Market Overview - On September 18, the decoration and renovation sector declined by 0.58% compared to the previous trading day, with Meizhi Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the decoration sector included: - Quanzhu Co., Ltd. with a closing price of 3.31, up 9.97% and a trading volume of 2.74 million shares [1] - Decai Co., Ltd. with a closing price of 21.40, up 3.93% and a trading volume of 54,000 shares [1] - Zhongtian Jingzhuang with a closing price of 38.01, up 2.67% and a trading volume of 190,400 shares [1] - Major decliners included: - Meizhi Co., Ltd. with a closing price of 10.30, down 3.74% and a trading volume of 44,100 shares [2] - ST Jianyi with a closing price of 9.15, down 3.68% and a trading volume of 46,800 shares [2] - Haoersai with a closing price of 12.93, down 3.44% and a trading volume of 71,700 shares [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 7.65 million yuan from institutional investors, while retail investors saw a net inflow of 47.38 million yuan [2][3] - Specific stock capital flows included: - Quanzhu Co., Ltd. had a net inflow of 98.48 million yuan from institutional investors, while retail investors had a net outflow of 32.18 million yuan [3] - Decai Co., Ltd. saw a net inflow of 11.03 million yuan from institutional investors, with retail investors experiencing a net outflow of 740,530 yuan [3] - ST Ruihe had a net inflow of 5.56 million yuan from institutional investors, while retail investors had a net inflow of 170,180 yuan [3]

Group 1 - The core viewpoint of the article indicates that the decoration and renovation sector experienced a decline of 0.75% on September 17, with Mingdiao Co. leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - A detailed table of individual stocks in the decoration and renovation sector shows various closing prices and percentage changes, with ST Mingjia Hui at 3.98, up 2.05%, and ST Jianyi at 9.50, down 0.73% [1] Group 2 - The net capital flow in the decoration and renovation sector showed a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 135 million yuan [3] - The table of capital flow indicates that while main funds and speculative funds saw outflows, retail investors were the primary contributors to the inflow [3]

Core Viewpoint - The company, Shanxi Kexin Development Co., Ltd., is holding a half-year performance briefing on September 15, 2025, to communicate its operational results and financial status for the first half of 2025 to investors [3][4]. Group 1: Meeting Details - The performance briefing will take place on September 15, 2025, from 15:00 to 16:00 [7]. - The meeting will be conducted online via "Value Online" (www.ir-online.cn) [6][7]. - Key personnel attending the meeting include the General Manager, Independent Directors, Board Secretary, and Chief Financial Officer [4]. Group 2: Investor Participation - Investors can participate in the meeting by accessing the provided URL or scanning the QR code before the event [5]. - Questions can be submitted by investors until September 15, 2025, and the company will address commonly asked questions during the briefing [2][5]. Group 3: Contact Information - For inquiries, investors can contact Wen Tingjun via phone at 0755-23996252 or email at zq@600234.net [8].

北京博星证券投资顾问有限公司 关于连宗盛及其一致行动人深圳市前海派 2025 年第二季度 持续督导报告 财务顾问 二〇二五年九月 财务顾问声明 北京博星证券投资顾问有限公司（以下简称"本财务顾问""博星证券"） 接受信息披露义务人连宗盛委托，担任连宗盛及其一致行动人深圳市前海派德高 盛投资合伙企业(有限合伙)（以下简称"派德高盛"）收购山西科新发展股份有 限公司（以下简称"上市公司""公司"或"科新发展"）的财务顾问。博星证 券作为本次收购的收购方财务顾问，持续督导期为科新发展公告详式权益变动报 告书之日（即 2024 年 8 月 1 日）起至权益变动完成后的 12 个月止。 德高盛投资合伙企业(有限合伙) 收购山西科新发展股份有限公司 之 2025 年 8 月 29 日，上市公司公布了 2025 年半年度报告。根据《中华人民 共和国证券法》和《上市公司收购管理办法》等法律法规和规则，本财务顾问就 本次持续督导期间内（即自 2025 年 4 月 1 日至 2025 年 6 月 30 日，以下简称"本 持续督导期"）规范运作、信息披露、履行公开承诺、落实后续计划等情况出具 督导报告。 本督导报告不构成对上市公司 ...

