Key Points - The stock price of Baoshen Co., Ltd. (600973) closed at 5.68 yuan as of August 29, 2025, down 0.7% from the previous week [1] - The company's total market capitalization is 7.789 billion yuan, ranking 37th out of 122 in the power grid equipment sector and 2330th out of 5152 in the A-share market [1] Shareholder Changes - As of June 30, 2025, the number of shareholders was 60,100, a decrease of 23.72% from March 31, 2025 [4] - The average number of shares held per shareholder increased from 17,400 to 22,800, with an average holding value of 115,400 yuan [1][4] Performance Disclosure - The company's mid-year report for 2025 shows a main revenue of 25.152 billion yuan, a year-on-year increase of 12.53% [2] - The net profit attributable to shareholders reached 66.522 million yuan, up 256.54% year-on-year [2] - The second quarter of 2025 reported a single-quarter main revenue of 13.103 billion yuan, a 6.45% increase year-on-year [2] Company Announcements - On August 29, 2025, the company held its 20th meeting of the 8th Board of Directors, approving the 2025 semi-annual report and the special report on the use of raised funds [3] - The audit committee confirmed that the report accurately reflects the company's financial status and operational results [3] - The supervisory board also confirmed the legality and accuracy of the semi-annual report and the proper use of raised funds [3]

Core Viewpoint - Baoshen Co., Ltd. (600973) reported significant growth in both revenue and net profit for the first half of 2025, indicating a positive trend in financial performance [1] Financial Performance - The total operating revenue for the first half of 2025 reached 25.152 billion yuan, a year-on-year increase of 12.53% [1] - The net profit attributable to shareholders was 66.5222 million yuan, showing a remarkable year-on-year growth of 256.54% [1] - In Q2 2025, the operating revenue was 13.103 billion yuan, up 6.45% year-on-year, while the net profit attributable to shareholders surged to 43.8745 million yuan, reflecting a staggering increase of 2445.64% [1] Key Financial Ratios - Gross margin stood at 4.49%, a decrease of 6.66% compared to the previous year [1] - Net margin improved to 0.33%, a significant increase of 341.37% year-on-year [1] - The total of selling, administrative, and financial expenses was 541 million yuan, accounting for 2.15% of revenue, down 26.24% year-on-year [1] - Earnings per share rose to 0.05 yuan, a 250% increase compared to the previous year [1] Cash Flow and Debt Analysis - Cash flow per share was -0.31 yuan, an improvement of 56.79% year-on-year [1] - The company had cash and cash equivalents of 4.421 billion yuan, a 19.06% increase from the previous year [1] - The interest-bearing debt decreased by 4.25% to 13.347 billion yuan [1] Business Model and Operational Insights - The company's performance is primarily driven by research and development as well as marketing efforts, necessitating a thorough examination of these underlying drivers [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 34.4% and the average operating cash flow over the past three years to current liabilities at just 2.02% [2] - The interest-bearing debt ratio has reached 58.33%, indicating a high level of leverage [2] - Financial expenses are notably high, with financial expenses to average operating cash flow over the past three years at 162.89% [2]

Core Viewpoint - Baosheng Co., Ltd. (SH 600973) announced the convening of its 20th meeting of the 8th Board of Directors on August 29, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] Company Summary - For the fiscal year 2024, Baosheng Co., Ltd. reported that 98.27% of its revenue came from the wire and cable industry, while other businesses contributed 1.73% [1]

Core Viewpoint - Baoshan Co., Ltd. has won a final judgment in a lawsuit against Guangzhou Hengqian Material Equipment Co., Ltd., with the involved amount reaching 188,882,848.65 yuan, including interest and litigation fees [1][2]. Group 1: Lawsuit Details - The lawsuit originated from a contract signed on April 10, 2020, where Guangzhou Hengqian purchased wire and cable from Baoshan, backed by a commercial acceptance bill and guarantees from Evergrande [2]. - The first-instance court ruled on March 31, 2023, that Guangzhou Hengqian must pay Baoshan 187,638,182.66 yuan, along with overdue interest, with Evergrande assuming joint guarantee responsibilities [2]. - The appeal by Guangzhou Hengqian was rejected by the Guangdong High Court, which upheld the original ruling [2]. Group 2: Financial Impact - Baoshan has made provisions for credit impairment related to the case, but the actual impact on current or future profits remains uncertain due to the unpredictability of recoverable assets [3]. Group 3: Other Legal Developments - Baoshan has multiple ongoing lawsuits, with most courts supporting the company's claims against Evergrande and its affiliates [4]. - Some cases have been concluded due to the lack of executable assets, while others are in the execution process or awaiting court handling [4]. - The company has taken measures to protect its assets and ensure the rights of shareholders are upheld [4].

