Core Viewpoint - Jiahua Technology plans to acquire a controlling stake in Shudun Technology through a combination of issuing shares and cash payments, with the stock suspension expected to last no more than five trading days starting November 24, 2025 [2][3]. Company Overview - Shudun Technology, established in 2002, specializes in domestic cryptography technology research, development of cryptographic information security products, and overall information security solutions [4]. - The company has developed four major systems: cryptographic security products, information security products, compliance services, and cryptographic evaluation services [4]. Financial Performance - Jiahua Technology has faced financial difficulties, reporting a revenue of 166 million CNY for the first three quarters of this year, a decrease of 30.72% year-on-year, and a net loss of 67.24 million CNY [11]. - The company has experienced negative cash flow from operating activities for two consecutive years, with net cash flows of -216 million CNY and -129 million CNY in 2022 and 2023, respectively [13]. Shareholder Structure - Shudun Technology has a complex shareholder structure with 50 shareholders, and its actual controller, Zhu Yun, holds a direct stake of 19.49% [9][10]. - Notable investors include China International Capital Corporation (CICC) and other well-known investment institutions [9]. Market Position - Shudun Technology is recognized as one of the first companies to obtain commercial cryptography qualifications from the National Cryptography Administration and is listed among the top 100 companies in China's cybersecurity industry [4]. - The company has secured 108 contracts this year across various sectors, including energy, finance, and transportation [4].

【 导读】 佳华科技 拟 购买 数盾科技的 控股权 中国基金报记者 牛思若 11月23日， 佳华科技 公告称，公司正在筹划以发行股份及支付现金的方式购买数盾信息科技股份有限公司 （ 以下简称数盾科技） 的控 股权并募集配套资金。 公司股票自2025年11月24日起停牌，预计停牌时间不超过5个交易日。 | 证券代码:688051 证券简称:住华科技 公告编号:2025-032 | | | | | | --- | --- | --- | --- | --- | | 罗克佳华科技集团股份有限公司 | | | | | | 关于筹划重大资产重组事项停牌的公告 | | | | | | 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、准确性和宗整性承担法律责任。 | | | | | | 重要内容提示: | | | | | | ● 证券停复牌情况:适用 | | | | | | 因筹划发行股份及支付现金购买资产并募集配套资金事项,本公司的相关证券停 | | | | | | 复牌情况如下: | | | | | | 正券代码 证券简称 停牌起始日 停牌终 ...

Core Viewpoint - JiaHua Technology (688051) is planning to acquire a controlling stake in Shudun Information Technology Co., Ltd. through a combination of share issuance and cash payment, despite ongoing financial losses [1][2] Group 1: Acquisition Details - The acquisition plan involves raising supporting funds and is expected to be a significant asset restructuring [1] - The transaction will not change the actual controller of JiaHua Technology and does not constitute a restructuring listing [1] Group 2: Financial Performance - JiaHua Technology has reported continuous annual net losses since its listing in 2020, with net profits of approximately 1.77 billion, -1.29 billion, -2.88 billion, -2.08 billion, and -1.03 billion from 2020 to 2024 [1] - For the first three quarters of 2025, the company achieved an operating income of about 1.66 billion, a year-on-year decrease of 30.72%, and a net profit of approximately -672.38 million, indicating an increase in losses compared to the previous year [2]

Group 1 - The core point of the article is that JiaHua Technology Group Co., Ltd. is planning to acquire a controlling stake in ShuDun Technology Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring according to regulations [1][5] - The stock of JiaHua Technology will be suspended from trading starting November 24, 2025, for a period not exceeding five trading days [1][2] - ShuDun Technology, established in 2002, specializes in domestic cryptography technology research and information security solutions, and is recognized by the National Cryptography Administration as having commercial cryptography qualifications [4] Group 2 - JiaHua Technology has signed a share acquisition intention agreement with the main shareholder of ShuDun Technology, indicating the transaction's current uncertainty regarding specific details such as transaction methods and counterparties [5] - The company focuses on the research and application of IoT big data technology, with core competencies in smart manufacturing, IoT engineering, software development, operational services, data computing power, and data capabilities [5] - In the first three quarters of 2025, JiaHua Technology achieved a revenue of 166 million yuan [5]