山西科新发展股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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 担个别及连带责任。 证券代码：600234 证券简称：科新发展 编号：临 2025--031 重要内容提示： 一、说明会类型 山西科新发展股份有限公司（以下简称"公司"）已于2025年8 月29日发布公司2025年半年度报告，为便于广大投资者更全面深入地 会议召开时间：2025年9月15日(星期一) 15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 投 资 者 可 于 2025 年 9 月 15 日 前 访 问 网 址 https://eseb.cn/1rs0kow7Q1G或使用微信扫描下方小程序 码进行会前提问，公司将通过本次业绩说明会，在信息披露 允许范围内就投资者普遍关注的问题进行回答。 证券代码：600234 证券简称：科新发展 编号：临 2025--031 了解公司2025年半年度经营成果、财务状况，公司定于2025年9月15 日（星期一）15: ...

Core Viewpoint - The article highlights the long-standing failure of Kexin Development to distribute cash dividends to shareholders since its listing 25 years ago, despite regulatory encouragement for companies to adopt dividend policies. The company has faced significant financial difficulties, resulting in a cumulative net loss of nearly 800 million yuan and a history of being on the verge of delisting [2][3][12]. Financial Performance - Kexin Development has never issued cash dividends since its listing in 2000, reflecting its inability to generate distributable profits. The company has experienced over half of its years in losses, with a total net loss of approximately 800 million yuan over 25 years and a non-recurring net loss exceeding 950 million yuan [3][5]. - The company's annual net profit figures show significant fluctuations, with notable losses in many years. For instance, in 2023, the company reported a net loss of 171 million yuan, while in 2024, it managed to achieve a net profit of 40 million yuan after a substantial increase in revenue in the fourth quarter [4][9]. Stock Status and Delisting Risks - Kexin Development has spent a considerable amount of time under special treatment (ST status), with over 4,100 trading days in ST or *ST status, accounting for nearly 68% of its total trading days. The company has successfully avoided delisting seven times through various financial maneuvers [6][8][12]. - The company has undergone multiple name changes and management shifts, with the latest change in controlling shareholder occurring in 2024, which has raised questions about the sustainability of its financial recovery [8][9]. Regulatory Scrutiny - The company has faced intense scrutiny from regulatory authorities due to its erratic financial performance and stock price volatility. Regulatory bodies have issued inquiries regarding the authenticity of its financial results and the nature of its business transactions [10][12]. - Kexin Development and its responsible parties have been penalized for information disclosure violations, which have adversely affected its market reputation and misled investors [12]. Industry Context - The broader context of the renovation and decoration industry shows a decline, with the industry experiencing a nearly 20% drop in revenue and a net loss of 148 million yuan in the first half of 2024. Kexin Development's performance contrasts sharply with this trend, raising concerns about the quality of its earnings [9].

Core Viewpoint - The company Kexin Development has not distributed any cash dividends since its listing 25 years ago, despite regulatory encouragement for listed companies to implement cash dividend policies. This lack of dividends is attributed to the company's long-term financial struggles and significant accumulated losses [1][2][9]. Financial Performance - Kexin Development has recorded a cumulative net loss of nearly 800 million yuan over 25 years, with a non-recurring net profit loss exceeding 950 million yuan [2]. - The company has experienced a high frequency of financial losses, with more than half of its years since listing resulting in losses [2]. - The company's net profit figures have fluctuated significantly, with instances of both profit and loss, but overall, the long-term trend has been negative [3][6]. Stock Market Status - Kexin Development has spent approximately 68% of its trading days under ST (Special Treatment) or *ST status, indicating financial distress [4]. - The company has successfully avoided delisting seven times through various financial maneuvers, including debt restructuring and asset disposal [4][6]. Regulatory Scrutiny - The company has faced multiple regulatory inquiries due to significant fluctuations in its financial performance and stock price, raising concerns about the authenticity of its reported earnings [8][9]. - Kexin Development and its responsible parties have been penalized for information disclosure violations, which have damaged its market reputation [9]. Industry Context - The overall performance of the decoration and renovation industry has been declining, with a reported revenue drop of nearly 20% in the first half of the year, contrasting with Kexin Development's reported revenue growth [7].

