Market Overview - On May 27, the cultivated diamond sector opened strong, with Huanghe Xuanfeng hitting the daily limit up, and companies like Huifeng Diamond, Sifangda, and Liliang Diamond also experiencing significant gains [1] Company Developments - **ST Yazhen (603389.SS)**: Holds a 30% stake in Yazhen Diamond, which specializes in CVD large-size diamond manufacturing and sales, contributing to about 20% of the cultivated diamond sales market, with high-end quality diamonds accounting for over 50% [3] - **Huanghe Xuanfeng (600172.SS)**: Plans to increase its stake, leveraging 20 years of technical experience in cultivated diamonds, with a focus on R&D, production, and quality management [3] - **Sifangda (300179.SZ)**: Its subsidiary Tianxuan Semiconductor is involved in CVD technology R&D and has signed a 700 million yuan investment agreement to establish a production line for 700,000 carats of functional diamonds annually [3] - **Liliang Diamond (301071.SZ)**: A leading domestic producer of cultivated diamonds, currently producing high-grade diamonds in the range of 2-10 carats, with research indicating potential for 25-carat diamonds [4] Industry Events - On May 27, Huanghe Xuanfeng announced a joint venture with Bozhi Jinduan to develop diamond-based thermal materials for the semiconductor packaging sector [5] - Liliang Diamond is focusing on high-power heat sink projects, anticipating broad applications for diamonds in semiconductor cooling [5] - A $27 million agreement was signed between Akash and NxtGen for deploying diamond cooling servers in India [5] - Huawei and Nvidia are both exploring diamond cooling technologies, with Huawei filing a patent related to semiconductor devices involving diamond cooling [5] Industry Insights - Diamonds possess the highest known thermal conductivity, being 13 times that of silicon and 4-5 times that of copper and silver, making them a promising material for the semiconductor industry [6] - The diamond cooling technology can enhance GPU and CPU performance by three times, reduce temperatures by 60%, and lower energy consumption by 40%, potentially saving millions in cooling costs for data centers [6] - The diamond cooling market is projected to grow from $0.5 million in 2025 to $15.2 billion by 2030, with a compound annual growth rate of 214% [6] - In quantum computing, nitrogen-vacancy centers in diamonds are seen as a core material due to their ability to maintain quantum states at room temperature [6] - CVD-produced polycrystalline diamond heat sinks have a diameter of up to 2 inches and a thickness of 0.3 to 1 mm, offering superior thermal conductivity compared to traditional materials [6]

Group 1: Company Leadership Changes - Longi Green Energy announced that Li Zhenguo will resign from the positions of General Manager and Legal Representative to focus on R&D and technology management, while continuing as the head of the Central Research Institute and Chief Technology Officer [2] - The company appointed Zhong Baoshan as the new General Manager, and this leadership change is not expected to impact the company's operations [2] Group 2: Contracts and Agreements - Pingzhi Information signed an AI computing power technology service framework agreement with China Telecom's Shaanxi branch, with a total contract value of approximately 246 million yuan [3] - The actual execution amount will depend on specific orders, and the agreement is not expected to have a significant impact on the company's annual performance [3] Group 3: Share Issuance and Stock Transactions - *ST Songfa announced the issuance of 738 million new shares at a price of 10.16 yuan per share for asset acquisition [5] - Shenghong Technology set the preliminary inquiry transfer price at 65.85 yuan per share, with 24 institutional investors participating in the inquiry [3] Group 4: Shareholder Actions - Xinhua Medical's controlling shareholder plans to increase holdings by 100 million to 200 million yuan [6] - Several companies, including Yongmaotai and Green Harmony, announced plans for share reductions by up to 3% of total shares [6] Group 5: Corporate Developments - Rongsheng Environmental Protection reported that its controlling shareholder, Feng Ronghua, has been taken into custody by law enforcement, but this matter is unrelated to the company [4] - Chongqing Steel terminated the absorption merger with its wholly-owned subsidiary [7]

