Market Overview - The coke sector experienced a decline of 3.8% on August 27, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Meijin Energy (000723) closed at 4.60, down 2.95%, with a trading volume of 708,700 shares and a turnover of 331 million yuan [1] - Yunmei Energy (600792) closed at 3.78, down 3.32%, with a trading volume of 239,100 shares and a turnover of 91.52 million yuan [1] - Yunwei Co. (600725) closed at 3.59, down 4.01%, with a trading volume of 1,068,700 shares and a turnover of 392 million yuan [1] - Baotailong (601011) closed at 2.86, down 4.03%, with a trading volume of 688,500 shares and a turnover of 201 million yuan [1] - Shaanxi Black Cat (601015) closed at 3.53, down 4.34%, with a trading volume of 403,900 shares and a turnover of 146 million yuan [1] - Shanxi Coking Coal (600740) closed at 3.98, down 4.56%, with a trading volume of 470,400 shares and a turnover of 191 million yuan [1] - Antai Group (600408) closed at 2.22, down 5.93%, with a trading volume of 426,100 shares and a turnover of 96.75 million yuan [1] Fund Flow Analysis - The coke sector saw a net outflow of 90.94 million yuan from main funds, while retail investors contributed a net inflow of 87.14 million yuan [1] - The detailed fund flow for individual stocks indicates that: - Yunmei Energy had a main fund net inflow of 34,900 yuan, with a retail net inflow of 399,340 yuan [2] - Shanxi Coking Coal experienced a main fund net outflow of 622,200 yuan, with a retail net outflow of 415,860 yuan [2] - Antai Group had a main fund net outflow of 3,351,700 yuan, with a retail net inflow of 42,340 yuan [2] - Shaanxi Black Cat faced a main fund net outflow of 17,784,900 yuan, but a retail net inflow of 2,071,290 yuan [2] - Yunwei Co. had a main fund net outflow of 17,914,100 yuan, with a retail net inflow of 1,996,540 yuan [2] - Baotailong saw a main fund net outflow of 22,064,000 yuan, but a retail net inflow of 2,306,090 yuan [2] - Meijin Energy had a main fund net outflow of 29,241,800 yuan, with a retail net inflow of 2,314,300 yuan [2]

Group 1: Company Performance - Jia Ying Pharmaceutical reported a net profit of 20.08 million yuan for the first half of 2025, a year-on-year increase of 254.33% [1] - Aote Xun recorded a net loss of 28.97 million yuan for the first half of 2025, compared to a loss of 17.45 million yuan in the same period last year [1] - China Ruilin achieved a net profit of 74.75 million yuan, reflecting a year-on-year growth of 26.77% [1] - Shanxi Coking experienced a net loss of 77.61 million yuan, reversing from a profit of 184 million yuan in the previous year [3] - Dazhu Laser reported a net profit of 488 million yuan, a decline of 60.15% year-on-year [5] - Jin Zi Tian Zheng achieved a net profit of 21.66 million yuan, a year-on-year increase of 17.59% [7] - Bao Tai Long turned a profit with a net profit of 98.88 million yuan, compared to a loss of 192 million yuan in the previous year [9] - Qujiang Cultural Tourism reported a net loss of 13.88 million yuan, compared to a loss of 187 million yuan in the same period last year [9] - New Yisheng reported a net profit of 3.94 billion yuan, a year-on-year increase of 355.68% [11] - Blue Si Technology achieved a net profit of 1.14 billion yuan, reflecting a year-on-year growth of 32.68% [12] - Huichuan Technology reported a net profit of 2.97 billion yuan, a year-on-year increase of 40.15% [13] - Ju Yi Technology achieved a net profit of 39.79 million yuan, a year-on-year increase of 69.48% [15] - Ke Ma Technology reported a net profit of 172 million yuan, a year-on-year increase of 23.52% [22] Group 2: Company Announcements - ST Quan Wei's subsidiary signed a contract for a photovoltaic project worth approximately 1.125 billion yuan [10] - ST Ya Lian announced that its stock will be delisted from risk warnings starting August 27, 2025 [16] - Yang Fan New Materials announced that its controlling shareholder is under investigation [18] - Sairun Bio's rabies serum product has started sales in several provinces [20] - Hengsheng Electronics announced that a director plans to reduce holdings by up to 8 million shares [21] - Beijing Junzheng plans to issue H-shares and list on the Hong Kong Stock Exchange [21] - Guo An Da intends to invest 104 million yuan to gain control of Ke Wei Tai [22] - Ke Ma Technology plans to issue convertible bonds to raise up to 750 million yuan [23]

