Selected Announcements | Zijin Mining's net profit in 2025 exceeds 60% growth, surpassing 50 billion yuan for the first time; CITIC Bank distributes 21.2 billion yuan in dividends

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（Source: Caixin News）

          A person with controlling stakes at Hengli Hydraulic, with a market value of hundreds of billions of yuan, was detained; Wang Hongchun, one of the controlling stakeholders of Pengyao Environmental Protection, was prosecuted for allegedly committing the crime of insider trading.            

Annual reports:

Zijin Mining (601899.SH): In 2025, the company achieved operating revenue of CNY 349.079 billion, up 14.96%; net profit attributable to shareholders of listed companies was CNY 51.777 billion, up 61.55%. The company plans to distribute cash dividends of CNY 3.8 per 10 shares (including tax). The company plans to repurchase A-shares worth CNY 1.5 billion–CNY 2.5 billion to be used for an employee shareholding plan or equity incentives.

Chifeng Gold (600988.SH): In 2025, operating revenue was CNY 12.639 billion, up 40.03%; net profit attributable to the parent company was CNY 3.082 billion, up 74.7%. Basic earnings per share were CNY 1.69. The company plans to distribute cash dividends of CNY 0.32 per share to all shareholders (including tax).

Jinpan Technology (688676.SH): In 2025, operating revenue was CNY 7.295 billion, up 5.71%; net profit attributable to the parent company was CNY 660 million, up 14.82%; basic earnings per share were CNY 1.44. The company plans to distribute cash dividends of CNY 6.8 per 10 shares to all shareholders (including tax).

Xiangcai Co., Ltd. (600095.SH): In fiscal year 2025, the company achieved operating revenue of CNY 2.42 billion, up 10.37%; net profit attributable to shareholders of listed companies was CNY 464 million, up 325.15%.

Wolong Electric Drive (600580.SH): In 2025, operating revenue was CNY 15.454 billion, down 4.88% year over year. Net profit attributable to shareholders of listed companies was CNY 1.126 billion, up 42.04%.

Shangde Liquor (600702.SH): In 2025, operating revenue was CNY 4.419 billion, down 17.51% year over year; net profit attributable to the parent company was CNY 223 million, down 35.51% year over year; basic earnings per share were CNY 0.6803. The company plans to distribute cash dividends of CNY 3.1 per 10 shares (including tax).

CITIC Bank (601998.SH): In 2025, operating revenue was CNY 212.475 billion, down 0.55% year over year. Net profit attributable to shareholders of listed companies was CNY 70.618 billion, up 2.98% year over year. It plans to distribute cash dividends of CNY 1.93 per 10 shares to all shareholders (including tax). The total amount of cash dividends for ordinary shares in 2025 was CNY 10.74 billion; cash dividends to be distributed in total for the full year were CNY 21.201 billion.

Ping An Bank (000001.SZ): In 2025, operating revenue was CNY 131.442 billion, down 10.4% year over year. Net profit attributable to shareholders of listed companies was CNY 42.633 billion, down 4.2% year over year. Based on the total share capital of 19.406 billion shares as of December 31, 2025, for the full year 2025 the company will distribute cash dividends of RMB 5.96 per 10 shares (including tax), for a total of RMB 11.566 billion. Of this, the interim dividend for 2025 has already distributed RMB 2.36 per 10 shares (including tax). For the final dividend to be distributed at the end of 2025, it is planned to distribute RMB 3.6 per 10 shares (including tax). No bonus shares will be distributed, and no capital reserve will be converted into share capital.

Jinhui Liquor (603919.SH): In 2025, operating revenue was CNY 2.918 billion, down 3.4% year over year; net profit attributable to the parent company was CNY 354 million, down 8.7% year over year. The company plans to distribute cash dividends of CNY 3 per 10 shares to all shareholders (including tax)

Topspring (300146.SZ): In 2025, operating revenue was CNY 6.265 billion, down 8.38% year over year; net profit attributable to shareholders of listed companies was CNY 782 million, up 19.81% year over year. The company plans to distribute cash dividends of CNY 4.5 per 10 shares to all shareholders (including tax)

Jiyou Co., Ltd. (603429.SH): In 2025, the company’s operating revenue was CNY 171 million. Net profit attributable to the owners of the parent company was -CNY 18.2048 million, and net profit after deducting non-recurring gains and losses was -CNY 23.6027 million. Since net profit is negative and operating revenue is less than CNY 300 million, the company’s stock will be suspended for one day on March 23. Starting March 24, it will be subject to a risk warning for delisting. The stock abbreviation will change to “*ST Jiyou,” and the daily limit for price increases and decreases will be 5%.

Refinancing:

Lai Shi Ji Electric Power (600641.SH): The company plans to issue no more than 236 million A-share stocks to its related party, Leading Technology Group Co., Ltd., at an issuance price of CNY 14.90 per share, with a total fund-raising amount of no more than CNY 3.51 billion. The proceeds will be used for a semiconductor optical components R&D and industrialization project, a semiconductor precision components and subsystems R&D and industrialization project, a high-end metrology equipment and life science instruments R&D and industrialization project, and a project to upgrade and改造 the bismuth materials business.

Youcude-W (688158.SH): Through proposals related to the issuance of A-share stocks to specific targets for the 2026 fiscal year. The total amount of funds to be raised in this issuance is not more than CNY 1.5 billion; after deducting issuance expenses, all proceeds will be used for the “Ulanqab Smart Computing Center and Smart Computing Cluster Construction and Operation Project” of Youcude.

