公司于 2025 年 9 月 24 日在上海证券交易所网站（http://www.sse.com.cn） 和指定披露媒体上披露了《关于召开 2025 年半年度业绩说明会的公告》（公告 编号：2025-061），并通过邮件等方式提前征集投资者所关注的问题。 2025 年 10 月 14 日（星期二）13:00-14:00，公司董事长、总经理席惠明先 生、独立董事张春景先生、财务总监黄莹先生、董事会秘书谈劭旸先生共同出席 了 2025 年半年度业绩说明会，与投资者进行互动交流和沟通，并就投资者普遍 关注的问题进行了回答。 二、投资者提出的主要问题及公司回复情况 证券代码：603359 证券简称：东珠生态 公告编号：2025-063 东珠生态环保股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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个别及连带责任。 2025 年 10 月 14 日（星期二）13:00-14:00，东珠生态环保股份有限公司（以 下 简 称 " 公 司 " ） 通 过 上 海 证 券 交 易 所 上 证 路 演 ...

Group 1 - The core viewpoint of the news highlights the target price increases for several companies, with notable gains for SMIC, Weigao Medical, and Tonglian Precision, showing increases of 86.01%, 41.99%, and 38.96% respectively, indicating strong market confidence in the semiconductor, personal care, and consumer electronics sectors [1] Group 2 - From October 6 to October 12, a total of 128 listed companies received broker recommendations, with Shanghai Pudong Development Bank, BYD, and Seres each receiving three recommendations [3][4] - The companies with the highest number of broker recommendations include Shanghai Pudong Development Bank (3), BYD (3), and Seres (3), all indicating strong interest from analysts [4] Group 3 - During the same period, three companies had their ratings upgraded: Ninebot from "Hold" to "Buy" by Everbright Securities, Jiangfeng Electronics from "Hold" to "Buy" by Northeast Securities, and Xizi Clean Energy from "Recommended" to "Strongly Recommended" by Founder Securities [5] - One company, Lens Technology, had its rating downgraded from "Buy" to "Hold" by Caitong Securities [6] Group 4 - A total of 36 first-time coverage ratings were issued, with companies like Weili receiving a "Buy" rating from Changjiang Securities, Dongzhu Ecology receiving a "Buy" rating from Guosheng Securities, and Runjian receiving an "Increase" rating from Zhongyou Securities [7][8]

Core Viewpoint - Dongzhu Ecological is a leading company in the domestic ecological restoration and municipal landscape engineering sector, facing performance pressure since 2022 due to industry demand contraction and impairment provisions, but is expected to see gradual alleviation of impairment pressure with the implementation of new PPP policies and government debt relief funds [1] Group 1 - The company has actively expanded into forestry carbon sinks and emerging markets, including winning a significant contract worth 3.5 billion yuan in Laos under the Belt and Road Initiative, which is anticipated to improve its main business operations marginally [1] - A major asset restructuring plan has been announced, involving the acquisition of 89.49% of Kairuixingtong through a combination of share issuance and cash payment, which will allow the company to enter the satellite communication sector and potentially create a second growth curve [1] - If the acquisition of Kairuixingtong proceeds smoothly, it is expected to drive a revaluation of the company's value, leading to an initial coverage rating of "Buy" [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company, Dongzhu Ecological, is a leader in ecological restoration and municipal landscape engineering in China. It is undergoing a significant transformation by acquiring a leading satellite communication company, Kai Rui Xing Tong, to create a second growth curve amidst current operational pressures [1][35]. - The satellite communication industry is experiencing robust growth driven by supportive government policies and increasing demand for low-orbit satellite constellations, which is expected to enhance terminal equipment demand significantly [3][4]. Summary by Sections Company Overview - Dongzhu Ecological is a comprehensive service provider in ecological governance, focusing on ecological restoration and municipal landscape projects. The company has faced operational challenges since 2022 due to industry demand contraction and impairment provisions, but it is expected to improve as new government policies and debt relief funds are implemented [1][22][33]. - The company reported a significant revenue decline in 2024, with total revenue of 3.8 billion yuan, down 55% year-on-year, primarily due to reduced project initiation and longer payment cycles from local governments [22][28]. Acquisition of Kai Rui Xing Tong - The company plans to acquire 89.49% of Kai Rui Xing Tong through a combination of stock issuance and cash payment, aiming to enter the satellite communication sector and diversify its revenue streams [35][37]. - Kai Rui Xing Tong is recognized as a leading domestic satellite communication system provider, with a projected revenue of 260 million yuan and a net profit of 40 million yuan in 2024, reflecting a year-on-year growth of 72% and 364%, respectively [2][37]. Industry Demand Analysis - The satellite internet industry is supported by increasing government policies, with a focus on building a "commercial space" growth engine. The demand for terminal equipment is expected to grow as the number of operational satellites increases [3][4]. - Key sectors driving demand include government emergency communication, military satellite communication, and maritime communication, with the government sector alone having an annual budget exceeding 3 billion yuan for emergency communication infrastructure [4][46]. Financial Forecast and Valuation - The company forecasts a gradual recovery in net profit from a loss of 630 million yuan in 2024 to a profit of 12 million yuan by 2027, with corresponding EPS improving from -1.41 yuan to 0.03 yuan per share [4][5]. - The report highlights that if the acquisition of Kai Rui Xing Tong proceeds smoothly, it could lead to a revaluation of the company's worth [4].

