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].

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 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 ...

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 ...

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） 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 二〇二五年十月 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 2025 年度向特定对象发行 A 股股票募集说明书（修订稿）》（以下简称"募 集说明书"）一致。 本问询函回复中的字体： | 审核问询函所列问题 | 黑体（不加粗） | | --- | --- | | 审核问询函所列问题的回复 | 宋 ...