Group 1: Business Overview - Jianghe Group's main business includes the research, design, production, construction, and technical services of building curtain wall systems. The core products are primarily divided into building decoration services and medical health services, with building decoration services accounting for the highest proportion at 94.91%, followed by medical health services at 4.89% [2] Group 2: Financial Performance - In 2011, the year Jianghe Group was listed, it achieved a net profit attributable to shareholders of 340 million yuan. By the latest complete fiscal year of 2024, the company achieved a net profit of 638 million yuan, representing a cumulative growth of 87.40% over 14 years. During this period, there was one year of loss, while the years of net profit growth reached 9, accounting for 64.29% [2] - From a revenue perspective, Jianghe Group achieved revenue of 18.05 billion yuan in 2020, which increased to 22.41 billion yuan in 2024, showing a fluctuating growth trend but overall maintaining an upward trajectory [3] - In terms of profit, Jianghe Group reported a net profit of 948 million yuan in 2020, which decreased to 638 million yuan in 2024, indicating significant fluctuations with a trajectory of decline followed by an increase and then another decline [4] Group 3: Market Valuation - On June 15, 2015, Jianghe Group reached its peak market value of 25.41 billion yuan, with the stock price rising to 22.02 yuan. However, by August 15, the closing stock price was 7.53 yuan, and the market value was 8.53 billion yuan, representing a decrease of 16.88 billion yuan, or a 66.43% evaporation of market value compared to its peak [6]

Group 1: Macroeconomic Insights - The macroeconomic environment remains supportive for the market, with expectations of new policies but limited strong stimulus in the short term, focusing on three major changes: export, consumption, and real estate data [6][7][8] - July economic data shows a general slowdown, with consumption continuing to decline and investment in real estate and manufacturing accelerating its drop [7][8] - The banking sector is experiencing a decline in profits, but the credit structure is continuously optimizing, with a narrowing decline in profit growth observed in Q2 [23][24] Group 2: Industry Performance - The construction industry is seeing a significant revaluation of mineral resources, with a focus on high-dividend leading companies due to improved supply and overseas demand [19][20] - The courier industry is experiencing a "reverse involution," with price increases expected to spread across regions, enhancing profitability for major listed companies [21][23] - The sweetener industry is projected to grow, driven by the demand for sugar reduction, with artificial sweeteners maintaining a strong market presence [30][31] Group 3: Company-Specific Insights - Jianghe Group, a leader in high-end curtain wall supply, is expected to see steady profit growth from 2025 to 2027, with a minimum dividend payout ratio of 80% [20] - Rongxin Culture, a leader in children's books, is positioned for growth through digital transformation and IP monetization, with significant profit increases projected from 2025 to 2027 [32] - Youyou Foods, a leader in spicy chicken feet snacks, is expanding its market presence and product offerings, with strong growth potential in emerging channels [35]

Investment Rating - The report recommends a "Buy" rating for Jianghe Group, a leading global high-end curtain wall company [5]. Core Viewpoints - The high-end curtain wall industry is experiencing significant supply optimization, with Jianghe Group establishing a leading position globally. The competitive landscape has improved, reducing malicious competition and leading to a clearer industry structure [1][10]. - Domestic market share is increasingly concentrated among leading companies, while overseas demand remains robust, particularly in regions like the Middle East and Southeast Asia [2][4]. - Jianghe Group is expanding rapidly overseas while maintaining stable high-quality operations domestically, with a strong focus on product platformization as a new growth driver [3][4]. Summary by Sections Supply Side - The global high-end curtain wall supply has been significantly optimized, with Jianghe Group and others solidifying their leadership positions. The report notes that many smaller companies have been merged or acquired, leading to a reduction in competition [1][10]. - Jianghe Group has maintained its position as the top curtain wall company in China for seven consecutive years, showcasing its strong brand and operational advantages [11]. Demand Side - In 2022, China's total curtain wall output was 478.8 billion yuan, a decrease of 8.5%. The industry is expected to contract due to various factors, including public health events and economic pressures. However, leading companies are likely to increase their market share [2]. - Overseas, demand is expected to remain strong, particularly in Saudi Arabia and the UAE, driven by local investment plans and favorable residency policies. The estimated curtain wall market size for Saudi Arabia and the UAE in 2023 is approximately 50.6 billion yuan and 33.6 billion yuan, respectively [2]. Jianghe Group - Jianghe Group is positioned as a global leader in the curtain wall industry, with significant advantages in technology, manufacturing, and brand recognition. The company has expanded its overseas operations significantly, with a projected 57% increase in overseas orders for 2024 [3][4]. - The company is expected to achieve a net profit of 6.9 billion yuan in 2025, with a minimum dividend payout ratio of 80% planned for 2025-2027, indicating strong cash flow and shareholder returns [4][5]. Investment Recommendations - The report emphasizes Jianghe Group as a core investment opportunity, predicting a market capitalization increase of 29% to 48% from 2025 to 2027 based on projected earnings and dividend yields [4][5]. - Other leading companies in the curtain wall industry, such as China State Construction Industry, Yuanda China, and Yasha Group, are also recommended for consideration due to their potential benefits from supply optimization and overseas demand [4].

