关于浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十月 浙江天台祥和实业股份有限公司 发行保荐书 关于浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券之发行保荐书 中国证券监督管理委员会、上海证券交易所： 浙江天台祥和实业股份有限公司（以下简称"祥和实业"、"发行人"或"公司"） 拟申请向不特定对象发行可转换公司债券募集资金总额不超过人民币 40,000.00 万元 （含本数）（以下简称"本次证券发行"、"本次发行"或"向不特定对象发行可转换公 司债券"），并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本次证 券发行的保荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、 《发行证券的公司信息披露内容与格式准则第 27 号——发行 ...

目 录 | | | | 二、财务报表 ……………………………………………………………………… 第 7—14 页 | | --- | | (一) 合并资产负债表 ………………………………………………………… 第 7 页 | | (二) 母公司资产负债表………………………………………………………………………………………………………… 第 8 页 | | (三)合并利润表 … | | (四) 母公司利润表 | | (五) 合并现金流量表 | | (六) 母公司现金流量表 | | (七) 合并所有者权益变动表 …………………………………………………………………………………………………第 13 页 | | (八) 母公司所有者权益变动表 ……… ………第14页 | | 三、财务报表附注 …………………………………………………………………………… 第 15-91 页 | | --- | 6-1- 此码用于证明该市计报告是否由具有执业许可的会计师 注册入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 您可使用手机"扫一扫"或进入 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 ...

关于浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券之 上市保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十月 浙江天台祥和实业股份有限公司 上市保荐书 上海证券交易所： 中国国际金融股份有限公司（以下简称"保荐机构"、"本机构"或"中金公司"） 接受浙江天台祥和实业股份有限公司（以下简称"祥和实业"、"发行人"或"公司"） 的委托，就发行人向不特定对象发行可转换公司债券并在主板上市事项（以下简称"本 次发行"）出具本上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》 （以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"），以及《上海证券交易所股票上市规则》（以下简称"《上市规则》"）、《上海 证券交易所发行上市审核规则适用指引第 2 号——上市保荐书内容与格式》（以下简称 "《指引第 2 号》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）、 上海证券交易 ...

国浩律师（杭州）事务所 关 于 浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 | 第一部分 言 5 | 引 | | --- | --- | | 一、律师事务所及签字律师介绍 5 | | | 二、出具法律意见所涉及的主要工作过程 7 | | | 三、律师应当声明的事项 8 | | | 文 第二部分 10 | 正 | | 一、发行人本次发行的批准和授权 10 | | | 二、发行人本次发行的主体资格 23 | | ...

Financial Performance - The company's operating revenue for the third quarter reached ¥209,753,033.22, representing a year-on-year increase of 48.80%[4] - Net profit attributable to shareholders was ¥45,342,724.14, a significant increase of 663.49% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the quarter was ¥45,341,708.55, up 605.54% year-on-year[4] - Basic earnings per share for the quarter were ¥0.14, reflecting a 600.00% increase year-on-year[4] - Net profit for the first three quarters of 2025 was ¥112,096,596.25, a significant increase of 200.5% compared to ¥37,315,288.34 in 2024[19] - Earnings per share for the first three quarters of 2025 were ¥0.33, compared to ¥0.13 in the same period of 2024, marking a 153.85% increase[20] - The total comprehensive income for the first three quarters of 2025 was ¥112,097,184.38, compared to ¥37,320,573.85 in 2024, showing a growth of 200.5%[20] Cash Flow - Cash flow from operating activities for the quarter was ¥9,149,862.21, an increase of 121.69% compared to the same period last year[4] - Cash inflow from operating activities for the first three quarters of 2025 was ¥580,326,213.89, compared to ¥451,384,025.75 in 2024, indicating a growth of 28.6%[21] - The net cash flow from operating activities was ¥45,919,583.15, a turnaround from a negative cash flow of ¥15,918,384.57 in the previous year[22] - Operating cash inflows for the first three quarters of 2025 reached CNY 250,340,254.98, a significant increase from CNY 166,997,726.94 in the same period of 2024, representing a growth of approximately 49.7%[30] - The net cash flow from operating activities was CNY 41,713,739.07, recovering from a negative CNY 14,320,844.01 in the previous year[30] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥1,522,640,848.79, a 2.21% increase from the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥920,856,965.77, a slight decrease from ¥938,067,360.46 at the end of 2024[14] - Total assets as of September 30, 2025, are ¥1,522,640,848.79, compared to ¥1,489,650,446.67 at the end of 2024, reflecting an increase of about 2.2%[15] - Total liabilities amounted to ¥462,080,749.25, slightly up from ¥461,011,434.87 in the previous year[16] - The total liabilities increased to ¥259,258,153.53 from ¥247,750,518.19 in the previous year, reflecting a rise of 4.1%[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,406[11] - The largest shareholder, Tang Youqian, holds 89,919,652 shares, representing 27.02% of total shares[11] - The equity attributable to shareholders was ¥1,014,395,522.47, up 3.00% from the end of the previous year[5] - Total equity attributable to shareholders reached ¥1,014,395,522.47, an increase from ¥984,884,463.06 in 2024[16] - The company’s total equity increased to ¥984,702,894.51 from ¥958,487,172.58, indicating a growth of 2.7%[26] Operational Highlights - The increase in revenue was primarily driven by higher sales volumes of high-margin products and effective cost reduction measures[8] - The company reported a significant increase in cash receipts from sales, contributing to improved cash flow from operating activities[8] - Research and development expenses for the first three quarters of 2025 were ¥25,143,571.89, down from ¥33,887,091.73 in 2024, reflecting a decrease of 26.0%[19] - The company reported a financial expense of ¥1,244,163.57, compared to a financial income of ¥5,174,253.61 in the previous year[19] Inventory and Receivables - Accounts receivable increased to ¥448,368,161.83 from ¥375,169,330.80, indicating a growth of approximately 19.4%[14] - The company reported a significant increase in accounts receivable, which rose to ¥314,335,549.46 from ¥219,020,622.46 year-over-year[24] - The company reported a significant increase in inventory, with current inventory at ¥126,840,666.25 compared to ¥129,403,830.19 previously[14] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[32] - The board of directors announced the financial results on October 31, 2025, indicating a commitment to transparency and timely reporting[33]

