Core Viewpoint - The board's remuneration and assessment committee of Aofei Entertainment Co., Ltd. has reviewed and approved the company's 2025 employee stock ownership plan, confirming that it aligns with legal regulations and does not harm the interests of the company or its shareholders [1][2]. Group 1 - The employee stock ownership plan complies with relevant laws and regulations, ensuring that the qualifications of the plan holders are legitimate and effective [2]. - The decision-making process for the employee stock ownership plan is legal and valid, with no forced participation or financial assistance provided to plan holders by the company [1][2]. - The implementation of the employee stock ownership plan is expected to enhance corporate governance, improve employee cohesion, and boost overall competitiveness, contributing to the company's long-term and sustainable development [2].

Core Viewpoint - The company has established an employee stock ownership plan (ESOP) for 2025, aiming to enhance employee engagement and align their interests with the company's performance through stock ownership [1][2]. Summary by Sections General Principles - The ESOP will adhere to legal compliance, voluntary participation, and risk-bearing principles, ensuring that no insider trading or market manipulation occurs [2][3]. Plan Formulation - The plan will be implemented only after obtaining approval from the shareholders' meeting, with necessary legal opinions and disclosures made prior to the vote [2][4]. Participant Eligibility - Eligible participants include directors (excluding independent directors), supervisors, senior management, and key personnel, all of whom must have a valid employment contract with the company during the plan's duration [3][4]. Funding and Stock Source - The funding for the ESOP will come from employees' legal salaries, self-raised funds, and other legally permitted sources. The company will not provide any financial assistance [4][5]. - The stocks involved in the ESOP will be sourced from the company's repurchased shares, with a total repurchase amount set between RMB 80 million and RMB 130 million [4][5]. Stock Purchase Price - The purchase price for the stocks will be set at RMB 4.84 per share, with adjustments made for any corporate actions affecting stock value during the transfer period [5][6]. Duration and Lock-up Period - The ESOP will have a duration of 60 months, with a lock-up period of 12 and 24 months for stock releases, respectively [6][7]. Performance Assessment - The performance assessment for the ESOP will occur over two fiscal years (2025 and 2026), with specific revenue and net profit targets set for each year to trigger stock unlocks [7][8]. Management Structure - The ESOP will be managed by a management committee elected by the participants, ensuring that the interests of the participants are safeguarded [10][11]. Rights and Obligations - Participants will have rights to dividends and other benefits from the shares held under the ESOP, but they cannot transfer or use their shares as collateral during the lock-up period [20][21]. Termination and Changes - The ESOP can be terminated early under certain conditions, and any changes to the plan must be approved by a two-thirds majority of the participants [11][12].

General Provisions - The company aims to protect the legal rights of its shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][3] - The company is established as a joint-stock company in accordance with the Company Law and other regulations [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 71.04 million shares on April 5, 2017, and is listed on the Shanghai Stock Exchange [1][3] Company Information - The registered capital of the company is RMB 380,664,968 [2] - The company is located at No. 7, Huida Road, Huanggezhuang Town, Fengnan District, Tangshan City, with a postal code of 063307 [2] - The company is a permanent joint-stock company [2] Management Structure - The chairman of the board serves as the legal representative of the company, and if the chairman resigns, it is considered a simultaneous resignation from the legal representative position [2][3] - The legal representative is responsible for civil activities conducted in the name of the company, and the company bears the legal consequences of these activities [2][3] Business Objectives and Scope - The company's business philosophy emphasizes "people-oriented, quality first, and pursuit of innovation," aiming to provide high-quality sanitary products and services to consumers [4] - The business scope includes manufacturing and sales of sanitary ceramics, sanitary ware, furniture, building materials, and various other products [5] Shares and Capital Structure - The company's shares are issued in the form of stocks, with all shares being ordinary shares [6][21] - The total number of shares issued by the company is 380,664,968 [6] - The company may increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [9][21] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, as well as obligations to comply with laws and regulations [12][16] - Shareholders holding more than 10% of shares can request the board to convene a temporary shareholders' meeting [28][29] Shareholder Meetings - The company holds annual and temporary shareholders' meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [48] - Shareholders can propose agenda items for meetings, and the company must notify shareholders of meeting details in advance [58][61]