Group 1 - The company held the 20th meeting of the 8th Board of Directors on August 29, 2025, with all 11 directors present, including participation via communication methods by some independent directors [1][2] - The meeting approved the 2025 semi-annual report and summary with unanimous consent, indicating a positive assessment of the company's financial status and operational results [1][2] - The Audit Committee reviewed and approved the semi-annual report, confirming compliance with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [2] Group 2 - The Board also approved the special report on the storage and actual use of raised funds for the first half of 2025, ensuring adherence to regulatory requirements for fundraising management [2]

Core Viewpoint - The supervisory board of Baosheng Technology Innovation Co., Ltd. has approved the 2025 semi-annual report and the special report on the use of raised funds, confirming compliance with relevant regulations and accurate reflection of the company's financial status [1][2]. Group 1: Meeting Resolutions - The supervisory board held its 15th meeting on August 29, 2025, where it reviewed and approved the 2025 semi-annual report with unanimous consent [1]. - The board also approved the special report on the storage and actual use of raised funds, affirming that the funds are stored in dedicated accounts and used for their intended purposes without any violations [2]. Group 2: Compliance and Transparency - The supervisory board stated that the use of raised funds complies with the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring no misappropriation of funds [2]. - The disclosures regarding the use of raised funds are accurate, timely, and complete, reflecting the actual situation without harming the interests of the company or its shareholders [2].

Group 1 - The core viewpoint of the article is that Baoshen Co., Ltd. (600973.SH) reported significant growth in its half-year financial results, indicating a strong performance in the market [1] Group 2 - The company's operating revenue reached 25.152 billion yuan, representing a year-on-year increase of 12.53% [1] - The net profit attributable to shareholders of the listed company was 66.52 million yuan, showing a remarkable year-on-year growth of 256.54% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 57.729 million yuan, with a substantial year-on-year increase of 1145.29% [1]

证券代码：600973 证券简称：宝胜股份 公告编号：2025-029 宝胜科技创新股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监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。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 8 月 17 日以传 真、电子邮件及专人送达等方式向公司全体监事发出了召开第八届监事会第十五 次会议的通知及相关议案等资料。2025 年 8 月 29 日下午 15：00，第八届监事会 第十五次会议在宝应县苏中路 1 号公司宝胜会议中心会议室召开，会议应到监事 5 名，实到监事 5 名。会议由监事会主席戚侠先生主持。会议的召开符合《公司 法》等有关法律、法规和《公司章程》的规定。 3、监事会在提出本意见前，未发现参与 2025 年半年度报告编制和审议的人 员有违反保密规定的行为。 详见同日刊登于《中国证券报》、《上海证券报》和《证券时报》和登载于上 海证券交易所网站（www.sse.com.cn）的公司 2025 年半年度报告及摘要。 二、会议以 5 票同意、0 票反对、0 票弃权， ...

宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 8 月 17 日以传 真、电子邮件及专人送达等方式向公司全体董事、监事及高级管理人员发出了召 开第八届董事会第二十次会议的通知。2025 年 8 月 29 日上午 9:30，第八届董事 会第二十次会议在宝胜会议中心 1 号接待室召开。会议应到董事 11 名，实到董 事 11 名，董事马永胜先生、张航先生、卢之翔先生，独立董事王跃堂先生、路 国平先生、王益民先生和裴力先生以通讯方式参加表决。公司监事及部分高级管 理人员列席了会议。会议由公司董事长生长山先生主持。会议的召集和召开符合 《公司法》等有关法律、法规和《公司章程》的规定。 第八届董事会第二十次会议决议公告 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个别及连带责任。 会议就以下事项进行审议： 一、会议以 11 票同意、0 票反对、0 票弃权，审议并通过了《2025 年半年 度报告及摘要》。 本议案已经公司审计委员会审议通过。审计委员会认为：公司《2025 年半 年度报告及摘要》能够充分反映公司的财务状况以及经营成果和 ...

Financial Performance - Net profit attributable to shareholders rose by 256.54% to CNY 66.52 million year-on-year [11]. - Operating revenue grew by 12.53% to CNY 25.15 billion compared to the same period last year [10]. - Basic earnings per share increased by 250.00% to CNY 0.049 per share [11]. - The company reported a net profit excluding non-recurring gains and losses of CNY 57.73 million, a substantial increase of 1,145.29% year-on-year [11]. - Cash flow from operating activities showed a significant improvement, with a net cash outflow of CNY 428.43 million, compared to a net outflow of CNY 991.45 million in the previous year [11]. - The weighted average return on net assets increased by 1.41 percentage points to 1.91% [11]. Assets and Shareholder Information - Total assets increased by 8.06% to CNY 22.52 billion compared to the end of the previous year [10]. - The total number of shareholders reached 60,106 by the end of the reporting period [12]. - The largest shareholder, Baosheng Group Co., Ltd., holds 31.90% of the shares, totaling 437,406,433 shares [12]. Corporate Governance - No significant changes in the control of the company or major events affecting operations were reported during the period [15].