上海开开实业股份有限公司拟转让其持有的 南京天石软件技术有限公司11.11%股权 涉及的南京天石软件技术有限公司 股东全部权益价值 资产评估报告 C C C ( ( € ( C ( C 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020033202500237 | | --- | --- | | 合同编号: | 2024-00163 (总评报) | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 万隆评报字(2025)第10365号 | | 报告名称: | 上海开开实业股份有限公司拟转让其持有的南京天石软件技术有 限公司11.11%股权涉及的南京天石软件技术有限公司股东全部权 | | | 益价值资产评估报告 | | 评估结论: | 157,273,242.04元 | | 评估报告日: | 2025年09月03日 | | 评估机构名称: | 万隆(上海)资产评估有限公司 | | 签名人员: | 陈证有 (资产评估师) 正式会员 编号:53220031 | | | (资产评估师) 正式会员 编号:31210073 郭立志 | 陈证有、郭立志已实名认可 (可扫描二维 ...

详见公司于 2025 年 8 月 2 日《上海证券报》《香港商报》及上海证 券交易所网站 www.sse.com.cn 公告。 | 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025—058 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | B 股 | | 上海开开实业股份有限公司 关于转让南京天石软件技术有限公司 11.11%股权的进展公告 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、准确性和完整性依法承担法律责任。 一、交易概述 经上海开开实业股份有限公司（以下简称"公司"）2025 年 8 月 1 日召开的第十届董事会第二十七次会议审议通过，公司拟通过上海联合 产权交易所以公开挂牌转让的方式将所持有的南京天石软件技术有限公 司（以下简称"南京天石"）11.11%股权进行转让。本次公开挂牌转让 价格将以具有证券期货业务从业资格的评估公司出具的评估报告为依 据。 二、交易进展情况 经具有证券期货业务从业资格的资产评估公司万隆(上海)资产评估 有限公司对南京天石进行了资产评估 ...

Core Viewpoint - The company is actively expanding into the health industry and developing new business models, particularly in the SPD sector and oral health management services [1] Group 1: Business Expansion - The company has been focusing on the development of the health industry, particularly through the expansion of regional SPD business [1] - The SPD business revenue saw a significant year-on-year increase of 52% in the first half of 2025 [1] Group 2: New Projects - The Lei Yun Shang oral health project is set to officially open in September 2024, aiming to provide comprehensive oral health management services for all demographics [1] - The oral health business has achieved breakthroughs in both service and efficiency this year, leading to a steady increase in revenue and positive patient feedback [1]

| 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025—057 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | B 股 | | 上海开开实业股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ●会议召开时间：2025 年 9 月 19 日（周五）15:00-17:00 ●会议召开地点： "全景路演"网站(http://rs.p5w.net) 上海开开实业股份有限公司（以下简称"公司"）已于《上海证 券报》《香港商报》及上海证券交易所网站（www.sse.com.cn）披露 了公司《2025 年半年度报告及报告摘要》。为进一步加强与投资者 的互动交流，公司将于 2025 年 9 月 19 日(周五)下午 15:00-17:00 参加 由中国证券监督管理委员会上海监管局指导、上海上市公司协会及深 圳市全景网络有限公司联合举办的"2025 年上海辖区上 ...

| 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025—056 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | B 股 | | 上海开开实业股份有限公司 单位：万元 | 序 | 受托方名称 | 产品类型 | 实际投入金 | 实际支取 | 现金管理 | 尚未支取 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 额 | 本金 | 收益 | 本金 | | 1 | 上海银行股份有限 | | | 3,500.00 | 1.74 | 12,049.00 | | | 公司南西支行 | 通 知 存 款 | 15,549.00 | | | | | 2 | | | | 3,300.00 | 3.97 | 8,749.00 | | | 合 计 | | 15,549.00 | 6,800.00 | 5.71 | 8,749.00 | | | 现金管理额度上限 | | | | | 15,549.00 | | | 当前现金管理金额 | | | | | 8,749.00 | 截至本公告披露日，公司 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.29% on September 10, with Dazhenglin leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) rising by 3.99% to a closing price of 28.70, and Dazhenglin (603233) falling by 2.37% to 17.30 [1][2] - Other notable gainers included Guofa Co. (600538) with a 1.65% increase and Dazhangzhang (002462) with a 1.22% increase [1] Trading Volume and Value - Seer Medical had a trading volume of 250,500 shares and a transaction value of 719 million yuan, while Dazhenglin had a trading volume of 77,200 shares and a transaction value of 134 million yuan [1][2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 11.87 million yuan from institutional investors and 50.86 million yuan from speculative funds, while retail investors contributed a net inflow of 62.74 million yuan [2] - Specific stocks like Seer Medical and Jiuzhoutong (600998) had significant net inflows from institutional investors, while others like Yifeng Pharmacy (603939) experienced net outflows from both institutional and speculative funds [3]

