Announcement Highlights | Baichuan Co. Warns of Uncertain Impact from Chemical Price Hikes; UBTECH Has Acquired a Stake in Fenglong Co.

(Source: Caixin)

China Power Construction signs overseas PV and energy storage project worth 13.962 billion yuan.

Market Movements

Zhongfu Shenying (688295.SH): On March 12, 2026, the company disclosed the “Announcement on Voluntary Disclosure of New Product Launch by Zhongfu Shenying Carbon Fiber Co., Ltd.” Although the new product has begun market promotion and application evaluation, as raw materials, large-scale sales depend on market promotion and application cycles, which may be lengthy. There are uncertainties such as customer certification progress and future sales price fluctuations. The release of this new product is not expected to have a significant short-term impact on the company’s operating performance. Investors are advised to invest rationally and be aware of investment risks.

Jinniu Chemical (600722.SH): Recently, influenced by geopolitical factors and other multiple influences, international energy prices have fluctuated. The global supply situation of chemicals like methanol may change, causing short-term price volatility. Currently, the company’s production and operations are normal, and there have been no major policy adjustments in the industry recently. Investors should pay attention to risks.

Baichuan Co., Ltd. (002455.SZ): Recently, due to market supply and demand factors, the market prices of some chemical products have risen. However, since the sustainability of product price fluctuations is uncertain, the impact on the company’s performance cannot be estimated at this time.

External Investments

ChaoXun Communications (Rights Protection) (603322.SH): The company plans to jointly invest with Guangdong Weiyun Technology Co., Ltd. to establish ChaoWei ZhiSuan (Guangdong) Technology Co., Ltd. The company will contribute 30.6 million RMB in self-funded capital, holding 51% of the equity. The joint establishment aims to accelerate the expansion of the company’s computing power business and increase market share, aligning with the company’s strategic development of transformation.

Change of Actual Controller

Fenglong Co., Ltd. (002931.SZ): The share transfer agreement has been completed, and the company’s controlling shareholder has changed to Ubitus (09880.HK), with Zhou Jian as the actual controller. According to the “Share Transfer Registration Confirmation” issued by China Securities Depository and Clearing Co., Ltd. on March 12, 2026, the transfer registration procedures have been completed. The transfer date was March 11, 2026, with 65,529,900 shares transferred, accounting for 29.99% of the company’s total shares. The shares are unrestricted circulating shares. After this acquisition, Ubitus has no plans to inject assets into the listed company within 36 months.

Annual Report Release

Shennan Circuit (002916.SZ): In 2025, revenue reached 23.647 billion RMB, a year-on-year increase of 32.05%; net profit attributable to shareholders was 3.276 billion RMB, up 74.47%. The company plans to distribute a cash dividend of 24 RMB per 10 shares (tax included) to all shareholders.

Baofeng Energy (600989.SH): In 2025, revenue was 48.038 billion RMB, up 45.64%; net profit attributable to shareholders was 11.35 billion RMB, up 79.09%. The year-end profit distribution plan for 2025 is based on the total share capital registered on the record date minus the company’s repurchased shares. Small shareholders will receive a cash dividend of 0.4921 RMB per share (tax included), and major shareholders will receive 0.3906 RMB per share (tax included). The total cash dividend distribution is 3.055 billion RMB, accounting for 26.91% of the net profit attributable to the parent company in the consolidated financial statements for that year.

Major Contracts

China Power Construction (601669.SH): The Abu Dhabi branch of the company, together with its subsidiary China Power Construction Group East China Survey and Design Institute Co., Ltd., formed a joint venture with Abu Dhabi Future Energy Company to sign an EPC contract for the UAE Abu Dhabi RTC2.1GW+7.75GWh PV and energy storage project, valued at approximately 13.962 billion RMB. The project is located in the Mshayrif area of Abu Dhabi, UAE. The photovoltaic part has a total installed capacity of 2.1GWp on the DC side, and the energy storage capacity is 7.75GWh.