Group 1 - The core viewpoint of the article is that Baotailong (601011.SH) has seen an increase in institutional investor holdings, indicating growing confidence in the company [1] - As of August 25, 2025, five institutional investors hold a total of 494 million shares of Baotailong, accounting for 25.77% of the total share capital, which is an increase of 0.58 percentage points compared to the previous quarter [1] - The public funds that increased their holdings include three funds: Guotai CSI Coal ETF, China Merchants CSI Coal Equal-weight Index A, and Fortune CSI Coal Index A, with an increase in holdings of 0.34% [1] Group 2 - The newly disclosed public fund in this period is Chuangjin Hexin CSI 500 Enhanced A [1]

Fundraising Overview - The company raised a total of RMB 1,237,211,425.16 through a private placement of 310,857,142 shares at a price of RMB 3.98 per share, with a net amount of RMB 1,214,859,915.10 after deducting issuance costs [1] - As of June 30, 2025, the company has utilized RMB 120,865.75 million of the raised funds, with a remaining balance of RMB 1000.90 million, including RMB 1,000.00 million temporarily used to supplement working capital [2][8] Fund Management - The company has established a dedicated bank account for the management of raised funds, with the president responsible for implementing the approved usage plan [3] - A tripartite supervision agreement was signed with banks to ensure proper management of the funds, and the agreement complies with the Shanghai Stock Exchange's requirements [4][3] Fund Usage - No pre-investment or replacement of fundraising projects occurred during the reporting period [6] - The company temporarily supplemented working capital with RMB 30 million of idle funds, with RMB 20 million returned to the fundraising account by June 30, 2025 [7][8] - There were no instances of using idle funds for cash management or investment in related products during the reporting period [9] Compliance and Reporting - The company has adhered to relevant regulations and disclosed the management and usage of raised funds accurately and timely, with no violations reported [15] - The company has not changed any fundraising project during the reporting period [14] Board Meeting Resolutions - The board approved the half-year report and the special report on the storage and actual use of raised funds, confirming that the reports reflect the company's financial status and operational results accurately [22][27]

Core Viewpoint - The company, Baotailong New Materials Co., Ltd., has announced the cancellation of its supervisory board and the revision of its articles of association and governance systems to enhance its corporate governance structure and operational compliance [1][2]. Group 1: Cancellation of Supervisory Board - The company will no longer establish a supervisory board, and the powers previously held by the supervisory board will be transferred to the audit committee of the board of directors [2][4]. - Relevant internal regulations related to the supervisory board will be abolished [2]. Group 2: Revision of Articles of Association - The articles of association will be revised to better protect the rights of the company, shareholders, employees, and creditors [2][4]. - New provisions will clarify the responsibilities of the legal representative of the company and the consequences of their actions [5][6]. Group 3: Shareholder Rights and Responsibilities - Shareholders will have the right to sue the company, its directors, and senior management under the revised articles of association [6][7]. - The company will not provide financial assistance for the acquisition of its shares, except under specific conditions approved by the board [7][8]. Group 4: Capital Increase and Share Repurchase - The company can increase its capital through various methods, including private placements and stock dividends, as approved by the shareholders [8][9]. - The company is allowed to repurchase its shares under certain conditions, which require shareholder approval [10][11]. Group 5: Governance and Compliance - The company emphasizes the importance of compliance with laws and regulations in its operations and governance practices [12][13]. - The revised articles will enhance the accountability of directors and senior management, ensuring they act in the best interests of the company and its shareholders [14][15].

