证券代码：600186 证券简称：莲花控股 公告编号：2025—055 | 序 | 合同签订 | 客户 | 合同内容 | 合同期限 | | 合同金额 | 交付情 | 累计回 款情况 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 时间 | | | | | （万元） | 况 | （万元） | 情况 | | 1 | 2025.7.24 | DⅫ公司 | 台 服务 1 GPU | 自服务计 费之日起 | | | 未交付 | | 本月 | | | | | 器算力服务 | | 1 | 6.36 | | 3.18 | 新增 | | | | | | 年 | | | | | | | | | | 台 服务 6 GPU | 2025.7.17-2 | | | | | 本月 | | 2 | 2025.7.11 | EⅠ公司 | | | | 194.4 | 已交付 | 97.2 | | | | | | 器算力服务 | 026.1.16 | | | | | 新增 | | | | 公司 | 台 服务 4 GPU | 2025.7.1-2 ...

Economic Overview - In June, the profit of large-scale industrial enterprises in China decreased by 4.3% year-on-year, with a total profit of 715.58 billion yuan, showing a narrowing decline compared to May's 5.1% drop [1] - The Ministry of Agriculture and Rural Affairs released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating circulation, and activating market demand [1] - The U.S. and EU reached a new trade agreement, with the U.S. imposing a 15% tariff on EU products and the EU committing to invest an additional $600 billion in the U.S. [1] - The National Development and Reform Commission announced the issuance of 69 billion yuan in special bonds to support the consumption of old goods [1] - The Ministry of Finance reported a slight decline in public budget revenue by 0.3% year-on-year, while expenditures increased by 3.4% [1] Agricultural Sector - The Ministry of Agriculture's plan aims to enhance the supply of high-quality agricultural products and improve market satisfaction through better quality and branding [1] - The agricultural sector is expected to benefit from increased consumer demand for diverse and high-quality products [1] Robotics Industry - Wuhan Investment Holding Group and partners are establishing a 10 billion yuan fund to invest in humanoid robotics, focusing on core technologies and applications in various sectors [1][6] Pharmaceutical Industry - The National Medical Products Administration reported a significant increase in the approval of innovative drugs and medical devices, with approvals for 43 innovative drugs and 45 medical devices in the first half of the year, marking increases of 59% and 87% respectively [1][9] Silver Market - The global silver market is entering a new phase of structural supply-demand gap expansion, with industrial demand being the primary driver [7] - Silver demand is projected to grow from 31,241 tons in 2019 to 36,207 tons by 2024, with industrial silver demand increasing significantly [8][10] - The electronic and electrical sectors are the largest consumers of silver, with demand expected to rise due to growth in the photovoltaic and automotive industries [9][13] Construction and Infrastructure - The commencement of the Yarlung Tsangpo River hydropower station project signals increased government investment in infrastructure, with an estimated total investment of 1.2 trillion yuan [19][20] - The project is expected to significantly boost demand for construction materials, particularly cement and steel, benefiting local companies [20] E-commerce and Food Industry - Lotus Holdings is expanding into the smart computing sector while maintaining its core business in seasoning products, capitalizing on the growing demand for convenience foods [24][25] - The company is leveraging digital marketing and e-commerce platforms to enhance brand visibility and sales [25][26] Logistics and Delivery Sector - The express delivery industry in China saw a 15.8% year-on-year increase in business volume in June, with significant differentiation in growth rates among major companies [30][31] - The ongoing focus on reducing internal competition may lead to a stabilization of pricing strategies in the logistics sector [31]

