Market Overview - On August 28, the trade sector rose by 0.85% compared to the previous trading day, with Wukuang Development leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Wukuang Development (600058) closed at 10.65, with an increase of 8.78% and a trading volume of 841,700 shares, amounting to a transaction value of 874 million [1] - CITIC Metal (601061) closed at 8.95, up 5.05%, with a trading volume of 600,700 shares [1] - Nanjing Commercial Travel (600250) closed at 11.73, up 2.09%, with a trading volume of 162,000 shares [1] - Other notable stocks include Jiangsu Shuntian (600287) and Huihong Group (600981), which saw minor increases of 0.66% and 0.63% respectively [1] Capital Flow - The trade sector experienced a net inflow of 69.74 million in main funds, while retail funds saw a net outflow of 26.26 million [2] - Main funds showed a significant net inflow in Wukuang Development, amounting to 10.8 million, while retail funds had a net outflow of 50.13 million [3] - Jiangsu Guotai (002091) had a net inflow of 4.62 million from main funds, but also saw a net outflow of 10.35 million from retail investors [3]

Core Viewpoint - The company is undergoing a merger where Jiangsu Ningban will absorb Nanjing Ningban, with the evaluation of assets conducted using both asset-based and income methods, ultimately selecting the asset-based method for valuation due to its reflection of market value and cost of assets [1][2][29]. Group 1: Evaluation Methods - The asset-based method resulted in a valuation of 22,765.22 million RMB, reflecting the cost of asset replacement and the necessary labor involved in asset acquisition [2][6]. - The income method, while focusing on future profitability, showed a difference of 435.78 million RMB with a variance rate of 1.88% compared to the asset-based method [1][2]. Group 2: Merger Details - The actual net assets of Jiangsu Ningban were evaluated at 22,229.74 million RMB, while Nanjing Ningban's net assets were 14,877.57 million RMB [6][29]. - Post-merger, Jiangsu Ningban's registered capital will decrease from 22,090.4465 million RMB to 16,505.7330 million RMB, a reduction of 5,584.7135 million RMB [7][10]. Group 3: Shareholding Structure - After the merger, Jiangsu Youse will hold approximately 14.365% of Jiangsu Ningban, while Osaka Special Alloy will hold about 85.635% [7][12]. - The shareholding ratios were calculated based on the evaluation values of both companies and the adjustments made during the merger process [12][24]. Group 4: Transaction Impact - The merger is expected to optimize the organizational structure, reduce management costs, and improve operational efficiency, aligning with the company's development needs [29][31]. - The transaction will not introduce new related parties or transactions, ensuring compliance with legal and regulatory requirements [31][32]. Group 5: Approval Process - The independent directors and the board of directors have reviewed and approved the merger proposal, confirming that it does not constitute a major asset restructuring as per regulations [32][36]. - The merger agreement and related transactions have been deemed fair and beneficial for the company's future business development [34][35].

Core Viewpoint - Jiangsu Huihong International Group Co., Ltd. reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 24.814 billion yuan, a year-on-year increase of 4.40%, and a net profit of 1.11 billion yuan, marking a substantial recovery from losses in the previous year [1][3] Financial Performance - The company achieved a total profit of 304 million yuan and a notable reduction in sales, management, and financial expenses, indicating effective cost control measures [1] - The overall import and export business showed strong growth, with total import and export volume reaching 1.208 billion USD, a year-on-year increase of 32.5% [1] Business Segments - The bulk commodity business, as a core part of the supply chain operations, performed exceptionally well, with import and export volume reaching 1.077 billion USD, reflecting a growth of 27.91% [1] - The emerging business segments, particularly cross-border e-commerce, demonstrated explosive growth with an import and export volume of 131 million USD, a staggering increase of 266.59% [2] Strategic Initiatives - The company is undergoing organizational restructuring to enhance management efficiency and support high-quality development, including a name change to unify under the "Suhao" brand [2] - The company has been recognized for its commitment to ESG principles, achieving an upgrade in its ESG rating from "AA" to "AAA," ranking first in its industry [3] Shareholder Returns - The company has prioritized shareholder returns, distributing a cash dividend of 0.10 yuan per share, totaling 22.4243 million yuan, which represents 76.40% of the previous year's net profit [3] Future Outlook - The company aims to continue focusing on core supply chain operations, driving business innovation and upgrades, while enhancing risk management and ESG practices to create long-term value for shareholders [4]