Core Viewpoint - The report outlines the ongoing supervision and assessment of Suzhou Saifen Technology Co., Ltd. by CITIC Securities, focusing on the company's financial performance, core competencies, and potential risks associated with its operations in the chromatography industry. Summary by Sections Continuous Supervision Overview - CITIC Securities conducted a site inspection of the company from August 13 to August 14, 2025, reviewing governance documents, financial management, internal controls, and fundraising management [1]. Issues and Rectification - No significant issues were identified during the supervision period [2]. Major Risk Items - **Core Competitiveness Risk**: The company has developed unique technologies over 20 years, including microsphere synthesis and surface modification. Failure to protect these technologies could weaken its market position [2]. - **Operational Risks**: The company faces challenges in managing its overseas subsidiary, which accounts for 18.20% of its revenue, including risks related to local compliance and currency fluctuations [4]. Financial Performance - The company reported a revenue of 182.63 million yuan in the first half of 2025, a 19.76% increase year-on-year. Net profit attributable to shareholders was 53.66 million yuan, up 40.91% [17]. - The cash flow from operating activities was 35.72 million yuan, reflecting a 36.32% increase due to higher sales [17]. Core Competitiveness - The company possesses advanced microsphere synthesis technology, surface modification techniques, and functional modification capabilities, which are critical for producing high-quality chromatography media [18][19]. - The company has established a comprehensive product range, including over 100 types of chromatography media and more than 1,000 specifications of analytical columns, catering to various applications in biopharmaceuticals [20][21]. Industry Risks - The company faces risks from policy changes in the pharmaceutical industry, which could slow down growth and affect demand for its chromatography products [9][10]. - Increased competition from both domestic and international players in the chromatography market poses a threat to the company's market share [14][13]. Quality Management - The company has obtained ISO 9001:2015 certification and adheres to GMP guidelines for quality management, ensuring high product quality and consistency [23]. Research and Development - The company invested 2.39 million yuan in R&D in the first half of 2025, representing 13.09% of its revenue, with a focus on enhancing its product offerings and technological capabilities [24].

Summary of Key Points Core Viewpoint - The independent financial advisor, Guotai Junan Securities, has verified the extension of the lock-up period for shareholders of Beikong Technology Co., Ltd. due to the stock price being below the issuance price for a continuous period, ensuring compliance with regulatory commitments [2][5]. Group 1: Lock-up Share Overview - Beikong Technology received approval from the China Securities Regulatory Commission on July 4, 2022, to issue shares for asset acquisition and to raise matching funds not exceeding 68 million yuan [2]. - A total of 4,342,272 shares were registered on September 8, 2022, increasing the total share capital to 189,288,006 shares [3]. Group 2: Lock-up Commitments - The controlling shareholder, Minmetals Technology Group Co., Ltd., committed to a 36-month lock-up period for the shares acquired, agreeing to comply with relevant securities registration and settlement rules [4]. Group 3: Extension of Lock-up Period - Following the completion of the transaction, if the stock price remains below the issuance price of 15.66 yuan per share for 20 consecutive trading days within six months, the lock-up period for 1,468,710 shares will automatically extend by six months, changing the lock-up end date from September 8, 2025, to March 8, 2026 [5]. Group 4: Independent Financial Advisor's Opinion - The independent financial advisor concluded that the extension of the lock-up period by Minmetals Technology Group does not violate any commitments and does not harm the interests of the company or its shareholders, particularly minority shareholders [5].

Core Viewpoint - The announcement details the lifting of the first lock-up period for the 2023 restricted stock incentive plan of Guangzhou Tongda Automotive Electric Co., Ltd, allowing 758,688 shares to be listed and circulated starting September 10, 2025 [1][10]. Summary by Sections Incentive Plan Approval and Implementation - The incentive plan has undergone necessary decision-making procedures and disclosures, with the supervisory board approving relevant proposals [1][2]. - The plan was publicly announced, and no objections were raised during the public notice period [2]. Granting and Lock-up Conditions - The restricted stock grant registration was completed on December 13, 2023, with 80 individuals receiving restricted stock [3]. - The first lock-up period lasts 16 months from the grant date, followed by a 12-month release period, allowing for a 40% release of shares [5][6]. Conditions for Lifting Lock-up - The conditions for lifting the lock-up include the absence of negative audit opinions and meeting performance targets, with the company achieving a net profit of 16.30 million yuan, meeting the required performance assessment [9][10]. - A total of 78 individuals qualified for the lifting of the lock-up, with 758,688 shares being released, representing 0.22% of the total share capital [10]. Stock Listing and Capital Structure Changes - The shares will be listed for circulation on September 10, 2025, with a total of 758,688 shares being released [10][12]. - The capital structure will change, with the number of restricted shares decreasing from 1,896,719 to 1,138,031, while the number of unrestricted shares will increase correspondingly [12]. Legal Compliance - The company confirms compliance with relevant laws and regulations regarding the management of stock incentives and the lifting of restrictions [11][12].