Group 1 - The company is planning a major asset restructuring by acquiring control of Kairuixing Information Technology (Nanjing) Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [2] - This transaction is expected to be classified as a major asset restructuring according to the regulations of the "Management Measures for Major Asset Restructuring of Listed Companies" [2] - The transaction will not result in a change of the actual controller of the company and does not constitute a restructuring listing [2] Group 2 - The company's A-shares were suspended from trading starting August 27, 2025, to facilitate the transaction, with the company actively working on related matters during the suspension [3] - On September 9, 2025, the company held its sixth board meeting to approve the proposal for the asset acquisition and related fundraising, leading to the resumption of trading on September 10, 2025 [4] - As of the date of the announcement, the auditing and evaluation work related to the transaction has not been completed, and the company is actively pushing forward with the transaction [4]

二、本次交易进展情况 根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称：东珠生态， 证券代码：603359）自 2025 年 8 月 27 日（星期三）开市起停牌，停牌期间，公司积极组 织各方推进本次交易的相关工作，并根据相关规定及时履行信息披露义务，具体内容详见 公司分别于 2025 年 8 月 27 日、2025 年 9 月 3 日在上海证券交易所网站（www.sse.com.cn） 及公司指定信息披露媒体上发布的《关于筹划重大资产重组的停牌公告》（公告编号： 2025-051）、《关于筹划重大资产重组的停牌进展公告》（公告编号：2025-052）。 证券代码：603359 证券简称：东珠生态 公告编号：2025-062 东珠生态环保股份有限公司 关于筹划重大资产重组事项的进展公告 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个别及连带责任。 一、本次交易概述 东珠生态环保股份有限公司（以下简称"公司"）正在筹划以发行股份及支付现金的方 式收购凯睿星通信息科技（南京）股份有限公司的控制权，同时拟募集配套资金（以 ...

Group 1 - The company is planning to acquire control of Kai Rui Xing Tong Information Technology (Nanjing) Co., Ltd. through a combination of issuing shares and cash payment [1] - This transaction is expected to constitute a significant asset restructuring but will not result in a change of the company's actual controller [1] - The company's A-share stock resumed trading on September 10, 2025 [1] Group 2 - As of the date of this announcement, the auditing and evaluation work related to the transaction has not been completed [1] - The company and relevant parties are actively promoting the related work of this transaction [1]

Market Overview - On September 26, the infrastructure sector experienced a slight decline of 0.04% compared to the previous trading day, with Dongzhu Ecology leading the losses [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the infrastructure sector included: - *ST Yuancheng (603388): Closed at 1.80, up 5.26% with a trading volume of 148,600 shares and a turnover of 26.49 million yuan - *ST Zhengping (603843): Closed at 4.92, up 4.90% with a trading volume of 522,700 shares and a turnover of 256 million yuan - Suwen Electric Power (300982): Closed at 19.36, up 4.76% with a trading volume of 115,300 shares and a turnover of 226 million yuan [1] - Conversely, the following stocks faced significant declines: - Dongzhu Ecology (603359): Closed at 8.70, down 6.35% with a trading volume of 274,900 shares and a turnover of 24.5 million yuan - *ST Huawang (603007): Closed at 5.62, down 4.26% with a trading volume of 298,700 shares and a turnover of 174 million yuan - Huylv Ecology (001267): Closed at 17.70, down 3.54% with a trading volume of 231,900 shares and a turnover of 420 million yuan [2] Capital Flow - The infrastructure sector saw a net outflow of 208 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [2] - Key stocks with significant capital flow included: - Jiangjian Co. (603815): Net inflow of 42.34 million yuan from institutional investors, with a net outflow of 49.62 million yuan from retail investors [3] - Suwen Electric Power (300982): Net inflow of 27.11 million yuan from institutional investors, with a net outflow of 38.53 million yuan from retail investors [3] - Pudong Construction (600284): Net inflow of 24.57 million yuan from institutional investors, with a net outflow of 15.88 million yuan from retail investors [3]

Group 1 - The core point of the announcement is that Dongzhu Ecological Environmental Co., Ltd. has disclosed the release of share pledges by its controlling shareholder, Mr. Xi Hui Ming, who holds 151,872,560 shares, accounting for 34.04% of the total share capital [2][3] - After the release of the pledge, Mr. Xi Hui Ming has a total of 68,170,000 shares pledged [2] - Mr. Xi Hui Ming and his concerted parties collectively hold 205,740,052 shares, representing 46.12% of the total share capital, with a total of 80,170,000 shares pledged after the release, which is 38.97% of their total holdings and 17.97% of the company's total share capital [2] Group 2 - The company received notification on September 23, 2025, that the share pledge to Xiamen Wanfuhui Pawn Co., Ltd. has been released [3] - The company will continue to monitor the pledge situation of its controlling shareholder and will comply with relevant regulations for timely information disclosure [4] - The company plans to hold a half-year performance briefing on October 14, 2025, to discuss its operating results and financial status with investors [6][9]

Group 1 - The company Dongzhu Ecological announced the completion of the release of share pledges by its controlling shareholder, Mr. Xi Hui Ming [2] - The number of shares released from pledge amounts to 20,000,000 shares [2]