Core Viewpoint - Huihong Group (600981.SH) reported a revenue of 24.814 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.40% [1] - The net profit attributable to shareholders reached 111 million yuan, showing a significant year-on-year increase of 134.12% [1] - The non-recurring net profit attributable to shareholders was -179 million yuan, compared to -154 million yuan in the same period last year [1] Financial Performance - Revenue for the first half of 2025: 24.814 billion yuan, up 4.40% year-on-year [1] - Net profit attributable to shareholders: 111 million yuan, up 134.12% year-on-year [1] - Non-recurring net profit attributable to shareholders: -179 million yuan, compared to -154 million yuan in the previous year [1]

Group 1 - The company Jiangsu Huihong International Group Co., Ltd. plans to merge its subsidiary Jiangsu Ningban Special Metal Materials Co., Ltd. with its associate Nanjing Ningban Special Alloy Co., Ltd. to resolve competition issues and optimize its equity structure [1][2][3] - The merger will result in Jiangsu Ningban directly holding 14.365% of the merged entity's equity, improving management efficiency and reducing operational costs [4][3] - The actual net assets of Jiangsu Ningban are valued at 222.2974 million yuan, while Nanjing Ningban's net assets are valued at 148.7757 million yuan, based on evaluations conducted by an independent appraisal firm [2][3][4] Group 2 - The merger aims to enhance production capacity and market share in the special alloy sector, as Nanjing Ningban's production capabilities have been insufficient to meet market demand [3][4] - The merger is expected to streamline operations and reduce tax burdens, as both companies operate in similar business areas [3][4] - The transaction has been approved by the company's board and does not require further shareholder approval, as it does not constitute a major asset restructuring under relevant regulations [2][4] Group 3 - Jiangsu Ningban's financial performance has been impacted by the local government's shift in the area where Nanjing Ningban operates, leading to a gradual cessation of production since 2023 [3][4] - The merger will allow for the integration of resources and improved operational efficiency, as Jiangsu Ningban has been utilizing advanced production technologies from its partner Osaka Special Alloy Co., Ltd. [3][4] - The evaluation of the merger's assets and liabilities will be based on the asset-based approach, considering the specific financial conditions of both companies [10][27]

江苏汇鸿国际集团股份有限公司第十届董事会 独立董事专门会议 2025 年第三次会议审核意见 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》等规章制度、规范性文件及《公司章程》《独立董事工作 制度》的有关规定，基于独立判断的立场，作为江苏汇鸿国际集团股份有限公司 （以下简称"公司"）的独立董事，于 2025 年 8 月 26 日召开了公司第十届董事 会独立董事专门会议 2025 年第三次会议，对拟提交公司第十届董事会第四十次 会议审议的相关议案发表如下审核意见： 一、关于增加 2025 年度日常关联交易预计额度的议案 公司本次增加 2025 年度日常关联交易预计额度是基于业务发展情况的合理 预测，是为满足公司日常经营需要而发生，对公司经营发展是必要的、有利的； 日常关联交易遵循自愿、平等、公允的原则，交易各方都保留自由与第三方交易 的权利，以确保公司与关联方之间的交易以市场条件和价格实施，因而交易的存 在并不会影响公司的独立性，不会损害公司及全体股东尤其是中小股东的合法利 益。我们一致同意公司增加 2025 年度日常关联交易预计额度并同意将该议案提 交公司董事会审议。 ...

