一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 是，根据《广州恒运企业集团股份有限公司 | | | 2024年度内部控制自我评价报告》《广州恒运 | | （2）公司是否有效执行相关规章制度 | 企业集团股份有限公司2024年度内部控制审计 | | | 报告》，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月1次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | | 1 | （1）列席公司股东大会次数 | 无 | | --- | --- | | （2）列席公司 ...

中信证券股份有限公司 关于广州恒运企业集团股份有限公司 2024 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：穗恒运 A 保荐代表人姓名：胡彦威 联系电话：020-32258106 保荐代表人姓名：廖俊民 联系电话：020-32258106 现场检查人员姓名：胡彦威、廖俊民、全俊燊、曹鑫达 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 现场检查时间：2025 年 4 月 7 日至 2025 年 4 月 8 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员 ...

中信证券股份有限公司 关于广州恒运企业集团股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》对广州恒运企业集团 股份有限公司（以下简称"穗恒运"、"公司"）进行了 2024 年度持续督导培 训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐人：中信证券股份有限公司 （二）保荐代表人：胡彦威、廖俊民 （三）协办人：全俊燊 （四）培训时间：2025 年 4 月 8 日 （五）培训地点：穗恒运会议室 （六）培训人员：胡彦威、廖俊民 保荐人本次持续督导培训的工作过程中，公司积极予以配合，保证了培训工 作的有序进行，达到了良好效果。 （七）培训对象：上市公司董事、监事、高级管理人员、部分中层管理人员 三、本次持续督导培训的结论 保荐人按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 （八）培训内容：本次培训重点介绍了新"国九条"政策、目前国内资本市 场动态，并结合《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》等规则要求，对上市 ...

Group 1: Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and aligns with the national "dual carbon" strategy by transitioning to green and clean energy [1][8] - The company has disclosed its 2024 ESG report, highlighting its efforts in sustainable development and social responsibility [2][8] - The company actively participates in local debt resolution and contributes to regional economic stability through asset management [1][8] Group 2: Financial Performance and Projections - The estimated net profit for Q1 2025 is projected to be between 80 million and 108 million yuan, representing a year-on-year growth of 155% to 244% [3][12] - The company has implemented a share buyback program, repurchasing 9,597,000 shares, which is 0.92% of the total share capital, at a total cost of 59,766,205 yuan [2][12] - The company’s coal price decline positively impacts its profitability, with expectations for increased visibility in earnings for Q2 2025 [3][12] Group 3: Business Strategy and Development - The company is focusing on expanding its clean energy projects, including gas and solar power, with significant investments in various projects [6][13] - The company is developing a comprehensive energy storage business and has established a 2GWh energy storage manufacturing center [10][12] - The company is actively pursuing hydrogen energy projects and has formed partnerships to advance fuel cell technology [6][10] Group 4: Market Position and Challenges - The company faces challenges due to fluctuating fuel prices and market conditions, which impact its operational costs and profitability [3][12] - The company is committed to enhancing its market competitiveness by optimizing its energy supply chain and reducing costs through strategic partnerships [6][12] - The company acknowledges the need for improved communication with shareholders regarding its financial performance and strategic direction [4][12]

Group 1: Company Announcements - China Chemical's controlling shareholder plans to increase its stake in the company by 300 million to 600 million yuan, with no set price range for the purchase [1] - Guosheng Technology's subsidiary won a 225 million yuan photovoltaic component procurement project [2] - Aisheng Co. plans to sign a technical consulting service agreement worth 200 million yuan for a joint venture project in photovoltaic battery production [3] - Sanmei Co. expects a net profit of 369 million to 428 million yuan for Q1 2025, representing a year-on-year increase of 139.41% to 177.71% [4] - Yulide reported a revenue of 1.13 billion yuan, with a net profit of 183 million yuan, reflecting a year-on-year growth of 13.64% [5] - Western Mining anticipates a net profit of 2.932 billion yuan for 2024, a 5% increase year-on-year, and plans to distribute a cash dividend of 10 yuan per 10 shares [6] Group 2: Market Activities - GoerTek repurchased 6.6409 million shares at a cost of 141 million yuan, accounting for 0.19% of its total share capital [7] - Guoxin Securities' plan to acquire 96.08% of Wanhua Securities through a share issuance has been accepted for review by the Shenzhen Stock Exchange [8] - Meijin Energy announced the termination of a major asset restructuring deal due to failure to reach agreement on commercial terms [9] - King Kong Photovoltaic plans to apply for bankruptcy reorganization for several subsidiaries due to inability to repay debts [10] Group 3: International Ventures - China National Materials Technology plans to invest 114 million euros in Hungary to establish a wet-coated diaphragm production base with an annual capacity of 640 million square meters [11] - Ningbo Huaxiang intends to sell six loss-making subsidiaries in Europe for 1 euro, which is expected to significantly impact its 2025 net profit by reducing it by approximately 900 million to 1 billion yuan [12] Group 4: Profit Forecasts - Chuanjinno expects a net profit of 65 million to 80 million yuan for Q1 2025, a year-on-year increase of 218.96% to 292.56% [13] - Ultrasonic Electronics anticipates a net profit of 38 million to 45 million yuan for Q1 2025, reflecting a growth of 120.38% to 160.98% [14] - Suihengyun A expects a net profit of 80 million to 108 million yuan for Q1 2025, representing a year-on-year increase of 155% to 244% [15] - Hunan Gold forecasts a net profit of 325 million to 374 million yuan for Q1 2025, a growth of 100% to 130% [16] - Taishan Petroleum expects a net profit of 48 million to 58 million yuan for Q1 2025, reflecting a year-on-year increase of 159% to 213% [17] - Meg Intelligent anticipates a net profit of 40 million to 52 million yuan for Q1 2025, a significant increase of 518.53% to 704.09% [17]

