Group 1 - The company, Beijing Hanjian Heshan Pipeline Co., Ltd., forecasts a net profit attributable to shareholders of the parent company for the first half of 2025 to be between 5.5 million and 8 million yuan, indicating a turnaround from a loss in the same period last year [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 5 million and 7.5 million yuan [1] - The previous year's net profit attributable to shareholders was a loss of 34.0859 million yuan, with a total profit of -38.2027 million yuan [2] Group 2 - The primary reason for the expected profit turnaround is attributed to stable delivery of signed sales contracts for prestressed concrete pipes (PCCP), leading to a significant increase in revenue compared to the previous year [2] - Non-operating gains and losses are not expected to have a significant impact on the current period's performance [2] - Accounting treatment is not anticipated to have a major effect on the current period's performance [2]

[Performance Forecast Summary](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 company anticipates a return to profitability in H1 2025, with net profit attributable to shareholders projected between RMB 5.5 million and RMB 8 million H1 2025 Performance Forecast | Indicator | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | RMB 5.5 million - RMB 8 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | RMB 5 million - RMB 7.5 million | - This performance forecast is unaudited by a certified public accountant[3](index=3&type=chunk) [Comparison with Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) Compared to the prior year, the company achieved a significant turnaround from a net loss of RMB 34.0859 million in H1 2024 to profitability H1 2025 Performance Forecast vs. H1 2024 Actual Performance | Indicator | H1 2025 (Estimated) | H1 2024 (Actual) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent (RMB million) | 5.5 ~ 8 | -34.0859 | Turnaround to Profit | | Non-recurring Net Profit Attributable to Parent (RMB million) | 5 ~ 7.5 | -36.0891 | Turnaround to Profit | | Earnings Per Share (RMB) | Not Applicable | -0.0871 | Turnaround to Profit | [Analysis of Performance Change](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%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The primary driver for the turnaround to profitability is the core business, with significant revenue growth and improved gross margin from stable fulfillment of PCCP sales contracts - The primary reason for performance improvement is the core business, driven by the normal fulfillment of **Prestressed Concrete Cylinder Pipe (PCCP)** sales contracts and stable order delivery, leading to a significant year-on-year increase in operating revenue and improved gross margin[5](index=5&type=chunk) - Non-recurring gains and losses and accounting treatments have no significant impact on this performance forecast[5](index=5&type=chunk) [Risk Warning and Other Matters](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 emphasizes that this preliminary performance forecast, based on internal financial assessment, is unaudited, and investors should refer to the official H1 2025 report for final financial data and be aware of investment risks - This performance forecast is a preliminary calculation by the company's finance department and is **unaudited** by a certified public accountant, thus subject to uncertainty[6](index=6&type=chunk) - The final accurate financial data will be based on the company's officially disclosed H1 2025 report, and investors are advised to **exercise caution regarding investment risks**[7](index=7&type=chunk)

Core Viewpoint - The recent release of the "Opinions on Comprehensive Promotion of River Protection and Governance" by the Central Committee of the Communist Party of China and the State Council has led to a surge in water conservancy construction stocks, indicating a positive outlook for the industry through 2035 [1][2]. Group 1: Policy Implications - The main goals outlined in the "Opinions" include the establishment of a modern flood prevention and disaster reduction system by 2035, improved water resource utilization, enhanced urban and rural water supply security, and better ecological quality of rivers [1]. - The policy emphasizes the need for a comprehensive flood control engineering system, including reservoirs, river channels, and flood retention areas, to enhance flood prevention capabilities [2]. Group 2: Industry Impact - Several water conservancy construction stocks, such as Hanjiang He Shan and Chengbang Co., have seen significant price increases, with some reaching their daily limit [1]. - Companies like Hanjiang He Shan are involved in key water conservancy projects, with projected sales revenue of 510 million yuan from various pipeline procurement projects in 2024 [2].

