige Book on January 14, indicating that government shutdowns and AI applications have weakened the job market, while rising tariffs and healthcare costs have increased business expenses [7] Earnings Season - The earnings season for Q4 2025 will commence this week, with major banks including JPMorgan, Citigroup, and Goldman Sachs set to report [8] Sector Events - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on the new commercial era of eVTOL [10] - The fourth Data Center Liquid Cooling & AI Chip Thermal Management Supply Chain Conference will be held on January 14-15, 2026, in Shenzhen [10] - China's first comprehensive law in the nuclear energy sector, the Atomic Energy Law, will take effect on January 15, 2026 [11] Individual Company News - Hangyu Technology announced on January 11 that it has repurchased 752,800 shares, with plans to sell them within six months [13] - Huadong Medicine's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia, which has been included in the list of breakthrough therapies by the National Medical Products Administration [13] - Jingfeng Mingyuan plans to acquire 100% of Sichuan Yichong Technology Co., with a key review meeting scheduled for January 16, 2026 [13] - TSMC has commenced research on its next-generation 1.4nm process, with risk trial production expected to start in 2027 [13] Lock-up Expiration - From January 12 to January 16, 2026, 23 companies will have lock-up shares released, totaling 2.434 billion shares with a market value of approximately 48.56 billion yuan [16] - The highest market value of lock-up shares released on January 12 is from Tianxin Pharmaceutical at 7.84 billion yuan [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total issuance of approximately 34 million shares and expected fundraising of 1.909 billion yuan [19] Market Outlook - The current market enthusiasm is driven by concentrated inflows from previously cautious funds, with expectations for continued momentum in thematic and small-cap stocks until after the Two Sessions [22] - Guojin Securities suggests that the spring market is likely to perform well, with a focus on AI investments and the recovery of domestic manufacturing [23] - Everbright Securities anticipates sustained market heat but warns of potential cooling as the Lunar New Year approaches, recommending attention to sectors like electronics and power equipment [24]

Group 1 - The core viewpoint of the article is that Hanma Technology's subsidiary, Wuhu Fuma, is involved in land reserve activities, and any progress will be announced in future announcements [2] Group 2 - The company responded to investor inquiries on its interactive platform regarding the status of its land reserve activities [2] - The announcement indicates a potential development in the company's operations that may be of interest to investors [2]

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.41% on January 9, with Jianghuai Automobile leading the gains. The Shanghai Composite Index rose by 0.92%, while the Shenzhen Component Index increased by 1.15% [1]. Group 1: Market Performance - Jianghuai Automobile closed at 50.53, up by 1.16% with a trading volume of 507,700 shares [1]. - Foton Motor and China National Heavy Duty Truck both saw increases of 0.69% and 0.54%, closing at 2.91 and 16.89 respectively [1]. - The overall trading volume for the commercial vehicle sector was significant, with Foton Motor achieving a transaction value of 294 million [1]. Group 2: Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 80.51 million from institutional investors, while retail investors contributed a net inflow of 31.18 million [2]. - Among individual stocks, Zhongshun Vehicle had a net inflow of 12.14 million from institutional investors, while it faced a net outflow of 1.44 million from speculative funds [3]. - China National Heavy Duty Truck experienced a net inflow of 2.94 million from speculative funds, despite a net outflow of 3.27 million from retail investors [3].

汉马科技集团股份有限公司 证券代码：600375 证券简称：汉马科技 公告编号：临 2026-002 汉马科技集团股份有限公司 关于部分限售股上市流通的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为 其他 股份；股票认购方式为 网下 ，上市股数为 140,000,000股。 2024 年 2 月 23 日，汉马科技集团股份有限公司（以下简称"本公司"、"公司"、 "汉马科技"或"上市公司"）收到安徽省马鞍山市中级人民法院(以下简称"法 院")出具的(2024)皖 05 破申 21 号及(2024)皖 05 破申 21 号之一《决定书》，决 定对公司启动预重整并指定临时管理人（详见公司于 2024 年 2 月 24 日披露的《汉 马科技集团股份有限公司关于收到法院启动公司预重整并指定临时管理人决定书 的公告》，公告编号：临 2024-030）。 2024 年 3 月 1 日，全资子公司安徽华菱汽车有限公司(以下简称"华菱汽车")、 安徽星马专用汽车有限公司(以下简称"星马专汽" ...

华泰联合证券有限责任公司 关于汉马科技集团股份有限公司重整投资人受让资本公积 转增的部分限售股份上市流通的核查意见 华泰联合证券有限责任公司（以下简称"财务顾问"）作为汉马科技集团股份有限 公司（以下简称"公司"或"汉马科技"或"上市公司"）2024 年破产重整事项的财务 顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 13 号——破产重整等事项》 的相关规定，对上市公司重整投资人受让资本公积转增的部分限售股份将上市流通事项 进行了审慎核查，具体情况如下： 一、本次解除限售股份基本情况 2024 年 2 月 23 日，汉马科技收到安徽省马鞍山市中级人民法院(以下简称"法院") 出具的(2024)皖 05 破申 21 号及(2024)皖 05 破申 21 号之一《决定书》，决定对公司启 动预重整并指定临时管理人。 2024 年 3 月 1 日，全资子公司安徽华菱汽车有限公司(以下简称"华菱汽车")、安 徽星马专用汽车有限公司(以下简称"星马专汽")、安徽福马汽车零部件集团有限公司(以 下简称"福马零部件")、安徽福马电子科技有限公 ...

Group 1 - The company Hanma Technology announced that 140 million restricted shares will be unlocked and listed for trading on January 15, 2026, representing 8.73% of the company's total share capital [1]