| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2024-067 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 27 日上午 11:00-12:00 （二）会议召开地点：上证路演中心 重要内容提示： 会议召开时间：2024 年 8 月 27 日（星期二）上午 11:00- 12:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 20 日（星期二）至 8 月 26 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zskjzqb@cqzskj.com 进行提问。公司将在说明会上 对投 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The impact of the exit of Youyuan Environment is gradually diminishing, with the efficient energy-saving segment becoming the main growth driver. The company reported a revenue of 751 million yuan in the first half of 2024, a year-on-year decline of 8.67%, and a net profit attributable to shareholders of 76.15 million yuan, down 6.3% year-on-year. Excluding non-recurring gains and losses, the net profit decreased by 22.81% year-on-year [1][2] - The efficient energy-saving segment maintained rapid growth, accounting for more than half of the company's revenue. If excluding the contribution from Youyuan, the total revenue increased by 17.56% year-on-year. The efficient energy-saving segment's revenue grew by 29.64% year-on-year, while the clean air segment's revenue declined by 36.55% [1][2] Financial Performance Summary - The company's overall gross margin for the first half of 2024 was 22.9%, a decrease of 1.22 percentage points year-on-year. The gross margin fluctuated significantly due to changes in revenue structure, particularly the rise in low-margin efficient energy-saving revenue [2] - The company’s operating expenses were well-controlled, with a total expense ratio of 14.31%, an increase of 0.9 percentage points year-on-year. The net profit margin for the first half was 11.11%, an increase of 0.3 percentage points year-on-year [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 100 million, 120 million, and 150 million yuan, respectively, with corresponding P/E ratios of 27X, 23X, and 19X [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 3.47 [1] Core Views - The company's revenue and net profit attributable to the parent company decreased by 8.7% and 6.3% YoY respectively in H1 2024, but the revenue grew by 17.56% YoY after excluding the impact of Youyuan Environment [1] - The company's EPS forecasts for 2024-2026 are maintained at RMB 0.10, RMB 0.13, and RMB 0.17 respectively [1] - The company's PEG ratio for 2024 is set at 0.56x, lower than the industry average of 0.61x, reflecting uncertainties in the company's transformation and short-term business adjustments [1] Financial Performance - In H1 2024, the company's revenue from clean air and high-efficiency energy-saving businesses were RMB 314 million (-41.32% YoY) and RMB 400 million (+49.01% YoY) respectively [2] - The gross margin for H1 2024 was 22.90%, a decrease of 1.22 percentage points YoY, with clean air and high-efficiency energy-saving businesses contributing gross margins of 33.17% and 14.52% respectively [2] - The company's net profit margin in H1 2024 was 10.15%, up 0.26 percentage points YoY, with Q2 net profit margin at 10.7% [3] - The company's operating cash flow improved significantly, with H1 2024 operating cash flow reaching RMB 77 million, a 40.21% increase YoY [3] Dividend Policy - The company plans to distribute an interim dividend of RMB 0.30 per 10 shares, with a dividend payout ratio of 40.25% [4] Historical and Forecasted Financials - The company's revenue is expected to grow from RMB 1,662 million in 2024E to RMB 2,153 million in 2026E, with a CAGR of 14.79% [5] - Net profit attributable to the parent company is forecasted to increase from RMB 98.02 million in 2024E to RMB 170.11 million in 2026E, with a CAGR of 27.46% [5] - The company's ROE is projected to improve from 4.41% in 2024E to 6.95% in 2026E [5] Valuation Metrics - The company's PE ratio is expected to decrease from 28.25x in 2024E to 16.28x in 2026E, while the PB ratio is forecasted to decline from 1.22x in 2024E to 1.11x in 2026E [5] - The EV/EBITDA ratio is projected to decrease from 11.95x in 2024E to 8.36x in 2026E [5]

Summary of Conference Call Company Overview - The conference call involved a discussion about the performance of a company in the construction materials sector, specifically focusing on Recycled Technology [1]. Key Points - The company reported a revenue growth of approximately 17% to 18% for the first half of the year, excluding the impact of the previous year's performance from a competitor [1]. Additional Important Content - The call included insights from the company's Secretary, indicating a positive outlook on the company's financial performance despite external influences [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.30 CNY, reflecting a 1.5x price-to-book (PB) ratio for 2024 [4][6]. Core Views - The company experienced a decline in revenue and net profit in the first half of the year, with revenue of 7.51 million CNY and a net profit of 0.76 million CNY, down 8.67% and 6.3% year-on-year, respectively [1][2]. - Despite the overall decline, the high-efficiency energy-saving segment saw a revenue increase of 29.64%, driven by rising environmental protection demands both domestically and internationally [2]. - The company has made progress on its fundraising projects, with the first phase of the "8000 tons of clean air filter materials" project completed and operational, and other projects nearing completion [2]. Financial Performance - The gross profit margin for the first half of the year was 22.90%, a decrease of 1.22 percentage points year-on-year, while the second quarter saw a gross margin of 24.34%, reflecting a quarter-on-quarter increase of 3.18 percentage points [3]. - The company reported a net profit margin of 12.02% for Q2, which is an increase of 2.00 percentage points from the previous quarter [3]. - Operating cash flow for the first half of the year was 0.77 million CNY, an increase of 0.22 million CNY year-on-year, indicating good cash flow management [3]. Long-term Growth Potential - The demand for "clean air" and "high-efficiency energy-saving" products is expected to remain strong, suggesting promising long-term growth potential for the company [4]. - The company announced a high dividend payout ratio of 80% for 2023, with plans for a mid-year dividend distribution of 0.3 CNY per share, amounting to approximately 30.65 million CNY [4]. - The profit forecasts for 2024-2026 have been adjusted upwards to 1.5 million CNY, 1.8 million CNY, and 2.4 million CNY, respectively, reflecting improved performance expectations [4].

