Group 1 - The core viewpoint of the news is that Taihu Snow has been awarded the "ESG Corporate Governance Pioneer Award" for its outstanding practices in governance, highlighting its commitment to integrating economic efficiency with social responsibility [1] - The award is established by Securities Star in collaboration with professional institutions like Miaoying Technology, aiming to recognize companies that excel in governance practices such as compliance management and risk prevention [1] - Taihu Snow views governance as a cornerstone for steady progress, continuously refining its governance mechanisms and adhering to business ethics to lay a solid foundation for long-term development [3] Group 2 - In 2024, the company will establish an Environmental, Social, and Governance (ESG) Committee within its board to oversee sustainable development matters, responding better to the expectations of investors, customers, and other stakeholders [3] - Taihu Snow is optimizing its risk management mechanisms by considering market risks and uncertainties, enhancing its risk identification, evaluation, warning, and control processes to improve risk prediction and handling capabilities [4] - By the end of 2024, the company will have developed specific procedures for risk management and quality risk identification to strictly control potential risks and enhance the effectiveness of risk prevention [4]

东吴证券股份有限公司 关于苏州太湖雪丝绸股份有限公司 2025 年上半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，东吴证券股 份有限公司（以下简称"东吴证券""保荐机构"）作为苏州太湖雪丝绸股份有 限公司（以下简称"太湖雪""公司"）的保荐机构，负责太湖雪的持续督导工 作，并出具 2025 年上半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文件。 | | 2、督导公司建立健全并有效执行 | 保荐机构督导公司建立健全规则制度（包括但不限 | | | 于根据新《公司法》及《上市规则》的规定，修改 | | 规则制度的情况 | 完善公司治理制度，本督导期内，太湖雪有效执行 | | | 了规则制度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对账单，核查 | | | 公司募集资金使用情况；前往公司现场核查募集资 | | | 金使用情况。本督导期内，太湖雪募集资金存放与 | | | 使用符合 ...

Group 1 - In the past month (from July 8 to August 7), 22 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1][2] - The types of institutions conducting the research included 19 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1][2] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated saw an average stock price increase of 11.57% over the month, with notable gainers including Hengli Drill Tools (up 163.51%), Sanwei Equipment (up 25.42%), and Zhongyu Technology (up 17.16%) [2] - The average market capitalization of all companies on the BSE was 3.185 billion yuan, while the average market capitalization of the investigated companies was 3.671 billion yuan, with leading companies being Xingtum Control, Parallel Technology, and Guangxin Technology [2]

Summary of Key Points Core Viewpoint - As of August 7, 115 companies have released their semi-annual reports for 2025, with 81 reporting a year-on-year increase in net profit, while 34 reported a decline. Additionally, 78 companies saw an increase in operating revenue, and 37 experienced a decrease. A total of 68 companies reported simultaneous growth in both net profit and operating revenue, while 24 companies saw declines in both metrics. Notably, 18 companies achieved a net profit growth rate exceeding 100%, with Zhimin Da leading at a staggering 2147.93% [1]. Company Performance - Zhimin Da (688636) reported earnings per share of 0.2284, with a net profit of 38.298 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.7564 million, reflecting an 84.83% increase [1]. - Shijia Guangzi (688313) achieved a net profit of 216.6475 million, marking a year-on-year increase of 1712.00%, with operating revenue of 992.6253 million, up 121.12% [1]. - Nanji Guang (300940) reported a net profit of 72.891 million, with a year-on-year increase of 982.43%, and operating revenue of 397.5085 million, up 244.67% [1]. - Tongzhou Electronics (002052) had a net profit of 203.0714 million, a year-on-year increase of 662.77%, with operating revenue of 539.7695 million, up 606.52% [1]. - Daodaquan (002852) reported a net profit of 180.9760 million, with a year-on-year increase of 563.15%, and operating revenue of 2792.4396 million, reflecting a slight increase of 1.16% [1]. Additional Company Insights - Huakang Jieneng (301235) reported a net profit of 18.6830 million, with a year-on-year increase of 273.48%, and operating revenue of 83.49115 million, up 50.73% [1]. - Chengxing Co. (600078) had a net profit of 18.5612 million, with a year-on-year increase of 211.08%, and operating revenue of 177.61177 million, up 9.85% [1]. - Kaimeite (002549) reported a net profit of 55.8461 million, with a year-on-year increase of 199.82%, and operating revenue of 31.03616 million, up 10.52% [1]. - Dong'an Power (600178) had a net profit of 3.9212 million, with a year-on-year increase of 157.75%, and operating revenue of 247.91147 million, up 25.72% [1]. Overall Market Trends - The overall trend indicates a strong performance among the majority of companies, with a significant number achieving substantial growth in both net profit and operating revenue, reflecting a positive outlook for the market [1][2].

