Core Insights - Hunan Hualian Ceramics Co., Ltd. (referred to as "Huaci Co.") reported a revenue of approximately 1.133 billion yuan for the first three quarters of this year, representing a year-on-year growth of 15.32% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached about 182 million yuan, marking a year-on-year increase of 19.92% [1] - The growth in Huaci Co.'s performance is attributed to a combination of globalization strategy, product upgrades, cost control, and policy support [1] Revenue and Profit Performance - The company achieved a revenue of approximately 1.133 billion yuan, reflecting a 15.32% increase compared to the previous year [1] - The net profit attributable to shareholders, after excluding non-recurring items, was around 182 million yuan, which is a 19.92% increase year-on-year [1] Business Strategy and Product Development - The explosive growth in the high-end ceramic wine bottle business is a key driver, leveraging underglaze colorful intangible cultural heritage craftsmanship and customized designs to penetrate the supply chain of leading liquor companies [1] - The company emphasizes research and development, with new technologies applied to the high-end gift porcelain series, and the "Red Official Kiln" positioned in the high-end gift porcelain market, gaining consumer recognition [1] International Expansion - To further open international market channels, Huaci Co. is accelerating the "ASEAN Ceramic Valley" project in Vietnam, with preliminary preparations for the infrastructure completed and production expected to gradually commence in 2026 [1] - The production at this base is anticipated to lead to an increase in exports to the European Union, benefiting from Vietnam's labor cost advantages and geographical benefits, which will help reduce logistics costs and shorten delivery times while enhancing service capabilities for major clients in Europe and the United States [1]

Core Insights - The company reported a third-quarter revenue of 407 million, representing a year-on-year increase of 1.19% [1] - The net profit for the third quarter was 69.19 million, showing a year-on-year decrease of 1.14% [1] - For the first three quarters of 2025, the total revenue reached 1.133 billion, reflecting a year-on-year growth of 15.32% [1] - The net profit for the first three quarters was 189 million, which is a year-on-year increase of 12.17% [1]

Core Viewpoint - Huaci Co., Ltd. reported a revenue of 1.133 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.32% [1] - The net profit attributable to shareholders reached 189 million yuan, marking a year-on-year increase of 12.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 182 million yuan, showing a year-on-year growth of 19.92% [1] Financial Performance - Revenue for the first three quarters: 1.133 billion yuan, up 15.32% year-on-year [1] - Net profit attributable to shareholders: 189 million yuan, up 12.17% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 182 million yuan, up 19.92% year-on-year [1]

Group 1 - Company Huaci Co., Ltd. reported a revenue of approximately 1.133 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.32% [1] - The net profit attributable to shareholders of the listed company was approximately 189 million yuan, showing a year-on-year increase of 12.17% [1] - The basic earnings per share were 0.7505 yuan, which is a year-on-year increase of 12.18% [1] Group 2 - As of the report date, the market capitalization of Huaci Co., Ltd. was 3.9 billion yuan [2]

证券代码：001216 证券简称：华瓷股份 公告编号：2025-084 湖南华联瓷业股份有限公司 第六届董事会第二次会议决议公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 湖南华联瓷业股份有限公司第六届董事会第二次会议于 2025 年 10 月 24 日 以现场加通讯方式召开，会议通知于 2025 年 10 月 13 日发出。会议由董事长许 君奇先生主持，应到董事九名，实到董事九名。会议召开符合《公司法》和《公 司章程》的规定。与会董事经投票表决，会议逐项审议并通过了以下决议： 二、董事会会议审议事项 1、审议通过《关于公司 2025 年三季度报告的议案》 议案内容：公司已按照《公司法》《证券法》《深圳证券交易所股票上市规 则》等相关法律、法规和规范性文件的规定编制了 2025 年三季度报告，具体内 容详见同日刊登在巨潮资讯网的《2025 年三季度报告》。 表决结果：同意票 9 票，反对票 0 票，弃权 0 票，回避 0 票。 三、备查文件 1、第六届董事会第二次会议决议。 特此公告。 湖南华联瓷业股份有限公司 董事会 2025 ...

