证券代码：600805 证券简称：悦达投资 公告编号：临 2025-035 号 江苏悦达投资股份有限公司 2025年第一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。 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 | 4 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 291,205,049 | | 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 | 34.2234 | | 份总数的比例（%） | | (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。 本次会议采用现场表决加网络投票表决两种方式，符合《公司法》及《公司 章程》的规定，本次会议由副董事长王圣杰先生主持。 (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 10 月 29 日 (二) 股东大会召开的地点：公司总部 1516 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股 ...

江苏世纪同仁律师事务所关于 江苏悦达投资股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 江苏悦达投资股份有限公司： 根据现行有效的《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》等法律、法规和规范性文件以及公司《章程》的规定，本所受贵公司董事会 的委托，指派本所律师出席公司2025年第一次临时股东大会，并就本次股东大会 的召集、召开程序、出席会议人员资格、召集人资格、表决程序和表决结果的合 法有效性等事项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1.本次股东大会的召集 本次股东大会由董事会召集。2025年10月14日，公司在指定信息披露网站上 刊登了《关于 ...

Market Overview - A-shares maintained a volatile trend, with the Shanghai Composite Index surpassing 4000 points for the first time since August 2015, marking a 10-year high [1] - The market showed structural differentiation, with sectors like software development, aviation, and shipping seeing gains of over 1%, while coal, wind power equipment, and precious metals experienced declines exceeding 1% [1] Strait West Coast Concept - The Strait West Coast concept has been actively performing, with stocks like Haixia Innovation hitting a 20% limit up, and several others like Road Bridge Information and Longzhu Technology rising over 10% [3] - Pingtan Development achieved 6 limit-up days in 8 trading days [3] - A recent maritime equipment conference in Fuzhou resulted in 172 projects being signed, with total investments exceeding 200 billion yuan [5] PCB Sector Performance - The PCB sector saw significant gains, with companies like Helitai, Jingwang Electronics, and Shengyi Technology hitting limit-ups [7] - Shenghong Technology reported a third-quarter revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% [8] - Shengyi Electronics projected a net profit increase of 476% to 519% for the first three quarters of 2025, indicating strong demand in the PCB industry driven by AI servers and high-speed communications [9] New Listings on Sci-Tech Innovation Board - Three unprofitable companies debuted on the Sci-Tech Innovation Board, with N Yicai-U opening up 361%, N Heyuan-U up 202%, and N Bibeite-U up 175% [11] - He Yuan Bio, a biotech firm, has eight drugs in its pipeline and recently received approval for a new drug for liver cirrhosis [11] - Xi'an Yicai, a leading 12-inch silicon wafer manufacturer, also listed under the fourth set of standards on the Sci-Tech Innovation Board [12]

Core Insights - The article discusses the financing, investment, and merger and acquisition activities within the Chinese agricultural machinery industry, highlighting key players and trends in the sector. Financing Activities - Listed companies in the agricultural machinery sector primarily use financing to supplement working capital and repay debts. Major financing events from 2021 to 2023 include: - Jifeng Technology raised 612 million yuan through a private placement in April 2025 for working capital [1] - Zoomlion issued short-term financing bonds worth 12 billion yuan in March 2023 for working capital [1] - Yiteng Technology borrowed 10 million yuan from non-related parties in June 2022 for daily operations [1] Investment Activities - As of 2025, representative companies have conducted over 100 investment events, with Zoomlion and Leo Group leading in the number of investments, exceeding 40 and 30 events respectively [2] - Notable investments include: - Jifeng Technology invested in multiple subsidiaries, including a 51% stake in Shenzhen Jifeng Intelligent Equipment Co., Ltd. [3] - Leo Group has made significant investments in various sectors, including a 100% stake in Zhejiang Leo Medical Equipment Co., Ltd. [4] Purpose of Investments - The primary objectives of external investments by agricultural machinery companies are to expand business scale and diversify operations. Examples include: - Leo Group's investment in Zhejiang Leo Medical Equipment Co., Ltd. for diversification [8] - Jifeng Technology's investment in Chengdu Nongjihui Agricultural Technology Co., Ltd. to expand its business scale [9] Industry Park Development - The number of agricultural machinery-related industrial parks in China is increasing, with significant investments exceeding 6 billion yuan from companies like Xingguang Agricultural Machinery and Zoomlion [10] - Notable projects include: - The establishment of the Hubei Agricultural Machinery Equipment Recycling Industrial Park with a total investment of 500 million yuan [12] - The construction of the Dazhou Hilly Area Modern Agricultural Equipment Industrial Park, which began in September 2023 [12] Mergers and Acquisitions - The agricultural machinery industry has seen numerous mergers and acquisitions aimed at expanding the scale of midstream enterprises. Key events include: - Jifeng Technology's acquisition of a 48.9943% stake in Liaoning Huifeng Agricultural Machinery City to enhance control and operational efficiency in Northeast China [15] - Kubota's acquisition of Bloomfield Robotics to integrate advanced AI imaging technology into its agricultural equipment [15] Summary of Investment and M&A Trends - The financing activities of listed companies are primarily aimed at supplementing working capital. External investments focus on expanding business scale and diversifying operations. The industry is also witnessing a rise in mergers and acquisitions, primarily for scale expansion and diversification [17]

