江苏四环生物股份有限公司 委托理财管理制度 第六条 公司使用暂时闲置的募集资金委托理财，其投资产品的期限不得超 过十二个月，并满足安全性高、流动性好的要求，不得影响募集资金投资计划 正常进行，投资产品不得质押。公司委托理财应当通过募集资金专项账户或者 公开披露的产品专用结算账户实施，产品专用结算账户（如适用）不得存放非 募集资金或用作其他用途，开立或注销产品结算账户的，公司应当及时公告。 使用暂时闲置的超募资金进行现金管理的，应当说明必要性和合理性。 第三章 审批权限与执行 第一章 总 则 第一条 为规范江苏四环生物股份有限公司（以下简称"公司 "）委托理 财业务的管理，提高资金运作效率，防范委托理财决策和执行过程中的相关风 险，维护股东和公司的合法权益，根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《深圳证券交易所股票上市规则》（以下简称《股票上市 规则》）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》、《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联 交易》、《上市公司募集资金监管规则》等有关法律、法规、规范性文件及公 司章程的有关规定，结合公司实际情 ...

江苏四环生物股份有限公司 股 票 代 码 ： 0 0 0 5 1 8 股 票 简 称 ： * ST 四 环 公 告 编 号 ： 临 - 2 0 2 5 - 5 5 号 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 关于制定及修订公司部分治理制度的公告 | 16 | 重大信息内部报告制度 | 修订 | 否 | | --- | --- | --- | --- | | 17 | 控股子公司管理制度 | 修订 | 否 | 上述制度的制定及修订自董事会审议通过后生效，相关制度详见巨潮资讯网 （www.cninfo.com.cn）。 特此公告。 江苏四环生物股份有限公司 2025 年 10 月 24 日 2 为进一步提升江苏四环生物股份有限公司（以下简称"公司"）的规范运作 水平，根据《中华人民共和国公司法》、《深圳证券交易所股票上市规则》、《上 市公司章程指引》等相关规定，结合公司实际情况，公司拟制定及修订部分治理 制度，具体如下： | 序号 | 制度名称 | 修订情况 | 是否需提交股东会审议 | | --- | --- | --- | --- | | 1 | 总经 ...