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with total revenue reaching 129 million yuan, a year-on-year increase of 319.15%, and net profit of 22.8972 million yuan, up 424.93% [1] Financial Performance - Total revenue for Q2 2025 was 77.4756 million yuan, reflecting a year-on-year increase of 186.89% - Q2 net profit was 21.2155 million yuan, showing a remarkable year-on-year increase of 6928.81% [1] - The gross profit margin decreased to 14.51%, down 53.0% year-on-year, while the net profit margin improved to 18.1%, an increase of 179.02% [1] - Total expenses (selling, administrative, and financial) amounted to 15.9152 million yuan, accounting for 12.34% of revenue, a decrease of 67.76% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased significantly, with a year-on-year growth of 123.24%, reaching 214 million yuan [1] - The company’s cash and cash equivalents rose to 156.1247 million yuan, a 15.58% increase year-on-year [1] - Interest-bearing liabilities increased by 361.68% to 9.8008 million yuan [1] Earnings Metrics - Earnings per share (EPS) improved to 0.09 yuan, a year-on-year increase of 425.37% [1] - The company reported a negative operating cash flow per share of -0.03 yuan, but this still represented a 62.3% improvement year-on-year [1] - The net asset value per share increased to 1.87 yuan, up 16.57% year-on-year [1] Historical Context - The company's historical return on invested capital (ROIC) was 8.47%, indicating average capital returns, with a median ROIC of 2.86% over the past decade [1] - The company has reported losses in 15 out of 24 annual reports since its listing, indicating a generally weak financial performance historically [1]

Core Viewpoint - Shanxi Kexin Development Co., Ltd. has announced significant litigation developments involving its subsidiary, Shenzhen Tida Decoration Engineering Co., Ltd., which has entered the enforcement stage of a court ruling [1] Summary by Sections Litigation Background - In March 2024, the Nanshan District People's Court in Shenzhen issued a civil judgment in a construction contract dispute between Shenzhen Tida Decoration Engineering Co., Ltd. and Shenzhen Laihua Real Estate Co., Ltd. The court ordered Laihua Real Estate to pay Tida Decoration an amount of 130,002,183.53 yuan within ten days of the judgment becoming effective, along with overdue payment penalties [2] Latest Litigation Developments - Due to Laihua Real Estate's failure to fulfill its payment obligations on time, Tida Decoration applied for enforcement, leading the court to issue an enforcement ruling. This ruling includes freezing and allocating Laihua Real Estate's deposits, seizing equivalent income, or confiscating equivalent assets, totaling approximately 152,280,383.99 yuan, which includes the confirmed amounts, interest, and execution costs [3] Impact on Company Profits - Kexin Development has made provisions for bad debts in accordance with relevant accounting standards. Given that the case is currently in the enforcement stage, the execution's uncertainty may impact the company's current and future profits. The company will handle accounting in accordance with accounting standards and actual circumstances, fulfilling its disclosure obligations [4]

Core Viewpoint - Kexin Development (600234) experienced a significant drop, reaching the daily limit down, with a trading volume of 1.64 billion yuan and a turnover rate of 6.63% [2] Trading Performance - The stock's daily decline was attributed to a deviation of -11.16%, leading to its listing on the Shanghai Stock Exchange's watch list [2] - Institutional investors net sold 9.67 million yuan, while total net selling from brokerage seats amounted to 3.10 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 1.03 billion yuan, with buying and selling amounts of 45.01 million yuan and 57.78 million yuan respectively, resulting in a net sell of 12.77 million yuan [2] Fund Flow - The stock saw a net outflow of 939,300 yuan from major funds, with a large single order inflow of 1.63 million yuan and a net outflow of 2.57 million yuan from large orders [2] - Over the past five days, the net outflow from major funds reached 10.79 million yuan [2] Financial Performance - For Q1, Kexin Development reported a revenue of 51.48 million yuan, marking a year-on-year increase of 1268.95%, and a net profit of 1.68 million yuan, up 122.88% year-on-year [2] - The company projected a net profit for the first half of the year between 18.32 million yuan and 27.48 million yuan, indicating a year-on-year change of 360.00% to 489.99% [2]