江苏汇鸿国际集团股份有限公司（以下简称"公司"）第十届董事会审计、 合规与风控委员会 2025 年第四次会议，第十届董事会第三十五次会议，第十届 监事会第十五次会议审议通过了《关于公司 2025 年度日常关联交易预计的议案》， 预计 2025 年度拟发生的日常关联交易金额不超过 12,118.86 万元。具体内容详 见公司于 2025 年 4 月 29 日在上海证券交易所网站披露的《关于公司 2025 年度 日常关联交易预计的公告》（公告编号：2025-020）。 证券代码：600981 证券简称：汇鸿集团 公告编号：2025-049 江苏汇鸿国际集团股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 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、准确性和完整性承担法律责任。 重要内容提示： 根据实际执行情况及生产经营需要，公司拟增加 2025 年度日常关联交易预 计金额。具体内容如下： 一、增加 2025 年度日常关联交易预计基本情况 （一）增加日常关联交易预计履行的审议程序 ●是否需要提交股东大会审议：否。 ●日常关联交易对上市公司的影 ...

资产负债表 会企01表 2025 年6月 金额单位:元 行 次 期未余额 年初余额 负债和所有者权益 期末余额 年初余额 流动负债: 48 货市资金 51, 358, 977. 08 46, 893, 438. 79 短期借款 E 2 49 60, 000, 000. 00 30. 000. 000. 00 交易性金融资产 3 50 交易性金融负债 4 51 衍生金融资产 衍生金融负债 0. 00 0. 00 6 应收票据 60 1, 819, 612. 43 0. 00 应付票据 28, 645, 400. 00 14, 280, 000. 00 应收账款 7 71, 779, 450. 15 1, 291, 059. 64 61 应付账款 8, 299, 724. 40 98, 532. 08 应收款项融资 62 预收账款 预付款项 8 70, 309, 366. 06 111, 245, 594. 27 合同负债 63 26, 648, 758. 35 73, 673, 664. 05 其他应收款 9 36, 020, 392. 68 263, 721. 76 应付职工薪酬 66 392, 793. 8 ...

江苏汇鸿国际集团股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日以电子邮件形式发出通知，召开公司第十届董事会第四十次会议。会议于 2025 年 8 月 26 日下午在汇鸿大厦 26 楼会议室以现场结合通讯方式召开。会议应到董 事 6 名，实到董事 6 名。其中现场参会 3 名，董事刘明毅先生、董亮先生，独立 董事丁宏先生以通讯方式参会。会议的召开符合《中华人民共和国公司法》等相 关法律、法规和《公司章程》的有关规定。会议由董事长杨承明先生主持，经与 会董事认真审议，以书面表决形式审议通过如下决议： 一、会议审议并通过以下议案： 证券代码：600981 证券简称：汇鸿集团 公告编号：2025-052 江苏汇鸿国际集团股份有限公司 第十届董事会第四十次会议决议公告 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法律责任。 （一）审议通过《2025 年半年度总经理工作报告》 会议表决结果：6 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2025 年半年度计提资产减值准备的议案》 本次计提信用减值损失和资产减值损失 ...