Core Viewpoint - JiaHua Technology (688051) is planning to acquire a controlling stake in Shudun Information Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1] Group 1: Company Overview - Shudun Technology was established in 2002 and focuses on domestic cryptography technology research, cryptographic information security product development, and overall information security solution services [1] - The company is one of the first to be recognized by the National Cryptography Administration as having commercial cryptography qualifications [1] - Shudun Technology has developed four major systems: cryptographic security products, information security products, compliance services, and cryptographic evaluation services [1] Group 2: Transaction Details - The transaction is currently in the planning stage and may constitute a significant asset restructuring as defined by the regulations for listed companies [1] - As of the announcement date, the transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [1] - JiaHua Technology's stock will be suspended from trading starting November 24, with an expected suspension period of no more than five trading days [1]

Group 1: Major Announcements - Jiahua Technology plans to acquire controlling stake in Shudun Technology through a combination of share issuance and cash payment, leading to a potential major asset restructuring, with stock suspension starting from November 24, 2025, for up to 5 trading days [2] - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Asset Investment Co., has received approval to commence operations with a registered capital of 15 billion yuan, focusing on market-oriented debt-to-equity swaps and equity investment pilot projects [3] - CITIC Bank's wholly-owned subsidiary, Xinyin Financial Investment Co., has also been approved to start operations with a registered capital of 10 billion yuan, targeting strategic emerging industries and specialized sectors for market-oriented debt-to-equity swaps and equity investments [4] Group 2: Stock Performance and Risks - Zhongshui Fishery's stock has seen a significant price increase followed by a potential decline, with a rolling P/E ratio of 77.53 and a P/B ratio of 13.48, indicating substantial deviation from industry averages and raising concerns over irrational trading behavior [5] - Caixin Development's stock has also experienced a price deviation exceeding 20%, with uncertainty surrounding the bankruptcy restructuring of its controlling and indirect controlling shareholders, which may affect the company's control dynamics [6] Group 3: Acquisitions and Strategic Moves - Zhongjin Lingnan has acquired minority stakes in its subsidiaries, purchasing 4.2095% of Zhongjin Copper for 242 million yuan and 10.3333% of Zhongjin Rongsheng for 365 million yuan, among other transactions, resulting in full ownership of Zhongjin Copper [7] - Baili Tianheng's drug application for Iza-bren, a first-in-class treatment for advanced or metastatic nasopharyngeal carcinoma, has been accepted by the National Medical Products Administration [8] - Jinfut Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology through cash payment, which is expected to enhance the company's profitability and risk resistance [9] - Qingmu Technology's subsidiary plans to acquire control of Vitalis for 150 million Norwegian kroner (approximately 106 million yuan), aiming to strengthen its position in the health and nutrition supplement market [12] - Zhongding Co. is entering a strategic partnership with Fourier for humanoid robot components, enhancing its product development capabilities [11] Group 4: Leadership Changes - Guiguan Network's chairman Chen Yu has resigned due to work changes, with a new candidate recommended to take over the chairman role [13] Group 5: Shareholding Changes - Shen Shui Haina's shareholder plans to reduce holdings by up to 1% within three months, while other shareholders of Guangli Micro plan to reduce holdings by up to 2.2359% [14][15] - Andar Intelligent's shareholder intends to reduce holdings by up to 2.7401% within three months [16] Group 6: Contracts and Orders - Nenghui Technology has signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [17] - Jinko Solar has achieved cumulative orders of 15GW for its Tiger Neo3.0 module, which has a production efficiency exceeding 24.8% and a maximum power output of 670W [18]

