Selected A-share announcement | China Construction Bank Corporation (601939.SH) performance in 2025 is outstanding, and the net interest margin core indicator remains industry-leading.

Focus today 1. China Construction Bank Corporation: Net profit attributable to mother in 2025 was 338.906 billion yuan, an increase of 0.99% In 2025, the Bank of China achieved operating income of 740.871 billion yuan, an increase of 1.69%; the decrease in net interest income narrowed quarter by quarter, the proportion of non-interest income increased by 3.65 percentage points, and the net fee and commission income increased by 5.13%; profitability improved quarter by quarter, with a net profit of 339.79 billion yuan, an increase of 1.04%; net profit attributable to mother was 338.906 billion yuan, an increase of 0.99%; profit before provision was 513.982 billion yuan, an increase of 1.70%. The Bank of China announced its 2025 performance, total assets of 45.63 trillion yuan, an increase of 12.47%; total liabilities of 41.95 trillion yuan, an increase of 12.68%. The average return on assets was 0.79%, the weighted average return on equity was 10.04%, and the net interest margin was 1.34%; the provision coverage ratio was 233.15%, basically stable compared to the previous year; the capital adequacy ratio was 19.69%, and the core Tier 1 capital adequacy ratio was 14.63%; the cost to income ratio was 29.44%, a decrease of 0.14 percentage points from the previous year, and the core indicators remained leading in terms of comparability with peers. The Bank of China announced that the total annual cash dividend for 2025 is 3.887 yuan per 10 shares (including tax), with a total dividend of approximately 101.684 billion yuan, maintaining a cash dividend ratio of 30% for the year. Since its listing 20 years ago, the Bank of China has distributed dividends of over 130 billion yuan, and with this final dividend, the total dividend will exceed 140 billion yuan. 2. Grace Fabric Technology: Plans to invest 8 billion yuan in the construction of a high-performance electronic materials industrial park Grace Fabric Technology announced that the company plans to sign an "Investment Agreement" with the People's Government of Tieshan District, Huangshi Economic and Technological Development Zone to invest in the construction of the "High-performance Electronic Materials Industrial Park Project" in Huangshi through its wholly-owned subsidiary Huangshi Honghe Electronic Materials Technology Co., Ltd., with a total investment of approximately 8 billion yuan (including fixed asset investment and operating funds). The project will be built in two phases with a planned land area of about 359 mu, and the annual average tax revenue per mu after production will not be less than 250,000 yuan. This matter still needs to be submitted to the company's shareholders' meeting for approval, and procedures such as project filing, environmental impact assessment, and land bidding and auction are required, with uncertainties. The project has a long implementation period and is not expected to have a significant impact on the company's current performance. 3. Shenzhen Inovance Technology: Plans to use up to 12 billion yuan of idle own funds to purchase financial products Shenzhen Inovance Technology announced that the company and its holding subsidiaries plan to use idle own funds not exceeding 12 billion RMB or equivalent foreign currency in daily financial balances to purchase medium to low-risk financial products with high security and good liquidity, including structured deposits, large-denomination certificates of deposit, income certificates, etc. 4. Kyland Technology: Termination of the original major asset restructuring transaction, signs "Strategic Cooperation Agreement" with GWE Kyland Technology announced that the company originally planned to acquire 100% of the shares of Beijing GWE Electric Technology Co., Ltd. through the issuance of shares and payment of cash. During the progress of the major asset restructuring transaction, the two parties have achieved domestic substitution cases in industries such as highways and water supply, and the company's intelligent controllers and related software have entered the trial stage with GWE's top customers in industries such as 3C, logistics, and lithium battery equipment. After comprehensively considering objective factors such as industry development changes, the landing period of collaborative achievements, and the rhythm of obtaining batch orders, through friendly negotiations, it was decided to terminate the original major asset restructuring transaction and sign a "Strategic Cooperation Agreement" to restart the overall acquisition based on the progress of collaboration between the two parties. The two parties will jointly develop and promote AI-based intelligent factory solutions in markets such as semiconductors, logistics, 3C, lithium batteries, and