北京市天元律师事务所 关于无锡德林海环保科技股份有限公司 2025 年限制性股票激励计划首次授予相关事项的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 1 北京市天元律师事务所 关于无锡德林海环保科技股份有限公司 2025 年限制性股票激励计划首次授予相关事项的 法律意见 京天股字（2025）第 480-1 号 致：无锡德林海环保科技股份有限公司 2、公司已保证其向本所提供的与本法律意见相关的信息、文件或资料均为真 实、准确、完整、有效，不存在虚假记载、误导性陈述或重大遗漏；文件资料为副 本、复印件的，内容均与正本或原件相符；所有文件的签署人均具有完全民事行为 能力，并且其签署行为已获得恰当、有效的授权；所有文件或资料上的签字和印章 均为真实。 3、本所律师在出具本法律意见时，对与法律相关的业务事项已履行法律专业 人士特别的注意义务，对其他业务事项已履行普通人一般的注意义务。 4、本所同意将本法律意见作为公司本次股权激励计划所必备法律文件，随其 他材料一同上报或公告，并依法承担相应的法律责任。本法律意见仅供公司为本次 股权激励计划首次授 ...

关于 无锡德林海环保科技股份有限公司 2025 年限制性股票激励计划 首次授予相关事项 之 申港证券股份有限公司 独立财务顾问报告 独立财务顾问 2025 年 8 月 | 释义 3 声明 4 | | --- | | 第一章 独立财务顾问意见 5 | | 一、本激励计划的审批程序 5 | | 二、本次实施的股权激励计划与股东大会审议通过的股权激励计划差异情况 6 | | 三、本次限制性股票首次授予条件成就情况说明 6 | | 四、本激励计划的首次授予情况 7 | | 五、实施本激励计划对相关年度财务状况和经营成果影响的说明 10 | | 第二章 备查文件及咨询方式 11 | | 一、备查文件 11 | | 二、咨询方式 11 | 释义 以下词语如无特殊说明，在本文中具有如下含义： | 德林海、公司、上市公司 | 指 | 无锡德林海环保科技股份有限公司 | | --- | --- | --- | | 本独立财务顾问 | 指 | 申港证券股份有限公司 | | 本激励计划、本计划 | 指 | 无锡德林海环保科技股份有限公司 2025 年限制性股 | | | | 票激励计划 | | 限制性股票、第二类限制性股票 | 指 ...

证券代码：688069 证券简称：德林海 公告编号：2025-042 本项议案已经公司董事会薪酬与考核委员会审议通过，并同意提交董事会审 议。 关联董事胡明明、马建华、孙阳、许金键回避表决。 无锡德林海环保科技股份有限公司 第四届董事会第三次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 无锡德林海环保科技股份有限公司（以下简称"公司"）第四届董事会第三 次会议于 2025 年 8 月 28 日以现场结合通讯方式召开，会议通知于 2025 年 8 月 25 日以邮件方式发送。会议由公司董事长胡明明召集和主持，应参会董事 7 名， 实际参会董事 7 名。会议的召集、召开和表决情况符合《中华人民共和国公司法》 等有关法律、法规及《无锡德林海环保科技股份有限公司章程》的规定，形成的 决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下议案： （一）审议并通过《关于向激励对象首次授予限制性股票的议案》 公司 2025 年限制性股票激励计划设定的首次授予条件符合《上市公司 ...

证券代码：688069 证券简称：德林海 公告编号：2025-041 无锡德林海环保科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 无锡德林海环保科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 召开了第四届董事会第三次会议，审议通过了《关于使用暂时闲置募集资金进行 现金管理的议案》，同意公司在保证不影响募集资金投资项目实施、募集资金安 全的前提下，使用最高不超过人民币 35,000.00 万元的暂时闲置募集资金进行现 金管理，用于购买安全性高、流动性好的、有保本约定的投资产品（包括但不限 于保本型理财产品、结构性存款、通知存款、定期存款、大额存单等），使用期 限自公司董事会审议通过之日起 12 个月内有效，在前述额度及期限范围内，公 司可以循环滚动使用资金。公司董事会授权董事长在上述额度及决议有效期内行 使投资决策权、签署相关文件等事宜，具体事项由公司财务中心负责组织实施。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证 ...