Market Performance - The Shanghai Composite Index rose by 1.18% on October 27, with 28 industries experiencing gains, led by the communication and electronics sectors, which increased by 3.22% and 2.96% respectively [1] - The comprehensive industry ranked third in terms of daily gains, while the media, food and beverage, and real estate sectors saw declines of 0.95%, 0.20%, and 0.11% respectively [1] Capital Flow - The main capital flow showed a net outflow of 136 million yuan across the two markets, with 12 industries experiencing net inflows [1] - The electronics industry had the highest net inflow of 6.112 billion yuan, followed by the non-ferrous metals sector with a net inflow of 2.529 billion yuan and a daily increase of 2.39% [1] - The power equipment industry faced the largest net outflow of 3.354 billion yuan, followed by the automotive sector with a net outflow of 2.176 billion yuan [1] Comprehensive Industry Analysis - The comprehensive industry increased by 2.68% with a total net inflow of 315 million yuan, comprising 16 stocks, of which 9 rose and 1 hit the daily limit [2] - The top net inflow stock in the comprehensive industry was Dongyangguang, with an inflow of 246 million yuan, followed by Zhangzhou Development and Teli A with inflows of 105 million yuan and 2.114 million yuan respectively [2] - The stocks with the highest net outflows included Yueda Investment, Yuegui Co., and Nanjing Xinbai, with outflows of 36.744 million yuan, 25.488 million yuan, and 11.875 million yuan respectively [2]

Core Insights - The company reported a total revenue of 2.147 billion yuan for Q3 2025, a year-on-year decrease of 9.9%, while the net profit attributable to shareholders increased by 200.05% to 75.547 million yuan [1] - In Q3 2025, the total revenue was 789 million yuan, showing a year-on-year increase of 22.97%, and the net profit attributable to shareholders reached 61.522 million yuan, up 333.6% year-on-year [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 36.87% [1] Financial Performance - Gross margin for Q3 2025 was 10.45%, an increase of 75.46% year-on-year, while net margin was 5.34%, up 1871.22% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 268 million yuan, accounting for 12.48% of revenue, a slight increase of 0.97% year-on-year [1] - Earnings per share (EPS) for Q3 2025 was 0.09 yuan, a 200% increase compared to the previous year [1] Cash Flow and Debt Analysis - The company reported a negative operating cash flow per share of -0.01 yuan, but this represented an 84.57% improvement year-on-year [1] - The company’s cash and cash equivalents stood at 1.165 billion yuan, reflecting a 4.11% increase year-on-year [1] - Interest-bearing liabilities increased by 20.75% to 3.668 billion yuan [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 0.89%, indicating weak capital returns, with a historical median ROIC of 1.46% over the past decade [4] - The net profit margin was only 0.06% last year, suggesting low added value in products or services [4] - The company has experienced four years of losses since its listing, indicating a generally poor financial performance history [4] Recommendations for Monitoring - It is advised to monitor the company's cash flow situation, as the ratio of cash to current liabilities is only 64.43% [4] - Attention should be given to the company's debt situation, with an interest-bearing asset-liability ratio of 35.83% [4] - The accounts receivable to profit ratio has reached 1904.07%, indicating potential liquidity issues [4]

Core Viewpoint - The significant growth in revenue and profit for Yueda Investment in Q3 2025 highlights the successful transformation towards renewable energy, with a focus on wind and solar projects driving substantial financial performance [1][2][3] Financial Performance - In Q3 2025, Yueda Investment achieved operating revenue of 789 million yuan, a year-on-year increase of 22.97% [1] - The company reported a non-GAAP net profit of 14.89 million yuan, up 195.65% year-on-year [1] - For the first three quarters, the company recorded total operating revenue of 2.147 billion yuan, a 16.29% increase, and a net profit attributable to shareholders of 75.55 million yuan, soaring by 200.05% [1] Dividend Distribution - Yueda Investment proposed a profit distribution plan for Q3, with a cash dividend of 0.03 yuan per share, totaling 25.53 million yuan, which represents 33.79% of the net profit for the first three quarters [4] - The company reported an undistributed profit of 4.422 billion yuan as of September 30, 2025, ensuring a solid foundation for cash dividends [4] Renewable Energy Strategy - The substantial increase in non-GAAP net profit is attributed to the scaling of renewable energy contributions, with successful projects in solar, wind, and energy storage [2] - Key projects that have commenced operations include the 150MW fish-solar complementary project and various microgrid projects, contributing to significant economic benefits [2] Operational Efficiency - The company has optimized its business structure by divesting from loss-making segments, leading to a reduction in management costs and improved operational efficiency [3] - Traditional business segments such as textiles and logistics have also shown positive revenue growth, supporting the overall transition to renewable energy [3] New Project Investments - Yueda Investment plans to invest 590 million yuan in two offshore wind projects in collaboration with China Resources Power and Envision Energy, enhancing its renewable energy portfolio [5] - The projects, with total investments of 2.712 billion yuan and 4.378 billion yuan respectively, are expected to yield internal rates of return of 10.2% and 9.79%, with payback periods of 13 years [5] - This investment aligns with national carbon neutrality goals and strengthens the company's existing renewable energy infrastructure [5]

