Company Overview - Full Name: Zhengzhou Suda Industrial Machinery Service Co., Ltd [1] - Abbreviation: Suda Co., Ltd [1] - Stock Code: 001277.SZ [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: September 3, 2024 [1] - Listing Board: Shenzhen Main Board [1] - Industry: Metal Products, Machinery and Equipment Repair [1] - IPO Sponsor: Guosen Securities [1] - IPO Underwriters: Guosen Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Issues: Required to clarify the statement of being a leading provider in the domestic aftermarket service and repair sector; needed to describe "information management advantages" in simpler terms; required to explain the reason for the change of signing accountant [1] - Regulatory Penalties: No deductions [1] - Public Supervision: No deductions [1] - Listing Cycle: Deductions applied; Suda Co., Ltd's listing cycle is 804 days, exceeding the average of 629.45 days for 2024 A-share listings [1] - Multiple Applications: Yes [1] - Issuance Costs: Underwriting and sponsorship fees amount to 56.5 million yuan, with a commission rate of 9.29%, higher than the average of 7.71% [1] Market Performance - First Day Performance: Stock price increased by 36.16% on the first day of listing [2] - Three-Month Performance: Stock price increased by 15.59% compared to the issue price within three months [2] Financial Metrics - Issuance Price-Earnings Ratio: Suda Co., Ltd's issuance P/E ratio is 15.05 times, which is 71.09% of the industry average of 21.17 times [3] - Actual Fundraising Ratio: Expected and actual fundraising amount is 608 million yuan [4] Short-Term Performance - Revenue: In 2024, the company's revenue decreased by 6.89% year-on-year [5] - Net Profit: The net profit attributable to the parent company decreased by 13.55% year-on-year [5] - Non-recurring Net Profit: The non-recurring net profit attributable to the parent company decreased by 15.82% year-on-year [5] - Abandonment Rate: The abandonment rate is 1.02% [5] Overall Score - Total Score: Suda Co., Ltd's IPO project total score is 79.5, classified as Grade C [5] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, multiple applications, high issuance cost rate, revenue and profit decline in the first accounting year, abandonment rate of 1.02% [5]

Core Viewpoint - Zhengzhou Suda Industrial Machinery Service Co., Ltd. is set to release 27,936,988 shares for trading, which accounts for 36.76% of the company's total share capital, on September 3, 2025, following the lifting of restrictions on shares issued prior to its initial public offering (IPO) [3][4][33]. Group 1: Share Release Details - The number of shares to be released is 27,936,988, representing 36.76% of the total share capital of the company [3][33]. - The shares will become tradable on September 3, 2025 [4][33]. - The company has not experienced any changes in share capital due to events such as share issuance, buybacks, or stock dividends since its listing [5][42]. Group 2: Shareholder Commitments - A total of 22 shareholders are involved in the application for lifting the share restrictions, all of whom have made commitments regarding the transfer and management of their shares [6][34]. - Major shareholders, including Zhengzhou Coal Mining Machinery Group Co., Ltd. and Shanghai Qiyun Investment Management, have committed not to transfer or manage their shares for 12 months following the IPO [6][12][44]. - Shareholders who are also company executives have additional commitments regarding the transfer of their shares, limiting annual transfers to no more than 25% of their holdings during their tenure and for six months after leaving their positions [9][45][48]. Group 3: Price Stabilization Commitments - The company's board and executives have committed to a price stabilization plan, which includes measures to be taken if the stock price falls below certain thresholds [18][50]. - Specific conditions for initiating stabilization measures include a stock price falling below 120% of net asset value for five consecutive trading days, or below net asset value for 20 consecutive trading days [19][50]. - The stabilization measures can be terminated if the stock price exceeds net asset value for five consecutive trading days [20][50].

