Core Viewpoint - The company is facing significant operational challenges, including regulatory penalties and a sharp decline in profitability, raising concerns about its internal controls and overall business performance [1][5]. Regulatory Penalties - On July 24, the company disclosed that its former supervisor, Dong Bing, received a public reprimand from the Shanghai Stock Exchange for allowing family members to engage in insider trading, resulting in a total of 3.65 million shares traded and a transaction amount of 1.223 million yuan [2]. - The company was previously penalized by the Jiangyin Customs for multiple instances of inaccurate import price declarations, leading to tax underpayment of 17,116.50 yuan due to internal management issues [3][4]. Financial Performance - The company anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 81.78% to 87.85%, with expected net profit ranging from 15 million to 22.5 million yuan [5]. - The company also expects a drop in non-recurring net profit by 25.33% to 41.92%, with projections between 70 million to 90 million yuan, primarily due to increased non-operating losses and underutilization of new production capacity [5][6].

Core Points - The case involves Dong Bing, who was found to have engaged in illegal short-term trading of "Zhenjiang Co." while serving as a supervisor from June 5, 2023, to February 21, 2024 [1][2] - Dong Bing's family members conducted multiple transactions involving "Zhenjiang Co." shares, resulting in a total of 36,500 shares traded and an amount of 1,222,966.00 yuan [1][2] - The Jiangsu Securities Regulatory Bureau has issued a warning and imposed a fine of 100,000 yuan on Dong Bing for violating the Securities Law [2] Summary by Sections Violation Details - Dong Bing's mother and spouse executed trades on his behalf, leading to violations of the Securities Law [1][2] - The total number of shares bought and sold during the investigation period was 44,200 and 36,500 respectively [1][2] Regulatory Actions - The Jiangsu Securities Regulatory Bureau concluded the investigation and determined that Dong Bing's actions constituted short-term trading violations [2] - Dong Bing has 15 days to pay the fine and can appeal the decision within 60 days or file a lawsuit within 6 months [2][3]

Core Points - The company has completed the registration of its fourth restricted stock incentive plan, granting 2.529 million shares to 93 eligible participants [1][2] - The stock grant date was set for June 16, 2025, and the registration date for the restricted stocks is July 18, 2025 [1][5] - The total funds raised from this stock grant amount to 29,513,430.00 yuan, which will be used to supplement the company's working capital [6][7] Group 1: Stock Grant Details - The total number of restricted stocks granted is 2.529 million shares, with 93 individuals receiving the grants [1][2] - Nine participants voluntarily forfeited their shares, leading to a reduction in the number of recipients from 102 to 93 [2] - The distribution of shares among key personnel includes 7.90 million shares for the general manager and 5.00 million shares for several directors and vice presidents [2] Group 2: Lock-up and Release Conditions - The lock-up periods for the granted stocks are set at 12, 24, and 36 months, with specific percentages of shares becoming eligible for release at each interval [3][4] - After the lock-up period, shares that do not meet the release conditions will be repurchased and canceled by the company [4] Group 3: Financial Impact - The total cost of the granted restricted stocks is estimated at 33.3322 million yuan, which will be amortized over the years 2025 to 2028 [6][7] - The stock grant is expected to have an impact on the company's net profit during the effective period, but it will not affect cash flow [7]

证券代码：603507 证券简称：振江股份 公告编号：2025-054 江苏振江新能源装备股份有限公司 第四期限制性股票激励计划授予结果公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 重要内容提示： 根据《上市公司股权激励管理办法》以及上海证券交易所和中国证券登记结 算有限责任公司上海分公司的相关规定，江苏振江新能源装备股份有限公司（以 下简称"公司"）已于近日在中国证券登记结算有限责任公司上海分公司办理完成 了公司第四期限制性股票激励计划（以下简称"激励计划"）授予限制性股票的登 记工作，现将具体情况公告如下： 一、 限制性股票授予情况 （一）本次限制性股票的授予情况 2025 年 6 月 16 日，公司召开第四届董事会第十次会议和第四届监事会第九 次会议，审议通过《关于调整公司第四期限制性股票激励计划激励对象名单、授 予数量和授予价格的议案》和《关于向公司第四期限制性股票激励计划激励对象 授予限制性股票的议案》，确定以 2025 年 6 月 16 日作为激励计划的授予日，向 符合条件 93 名激励对象授予 252. ...

