Core Viewpoint - Shandong Xinhua Jin International Co., Ltd. is facing potential delisting risk due to non-operational fund occupation amounting to 406 million yuan, which must be rectified within six months as mandated by the Qingdao Securities Regulatory Bureau [2][5][12]. Group 1: Fund Occupation and Rectification Progress - The company has received an administrative regulatory decision from the Qingdao Securities Regulatory Bureau regarding the non-operational occupation of funds by Xinhua Jin Group and its affiliates, totaling 406 million yuan [2][5]. - As of the announcement date, the Xinhua Jin Group and its affiliates have not returned the occupied funds, which must be repaid within six months from the receipt of the regulatory decision [3][4]. Group 2: Delisting Risk and Stock Suspension - If the company fails to recover the occupied funds within the stipulated six months, its stock will be suspended, and if not rectified within two additional months, it will face delisting risk [5][12]. - The company has emphasized its commitment to recover the occupied funds and maintain the interests of its shareholders [4][7]. Group 3: Stock Trading Anomalies - The company's stock price experienced a cumulative deviation of over 12% in closing prices over three consecutive trading days from October 15 to October 17, 2025, indicating abnormal trading activity [10][13]. - The company has confirmed that there are no undisclosed significant matters affecting its stock price, and its operational status remains normal [14][16]. Group 4: Shareholder Risks - The controlling shareholder and its concerted parties have pledged a significant portion of their shares, with 184.92 million shares pledged, representing 99.64% of their holdings and 43.13% of the total shares [11][21]. - There are also risks associated with judicial freezing and marking of shares held by the controlling shareholder, with a substantial percentage of shares affected [22].

●山东新华锦国际股份有限公司（以下简称"公司"）股票价格于2025年10月15 日、10月16日、10月17日连续三个交易日内收盘价格涨幅偏离值累计超过12%，属于 《上海证券交易所交易规则》规定的股票交易异常波动情形。 ●经公司董事会自查及发函问询控股股东、实际控制人，截至本公告披露日，公 司不存在应披露而未披露的重大信息。 ●相关风险提示： 公司控股股东及其一致行动人股份质押风险：截至本公告披露日，公司控股股东 及其一致行动人合计持有公司股份185,596,152股，占公司股份总数的43.28%，累计质 押公司股份184,920,000股，占其持股总数的99.64%，占公司股份总数的43.13%。公司控 股股东及其一致行动人股份质押比例较高。 证券代码： 600735 证券简称：ST新华锦 公告编号：2025-060 山东新华锦国际股份有限公司 股票交易异常波动公告 。 重要内容提示： 公司控股股东及其一致行动人股份被司法冻结和标记风险：截至本公告披露日， 公司控股股东及其一致行动人合计持有公司股份185,596,152股，占公司股份总数的 43.28%，其中司法冻结股份612,352股、司法标记股份18 ...

证券代码：600735 证券简称：ST新华锦 公告编号：2025-059 山东新华锦国际股份有限公司 关于资金占用责令改正进展暨可能被实施 退市风险警示的风险提示公告 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。 一、资金占用责令改正进展情况 山东新华锦国际股份有限公司（以下简称"公司"）收到中国证券监督管理委员 会青岛监管局（以下简称"青岛证监局"）出具的《关于对山东新华锦国际股份有 限公司、新华锦集团有限公司、张建华采取责令改正措施的决定》（【2025】11 号） （以下简称"《行政监管措施决定书》"），截至 2025 年半年度报告披露日，新华 锦集团有限公司（以下简称"新华锦集团"）及其关联方非经营性占用公司资金余 额 4.06 亿元，所有占用资金应在收到《行政监管措施决定书》之日起六个月内归还。 三、历次风险提示公告的披露情况 公司于2025年8月27日披露了《山东新华锦国际股份有限公司关于收到青岛证监 局<行政监管措施决定书>暨可能被实施其他风险警示及退市风险警示的风险提示公 告》（公告编号：2025-045），分 ...

Core Viewpoint - ST Xinhua Jin has experienced a significant surge in stock price, achieving three consecutive daily limit increases, indicating strong market interest and potential investor confidence [2] Recent Stock Performance - As of 9:25 AM, the stock price reached 5.04 CNY, with a turnover rate of 0.05% and a trading volume of 213,400 shares, amounting to a transaction value of 1.0755 million CNY [2] - The stock has cumulatively increased by 15.86% during the consecutive limit-up period, with a total turnover rate of 8.12% [2] - The latest total market capitalization of A-shares is 2.161 billion CNY, while the circulating market capitalization stands at 2.144 billion CNY [2] Historical Daily Performance - The stock's daily performance over the past few days shows fluctuations, with notable changes in turnover rates and net capital inflow: - On October 16, 2025, the stock rose by 5.03% with a turnover rate of 0.59% and a net capital inflow of 6.9034 million CNY [2] - On October 15, 2025, it increased by 5.06% with a higher turnover rate of 7.48% and a net inflow of 13.9932 million CNY [2] - The stock faced declines on several previous days, with the most significant drop of 6.05% on September 25, 2025 [2]

