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]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index closing above the six-month moving average, indicating potential bullish sentiment among investors [1] Group 1: Market Overview - As of 13:59 today, the Shanghai Composite Index stands at 3814.20 points, with a decline of 1.14% [1] - The total trading volume in the A-share market reached 1,878.28 billion yuan [1] Group 2: Stocks Breaking the Six-Month Moving Average - Thirteen A-shares have surpassed the six-month moving average today, with notable stocks including Renfu Pharmaceutical, Guofeng New Materials, and Zhizheng Co., which have deviation rates of 8.65%, 4.92%, and 4.08% respectively [1] - Stocks with smaller deviation rates that have just crossed the six-month moving average include Jinbo Biological, ST Huawen, and *ST Zhongzhuang [1] Group 3: Individual Stock Performance - Renfu Pharmaceutical (600079) experienced a price increase of 9.99% with a turnover rate of 8.87%, closing at 22.57 yuan, showing a deviation rate of 8.65% from the six-month moving average [1] - Guofeng New Materials (000859) rose by 6.13% with a turnover rate of 9.75%, closing at 7.10 yuan, reflecting a deviation rate of 4.92% [1] - Zhizheng Co. (603991) saw a 4.74% increase with a turnover rate of 4.15%, closing at 63.48 yuan, with a deviation rate of 4.08% [1]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3820.98 points, slightly below the previous close, and a total trading volume of 1.472 trillion yuan, indicating a cautious market sentiment [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3820.98 points, with a decline of 0.96% [1] - The total trading volume in the A-share market reached 1.472 trillion yuan [1] Group 2: Stocks Breaking Half-Year Line - A total of 10 A-shares have surpassed the half-year line today, with notable stocks including Renfu Pharmaceutical, Guofeng New Materials, and *ST Sihuan showing significant deviation rates of 8.65%, 6.97%, and 3.30% respectively [1] - Stocks with smaller deviation rates that just crossed the half-year line include Yiatong, Sifang Co., and Meike Home, indicating a more cautious upward movement [1] Group 3: Individual Stock Performance - Renfu Pharmaceutical (600079) saw a price increase of 9.99% with a turnover rate of 7.60%, closing at 22.57 yuan, with a deviation rate of 8.65% from the half-year line [1] - Guofeng New Materials (000859) increased by 8.22% with a turnover rate of 8.12%, closing at 7.24 yuan, showing a deviation rate of 6.97% [1] - *ST Sihuan (000518) rose by 3.46% with a turnover rate of 2.24%, closing at 2.39 yuan, with a deviation rate of 3.30% [1]

Core Viewpoint - *ST SiHuan reported a significant increase in revenue and a reduction in losses for the first half of 2025, indicating improved operational performance despite ongoing challenges in profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 182 million yuan, a year-on-year increase of 71.91% compared to 106 million yuan in 2024 [1]. - The net profit attributable to shareholders was -10.1 million yuan, showing an 8.67% improvement from -11.1 million yuan in the previous year [1]. - In Q2 2025, total revenue was 138 million yuan, up 179.41% year-on-year, with a net profit of 5.8 million yuan, an increase of 171.88% [1]. Key Financial Metrics - Gross margin decreased to 34.69%, down 48.08% year-on-year, while net margin improved to -5.71%, an increase of 48.08% [1]. - Total expenses (selling, administrative, and financial) amounted to 65.3 million yuan, accounting for 35.92% of revenue, a decrease of 41.98% year-on-year [1]. - Cash flow from operating activities per share increased significantly to 0.05 yuan, a rise of 60666.79% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents increased by 506.4% due to increased sales from strategic partnerships [3]. - Inventory decreased by 22.97% as a result of reduced stock from sales [3]. - Operating income rose by 71.91% attributed to increased sales from strategic collaborations [3]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median of -4.56% over the past decade, and a particularly low -22.43% in 2024 [4]. - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this performance [4]. Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents representing only 9.3% of total assets and 92.91% of current liabilities [5]. - Financial expenses have reached 77.86% of the average operating cash flow over the past three years, indicating potential financial strain [5]. - Inventory levels are high, with inventory accounting for 136.22% of revenue, suggesting inefficiencies in inventory management [5].

