表决结果：15 名董事同意，0 名董事反对，0 名董事弃权。 二、审议通过《关于新设上杭营业部的议案》 表决结果：15 名董事同意，0 名董事反对，0 名董事弃权。 证券代码：601198 证券简称：东兴证券 公告编号：2025-025 东兴证券股份有限公司 第六届董事会第七次会议决议公告 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。 东兴证券股份有限公司（以下简称东兴证券或公司）第六届董事会第七次会 议于2025年6月13日通过电子邮件方式发出会议通知，2025年6月24日在北京市西 城区金融大街9号金融街中心18层第一会议室以现场及通讯方式召开。本次会议 应参与表决董事15名，实际参与表决董事共15人（其中：以通讯表决方式出席会 议的共10人）。会议由董事长李娟女士主持，监事和部分高级管理人员列席会议。 本次会议以记名投票方式进行表决，会议的召开及表决程序符合《公司法》及《东 兴证券股份有限公司章程》的规定。本次会议表决通过了以下议案： 一、审议通过《关于南宁金湖北路营业部更名为南宁分公司的议案》 特此公告。 东兴证券股 ...

Core Points - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 903.16 million yuan, a decrease of 15.37% compared to the previous year [1][2] - The net profit attributable to shareholders was -107.45 million yuan, a drastic drop from a profit of 34.32 million yuan in the previous year, marking a decline of 413.09% [1][2] - The company also reported a negative net profit of -167.61 million yuan after excluding non-recurring gains and losses, compared to -8.06 million yuan in the previous year, reflecting a decline of 1,980.12% [1][2] - The net cash flow from operating activities improved significantly to 90.16 million yuan, compared to -57.09 million yuan in the previous year, indicating a 257.92% increase [1][2] 2025 Q1 Summary - In the first quarter of 2025, the company generated revenue of 156.49 million yuan, down 8.67% year-on-year [3][4] - The net profit attributable to shareholders was -15.60 million yuan, an improvement from -35.04 million yuan in the same period last year, showing a 55.47% reduction in losses [3][4] - The net profit after excluding non-recurring items was -16.49 million yuan, also an improvement from -34.75 million yuan year-on-year, reflecting a 52.56% reduction in losses [3][4] - The net cash flow from operating activities was -48.50 million yuan, which is an improvement from -72.52 million yuan in the previous year, indicating a 33.13% reduction in negative cash flow [3][4] Capital Distribution - The company announced a capital distribution plan, proposing to increase capital by 4 shares for every 10 shares held, without cash dividends or bonus shares [2]

Core Viewpoint - Zhejiang Heda Technology Co., Ltd. has revised its performance forecast and report, indicating a significant decrease in net profit and an increase in bad debt provisions due to cautious assessments of accounts receivable and reduced operating income [1][7]. Group 1: Performance Revision - The revised net profit attributable to the parent company is -5.636 million yuan, a decrease of 10.928 million yuan, representing a reduction of 206.50% [1]. - The adjusted net profit after deducting non-recurring gains and losses is -14.385 million yuan, down by 10.743 million yuan, reflecting a decrease of 294.96% [1]. - The company has increased the provision for bad debts based on a prudent assessment of the recoverability of accounts receivable and a decrease in operating income [1][7]. Group 2: Impact on Accounts Receivable - The company provided detailed information on the impact of the performance revision on accounts receivable, including specific project names, customer names, and the amounts of bad debt provisions [2][4]. - The provision for bad debts was increased from 30% to 50% for certain customers due to heightened collection risks [4][5]. - The company identified several projects with significant impacts on accounts receivable, including changes in management and communication difficulties with clients [4][5]. Group 3: Revenue Impact - The performance revision also affected operating income, with specific projects and customers leading to revenue adjustments [6][8]. - The company anticipates a revenue reduction of approximately 10% for certain projects due to client funding issues and extended collection periods [6][8]. - The total revenue for the year was reported at 479 million yuan, a year-on-year increase of 39.74%, with the top five customers contributing 153 million yuan, a 139.25% increase [8][9]. Group 4: Internal Control Assessment - The company acknowledged certain deficiencies in internal controls related to the assessment of accounts receivable and revenue recognition, but stated that these do not constitute significant internal control defects [7][8]. - The company has implemented strict internal control procedures for financial data provision and external disclosures [7][8]. - A comprehensive review of accounts receivable and revenue projects was conducted, leading to the identification of increased bad debt provisions and revenue adjustments [7][8].