Core Viewpoint - ST Xinhua Jin's stock reached the daily limit with a price of 5.04 yuan, reflecting a 5% increase, driven by developments in graphite new materials, the elderly care industry, and the appointment of new executives [1] Group 1: Business Developments - The company is focusing on "new trade and new materials," owning two high-quality graphite mines, which are part of a city-level green mine project, indicating strong potential in the graphite deep processing and application sectors [1] - The company is expanding its presence in the elderly care industry across four regions: Qingdao, Weihai, Qionghai, and Luoyang, aligning with the growing market demand due to the aging population in China [1] Group 2: Management Changes - The appointment of independent director Xing Congming on October 15, 2025, is expected to bring new management ideas and development strategies, enhancing market confidence in the company's future [1] Group 3: Market Activity - On October 10, the company was included in the "Dragon and Tiger List," with total purchases of 2.3194 million and total sales of 2.0986 million, indicating a net inflow of funds that contributed to the stock price increase [1]

Core Insights - The jewelry sector experienced a slight increase of 0.03% on October 16, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - ST Xinhua Jin (600735) closed at 4.80, with a rise of 5.03% and a trading volume of 25,000 shares, totaling a transaction value of 11.20 million yuan [1] - Chao Hong Ji (002345) closed at 15.21, up 3.26%, with a trading volume of 371,300 shares and a transaction value of 568 million yuan [1] - Xinghua Jewelry (002731) closed at 13.81, increasing by 1.92%, with a trading volume of 253,800 shares and a transaction value of 352 million yuan [1] - Other notable performances include Zhou Dazheng (002867) at 13.91 (+0.80%), and Lao Feng Xiang (600612) at 50.15 (+0.14%) [1] Capital Flow - The jewelry sector saw a net inflow of 22.75 million yuan from main funds, while retail funds experienced a net inflow of 4.99 million yuan [2] - However, speculative funds recorded a net outflow of 27.74 million yuan [2]

2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 证券代码：600735 证券简称：ST 新华锦 公告编号：2025-058 一、 会议召开和出席情况 山东新华锦国际股份有限公司 (一) 股东会召开的时间：2025 年 10 月 15 日 (二) 股东会召开的地点：山东省青岛市崂山区松岭路 131 号 17 楼会议室 (一) 累积投票议案表决情况 1、 关于增补独立董事的议案 | 议 | 案 | 议案名称 | 得票数 | 得票数占出席会议有 | 是否 | | --- | --- | --- | --- | --- | --- | | 序号 | | | | 效表决权的比例（%） | 当选 | | 1.01 | | 关于增补独立董事的议案 | 185,972,324 | 99.2873 | 是 | (二) 涉及重大事项，5%以下股东的表决情况 | 议案 | 议案名称 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | - ...

北京市金杜（青岛）律师事务所 关于山东新华锦国际股份有限公司 2025 年第二次临时股东会之 法 律 意 见 书 致：山东新华锦国际股份有限公司 北京市金杜（青岛）律师事务所（以下简称本所）接受山东新华锦国际股份 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、规章和 规范性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 10 月 15 日召开的 2025 年第二次临时股东会（以下简称本次股东会），并就本次 股东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《山东新华锦国际股份有限公 司章程》（以下简称《公司章程》）； 2. 公司 2025 年 9 月 30 日刊登于巨潮资讯网及上海证券 ...

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]

Core Viewpoint - The acquisition of Jimo Huangjiu by Qingdao Beer faces significant challenges due to the freezing of shares and financial difficulties of its shareholders, which may jeopardize the transaction and the financial stability of the involved parties [1][4][13]. Group 1: Shareholder Financial Issues - Jimo Huangjiu's shares worth approximately 15.75 million RMB have been frozen by the Shenzhen court, with the freezing period lasting until October 9, 2028 [1][3]. - This is the seventh instance of share freezing for Jimo Huangjiu, totaling around 127 million RMB in frozen shares within just over a month [3]. - The major shareholders, Xinhua Jin Group and Shandong Lujin Group, are facing severe financial issues, including a non-operational fund occupation of 406 million RMB by Xinhua Jin Group, which has led to its stock being marked as ST (special treatment) [4][8]. Group 2: Acquisition Challenges - Qingdao Beer proposed to acquire 100% of Jimo Huangjiu for 665 million RMB, which was seen as a high valuation given the market conditions [3][15]. - The acquisition is complicated by the fact that the receivables from Qingdao Beer have not yet been paid, and the agreement's validity period has lapsed [6][14]. - The financial instability of Xinhua Jin Group raises concerns about the completion of the acquisition and the potential for further delays due to ongoing legal and financial disputes [7][12]. Group 3: Market Context and Valuation - Jimo Huangjiu's projected revenue for 2024 is 166 million RMB, with a net profit of 30.47 million RMB, leading to a static price-to-earnings ratio of 21.8 times based on the acquisition price [14][15]. - Comparatively, leading brands in the yellow wine industry have significantly higher price-to-earnings ratios, indicating a competitive market environment [15]. - The acquisition is part of Qingdao Beer's strategy to diversify its product offerings and explore new growth avenues amid declining sales and revenue [17].