Core Viewpoint - Delinhai's stock price experienced a significant decline of 5.62% on August 27, closing at 22.32 yuan, following a warning from the Jiangsu Securities Regulatory Bureau regarding financial reporting issues [1][1][1] Company Overview - Delinhai operates in the environmental protection industry, located in Jiangsu, and is categorized as a micro-cap stock with a focus on specialized and innovative sectors, including carbon trading [1][1][1] - The company emphasizes research and application of environmental technologies, providing solutions in related fields [1][1][1] Financial Performance - On August 27, the stock opened at 23.76 yuan, reached a high of 23.85 yuan, and a low of 22.30 yuan, with a trading volume of 28,749 lots and a transaction amount of 0.66 billion yuan [1][1][1] - The net outflow of main funds on August 27 was 909.95 million yuan, accounting for 0.36% of the circulating market value [1][1][1] - Over the past five trading days, the cumulative net outflow reached 2,489.27 million yuan, representing 0.99% of the circulating market value [1][1][1] Regulatory Issues - The Jiangsu Securities Regulatory Bureau issued a warning letter to Delinhai, indicating that the company failed to accurately assess the credit risk changes of certain clients before disclosing its 2023 annual report, which affected the accuracy of financial reporting [1][1][1] - The company and its financial officer, Ji Lehua, received the warning and were required to submit a written report within 10 working days [1][1][1] - Delinhai stated its intention to enhance learning and training to improve regulatory compliance awareness [1][1][1]

Core Viewpoint - Wuxi Delinhai Environmental Technology Co., Ltd. received a warning letter from the Jiangsu Securities Regulatory Bureau due to significant issues in financial reporting and credit risk assessment related to accounts receivable [1][2]. Group 1: Warning Letter Details - The warning letter indicates that the company failed to adequately assess the credit risk of certain clients before the disclosure of the 2023 annual report, despite signs of significant changes in their credit risk characteristics [1][2]. - The company continued to provision for bad debts based on historical aging categories, which does not comply with the relevant accounting standards [2]. - The actions of the company were found to violate the Information Disclosure Management Measures for Listed Companies, leading to the issuance of the warning letter [2]. Group 2: Responsibilities and Actions - The financial officer, Ji Lehua, was held primarily responsible for the violations due to a lack of diligence [2]. - The company has committed to improving its financial management and information disclosure quality in response to the warning letter [3]. - The company will adhere to regulatory requirements and maintain normal business operations while fulfilling its disclosure obligations [3].

Core Points - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss important proposals, including the expansion of its business scope and amendments to its articles of association [1][8]. Meeting Procedures - Shareholders and their representatives must arrive 30 minutes before the meeting to complete registration and present identification documents [2]. - The meeting will follow a specific agenda for reviewing and voting on proposals, with shareholders entitled to speak, inquire, and vote [2][3]. - Voting will be conducted by a named ballot, with each share carrying one vote [8]. Proposals - Proposal One: The company plans to distribute a cash dividend of 2.00 RMB per 10 shares (before tax) based on the adjusted total share capital, which is 113 million shares minus 3.917 million shares in the repurchase account [7]. - Proposal Two: The company aims to expand its business scope to include various services such as information system integration, big data services, AI algorithm development, and more, reflecting its strategic development needs [8][9]. Amendments to Articles of Association - The company will amend its articles of association to reflect the new business scope, which includes a wide range of services related to information technology, environmental protection, and artificial intelligence [9][12]. - The amendments will ensure compliance with relevant laws and regulations, and the company will seek authorization to handle the necessary business registration changes [12].

