成都市高新区交子大道 333 号中海国际中心 E 座 602 室 电话：028-65585333 传真：028-66266533 邮编：610041 北京国枫（成都）律师事务所 关于四川和谐双马股份有限公司 2024 年度股东大会的 法律意见书 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由深圳证券交易所交易系统和互联网投票系统予以认证； 1 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办法》《证 券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照律师行 ...

5月19日，三大指数小幅低开，个股跌多涨少；截至收盘，沪指翻红，全市3541只个股上涨，120家上市公司涨停。 板块行情中，航运港口、化纤行业、房地产相关产业链、食品饮料、美容护理等多板块活跃。概念板块中，并购重组概念板块，全天强势领涨，截至收盘， 该概念板块大涨4.06%。 具体来看，并购重组概念板块成分股中，北交所上市公司五新隧装（835174）以"30CM"幅度收涨停；江天化学（300927）（300927）、光智科技 （300489）（300489）"20CM"涨停；天汽模（002510）（002510）、本钢板材（000761）（000761）、四川双马（000935）（000935）等个股"10CM"涨 停；此外新巨丰（301296）（301296）、阳谷华泰（300121）（300121）个股纷纷跟涨。 消息面上，并购重组市场迎来重磅利好！5月16日，证监会发布了修改后的《上市公司重大资产重组管理办法》（以下简称《管理办法》），沪深北交易所 同步修订发布重组审核规则和配套业务指南。 此外，《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六条"）发布以来，并购重组市场规模和活跃度大幅提升 ...

Mergers and Acquisitions - Multiple companies are experiencing stock price increases due to merger and acquisition activities, with notable gains including Zongyi Co. at 10.10% and Daqimo at 10.06% [2][3] - New entrants in the market such as Binhai Energy and Jinhongshun also saw significant increases of 10.00% and 9.98% respectively, attributed to similar merger activities [2] - The trend continues with companies like Huayuan Real Estate and Hunan Development achieving first board listings with gains of 9.94% and 9.97% [3] Shipping and Ports - Following the implementation of tariff adjustments between China and the US, there has been a surge in container bookings from China to the US, positively impacting shipping and port stocks [4] - Nanjing Port, Ningbo Shipping, and Lianyungang have all recorded five consecutive days of price increases, with gains of 9.97%, 10.04%, and 10.07% respectively [4][6] Robotics - The robotics sector is gaining attention, with Nvidia's CEO indicating that all mobile devices will become robots, potentially revolutionizing the industrial sector [7] - Companies like Zhongchao Holdings and Xinlong Health have seen stock increases of 10.13% and 10.01% respectively, driven by advancements in robotics [8] Chemical Products - Recent price hikes in chemical products such as dibutyl phthalate and hydroxyl esters have drawn market attention, benefiting companies like Zhongyida and Youfu Co. with stock increases of 9.99% and 10.04% [10][11] Food and Beverage - The release of new regulations by the Ministry of Commerce and the National Development and Reform Commission is expected to boost the food and beverage sector, with stocks like Jiaoda Angli and Baihe Co. seeing gains of 10.00% and 10.01% [12][15] Military and Aerospace - The debut of the "Jiutian" drone at the 15th China Airshow is anticipated to enhance the military sector, with companies like Chengfei Integration and Lijun Co. achieving stock increases of 10.00% and 10.02% [16][19] Nuclear Power - The announcement of procurement projects by China Fusion Energy Co. is expected to stimulate the nuclear power sector, benefiting companies like Wangzi New Materials and Baili Electric with stock increases of 9.99% and 9.92% [16][17] Venture Capital - Recent regulatory changes encouraging private equity participation in mergers and acquisitions are positively impacting venture capital stocks, with companies like Jiuding Investment and Electronic City seeing gains of 10.01% and 9.90% [19] Pet Economy - The pet economy is projected to grow significantly, with companies like Yuande Pet and Tianyuan Pet achieving stock increases of 9.98% and 20.00% [20][21] Carbon Fiber - Price increases in carbon fiber products have been reported, benefiting companies like Jilin Chemical Fiber with a stock increase of 10.04% [22][23] Smart Driving - The Ministry of Industry and Information Technology's push for mandatory standards in smart connected vehicles is expected to drive growth in the automotive sector, with companies like Wan'an Technology and Luchang Technology seeing stock increases of 10.00% [26][27] Rare Earth Permanent Magnets - Tightening supply of rare earth materials due to export controls has led to price increases, benefiting companies like Huayang New Materials and Jiuwu High-Tech with stock increases of 10.10% and 20.02% [28][29] Huawei Harmony - Huawei's upcoming product launch is expected to positively impact related stocks, with companies like Dongfang Zhongke and Dahua Intelligent seeing stock increases of 10.01% and 9.94% [30]