董事和高级管理人员所持本公司股份及其变动管理规则 江苏四环生物股份有限公司 第一条 为加强对江苏四环生物股份有限公司（以下简称"公司"）董事和高 级管理人员所持本公司股份及其变动的管理，进一步明确办理程序，根据《公司 法》、《证券法》及《深圳证券交易所上市公司自律监管指引第 18 号——股东及 董事、高级管理人员减持股份》，特制定本管理规则。 第二条 公司董事、高级管理人员和证券事务代表在买卖本公司股票及其衍 生品种前，应知悉《公司法》、《证券法》等法律、法规关于内幕交易、操纵市场 等禁止行为的规定，不得进行违法违规的交易。 第三条 公司董事、高级管理人员和证券事务代表及前述人员的配偶在买卖 本公司股票及其衍生品种前，应当将其买卖计划以书面方式通知董事会秘书，董 事会秘书应当核查公司信息披露及重大事项等进展情况，如该买卖行为可能违反 《公司法》、《证券法》、《上市公司收购管理办法》、《股票上市规则》和证券交易 所其他相关规定以及公司章程等规定的，董事会秘书应当及时书面通知拟进行买 卖的董事、高级管理人员和证券事务代表，并提示相关风险。 公司董事、高级管理人员计划通过证券交易所集中竞价交易或者大宗交易方 式转让 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥112,477,006.90, representing a 124.12% increase compared to the same period last year[5] - The net profit attributable to shareholders was -¥2,598,402.92, a decrease of 26.99% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥2,772,112.03, reflecting a 57.29% increase in losses compared to the previous year[5] - The company's operating income for the year-to-date reached ¥294,374,160.07, an 88.71% increase compared to the same period last year[8] - Total operating revenue for Q3 2025 reached CNY 294,374,160.07, a significant increase from CNY 155,994,341.01 in the same period last year, representing an increase of 88.6%[15] - The net loss for Q3 2025 was CNY 13,495,557.26, compared to a net loss of CNY 15,532,421.60 in Q3 2024, showing an improvement of 13.2%[16] - Basic earnings per share (EPS) for the current period is -0.0123, compared to -0.0142 in the previous period[17] Cash Flow - The net cash flow from operating activities was ¥83,971,253.59, showing a significant increase of 11,516.57% year-on-year[5] - Cash flow from operating activities increased to 83,971,253.59 CNY from 722,857.64 CNY year-over-year, representing a significant improvement[18] - Cash inflow from operating activities totaled 254,497,038.80 CNY, up from 165,801,061.54 CNY in the previous period[17] - The net cash flow from financing activities was -¥14,197,661.13, a decrease of 117.55% compared to the previous year[8] - The net cash flow from financing activities was -14,197,661.13 CNY, worsening from -6,526,251.44 CNY year-over-year[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥509,144,403.06, down 10.27% from the end of the previous year[5] - The total assets decreased from CNY 567,402,831.84 in the previous quarter to CNY 509,144,403.06, a decline of 10.2%[15] - Total liabilities decreased from CNY 168,429,253.44 to CNY 123,666,381.92, representing a reduction of 26.6%[15] - The company's total equity decreased from CNY 398,973,578.40 to CNY 385,478,021.14, a decline of 3.8%[15] Inventory and Receivables - The company's inventory decreased by 38.24% to ¥222,259,127.65, attributed to increased sales of seedlings[8] - Inventory decreased to ¥222,259,127.65 from ¥359,876,908.61, reflecting a reduction of about 38.2%[13] - Accounts receivable rose to ¥74,290,478.79 from ¥66,065,029.10, indicating an increase of approximately 18.5%[13] - The total current assets decreased to ¥396,836,459.55 from ¥446,613,153.60, a decline of approximately 11.1%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 68,146[9] - The largest shareholder, Fujian Bwater Agricultural Investment Co., Ltd., holds 27.78% of shares, totaling 285,990,000 shares[9] - The company has no preferred shareholders or significant changes in the top ten shareholders participating in margin trading[10] Strategic Initiatives - The company entered into a strategic cooperation agreement with Xinyang Xinport Trade Co., Ltd., establishing a long-term supply channel for seedlings, with a total contract value of ¥26,098,107[11] - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[16] Other Financial Metrics - The company's cash and cash equivalents increased to ¥85,982,480.18 from ¥8,012,633.33 at the beginning of the period, representing a significant growth[13] - The company reported a significant increase in other income, which rose by 5,252.25% to ¥742,914.83 due to government compensation for relocation[8] - Research and development expenses amounted to CNY 21,096,501.38, slightly up from CNY 20,697,253.25, reflecting a year-over-year increase of 1.9%[15] - The company reported an investment income of CNY 1,547,446.60, compared to no investment income in the previous year[16] Audit and Compliance - The company did not undergo an audit for the third quarter financial report[19] - The company has not applied the new accounting standards for the current reporting period[19] - There were no profits reported from the merged entity prior to the merger[17]

Market Overview - As of October 17, the Shanghai Composite Index fell by 1.95%, closing at 3839.7553 points, while the Shenzhen Component Index dropped by 3.04%, closing at 12688.936 points [1]. Top Gainers in Hunan Stocks - Hunan Silver opened at 7.820 and closed at 8.040, gaining 4.28% with a highest price of 8.270 and a lowest price of 7.640, trading volume reached 338.5494 million shares [2]. - Mengjie Co. opened at 3.760 and closed at 3.860, up by 2.93%, with a highest price of 3.920 and a lowest price of 3.720, trading volume was 43.4706 million shares [2]. - Bubugao opened at 5.610 and closed at 5.740, increasing by 2.50%, with a highest price of 6.100 and a lowest price of 5.610, trading volume was 275.9286 million shares [2]. - *ST Biological opened at 8.890 and closed at 9.010, up by 1.69%, with a highest price of 9.050 and a lowest price of 8.820, trading volume reached 2.1293 million shares [2]. - *ST Gauss opened at 8.400 and closed at 8.470, gaining 1.19%, with a highest price of 8.650 and a lowest price of 8.320, trading volume was 3.6155 million shares [2]. Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, down by 11.76%, with a highest price of 0.170 and a lowest price of 0.150, trading volume reached 61.1606 million shares [3]. - Taijia Co. opened at 20.650 and closed at 19.370, decreasing by 8.20%, with a highest price of 20.890 and a lowest price of 19.360, trading volume was 14.601 million shares [3]. - Changlan Technology opened at 18.280 and closed at 16.900, down by 7.55%, with a highest price of 18.300 and a lowest price of 16.880, trading volume reached 8.7081 million shares [3]. - Jinbei Electric opened at 12.700 and closed at 11.820, decreasing by 7.51%, with a highest price of 12.740 and a lowest price of 11.770, trading volume was 44.8327 million shares [3]. - Aoshikang opened at 39.800 and closed at 37.070, down by 6.86%, with a highest price of 39.800 and a lowest price of 36.900, trading volume reached 5.6638 million shares [3].

