Summary of the Conference Call on Dafeng Industrial Company Overview - **Company**: Dafeng Industrial - **Industry**: Cultural and Tourism Equipment Key Points and Arguments 1. **Policy Update**: A new policy for large-scale equipment updates in the tourism sector was officially released on May 23, 2024, with preliminary notifications received by the company on May 16, 2024 [7][9]. 2. **Investment Requirements**: Each project under the new policy requires a minimum investment of 20 million yuan, with funding primarily sourced from direct state subsidies [9]. 3. **Equipment Categories**: The policy outlines four major categories for equipment updates: - Sightseeing equipment (e.g., cable cars, tourism vehicles) - Amusement facilities - Performance equipment (e.g., stage lighting, sound systems) - Smart cultural tourism equipment [8]. 4. **Revenue Impact**: The company anticipates that the new policy will positively impact revenue, particularly in traditional performance equipment, which constitutes a significant portion of its business [10][12]. 5. **Project Applications**: The company has received feedback from several provinces, estimating project applications ranging from 500 million to 1 billion yuan per province [12]. 6. **Digital Upgrades**: The company is focusing on digital upgrades in cultural tourism, which are expected to yield higher margins compared to traditional equipment [13][48]. 7. **Operational Expansion**: The company has expanded its operational footprint, increasing the number of projects from around 100 to approximately 250 since the pandemic [14]. 8. **Revenue Projections**: The company aims for a revenue target of 1 billion yuan this year, with a total order target of 2 billion yuan [49]. Additional Important Content 1. **Government Support**: The government is expected to provide substantial financial support for projects, which will improve the company's cash flow and reduce outstanding debts from previous projects [18][27]. 2. **Competitive Advantage**: The company holds around 1,000 patents and is the only domestic firm capable of providing integrated solutions for performance equipment [22]. 3. **Project Bid Success Rate**: The company has a bid success rate of approximately 70% for mid to high-end projects [20]. 4. **Revenue Streams**: The company generates revenue from various sources, including ticket sales, operational management of theaters, and educational programs [32][41]. 5. **Future Growth Areas**: The company is exploring opportunities in the esports sector, with plans to develop and upgrade esports venues [56]. This summary encapsulates the key insights from the conference call regarding Dafeng Industrial's current status, industry dynamics, and future outlook.

浙江大丰实业股份有限公司 2023年年度股东大会会议资料 浙江大丰实业股份有限公司 2023 年年度股东大会 会议资料 2024 年 5 月 1 浙江大丰实业股份有限公司 2023年年度股东大会会议资料 2023 年年度股东大会会议议程 会议召开时间： 1、现场会议时间：2024 年 5 月 23 日 14:00 时 2、网络投票时间：上海证券交易所网络投票系统股东大会召开当日的交易时间 段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时 间为股东大会召开当日的 9:15-15:00。 会议召开地点： 浙江大丰实业股份有限公司 2024 年 5 月 2 1、参会人员签到 2、主持人介绍股东到场情况，宣布会议开始 3、宣读大会有关议案并审议 4、股东及股东代理人提问和解答 5、推举计票人、监票人 6、现场股东投票表决 7、收集现场表决票并计票，宣布现场表决结果 8、休会，将现场表决结果与网络投票表决结果进行汇总 9、宣读股东大会决议 10、律师发表见证意见 11、宣布股东大会闭幕 浙江大丰实业股份有限公司 2023年年度股东大会会议资料 议案一： 《关于审议<2 ...

重要内容提示： | 回购方案首次披露日 | 2024/3/12，由公司董事长提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 3,618,919 | | 累计已回购股数占总股本比例 | 0.88% | | 累计已回购金额 | 万元 3,558.73 | | 实际回购价格区间 | 9.40 元/股~10.40 元/股 | 一、 回购股份的基本情况 | 证券代码：603081 | 证券简称：大丰实业 公告编号：2024-046 | | --- | --- | | 转债代码：113530 | 转债简称：大丰转债 | 浙江大丰实业股份有限公司 关于股份回购进展公告 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。 浙江大丰实业股份有限公司（以下简称"公司" ...

