Core Viewpoint - The company has successfully completed the first unlock period of its 2023 restricted stock incentive plan, allowing 3,216,500 shares to be released for trading, which represents 0.4269% of the total share capital [1][12]. Summary by Sections Incentive Plan Overview - The incentive plan was approved by the board and the supervisory committee, with independent opinions provided by the independent directors and legal counsel [1][2]. - A total of 61 individuals are eligible for the release of restricted shares [1][12]. Unlock Conditions - The first unlock period conditions have been met, allowing for the release of 35% of the granted shares after 18 months from the grant date [5][6]. - The grant date for the restricted shares was January 31, 2024, with the unlock period ending on August 27, 2025 [5][12]. Performance Assessment - The company achieved a net profit of 77.74 million yuan for 2024, meeting the performance criteria for the first unlock period [6][8]. - The performance assessment for the incentive plan is conducted annually over three years, with specific profit targets set for each year [6][7]. Share Structure Changes - Following the unlock, the total number of restricted shares will decrease from 9,490,000 to 6,273,500, while the total share capital remains at 753,489,550 shares [14]. - The proportion of unrestricted shares will increase from 97.65% to 98.08% after the unlock [14]. Compliance and Legal Review - The company has adhered to all relevant regulations and has received legal opinions confirming the compliance of the unlock process [4][12]. - The supervisory committee has verified the eligibility of the incentive recipients and the conditions for unlocking the shares [2][4].

Core Viewpoint - The company, Great Wall Securities Co., Ltd., is issuing corporate bonds aimed at professional investors, with a total issuance amount not exceeding 20 billion RMB, and has received a credit rating of AAA from the rating agency, United Credit Rating Co., Ltd. [3][12][19] Financial Situation - As of June 2025, the company's total equity was 31.627 billion RMB, with 31.128 billion RMB attributable to the parent company. The consolidated debt-to-asset ratio was 66.33%, while the parent company’s debt-to-asset ratio was 67.04% [2][19]. - The average distributable profit over the last three accounting years was 1.306 billion RMB [2]. Bond Rating - The bond has been rated AAA by United Credit Rating Co., Ltd., with a stable outlook. The rating agency will monitor the issuer's operational management and external environment throughout the bond's duration [3][12]. Issuance Details - The bonds are unsecured, and the company has set up specific repayment accounts and other measures to mitigate repayment risks. However, market changes could affect the issuer's ability to meet repayment obligations [4][17]. - The bonds will be listed on the Shenzhen Stock Exchange after issuance, but there is no guarantee of active trading or liquidity in the secondary market [6][19]. Risk Factors - The company faces short-term repayment pressures, with 66.97% of its interest-bearing liabilities due within one year, necessitating careful liquidity management [19]. - The company's cash flow has shown significant volatility, with net cash flows from operating activities recorded as -6.771 billion RMB, -4.721 billion RMB, and 13.270 billion RMB over the past three years [5][20]. - The securities industry is subject to strict regulatory oversight, and changes in regulations could impact the company's operations and financial performance [23][28]. Investor Participation - The bonds are exclusively available to professional institutional investors, and ordinary investors are not permitted to participate in the issuance [8][12].

Group 1 - The company has received approval from the Shanghai Stock Exchange for its stock issuance to specific investors, which is part of its fundraising efforts for the year 2024 [1] - The company obtained the approval from the China Securities Regulatory Commission on August 2025, allowing it to proceed with the issuance of stocks [1] - The company disclosed its 2025 semi-annual report on August 29, 2025, and has updated the relevant documents related to the stock issuance accordingly [2] Group 2 - The company will fulfill its information disclosure obligations in a timely manner based on the progress of the stock issuance, urging investors to pay attention to investment risks [2]

