Group 1 - The event held by Huaci Co., Ltd. was the "2025 Hunan Listed Companies Collective Reception Day and Semi-Annual Performance Briefing," attracting significant investor attention [1] - The event featured 11 individual investors from various regions, with a participation rate of 9.09% from each region including Qinghai, Shanghai, Guangxi, Shanxi, Fujian, Sichuan, Inner Mongolia, Henan, Zhejiang, and Shaanxi [1] - The company received 14 investor questions during the briefing, responding to 11 of them, resulting in a response rate of 78.57% [1] Group 2 - The focus of investor inquiries was primarily on dividend-related issues, operational conditions, stock price and market value, performance clarifications, corporate governance, and social responsibility [2] - The most common topic was performance clarification, with 5 questions accounting for 35.71% of the total inquiries [2] - Only one question related to corporate governance and social responsibility, representing 7.14% of the inquiries [2] Group 3 - A total of 8 media outlets reported on the performance briefing event, including Zhongcai.com, Securities Star, Securities Times, and others [3] - There were 14 news articles published across various media platforms, providing timely coverage of the event [3]

Group 1: Financial Performance - The company's revenue in the first half of 2025 increased by 25.1% year-on-year, while net profit attributable to shareholders grew by 21.63% [2] - The gross profit margin for the first half of 2025 was 33.04%, a decrease of 1.08 percentage points compared to the same period last year [2] - The net profit growth rate in the second quarter of 2025 reached 31.51%, indicating strong performance in the industry [3] Group 2: Research and Development - R&D investment for 2024 is projected to be 67.9 million yuan, accounting for over 5% of revenue [1] - In the first half of 2025, R&D expenditure was 31.92 million yuan, reflecting a year-on-year increase of 4.78% [2] - The company holds 503 patents, indicating a strong focus on innovation [1] Group 3: Market Strategy and Expansion - The company plans to invest 1.438 billion yuan in the "ASEAN Ceramic Valley" project, which is expected to add 165 million pieces of colored glaze ceramic capacity, accounting for 40% of current capacity [4] - The company aims to diversify its customer base, as the top two clients account for over 60% of revenue [3] - The establishment of a research center in Shenzhen is part of the strategy to enhance innovation and design capabilities [1] Group 4: Export and International Relations - The proportion of foreign sales reached 71.06%, with key clients including IKEA and William Sonoma [2] - The company faces a 16.5% anti-dumping tax on exports to the EU, but the new Vietnam base will reduce tariffs to 3%, potentially increasing export share [2] - The company has maintained growth in EU exports despite the anti-dumping measures since 2011 [2] Group 5: Risk Management - The company has identified 12 internal risks and 291 related risks, primarily involving legal disputes [4] - Measures have been implemented to ensure compliance and manage related transactions effectively [4] - Accounts receivable accounted for 70.35% of net profit in the first half of 2025, with an average collection period of about one month [5]

Overview - The report summarizes the 2025 Hunan Listed Companies Collective Reception Day and Semi-Annual Performance Briefing held by Huaci Co., Ltd. [1][2] - A total of 14 investor questions were received, with 11 responses provided, resulting in a response rate of 78.57% [2][4]. Guest Response Analysis - The only guest responding was the Board Secretary, Peng Long, who answered all 11 questions [4]. - The overall response rate from the guest was 78.57% [4]. Investor Participation - 11 investors participated in the Q&A session, all of whom were individual investors, representing 100% of the participants [5][6]. - Geographic distribution of questions showed that Qinghai, Shanghai, and Guangxi were the top three regions, each contributing 9.09% of the questions [5][11]. - 90.91% of the questions were submitted via PC, while 9.09% were from mobile users [5]. Question Content Analysis - The focus of investor questions included: - **Operating Conditions**: 8 questions (57.14%) - **Performance Clarifications**: 5 questions (35.71%) - **Corporate Governance and Social Responsibility**: 1 question (7.14%) - No questions were related to dividends or stock price and market value [12][15]. Media Coverage - The event was covered by 8 media outlets, including: - CFI.cn - Stockstar.com - Securities Times - Eastmoney.com - Hexun.com - KJW.cc [16]. - A total of 14 news articles were published regarding the event [17].