关于实际控制人增持股份计划时间过半的进展公告 | 证券代码：603081 | 证券简称：大丰实业 | 公告编号：2024-045 | | --- | --- | --- | | 转债代码：113530 | 转债简称：大丰转债 | | 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。 浙江大丰实业股份有限公司 重要内容提示： 一、增持主体的基本情况 浙江大丰实业股份有限公司（以下简称"公司"）实际控制人丰华、 GAVIN JL FENG 基于对公司未来发展的信心和对公司长期投资价值的 认可，拟于 2023 年 10 月 26 日起 12 个月内通过集中竞价交易方式增 持公司股份，拟增持股份金额合计不低于人民币 3,000 万元且不高于 人民币 6,000 万元。具体内容详见公司在指定信息披露媒体及上海证 券交易所网站（www.sse.com.cn）披露的《浙江大丰实业股份有限公 司关于实际控制人增持股份计划的公告》（公告编号：2023-072）。 增持计划实施进展：截至本公告披露日，本次增持计划时间已过半，公 司实际控制人丰华、G ...

Investment Rating - Buy (maintained) [1] Core Views - The company's 2023 performance was under pressure due to delayed project deliveries and lower-than-expected construction start rates, leading to a significant decline in revenue and net profit [5] - In 2024Q1, the company's net profit improved significantly, driven by its transformation into content operations and the synergistic development of cultural, sports, and tourism sectors [5] - The company's profitability is expected to gradually improve, supported by the optimization of its main business and the growth of new businesses [5] Business Performance - In 2023, the company's revenue from cultural and sports equipment, digital art technology, rail transit, and cultural tourism operations were 1.387 billion yuan, 230 million yuan, 106 million yuan, and 182 million yuan, respectively, with year-on-year changes of -36.35%, -42.72%, -32.06%, and +125.74% [6] - The gross profit margins for these businesses were 23.45%, 34.84%, 5.06%, and 27.23%, respectively, with year-on-year changes of -5.66, -2.13, -20.94, and +13.27 percentage points [6] - The company's ToC cultural, sports, and tourism business showed strong growth, with the number of operational venues increasing to 13 in 2023 [6] Financial Performance - In 2023, the company's revenue was 1.938 billion yuan, a year-on-year decrease of 31.8%, and net profit attributable to the parent company was 101 million yuan, a year-on-year decrease of 64.8% [5] - In 2024Q1, the company's revenue was 290 million yuan, a year-on-year decrease of 13.14%, while net profit attributable to the parent company was 34 million yuan, a year-on-year increase of 58.77% [5] - The company's gross profit margin in 2024Q1 was 37%, a year-on-year increase of 10.8 percentage points, reaching a historical high for a single quarter [7] Future Outlook - The company's unfulfilled contract amount as of the end of 2023 was 2.743 billion yuan, and it has won several large-scale cultural, sports, and tourism integration projects in 2024 [7] - The company is expected to benefit from the policy of updating cultural, sports, and tourism equipment, and its project quality is expected to improve further [7] - The company's net profit attributable to the parent company is forecasted to be 186 million yuan, 237 million yuan, and 299 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 83.8%, 27.5%, and 26.2% [5] Valuation Metrics - The company's current P/E ratio is 22.1x, 17.3x, and 13.7x for 2024, 2025, and 2026, respectively [5] - The company's EPS is forecasted to be 0.45 yuan, 0.58 yuan, and 0.73 yuan for 2024, 2025, and 2026, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [12][16]. Core Insights - The company continues to face operational pressures, but cash flow has improved due to the operational commencement of PPP projects. The gross margin increased to 37.0% in Q1 2024, up 10.8 percentage points year-on-year, primarily due to business structure optimization and a low base from the previous year [1][10]. - The company reported a significant decline in revenue and net profit for 2023, with revenues of 1.94 billion and a net profit of 101 million, down 31.8% and 64.8% year-on-year, respectively. However, Q1 2024 showed signs of recovery with a 58.8% increase in net profit compared to the same period last year [10][12]. - The company is actively expanding into new business areas such as digital arts technology and cultural tourism operations, which are expected to create a second growth curve for the company [2][12]. Summary by Sections Financial Performance - In 2023, the company achieved revenues of 1.94 billion, a net profit of 101 million, and a cash flow from operating activities of 169 million, reflecting a year-on-year increase of 7.8 billion in cash flow [10][11]. - For Q1 2024, the company reported revenues of 290 million and a net profit of 30 million, with cash flow from operating activities increasing by 260 million year-on-year [10][12]. Business Segments - The cultural tourism equipment segment saw a revenue decline of 36.4%, while the digital arts technology segment experienced a 42.7% drop. In contrast, cultural tourism operations achieved a revenue increase of 125.7%, driven by an increase in the number of theaters operated by the company [11][12]. Profitability and Forecast - The report forecasts net profits of 270 million, 315 million, and 366 million for 2024, 2025, and 2026, respectively, maintaining a "Buy" rating based on the company's integrated development strategy in cultural tourism and technology [12][19].

