Overview - The article discusses the verification opinion of Industrial Securities Co., Ltd. regarding Fujian Foxit Software Development Co., Ltd.'s use of temporarily idle raised funds for cash management [1][8]. Group 1: Cash Management Purpose and Plan - The purpose of cash management is to improve the efficiency of raised fund utilization, ensuring that it does not affect the construction and use of fundraising projects while increasing company returns for shareholders [1]. - The company plans to use no more than RMB 450 million of temporarily idle raised funds for cash management, with a resolution valid for 12 months from the date of board approval [1][6]. Group 2: Fund Sources and Usage - The company was approved to publicly issue 12.04 million shares at a price of RMB 238.53 per share, raising a total of RMB 2.87 billion, with a net amount of RMB 2.59 billion after deducting issuance costs [2]. - As of June 30, 2025, the balance of raised funds was RMB 437.64 million, with various projects funded, including PDF product R&D and global marketing service network construction [2][4]. Group 3: Cash Management Products and Implementation - The cash management will involve purchasing low-risk, high-liquidity investment products from qualified financial institutions, with a maximum term of 12 months [6]. - The board of directors has authorized the chairman to make investment decisions and sign relevant documents within the approved limits and duration [6]. Group 4: Impact and Verification - The use of idle raised funds for cash management is expected to enhance fund utilization efficiency without affecting the normal progress of fundraising projects or the company's main business [7]. - Industrial Securities has verified that the cash management plan complies with relevant laws and regulations, and it will not change the intended use of raised funds [8].

Summary of Key Points Core Viewpoint - The company, Fujian Foxit Software Development Co., Ltd., has utilized its own funds to pay for investment projects and subsequently replaced these with equivalent amounts from raised funds, ensuring compliance with regulatory requirements and enhancing operational efficiency [1][6]. Group 1: Fundraising Overview - The company was approved to publicly issue 12.04 million shares at a price of RMB 238.53 per share, raising a total of RMB 2,871,901,200, with a net amount of RMB 2,586,478,593.67 after deducting issuance costs [1][2]. - As of June 30, 2025, the remaining balance of raised funds was RMB 437,639,800 [2]. Group 2: Investment Project Status - The total investment in various projects includes: - PDF Product R&D and Upgrade: RMB 179,070,900 (completed) - Document Intelligent Cloud Service: RMB 152,764,100 (completed) - Cutting-edge Document Technology R&D: RMB 13,835,700 (completed) - Property Purchase for Fuzhou R&D Center: RMB 42,220,000 (completed) - Permanent Supplement to Working Capital: RMB 1,306,000,000 (completed) - Global Marketing Service Network: RMB 557,800,900 (ongoing) - Intelligent Document Processing Platform: RMB 278,014,700 (ongoing) - Share Buyback: RMB 15,774,300 (completed) - Acquisition of Foxit Kunpeng Equity: RMB 90,238,100 (ongoing) [2]. Group 3: Reasons and Process for Fund Replacement - The company opted to use its own funds for initial payments due to operational efficiency and compliance with banking regulations regarding salary payments, which require the use of basic or general accounts [3][4]. - The process involves the finance manager's review, board approval, and subsequent transfer of equivalent amounts from the raised funds account to the company's basic account [5]. Group 4: Impact on Daily Operations - The use of self-funds for project payments is expected to enhance operational management efficiency and ensure the smooth progress of investment projects without affecting the normal implementation of these projects [5][6]. Group 5: Review Procedures - The board and supervisory committee approved the use of self-funds for project payments and the subsequent replacement with raised funds, confirming compliance with relevant regulations [6][7].