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3864.71 points, above the annual line, with a change of 0.18% [1] - The total trading volume of A-shares today is 138.21 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Energy Iron Han (节能铁汉) with a deviation rate of 14.24% and a daily increase of 14.69% [1] - Qidi Environment (启迪环境) with a deviation rate of 7.10% and a daily increase of 10.26% [1] - ST Quanwei (ST泉为) with a deviation rate of 6.60% and a daily increase of 9.06% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently broken the annual line: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Annual Line (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300197 | 节能铁汉 | 14.69 | 5.66 | 2.12 | 2.42 | 14.24 | | 000826 | 启迪环境 | 10.26 | 8.19 | 2.01 | 2.15 | 7.10 | | 300716 | ST泉为 | 9.06 | 3.95 | 10.05 | 10.71 | 6.60 | | 001215 | 千味央厨 | 3.57 | 2.39 | 29.19 | 30.19 | 3.43 | | 601882 | 海天精工 | 5.10 | 1.67 | 20.52 | 21.02 | 2.45 | | 601298 | 青岛港 | 2.59 | 0.45 | 8.54 | 8.72 | 2.09 | | 002771 | 真视通 | 3.22 | 3.18 | 17.64 | 17.97 | 1.85 | | 600653 | 申华控股 | 2.56 | 1.44 | 1.97 | 2.00 | 1.76 | | 300141 | 和顺电气 | 1.77 | 1.04 | 9.07 | 9.22 | 1.63 | | 002390 | 信邦制药 | 2.75 | 1.17 | 3.68 | 3.73 | 1.46 | | 600189 | 泉阳泉 | 1.49 | 1.23 | 7.38 | 7.48 | 1.41 | | 601328 | 交通银行 | 1.51 | 0.53 | 7.28 | 7.38 | 1.40 | | 600518 | 康美药业 | 4.41 | 2.72 | 2.10 | 2.13 | 1.25 | | 300318 | 博晖创新 | 1.18 | 0.45 | 5.92 | 5.98 | 1.08 | | 300144 | 宋城演艺 | 1.49 | 1.35 | 8.82 | 8.88 | 0.72 | | 600916 | 中国黄金 | 1.83 | 2.15 | 8.27 | 8.33 | 0.71 | | 300067 | 安诺其 | 1.48 | 1.87 | 5.44 | 5.47 | 0.61 | | 600272 | 开开实业 | 1.36 | 1.09 | 13.39 | 13.45 | 0.48 | | 603310 | 巍华新材 | 0.61 | 0.69 | 17.96 | 18.05 | 0.47 | | 603718 | 海利生物 | 0.70 | 0.66 | 7.17 | 7.20 | 0.41 | | 603768 | 常青股份 | 0.95 | 0.80 | 12.72 | 12.76 | 0.35 | | 600062 | 华润双鹤 | 1.08 | 0.71 | 19.60 | 19.66 | 0.30 | | 300784 | 利安科技 | 2.40 | 3.84 | 56.62 | 56.78 | 0.29 | | 600236 | 桂冠电力 | 0.32 | 0.05 | 6.32 | 6.34 | 0.28 | | 300076 | GQY视讯 | 1.71 | 1.47 | 6.54 | 6.56 | 0.25 | | 601898 | 中煤能源 | 0.97 | 0.11 | 11.42 | 11.45 | 0.24 | [1]