Financial Performance - The company's operating revenue for the first half of the year was approximately CNY 24.81 billion, representing a year-on-year increase of 4.40%[20]. - The total profit for the period was approximately CNY 303.61 million, a significant turnaround from a loss of CNY 372.19 million in the same period last year[20]. - The net profit attributable to shareholders was approximately CNY 110.57 million, compared to a loss of CNY 324.01 million in the previous year[20]. - The weighted average return on equity increased to 2.17%, up by 8.54 percentage points from -6.37% in the previous year[19]. - The company's total assets increased by 4.34% to approximately CNY 26.90 billion compared to the end of the previous year[20]. - The net assets attributable to shareholders rose by 2.15% to approximately CNY 5.15 billion at the end of the reporting period[20]. - The company's cash and cash equivalents increased to approximately CNY 4.00 billion, accounting for 14.88% of total assets, up from 13.71% in the previous year[51]. - The company's total operating revenue for the first half of 2025 reached ¥24,814,485,749.81, an increase from ¥23,767,650,151.00 in the first half of 2024, representing a growth of approximately 4.4%[131]. - The company reported a net profit of 12,061.41 million RMB from Jiangsu Suhao Zhongjin Development Co., with total assets of 205,841.56 million RMB and operating income of 247,811.33 million RMB[68]. Cash Flow and Investments - The net cash flow from operating activities improved, with a net outflow of approximately CNY 483.23 million, significantly reduced from CNY 1.26 billion in the previous year[21]. - The company reported a cash inflow from operating activities of 26,977,490,259.49 CNY in the first half of 2025, up from 25,693,578,974.50 CNY in the same period of 2024[138]. - The company recorded an investment loss of 100,003,872.58 CNY in the first half of 2025, compared to a loss of 34,005,264.64 CNY in the first half of 2024, indicating challenges in investment performance[135]. - Cash inflow from investment activities reached CNY 563,942,438.10, an increase from CNY 415,190,812.63 year-over-year[142]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was CNY 16,000,000, with a total balance of CNY 92,076,000 at the end of the reporting period[113]. Market and Business Strategy - The company is focusing on supply chain operations, financial investment, and expanding its business segments, including food supply chains and green recycling[26]. - The company aims to enhance its supply chain capabilities and integrate services across various sectors, including textiles and food processing[26]. - The company achieved a significant increase in cross-border e-commerce, with imports and exports reaching $131 million, a year-on-year growth of 266.59%[39]. - The company actively explored new markets, focusing on the "Belt and Road" initiative, and expanded its overseas warehouse layout to boost product exports[42]. - The company is committed to optimizing its financial asset structure, focusing on professional, market-oriented, international, and brand-based development[39]. Risk Management and Compliance - There are no significant risk events reported during the reporting period[5]. - The company guarantees the authenticity, accuracy, and completeness of the semi-annual report[6]. - The company emphasizes the importance of compliance and risk control through regular training and supervision of personnel involved in trading activities[65]. - The company guarantees compliance with laws and regulations, ensuring no improper benefits are sought through its controlling position[89]. - The company will ensure that all personnel and management decisions are made independently, without interference from controlling entities[89]. Legal and Regulatory Matters - The company has ongoing significant litigation involving its subsidiary Suhao Zhongjin, with a total amount of approximately RMB 439,029,182.52 across five cases[93]. - The company is actively involved in legal proceedings that may impact its financial position and future operations[93]. - The company has filed a lawsuit against Taiou Capital and the Thai Ministry of Commerce, with the case being accepted by the Nanjing Intermediate Court[93]. - The company is coordinating with the restructuring plan of Zhongli Group and Suzhou Tenghui Photovoltaic Technology Co., Ltd. to establish a trust for debt repayment[94]. - The company has committed to maintaining an independent operational structure and ensuring no interference in business activities from controlling entities[90]. Corporate Governance - The company has established a modern corporate governance structure, ensuring independent directors play a supervisory role in decision-making processes[76]. - The company emphasizes compliance and governance, enhancing the capabilities and responsibilities of its board members and senior management through training and communication[77]. - The financial report was approved by the board of directors on August 26, 2025, ensuring compliance with regulatory requirements[164]. - The company maintains a continuous operation basis, confirming its ability to sustain operations for at least 12 months from the reporting date[166]. Future Outlook and Strategic Initiatives - The company plans to enhance its market expansion strategies, focusing on new product development and technological advancements[156]. - The management has set a performance guidance for the next quarter, aiming for a revenue growth of approximately 10%[156]. - The company is exploring potential mergers and acquisitions to bolster its market presence and operational capabilities[156]. - The company is committed to enhancing investor communication and transparency, adhering to principles of truthful, accurate, complete, timely, and fair information disclosure[75].