Core Points - The document outlines the management system for the resignation of directors and senior management personnel at Baotailong New Materials Co., Ltd, aiming to ensure stability in corporate governance and protect the rights of shareholders [1][2]. Group 1: General Principles - The resignation management system applies to all directors and senior management personnel, covering various resignation scenarios such as term expiration, voluntary resignation, and dismissal [2][3]. - The management of resignations should adhere to principles of legality, transparency, smooth transition, and protection of shareholder rights [2][3]. Group 2: Resignation Procedures - Directors can resign before their term ends by submitting a written resignation report, which must include the reason for resignation [3][4]. - The resignation of directors becomes effective upon the delivery of the resignation report, except in cases where it would result in a violation of minimum board member requirements [3][4]. - The company must disclose the resignation details within two trading days, including reasons and impacts, especially for independent directors [4][5]. Group 3: Responsibilities and Obligations - Resigning directors and senior management must hand over all relevant documents and assets to the board upon resignation [7][8]. - Responsibilities incurred during their tenure do not cease upon resignation, and the company retains the right to pursue accountability for any breaches of commitment or harm to the company’s interests [7][8]. Group 4: Shareholding Management - Directors and senior management are prohibited from transferring their shares within six months post-resignation [9]. - There are restrictions on the percentage of shares that can be sold during their term and within six months after, ensuring compliance with legal regulations [9][10]. Group 5: Miscellaneous - The system will be implemented upon approval by the board and will be interpreted by the board as well [10].

经中国证券监督管理委员会《关于核准宝泰隆新材料股份有限公 司非公开发行股票的批复》（证监许可[2021]3705 号）核准，宝泰隆 新材料股份有限公司（以下简称"公司"）以非公开发行股票方式发行 人民币普通股（A 股）310,857,142 股，每股面值人民币 1.00 元，发 行价格为人民币 3.98 元/股，募集资金总额为人民币 1,237,211,425.16 元，扣除各项发行费用（不含增值税）共计人民币 22,351,510.06 元 后，募集资金净额为人民币 1,214,859,915.10 元，中审亚太会计师事 务所（特殊普通合伙）对本次非公开发行募集资金到位情况进行了审 验，并于 2022 年 2 月 28 日出具了中审亚太验字【2022】000009 号验资报告。 股票代码：601011 股票简称：宝泰隆 编号：临2025-041号 宝泰隆新材料股份有限公司 关于2025年半年度募集资金存放与实际使用 情况的专项报告 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、募集资金基本情况 公司会计部门对募集资金 ...

Core Viewpoint - The company, Baotailong New Materials Co., Ltd., reported significant declines in revenue and production across its main product lines for the first half of 2025 compared to the same period in 2024, indicating substantial operational challenges [1][2]. Group 1: Main Operating Data - The total operating revenue for the company in the first half of 2025 was approximately 1.37 million yuan, a decrease of 99.76% from 574.45 million yuan in the same period of 2024 [1]. - The operating cost for the same period was about 1.42 million yuan, down 99.80% from 698.45 million yuan year-on-year [1]. - The production volume of coke was zero tons, representing a 100% decrease from 318,721 tons in the first half of 2024 [1]. - The sales volume of coke was 1,286.81 tons, a decline of 99.59% from 311,970.89 tons in the previous year [1]. - The inventory of coke decreased by 86.35% to 3,006.51 tons from 22,025.60 tons [1]. Group 2: Coal and Chemical Industry Performance - In the coal and coke sector, the operating revenue increased by 278.58% to approximately 80.68 million yuan, while the operating cost rose by 169.91% to about 66.39 million yuan [1]. - The production of coal was reported at 559,781 tons, with a sales volume of 220,927.10 tons [1]. - The operating revenue for the coal sector was approximately 81.78 million yuan, a significant increase of 1,821.08% from 4.26 million yuan [1]. Group 3: Price Changes and Procurement - The price of coke (including coke powder and particles) decreased by 42.12% compared to the previous year [2]. - The price of coal tar increased by 2.32%, while methanol prices rose by 5.64% [2]. - The procurement of raw coal was 559,781 tons from self-production and 169.74 tons from external purchases [2].