证券代码：000935 证券简称：四川双马 公告编号：2025-24 四川和谐双马股份有限公司 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、误导性陈述或者重大遗漏。 重要内容提示： 股权登记日：2025 年 5 月 13 日 是否提供网络投票：是 四川和谐双马股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）刊登《关于召开 2024 年度股 东大会的通知》。由于本次股东大会将通过深圳证券交易所交易系统和互联网投 票系统向公司股东提供网络形式的投票平台，现公告 2024 年度股东大会的提示 性公告。 根据公司第九届董事会第十四次会议决议，公司定于 2025 年 5 月 21 日召开 一、召开会议的基本情况 四川和谐双马股份有限公司董事会。根据公司第九届董事会第十四次会议决 议，公司定于2025年5月21日召开2024年度股东大会。 本次股东大会会议的召开符合有关法律、行政法规、部门规章、规范性文件、 相关业务规则和公司章程的规定。 现场会议召开时间：2025年5月21日下午2:00整。 网络投票时间： ...

股权登记日：2025 年 5 月 13 日 证券代码：000935 证券简称：四川双马 公告编号：2025-24 四川和谐双马股份有限公司 关于召开2024年度股东大会的提示性公告 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、误导性陈述或者重大遗漏。 重要内容提示： 股东大会召开日期：2025 年 5 月 21 日 是否提供网络投票：是 四川和谐双马股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）刊登《关于召开 2024 年度股 东大会的通知》。由于本次股东大会将通过深圳证券交易所交易系统和互联网投 票系统向公司股东提供网络形式的投票平台，现公告 2024 年度股东大会的提示 性公告。 根据公司第九届董事会第十四次会议决议，公司定于 2025 年 5 月 21 日召开 2024 年度股东大会。现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次。 2024年度股东大会。 2、股东大会的召集人。 四川和谐双马股份有限公司董事会。根据公司第九届董事会第十四次会议决 议，公司定于2025年5月 ...

Investment Rating - The report maintains a positive investment outlook for the brokerage sector, indicating potential for double-digit growth in performance due to supportive policies and high market activity [2][3]. Core Insights - The brokerage sector is experiencing a mismatch between high profitability and low valuation, with a price-to-book (PB) ratio of 1.2x as of May 9, which is at the 21st percentile over the past decade. This divergence is expected to correct as policy and merger catalysts continue to emerge [1][2]. - The report highlights three main investment themes: (1) Increased expectations for brokerage mergers, (2) Recovery in consumer loan demand benefiting from policy support, and (3) Specific opportunities in companies like Sichuan Shuangma, which has a strong position in the technology sector and improved exit channels [2][3]. Summary by Sections Market Review - The A-share market saw the CSI 300 index increase by 2.0%, with the non-bank financial sector rising by 1.7%, underperforming the CSI 300 by 0.3 percentage points [8]. Data Tracking - Brokerage trading activity is robust, with an average daily trading volume of 13,534 billion CNY, up 22.6% week-on-week. The new issuance of equity mutual funds in the first four months of 2025 reached 1589.2 million units, a year-on-year increase of 113.3% [12]. - In the investment banking sector, the total fundraising from IPOs and refinancing in April 2025 was 247 billion CNY and 1,671 billion CNY, respectively, showing a year-on-year decline of 6% and an increase of 51% [12]. Industry Dynamics - The report notes that the People's Bank of China and the China Securities Regulatory Commission have allowed various financial institutions, including insurance funds, to invest in technology innovation bonds, which is expected to enhance investment opportunities in the sector [34].

