Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

Investment Rating - Target price is RMB 29.84, maintaining 'Outperform' rating [12] Core Views - The company is implementing the "300×300" strategy for its digital wind tunnel products, with a focus on AI applications and educational training solutions [12] - Revenue for 2024 is projected at RMB 356 million, down 9.99% YoY, with a net profit attributable to shareholders of RMB 8 million, down 72.73% YoY [12] - The company launched the Yuanfang-AI teaching and training platform to support AI talent development [12] Financial Summary - 2023A revenue was RMB 396 million, with a net profit of RMB 31 million [3] - 2024A revenue is expected to be RMB 356 million, with a net profit of RMB 8 million [3] - EPS for 2025-2027 is forecasted at RMB 0.43, 0.61, and 0.80 respectively [12] Product and Market Insights - Digital wind tunnel testing revenue for 2024 is expected to be RMB 175 million, up 50.50% YoY, while network range and operations revenue is projected at RMB 157 million, down 33.84% YoY [12] - The company has signed over 150 clients for its digital wind tunnel products, with an average order value exceeding RMB 1 million [12] - The network range business has seen a decline due to reduced client budgets and project delays [12]

Core Viewpoint - The company, Yongxin Zhicheng Technology Group Co., Ltd., has announced its annual equity distribution plan for 2024, which includes cash dividends and capital reserve share increases [1][2]. Summary by Sections Equity Distribution Plan - The company will distribute a cash dividend of 0.05 yuan per share (tax included) and will increase capital reserves by 0.48 shares for every share held [2][4]. - The total number of shares eligible for distribution is 101,515,258 shares after excluding shares held in the company's repurchase account [4][6]. Shareholder Meeting - The profit distribution and capital reserve increase plan was approved at the annual shareholder meeting held on May 20, 2025 [2][5]. Distribution Details - The cash dividend distribution will amount to a total of approximately 5,075,762.90 yuan (tax included) [4]. - The company will not distribute dividends or share increases for shares held in the repurchase account [3][9]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax [11]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of shares [12]. - The actual cash dividend received by certain foreign investors will be 0.045 yuan per share after a 10% withholding tax [13]. Capital Structure Changes - Following the share increase, the total share capital will rise to 150,961,519 shares, with an estimated diluted earnings per share of 0.06 yuan for the 2024 fiscal year [15].

Core Viewpoint - The company, Yongxin Zhicheng Technology Group Co., Ltd., is conducting a differentiated equity distribution and special ex-rights and ex-dividend matters, which have been reviewed and approved by the sponsor institution, Guosen Securities [1][6]. Group 1: Reasons for Differentiated Equity Distribution - The company approved a share repurchase plan on February 18, 2024, to buy back its A-shares using its own or raised funds, with a repurchase price not exceeding 63.60 RMB per share and a total repurchase amount between 30 million RMB and 60 million RMB [1]. - The repurchased shares will be used for employee stock ownership plans or equity incentives, and the repurchase period is set for six months from the board's approval date [1]. Group 2: Differentiated Equity Distribution Plan - On May 20, 2025, the company’s annual general meeting approved a profit distribution and capital reserve transfer plan, distributing a cash dividend of 0.50 RMB (tax included) for every 10 shares and transferring 4.8 shares for every 10 shares from capital reserves [2]. - Shares held in the repurchase account will not participate in this profit distribution or capital reserve transfer [2]. Group 3: Calculation of Ex-rights and Ex-dividend Reference Price - As of May 20, 2025, the total share capital of the company is 102,234,195 shares, with 718,937 shares in the repurchase account, resulting in 101,515,258 shares participating in the distribution [3]. - The total cash dividend to be distributed is approximately 5,075,762.90 RMB (tax included) [3]. - The ex-rights and ex-dividend reference price is calculated as approximately 25.42568 RMB per share based on the previous closing price of 37.68 RMB [3]. Group 4: Compliance with Regulations - The differentiated equity distribution complies with regulations stating that repurchased shares do not participate in profit distribution [2]. - The impact of the differentiated equity distribution on the ex-rights and ex-dividend reference price is less than 1%, confirming that the distribution amounts remain unchanged [5]. - The sponsor institution has no objections to the differentiated equity distribution and confirms that all necessary approval procedures have been followed [6].

证券代码：688244 证券简称：永信至诚 公告编号：2025-023 永信至诚科技集团股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/6/10 | 2025/6/11 | 2025/6/11 | 2025/6/11 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 20 日的2024年年度股东大会 审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （1）差异化分红送转方案 根据公司于 2025 年 5 月 20 日经 2024 年年度股东大会审议通过 ...