Fundraising Overview - The company raised a net amount of RMB 731,663,353.39 from the issuance of 20,946,737 shares, with a total issuance cost of RMB 78,137,499.03 [1][2] - All raised funds have been deposited into a special account, and agreements for fund supervision have been established with relevant parties [2] Investment Project Status - As of June 30, 2025, the total investment amount for the projects is RMB 57,444.54 million, with cumulative investment of RMB 22,340.01 million [2] Project Delays and Reasons - The company has decided to adjust the expected completion dates for several projects, including "Industry Data Security and Business Continuity and Big Data Replication Software Upgrade Project" and "Cloud Data Management Solution Construction Project" [4][5] - The delays are attributed to rapid industry technology iterations and evolving customer demands, necessitating a cautious approach to fund usage [4][5] Internal Investment Structure Adjustments - The company plans to adjust the internal investment structure for the marketing network upgrade project, reducing expenditures on site leasing and renovations while increasing personnel-related expenses [5][6] - This adjustment aims to enhance the effectiveness of marketing efforts and prevent fund wastage [5] Impact of Adjustments - The adjustments made will not affect the implementation of the projects or the intended use of funds, ensuring no adverse impact on the company's financial status [5][6] - The company will adhere to relevant regulations to ensure the legal and effective use of raised funds [5][6] Approval Process - The board of directors unanimously approved the project delays and internal investment structure adjustments, confirming compliance with necessary procedures [6][7] - The supervisory board also agreed that the changes do not harm shareholder interests and align with regulatory requirements [6][7] Sponsor's Verification - The sponsor has verified that the adjustments have been approved by the board and supervisory board, confirming alignment with the company's development needs and regulatory compliance [6][7]

Core Viewpoint - Han's Information achieved significant performance in the first half of 2025, with core operating indicators meeting expectations, including revenue and net profit, and operating cash flow turning positive for the first time in a single quarter [2][4]. Group 1: Financial Performance - In the first half of 2025, Han's Information reported a revenue of 1.1 billion yuan from AI business, with a notable increase in gross margin from proprietary products, which now account for 57% of total revenue [2][7]. - The company experienced a nearly 10% increase in sales expenses due to marketing and strategic investments, while management expenses rose significantly due to a 54 million yuan stock incentive provision [2][4]. - The traditional ERP business saw a revenue decline of approximately 5%, while the ITO business remained stable [2]. Group 2: AI Business Growth - The AI business is expected to sustain its growth momentum, driven by strong market demand and a shift in project promotion to a top-down approach led by core management [3][5]. - AI revenue structure indicates that Agent revenue constitutes a significant portion, approximately 80 million yuan, while AI middle platform revenue is around 30 million yuan [7]. - The company is focusing on multi-domain breakthroughs in AI, including marketing, supply chain, finance, and power sectors, with plans to enhance internal operations and market expansion [5][6]. Group 3: Strategic Initiatives - Han's Information is strategically investing in product and technology development in alignment with favorable national and local AI policies, aiming to create benchmark cases and optimize service processes [6]. - The company is building vertical models and combining tools to enhance customer value, responding to increasing market demands for model accuracy and data security [9]. - The enterprise-level PaaS platform (HZERO) has gained recognition from over 400 leading clients, with potential to expand to over 1,000 clients in the future [7].

Core Viewpoint - The article presents a special ranking list for private equity institutions, highlighting their unique investment research needs and preferences, which reflect their professional judgment and market voice [1][24]. Summary by Sections Private Equity Institutions Voting - A total of 177 private equity institutions participated in the voting process, managing over 1 trillion yuan [2]. Ranking of Analysts in Various Categories - The rankings for the 23rd New Fortune Best Analysts include various categories such as macroeconomics, strategy research, fixed income research, and more, showcasing the top institutions in each field [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Categories and Top Institutions - **Macroeconomics**: Top institutions include Guangfa Securities, Changjiang Securities, and Huachuang Securities [6]. - **Strategy Research**: Guangfa Securities leads, followed by Shenwan Hongyuan Securities [6]. - **Fixed Income Research**: Huatai Securities ranks first, with Tianfeng Securities and Changjiang Securities following [7]. - **Banking**: Top institutions are Guohai Securities, CITIC Securities, and Guangfa Securities [8]. - **Real Estate**: Changjiang Securities ranks first, followed by Guangfa Securities and Shenwan Hongyuan Securities [9]. - **Food and Beverage**: Changjiang Securities leads this category [10]. - **Pharmaceuticals and Biology**: Tianfeng Securities ranks first, with Guosheng Securities and CITIC Securities following [10]. - **Consumer Services**: Tianfeng Securities is the top institution [11]. - **Household Appliances**: The leading institution is Caitong Securities [11]. - **Agriculture**: Changjiang Securities ranks first [12]. - **Electronics**: Huachuang Securities leads this category [13]. - **Communications**: Tianfeng Securities ranks first [14]. - **Machinery**: Guangfa Securities is the top institution [15]. - **New Energy and Power Equipment**: Tianfeng Securities ranks first [16]. - **Defense and Military**: Changjiang Securities leads this category [17]. - **Chemicals**: Shenwan Hongyuan Securities ranks first [18]. - **Utilities**: Changjiang Securities is the top institution [19]. - **Metals and New Materials**: Changjiang Securities ranks first [20]. - **Non-Metallic Building Materials**: Changjiang Securities leads this category [21]. - **Overseas Market Research**: Tianfeng Securities ranks first [21].