Group 1 - In the past month (from July 6 to August 5), 23 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1] - The types of institutions conducting the research included 20 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated by institutions saw an average stock price increase of 8.93% over the month, with notable gainers including Hengli Drill Tools (up 172.72%), Guangxin Technology (up 14.15%), and Sanwei Equipment (up 13.68%) [2] - The average market capitalization of all companies on the BSE was 3.136 billion yuan, while the average market capitalization of the companies that received institutional research was 3.609 billion yuan [2] Group 3 - A detailed list of companies investigated includes Minshida, Xingtum Control, Taihu Snow, and others, with their respective number of institutions involved, research frequency, latest closing prices, and percentage changes in stock prices [3] - The highest stock price increase was recorded by Hengli Drill Tools, while other companies like Guangxin Technology and Sanwei Equipment also showed significant gains [3]

Financial Performance - The company reported a revenue of 280.82 million, representing a year-on-year increase of 17.75% compared to 238.49 million from the previous year [1] - The net profit attributable to shareholders reached 18.98 million, marking a significant growth of 69.77% from 11.18 million in the same period last year [1] - The net profit after deducting non-recurring gains and losses was 19.19 million, which is a 106.96% increase from 9.27 million year-on-year [1] - The basic earnings per share were 0.2824, up 72.09% from 0.1641 in the previous year [1] Profitability Metrics - The gross profit margin for the first half of the year was 43.10%, an increase of 2.80 percentage points compared to the previous year [2] - The net profit margin improved to 6.75%, up 2.13 percentage points from the same period last year [2] Expense Analysis - Total operating expenses for the first half of the year amounted to 92.84 million, an increase of 0.80 million compared to the previous year [2] - The expense ratio decreased to 33.06%, down 2.50 percentage points year-on-year [2] - Sales expenses increased by 7.27%, management expenses rose by 24.91%, and R&D expenses grew by 13.49%, while financial expenses decreased by 17.25% [2] Leadership and Company Background - The chairman and general manager, Hu Yufang, received a salary of 360,000, a reduction of 28% from the previous year's salary of 500,000 [4] - Hu Yufang has a background in business management and has held various positions in the company since its establishment [4] - The company, Suzhou Taihu Snow Silk Co., Ltd., was founded on May 18, 2006, and specializes in the research, production, and sales of silk products [5]

Summary of Key Points Core Viewpoint - As of August 5, 95 companies have released their semi-annual reports for 2025, with 63 reporting year-on-year profit growth and 60 reporting revenue growth. Notably, 51 companies experienced simultaneous growth in both profit and revenue, while 23 companies saw declines in both metrics. The company with the highest profit growth was Zhimin Da, with an increase of 2147.93% [1]. Group 1: Company Performance - Zhimin Da reported a net profit of 38.298 million yuan, with a year-on-year increase of 2147.93% and revenue of 294.7564 million yuan, up 84.83% [1]. - Shijia Guangzi achieved a net profit of 216.6475 million yuan, with a year-on-year increase of 1712.00% and revenue of 992.6253 million yuan, up 121.12% [1]. - Tongzhou Electronics reported a net profit of 203.0714 million yuan, with a year-on-year increase of 662.77% and revenue of 539.7695 million yuan, up 606.52% [1]. - Daodaquan reported a net profit of 180.9760 million yuan, with a year-on-year increase of 563.15% and revenue of 2792.4396 million yuan, up 1.16% [1]. - Huakang Clean reported a net profit of 18.6830 million yuan, with a year-on-year increase of 273.48% and revenue of 83.49115 million yuan, up 50.73% [1]. Group 2: Revenue and Profit Trends - 32 companies reported a year-on-year decline in net profit, while 35 companies reported a decline in revenue [1]. - Among the companies with significant profit growth, 15 companies had their profit growth double compared to the previous year [1]. - The overall trend indicates a mixed performance across the companies, with a notable number achieving substantial growth in both revenue and profit, while others faced declines [1].

√现场参观 证券代码：838262 证券简称：太湖雪 公告编号：2025-124 苏州太湖雪丝绸股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □新闻发布会 □分析师会议 □路演活动 √其他 （华源证券分析师线上会议及开源证券分析师线上会议） 二、 投资者关系活动情况 活动时间：2025 年 8 月 1 日 活动地点：苏州太湖雪丝绸股份有限公司展厅、会议室 参会单位及人员：开源证券、中信证券、中泰证券、长江证券、西部证券、 民生证券、联储证券、江海证券、华鑫证券、华源证券、东北证券、兴业证券、 浦银理财管理有限公司、英睿投资管理有限公司、深圳市尚诚资产管理有限责任 公司、亘泰投资管理有限公司、冰剑投资管理有限公司、上海滦海投资管理有限 公司、九祥资产管理有限公司、上海汇瑾资产管理有限公司、度势投资有限公司、 方德投资管理有限公司、高腾国际资产管理公司、点石成鑫资产管理有限公司、 同巨投资有限公司、中国 ...

