Core Viewpoint - The company is utilizing excess raised funds to replace previously invested self-raised funds for ongoing projects, ensuring compliance with regulatory requirements and maintaining the integrity of fundraising purposes [1][5][7]. Fundraising Overview - The company was approved to issue 40 million shares at a price of RMB 28.82 per share, raising a total of RMB 1,152.8 million, with a net amount of RMB 1,049.66 million after deducting issuance costs. The excess funds raised amounted to RMB 341.66 million [1][2]. Investment Project Details - The total investment for the planned projects is RMB 1,009.62 million, with adjusted investment amounts for specific projects, including the rehabilitation equipment research and exhibition center, which saw its total investment increase from RMB 146.73 million to RMB 228.73 million [2][3]. Use of Excess Funds - The company decided to use RMB 79.12 million of the excess funds for the construction of the rehabilitation medical device industrial park, specifically for the research center and related facilities. This decision was approved in the board meeting held on April 23, 2025 [3][4]. Replacement of Self-raised Funds - The company plans to replace RMB 12.91 million of self-raised funds that were previously invested in the rehabilitation medical device industrial park with the excess funds. This replacement was approved in the board meeting on August 27, 2025 [4][5]. Compliance and Verification - The supervisory board and the accounting firm confirmed that the use of excess funds complies with relevant regulations and does not affect the normal implementation of investment projects. The replacement of funds was verified by the accounting firm, ensuring adherence to regulatory standards [5][7][8].

Core Viewpoint - The acquisition of Keda Quantum Technology Co., Ltd. by China Telecom Quantum Information Technology Group Co., Ltd. is progressing according to regulatory requirements, with the financial advisor providing ongoing supervision and confirming compliance with disclosure obligations [2][4][7]. Group 1: Acquisition Details - The acquisition allows the acquirer to hold more than 30% of the shares in the listed company, which typically requires a public offer unless exempted under specific conditions [4][5]. - The acquirer has committed to not transferring the newly issued shares for three years, and the shareholders' meeting has approved the exemption from making a public offer [4][5]. - The acquisition has received necessary approvals from the State-owned Assets Supervision and Administration Commission and the Shanghai Stock Exchange, with the registration from the China Securities Regulatory Commission also granted [7]. Group 2: Compliance and Operations - During the ongoing supervision period, the acquirer and its concerted actions have adhered to legal and regulatory requirements in exercising shareholder rights [7][8]. - The acquirer has made commitments regarding the authenticity of information, maintaining the independence of the listed company, and avoiding conflicts of interest [8]. - No significant changes to the main business operations or asset restructuring plans of the listed company are anticipated within the next 12 months [9][10]. Group 3: Management Changes - Following the acquisition, there will be changes in the board of directors, with the acquirer entitled to nominate a significant number of directors and supervisors [10][11]. - The resignation of several current directors and supervisors has been submitted, with new appointments planned to align with the acquisition agreement [12][13]. - The company will modify its articles of association to reflect changes in registered capital and share structure post-acquisition [15][16].

国泰海通证券股份有限公司 关于杭州博拓生物科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为杭 州博拓生物科技股份有限公司（以下简称"博拓生物"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上市规则》《上 市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第1号— —规范运作》等法律法规和规范性文件的要求，对博拓生物使用部分暂时闲置募集资 金进行现金管理事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于2021年7月27日 出具的《关于同意杭州博拓生物科技股份有限公司首次公开发行股票注册的批复》 （证监许可〔2021〕2497号），公司获准向社会公开发行人民币普通股2,666.6667 万股，每股发行价格为人民币34.55元，募集资金总额为92,133.33万元，扣除发行 费用9,196.41万元（不含增值税）后，募集资金净额为82,936.92万元。上述募集资 金到位情况已经中汇会计师事务所（特殊普通合伙）审验 ...

国泰海通证券股份有限公司 关于杭州博拓生物科技股份有限公司 部分首发募投项目节余募集资金永久补充流动资金的核查意 见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作 为杭州博拓生物科技股份有限公司（以下简称"博拓生物"或"公司"）首次 公开发行股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票 上市规则》《上市公司募集资金监管规则》《上海证券交易所科创板上市公司 自律监管指引第1号——规范运作》等相关规定，对博拓生物部分首发结项募投 项目节余募集资金永久补充流动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 测平台项目 期三年 合计 89,144.73 73,562.48 29,967.51 - 48,351.45 根据中国证券监督管理委员会（以下简称"中国证监会"）于2021年7月27 日出具的《关于同意杭州博拓生物科技股份有限公司首次公开发行股票注册的 批复》（证监许可〔2021〕2497号），公司获准向社会公开发行人民币普通股 元，扣除发行费用9,196.41万元（不含增值税）后，募集资金净额为82,936.92万 元。上述募集资金到位情况已经中汇会计师事务所（特 ...