11月23日晚间，佳华科技发布关于筹划重大资产重组事项停牌的公告称，公司正在筹划以发行股份及支 付现金的方式购买数盾信息科技股份有限公司（简称"数盾科技"或"标的公司"）的控股权并募集配套资 金。 此次交易尚处于筹划阶段，截至公告披露日，经初步测算，此次交易可能构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 公告称，公司股票11月24日开市起停牌，预计停牌时间不超过5个交易日。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | 688051 | 佳华科技 | A 股 停牌 | 2025/11/24 | | | 图片来源：公司公告 此次交易正处于筹划阶段 公告称，此次交易不会导致佳华科技实际控制人发生变更，不构成重组上市。此外，因标的公司审计评 估、交易金额、发行股份及支付现金比例等内容暂未确定，尚无法确定交易是否构成关联交易。关于此 次交易是否构成重大资产重组及关联交易的具体认定，公司将在重组预案或重组报告书中予以详细分析 和披露。 公开资料显示，数盾科技法定代表人为 ...

Group 1 - The core point of the news is that Jiahua Technology (688051) announced a suspension of trading due to planning a major asset restructuring involving the acquisition of a controlling stake in Shudun Technology through a combination of share issuance and cash payment [1] - The trading suspension will start on November 24, 2025, and is expected to last no more than five trading days [1] - Shudun Technology, established in 2002, specializes in domestic cryptography technology research and information security solutions, and is recognized by the National Cryptography Administration for its commercial cryptography qualifications [2] Group 2 - Jiahua Technology focuses on the research and application of IoT big data technology, having developed competitive core technologies and rich implementation experience across various layers of IoT [2] - The company reported a revenue of 166 million yuan for the first three quarters of the year, a decrease of 30.72% year-on-year, and a net profit attributable to shareholders of -67.24 million yuan [2][4] - The financial report indicates a significant decline in operating income and net profit compared to the previous year, with a basic earnings per share of -0.34 yuan [4]

Group 1 - JiaHua Technology (688051) will be suspended from trading starting November 24, 2025, due to a major asset restructuring plan [2][3] - The company plans to acquire a controlling stake in ShuDun Technology through a combination of issuing shares and cash payments, along with raising supporting funds [2] - ShuDun Technology, established in 2002, specializes in domestic cryptography technology research and information security solutions, and is recognized for its commercial cryptography qualifications [3] Group 2 - In the first three quarters of the year, JiaHua Technology reported a revenue of 166 million yuan, a year-on-year decrease of 30.72%, and a net loss attributable to shareholders of 67.24 million yuan [3] - The company focuses on the research and application of IoT big data technology, having developed competitive core technologies and extensive implementation experience [3] - JiaHua Technology has established a "data factory" system, providing IoT big data services to government and enterprise users [3]

Core Viewpoint - Jiahua Technology (688051) announced a suspension of trading starting November 24, 2025, due to plans for a major asset restructuring involving the acquisition of a controlling stake in Shudun Information Technology Co., Ltd. through a combination of share issuance and cash payment [1][2]. Company Overview - Jiahua Technology focuses on the research and application of IoT big data technology, having developed competitive core technologies and extensive implementation experience across various layers of IoT [3]. - The company has established a "data factory" system, which encompasses core capabilities in smart manufacturing, IoT engineering, software development, operational services, data computing power, and data capabilities, providing IoT big data services to government and enterprise users [3]. Financial Performance - For the first three quarters of the year, Jiahua Technology reported a revenue of 166 million yuan, a year-on-year decrease of 30.72%, and a net profit attributable to shareholders of -67.24 million yuan [3][4]. - The financial report indicates a total revenue of 561.57 million yuan for the current reporting period, reflecting a decrease of 6.21% compared to the same period last year [4]. - The net profit attributable to shareholders for the year-to-date period was -67.24 million yuan, with a basic earnings per share of -0.34 yuan [4].