国信证券股份有限公司 关于永信至诚科技集团股份有限公司 差异化权益分派特殊除权除息事项的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为永信 至诚科技集团股份有限公司（以下简称"永信至诚"或"公司"）首次公开发行 股票并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券 交易所上市公司自律监管指引第 7 号——回购股份（2025 年 3 月修订）》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导（2025 年 3 月修订）》 等相关法律、行政法规、部门规章及其他规范性文件的相关规定，对永信至诚本 次差异化权益分派相关事项进行了审慎核查，并出具核查意见如下： 一、本次差异化权益分派的原因 公司于 2024 年 2 月 18 日召开第三届董事会第十八次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》（以下简称"本次回购方案"）， 同意公司以自有资金或自筹资金通过上海证券交易所交易系统以集中竞价交易 方式回购公司已发行的部分人民币普通股（A 股）股票，并在未来适宜时机 ...

证券代码：688244 证券简称：永信至诚 公告编号：2025-022 永信至诚科技集团股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 二、 议案审议情况 （一） 非累积投票议案 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 20 | | --- | --- | | 普通股股东人数 | 20 | | 2、出席会议的股东所持有的表决权数量 | 63,084,351 | | 普通股股东所持有表决权数量 | 63,084,351 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 61.7057 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 61.7057 | 注：公司表决权数量不含截至股权登记日公司已回购股份的数量。 （四） 表决方式是否符合《公司法》及公司章程的 ...

北京济和律师事务所 关于永信至诚科技集团股份有限公司 2024 年年度股东大会的 法律意见书 中国·北京市朝阳区建国路 93 号院 9 号楼 9 层 邮编：100022 电话：(8610)85852727 http://www.jihelaw.com 北京济和律师事务所 关于永信至诚科技集团股份有限公司 2024 年年度股东大会的法律意见书 济意字（2025）第 0516 号 致：永信至诚科技集团股份有限公司 北京济和律师事务所（以下简称"本所"）接受永信至诚科技集团股份有限 公司（以下简称"公司"）委托，指派本所韩强律师、王文肖律师（以下简称"本 所律师"）出席并见证公司 2024 年年度股东大会（以下简称"本次股东大会"）。 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》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以 下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业规则 （试行）》（以下简称"《证券法律业务执业规则》"）等法律、法规和规范性 文件及《永信至诚科技集团股份 ...

Core Viewpoint - Yongxin Zhicheng (688244.SH) reported a slight increase in revenue for Q1 2025, but continued to face significant net losses compared to the previous year [1][3]. Financial Performance Summary - Q1 2025 revenue reached 30.085 million yuan, a year-on-year increase of 2.17% from 29.447 million yuan [1][3]. - The net profit attributable to shareholders was -23.974 million yuan, worsening from -19.966 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -24.591 million yuan, compared to -21.575 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -35.961 million yuan, an improvement from -48.420 million yuan year-on-year [1][3]. Previous Year Comparison - In 2024, Yongxin Zhicheng reported a revenue of 35.633 million yuan, a decline of 9.99% from 39.587 million yuan in 2023 [4]. - The net profit attributable to shareholders in 2024 was 848.22 thousand yuan, down 72.73% from 3.111 million yuan in 2023 [4]. - The net profit after deducting non-recurring gains and losses was -205.77 thousand yuan, compared to 1.103 million yuan in the previous year [4]. - The net cash flow from operating activities in 2024 was -4.630 million yuan, worsening from -1.856 million yuan in 2023 [4]. Fundraising and Financial Activities - Yongxin Zhicheng raised a total of 57.591 million yuan from its issuance, with a net amount of 50.605 million yuan after deducting issuance costs [5]. - The final net fundraising amount was 34.167 million yuan less than the original plan of 84.773 million yuan [5]. - The company announced dividend plans, distributing 3.3 yuan per 10 shares in 2023 and 2.26 yuan per 10 shares in 2024 [5].

证券代码：688244 证券简称：永信至诚 永信至诚科技集团股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 各位股东及股东代表： 为维护全体股东的合法权益，保证永信至诚科技集团股份有限公司（以下简 称"公司"）2024 年年度股东大会的正常召开及顺利进行，根据《中华人民共 和国公司法》（以下简称"《公司法》"）等法律法规及《永信至诚科技集团股 份有限公司章程》（以下简称"《公司章程》"）《永信至诚科技集团股份有限 公司股东大会议事规则》等公司制度的规定，特制定本次股东大会会议须知，请 各位与会人员认真遵守。 一、出席大会人员应自觉遵守法律法规，履行股东义务，维护会议纪律，保 证大会的正常召开和顺利进行。 二、为确认出席大会相关人员的参会资格，请配合会议工作人员对出席会议 者的身份予以核对。 三、为及时确认出席大会的股东、股东代理人所持有的股份总数，登记出席 大会的股东、股东代理人应在大会召开前 30 分钟办理签到手续，领取会议资料， 并请携带身份证明、股东账户卡、授权委托书等证件资料原件，方便验证入场。 2025 年 5 月 目录 | 年年度股东大会会议须知 | 2024 | ...