Overview - The report outlines the continuous supervision work conducted by Minsheng Securities on Xuchang Intelligent Relay Co., Ltd. for the first half of 2025, confirming compliance with relevant regulations and effective execution of governance systems [1][2]. Group 1: Continuous Supervision Work - The company has effectively implemented governance rules during the supervision period [1]. - Minsheng Securities regularly reviewed the company's fundraising account statements and verified the usage of raised funds, confirming compliance with regulations [1]. - No significant violations were found during the supervision, and the company maintained compliance in various aspects [1]. Group 2: Issues Identified and Measures Taken - No issues were identified regarding external investments, risk investments, entrusted financial management, or financial assistance [2]. - The company and its shareholders have fulfilled their commitments, with no reasons for non-fulfillment reported [2]. Group 3: Market Risks - The company faces increased competition as it operates primarily in central and eastern regions, with the transition to new power systems and microgrids creating new market opportunities [2]. - The loss of core technical personnel poses risks to product quality, technological development, and responsiveness to market changes [3]. Group 4: Technological and Material Risks - The company must invest adequately in technology development and innovation to keep pace with rapid industry changes and diverse user demands [5]. - Fluctuations in raw material prices, such as circuit breakers and metal components, can directly impact procurement costs and profit margins [5]. Group 5: Shareholder and Management Control - The main founder and actual controllers of the company hold significant influence over operational decisions, which could potentially harm the interests of minority shareholders if mismanaged [5]. - As of June 30, 2025, there were no pledges or freezes on shares held by the controlling shareholders or senior management [5].

Core Viewpoint - The company has announced adjustments to the repurchase quantity and price of restricted stock, along with the cancellation of certain restricted stocks as part of its 2023 incentive plan [1][4][11]. Summary by Sections 1. Adjustment of Restricted Stock Repurchase - The company will repurchase and cancel a total of 160,160 shares of restricted stock, which represents 0.02% of the current total share capital [7][11]. - The total share capital will decrease from 992,638,145 shares to 992,477,985 shares after the repurchase [1][11]. 2. Reasons for Repurchase - The repurchase is due to one employee resigning, involving 65,000 shares, and four employees retiring or leaving for other reasons, which allows for the cancellation of 62,400 shares [4][5]. - Additionally, seven employees did not meet performance criteria, leading to the cancellation of 32,760 shares [6][12]. 3. Repurchase Price and Funding - The adjusted repurchase price is set at 5.77 yuan per share, down from the original 7.75 yuan per share, after accounting for dividends and capital increases [9][11]. - The total amount for the repurchase is approximately 934,800 yuan, funded from the company's own resources [9][11]. 4. Impact on Company Structure - The repurchase and cancellation of shares will not affect the ongoing implementation of the 2023 restricted stock incentive plan [11][12]. - The adjustments comply with relevant regulations and will not materially impact the company's financial status or operational results [11][12]. 5. Future Arrangements - The company will follow necessary legal procedures for the repurchase and cancellation of shares, ensuring compliance with disclosure obligations [11][14]. - The monitoring committee has confirmed that the procedures followed are legal and do not harm the interests of the company or its shareholders [12][14].

北京华如科技股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票激励计划 激励对象名单的公示情况说明及核查意见 北京华如科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第 五届董事会第十一次会议，审议通过了《关于 <北京华如科技股份有限公司 ensp="ensp"> 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。根据《中华人 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下 简称"《证券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证 券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自 律监管指南》"）等有关法律、行政法规、规范性文件以及《北京华如科技股份 有限公司章程》（以下简称"《公司章程》"）的相关规定，公司对 2025 年限制 性股票激励计划（以下简称"本激励计划"）拟授予激励对象的姓名和职务在公司 内部进行了公示。公司董事会薪酬与考核委员会结合公示情况对激励对象人员名 单进行了核查，相关公示情况及核查情况如下： ...

Group 1 - The company, Great Wall Securities Co., Ltd., has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a face value of up to 12 billion yuan, with the current issuance being the third phase of this bond series, amounting to no more than 2 billion yuan [2][3] - The bonds will be issued in two varieties, with the first variety having a term of 3 years and the second variety having a term of 5 years, both priced at 100 yuan per bond [10][11] - The company has a credit rating of AAA, with a stable outlook, and the average distributable profit for the last three fiscal years is reported to be 1.306 billion yuan [3][14] Group 2 - The bonds will be offered exclusively to professional institutional investors, with a minimum subscription amount of 10 million yuan [5][10] - The interest rate for the bonds will be determined through a pricing inquiry process, with the expected range for the first variety being 1.4%-2.4% and for the second variety being 1.6%-2.6% [16][27] - The funds raised from this bond issuance will be used to repay maturing debts, and a special account will be established for managing these funds [12][13]