Core Points - The document outlines the Independent Director Work System of Baotailong New Materials Co., Ltd, aiming to regulate the behavior of independent directors and enhance corporate governance [1][2] - Independent directors are defined as those who do not hold any other positions within the company and have no direct or indirect interests that could affect their independent judgment [1][2] - The system emphasizes the importance of independent directors in protecting the interests of minority shareholders and maintaining overall corporate integrity [2][3] Summary by Sections General Principles - The system is established based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1] - Independent directors must fulfill their duties independently and are not influenced by the company or its major shareholders [1][2] Qualifications and Appointment - Independent directors must maintain independence and cannot hold significant shares or positions in the company or its major shareholders [5][6] - The board must include at least one accounting professional among the independent directors [2][4] - Independent directors can serve on the boards of a maximum of three domestic listed companies [6][7] Responsibilities and Duties - Independent directors are responsible for participating in board decisions, supervising potential conflicts of interest, and providing professional advice [15][16] - They have the authority to independently hire external consultants for audits or investigations [16][17] - Independent directors must attend board meetings and provide clear opinions on agenda items [18][19] Performance Evaluation - Independent directors are required to conduct annual self-assessments of their independence and submit reports to the board [3][4] - The board must evaluate the independence of serving independent directors annually and disclose the results [4][5] Communication and Reporting - The company must establish effective communication mechanisms between independent directors and minority shareholders [14][15] - Independent directors are required to submit annual reports detailing their activities and contributions [30][31] Support and Resources - The company is obligated to provide necessary working conditions and support for independent directors to fulfill their responsibilities [32][33] - Independent directors should have equal access to information as other board members [33][34] Legal and Regulatory Compliance - The document outlines the supervisory role of the China Securities Regulatory Commission and the Shanghai Stock Exchange over independent directors [39][40] - Violations of the regulations may result in penalties or administrative actions by regulatory bodies [41][42]

General Principles - The rules are established to regulate the behavior of the company and ensure that the shareholders' meeting exercises its powers according to the law and the company's articles of association [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings to ensure shareholders can exercise their rights [1][2] Shareholder Meeting Convening - The board of directors is responsible for convening the shareholder meeting within the specified timeframe [7] - Independent directors can propose to convene an extraordinary shareholder meeting, and the board must respond within ten days [8][9] - Shareholders holding more than 10% of the company's shares can request the board to convene an extraordinary meeting, and the board must respond within ten days [10][11] Proposals and Notifications - Proposals must fall within the powers of the shareholder meeting and comply with legal and regulatory requirements [14] - Shareholders holding more than 1% of shares can submit temporary proposals ten days before the meeting [15] - Notifications for annual meetings must be sent 20 days in advance, while notifications for extraordinary meetings must be sent 15 days in advance [16] Meeting Conduct - The shareholder meeting must be held at the company's registered address or a designated location [21] - Shareholders can attend in person or through proxies, and each share carries one voting right [24] - The meeting must be presided over by the chairman or a designated director if the chairman is unavailable [28] Voting and Resolutions - Shareholders must express their opinions on proposals as agree, disagree, or abstain [37] - Voting results must be announced at the meeting, and resolutions must be disclosed promptly [40][41] - The company must implement resolutions regarding dividends or capital increases within two months after the meeting [45] Regulatory Measures - If the company fails to convene a meeting without justification, the stock exchange may suspend trading of its shares [48] - Non-compliance with legal and regulatory requirements may result in penalties from the regulatory authorities [49][50]