textile equipment; jointly develop no less than 10 key customers, with 1-2 typical application cases in each industry, laying the foundation for the implementation of industrial AI. 5. Liuzhou Liangmianzhen: Planning for a change in control, stock to be suspended on Monday Liuzhou Liangmianzhen announced that the company's controlling shareholder, Guangxi Liuzhou Industrial Investment Development Group Co., Ltd. is planning a transfer of its holdings in the company, which may result in a change in control of the company. In order to ensure fair information disclosure and avoid abnormal fluctuations in stock prices, the company's stock will be suspended from the morning of March 30, 2026, with the suspension expected to last no more than 2 trading days. During the suspension period, the company will fulfill its disclosure obligations based on the progress of the matter and will apply for resumption of trading in a timely manner. 6. Zhejiang Huahai Pharmaceutical: Controlling subsidiary reaches global research cooperation and licensing agreement with ALM Zhejiang Huahai Pharmaceutical announced that its subsidiary Shanghai Huahangzhou Alltest Biotech Pharmaceuticals Co., Ltd. has reached a global research cooperation and licensing agreement with ALM to develop monoclonal antibody candidate drugs targeting new indications including medical dermatology. Under the agreement, Huatai will have the rights to develop and commercialize projects and products in China, while ALM will have the rights to develop and commercialize projects and products globally outside of China. Using an innovative R&D platform, Huatai will conduct relevant research until obtaining molecules with clinical concept verification, and ALM will pay Huatai a total of not more than $340 million in upfront payments, development and commercialization milestone payments, and corresponding tiered royalties. 7. Fulin Precision: Invests 50 million yuan to establish a wholly-owned subsidiary, to focus on Siasun Robot & Automation intelligent joints Fulin Precision announced that the company has invested 50 million yuan with its own funds to establish a wholly-owned subsidiary, Sichuan Bangqiao Intelligent Siasun Robot & Automation Co., Ltd., in Fucheng District, Mianyang City, and has obtained the "Business License" issued by the Fucheng District Administration for Industry and Commerce. The registered capital is 50 million yuan, with the company holding a 100% stake. The company will continue to enhance its technical research and product innovation capabilities in the field of Siasun Robot & Automation intelligent joints, actively layout dedicated production capacity for intelligent joints, and promote the research and manufacturing level of key components of Siasun Robot & Automation intelligent joints. Stock movement risk reminder Ningbo Menovo Pharmaceutical has hit the limit for 5 consecutive days: Even if the future JH389 as a non-drug product is successfully approved for listing, there is significant uncertainty as to whether it can achieve large-scale sales. Key company performance overview 1. Industrial and Commercial Bank of China: Net profit in 2025 was 368.56 billion yuan, a year-on-year increase of 0.7% 2. Aluminum Corporation of China: Net profit in 2025 was 12.7 billion yuan, a year-on-year increase of 2.25% 3. Muyuan Foods: Net profit in 2025 was 15.487 billion yuan, a year-on-year decrease of 13.39% 4. OKE Precision Cutting Tools: Expected net profit in the first quarter is 180 million yuan to 220 million yuan, an increase of 172 million yuan to 212 million yuan compared to the same period last year. 5. Fujian Kuncai Material Technology: Net profit in the first quarter is expected to be 60 million yuan to 80 million yuan, a year-on-year increase of 151.56% to 235.41% Operating performance 1. Beijing Tiantan Biological Products Corporation: Net profit in 2025 was 1.091 billion yuan, a year-on-year decrease of 29.59%; plans to distribute a dividend of 0.5 yuan per share 2. COSCO SHIPPING Technology: Net profit in 2025 was 32.5413 million yuan, a year-on-year decrease of 74.5%; plans to distribute a dividend of 0.28 yuan per share Repurchase & shareholding 1. Sinocare Inc.: Plans to repurchase shares worth 150 million to 300 million yuan 2. Shanghai Automobile Air-Conditioner Accessories: Shareholders Geloli and Dizhikai plan to collectively reduce their shareholding by no more than 1.80% 3. Jiangsu Lettall Electronic: Certain executives plan to collectively reduce their shareholding by no more than 0.1595% Large orders 1. Hangzhou Sunrise Technology: Expected to win the bid for the State Grid's 84.752 million yuan measuring equipment project 2. Zhejiang Reclaim Construction Group: Jointly won the bid for the 221 million yuan Jiangsu Nonghua Intelligent Agriculture Technology Industrial Park project This article is reproduced from "Tencent Self-selected Stocks", GMTEight editor: Li Fo.