Revenue and Profit - The company's revenue for Q3 2025 was CNY 406,531,564.41, representing a 1.19% increase year-over-year, while the year-to-date revenue reached CNY 1,132,942,425.44, up 15.32% compared to the same period last year [5] - The net profit attributable to shareholders for Q3 2025 was CNY 69,187,239.41, a decrease of 1.14% year-over-year, while the year-to-date net profit was CNY 189,017,374.42, an increase of 12.17% [5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2025 was CNY 71,348,236.12, up 7.09% year-over-year, with a year-to-date figure of CNY 181,825,919.47, reflecting a 19.92% increase [5] - Total operating revenue increased to ¥1,132,942,425.44, up from ¥982,415,096.24, representing a growth of approximately 15.3% year-over-year [19] - Net profit attributable to shareholders increased to ¥189,017,374.42, compared to ¥168,505,185.03, marking a growth of approximately 12.2% [20] - The company reported a comprehensive income total of ¥181,609,957.73, up from ¥168,398,874.36, indicating an increase of about 7.3% [20] - Earnings per share (EPS) for the period was ¥0.7505, compared to ¥0.669 in the previous period, showing an increase of approximately 12.2% [20] Cash Flow - The company's cash flow from operating activities for the year-to-date period was CNY 289,741,178.51, showing a significant increase of 139.73% compared to the previous year [5] - Cash generated from operating activities was ¥1,147,192,993.29, compared to ¥974,558,856.58, representing a growth of about 17.7% [22] - Operating cash inflow totaled $1,231,391,761.62, an increase from $1,042,172,671.81 year-over-year [23] - Net cash flow from operating activities reached $289,741,178.51, significantly up from $120,861,120.40 [23] - Investment cash inflow amounted to $454,193,680.35, compared to $384,812,464.39 in the prior year [23] - Net cash flow from investment activities was $142,766,539.81, a recovery from a negative $78,664,572.78 [23] - The net increase in cash and cash equivalents was $329,717,345.63, contrasting with a decrease of $26,027,181.12 last year [24] - The ending balance of cash and cash equivalents stood at $744,294,575.00, up from $449,308,060.10 [24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,190,994,746.93, a 4.15% increase from the end of the previous year [5] - Total current assets at the end of the reporting period amount to ¥1,174,608,422.34, a decrease from ¥1,245,640,809.23 at the beginning of the period [15] - Total non-current assets increased to ¥1,016,386,324.59 from ¥858,059,040.18 [15] - Total liabilities increased to ¥373,345,548.15 from ¥369,378,580.29, a rise of approximately 1.9% [16] - Total equity attributable to shareholders rose to ¥1,808,368,624.27, compared to ¥1,725,597,160.56, reflecting an increase of about 4.8% [16] - Non-current liabilities totaled ¥100,182,227.74, up from ¥91,421,839.22, representing an increase of about 9.4% [16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,295 [12] - The largest shareholder, Liling Zhiyu Investment Co., holds 45.26% of shares, totaling 114,000,000 shares [12] - The second-largest shareholder, Xinhua Lian Asia Investment Co., holds 16.28% of shares, totaling 41,000,000 shares, with 40,000,000 shares pledged [12] - The company has no preferred shareholders or significant changes in shareholder structure reported [14] Investments - The company made significant investments in equity, with long-term equity investments rising by 99.53% to CNY 93,112,122, attributed to new investments in Jiangxi Jinhui and Hunan Kehui [8] - The company reported a 281.49% increase in cash flow from investing activities, totaling CNY 142,766,539, primarily due to the recovery of financial products [10] Other Financial Metrics - The weighted average return on equity decreased to 3.89%, down 9.95% year-over-year, while the year-to-date return on equity was 10.59%, an increase of 3.12% [5] - The company experienced a 120.37% increase in other payables, reaching CNY 10,749,304, mainly due to an increase in dividends payable [8] - Accounts receivable rose to ¥134,043,790.74 from ¥124,880,852.14 [15] - Inventory decreased to ¥160,511,180.25 from ¥184,837,100.86 [15] Audit Information - The third quarter financial report was not audited [25]

Core Insights - The article discusses the practice of companies entrusting business operations to relatives, using the cases of Huaci Co. and Jinsong New Materials as examples [1][7]. Group 1: Company Overview - Huaci Co. specializes in daily ceramic products, which require simple packaging due to their fragility [3]. - Approximately 40% of Huaci's packaging procurement is handled by Huacai Packaging, a company fully controlled by the nephew of Huaci's actual controller [3]. Group 2: Financial Transactions - In 2023, Huaci Co. paid Huacai Packaging 48.25 million yuan for packaging services, which increased to 54.17 million yuan in 2024, and 25.69 million yuan in the first half of 2025 [3]. - Huacai Packaging derives about 65% of its revenue from Huaci Co. [3]. Group 3: Related Party Transactions - Due to limited facilities and production capacity, Huaci Co. rents space and equipment from Yucha Ceramics, paying an annual rent of 4 million yuan and commissioning them for ceramic processing [5]. - In 2023, Huaci Co. paid a total of 10.43 million yuan to Yucha Ceramics for rent and processing fees, which decreased to 5.12 million yuan in 2024 [5]. - Yucha Ceramics is partially owned (40%) by the niece of Huaci's actual controller, and it does not provide similar services to other parties [5].

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） 二〇二五年十月 | 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10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 ...

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） 二〇二五年十月 | 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 ...