Investment Rating - The industry investment rating is "positive," indicating a relative performance stronger than the market benchmark index by over 5% [33]. Core Insights - The global silver market has entered a new phase of structural supply-demand gap expansion, with signs of a rightward shift in the demand curve [1]. - Industrial demand is the primary component of silver demand, accounting for 58.5% of the total demand in 2024, with a total global silver demand projected at 36,207 tons [1][2]. - The compound annual growth rate (CAGR) for global silver demand from 2019 to 2024 is 3%, with industrial silver demand growing at a CAGR of 5.4% during the same period [2]. - The electronic and electrical sectors are the main drivers of industrial silver demand, with the photovoltaic industry being a significant contributor [3][5]. Summary by Sections Silver Demand Composition - In 2024, silver demand is composed of industrial demand (21,165 tons, 58.5%), jewelry (6,491 tons, 17.9%), and physical investment (5,939 tons, 16.4%) [1]. - The demand from the silverware and photography sectors is relatively minor, at 1,684 tons (4.7%) and 792 tons (2.2%) respectively [1]. Industrial Silver Demand Growth - From 2019 to 2024, industrial silver demand increased from 16,281 tons to 21,165 tons, contributing 98% to the total growth in silver demand during this period [2]. - The electronic and electrical sector's silver demand is projected to reach 14,323 tons in 2024, accounting for 67.7% of industrial silver demand [3]. Photovoltaic Industry Impact - The shift from P-type to N-type solar cells is expected to increase silver consumption in the photovoltaic sector, with N-type cells requiring significantly more silver per gigawatt [6]. - The projected silver consumption in the photovoltaic sector for 2025-2027 is expected to grow steadily, reaching 6,552 tons, 7,128 tons, and 7,500 tons respectively [6]. Automotive Sector Contribution - The growth of the new energy vehicle sector is anticipated to further drive silver demand, with projected consumption in the automotive sector reaching 2,566 tons, 2,799 tons, and 2,926 tons from 2025 to 2027 [7]. Overall Silver Demand Forecast - The global silver demand is expected to grow at a CAGR of 2.9% from 2024 to 2027, reaching 39,457 tons by 2027, with industrial demand's share increasing from 58.5% to 59.7% [9]. - The supply-demand gap for silver is projected to widen, with supply growth expected to lag behind demand growth, leading to a tightening market [9].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Viewpoints - The company is a leading player in the seasoning industry and is actively expanding into the intelligent computing sector, establishing a dual-driven growth model [22][46]. - The seasoning business remains the primary revenue source, accounting for 90% of total revenue, while the intelligent computing segment is expected to grow significantly [22][60]. - The company has established a subsidiary focused on intelligent computing services, aiming to become a comprehensive service operator in the AI computing sector [69]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of seasonings and health foods, with a strong distribution network across China and exports to over 70 countries [22][28]. - It has over 30 subsidiaries and 2,700 distributors, with a significant market presence in the seasoning industry [22][28]. Market Potential - The Chinese seasoning market is poised for growth due to the rapid development of the food industry and the increasing demand for convenient cooking solutions [2][30]. - The global seasoning market is projected to grow from RMB 21,438 billion in 2024 to RMB 28,917 billion by 2029, with a CAGR of 6.2% [30]. Intelligent Computing Sector - The intelligent computing market in China is expected to grow significantly, with a 79.6% year-on-year increase in the first half of 2024, reaching a market size of RMB 146.1 billion [49]. - The company has established multiple intelligent computing centers and aims to provide high-performance GPU server rentals and cloud computing solutions [72]. Financial Performance - The company achieved a record revenue of RMB 2.646 billion in 2024, a 25.98% increase year-on-year, with a net profit of RMB 203 million, reflecting a 55.92% growth [53]. - Revenue growth is expected to continue, with projections of RMB 3.575 billion in 2025 and a net profit of RMB 335 million [12]. Profitability and Margins - The company’s seasoning products maintain high and stable gross margins, while the intelligent computing services are expected to have even higher margins, currently above 40% [63][64]. - The company is increasing its R&D investment, which reached RMB 40.59 million in 2024, a 41.26% increase, to support new product development and market expansion [66].

Core Viewpoint - The legal opinion letter confirms that the convening and holding of the 2025 Second Extraordinary General Meeting of Lotus Holdings Co., Ltd. complies with relevant laws, regulations, and the company's articles of association [1][8]. Group 1: Meeting Procedures - The meeting was convened on July 16, 2025, as per the resolution of the company's board of directors [3][4]. - The meeting was held at the company's conference room and was presided over by the chairman [4][5]. - The voting took place both in-person and via the Shanghai Stock Exchange internet voting platform, with specific time slots designated for each [4][5]. Group 2: Attendance and Qualifications - A total of 2,586 participants attended the meeting, representing 26,314,458 shares, which is 1.4939% of the total voting shares [5][6]. - The qualifications of the attendees were verified, confirming compliance with legal and regulatory requirements [6][7]. - The meeting was convened by the company's board of directors, meeting the necessary qualifications [6]. Group 3: Voting Procedures and Results - The voting was conducted through a named voting method, with oversight from shareholder representatives and legal counsel [7][8]. - The results showed that 168,821,582 shares voted in favor of the proposals, representing 1.2914% of the total voting shares [7][8]. - The voting results from minority investors indicated a strong majority in favor, with 87.1748% supporting the proposals [7][8]. Group 4: Conclusion - The legal opinion concludes that the meeting's procedures, attendance qualifications, and voting results are all valid and comply with applicable laws and regulations [8].

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,586 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 172,196,458 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 9.7755 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 证券代码：600186 证券简称：莲花控股 公告编号：2025-054 莲花控股股份有限公司 2025年第二次临时股东大会决议公告 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。 大会表决方式符合《公司法》和《公司章程》的规定，会议由公司董事会召 集，董事长李厚文先生主持本次股东大会。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2025 年 7 月 16 日 (二) 股东大会召开的地点：河南省项城市颍河路 18 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及 ...