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 80 million and 108 million yuan, representing a year-on-year increase of 155% to 244%[3] - The net profit after deducting non-recurring gains and losses is expected to be between 57 million and 85 million yuan, reflecting a year-on-year growth of 91% to 184%[3] - Basic earnings per share are forecasted to be between 0.0768 yuan and 0.1037 yuan, compared to 0.0302 yuan in the same period last year[3] Factors Influencing Profit - The significant increase in profit is primarily attributed to a rise in investment income and a decrease in coal prices compared to the previous year[5] Reporting and Estimates - The financial data for Q1 2025 will be detailed in the quarterly report, and the current estimates carry uncertainties[6] - The company has communicated with the accounting firm regarding the earnings forecast, and there are no discrepancies noted[3]

Core Insights - Guangzhou Hengrun Enterprise Group Co., Ltd. (referred to as "Hengrun A") is a long-established energy company founded in 1987, actively diversifying into new energy, finance, and technology park construction [1] - The company faced significant challenges in its operating performance, with a net profit of 167 million yuan in 2024, a substantial decrease of 43.15% compared to 293 million yuan in 2023 [1] - Total revenue for 2024 was 4.299 billion yuan, reflecting a year-on-year decline of 10.86%, indicating intense competition in the energy market and pressures in cost control and market expansion [1] Employee Compensation - In 2023, Hengrun A had a total of 1,042 employees with an average salary of 314,575.64 yuan, which decreased to 1,072 employees and an average salary of 298,715.83 yuan in 2024, marking a decline of approximately 5% [2] - Despite the overall challenges, the chairman of Hengrun A, Xu Hongsheng, saw his salary increase from 1.1016 million yuan in 2023 to 1.3328 million yuan in 2024, representing an increase of over 20% [2]

公司的毛利率为14.27%，同比下降3.98%；净利率为4.57%，同比下降36.47%。每股收益为0.16元，同 比下降54.34%。尽管每股经营性现金流有所改善，达到0.73元，同比增长35.57%，但整体盈利能力仍显 疲软。 资产负债状况 截至2024年底，公司货币资金为10.9亿元，较2023年的25.63亿元减少了57.46%。有息负债为99.65亿 元，较2023年的105.7亿元减少了5.73%。流动比率仅为0.44，表明公司短期偿债能力较弱，存在较大的 短期债务压力。 现金流状况 近期穗恒运A(000531)发布2024年年报，证券之星财报模型分析如下： 经营活动产生的现金流量净额同比增长35.57%，主要由于燃煤采购支出减少。然而，筹资活动产生的 现金流量净额为负，同比下降133.69%，主要原因是报告期内偿还债券及部分项目贷款。现金及现金等 价物净增加额为负，同比下降182.85%。 经营业绩概览 穗恒运A(000531)在2024年的营业总收入为42.99亿元，较2023年的48.22亿元下降了10.86%。归母净利润 为1.67亿元，同比下降43.15%。扣非净利润为1.61亿元，同比 ...

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...

2025年4月8日，穗恒运A发布了2024年年报。报告显示，公司全年实现营业收入42.99亿元，同比下降 10.86%；归属净利润1.67亿元，同比下降43.15%。尽管公司在绿色能源领域取得了一定进展，但整体经 营状况依然不容乐观。 绿色能源转型进展缓慢 营收利润双降，核心业务承压 穗恒运A的营收和利润双双下滑，主要受到上网电价和供热价格下降的影响。报告期内，公司上网电量 同比下降9.30%，售汽量虽同比增长6.76%，但未能抵消电价下降带来的负面影响。此外，燃煤价格下 降虽降低了营业成本，但燃煤机组上网电量减少导致燃煤耗用量下降，进一步影响了公司的盈利能力。 公司的核心业务——售电和供热，面临较大的市场压力。2024年，公司售电业务中长期电量占比 88.1%，现货电量占比11.9%。尽管中长期电量占比较高，但现货电量的波动性较大，增加了公司经营 的不确定性。此外，供热业务虽有所增长，但整体规模较小，难以成为公司的主要利润来源。 穗恒运A在绿色能源领域的转型虽取得了一定进展，但整体经营状况依然面临较大挑战。营收利润双 降、核心业务承压、绿色能源转型进展缓慢以及资金压力凸显，都成为公司未来发展的重要障碍。如何 ...