Group 1 - The company has reached a cooperation intention with Suzhou Bozhi Jinduan Technology Co., Ltd. to establish a joint venture named Henan Qianyuan Xinduan Semiconductor Technology Co., Ltd. to develop and industrialize new generation ultra-high performance diamond-based thermal materials and devices [1][3] - The registered capital of the joint venture is set at 10 million yuan, with the company contributing 5.1 million yuan (51% stake) and Bozhi Jinduan contributing 4.9 million yuan (49% stake) [2][4] - The joint venture aims to address challenges in the preparation of large-size diamond materials and the production of diamond-based packaging devices, significantly enhancing the thermal and electrical performance of packaging devices [3][5] Group 2 - The joint venture will focus on the research and development of diamond-based thermal materials and devices, which are expected to lead the international development direction of ultra-high power thermal materials and devices [3][4] - The board of the joint venture will consist of three members, with two nominated by the company and one by Bozhi Jinduan, and the chairman will be appointed from the company's nominees [4] - The establishment of the joint venture has been approved by the company's board of directors and does not require further approval from the shareholders' meeting [5]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： ● 被担保人名称：河南黄河旋风国际有限公司，公司全资子公司 （一）担保的基本情况 河南黄河旋风股份有限公司（以下简称"公司"）全资子公司河南黄河旋风 国际有限公司（以下简称"旋风国际"）近日与中信银行股份有限公司郑州分行 （以下简称"中信银行郑州分行"）签订了相关协议，主要情况如下： 旋风国际向中信银行郑州分行申请流动资金借款不超过 2,500 万元，用于日 常经营，借款期限不超过 12 个月，贷款年利率不超过 5.5%，按月结息。公司为 旋风国际上述借款提供连带责任保证担保。 （二）担保履行的内部决策程序 公司第九届董事会第二十一次会议，审议通过了《关于公司为全资子公司提 供担保的议案》，同意公司为全资子公司旋风国际提供连带责任保证担保。本次 担保事项无需提交股东大会审议。 证券代码：600172 证券简称：黄河旋风 公告编号：临 2025-030 河南黄河旋风股份有限公司 河南黄河旋风国际有限公司为公司全资子公司，公司持有旋风国际 100%的 股权。 三、担保 ...

证券代码：600172 证券简称：黄河旋风 编号：临 2025-029 河南黄河旋风股份有限公司 关于设立合资公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、交易概述 基于公司与博志金钻在金刚石材料与半导体封装领域的核心优势，双方本着自愿、 平等、互信、优势互补的原则达成合作意向，共同推进多款新一代超高性能金刚类散热 材料与器件的研发与产业化，成立合资公司河南乾元芯钻半导体科技有限公司。 二、出资人基本情况 公司名称：苏州博志金钻科技有限责任公司 注册地址：苏州高新区长亭路 8 号大新科技园 3 幢二楼 法定代表人：潘远志 成立时间：2020 年 3 月 31 日 注册资本：749.070743 万元 统一社会信用代码：91610131MA712U7Q06 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；金属表面处理及热处理加工；新材料技术研发；新材料技术推广服务；电子元 器件制造；集成电路制造；信息安全设备制造；通信设备制造；光通信设备制造；雷达 1 ● 河南 ...

证券代码：600172 证券简称：黄河旋风 公告编号：临 2025-030 河南黄河旋风股份有限公司 关于公司为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、担保情况概述 （一）担保的基本情况 河南黄河旋风股份有限公司（以下简称"公司"）全资子公司河南黄河旋风 国际有限公司（以下简称"旋风国际"）近日与中信银行股份有限公司郑州分行 （以下简称"中信银行郑州分行"）签订了相关协议，主要情况如下： 旋风国际向中信银行郑州分行申请流动资金借款不超过 2,500 万元，用于日 常经营，借款期限不超过 12 个月，贷款年利率不超过 5.5%，按月结息。公司为 旋风国际上述借款提供连带责任保证担保。 （二）担保履行的内部决策程序 公司第九届董事会第二十一次会议，审议通过了《关于公司为全资子公司提 供担保的议案》，同意公司为全资子公司旋风国际提供连带责任保证担保。本次 担保事项无需提交股东大会审议。 二、被担保人基本情况 5、法定代表人：暴新会 6、注册资本：2,000 万 7、公司类型：有限 ...

证券代码：600172 证券简称：黄河旋风 编号：临 2025-028 河南黄河旋风股份有限公司 （二）审议通过了《关于公司为全资子公司提供担保的议案》 具体内容详见同日在上海证券报和上海证券交易所网站（www.sse.com.cn）披露的 相关公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 河南黄河旋风股份有限公司（以下简称"公司"）第九届董事会第二十一次会议通 知于 2025 年 5 月 23 日以电子方式发出，于 2025 年 5 月 26 日上午 10:00 以通讯方式召 开。会议应到董事 9 人，实到 9 人。本次会议符合《中华人民共和国公司法》和《公司 章程》的规定，会议由董事长李戈先生主持，经与会董事审议，通过如下议案： 一、审议事项 （一）审议通过了《关于设立合资公司的议案》 具体内容详见同日在上海证券报和上海证券交易所网站（www.sse.com.cn）披露的 相关公告。 表决结果：9 票同意，0 票反对，0 票弃权。 第九届董事会第二十一次会议决议公告 表决结果：9 票同意，0 票反对，0 票弃权。 ...