Core Points - The Shanghai Composite Index closed at 3933.97 points, above the six-month moving average, with a gain of 1.32% [1] - The total trading volume of A-shares reached 26,718.18 billion yuan, with 174 A-shares breaking through the six-month moving average [1] Summary by Category Market Performance - The Shanghai Composite Index increased by 1.32%, closing above the six-month moving average at 3933.97 points [1] - A total trading volume of 26,718.18 billion yuan was recorded for A-shares [1] Individual Stock Performance - Notable stocks that broke through the six-month moving average include: - Zhongya Co., with a price increase of 19.97% and a deviation rate of 14.85% [1] - Zhongzhou Special Materials, with a price increase of 19.99% and a deviation rate of 14.75% [1] - Changhong Technology, with a price increase of 11.65% and a deviation rate of 10.37% [1] - Other stocks with smaller deviation rates that just crossed the six-month line include: - China Electric Environmental Protection, Xiamen Port Authority, and Qianhe Flavoring [1]

Core Insights - The Shanghai Composite Index closed at 3931.07 points, above the six-month moving average, with a gain of 1.24% [1] - The total trading volume of A-shares reached 172.69 billion yuan, with 138 A-shares breaking through the six-month moving average [1] Summary of Key Stocks - The stocks with the largest deviation rates above the six-month moving average include: - Zhongya Co., Ltd. (300512) with a deviation rate of 14.85% and a daily increase of 19.97% [1] - Zhongzhou Special Materials (300963) with a deviation rate of 14.75% and a daily increase of 19.99% [1] - Guoguang Electric (688776) with a deviation rate of 7.63% and a daily increase of 20.00% [1] - Other notable stocks with smaller deviation rates include: - CNOOC Services (small deviation rate, just above the six-month line) [1] - Fengfan Co., Ltd. (small deviation rate, just above the six-month line) [1] - Haixiang Pharmaceutical (small deviation rate, just above the six-month line) [1] Trading Activity - The trading turnover rates for the top stocks with significant price movements were as follows: - Zhongya Co., Ltd. (7.56%) [1] - Zhongzhou Special Materials (25.39%) [1] - Guoguang Electric (6.51%) [1]

Market Overview - The Shanghai Composite Index is at 3917.89 points, above the six-month moving average, with an increase of 0.90% [1] - The total trading volume of A-shares is 12814.86 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 109 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongzhou Special Materials: 14.75% - Guoguang Electric: 7.63% - Jiusheng Electric: 7.14% [1] Stock Performance Details - Top performers today include: - Zhongzhou Special Materials: +19.99% with a turnover rate of 24.91% [1] - Guoguang Electric: +20.00% with a turnover rate of 5.56% [1] - Jiusheng Electric: +12.38% with a turnover rate of 12.07% [1] - Other notable stocks with smaller deviation rates include: - Hangzhou Gear: just above the six-month line - CNOOC Services: just above the six-month line - Baobian Electric: just above the six-month line [1]

开源证券股份有限公司 关于江苏四环生物股份有限公司 详式权益变动报告书 2025年第二季度持续督导意见 财务顾问 二零二五年九月 声明 开源证券股份有限公司(以下简称"开源证券"或"本财务顾问")接受碧水 农业投资的委托，担任碧水农业投资本次权益变动的财务顾问。2025年1月23日， 上市公司公告了《江苏四环生物股份有限公司详式权益变动报告书》。根据《上 市公司收购管理办法》，本财务顾问持续督导期为2025年1月23日至收购完成后12 个月。 四环生物于2025年8月27日披露了《2025年半年度报告》。通过日常沟通并结 合上市公司2025年半年度报告、其他定期公告和临时公告，本财务顾问出具本持 续督导期的持续督导意见。 作为本次权益变动的财务顾问,开源证券出具的持续督导意见是在假设本次 权益变动的各方当事人均按照相关协议条款和承诺全面行其所有职责的基础上提 出的。本财务顾问特作如下声明： 之 (一)本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资料 和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏；本财务顾 问未对上述资料和意见作出任何承诺或保证。 (二)本意见不构成对四环生物的任何 ...

Group 1 - The biopharmaceutical sector experienced a decline of 0.64% on September 3, with Sai Sheng Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Notable gainers in the biopharmaceutical sector included Baipu Sais, which rose by 12.10% to a closing price of 65.50, and Yuan Yang Crystal Sea, which increased by 9.14% to 32.95 [1] Group 2 - The net capital outflow from the biopharmaceutical sector was 446 million yuan, while retail investors saw a net inflow of 292 million yuan [3] - The table of individual stock capital flows indicates varying levels of investment activity among different companies within the sector [3]