本所及本所律师依据《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书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 北京浩天律师事务所 关于惠达卫浴股份有限公司 2025 年第二次临时股东会的 法律意见书 致：惠达卫浴股份有限公司 北京浩天律师事务所（以下简称"本所"）为具有从事法律业务资格的律师事 务所。本所接受惠达卫浴股份有限公司（以下简称"公司"）的委托，指派本所律 师根据《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》等有关法律、法规、规范性文件（以下统称"法 律法规"）及《惠达卫浴股份有限公司章程》（以下简称"《公司章程》"）的规 定，就公司 2025 年第二次临时股东会（以下简称"本次股东会"）相关事宜出具 本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的有关本次股东会的相 ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of a subsidy policy for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - Six listed bathroom product companies reported a total revenue of 10.076 billion yuan, a year-on-year decrease of 9.5% - Arrow Home ranked first with a revenue of 2.837 billion yuan, surpassing the second-ranked Jianlin Home by approximately 451 million yuan - Rietter's revenue fell significantly by 19.5% to 920 million yuan compared to the first half of 2024 [1] Cost Control - Operating costs for bathroom product companies generally decreased due to business contraction, with Arrow Home and Jianlin Home's cost reductions outpacing revenue declines - Arrow Home's operating cost was 2.001 billion yuan, leading the sector [1] Expense Efficiency - Jianlin Home was the only company to see an increase in sales, management, and R&D expenses year-on-year - Rietter reduced all three expense categories, while Huida Bathroom had the highest sales expense ratio at 11.8% - Songlin Technology had the highest management expense ratio at approximately 13.5% [1] Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, while the combined net profit/loss of the other five companies was only 165 million yuan - Jianlin Home also experienced the smallest decline in net profit compared to the first half of 2024 [1] Profit Quality - Only Arrow Home reported a net outflow in operating cash flow, while Songlin Technology, Jianlin Home, and Huida Bathroom saw a year-on-year decrease in net operating cash flow - Huida Bathroom had high accounts receivable and inventory turnover days, at 98 days and 160 days respectively, affected by the weak performance of upstream real estate companies [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

Core Points - The 2025 list of the top 100 private enterprises in Hebei Province was released by the Hebei Federation of Industry and Commerce on September 9 [1] - The list includes various sectors, highlighting the diversity and strength of private enterprises in the region [6] Group 1: Top 100 Private Enterprises - The list features companies such as Yuhua Steel Co., Ltd., Tangshan Ganglu Steel Co., Ltd., and Jinko Solar Technology Co., Ltd. [2][3][4] - Notable mentions include Longcheng Automotive Co., Ltd. and Hebei Construction Group [4][6] Group 2: Manufacturing Sector - The top 100 private manufacturing enterprises include companies like Jingye Group Co., Ltd. and Hebei Xinhua United Metallurgical Holding Group [6][7] - The manufacturing sector showcases a strong representation of steel and automotive industries [6][20] Group 3: Service Sector - The top 100 private service enterprises feature Hebei Qianxihe Food Co., Ltd. and Xinlian Logistics Group [13][14] - This indicates a growing service industry alongside traditional manufacturing [13] Group 4: R&D Investment - The top 100 private enterprises in R&D investment include Changcheng Automotive Co., Ltd. and Shijiazhuang Yiling Pharmaceutical Co., Ltd. [20][26] - This highlights the emphasis on innovation and technology development within Hebei's private sector [20] Group 5: Patent Holdings - The top 100 private enterprises for invention patents are led by Changcheng Automotive Co., Ltd. and New Hope Liuhe Co., Ltd. [26][27] - This reflects the commitment to intellectual property and innovation among leading companies in Hebei [26]

2025年第二次临时股东会会议资料 惠达卫浴股份有限公司 2025年第二次临时股东会会议资料 二〇二五年九月 1 / 9 2025年第二次临时股东会会议资料 目录 | 一、2025年第二次临时股东会会议议程 | 3 | | --- | --- | | 二、2025年第二次临时股东会会议须知 | 5 | | 议案一：关于《增加经营范围暨修订<公司章程>》的议案 | 7 | 2 / 9 2025年第二次临时股东会会议资料 惠达卫浴股份有限公司 2025年第二次临时股东会会议议程 会议召集人：公司董事会 （三）会议出席及列席人员 1.2025年9月17日下午收市后，在中国证券登记结算有限责任公司上海分公 司登记在册的公司全体股东或其合法委托的代理人 2.公司董事和高级管理人员 一、会议召开的基本情况 （一）会议类型和届次 2025年第二次临时股东会 （二）会议召开时间、地点 现场会议时间：2025年9月23日下午14:30 现场会议地点：河北省唐山市丰南区黄各庄镇惠达路2号办公楼八楼会议室 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起始时间：通过交易系统投票平台的投票时间为2025年9月23日 9:1 ...

证券代码：603385 证券简称：惠达卫浴 公告编号：2025-037 惠达卫浴股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体接待日 暨 2025 年半年报集体业绩说明会的公告 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。 为进一步加强与投资者的互动交流，惠达卫浴股份有限公司(以下简称"公 司")将参加由河北省上市公司协会与深圳市全景网络有限公司联合举办的"2025 年河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业绩说明会活 动"，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 9 月 15 日(周一)15:00-17:00。 届时公司董事、总经理王佳女士，董事、常务副总经理、董事会秘书张春玉 先生，财务总监刘俊燕女士将在线就公司业绩、公司治理、发展战略、经营状况 和可持续发展等投资者关心的问题，与投资者进行沟通 ...