浙江大丰实业股份有限公司 独立董事工作制度 第一章 总 则 （二）具有会计、审计或者财务管理专业的高级职称、副教授及以上职称或 者博士学位； 1 （三）具有经济管理方面高级职称，且在会计、审计或者财务管理等专业岗 位有5年以上全职工作经验。 第五条 独立董事应当具备与其行使职权相适应的任职条件。担任独立董 事应当符合下列基本条件： 第一条 为进一步完善浙江大丰实业股份有限公司（以下简称"公司"）的 法人治理结构，强化对董事会和管理层的约束和监督机制，更好地维护中小股 东的利益，促进公司的规范运作，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司独立董事管理办法》（以下简称"《独立董事管理办法》"）、 《上市公司治理准则》《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）、《上海证券交易所上市公司自律监管指引第1号——规范运作》以及《浙 江大丰实业股份有限公司章程》（以下简称"公司章程"）等相关规定，制定本制 度。 第二条 独立董事是指不在公司担任除独立董事外的任何其他职务，并与 公司及公司主要股东、实际控制人不存在直接或者间接利害关系，或者其他可 能影响其进行独立客观判断关系的董 ...

| 证券代码：603081 | 证券简称：大丰实业 | 公告编号：2024-033 | | --- | --- | --- | | 转债代码：113530 | 转债简称：大丰转债 | | 浙江大丰实业股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 由于募集资金投资项目建设需要一定周期，根据募集资金投资项目建设进度， 现阶段募集资金在短期内出现部分闲置的情况。 一、募集资金基本情况 （一）首次公开发行股票募集资金 委托理财受托方：商业银行、证券公司等金融机构 委托理财金额：不超过人民币 6,000 万元（资金额度在决议有效期内可 滚动使用） 委托理财期限：自董事会审议通过之日起一年内有效 履行的审议程序：浙江大丰实业股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日召开第四届董事会第十一次会议和第四届监事会第七 次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 同意公司在不影响募集资金投资项目建设情况下，使用总额不超过 6 ...