Major Events - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, with stock suspension starting from September 1, 2025, for up to 10 trading days. The transaction is not expected to constitute a major asset restructuring but is classified as a related party transaction [4] - China Shipbuilding Industry Corporation's A-shares will be delisted on September 5, 2025, with a conversion ratio of 1:0.1339 to China Shipbuilding's A-shares [5] - Kweichow Moutai has completed a share buyback of 3.9276 million shares, totaling 6 billion yuan, which will be used for capital reduction [6][7] Performance Overview - BYD reported a net profit of 15.511 billion yuan for the first half of 2025, a year-on-year increase of 13.79%, with revenue of 371.281 billion yuan, up 23.30% [8] - Wingtech Technology's net profit for the first half of 2025 was 474 million yuan, a significant increase of 237.36%, despite a revenue decline of 24.56% [9] - Pianzaihuang's net profit decreased by 16.22% to 1.442 billion yuan, with revenue down 4.81% [10] - Shanshan reported a net profit of 207 million yuan, up 1079.59%, with revenue growth of 11.78% [11] - China Rare Earth achieved a net profit of 162 million yuan, reversing a loss from the previous year, with revenue growth of 62.38% [12] - China Shipbuilding reported a net profit of 2.946 billion yuan, up 108.59%, with revenue growth of 11.96% [13] - Guotai Junan's net profit surged by 213.74% to 15.737 billion yuan, with revenue growth of 77.71% [15] - China Shenhua's net profit decreased by 12% to 24.641 billion yuan, with revenue down 18.3% [16] - Lattice Semiconductor's net profit increased by 95.41% to 1.159 billion yuan, with revenue growth of 58.17% [17] - Guotou Zhonglu reported a net profit of 25.08 million yuan, up 2149.03%, with revenue growth of 39.68% [18] - Jianfeng Group's net profit increased by 1196.93% to 618 million yuan, despite a revenue decline of 4.42% [19] - OmniVision's net profit for the first half of 2025 was 2.028 billion yuan, up 48.34%, with revenue growth of 15.42% [20] - Haili's net profit increased by 694% to 33.3546 million yuan, with revenue growth of 13.16% [21] - Huaxia Airlines reported a net profit of 251 million yuan, up 859%, with revenue growth of 12.41% [22] - BeiGene turned a profit with a net profit of 450 million yuan, compared to a loss of 287.7 million yuan in the previous year, with revenue growth of 46.03% [24] - China Merchants Bank's net profit was 74.93 billion yuan, a slight increase of 0.25%, with a revenue decline of 1.73% [25] - Agricultural Bank of China reported a net profit of 139.51 billion yuan, up 2.7%, with revenue growth of 0.7% [26] - Bank of China reported a net profit of 117.591 billion yuan, with revenue growth compared to the previous year [27] - Industrial and Commercial Bank of China reported a net profit of 168.103 billion yuan, with slight revenue growth [28] - Bank of Communications reported a net profit of 46.016 billion yuan, up 1.61%, with revenue growth of 0.72% [29] - China Construction Bank's net profit was 162.076 billion yuan, a decrease of 1.37%, with revenue growth of 2.95% [30]