Core Insights - The company reported a third-quarter revenue of 210 million yuan, representing a year-on-year increase of 48.80% [1] - The net profit for the third quarter was 45.34 million yuan, showing a significant year-on-year growth of 663.49% [1] - For the first three quarters, the total revenue reached 591 million yuan, which is an 18.46% increase compared to the same period last year [1] - The net profit for the first three quarters was 110 million yuan, reflecting a substantial year-on-year increase of 183.59% [1]

Core Insights - The rail transit equipment sector experienced a 1.17% increase on October 27, with Bid Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Bid Technology (605298) saw a closing price of 44.15, with a significant increase of 9.99% and a trading volume of 25,900 lots, amounting to 112 million yuan [1] - Xianghe Industrial (603500) closed at 13.46, up 8.11%, with a trading volume of 231,500 lots, totaling 302 million yuan [1] - Other notable performers included Times Electric (688187) with a 2.69% increase, China Communication Technology (688009) with a 2.04% increase, and several others showing modest gains [1] Capital Flow Analysis - The rail transit equipment sector experienced a net outflow of 25.98 million yuan from institutional investors, while retail investors saw a net inflow of 27.57 million yuan [2] - The detailed capital flow indicated that Bid Technology had a net inflow of 38.70 million yuan from institutional investors, while retail investors had a net outflow of 26.93 million yuan [3] - Xianghe Industrial also showed a net inflow of 15.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 27.99 million yuan [3]

Core Insights - The rail transit equipment sector experienced a slight increase of 0.05% on October 24, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Jiuzhou Yitui (688485) closed at 16.96, up 8.72% with a trading volume of 78,500 shares and a transaction value of 128 million yuan [1] - Xianghe Industrial (603500) closed at 12.45, up 4.18% with a trading volume of 151,700 shares and a transaction value of 187 million yuan [1] - Gongda Gaoke (688367) closed at 21.93, up 3.59% with a trading volume of 20,100 shares and a transaction value of 43.49 million yuan [1] - Bidetech (605298) closed at 40.14, up 3.19% with a trading volume of 32,300 shares and a transaction value of 128 million yuan [1] - Yonggui Electric (300351) closed at 17.65, up 3.16% with a trading volume of 161,700 shares and a transaction value of 282 million yuan [1] - Other notable performers include Jiaokong Technology (688015) and Times New Materials (600458), with increases of 2.05% and 1.85% respectively [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 48.06 million yuan from institutional investors, while retail investors experienced a net outflow of 57.13 million yuan [2] - Major stocks with significant net inflows include Yonggui Electric (300351) with 31.83 million yuan and Xianghe Industrial (603500) with 19.05 million yuan [3] - Conversely, stocks like China Iron & Steel (000927) and China Railway Industry (600528) faced net outflows of 2.13% and 1.27% respectively [2][3]

Core Points - The company, Zhejiang Tiantai Xianghe Industrial Co., Ltd., has recently received several patent certificates from the National Intellectual Property Administration of the People's Republic of China [1] - The patents include invention patents with a validity period of 20 years and utility model patents with a validity period of 10 years [1] - The acquisition of these patents is not expected to have a significant impact on the company's short-term operations but will enhance its intellectual property protection system and promote technological innovation, thereby improving its core competitiveness [1]

Core Viewpoint - The company, Xianghe Industrial, announced that it and its subsidiary, Zhejiang Tiantai Xianghe Intelligent Equipment Co., Ltd., have recently received several patent certificates from the National Intellectual Property Administration of the People's Republic of China [2] Group 1 - The announcement highlights the company's focus on innovation and intellectual property development [2] - The patents received may enhance the company's competitive edge in the intelligent equipment sector [2] - This development could potentially lead to new business opportunities and revenue streams for the company [2]