Financial Performance - Total revenue for 2023 was RMB 193,765.85 million, a decrease of 31.83% compared to RMB 284,241.48 million in 2022[22] - Net profit attributable to shareholders for 2023 was RMB 10,100.29 million, down 64.81% from RMB 28,699.35 million in the previous year[22] - Net profit excluding non-recurring gains and losses was RMB 8,480.59 million, a decline of 63.86% from RMB 23,462.97 million in 2022[22] - Basic earnings per share dropped by 63.77% to CNY 0.25, reflecting the decline in net profit attributable to shareholders[24] - The weighted average return on equity decreased by 7.03 percentage points to 3.52%[24] - The diluted earnings per share fell by 60.87% to CNY 0.27, also due to the decrease in net profit[24] - The company achieved a revenue of 1.938 billion RMB in 2023, a decrease of 31.83% year-on-year[60] - The net profit attributable to shareholders was 101 million RMB, down 64.81% compared to the previous year[62] Cash Flow and Assets - Cash flow from operating activities for 2023 was RMB 16,861.09 million, a significant recovery from a negative cash flow of RMB 61,029.57 million in 2022[22] - Total assets at the end of 2023 were RMB 289,476.41 million, reflecting a 1.48% increase from RMB 285,250.35 million at the end of 2022[22] - The net cash flow from operating activities increased by CNY 777 million, attributed to the gradual operation of PPP projects and improved collection efforts[24] - The net cash flow from operating activities was ¥168,610,881.82, a significant improvement compared to a negative cash flow of ¥610,295,698.92 in the previous year[77] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.5 per share (pre-tax) based on the total share capital after deducting shares held in the repurchase account[6] - The proposed cash dividend is CNY 0.5 per 10 shares (including tax), with no stock dividends or capital increase planned[137] - The total cash dividend amount (including tax) is 26,483,551 CNY, accounting for 26.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements[141] Business Strategy and Market Position - The company is positioned within the specialized equipment manufacturing industry, focusing on cultural, sports, tourism, and rail transit sectors[39] - The company aims to enhance its business innovation to meet the diverse functional requirements of cultural venues, as the demand for integrated solutions continues to grow in the market[42] - The company has developed four major business platforms: creativity, technology, digital, and operations, enhancing its position in the cultural and sports tourism industry[48] - The company is actively integrating into the international market, establishing a subsidiary in Russia and expanding international cooperation, receiving attention from over 30 countries[35] - The company aims to enhance user experience in the cultural and sports tourism sector by developing new commercial scenarios and optimizing service models[91] Research and Development - The company has 320 R&D personnel, representing 12.62% of the total workforce, indicating a strong commitment to research and development[75] - Total R&D expenses for the period amounted to ¥111,800,038.95, a decrease of 13.2% from ¥128,810,565.52 in the previous period[72] - R&D expenses accounted for 5.77% of total revenue, indicating a focus on innovation despite the decrease in absolute terms[74] Governance and Compliance - The company has established a sound governance structure, with a board of directors consisting of nine members, including three independent directors[103] - The company emphasizes information disclosure and transparency, adhering to regulations to ensure timely and accurate communication with shareholders[104] - The company has held three shareholder meetings and eight board meetings during the reporting period, ensuring compliance with relevant laws and regulations[101] Social Responsibility and Sustainability - The company invested 75.23 million CNY in environmental protection during the reporting period[147] - The company reduced carbon emissions by 2,934 tons through measures such as using clean energy and implementing carbon reduction technologies[150] - A total of 178.1676 million CNY was donated for public welfare projects, benefiting 831 individuals[151] Risks and Challenges - The company has outlined potential risks in its management discussion and analysis section, emphasizing the importance of investor awareness[8] - The company recognizes the risks associated with new business growth, particularly in tourism performance and smart technology sectors, and will explore effective strategies to mitigate these risks[96] - The company faces management risks due to rapid growth and market expansion, which may lead to challenges in internal control and management effectiveness[97] Future Outlook - Future outlook remains cautiously optimistic, with plans for market expansion and potential new product launches in the upcoming year[112] - The company is focusing on technological advancements and new product development to enhance competitive advantage[112] - Strategic initiatives are being developed to adapt to changing market conditions and consumer preferences[112]

浙江大丰实业股份有限公司 2023 年度财务决算报告 各位股东及股东代理人： 公司财务报表经容诚会计师事务所（特殊普通合伙）审计，并出具了无保留意见的审计 报告（容诚审字[2024]230Z0243 号），在所有重大方面按照企业会计准则的规定编制，公允 反映了公司 2023 年 12 月 31 日的财务状况以及 2023 年度的经营成果和现金流量。现将公司 有关的财务决算情况汇报如下： 一、2023 年度决算主要财务数据 （一）主要会计数据 单位：万元 币种：人民币 | 主要会计数据 | 2023年 | 2022年 | | 本期比上 | 2021年 | | | --- | --- | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | 年同期增 | 调整后 | 调整前 | | | | | | 减(%) | | | | 营业收入 | 193,765.85 | 284,241.48 | 284,241.48 | -31.83 | 295,856.15 | 295,856.15 | | 归属于上市公 司股东的净利 | 10,100.29 | 28,699.35 | 28, ...