Growth - Huayin Power reported a net profit of 207 million yuan for the first half of the year, a year-on-year increase of 4146.80% [1] - Guotou Zhonglu achieved a net profit of 25.08 million yuan, up 2149.03% year-on-year [1] - Jianfeng Group's net profit reached 618 million yuan, reflecting a year-on-year growth of 1196.93% [1] - Haixiang New Materials reported a net profit of 64.95 million yuan, with a year-on-year increase of 1099.05% [1] - Shanshan Co. posted a net profit of 207 million yuan, up 1079.59% year-on-year [1] - Huaxia Airlines achieved a net profit of 251 million yuan, a year-on-year increase of 858.95% [1] - Haitan Ruisheng reported a net profit of 3.80 million yuan, reflecting a year-on-year growth of 813.65% [1] - Wentai Technology's net profit was 474 million yuan, up 237.36% year-on-year [1] - ST Yigou reported a net profit of 48.69 million yuan, a year-on-year increase of 230.03% [1] - Youyan New Materials achieved a net profit of 130 million yuan, reflecting a year-on-year growth of 218.47% [1] - Guotai Haitong reported a net profit of 15.737 billion yuan, up 213.74% year-on-year [1] - Batian Co. posted a net profit of 456 million yuan, reflecting a year-on-year increase of 203.71% [1] - Changjiang Securities achieved a net profit of 1.737 billion yuan, up 120.76% year-on-year [1] - China Shipbuilding reported a net profit of 2.946 billion yuan, reflecting a year-on-year growth of 108.59% [1] - Shenwan Hongyuan posted a net profit of 4.284 billion yuan, up 101.32% year-on-year [1] - Zhongwei Semiconductor reported a net profit of 86.47 million yuan, reflecting a year-on-year increase of 100.99% [1] - Lankai Technology achieved a net profit of 1.159 billion yuan, up 95.41% year-on-year [1] - CICC reported a net profit of 4.33 billion yuan, reflecting a year-on-year growth of 94.35% [1] - TCL Technology posted a net profit of 1.883 billion yuan, up 89.26% year-on-year [1] - Guoxin Securities achieved a net profit of 5.367 billion yuan, reflecting a year-on-year increase of 71% [1] - Haowei Group reported a net profit of 2.028 billion yuan, up 48.34% year-on-year [1] - GF Securities posted a net profit of 6.47 billion yuan, reflecting a year-on-year growth of 48.31% [1] - Huatai Securities achieved a net profit of 7.549 billion yuan, up 42.16% year-on-year [1] - Lingyi Manufacturing reported a net profit of 930 million yuan, reflecting a year-on-year increase of 35.94% [1] - Guoxuan High-Tech achieved a net profit of 367 million yuan, up 35.22% year-on-year [1] - Zoomlion reported a net profit of 2.765 billion yuan, reflecting a year-on-year growth of 20.84% [1] - Yunnan Baiyao posted a net profit of 3.633 billion yuan, up 13.93% year-on-year [1] - BYD achieved a net profit of 15.511 billion yuan, reflecting a year-on-year increase of 13.79% [1] Decline and Loss - Agricultural Bank reported a net profit of 139.51 billion yuan, a year-on-year increase of 2.7% [2] - Gujing Gongjiu achieved a net profit of 3.662 billion yuan, up 2.49% year-on-year [2] - Bank of Communications reported a net profit of 46.016 billion yuan, reflecting a year-on-year increase of 1.61% [2] - Postal Savings Bank achieved a net profit of 49.228 billion yuan, up 0.85% year-on-year [2] - China Rare Earth reported a net profit of 16.2 million yuan, turning from loss to profit [2] - New Hope achieved a net profit of 75.5 million yuan, turning from loss to profit [2] - BeiGene reported a net profit of 450 million yuan, turning from loss to profit [2] - Shenghe Resources achieved a net profit of 37.7 million yuan, turning from loss to profit [2] - China Great Wall reported a net profit of 13.8 million yuan, turning from loss to profit [2] - Tianqi Lithium reported a net profit of 8.441 million yuan, turning from loss to profit [2] - Yunda Holdings reported a net profit of 52.9 million yuan, a year-on-year decline of 49.19% [2] - Magmi Te reported a net profit of 17.4 million yuan, down 44.82% year-on-year [2] - Youa Holdings reported a net profit of 5.348 million yuan, down 45.61% year-on-year [2] - Yanzhou Coal reported a net profit of 4.652 billion yuan, down 38.53% year-on-year [2] - Changfei Optical Fiber reported a net profit of 296 million yuan, down 21.71% year-on-year [2] - Pianzaihuang reported a net profit of 1.442 billion yuan, down 16.22% year-on-year [2] - China Shenhua reported a net profit of 246.41 billion yuan, down 12% year-on-year [2] - China Railway reported a net profit of 118.27 billion yuan, down 17.17% year-on-year [2] - Luzhou Laojiao reported a net profit of 766.3 million yuan, down 4.54% year-on-year [2] - Industrial and Commercial Bank reported a net profit of 168.103 billion yuan, down 1.4% year-on-year [2] - China Construction Bank reported a net profit of 162.076 billion yuan, down 1.37% year-on-year [2] - Jingwang Electronics reported a net profit of 64.9 million yuan, down 1.06% year-on-year [2] - Bank of China reported a net profit of 117.591 billion yuan, down 0.85% year-on-year [2] - Beijing-Shanghai High-Speed Railway reported a net profit of 6.316 billion yuan, down 0.64% year-on-year [2] - Baike Biotechnology reported a net loss of 73.5734 million yuan, turning from profit to loss [2] - ST Xintong reported a net loss of 95.1607 million yuan, turning from profit to loss [2] - Gemdale Group reported a net loss of 3.701 billion yuan [2] - China Eastern Airlines reported a net loss of 1.431 billion yuan [2] Additional Losses - Garden Holdings reported a net loss of 74.4346 million yuan [3] - Wantong Development reported a net loss of 28.0411 million yuan [3]