国浩律师（重庆）事务所 关于 重庆再升科技股份有限公司 调整 2022 年股票期权激励计划行权价格 之 法律意见书 中国重庆市江北区江北城西街 25 号平安财富中心 8 楼 400023 电话：（86 23）8679 8588 6775 8383 传真：（86 23）8679 8722 网址/Website: http://www.grandall.com.cn 二零二四年八月 法律意见书 国浩律师（重庆）事务所 关于重庆再升科技股份有限公司 调整 2022 年股票期权激励计划行权价格 之 法律意见书 2024 法意字第 02303766 号 致：重庆再升科技股份有限公司 国浩律师（重庆）事务所（以下简称"本所"）受重庆再升科技股份有限公 司（以下简称"再升科技"或"公司"）的委托，担任公司实施 2022 年股票期 权激励计划（以下简称"本次股票期权激励计划"或"本计划"）的特聘专项法 律顾问。 本所律师根据《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》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）及其他适用法律、法规、规范性文件（以 下 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 | 2024-061 | | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | | 重庆再升科技股份有限公司 第五届董事会第十四次会议决议公告 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。 一、董事会召开情况： 重庆再升科技股份有限公司（以下简称"公司"）第五届董事会第十四次会 议通知于 2024 年 8 月 2 日以邮件或专人送达等方式发出，会议于 2024 年 8 月 13 日以现场方式在公司会议室召开。本次会议应出席董事 8 人，实际出席董事 8 人（其中委托出席 1 人）。独立董事龙勇先生因其他事务未能亲自出席本次会议， 委托独立董事刘斌先生代为表决。会议由董事长郭茂先生召集并主持，公司部分 监事及高级管理人员列席了本次会议，会议召集、召开、表决程序及审议事项符 合《中华人民共和国公司法》《中华人民共和国证券法》《重庆再升科技股份有限 公司章程》等的规定，会议合法有效。 二、董事会会议 ...

第二条 本制度所称资产核销是指公司对其拥有或控制的、原预计可为企业带来 经济利益流入的资产，因坏账、盘亏、灾害、技术淘汰等原因造成了资产事实损 失，对损失事项进行确认并作出相应财税处理。本制度所称资产核销不包含未终 止确认资产原值情况下各项资产减值的计提，不包含因资产处置而减少的资产， 不包含公司日常生产经营过程中发生的资产销售、折让等情形。 重庆再升科技股份有限公司 资产核销管理制度 重庆再升科技股份有限公司 资产核销管理制度 （2024 年 8 月） 1 重庆再升科技股份有限公司 资产核销管理制度 重庆再升科技股份有限公司 资产核销管理制度 第一章 总则 第一条 为加强重庆再升科技股份有限公司（以下简称"公司"）资产核销管理， 确保公司规范化运作，保护公司、股东和债权人的合法权益，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》"）《上海证券交易所股票上市规则》《企业会计准则》等法律法规及《公司 章程》的规定，结合公司实际情况，制订本制度。 第三条 本制度所称资产包括但不限于货币资金、债权类资产、股权类资产、实 物类资产、无形资产等。其中： （一）货 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 | 2024-065 | | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | | 重庆再升科技股份有限公司 关于调整公司 2022 年股票期权激励计划 行权价格的公告 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。 重庆再升科技股份有限公司（以下简称"公司"）于 2024 年 8 月 13 日召开 第五届董事会第十四次会议、第五届监事会第九次会议，审议通过了《关于调整 公司 2022 年股票期权激励计划行权价格的议案》。鉴于公司第五届董事会第十 一次会议、第五届监事会第七次会议、2023 年年度股东大会审议通过了《关于 2023 年度利润分配及 2024 年中期现金分红安排的议案》，其中 2023 年度利润 分配方案为：以实施利润分配方案时股权登记日的总股本为基数，以未分配利润 向全体股东每 10 股派发现金股利人民币 0.30 元（含税），具体内容详见公司于 2024 年 4 月 25 日刊 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2024-062 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 重庆再升科技股份有限公司（以下简称"公司"）第五届监事会第九次会议 通知于 2024 年 8 月 2 日以电话、传真、邮件或专人送达等方式发出，会议于 2024 年 8 月 13 日以现场方式在公司会议室召开。本次会议应出席监事 3 人，实际出 席监事 3 人，会议由公司监事会主席郑开云先生主持，会议召集、召开、表决程 序及审议事项符合《中华人民共和国公司法》《中华人民共和国证券法》《重庆 再升科技股份有限公司章程》的规定，所作决议合法有效。 1、审议通过了《关于确认公司 2024 年半年度报告全文及摘要的议案》 公司监事会在全面了解和认真审阅了公司 2024 年半年度报告后发表意见如 下： （1）公司董 ...