（文章来源：证券日报） 证券日报网讯华西股份9月16日在互动平台回答投资者提问时表示，公司董事会战略委员会由吴协恩先 生、薛健先生、承军先生三人组成。 ...

（文章来源：证券日报） 证券日报网讯华西股份9月16日在互动平台回答投资者提问时表示，公司本届董事会成员任期至2026年 11月2日，届时请关注公司在法定信息披露媒体上发布的相关公告。 ...

Core Viewpoint - Jiangsu Huaxi Village Co., Ltd. is undergoing a significant equity acquisition process, with the Jiangyin Municipal Government's State-owned Assets Supervision and Administration Office (SASAC) indirectly controlling 38.61% of the shares through a series of equity transfers and restructuring efforts aimed at optimizing state-owned capital layout and promoting high-quality development in the region [3][5][6]. Group 1: Acquisition Overview - The acquisition involves the transfer of 51% equity of Ningxiu Construction from Huashi Comprehensive Service Center to Jiangyin SASAC, allowing the latter to control 82,129,483 shares of Huaxi Co., representing 9.27% of the total share capital [5]. - The acquisition does not change the direct controlling shareholder or actual controller of Huaxi Co., which remains Huaxi Group and Jiangyin SASAC, respectively [6][9]. - The acquisition is in compliance with the regulations that exempt it from triggering a mandatory tender offer [5]. Group 2: Compliance and Reporting - The financial advisor confirms that all necessary reporting and disclosure obligations related to the acquisition have been fulfilled by the acquirer and the listed company [6][10]. - The acquirer has provided commitments to maintain the independence of the listed company, avoid competition, and reduce related party transactions [6]. Group 3: Business Operations and Changes - During the supervision period, there have been no significant changes in the main business operations of the listed company [7]. - The company has approved the transfer of shares in a subsidiary, Solstice Optoelectronics, totaling 65,496,500 shares for a total consideration of $20,026.86 million, which is currently in progress [7]. - There have been no major asset sales, mergers, or joint ventures during this period, and the company has not engaged in significant asset purchases or swaps [7]. Group 4: Governance and Management - The company has undergone changes in its board and management personnel, including the election of a new employee director and the resignation of several supervisory board members [8]. - The company has revised its articles of association and governance rules to align with regulatory requirements and operational needs [8]. - There have been no significant changes in employee hiring or dividend policies during the supervision period [9]. Group 5: Summary of Continuous Supervision - The financial advisor concludes that Jiangyin SASAC has complied with all reporting and operational requirements during the acquisition process, with no violations of public commitments identified [10].

关于江苏华西村股份有限公司 江苏华西村股份有限公司收购报告书之 2025 年第二季度持续督导意见 国联民生证券承销保荐有限公司 收购报告书 之 2025 年第二季度 持续督导意见 财务顾问 中国（上海）自由贸易试验区浦明路 8 号 签署日期：二〇二五年九月 江苏华西村股份有限公司收购报告书之 2025 年第二季度持续督导意见 声 明 国联民生保荐接受信息披露义务人江阴市人民政府国有资产监督管理办公 室的委托，担任其收购江苏华西村股份有限公司股权之财务顾问。根据《上市公 司收购管理办法》第六十九条、第七十一条、《上市公司并购重组财务顾问业务 管理办法》第三十一条等有关规定，持续督导期自上市公司公告收购报告书之日 起至本次权益变动完成后 12 个月止。 华西股份于 2025 年 8 月 29 日披露了 2025 年半年度报告，通过日常沟通和 审慎核查，结合华西股份 2025 年半年度报告及其他相关公告，国联民生保荐出 具本持续督导意见。 本财务顾问特别提醒投资者注意，本持续督导意见不构成对上市公司的任何 投资建议；投资者根据本持续督导意见所做出的任何投资决策而产生的相应风 险，本财务顾问不承担任何责任。 本财务顾 ...

Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

Group 1 - The chemical fiber sector increased by 0.84% on September 1, with Huaxi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Huaxi Co., Ltd. saw a closing price of 8.43, with a significant increase of 10.05% and a trading volume of 522,200 shares [1] Group 2 - The chemical fiber sector experienced a net inflow of 132 million yuan from main funds, while retail investors saw a net outflow of 57.99 million yuan [2] - The top gainers in the chemical fiber sector included Huaxi Co., Ltd. with a net inflow of 145 million yuan, accounting for 34.36% of the main fund inflow [3] - Conversely, Tongyi Zhong experienced a significant decline of 10.90%, closing at 20.68 with a trading volume of 219,400 shares [2]