Core Viewpoint - The company has completed the repurchase and cancellation of 266,500 restricted stocks under the 2024 incentive plan, which represents 0.09% of the total share capital before the repurchase, with a total repurchase amount of approximately 1.98 million yuan [1][6][8]. Group 1: Repurchase Details - The repurchase price for the restricted stocks was set at 7.32 yuan per share, totaling 1,979,011.81 yuan, which includes interest calculated based on the People's Bank of China's benchmark deposit rate [1][6]. - The repurchase was approved during the board and supervisory meetings held on June 11 and June 30, 2025, respectively, where the conditions for the first vesting period were not met [2][3]. Group 2: Impact on Share Capital - Following the repurchase, the company's total share capital decreased from 285,860,403 shares to 285,593,903 shares, reflecting a reduction of 266,500 shares [6][7]. - The share structure post-repurchase indicates that the proportion of restricted shares has slightly decreased from 38.11% to 38.05% of the total share capital [7]. Group 3: Compliance and Future Outlook - The repurchase and cancellation of the restricted stocks comply with relevant regulations and do not harm the interests of the company or its shareholders, particularly minority shareholders [8]. - The management team remains committed to fulfilling its responsibilities and creating value for all shareholders [8].

Core Viewpoint - The credit rating report for Great Wall Securities Co., Ltd. indicates a stable outlook with a long-term credit rating of AAA for both the company and its upcoming bond issuance, reflecting strong financial health and robust governance structures [1][3][4]. Company Overview - Great Wall Securities is a comprehensive listed securities company in China, with a strong shareholder background and a well-established corporate governance structure [3][4]. - As of June 2025, the company has a registered capital of 4.034 billion yuan, with significant support from its major shareholder, China Huaneng Group [10][11]. Financial Performance - The company reported a strong financial performance with a significant increase in operating income and net profit in the first half of 2025, continuing a trend of growth from 2022 to 2024 [3][5][19]. - As of June 2025, the total assets of the company reached 1275.58 billion yuan, with net capital at 256.68 billion yuan, indicating strong capital adequacy [9][14]. Debt Issuance Details - The upcoming bond issuance is capped at 2 billion yuan, divided into two tranches with maturities of 3 and 5 years, aimed at repaying maturing debts [3][11]. - The bonds will be fixed-rate, with annual interest payments, and the issuance is unsecured [3][11]. Industry Analysis - The securities industry is experiencing heightened activity, with core business revenues from brokerage, credit, and proprietary trading showing positive trends [12][13]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [12][13]. Competitive Position - Great Wall Securities ranks well within the industry, with its operating income and net profit placing it among the top 30 and 26 firms, respectively [14][15]. - The company maintains a diversified business model, including wealth management, investment banking, and asset management, enhancing its competitive edge [14][15]. Governance and Management - The company has a robust governance framework with a well-functioning board and management team, ensuring effective oversight and strategic direction [17][18]. - Internal controls are deemed effective, with regular audits confirming compliance with financial reporting standards [19].

Core Points - The document outlines the independent director system of Huayi Family Co., Ltd., aiming to enhance corporate governance and protect the interests of minority shareholders [1][2][18] - Independent directors must not have any direct or indirect relationships that could affect their objective judgment [2][3] - The proportion of independent directors on the board must not be less than one-third, including at least one accounting professional [4][5] Group 1: General Principles - The independent director system is established to comply with modern corporate governance requirements and relevant laws [1] - Independent directors have a duty of loyalty and diligence to the company and all shareholders [2] - Independent directors should continuously improve their knowledge of securities laws and regulations [4] Group 2: Qualifications and Conditions - Independent directors must meet specific qualifications, including having at least five years of relevant work experience [7][9] - Individuals with significant relationships with the company or its major shareholders are prohibited from serving as independent directors [3][4] - Independent directors must conduct annual self-assessments of their independence [4][9] Group 3: Nomination and Election - The board of directors or shareholders holding more than 1% of the company's shares can propose independent director candidates [11][12] - Candidates must declare their compliance with independence requirements and undergo thorough verification by the nominating party [12][13] - Independent directors serve a term aligned with other board members, with a maximum consecutive term of six years [15] Group 4: Responsibilities and Powers - Independent directors participate in board decision-making and provide objective advice to enhance decision quality [20][21] - They have the authority to independently hire intermediaries for audits or consultations [22] - Independent directors must report any violations of laws or regulations to the board and can escalate issues to regulatory authorities if necessary [25][26] Group 5: Meeting Procedures - Independent directors must hold special meetings to discuss significant matters and decisions requiring their consent [40][41] - Meeting notifications must be sent in advance, and decisions require a majority agreement from attending independent directors [45][46] - Meeting records must be maintained for at least ten years, documenting attendance and decisions made [49][50]