Group 1 - The company Huanghe Xuanfeng (600172.SH) announced plans to establish a joint venture with Suzhou Bozhi Jinduan Technology Co., Ltd. [1] - The new joint venture will be named Henan Qianyuan Xinduan Semiconductor Technology Co., Ltd. [1] - The registered capital of the joint venture is set at 10 million yuan, with Huanghe Xuanfeng contributing 5.1 million yuan for a 51% stake, while Bozhi Jinduan will invest 4.9 million yuan for a 49% stake [1]

二〇二五年五月 财务顾问声明 中原证券股份有限公司 关于 河南黄河旋风股份有限公司详式权益变动报告书 之 2024年度持续督导意见 暨持续督导总结报告 中原证券股份有限公司（以下简称"中原证券"、"财务顾问"）接受委 托，担任许昌市国有产业投资有限公司（以下简称"许昌产投"、"信息披露 义务人"）收购河南黄河旋风股份有限公司（以下简称"黄河旋风"、"上市 公司"）的财务顾问。 2023年9月15日，许昌产投与黄河集团签署《股份转让协议》，许昌产投通 过协议转让方式取得黄河集团持有上市公司黄河旋风非限售流通股135,000,000 股，占上市公司总股本1,442,184,476股的9.36%（以下简称"本次权益变动"）。 本次权益变动前，许昌产投不持有黄河旋风股份；信息披露义务人一致行 动人许昌市金投控股集团有限公司（以下简称"许昌金投"）持有黄河旋风 98,280,298股股份，占黄河旋风总股本6.81%。 本次权益变动后，许昌产投持有黄河旋风135,000,000股股份，占其总股本 的9.36%，一致行动人许昌金投持有黄河旋风98,280,298股股份，占其总股本的 6.81%，合计占黄河旋风总股本的16. ...

Core Viewpoint - The financial report of Huanghe Xuanfeng for 2024 highlights the survival challenges faced by traditional manufacturing in the context of supply-demand imbalance and cost control issues, with a significant revenue decline and record losses [1] Group 1: Financial Performance - In 2024, Huanghe Xuanfeng reported an operating income of 1.301 billion yuan, a year-on-year decrease of 17.36% [1] - The net loss attributable to shareholders reached 983 million yuan, marking the largest loss since the company went public [1] Group 2: Industry Challenges - The core crisis for Huanghe Xuanfeng stems from the collapse of its main business profitability, as the diamond single crystal and products market undergoes a drastic price restructuring [2] - The combination of overcapacity in the industry and aggressive pricing strategies from new competitors has led to a continuous decline in product prices, which accelerated in 2024 [2] - The company’s attempts to reduce costs have been ineffective due to rigid production costs and a lack of bargaining power in sales, creating a detrimental cycle of "price erosion and fixed costs" [2] Group 3: Strategic Weaknesses - Huanghe Xuanfeng has fallen behind in developing high-value-added products, such as synthetic diamonds and functional new materials, while the market shifts towards high-end and customized products [2] - The company’s adherence to traditional industrial-grade products has resulted in missed opportunities in emerging markets, reflecting a misalignment with industry trends [2] Group 4: Financial and Operational Risks - The company faces a deteriorating financial structure, characterized by high debt levels and strained cash flow, which exposes serious deficiencies in capital management [3] - Short-term debts accumulated to maintain production capacity have become a financial burden amid declining revenues, leading to increased pressure on profit margins [3] - Weakening accounts receivable turnover indicates a declining position in the supply chain, with extended customer payment terms and rising bad debt risks [3] Group 5: Operational Inefficiencies - Operational inefficiencies exacerbate the financial crisis, with passive responses to raw material price fluctuations and declining equipment utilization rates [3] - The slow market response in sales further contributes to a "scale inefficiency" dilemma, hindering the company's ability to adapt [3] - Despite management's attempts to reform the organizational structure, historical burdens and management inertia limit the effectiveness of these measures [3] Group 6: Conclusion - The predicament of Huanghe Xuanfeng reflects the broader challenges faced by traditional manufacturing during industry transitions, with insufficient technological reserves and rigid operational systems [4] - The company must undergo significant capacity optimization and reconstruct its value creation logic to survive, transitioning from being a price taker to a technology standard setter [4] - The ability to navigate through the pain of industrial restructuring will determine the company's potential for rebirth [4]