Market Overview - A-shares showed mixed performance on June 27, with the Shanghai Composite Index down 0.21%, while the Shenzhen Component Index rose 0.85% and the ChiNext Index increased by 1.16% [1] Influential News - Tianfeng International Securities, a subsidiary of Tianfeng Securities, has upgraded its trading license to provide virtual asset trading services, which may reshape the non-bank financial industry [2][4] - The expectation for a Federal Reserve interest rate cut has increased, driven by pressure from President Trump on Chairman Powell [3] - Copper prices have been rising, with Goldman Sachs predicting a peak of approximately $10,050 per ton in August due to tightening supply outside the U.S. [3][5] Hot Sectors 1. **Brokerage Sector** - The brokerage stocks were active, with Tianfeng Securities hitting the daily limit, and other financial and stablecoin concept stocks also rising [4] - The regulatory approval for virtual assets is expected to activate the entire non-bank financial industry chain [4] 2. **Non-ferrous Metals** - Non-ferrous metal stocks surged, with several stocks including Northern Copper and Huayang New Materials hitting the daily limit [5] - The rise in copper prices is attributed to a significant squeeze in the London Metal Exchange (LME) due to reduced inventories and resilient economic activity in China [5] 3. **Xiaomi Automotive Sector** - The Xiaomi automotive sector gained momentum, with stocks like Kaizhong Co. hitting the daily limit following the launch of Xiaomi's first SUV, the Xiaomi YU7, which received nearly 290,000 pre-orders in one hour [6] - The strong order performance indicates market acceptance of high-quality products [6] 4. **Water Conservancy Sector** - The water conservancy construction sector saw gains, with stocks like Hanjian Heishan and Chengbang Co. hitting the daily limit [7][8] - Government initiatives to enhance water safety and infrastructure investment are expected to support growth in this sector [8] Institutional Insights 1. **Shenwan Hongyuan** - The firm anticipates a short-term need for market consolidation but does not expect significant declines, focusing on technology and defensive assets [9] 2. **Orient Securities** - The firm emphasizes the importance of maintaining market stability and expects July's earnings reports to significantly influence stock performance [10] 3. **Everbright Securities** - The firm notes that after consecutive market gains, a lack of new catalysts may lead to a period of index fluctuations and sector rotation [11]

Core Viewpoint - The audit report for Beijing Hanjian Heshan Pipe Industry Co., Ltd. for the fiscal year 2024 includes an unqualified opinion with an emphasis of matter paragraph, highlighting significant financial losses and a legal dispute affecting revenue recognition [1][2][3]. Group 1: Audit Opinion - The audit report issued on April 29, 2025, presents an unqualified opinion with an emphasis of matter for the financial statements of Hanjian Heshan Company for the year ending December 31, 2024 [1]. - The overall materiality level for the consolidated financial statements was calculated at CNY 3,933,432.22, based on a revenue benchmark of CNY 786,686,444.44 and a 0.5% threshold [2]. Group 2: Emphasis of Matter - The emphasis of matter relates to a legal dispute involving a subsidiary, Qinhuangdao Qingqing Environmental Protection Equipment Co., Ltd., which lost a court case regarding an environmental project in Guangxi, leading to adjustments in revenue and related accounts [3][4]. - The adjustments will affect accounts receivable, inventory, deferred tax assets, and contract liabilities, but do not alter the audit opinion [3][4]. Group 3: Regulatory Compliance - The report complies with the Chinese Certified Public Accountant Auditing Standards and relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [2]. - The emphasis of matter is deemed crucial for users' understanding of the financial statements, even though it has been disclosed in the financial notes [4].