Market Overview - The home goods sector increased by 0.73% on September 19, with Yuma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Top Performers - Yuma Technology (300993) closed at 20.26, up 20.02% with a trading volume of 374,600 shares and a transaction value of 713 million [1] - Hangu Group (001221) closed at 61.28, up 10.00% with a trading volume of 107,300 shares and a transaction value of 628 million [1] - Zhiou Technology (301376) closed at 21.69, up 9.27% with a trading volume of 107,700 shares and a transaction value of 225 million [1] Underperformers - Meike Home (600337) closed at 2.43, down 10.00% with a trading volume of 2,232,500 shares and a transaction value of 572 million [2] - Del Future (002631) closed at 4.99, down 6.38% with a trading volume of 842,200 shares and a transaction value of 427 million [2] - Meizhi Gao (834765) closed at 23.90, down 4.97% with a trading volume of 36,600 shares and a transaction value of 87.72 million [2] Capital Flow - The home goods sector saw a net inflow of 79.993 million from institutional investors, while retail investors experienced a net outflow of 114 million [2] - The top three stocks with significant net inflows from institutional investors include Yuma Technology (93.0624 million), Hangu Group (72.2653 million), and Lege Co. (65.6024 million) [3] Summary of Individual Stocks - Yuma Technology had a net inflow of 93.0624 million from institutional investors, but a net outflow of 36.9623 million from retail investors [3] - Hangu Group experienced a net inflow of 72.2653 million from institutional investors, with a net outflow of 34.3906 million from retail investors [3] - Lege Co. had a net inflow of 65.6024 million from institutional investors, but a significant net outflow of 58.6817 million from retail investors [3]

Core Viewpoint - Huaci Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, detailing its business operations, related transactions, and fundraising projects, showcasing the company's business layout and development trends [1] Group 1: Business Operations - Huaci's export revenue accounted for 67.20%, 62.84%, 71.06%, and 65.27% over the reporting periods, with major clients including IKEA, Guizhou Moutai, and Wuliangye, indicating a stable customer structure [2] - The global ceramics market is on an upward trend, with China being the largest producer, exporter, and consumer of ceramic products, particularly in daily-use ceramics, where Huaci holds significant advantages [2] - The company has a high customer concentration but maintains stable cooperation with major clients, aligning with industry norms, and does not face significant dependency or substitution risks [2] Group 2: Related Transactions - Huaci has frequent related transactions with major parties such as Huacai Packaging and Yucha Ceramics, which are necessary for production and have been verified for fair pricing [3] - The pricing mechanism for related transactions is reasonable, and comparisons with non-related party transactions confirm their fairness [3] - Overall, related transactions have a minimal impact on the company's operating performance and do not constitute unfair transactions [3] Group 3: Fundraising Projects - The total investment for the fundraising project is approximately 1.44 billion yuan, with 700 million yuan raised for the ASEAN Ceramic Valley project in Vietnam, which aims to produce color-glazed ceramics with an additional annual capacity of 16.53 million pieces [4] - The project targets both existing and new overseas customers, with a favorable market environment and strong product competitiveness, ensuring high sales certainty and reasonable capacity planning [4] - The project is expected to generate annual revenue of 1.41 billion yuan and a net profit of 271.92 million yuan after reaching full capacity, with an internal rate of return of 14.25%, indicating cautious and reasonable benefit assessments [4]

中原证券股份有限公司 关于湖南华联瓷业股份有限公司 2025 年度向特定对象发行 A 股股票并在主板上市 之 上市保荐书 保荐人（主承销商） （地址：郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年九月 | 目 | 录 1 | | --- | --- | | 声 | 明 2 | | 第一节 | 本次证券发行的基本情况 3 | | | 一、发行人基本情况 3 | | | 二、发行人存在的主要风险 7 | | | 三、本次保荐的发行人证券发行情况 12 | | | 四、保荐人、保荐代表人及其他项目人员情况 15 | | | 五、保荐人与发行人关联关系情况的说明 16 | | | 六、保荐人内部审核程序及内核意见 17 | | 第二节 | 保荐人的承诺事项 19 | | 第三节 | 保荐人对本次证券上市符合上市条件的推荐意见 21 | | | 一、关于本次向特定对象发行股票并上市履行的决策程序的核查情况 21 | | | 二、发行人符合板块定位及国家产业政策的说明 21 | | | 三、本次发行符合《公司法》规定的发行股票的相关条件 22 | | | 四、本次发行符合《证券法》规定的发行股票的相关条件 ...