东兴证券股份有限公司 关于华夏航空股份有限公司变更募集资金用途 及部分募集资金投资项目实施主体的核查意见 东兴证券股份有限公司（以下简称"东兴证券"、"保荐机构"），作为华夏航空 股份有限公司（以下简称"华夏航空"、"公司"）2022年度非公开发行股票的持续督 导机构，根据《证券发行上市保荐业务管理办法》、《上市公司募集资金监管规 则》、《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作 》等有关规定，对华夏航空变更募集资金用途及部分募集资金投资项目实施主体 的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行股 票的批复》（证监许可【2022】1662号）的核准，华夏航空股份有限公司向特定 对象非公开发行人民币普通股不超过304,070,293股，每股面值为人民币1.00元，募 集资金总额不超过243,500万元。公司实际非公开发行A股股票264,673,906股，每股 发行价格为人民币9.20元，募集资金总额为人民币2,434,999,935.20元，扣除发行费 用人民币25,397,899.32元（不含税）后，募集资 ...

根据《证券发行上市保荐业务管理办法》第六十二条规定，北京监管局决定对胡晓莉、陶晨亮采取监管 谈话的行政监管措施。 中国经济网北京6月16日讯 中国证监会北京监管局13日发布关于对胡晓莉采取监管谈话措施的决定和关 于对陶晨亮采取监管谈话措施的决定。 经查，胡晓莉、陶晨亮作为保荐代表人，在相关保荐项目执业过程中，未勤勉尽责，未对标的公司的财 务信息、关联交易和股权代持的信息披露等进行审慎核查。上述行为违反了《证券发行上市保荐业务管 理办法》(证监会令第137号)第四条规定。 智通财经报道《监管4张罚单落地：营业部员工"飞单"，"泽达案"两保代履职失职》显示，上述两人此 前为泽达易盛IPO的保荐代表人。"泽达案"影响广泛，涉嫌违规的多方当事人受到惩戒。泽达易盛连续6 年财务造假，东兴证券（601198）、天健会计师事务所等中介机构涉嫌在相关执业过程中未勤勉尽责。 东兴证券因在泽达易盛案中存在未勤勉尽责的问题，已按监管要求全面整改。 泽达易盛于2020年6月23日在上交所科创板上市，发行价格为19.49元/股，首次发行数量为2078万股， 保荐机构（主承销商）为东兴证券股份有限公司，保荐代表人为胡晓莉、陶晨亮。公司发 ...

Core Viewpoint - The regulatory scrutiny on investment banks and their representatives has intensified, particularly following the financial fraud case involving Zeda Yisheng, leading to disciplinary actions against two senior underwriters. Group 1: Regulatory Actions - Two underwriters, Hu Xiaoli and Tao Chenliang, are facing regulatory interviews due to their lack of diligence in their roles as sponsors for Zeda Yisheng's IPO project [1][2] - Both underwriters are currently listed under Class C (penalty classification) by the China Securities Association and are affiliated with Dongxing Securities [1][2] - The Beijing Securities Regulatory Bureau has scheduled the interviews for June 17, 2023, but did not disclose specific details about the projects involved [2] Group 2: Background of Zeda Yisheng Case - Zeda Yisheng went public on the STAR Market in June 2020, but was later found to have committed financial fraud over six years, inflating revenues by over 560 million yuan [1][4] - The company was forced to delist in May 2022 after being investigated for information disclosure violations, leading to penalties for the company and its associated intermediaries [1][4] Group 3: Broader Industry Implications - The year has seen a trend of strict regulatory measures against underwriters involved in problematic IPOs, with several facing penalties for withdrawing IPO applications [6][8] - Notable cases include penalties against underwriters from Zhongjin Securities and Guoyuan Securities for failing to adequately verify internal controls and financial disclosures [6][7] - The regulatory environment has led to some underwriters being banned from signing off on IPO applications for extended periods, with some facing bans of up to 24 months [8]

Core Viewpoint - The transportation sector faces both challenges and opportunities in the second half of the year, with a pessimistic market outlook for some cyclical industries presenting potential investment opportunities [1] Group 1: Express Delivery Sector - Intense price competition in the express delivery sector, particularly among leading companies Zhongtong and Yuantong, is likely to impact future pricing levels [2] - The overall performance of the express delivery industry has seen profit declines due to heightened price wars, with volume growth not fully offsetting the drop in per-package profitability [2] - The current low market expectations for the express delivery sector suggest it is at a cyclical bottom, but a shift towards "anti-involution" and high-quality development is anticipated, making it a sector worth monitoring [2] Group 2: Aviation Sector - Despite pressure on profits in the first quarter, the aviation industry is expected to rebalance supply and demand, aided by the Civil Aviation Administration's guidance [3] - The upcoming peak season is projected to show strong upward elasticity for airline stocks, with potential price increases driven by high load factors and effective supply management [3] - Current valuations for the aviation sector are near historical lows, indicating potential for recovery and profit improvement [3] Group 3: Highway Sector - The valuation of the highway sector in A-shares is relatively high, prompting a shift in investment focus towards Hong Kong stocks [4] - A-share prices for highway companies are trading at over a 50% premium compared to their H-share counterparts, with H-shares showing better performance year-to-date [4] - Long-term benefits from a declining interest rate environment are expected for the highway sector, which is characterized by stable earnings and a strong dividend payout [4]