无锡德林海环保科技股份有限公司 2025年第二次临时股东会 证券代码：688069 证券简称：德林海 无锡德林海环保科技股份有限公司 | 无锡德林海环保科技股份有限公司 2025 年第二次临时股东会会议须知 | 3 | | --- | --- | | 无锡德林海环保科技股份有限公司 年第二次临时股东会会议议程 2025 | 5 | | 无锡德林海环保科技股份有限公司 2025 年第二次临时股东会会议议案 | 7 | | 议案一：关于 2025 年半年度利润分配预案的议案 7 | | | 议案二：关于增加经营范围及修订《公司章程》并办理工商变更登记的议案 | | | 8 | | 无锡德林海环保科技股份有限公司 2025年第二次临时股东会 无锡德林海环保科技股份有限公司 2025 年第二次临时股东会会议须知 为维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东会 的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》以及《无锡德林海环保科技股份有限公司章程》和《无锡德林 海环保科技股份有限公司股东会议事规则》等有关规定，特制定无锡德林海环保 科技股份有限公司（以下简称 ...

Core Insights - The company's performance is under short-term pressure, but a solid order backlog lays the foundation for annual growth [2] - The company has achieved significant technological advancements and is exploring new business models to open up growth opportunities [3] - A recent legal victory may allow for the reversal of potential liabilities, positively impacting future earnings [4] Financial Performance - In the first half of 2025, the company reported revenue of 108 million yuan, a year-on-year decline of 47%, and a net profit attributable to shareholders of -3.09 million yuan, a year-on-year decline of 112% [2] - The decline in performance is primarily due to large pending orders that have not yet been recognized as revenue, including projects with pending acceptance amounts of 70.83 million yuan and 42.50 million yuan [2] - As of the report date, the company had a total order backlog of 527 million yuan, providing strong support for annual performance [2] Technological Advancements - The company has solidified its core technological advantages, with its self-developed "Deep Submersible High-Pressure Algae Control Equipment" becoming a benchmark in the algae treatment field [3] - The company has made breakthroughs in precision dredging technology, with pilot projects achieving significant dredging volumes [3] - The exploration of a new "Two Mountains Industry" model and the establishment of a circular economy model for organic waste processing are expected to create new growth paths [3] Legal Developments - The company won a lawsuit related to a contract dispute, confirming ownership of 63.52 million yuan in funds and relieving it of a 100.6 million yuan repayment obligation [4] - Although the funds have not yet been released due to regulatory issues, the potential reversal of a provision for 48.08 million yuan could positively impact future net profits [4] Earnings Forecast - The company is projected to achieve revenues of 503 million yuan, 576 million yuan, and 660 million yuan for 2025-2027, with year-on-year growth rates of 12.08%, 14.63%, and 14.55% respectively [4] - Net profits attributable to shareholders are expected to be 52 million yuan, 60 million yuan, and 86 million yuan for the same period, with significant growth rates of 159.97%, 16.93%, and 41.94% respectively [4]

Core Viewpoint - The financial performance of Delinhai (688069) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 108 million yuan, a decrease of 47.35% compared to 205 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -3.09 million yuan, down 112.49% from 24.77 million yuan in the previous year [1]. - The gross profit margin improved to 51.78%, an increase of 33.18% year-on-year, while the net profit margin fell to -3.25%, a decrease of 127.06% [1]. - The total of financial, sales, and administrative expenses reached 23.84 million yuan, accounting for 22.05% of total revenue, which is a 99.51% increase year-on-year [1]. - Earnings per share were -0.03 yuan, a decline of 113.64% from 0.22 yuan in the previous year [1]. Cash Flow and Asset Changes - Cash and cash equivalents decreased by 80.16% to 12.3 million yuan, primarily due to investments in financial products and delayed payments from contracts [3]. - Accounts receivable increased by 2.74% to 44.5 million yuan, while inventory surged by 368.98% due to ongoing projects [3]. - The company reported a significant drop in operating cash flow, with a net cash flow from operating activities decreasing by 6370.07% [4]. Liabilities and Financial Management - The company’s interest-bearing debt decreased by 99.91% to 54,400 yuan, reflecting a reduction in bank borrowings [1]. - Accounts payable increased by 41.28%, indicating a strategy to maximize cash utilization by prioritizing bill payments to suppliers [3]. - The company’s ability to meet its obligations appears strong, with healthy cash assets despite the operational challenges [6]. Business Model and Historical Performance - The historical return on invested capital (ROIC) has been relatively high at 22.23%, but the company experienced a poor ROIC of -6.87% in 2024 [6]. - The business model has shown vulnerability, with two years of losses since its listing, suggesting potential weaknesses in its operational strategy [6].