中原证券股份有限公司 关于湖南华联瓷业股份有限公司 2025 年度向特定对象发行 A 股股票并在主板上市 之 发行保荐书 保荐人（主承销商） （地址：郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年九月 | 目 录 | 1 | | --- | --- | | 明 声 | 2 | | 第一节 | 本次证券发行的基本情况 3 | | | 一、保荐人名称 3 | | | 二、保荐代表人及其他项目人员情况 3 | | | 三、本次保荐的发行人证券发行情况 4 | | | 四、发行人基本情况 7 | | | 五、保荐人与发行人关联关系情况的说明 11 | | | 六、保荐人内部审核程序及内核意见 12 | | 第二节 | 保荐人的承诺事项 14 | | | 一、保荐人关于发行保荐书出具依据的承诺 14 | | | 二、保荐人的承诺 14 | | 第三节 | 保荐人对本次证券发行的推荐意见 15 | | | 一、关于本次向特定对象发行股票并上市履行的决策程序的核查情况 15 | | | 二、本次发行符合《公司法》规定的发行股票的相关条件 15 | | | 三、本次发行符合《证券法》规定的发行股票的相关条件 1 ...

湖南启元律师事务所 关于湖南华联瓷业股份有限公司 2025年度向特定对象发行股票的 补充法律意见书（一） 2025年9月 致：湖南华联瓷业股份有限公司 湖南启元律师事务所（以下简称"本所"）受湖南华联瓷业股份有限公司（以 下简称"华瓷股份"、"发行人"或"公司"）委托，担任发行人申请2025年度向特定 对象发行股票（以下简称"本次发行"）的专项法律顾问。 本所已就本次发行事宜出具了《湖南启元律师事务所关于湖南华联瓷业股份 有限公司2025年度向特定对象发行股票的律师工作报告》（以下简称"《律师工作 报告》"）及《湖南启元律师事务所关于湖南华联瓷业股份有限公司2025年度向 特定对象发行股票的法律意见书》（以下简称"《法律意见书》"）。 鉴于深圳证券交易所（以下简称"深交所"）上市审核中心于2025年8月29日 出具审核函〔2025〕120031号《关于湖南华联瓷业股份有限公司申请向特定对象 发行股票的审核问询函》（以下简称"《审核问询函》"）；发行人于2025年8月27 日披露了《湖南华联瓷业股份有限公司2025年半年度报告》（以下简称"《2025 年半年度报告》"），发行人本次发行的报告期调整为2022年度 ...

目 录 | 关于经营情况………………………………………………… 一、 | 第 1—40 | | 页 | | --- | --- | --- | --- | | 二、关于关联交易…………………………………………………第 | | 40—65 | 页 | | 三、关于本次募投项目……………………………………………第 | 65—100 | | 页 | | 四、关于前次募投项目………………………………………… 第 | 100—119 | | 页 | | 五、附件…………………………………………………………第 | 120—123 | | 页 | | （一）本所营业执照复印件…………………………………… | 第 | 120 | 页 | | （二）本所执业证书复印件…………………………………… | 第 | 121 | 页 | | （三）本所签字注册会计师执业证书复印件 ………… 第 | 122—123 | | 页 | 问询函专项说明 天健函〔2025〕2-191 号 深圳证券交易所： 由湖南华联瓷业股份有限公司（以下简称华瓷股份或公司）转来的《关于湖 南华联瓷业股份有限公司申请向特定对象发行股票的审核问询函》（审核函〔202 ...

湖南华联瓷业股份有限公司 及 中原证券股份有限公司 关于湖南华联瓷业股份有限公司 申请向特定对象发行股票 的审核问询函之回复报告 保荐人（主承销商） （地址：郑州市郑东新区商务外环路10号中原广发金融大厦） | 问题 | 1 | 3 | | --- | --- | --- | | 问题 | 2 | 46 | | 问题 | 3 | 73 | | 问题 | 4 | 80 | | 问题 | 5 | 139 | | 其他问题 | | 158 | 二〇二五年九月 深圳证券交易所： 根据贵所《关于湖南华联瓷业股份有限公司申请向特定对象发行股票的审核 问询函》（审核函〔2025〕120031 号，以下简称"《审核问询函》"）的要求，湖 南华联瓷业股份有限公司（以下简称"华瓷股份""发行人""公司"）会同中原 证券股份有限公司（以下简称"中原证券""保荐人"）、湖南启元律师事务所（以 下简称"启元律师""发行人律师"）、天健会计师事务所（特殊普通合伙）（以下 简称"天健会计师""发行人会计师"）对《审核问询函》的问题进行了逐项核查 并回复，请予审核。 如无特别说明，本回复报告中的简称或名词释义与《湖南华联瓷业股份有限 公司 ...