北京市金杜律师事务所 关于莲花控股股份有限公司 2025 年第二次临时股东大会 之法律意见书 致：莲花控股股份有限公司 北京市金杜律师事务所（以下简称本所）接受莲花控股股份有限公司（以下简 称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公 司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中 国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政 区和中国台湾省）现行有效的法律、行政法规、规章及规范性文件和现行有效的《莲 花控股股份有限公司章程》（以下简称《公司章程》），指派律师出席了公司于 2025 年 7 月 16 日召开的 2025 年第二次临时股东大会（以下简称本次股东大会），并就 本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年年度股东大会审议通过的《公司章程》； 2. 公司于 2025 年 6 月 26 日在《中国证券报》《上海证券报》《证券日报》 与上海证券交易所网站（htt ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 160-170 million yuan for H1 2025, representing a year-on-year increase of 59%-69% [5] - The company continues to optimize its profitability through cost advantages and is expanding its product lineup, particularly in the health beverage sector [6] - The company is undergoing internal marketing reforms to enhance brand recognition and is steadily increasing its market share in the MSG segment [7] Summary by Sections Financial Performance - The company forecasts a net profit of 1.60-1.70 billion yuan for H1 2025, with a growth rate of 59%-69% year-on-year [5] - For Q2 2025, the expected net profit is 0.59-0.69 billion yuan, reflecting a year-on-year increase of 14%-34% [5] Product Development - The company is seeing strong growth in its core MSG business, with a downward trend in costs and significant contributions from retail packaging [6] - New products such as Matsutake Fresh, premium brewed soy sauce, and compound seasonings have all seen over 100% year-on-year revenue growth in H1 2025 [6] - The company is also entering the health beverage market with new products like red bean and coix seed water, which are expected to drive new growth [6] Profitability Forecast - The company is adjusting its EPS forecasts for 2025-2027 to 0.18, 0.24, and 0.30 yuan respectively, with corresponding PE ratios of 33, 25, and 20 times [7] - The company is expected to maintain a steady increase in revenue and net profit, with projected growth rates of 30.1% for 2025 and 63.8% for the same year in net profit [10]

Core Viewpoint - Lianhua Holdings has announced a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of over 50%, yet has not issued any dividends despite strong performance [1][2]. Group 1: Financial Performance - For the first half of 2025, Lianhua Holdings expects a net profit between 160 million to 170 million yuan, representing a year-on-year increase of 58.67% to 68.59% [2]. - The company achieved a net profit of 130 million yuan in 2023, marking a year-on-year growth of 181.26%, and 203 million yuan in 2024, with a growth of 55.92% [2]. - The revenue for 2023 was 2.101 billion yuan, up 24.23%, and for 2024, it was 2.646 billion yuan, an increase of 25.98% [2]. Group 2: Product Development and Strategy - The high growth in 2025 is attributed to the successful development and sales of new products, with several new offerings like Matsutake Fresh and Premium Brewed Soy Sauce seeing revenue growth exceeding 100% [2]. - Lianhua Holdings underwent significant strategic changes post-restructuring in 2019, focusing on governance, credit repair, strategic restructuring, and product innovation [3]. - The company launched a "Brand Revival Strategy" in 2022, emphasizing youthfulness, digitalization, internationalization, and innovation [3]. Group 3: Stock Performance - Following its restructuring, Lianhua Holdings' stock price has seen substantial growth, with a peak increase of over six times from its lowest point in 2019 [4]. - The stock price reached a high of 8.24 yuan in 2023, with a dynamic price-to-earnings ratio exceeding 160 times [4]. - As of July 11, 2025, the closing price was 6.23 yuan, with a dynamic P/E ratio of 43.94 times [4]. Group 4: Dividend Policy - Lianhua Holdings has only issued cash dividends once since its listing in 1998, in 2001, and has not distributed dividends since its restructuring in 2019 [6][7]. - The company's retained earnings have remained negative since 2010, with a deficit of 1.32 billion yuan in 2010 and worsening to 1.176 billion yuan by 2024 [6][7]. - The company's dividend policy stipulates that dividends can only be distributed if there are positive retained earnings, making short-term dividends unlikely [7].

Core Viewpoint - The company, Lianhua Holdings, anticipates a significant increase in net profit for the first half of 2025, projecting a growth of 58.67% to 68.59% compared to the same period last year [1][2]. Performance Forecast - The company expects to achieve a net profit attributable to shareholders ranging from 160 million to 170 million yuan, an increase of 59.16 million to 69.16 million yuan year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses is projected to be between 162 million and 172 million yuan, reflecting a year-on-year increase of 59.20 million to 70.20 million yuan [1][2]. Previous Year’s Performance - In the same period last year, the total profit was 138.68 million yuan, with a net profit attributable to shareholders of 100.84 million yuan [2]. - The earnings per share for the previous year were 0.0562 yuan per share [2]. Reasons for Profit Increase - The company is implementing a "Brand Revival Strategy" focused on enhancing core business operations and developing new productive forces [2]. - New product development and sales have shown significant success, with products like Matsutake mushrooms and premium brewed soy sauce receiving strong consumer recognition [2]. - The new retail business has seen several new products performing exceptionally well, with revenues for Matsutake mushrooms, premium brewed soy sauce, and compound seasonings all increasing by over 100% year-on-year [2]. Operational Efficiency - The company has achieved stable growth in operations, with an increase in total product sales and significant revenue growth [2]. - Cost reduction and efficiency improvement measures have yielded positive results, maintaining high operational efficiency [2].