Group 1 - The merger and acquisition (M&A) market is experiencing growth this year, supported by favorable policies, leading to increased participation from securities firms seeking new development opportunities [1][2] - The slowdown in IPO activities has pressured the performance of securities firms, making the deepening of M&A activities a strategy to improve their operational performance and enhance competitiveness [1][3] - Securities firms play a crucial role in facilitating M&A transactions, especially for technology-driven companies, by providing services that support the development of new productive forces [2][4] Group 2 - Securities firms offer specialized services in valuation, transaction execution, and post-merger integration, which are essential for creating reasonable M&A proposals and pricing systems [3][4] - The increase in M&A activities is expected to boost the financial advisory income of securities firms, contributing to overall revenue growth and reducing reliance on traditional brokerage and proprietary trading businesses [4][5] - Firms are focusing on leveraging their unique advantages, such as organizational structure and regional strengths, to capture opportunities in the M&A market [5][6] Group 3 - Companies are encouraged to explore M&A opportunities in high-end manufacturing, ICT, new materials, renewable energy, and healthcare sectors, emphasizing the importance of industry expertise [6] - Collaboration between M&A and other business lines is being promoted to enhance resource integration and facilitate the entry of small and medium-sized non-listed companies into the capital market [6]

Group 1: Industry Overview - The demand in the supply chain remains strong in Q1 2025, with the battery sector showing signs of recovery in both profitability and revenue [1] - The lithium battery sector is expected to see a rebound in overall prosperity, driven by new technologies like solid-state batteries, which are anticipated to catalyze market growth starting in the second half of 2024 [1] - The industry is projected to experience profit recovery and valuation enhancement from 2025 to 2026 as new technologies are commercialized [1] Group 2: Battery Sector Insights - The current landscape in the lithium battery supply chain is favorable, with stable supply-side changes expected to lead to simultaneous revenue and profit increases [2] - Leading companies with differentiated products and advanced manufacturing capabilities are likely to maintain profitability, while some second-tier manufacturers may capture new customer orders and benefit from the trend of industry globalization [2] - Companies like Guoxuan High-Tech (002074.SZ) and CATL (300750.SZ) are expected to benefit from the upcoming harvest period of production capacity and competitive advantages from differentiated products [2] Group 3: Material Sector Insights - Despite some companies facing declining profit margins and low capacity profitability, the concentration in the lithium battery material sector is expected to increase, leading to a potential recovery in profit levels [2] - The market share of ternary cathode materials is anticipated to rebound due to improved safety performance, with potential applications in semi-solid and sodium batteries [2] - Companies such as Huayou Cobalt (603799.SH) are expected to benefit from the positive outlook on ternary cathode materials [2] Group 4: New Technology Catalysts - Solid-state batteries are entering a rapid growth phase, with companies releasing technology solutions and industrial applications, which may accelerate the commercialization process [3] - Companies with a first-mover advantage in solid-state battery technology are likely to benefit significantly, with Guoxuan High-Tech being highlighted for its leading position [3] - Sodium batteries have reached a critical cost threshold for large-scale applications, particularly in extreme environment energy storage and electric two-wheelers, with companies like CATL and Huayang Co. (600348.SH) expected to benefit from this trend [3]

Group 1: Market Overview - The market has shifted to a bullish trend due to multiple favorable factors being released [2] - The first meeting of the China-U.S. economic and trade consultation mechanism took place in London, where both sides made progress on economic concerns [2][4] Group 2: Brokerage Sector Performance - The brokerage sector experienced a significant surge, with stocks like Industrial Securities rising over 9% and Xinda Securities increasing by over 6% [3][4] - Analysts attribute the brokerage sector's performance to three main factors: concentrated policy benefits, market expectations for a rally, and an increase in share buybacks [4][5] Group 3: Policy Benefits - The China Securities Regulatory Commission approved changes in actual controllers for several brokerages, which is expected to drive a new wave of mergers in the securities industry [4] - The Greater Bay Area policy allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, benefiting brokerage firms' investment banking and brokerage businesses [4][5] Group 4: Automotive Industry Developments - The automotive parts sector saw a collective rise of over 2%, with stocks like Tongxin Transmission and Meichen Technology hitting their daily limits [6][8] - Major automotive companies announced a unified payment term of 60 days for suppliers, which is expected to alleviate financial pressure and improve operational efficiency for automotive parts manufacturers [8][9]