Core Insights - The social security fund, managing 8 trillion yuan of national pension funds, is aggressively acquiring high-quality assets in the A-share market, which has a total market value of 100 trillion yuan [1][5] - A notable state-owned enterprise has seen its shares significantly increased by the social security fund, with a holding of 25.23 million shares and a remarkable growth of 4543% in its first-quarter report [3][4] Investment Trends - The first quarter is a critical period for institutional investors to position themselves for the year, and the investment moves of the social security fund often attract attention in the A-share market, potentially leading to unexpected returns [4] - In Q1 2023, the social security fund increased its holdings in a leading consumer software company by 2.8 million shares, resulting in a stock price surge of 460% [4] - In Q1 2024, the fund acquired 1.52 million shares of a leading CPO industry company, which subsequently saw its stock price double [4] Performance of Selected Companies - **Meige Intelligent**: Q1 expected growth of 611.31%, with the social security fund purchasing 22.59 million yuan worth of shares. The company specializes in wireless communication and has established partnerships with major enterprises [8] - **Haopeng Technology**: Q1 expected growth of 925.59%, with the fund buying 126 million yuan worth of shares. The company focuses on secondary battery technology and has a strong customer base [9] - **Chengdian International**: Q1 expected growth of 1327.65%, with the fund acquiring 22.44 million yuan worth of shares. The company operates in the public utility sector with a monopoly advantage [10] - **Limin Co., Ltd.**: Q1 expected growth of 1395.38%, with the fund purchasing 54.85 million yuan worth of shares. The company is a leading pesticide manufacturer with a strong market presence [11] - **Sichuan Shuangma**: Q1 expected growth of 1276.50%, with the fund buying 150 million yuan worth of shares. The company has successfully transitioned from traditional cement to private equity investment management [12] - **Leading ICT Infrastructure Company**: Q1 expected growth of 4726.52%, with the fund acquiring 25.24 million yuan worth of shares. The company is a key supplier for major internet firms and has seen foreign and insurance capital investments [13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][13]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.075 billion RMB, down 11.87% year-on-year, and net profit at 309 million RMB, down 68.61% year-on-year [2][4]. - The first quarter of 2025 showed a recovery in revenue, reaching 325 million RMB, up 52.53% year-on-year, primarily due to the consolidation of Shenzhen Jianyuan and a recovery in cement sales [2][3]. - The private equity business is expected to recover as project exits accelerate, with potential excess performance compensation of 1.023 billion RMB anticipated by the end of 2024 [3][4]. Summary by Sections Performance Overview - In Q4 2024, the company achieved total revenue of 330 million RMB and net profit of 65 million RMB, reflecting declines of 20.16% and 79.56% year-on-year, respectively [2]. - The decline in 2024 was attributed to capital market fluctuations affecting the fair value of invested projects and a significant drop in sales volume and prices in the building materials sector [2]. Business Segments - Private equity business revenue for 2024 was 452 million RMB, down 2.93% year-on-year, with expectations of declining management fee income as project exits accelerate [3]. - The building materials segment generated 594 million RMB in revenue for 2024, down 21.19% year-on-year, due to weak market demand in real estate and infrastructure [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 650 million RMB, 990 million RMB, and 1.376 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 111%, 52%, and 39% [4]. - A price-to-earnings ratio of 28 times is applied for the year 2025 [4].

Core Viewpoint - Sichuan Shuangma reported a significant decline in 2024 revenue and net profit, primarily due to capital market fluctuations and decreased sales in the building materials sector [1][2] Financial Performance - In 2024, the company achieved revenue of 1.075 billion, down 11.87% year-on-year, and a net profit of 309 million, down 68.61% year-on-year [1] - For Q4 2024, total revenue and net profit were 330 million and 65 million respectively, reflecting year-on-year declines of 20.16% and 79.56% [1] - In Q1 2025, revenue reached 325 million, up 52.53% year-on-year, while net profit surged to 117 million, up 1236.09% year-on-year [1] Business Segments - Private equity business revenue in 2024 was 452 million, down 2.93% year-on-year, with expected performance fees of 1.023 billion if all investments exit at current fair values [2] - The biopharmaceutical segment generated revenue of 29 million in 2024, with Shenzhen Jianyuan included in the consolidated financials from November 6, 2024 [2] - The building materials segment faced weak market demand, resulting in revenue of 594 million in 2024, down 21.19% year-on-year [2] Profit Forecast and Valuation - The company is expected to see a recovery in private equity business driven by co-investment returns, with potential listings of invested companies anticipated in the near future [3] - Projected net profits for 2025-2027 are 650 million, 990 million, and 1.38 billion respectively, reflecting year-on-year growth rates of 111%, 52%, and 39% [3] - A price-to-earnings ratio of 28 is anticipated for 2025, maintaining a "buy" rating [3]

四川和谐双马股份有限公司 2024 年度监事会工作报告 一、2024 年监事会会议召开情况 | 会议名称 | 会议时间 | 会议议案 | | --- | --- | --- | | 第九届监事会第五次会议 | 2024 年 4 月 28 日 | 1.《2023 年年度报告及摘要》 | | | | 2.《2023 年度监事会工作报告》 | | | | 3.《2023 年度内部控制评价报告》 | | | | 4.《2023 年度利润分配预案》 | | | | 5.《2024 年第一季度报告》 | | | | 6.《关于购买董监高责任保险的议案》 | | | | 7.《关于修改<公司章程>的议案》 | | 第九届监事会第六次会议 | 2024 年 8 月 29 日 | 《2024 年半年度报告和摘要》 | | 第九届监事会第七次会议 | 2024 年 10 月 29 日 | 《2024 年第三季度报告》 | 二、2024 年工作重点 公司监事会向全体股东负责，基于适当、有效的组织架构，独立 运作，按照依法合规、客观公正、科学有效的原则，运用检查、质询 权，对董事会、高级管理层及其人员履职情况、全面财务管理、内部 控 ...