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证券代码：601377 证券简称：兴业证券 公告编号：临 2025-032 兴业证券股份有限公司关于会计政策变更的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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。 重要内容提示： ●本次会计政策变更是公司根据财政部发布的相关会计处理实施问答而进 行的相应变更，无需提交公司董事会和股东会审议。公司自 2025 年 1 月 1 日起 执行，并采用追溯调整法，对 2024 年半年度财务报告进行追溯调整。本次会计 政策变更追溯调整，不会对公司财务状况、经营成果和现金流量产生重大影响， 不会导致公司已披露的年度财务报告出现盈亏性质改变，也不存在损害公司及股 东利益的情况。 一、本次会计政策变更概述 财政部于 2025 年 7 月 8 日发布标准仓单交易相关会计处理实施问答(以下简 称"问答")，其中关于"企业在期货交易场所通过频繁签订买卖标准仓单的合 同以赚取差价、不提取标准仓单对应的商品实物的，企业按照前述合同约定取得 标准仓单后短期内再将其出售的，不应确认销售收入，而应将收取的对价与所出 售标准仓单的账面价值的差额计入投资收益" ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-033 兴业证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 17 日(星期三)下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.c om/） 投资者可于 2025 年 9 月 10 日(星期三)至 9 月 16 日(星期二)16:00 前登录上证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 xyzqdmc@xyzq.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 兴业证券股份有限公司（以下简称"公司"）于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成果、财务状况，公司计划于 2025 年 9 月 17 日下 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-034 兴业证券股份有限公司 第六届董事会第三十四次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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。 兴业证券股份有限公司（以下简称"公司"）第六届董事会第三十四次会议 于 2025 年 8 月 25 日以电子邮件方式发出会议通知，于 2025 年 8 月 29 日以通讯 方式召开。公司现有董事 10 名，全体董事参加会议。会议的召集、召开及表决 程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 一、《兴业证券股份有限公司 2025 年半年度报告》及其摘要 表决结果：同意 10 票；反对 0 票；弃权 0 票。 具体内容请见公司同日于上海证券交易所网站披露的《兴业证券 2025 年半 年度报告》及其摘要。 二、关于修订《兴业证券股份有限公司内部审计制度》等两项制度的议案 表决结果：同意 10 票；反对 0 票；弃权 0 票。 为进一步建立健全公司内部审计及内部控制制度，提高内部审计工作效能， 加强内部控制管 ...

股票代码: 601377 兴业证券股份有限公司 2025年 半年度报告 V证券 2025 半年度报告 兴业证券股份有限公司 重要提示 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司发展战略、经营计划等前瞻性陈述，不构成对投资者的实质承诺，投资者及相关人士均应当对此 保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述可能面对的风险，敬请查阅本报告"第三节 管理层讨论与分析 – 五、其他披露事项 -（一） 可能面对的风险"中相关陈述。 十一、其他 □适用 √不适用 002 | 2025 年半年度报告 | | 第一节 释义 | | --- | | 第二节 公司简介和主要财务指标 | | 第三节 管理层讨论与分析 . | | 第四节 公司治理、环境和社会… | | 第五节 重要事项 | | 第六节 股份变动及股东情况 | | 第七节 债券相关情况 . | ...