Group 1 - The core point of the announcement is the completion of the fourth phase of the restricted stock incentive plan, which involves granting 2,529,000 shares to 93 eligible participants at a price of 11.67 yuan per share [2][3] - The total amount received from the participants for the subscription of the restricted stock is 29,513,430 yuan, confirming the successful payment completion [3] - The company's share capital structure has changed, with the number of unrestricted circulating shares decreasing from 184,301,307 to 181,772,307, while the number of restricted shares has increased to 2,529,000 [4] Group 2 - The granting date for the incentive plan is set for June 16, 2025, following the approval from the board and supervisory committee [2] - The legal opinion regarding the adjustments and grant of the incentive plan was provided by Shanghai Hansheng Law Firm [2] - The company is required to complete the registration work for the granted shares with the China Securities Depository and Clearing Corporation Limited Shanghai Branch and fulfill its information disclosure obligations [4]

证券代码：603507 证券简称：振江股份 公告编号：2025-053 江苏振江新能源装备股份有限公司 江苏振江新能源装备股份有限公司(以下简称"公司") 第四期限制性股票激 励计划(以下简称"激励计划")规定的授予限制性股票的授予条件已经成就，根 据公司 2024 年年度股东大会的授权，公司于 2025 年 6 月 16 日召开第四届董事 会第十次会议和第四届监事会第九次会议，审议通过《关于调整公司第四期限制 性股票激励计划激励对象名单、授予数量和授予价格的议案》和《关于向公司第 四期限制性股票激励计划激励对象授予限制性股票的议案》，确定以 2025 年 6 月 16 日作为激励计划的授予日，向符合条件的 93 名激励对象授予 252.90 万股 限制性股票，授予价格为 11.67 元/股。公司监事会对本次授予限制性股票的激励 对象名单进行了核实。上海汉盛律师事务所出具了《上海汉盛律师事务所关于江 苏振江新能源装备股份有限公司第四期限制性股票激励计划调整及授予相关事 项的法律意见书》。 后续，公司尚需在中国证券登记结算有限责任公司上海分公司办理本次激励 计划授予的登记工作，并及时履行信息披露义务。 特此公告 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of 15 million to 22.5 million yuan for the first half of 2025, representing a decrease of 100.96 million to 108.46 million yuan compared to the same period last year, a year-on-year decline of 81.78% to 87.85% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 70 million and 90 million yuan, a decrease of 30.52 million to 50.52 million yuan compared to the same period last year, reflecting a year-on-year decline of 25.33% to 41.92% [1] - The previous year's net profit attributable to shareholders was 123.46 million yuan, with a total profit of 148.43 million yuan [2] Group 2 - The decline in performance is primarily attributed to two factors: significant increases in non-recurring losses such as foreign exchange losses, and the new expansion projects, such as the Nantong Phase I project, being in the capacity ramp-up stage, which has not allowed for effective release of capacity, leading to high fixed overhead costs [2]