Core Points - The company has announced its third-quarter financial report for 2025, which reflects its financial status and operational results as of September 30, 2025 [8][13] - The company plans to distribute a cash dividend of 0.03 yuan per share, totaling approximately 25.53 million yuan, which represents 33.79% of the net profit attributable to shareholders for the first three quarters [10][40] - The company is participating in the establishment of two offshore wind power project companies, aiming to capitalize on the "dual carbon" strategy and enhance its position in the renewable energy sector [17][34] Financial Data - The third-quarter report indicates that the company’s net profit from the acquired subsidiary was 35,241.45 yuan, compared to 34,167.66 yuan in the previous period [6] - The total share capital of the company is 850,894,494 shares, with a total undistributed profit of approximately 4.42 billion yuan as of September 30, 2025 [40][41] Investment Activities - The company is investing in two joint ventures for offshore wind projects: - "HuaRun YueHai" with a total investment of approximately 2 billion yuan, where the company holds a 20% stake [17][20] - "HuaRun YueDian" with a total investment of approximately 3.9 billion yuan, where the company holds a 30% stake [17][20] - The total investment for the "HuaRun YueHai" project is estimated at 2.712 billion yuan, with an internal rate of return of 10.2% and a payback period of 13 years [23][29] - The "HuaRun YueDian" project has a total investment of approximately 4.378 billion yuan, with an internal rate of return of 9.79% and a payback period of 13 years [23][32] Corporate Governance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the financial reports and the proposed profit distribution plan [2][15] - The company’s board meeting on October 24, 2025, approved the third-quarter report and the profit distribution plan without requiring shareholder approval [39][42]

Core Insights - Yueda Investment (600805.SH) reported a total operating revenue of 2.147 billion yuan for Q3 2025, with a net profit attributable to shareholders of 75.547 million yuan, representing a year-on-year increase of 200.05% [1] Financial Performance - The company's operating cash flow showed a net inflow of -7.9422 million yuan, an increase of 43.5238 million yuan compared to the same period last year, marking two consecutive years of improvement [1] - The latest asset-liability ratio stands at 49.76% [3] - The gross profit margin is 10.45%, up 0.20 percentage points from the previous quarter, achieving six consecutive quarters of growth, and up 4.60 percentage points year-on-year [3] - Return on equity (ROE) is reported at 1.75%, an increase of 1.18 percentage points compared to the same period last year [3] - The diluted earnings per share are 0.09 yuan, an increase of 0.06 yuan year-on-year, also reflecting a 200.00% rise [3] Efficiency Metrics - The total asset turnover ratio is 0.22 times [4] - The inventory turnover ratio is 4.82 times, an increase of 0.49 times year-on-year, achieving three consecutive years of growth, with an 11.34% year-on-year increase [4] Shareholder Information - The number of shareholders is 42,300, with the top ten shareholders holding a total of 358 million shares, accounting for 42.08% of the total share capital [4] - The largest shareholder is Jiangsu Yueda Group Co., Ltd., holding 34.01% of the shares [4]

在业绩方面，公司2022年、2023年、2024年和2025年上半年营业收入分别为30.73亿元、31.27亿元、30.33亿元和13.58亿元，同比分别增长-20.93%、 1.76%、-3.03%和-22.01%。归母净利润分别为9416.36万元、3834.41万元、2725.35万元和1402.47万元，归母净利润同比增长分别为 112.26%、-59.44%、-28.92%和27.62%。同期，公司资产负债率分别为40.95%、43.27%、46.89%和49.11%。 雷达财经 文|冯秀语 编|李亦辉 天眼查资料显示，悦达投资成立于1991年04月12日，注册资本85089.4494万人民币，法定代表人张乃文，注册地址为盐城市世纪大道东路2号。主营业务为 新能源、新材料、智能制造及其他业务。 目前，公司董事长为张乃文，董秘为秦大刚，员工人数为2700人，实际控制人为盐城市人民政府。 公司参股公司43家，包括江苏悦达生活科技有限公司、江苏新沣申达纺织科技有限公司、江苏沿海农业机械检测有限公司、江苏悦达专用车有限公司、江苏 悦达储能科技有限公司等。 10月24日，悦达投资(600805)发布2025年 ...