Core Viewpoint - The announcement details the completion of the initial grant registration for the 2024 restricted stock incentive plan by Beixin Group Building Materials Co., Ltd, including the number of shares, grant price, and the number of participants involved [1][2][3]. Summary by Sections Important Content Highlights - Listing date for restricted stock: September 8, 2025 [1] - Initial grant registration quantity: 10.8825 million shares [1] - Adjusted initial grant price: 17.335 CNY per share [1] - Number of participants in the grant: 332 individuals [1] Approval Procedures and Disclosure - The plan received approval from the State-owned Assets Supervision and Administration Commission of the State Council [2] - The company conducted a public notice period of no less than 10 days without receiving any objections [2] Initial Grant Registration Details - Initial grant date: June 27, 2025 [3] - Total shares granted: 10.8825 million shares [3] - Adjusted grant price: 17.335 CNY per share [3] - Distribution of shares among participants: 332 individuals [3] Performance Assessment Criteria - The incentive plan's validity period is up to 72 months from the completion of the initial grant registration [5] - Performance targets for the first three release periods include achieving a non-net profit return on equity of at least 16.5% for 2025, 17.5% for 2026, and 18.5% for 2027 [6][8] Financial Impact and Capital Structure - The company’s registered capital increased from 1,689,507,842 CNY to 1,700,390,342 CNY following the grant [11] - The total number of shares before the grant was 1,689,507,842, and after the grant, it became 1,700,390,342 [12] Use of Funds - Funds raised from the initial grant will be used to supplement the company's working capital [14]

Core Points - The company announced the early redemption of "Rongtai Convertible Bonds" with a redemption price of 102.1713 CNY per bond [1][4] - The last trading day for the bonds is set for September 8, 2025, and the last conversion day is September 11, 2025 [1][6] - The bonds will be delisted from the Shanghai Stock Exchange starting September 12, 2025 [1][7] Redemption Details - Redemption registration date is September 11, 2025, and the redemption payment date is September 12, 2025 [1][4] - The company has triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for a specified period [2][3] - The calculation for the accrued interest is based on a formula involving the bond's face value, interest rate, and the number of days [3][4] Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 101.7370 CNY per bond after tax [4][5] - Qualified foreign institutional investors will receive the full redemption amount of 102.1713 CNY per bond without tax deductions [5] Trading and Conversion - Investors are reminded to convert or sell their bonds within the specified time frame to avoid forced redemption [2][6] - The company will freeze all unconverted bonds after the redemption registration date [7]

Core Points - The major shareholder, Xiang Jinyu, reduced his stake in Aokang International from 9.98% to 8.98% by selling 4,000,000 shares, which represents 1% of the company's total share capital [1][2] - The reduction was executed through centralized bidding from September 2 to September 4, 2025 [1] - The company confirmed that the information provided by the shareholder is accurate and complete, and there are no violations of previous commitments or obligations [1] Shareholder Information - Before the reduction, Xiang Jinyu held 40,000,000 shares of Aokang International, accounting for 9.98% of the total share capital [1] - After the reduction, his holding decreased to 36,000,000 shares, representing 8.98% of the total share capital [1] Regulatory Compliance - The company is adhering to relevant regulations regarding shareholder reductions, including the Interim Measures for the Administration of Shareholder Reduction of Shares and the Shanghai Stock Exchange's self-regulatory guidelines [2]

Summary of Key Points Core Viewpoint - The announcement details the early termination of the share reduction plan by the board members and senior management of Xi'an Aike Saibo Electric Co., Ltd, along with the results of the share reduction activities [1][2]. Shareholding Information - Before the reduction plan, key shareholders included: - Li Hui: 4,381,720 shares (3.7975%) - Su Hongmei: 2,744,280 shares (2.3784%) - Zhang Jianrong: 1,630,440 shares (1.4130%) - Li Chunlong: 1,630,440 shares (1.4130%) - Gao Peng: 529,480 shares (0.4589%) [1][2][3]. Implementation Results of the Reduction Plan - The reduction plan was initially disclosed on June 6, 2025, with a total planned reduction of up to 2,530,000 shares (2.1927% of total shares) [2]. - As of the announcement date, the total shares reduced amounted to 2,293,726 shares (1.9879% of total shares) [2][4]. - Li Hui, Li Chunlong, and Gao Peng completed their reduction plans, while Su Hongmei and Zhang Jianrong terminated their plans early due to personal financial needs [2][5]. Individual Reduction Details - Li Hui: - Reduced 1,000,000 shares between June 30 and August 29, 2025, at prices ranging from 38.90 to 48.00 CNY per share, totaling approximately 42.59 million CNY [4]. - Su Hongmei: - Reduced 413,726 shares between June 30 and July 21, 2025, at prices ranging from 38.55 to 44.50 CNY per share, totaling approximately 16.99 million CNY, with 186,274 shares remaining [4]. - Zhang Jianrong: - Reduced 350,000 shares between July 1 and August 29, 2025, at prices ranging from 40.00 to 46.70 CNY per share, totaling approximately 15.15 million CNY, with 50,000 shares remaining [4]. - Li Chunlong: - Reduced 400,000 shares between June 30 and August 29, 2025, at prices ranging from 40.20 to 47.85 CNY per share, totaling approximately 17.52 million CNY [4]. - Gao Peng: - Reduced 130,000 shares between July 9 and August 12, 2025, at prices ranging from 37.88 to 43.88 CNY per share, totaling approximately 5.20 million CNY [5].