[Jiangsu Zhenjiang New Energy Equipment Co., Ltd. 2025 Interim Results Forecast](index=1&type=section&id=%E6%B1%9F%E8%8B%8F%E6%8C%AF%E6%B1%9F%E6%96%B0%E8%83%BD%E6%BA%90%E8%A3%85%E5%A4%87%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Performance Forecast Summary](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) The company forecasts a significant YoY decline in net profit attributable to shareholders and net profit excluding non-recurring items Key Metrics for 2025 Interim Performance Forecast | Metric | Forecasted Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 1,500 to 2,250 | ↓ 81.78% to 87.85% | | Net Profit Excluding Non-recurring Items | 7,000 to 9,000 | ↓ 25.33% to 41.92% | - This forecast applies as the company remains profitable, but **net profit is expected to decrease by more than 50%** compared to the same period last year[3](index=3&type=chunk) [Details of the Current Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The report details the financial forecast for H1 2025, projecting a significant YoY decline in both net profit metrics 2025 Interim Performance Forecast (vs. Prior Year Period) | Metric | Forecasted Amount (RMB 10,000) | Decrease from Prior Year Period (RMB 10,000) | YoY Decline | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 1,500 to 2,250 | 10,096.28 to 10,846.28 | 81.78% to 87.85% | | Net Profit Excluding Non-recurring Items | 7,000 to 9,000 | 3,052.80 to 5,052.80 | 25.33% to 41.92% | - This performance forecast has not been audited by an accounting firm[5](index=5&type=chunk) [Prior Year Period Performance Review](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The report provides key financial data from the prior year period for comparison, including net profit and earnings per share Prior Year Period Financial Data | Metric | Amount | | :--- | :--- | | Total Profit (RMB 10,000) | 14,842.91 | | Net Profit Attributable to Shareholders (RMB 10,000) | 12,346.28 | | Net Profit Excluding Non-recurring Items (RMB 10,000) | 12,052.80 | | Earnings Per Share (RMB/share) | 0.67 | [Analysis of Performance Decline](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The performance decline is attributed to increased non-recurring losses and high fixed costs from new projects in ramp-up phase - A significant YoY increase in **non-recurring losses, such as those from foreign exchange hedging**, directly impacted current period profits[7](index=7&type=chunk) - Newly commissioned projects like **Nantong Phase I are still in the capacity ramp-up stage**, leading to underutilized capacity and high fixed amortization costs, which compressed profits[7](index=7&type=chunk) [Risk Disclosure](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states the forecast is a preliminary, unaudited estimate but believes no major uncertainties affect its accuracy - This performance forecast is a preliminary estimate based on the company's operational status and **has not been audited** by an accounting firm[8](index=8&type=chunk) - The company confirms there are **no material uncertainties** known to affect the accuracy of this performance forecast[8](index=8&type=chunk) [Other Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Investors are advised that these are preliminary figures and should refer to the official 2025 interim report for final data - The forecast data is preliminary; **final accurate financial data will be disclosed in the official 2025 interim report**[9](index=9&type=chunk)

振江股份（603507）公告，预计2025年半年度实现归属于上市公司股东的净利润为1500万元到2250万 元，与上年同期相比，将减少1.01亿元到1.08亿元，同比减少81.78%到87.85%。预计归属于上市公司股 东的扣除非经常性损益的净利润为7000万元到9000万元，与上年同期相比，将减少3052.8万元到5052.8 万元，同比减少25.33%到41.92%。 ...

Core Viewpoint - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. announced the release of part of the pledged shares held by its controlling shareholder, Hu Zhen, indicating a positive development in the company's shareholding structure and potential reduction in financial risk [1]. Summary by Sections Share Pledge Release Situation - As of the announcement date, Hu Zhen holds 41.206155 million shares, accounting for 22.36% of the company's total share capital. After the release of the pledge, Hu Zhen has a total of 26.03 million pledged shares, which is 63.17% of his holdings and 14.12% of the company's total share capital [1]. - The specific details of the released shares include 2.57 million shares, which is 6.24% of Hu Zhen's holdings and 1.39% of the company's total share capital, released on July 8, 2025 [1]. Pledged Shares Situation of Controlling Shareholders - The total pledged shares by Hu Zhen, along with his associates, amount to 32.8204 million shares, representing 63.65% of their total holdings and 17.81% of the company's total shares [1]. - The total shareholding of Hu Zhen and his associates is 51.560262 million shares, which is 27.98% of the company, with a total of 35.3904 million shares pledged before the release [1]. Other Explanations - The company stated that the pledge risks are within a controllable range and will not adversely affect the company's operations or governance. There are currently no risks of forced liquidation, and if such risks arise, the controlling shareholders will take measures such as additional pledges or early repayments [2].