Group 1 - The core viewpoint of the news is that Huaxi Co., Ltd. has seen a significant increase in its stock price, rising by 5.09% to 8.05 CNY per share, with a trading volume of 202 million CNY and a market capitalization of 7.132 billion CNY [1] - Huaxi Co., Ltd. is primarily engaged in the research, production, and sales of polyester fibers, with its main business revenue composition being 78.34% from polyester staple fiber, 16.57% from other sources, and 5.09% from warehousing services [1] Group 2 - From the perspective of fund holdings, Huaxi Co., Ltd. is a significant investment for Hai Futong Fund, with its Hai Futong CSI 2000 Enhanced Strategy ETF holding 18,500 shares, accounting for 0.93% of the fund's net value, ranking as the sixth largest holding [2] - The Hai Futong CSI 2000 Enhanced Strategy ETF has shown impressive performance, with a year-to-date return of 46.38% and a one-year return of 98.53%, ranking 359 out of 4222 and 296 out of 3779 respectively [2] Group 3 - The fund manager of the Hai Futong CSI 2000 Enhanced Strategy ETF is Li Ziw, who has been in the position for 2 years and 200 days, managing a total fund size of 292 million CNY, with the best return during his tenure being 74.03% [3]

Group 1 - The core point of the article highlights the financial performance and shareholder changes of Huaxi Co., Ltd. as of mid-2025, indicating a significant increase in net profit and a planned cash dividend distribution [2][4] Group 2 - As of August 29, 2025, Huaxi Co., Ltd. closed at 7.66 yuan, down 3.65%, with a turnover rate of 6.04% and a trading volume of 535,500 shares, amounting to a transaction value of 413 million yuan [1] - On August 29, 2025, the net inflow of main funds was 27.54 million yuan, while retail investors experienced a net outflow of 31.21 million yuan [1][4] - As of June 30, 2025, the number of shareholders decreased by 3,149 to 67,800, a reduction of 4.44%, while the average shareholding increased to 13,100 shares, with an average market value of 89,900 yuan [1][4] Group 3 - The mid-2025 financial report shows Huaxi Co., Ltd. achieved a main revenue of 1.637 billion yuan, a year-on-year increase of 5.28%, and a net profit attributable to shareholders of 166 million yuan, up 109.15% year-on-year [2][4] - In Q2 2025, the company reported a single-quarter main revenue of 865 million yuan, a decrease of 4.68% year-on-year, while the net profit attributable to shareholders rose by 179.41% to 110 million yuan [2] - The company announced a cash dividend of 0.20 yuan per 10 shares (tax included), with a total proposed distribution of 17.72 million yuan based on the total share capital of 886,012,887 shares as of June 30, 2025 [2][4]

Financial Performance - Company reported total revenue of 1.637 billion yuan, an increase of 5.28% year-on-year [1] - Net profit attributable to shareholders reached 166 million yuan, up 109.15% year-on-year [1] - In Q2, total revenue was 865 million yuan, a decrease of 4.68% year-on-year, while net profit was 110 million yuan, an increase of 179.41% year-on-year [1] - Gross margin increased by 40.91% to 7.46%, and net margin increased by 98.66% to 10.14% [1] - Total selling, administrative, and financial expenses amounted to 46.8581 million yuan, accounting for 2.86% of revenue, a year-on-year increase of 5.44% [1] - Earnings per share rose to 0.19 yuan, an increase of 111.11% year-on-year [1] Return on Investment - Last year's Return on Invested Capital (ROIC) was 2.34%, indicating weak capital returns [2] - Historical median ROIC over the past 10 years is 4.43%, with the worst year being 2020 at -0.37% [2] - Company has reported a total of 25 annual reports since its listing, with one year of losses, suggesting a need for further investigation into underlying causes [2] Debt and Cash Flow - Company has a healthy cash asset position [3] - Cash flow situation is a concern, with cash assets to current liabilities ratio at 65.65% and average operating cash flow to current liabilities at only 0.22% over the past three years [4] - Financial expenses have reached 773.47% of the average operating cash flow over the past three years, indicating potential financial strain [4] - Accounts receivable have reached 124.19% of profit, suggesting a need for closer monitoring [4]

Group 1 - The company approved the 2025 semi-annual profit distribution plan at the 11th meeting of the 9th board of directors, which does not require further submission to the shareholders' meeting [1] - The company reported a net profit attributable to shareholders of 166,011,420.16 yuan for the first half of 2025, with the parent company achieving a net profit of 47,040,758.07 yuan [1] - As of June 30, 2025, the parent company has accumulated undistributed profits of 3,174,324,436.71 yuan [1] Group 2 - The profit distribution plan involves a cash dividend of 0.20 yuan (including tax) for every 10 shares, with a total cash dividend amounting to 17,720,257.74 yuan (including tax) based on a total share capital of 886,012,887 shares as of June 30, 2025 [2] - The company will not issue bonus shares or conduct capital reserve transfers to increase share capital in this distribution [2] - The profit distribution plan complies with relevant regulations and considers the company's operating performance, development, and shareholder returns [2]