Regulatory penalties:

Pengyao Environmental Protection (300664.SZ): One of the company’s actual controllers, Wang Hongchun, received the “Indictment” issued by the People’s Procuratorate of Wuxi City, Jiangsu Province, on March 19, 2026, and the “Subpoena” issued by the Intermediate People’s Court of Wuxi City. He was prosecuted for allegedly committing the crime of insider trading.

*ST M BANG (603398.SH): The company and relevant parties received the “Administrative Penalty Decision” issued by the Jiangxi Securities Regulatory Bureau. Due to illegal acts such as the company allegedly engaging in false disclosure of financial data in periodic reports such as the annual report, the company was fined CNY 7 million. The board of directors recently received a written resignation letter from the chairman and general manager, Liao Zhiyuan. For personal reasons, he resigned from his positions as director, chairman, and general manager, and after resigning he will no longer hold any position at the company.

ST Dongshi (603377.SH): The company and Yan Wenhui and Wang Hongyu received the “Advance Notice of Administrative Penalty” from the Beijing Securities Regulatory Bureau on March 20, 2026. After investigation, in 2022 the company did not account for the land leasing business between its subsidiary and Chongqing Dongfang Shishang, resulting in the underestimation of management expenses and finance expenses, which caused the company’s first-half and full-year reports for 2022 to overstate profits by CNY 9.4029 million and CNY 18.9310 million, respectively—accounting for 30.97% and 82.33% of the total profit for the period. The Beijing Securities Regulatory Bureau proposed that the company be ordered to make corrections, be given a warning, and be fined CNY 1.8 million. It proposed that, for the then chairman Xu Xiong, the general manager Yan Wenhui, and the deputy general manager and CFO Wang Hongyu, fines of CNY 1 million, CNY 0.8 million, and CNY 0.8 million be imposed, respectively.

Keheng Shares (300340.SZ): The company received a regulatory warning letter issued by the Guangdong Securities Regulatory Bureau. After investigation, the company’s related-party transaction was not reviewed and disclosed in a timely manner, and information about the freeze of bank accounts was not disclosed in a timely manner. The Guangdong Securities Regulatory Bureau decided to take regulatory measures against Keheng Shares and relevant responsible persons by issuing a warning letter.

*ST Oway (002231.SZ): The company received a “Filing and Investigation Notice.” Due to the company’s alleged violations and irregularities in information disclosure, the China Securities Regulatory Commission decided to file a case against the company.

Aok Shares (300082.SZ): The company’s wholly owned subsidiary, Jiangsu Aok Chemical Co., Ltd., sold silver through the Shanghai Futures Exchange on November 18 and 19, 2025, with a transaction amount of CNY 59.2275 million. However, the company did not fulfill its information disclosure obligations in a timely manner and only announced it on January 30, 2026. The Liaoning Securities Regulatory Bureau decided to take administrative regulatory measures against the company and relevant responsible persons by issuing a warning letter.

Hengli Hydraulic (601100.SH): Recently, it received a notice from the family members of the actual controller and chairman, Wang Liping, informing that he received the “Filing and Investigation Notice” and the “Detention Notice” issued by the Jiangsu Provincial Supervisory Commission, and Wang Liping was detained.

Liu Niu Mountain (000735.SZ): The company and relevant personnel received a warning letter issued by the Hainan Securities Regulatory Bureau on March 20.

Asset acquisition, sale:

Gemtek (300868.SZ): The company plans to purchase 21.5% of the equity interests in Shenzhen Dailangmond Technology Co., Ltd. (abbreviated as “Dailangmond”) by paying cash, with a transaction price of CNY 129 million. The funding source will be the company’s own funds and borrowed funds. Through this transaction, the company plans to broaden its industrial layout and form a new growth driver for performance.

Pu Ran Shares (688766.SH): The company plans to purchase 49% of the equity interest in Noah Changtian by issuing shares, issuing convertible corporate bonds, and paying cash, and to raise supporting funds. After completion of this transaction, Noah Changtian will become a wholly owned subsidiary of the listed company; the target company SHM will become a wholly owned indirect subsidiary of the listed company. The transaction price is CNY 247 million. The target company holds 2DNAND and its derivative storage chip (SLC NAND, eMMC, MCP) products oriented toward the mid-to-high-end market. They are widely used in fields such as industrial control, home appliances, security and surveillance, wearables, and smart terminals. With its outstanding product capabilities and engineering capabilities, it has a solid customer base and hundreds of active terminal customers, and has strong competitiveness in the global market.

Star Technology (300256.SZ): Its wholly owned subsidiary, Star Precision Technology (Shenzhen) Co., Ltd., plans to transfer 100% equity interest it holds in Shenzhen Jiatzhi Yan Technology Co., Ltd. to Xingqiu Shou (Shenzhen) Investment Co., Ltd., with a transaction consideration of CNY 115 million.

China Resources and Sea Pharmaceuticals (600521.SH): The company plans to transfer 67% equity interest it holds in its wholly owned subsidiary, Huahai Tianheng (Shanghai) Pharmaceutical Research Co., Ltd., to a natural person, Wang Jingyi, at a price of CNY 287 million.

Defo Technology (301511.SZ): The company plans to acquire 35.15% equity interest in Anhui Huiru Technology Co., Ltd. for CNY 102 million in cash, and to increase capital to Huiru Technology jointly with Shenzhen Huiru. Of this, Defo Technology’s capital increase is CNY 84.0555 million. After completion of this transaction, Defo Technology will hold 51.16% of Huiru Technology’s equity in total, and Huiru Technology will become a holding subsidiary of the company.

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