关于对北京韩建河山管业股份有限公司 2024 年度财务报表 出具带强调事项段的无保留审计意见的 专项说明 索引 页码 专项说明 1-2 一、 发表带有强调事项段的无保留意见的理由和依据 1、合并财务报表整体重要性水平 我们在对韩建河山公司财务报表审计中，依据《中国注册会计师审计准则第 1221 号--计划和执行审计工作时的重要性》及其应用指南，因韩建河山公司 2024 年度经营 亏损，以 2024 年度营业收入 786,686,444.44 元作为基准，按 0.5%的比例计算的合并财 务报表整体重要性水平金额为 3,933,432.22 元。本期重要性水平计算方法与上期一致。 2、发表带有强调事项段的无保留意见的理由和依据 我们提醒财务报表使用者关注，如财务报表附注"十五、其他重要事项"所述，因 韩建河山公司的子公司秦皇岛市清青环保设备有限公司承揽广西贵港环保工程项目发 生纠纷，判决败诉。依据法院判决书相关内容及公司实际情况，公司将在 2019 年确认 的该工程项目的营业收入和营业成本进行冲销，并相应的调整年初财务报表的应收账款、 存货、递延所得税资产、合同负债等报表科目。本段内容不影响已发表的审计意见。 二 ...

证券代码：603616 证券简称：韩建河山 公告编号：2025-027 北京韩建河山管业股份有限公司 关于子公司涉及诉讼进展公告 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法律责任。 北京韩建河山管业股份有限公司（以下简称"公司"或"韩建河山"）分别于 2024年2月6日、8月22日、12月7日、2025年4月30日披露了《关于公司及子公司累计 涉及诉讼事项的公告》《关于公司及子公司累计涉及诉讼进展公告》《关于公司及 子公司累计涉及诉讼进展公告》《关于子公司涉及诉讼进展公告》（公告编号： 2024-009、2024-036、2024-046、2025-023）。公司子公司秦皇岛市清青环保设备 有限公司（以下简称"清青环保"）与广西贵港钢铁集团有限公司（以下简称"广 西贵港"）就清青环保承揽广西贵港环保工程项目发生纠纷，清青环保作为原告向 广西贵港提起诉讼，同时广西贵港亦向清青环保提起诉讼。现就诉讼进展情况披露 如下： 一、清青环保与广西贵港诉讼案件基本情况 2019年5月31日，清青环保与广西贵港签订了《广西贵港钢铁集团有限公司 2 ...

Group 1 - The stock of Han Jian He Shan (603616) reached the daily limit, with a turnover rate of 5.41% and a transaction amount of 88.1364 million yuan, showing a fluctuation of 10.12% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.19%, with a total net purchase of 18.4419 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 45.2460 million yuan, with a buying amount of 31.8440 million yuan and a selling amount of 13.4021 million yuan, resulting in a net purchase of 18.4419 million yuan [2] Group 2 - The main inflow of funds for the stock was 30.4175 million yuan, with a large single net inflow of 34.0799 million yuan and a large single outflow of 3.6624 million yuan [2] - Over the past five days, the net inflow of main funds was 29.8815 million yuan [2] - The company's Q1 report showed a revenue of 117 million yuan, a year-on-year increase of 191.96%, and a net profit of 3.8556 million yuan, a year-on-year increase of 133.16% [2]

Group 1 - The core point of the article highlights the significant stock price movements in the water conservancy sector, with companies such as Deep Water Planning Institute and Hanjian River Mountain both reaching their daily limit up [1] - Other companies in the sector, including Tibet Tianlu, Qinglong Pipeline, Aibulu, Zhongshe Consulting, and Sanhe Pile, experienced stock price increases exceeding 5% [1] - Additional companies like Deep Water Haina and Suzhou Planning also saw upward trends in their stock prices, indicating a broader positive movement within the industry [1]

Group 1 - The underground pipeline sector experienced a short-term surge, with companies such as Hanjian Heshan (603616) and Deepwater Planning Institute (301038) hitting the daily limit up [1] - Other companies in the sector, including Sanhe Pile (003037), Qinglong Pipeline (002457), New City (300778), Guanlong Energy Saving (301151), and Shunyu Co., Ltd. (301519), also saw significant increases in their stock prices [1] - There is a disclosure of dark pool fund flows, indicating signals for early detection of institutional accumulation [1]