国泰海通半年报解读：合并效应显现，但增长质量存疑 核心要点 •财务表现：营业收入238.72亿元，同比增长77.71%；归属于母公司净利润157.37亿元，同比增长 213.74%；扣非净利润72.79亿元，同比增长59.76% •业务进展：财富管理业务占比最高（40.94%），融 资融券市场份额提升至9.78%行业第一，投行业务证券主承销额排名行业第二 •合并影响：2025年3月14 日完成吸收合并海通证券，资产规模跃升至1.8万亿元，增长72.24% •分红政策：拟每10股派现1.5元， 连同股份回购合计占净利润24.39% •关注点：扣非净利润增速明显低于净利润增速，信用减值损失大幅 增加404.71%，公允价值变动损益转负 合并完成后的规模效应确实显著，但投资者更应关注这种增长的可持续性和质量。 规模跃升背后的真实成色 国泰海通2025年上半年的业绩数据无疑亮眼。营业收入238.72亿元，净利润157.37亿元的数字让人印象 深刻，但仔细分析会发现，这种爆发式增长主要源于3月14日完成的吸收合并海通证券。如果剔除合并 因素，实际的内生增长可能并没有表面数据那么华丽。 更值得注意的是，扣除非经常性损益后 ...

Core Viewpoint - The company intends to continue using part of the temporarily idle raised funds for cash management to enhance fund utilization efficiency and increase shareholder returns while ensuring the normal progress of investment projects and the safety of raised funds [1][4][8]. Summary by Sections 1. Basic Situation of Raised Funds - The company has received approval from the China Securities Regulatory Commission to issue 94,307,847 shares at a price of 29.69 RMB per share, raising a total of approximately 2.79 billion RMB [1]. 2. Investment Projects and Idle Situation - The raised funds will be allocated to projects including the Morocco tire project, with a total investment of 1.2 billion RMB for an annual production capacity of 6 million high-performance tires [2]. 3. Previous Use of Idle Funds for Cash Management - As of June 30, 2025, the balance of temporarily idle raised funds for cash management is 620 million RMB, with 20.45 million RMB remaining in the special account [3]. 4. Current Use of Idle Funds for Cash Management - The company plans to use up to 1 billion RMB of temporarily idle raised funds for cash management, with a usage period of twelve months from the board's approval date [4][5]. 5. Investment Types - The company will invest in highly liquid, safe, and principal-protected financial products, including structured deposits and time deposits [5]. 6. Implementation Method - The cash management decision falls within the board's approval authority, and the management team is authorized to make investment decisions and sign relevant contracts [5][7]. 7. Approval Procedures - The board and supervisory committee have approved the continued use of idle funds for cash management, confirming that it will not affect the normal operation of investment projects or harm shareholder interests [7][8].

Core Viewpoint - Solid-state batteries are expected to become a key development direction for high-performance batteries due to their advantages in safety and energy density, with broad market potential in consumer batteries, new energy vehicles, and low-altitude applications [1] Industry Insights - The current landscape has differentiated into two main routes for solid-state battery development, with the oxide semi-solid route being relatively mature in the short term [1] - The oxide semi-solid route has a higher compatibility with existing battery system equipment and has already been industrialized, indicating potential for significant production volume [1] Investment Opportunities - Companies that are strategically positioning themselves in the solid-state battery sector, as well as those involved in key materials and equipment, are likely to benefit from this emerging trend [1]

Core Viewpoint - The overall decline in corporate profits has narrowed in July, showing a differentiated structure primarily due to profit recovery driven by "anti-involution" policies, supply contraction, price increases, and support from high-end manufacturing demand, while downstream consumer demand remains weak, leading to marginal profit shrinkage in downstream industries [1] Summary by Relevant Categories Corporate Profit Trends - In July, the decline in corporate profits showed signs of narrowing, indicating a potential recovery phase [1] - The recovery is largely dependent on supply-side adjustments and price increases rather than robust consumer demand [1] Structural Analysis - The profit recovery is characterized by a structural divergence, with some sectors benefiting from high-end manufacturing demand while others face challenges due to weak downstream consumption [1] - Downstream industries are experiencing marginal profit shrinkage, highlighting the uneven nature of the recovery [1] Inventory Cycle and Policy Impact - The current inventory cycle is marked by proactive destocking driven by policy measures [1] - For a comprehensive recovery in corporate profits, there is a need for policy initiatives to stimulate downstream demand, transitioning from structural recovery to a broader profit rebound [1]