Core Viewpoint - The recent financial report of Kaikai Industrial (600272) shows a mixed performance with a significant increase in revenue but a sharp decline in net profit, indicating potential challenges in profitability and cash flow management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 543 million yuan, a year-on-year increase of 10.95% compared to 490 million yuan in 2024 [1]. - Net profit attributable to shareholders was 11.8 million yuan, down 61.94% from 31.01 million yuan in the previous year [1]. - The gross margin decreased to 15.87%, down 15.89% year-on-year, while the net margin fell to 3.61%, a decline of 52.91% [1]. - The company reported a significant increase in accounts receivable, which rose by 36.84% to 565 million yuan [1]. Cash Flow and Financial Position - Cash flow from operating activities showed a remarkable increase of 471.56%, attributed to improved collection of receivables and increased sales in the SPD business [3][4]. - The company’s cash and cash equivalents increased by 21.51% to 190 million yuan, reflecting better cash management [1]. - The ratio of operating cash flow to current liabilities is concerning, averaging only 3.62% over the past three years [5]. Expense and Cost Management - Total selling, administrative, and financial expenses amounted to 65.93 million yuan, accounting for 12.14% of revenue, a decrease of 14.56% year-on-year [1]. - The company experienced a significant increase in financial expenses by 243.95%, primarily due to fluctuations in the USD exchange rate affecting receivables [3]. Business Model and Historical Performance - The company's return on invested capital (ROIC) was 7.29%, indicating average capital returns, with a historical median ROIC of 5.16% over the past decade [4]. - The business model relies heavily on marketing-driven strategies, which may require further analysis to understand underlying performance drivers [4].

Core Insights - The company reported a total revenue of 543 million yuan for the first half of 2025, representing a year-on-year increase of 10.95%, while the net profit attributable to shareholders decreased by 61.94% to 11.801 million yuan [1] - The second quarter revenue was 274 million yuan, up 7.2% year-on-year, but the net profit dropped by 50.67% to 3.8225 million yuan [1] - Accounts receivable increased significantly, with a year-on-year growth of 36.84% [1] Financial Performance - Total revenue for 2024 was 490 million yuan, compared to 543 million yuan in 2025, showing a growth of 10.95% [1] - Net profit attributable to shareholders fell from 31.09 million yuan in 2024 to 11.801 million yuan in 2025, a decline of 61.94% [1] - Gross margin decreased to 15.87% from 18.86%, a drop of 15.89% year-on-year [1] - Net margin also saw a significant decline from 7.67% to 3.61%, down 52.91% [1] - Total expenses (selling, administrative, and financial) amounted to 65.9293 million yuan, accounting for 12.14% of revenue, a decrease of 14.56% year-on-year [1] Cash Flow and Assets - Cash flow from operating activities increased significantly by 471.56%, attributed to improved collection of receivables and increased sales in the SPD business [3][5] - Cash and cash equivalents rose by 21.51% to 190 million yuan due to increased collection of sales [3] - Accounts receivable reached 565 million yuan, up 36.84% from the previous year [1] Investment and Financing Activities - Investment activities saw a net cash outflow decrease of 104.72%, primarily due to reduced structured deposit investments [5] - Financing activities experienced a drastic decline of 2622.88%, mainly due to dividend payments and lack of new investments from minority shareholders [5] Business Model and Operational Insights - The company's return on invested capital (ROIC) was 7.29%, indicating average capital returns, with a historical median ROIC of 5.16% over the past decade [5] - The business model relies heavily on marketing-driven strategies, necessitating a thorough examination of the underlying factors driving these strategies [5] - The company has faced challenges with a high accounts receivable to profit ratio of 1613.05%, indicating potential liquidity issues [5]

Core Viewpoint - The company has announced the investment of its idle funds into bank wealth management products, indicating a strategy to enhance returns on short-term capital [2] Group 1: Investment Details - The company will invest a total of 40 million RMB in structured deposits [2] - The investment has a term of 188 days [2] - The expected annualized return rates are 1.00%, 1.65%, or 1.75% [2]