2025年第二 次 临 时 股 东 会 会 议 资 料 惠达卫浴股份有限公司 2025年第二次临时股东会会议资料 二〇二五年九月 1 / 9 | | | | | | | | 2025年第二 | | --- | --- | --- | --- | --- | --- | --- | --- | | 次 临 东 | 时 | 股 | 会 | 会 | 议 | 资 | 料 | | | | | 目录 | | | | | | 一、2025年第二次临时股东会会议议程 | | | | | | | 3 | | 二、2025年第二次临时股东会会议须知 | | | | | 5 | | | 议案一：关于《增加经营范围暨修订<公司章程>》的议案 .................... 7 2 / 9 2 0 2 5 年 第 二 次 临 时 股 东 会 会 议 资 料 惠达卫浴股份有限公司 2025年第二次临时股东会会议议程 一、会议召开的基本情况 （一）会议类型和届次 2025年第二次临时股东会 （二）会议召开时间、地点 现场会议时间：2025年9月23日下午14:30 现场会议地点：河北省唐山市丰南区黄各庄镇惠达路2号办公楼八楼会议 ...

Core Viewpoint - The long-standing bathroom brand Huida Sanitary (603385.SH) is opting for a "radical" approach to divest its loss-making assets due to continuous losses over its 43-year history [1]. Group 1: Asset Divestiture - Huida Sanitary announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), through a public listing [3]. - The equity will be transferred at a base price of 1 yuan, while the debts will be sold at nearly a 50% discount, raising market attention [3]. - Guangxi Xingaosheng has been consistently losing money, with a net loss of 29.31 million yuan in the first half of 2025 and a negative net asset of 154 million yuan, currently in a state of suspension [3]. Group 2: Financial Details - The assessment report from Walker (Beijing) International Asset Appraisal Co., Ltd. indicated that as of June 30, 2025, the book value of all shareholders' equity for Guangxi Xingaosheng was -154 million yuan, with an assessed value of -63.08 million yuan [3]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with Huida Sanitary's own debt at 138 million yuan, and the debts are listed at a base price of 144 million yuan [3]. Group 3: Strategic Intent - The company aims to adjust and optimize its industrial structure, integrate resources, reduce management costs, and enhance asset operational efficiency and quality through this divestiture [4]. - Huida Sanitary, established in 1997 and listed in 2017, has been facing stock price volatility, with a recent decline of 1.31% to 6.76 yuan on September 5 [4].

Core Viewpoint - The company Huida Sanitary Ware (603385.SH) is divesting its loss-making assets through a drastic "amputation" strategy to mitigate financial losses and operational risks amid a challenging market environment [1][8]. Group 1: Asset Disposal Details - Huida Sanitary Ware plans to publicly transfer 100% equity and related debts of its subsidiary Guangxi Xingaosheng Thin Ceramic Co., Ltd. for a nominal price of 1 yuan, with debts being offered at a 53.6% discount [4][5]. - The equity of Guangxi Xingaosheng has a negative book value of -154 million yuan, with an assessed value of -63.08 million yuan, indicating a 59.08% increase in assessed value despite being negative [4][5]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with the public offering price set at 144 million yuan [4][5]. Group 2: Financial Performance and Market Context - Guangxi Xingaosheng has been experiencing continuous losses, reporting a net loss of 34.89 million yuan in 2024 and 29.31 million yuan in the first half of 2025, leading to a negative net asset situation [5][6]. - The ceramic industry is under pressure due to a downturn in the real estate market, with a reported 12.18% decrease in ceramic tile production in 2024 and a significant drop in production capacity utilization [7]. - Huida Sanitary Ware's revenue for the first half of 2025 was 1.425 billion yuan, a decline of 9.94% year-on-year, with net profit dropping by 70.21% to 17.97 million yuan [7][8]. Group 3: Strategic Implications - The divestiture is aimed at optimizing the company's industrial structure, reducing management costs, and improving asset operational efficiency [6][8]. - The company acknowledges the uncertainty surrounding the transaction, including potential buyers and the final sale price, indicating challenges in finding a willing buyer for the distressed assets [8].

Core Viewpoint - The long-established bathroom brand Huida Sanitary Ware (603385.SH) is opting for a "self-mutilation" strategy by divesting its loss-making assets due to continuous losses over its 43-year history [2][3]. Group 1: Asset Disposal Details - Huida Sanitary Ware announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), which has been consistently losing money [2][3]. - The asset disposal involves selling the equity for 1 yuan and the debts at a 50% discount, raising significant market attention [3][5]. - Guangxi Xingaosheng reported a net loss of 29.31 million yuan for the first half of 2025, with a net asset value of -154 million yuan, and is currently in a state of suspension [3][6]. Group 2: Financial Performance and Market Context - The ceramic industry is under pressure due to a downturn in the real estate market, leading to intensified competition and reduced profit margins [7]. - In 2024, the national ceramic tile production decreased by 12.18%, with a capacity utilization rate of less than 50% [7]. - Huida Sanitary Ware's revenue for the first half of 2025 was 1.425 billion yuan, a year-on-year decline of 9.94%, and net profit dropped by 70.21% to 17.97 million yuan [7][8]. Group 3: Strategic Implications - The company aims to optimize its industrial structure and improve asset operation efficiency through this asset sale [7][8]. - The transaction's success is uncertain, with potential challenges in finding a buyer for the loss-making assets, especially given Guangxi Xingaosheng's debt and operational status [8].