（文章来源：证券日报） 证券日报网讯 8月14日晚间，江河集团发布公告称，公司2025年第一次临时股东大会于2025年8月14日 召开，审议通过了《关于修订的议案》等多项议案。 ...

Core Points - The articles outline the regulations and governance structure of Jangho Group Co., Ltd., emphasizing the protection of the rights of shareholders, employees, and creditors [2][4] - The company was established as a joint-stock company in accordance with the Company Law of the People's Republic of China and is registered in Beijing [2][3] - The registered capital of the company is RMB 1,133,002,060 [3] Chapter Summaries Chapter 1: General Provisions - The company aims to maintain the legal rights of stakeholders and regulate its organization and behavior [2] - The company is a permanent joint-stock company established under Chinese law [3] Chapter 2: Business Objectives and Scope - The company's mission is to enhance human living environments and health through green building systems and high-quality medical services [4] - The business scope includes manufacturing various construction materials, providing labor for overseas projects, and engaging in medical industry investments [4][5] Chapter 3: Shares - The company issues shares in the form of stocks, with each share having a face value of RMB 1 [5] - The total number of issued shares is 1,133,002,060, all of which are ordinary shares [6] Chapter 4: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, voting, and supervision of company operations [10] - The company must hold annual and temporary shareholders' meetings, with specific procedures for calling and conducting these meetings [18][49] Chapter 5: Directors and Board of Directors - The chairman represents the company in executing affairs and is the legal representative [3] - The board of directors is responsible for major decisions and governance [4] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, board secretary, and financial director [4] Chapter 7: Financial Accounting System, Profit Distribution, and Audit - The company must adhere to a financial accounting system and conduct internal audits [4] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements in accordance with legal regulations [4] Chapter 9: Merger, Division, Capital Increase, Decrease, Dissolution, and Liquidation - The company can increase or decrease capital based on shareholder resolutions and legal requirements [7] Chapter 10: Amendment of Articles - The articles can be amended following the procedures outlined in the document [4] Chapter 11: Supplementary Provisions - The articles serve as a legally binding document for the company and its stakeholders [4]

北京市天元律师事务所 关于江河创建集团股份有限公司 京天股字（2025）第 514 号 （以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 致：江河创建集团股份有限公司 江河创建集团股份有限公司（以下简称"公司"）2025 年第一次临时股东大 会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会 议于 2025 年 8 月 14 日在北京市顺义区顺西南路艾迪公园 5 号楼一层会议室召开。 北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本 次股东大会的现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）以及《江河创建集团股份有限公司章程》 为出具本法律意见，本所律师审查了《江河创建集团股份有限公司第七届董 事会第三次会议决议公告》《江河创建集团股份有限公司关于召开 2025 年第一次 临时股东大会的通知》（以下简称"《召开股东大会通知》"）以及本所律师认为 必要的其他 ...

证券代码：601886 证券简称：江河集团 公告编号：临 2025-032 江河创建集团股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 14 日 (二)股东大会召开的地点：北京顺义区顺西南路艾迪公园 5 号楼一层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 71.62 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定，本次股东大 会由董事长刘载望先生主持。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例 （%） 票数 比例 票数 比例 （%） （%） A股 811,387,935 99.9888 86,700 0.0107 3,800 0.0005 议案》 审议 ...

江河创建集团股份有限公司 章 程 二○二五年八月 中国·北京 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 3 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 江河创建集团股份有限公司 章 程 第一章 总则 第一条 为维护江河创建集团股份有限公司（以下简称"江河集团"或"公 司"）、股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人 民共和国公司法》（以下简称"《公 ...

证券代码：601886 证券简称：江河集团 公告编号：临 2025-032 江河创建集团股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 14 日 (二)股东大会召开的地点：北京顺义区顺西南路艾迪公园 5 号楼一层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 131 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 811,478,435 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.62 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定，本次股东大 会由董事长刘载望先生主持。 (五)公司董事、监事和董事会秘书的出席 ...

致：江河创建集团股份有限公司 江河创建集团股份有限公司（以下简称"公司"）2025 年第一次临时股东大 会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会 议于 2025 年 8 月 14 日在北京市顺义区顺西南路艾迪公园 5 号楼一层会议室召开。 北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本 次股东大会的现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）以及《江河创建集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 北京市天元律师事务所 关于江河创建集团股份有限公司 2025 年第一次临时股东大会的法律意见 京天股字（2025）第 514 号 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则（试行）》等规定及本法律意见出具日以前已经发生 或者存在的事实，严格履行了法定职责，遵循了 ...