Policy Impact - The "Two New" policy has effectively promoted consumption and investment, driving related product sales exceeding 1.6 trillion yuan in 2025[2] - The scope of the old-for-new policy has expanded in 2025, with a total sales amount from five categories (automobiles, home appliances, digital products, home decoration, and electric bicycles) surpassing 1.6 trillion yuan by June 2025, exceeding the 2024 sales figures[5] Market Performance - The median market value change for consumer service stocks on the Beijing Stock Exchange was -2.21% from July 28 to August 1, 2025, with only 22% of companies experiencing an increase[2] - The total market capitalization of consumer service companies decreased from 123.5 billion yuan to 120.6 billion yuan during the same period[41] Sector Analysis - The median price-to-earnings (P/E) ratio for consumer service stocks rose from 52.1X to 53.5X[36] - The median P/E ratio for the broader consumer sector decreased from 72.9X to 72.6X, indicating a slight contraction in valuation[39] Company Highlights - Taihu Snow reported a 70% year-on-year increase in net profit for the first half of 2025, with revenue reaching approximately 280.82 million yuan, a 17.75% increase[2] - A total of 63 companies on the Beijing Stock Exchange are identified as beneficiaries of the "Two New" policy, with 10 in the equipment update category and 53 in the old-for-new category[29]

1. Report Industry Investment Rating - The report maintains an overall optimistic view of the North Exchange market for the whole year, believing that the positioning and development direction of the "specialized, refined, characteristic, and innovative" North Exchange market are highly consistent with the national policy orientation of the "self - controllable" and innovation - driven development strategy [24]. 2. Core Viewpoints of the Report - In July 2025, the North - 50 Index and the North Specialized, Refined, Characteristic, and Innovative Index underperformed major indices such as the ChiNext and STAR Market. However, in the first seven months of 2025, the North - 50 Index rose 37%, outperforming other major indices. The market was weak in July, but some sub - sectors like building decoration and pharmaceutical biology performed well. The market has been in a range - bound consolidation for over two months, and with continuous progress in "high - quality" expansion, code switching of existing stocks, and the issuance of specialized, refined, characteristic, and innovative index funds, the market should gradually turn optimistic. The market may return to the performance - driven mainline, and attention should be paid to high - quality companies with continuous high - growth performance [3][6][24]. 3. Summary by Relevant Catalogs 3.1 Week - view - In July 2025, the North - 50 Index fell 1.68%, and the North Specialized, Refined, Characteristic, and Innovative Index fell 2.70%, underperforming major indices. In the first seven months of 2025, the North - 50 Index rose 37%, far outperforming other major indices, and indices such as the STAR - 200 and CSI 2000 also rose over 20%. In July, sectors such as building decoration and pharmaceutical biology in the North Exchange market had relatively high increases. Only 16 companies had a monthly increase of over 20%, and 6 companies including Hengli Drilling Tools had an increase of over 50%. Compared with June 2025, trading volume, turnover, and turnover rate in July all declined. As of July 31, 2025, the overall price - to - earnings ratio (TTM, excluding negatives) of the North Exchange A - share index reached 51 times, 134% of the ChiNext index and 84% of the STAR Market index [3][6][12]. 3.2 Market Performance - This week, the overall price - to - earnings ratios of the ChiNext, STAR Market, and North Exchange A - shares declined. The North Exchange A - shares' overall PE dropped from 52.17X to 50.92X. In terms of liquidity, the daily average trading volume of North Exchange A - shares this week was 257 billion yuan, a 17% decrease from last week. The daily average turnover rate of North Exchange A - shares dropped to 5.94%, a decrease of 1.1 percentage points from last week. The North - 50 Index fell 2.70% this week, and major indices such as the CSI 300, STAR - 50, and ChiNext also declined [26][27]. 3.3 New Stock Listings - From January 1, 2024, to August 1, 2025, 30 new companies were listed on the North Exchange. From July 28 to August 1, 2025, 1 new company, Dingjia Precision, was listed. From January 1, 2023, to August 1, 2025, the average issue price - to - earnings ratio of 107 listed companies was 16.20X, and the median was 15.86X. The average first - day increase was 111%, and the median was 51% [32][35]. 3.4 New Stock IPOs - From July 28 to August 1, 2025, 2 companies, Aomisen and Sanxie Electric, updated their review status to registration; 1 company, Yangtze River Energy Technology, updated its status to passing the listing committee meeting; 22 companies updated their status to being under inquiry. Next week, the North Exchange will review the IPO applications of 2 companies, Zhongcheng Consulting and Nante Technology [41].