Core Viewpoint - *ST SiHuan reported a significant increase in revenue and a narrowing of losses in its 2025 mid-year report, indicating improved operational performance despite ongoing challenges [1][3]. Financial Performance - The total operating revenue reached 182 million yuan, a year-on-year increase of 71.91% [1] - The net profit attributable to shareholders was -10.1 million yuan, showing an 8.67% improvement compared to the previous year [1] - In Q2, the operating revenue was 138 million yuan, up 179.41% year-on-year, with a net profit of 5.82 million yuan, an increase of 171.88% [1] Key Financial Metrics - Gross margin was 34.69%, down 48.08% year-on-year [1] - Net margin improved to -5.71%, an increase of 48.08% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 65.34 million yuan, accounting for 35.92% of revenue, a decrease of 41.98% year-on-year [1] - Earnings per share remained at -0.01 yuan, with a year-on-year increase of 8.41% [1] Cash Flow and Assets - Cash and cash equivalents increased by 340.20% to 48.59 million yuan due to increased sales from strategic partnerships [3] - Operating cash flow per share improved significantly to 0.05 yuan, a year-on-year increase of 60666.79% [1][3] - The company’s receivables decreased slightly by 1.36% to 67.31 million yuan [1] Strategic Developments - The increase in revenue and cash flow is attributed to a strategic partnership with Jiangyin Xinganfa Trading Co., leading to higher sales of seedlings [3] - The company reduced its inventory by 22.97% as a result of increased sales [3] Financial Health Indicators - The company’s financial leverage improved, with interest-bearing debt decreasing by 70.88% to 6.13 million yuan [1] - The ratio of financial expenses to average operating cash flow over the past three years reached 77.86%, indicating a high burden of financial costs [5] - Inventory levels are concerning, with inventory to revenue ratio at 136.22% [5]

Market Overview - The biopharmaceutical sector experienced a decline of 2.85% on August 27, with Kanghua Biotech leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Wuwei Biotech (300357) saw a significant increase of 5.38%, closing at 30.95 with a trading volume of 299,000 shares and a transaction value of 915 million yuan [1] - Kanghua Biotech (300841) reported a notable decline of 8.89%, closing at 76.60 with a trading volume of 125,200 shares and a transaction value of 993 million yuan [2] - Anke Biotech (300009) also faced a drop of 5.59%, closing at 11.14 with a trading volume of 862,300 shares and a transaction value of 990 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 1.853 billion yuan from institutional investors, while retail investors saw a net inflow of 1.543 billion yuan [2] - The capital flow for individual stocks indicates that Hualan Biotech (002007) had a net inflow of 32.28 million yuan from institutional investors, while it faced a net outflow of 40.67 million yuan from speculative funds [3] - The overall trend shows that retail investors are actively investing in the sector despite the institutional outflows [2][3]

Core Insights - *ST SiHuan reported a total revenue of 182 million yuan as of June 30, 2025, ranking 27th among disclosed peers [1] - The company recorded a net profit attributable to shareholders of -10.1 million yuan, ranking 23rd among disclosed peers [1] - Operating cash flow was positive at 50.2 million yuan as of June 30, 2025 [1] Financial Performance - The asset-liability ratio stood at 25.80%, ranking 21st among disclosed peers, an increase of 3.08 percentage points compared to the same period last year [3] - Gross margin was reported at 34.69%, ranking 30th among disclosed peers, a decrease of 29.70 percentage points from the previous quarter and 32.13 percentage points year-on-year [3] - Return on equity (ROE) was -2.79%, ranking 27th among disclosed peers, a decline of 0.44 percentage points from the previous year [3] Earnings and Ratios - The diluted earnings per share were -0.01 yuan, ranking 22nd among disclosed peers [4] - Total asset turnover was 0.33 times as of June 30, 2025 [4] - Inventory turnover ratio was 0.37 times, ranking 22nd among disclosed peers [4] Shareholder Structure - The number of shareholders was 73,300, with the top ten shareholders holding 458 million shares, accounting for 44.44% of total equity [4] - The largest shareholder, Fujian Bihui Agricultural Investment Co., Ltd., holds 27.78% of the shares [4]

Group 1 - The core viewpoint of the article highlights the financial performance of *ST SiHuan, indicating a significant increase in revenue while still facing net losses [1] - For the first half of 2025, the company reported an operating income of approximately 182 million yuan, representing a year-on-year increase of 71.91% compared to 106 million yuan in the same period of 2024 [1] - The net profit attributable to shareholders for the first half of 2025 was a loss of approximately 10.1 million yuan, slightly improved from a loss of 11.06 million yuan in the same period of 2024 [1] - Basic earnings per share for the first half of 2025 were a loss of 0.0098 yuan, compared to a loss of 0.0107 yuan in the first half of 2024 [1] Group 2 - The article also mentions the booming pet industry, valued at 300 billion yuan, indicating a significant growth opportunity for companies in this sector [1] - The rise of smart pet devices, such as a smartphone that can "call" its owner, reflects innovation and potential market expansion within the pet industry [1]