Core Viewpoint - Next week, 29 stocks in the A-share market will face a lock-up expiration, with a total of 2.013 billion shares being unlocked, amounting to a market value of 18.877 billion yuan, which represents a week-on-week decrease of 73.51% [1][3]. Summary by Category Unlocking Stocks - The stocks with the highest unlocking market value include Foton Motor at approximately 4 billion yuan, Fute Technology at 2.887 billion yuan, and Yinos at 2.437 billion yuan [2][3]. - Foton Motor will unlock 1.429 billion shares on September 3, 2025, all from a targeted placement to institutional investors [3][5]. - Fute Technology will unlock 0.079 billion shares on September 4, 2025, consisting of original shareholders' restricted shares and strategic placement shares [3][5]. - Yinos will unlock 0.062 billion shares on September 3, 2025, also from original shareholders' restricted shares and strategic placement shares [3][5]. Market Performance - As of August 29, the stock price of Foton Motor was 2.77 yuan per share, with a market capitalization of approximately 21.9 billion yuan [6]. - The stock price of Fute Technology was 36.63 yuan per share, with a market capitalization of about 5.7 billion yuan [6]. - The stock performance for the month of August shows Foton Motor with a gain of 2.97%, Fute Technology with a gain of 7.04%, and Yinos with a decline of 13.12% [3]. Increase in Circulation - Among the 29 stocks facing unlocking, six stocks will see their circulation increase by more than 30%, including Fute Technology (50.71%), Yinos (44.33%), Wufangzhai (37.61%), Suda Shares (36.76%), Liren Technology (34.81%), and Aopumai (31.83%) [10][11]. - Four of these stocks will experience a circulation increase of over 100% after the unlocking [10].

Summary of Key Points Core Viewpoint - The report outlines the verification opinion of Guosen Securities regarding the listing and circulation of part of the previously issued shares of Zhengzhou Suda Industrial Machinery Service Co., Ltd. prior to its initial public offering (IPO) [1][19]. Group 1: Overview of Share Issuance - The company received approval from the China Securities Regulatory Commission for an initial public offering of 19,000,000 shares, increasing the total share capital from 57,000,000 to 76,000,000 shares [1]. - As of the date of the verification opinion, there have been no changes in the total number of shares due to events such as share issuance, buybacks, or stock dividends [2]. Group 2: Shareholder Commitments for Share Lock-up - A total of 22 shareholders applied for the release of share lock-up, committing not to transfer or manage their shares for 12 months post-IPO [2][3]. - Specific commitments were made by major shareholders, including Zhengzhou Coal Mining Machinery Group Co., Ltd. and others, to adhere to these restrictions and face legal consequences for violations [2][3]. Group 3: Lock-up Period and Transfer Restrictions - Shareholders who are directors or senior management have additional restrictions on transferring shares during their tenure and for six months after leaving their positions [4][6]. - The lock-up period may be extended if the company's stock price falls below the IPO price for a specified duration [4][6]. Group 4: Measures for Stabilizing Stock Price - The company has a plan to stabilize its stock price, which includes holding investor meetings and implementing buyback measures if certain conditions are met [8][9]. - The plan requires significant shareholder approval and outlines specific financial thresholds for buybacks [8][9]. Group 5: Avoidance of Business Competition - Zhengzhou Coal Mining Machinery Group Co., Ltd. has committed to avoiding direct competition with Suda in specific business areas, ensuring no substantial overlap in operations [12][13]. - The company has taken steps to eliminate any competitive relationships with its subsidiaries [12][13]. Group 6: Compliance and Verification - Guosen Securities has verified that the application for the release of lock-up shares complies with relevant regulations and that the information disclosed by the company is accurate and complete [19].

Core Viewpoint - Zhengzhou Suda Industrial Machinery Service Co., Ltd. has announced the lifting of restrictions on the sale of shares held by certain shareholders, following its initial public offering (IPO) and listing on the Shenzhen Stock Exchange. The company confirms that the lifting of restrictions complies with relevant regulations and commitments made by shareholders [1][19]. Summary by Sections 1. Overview of Shares Before IPO - The company has a total of 57,000,000 restricted shares that were issued prior to the IPO. Since the listing, there have been no changes in the total number of shares due to events such as issuance, repurchase, or stock dividends [1][19]. 2. Shareholders' Commitments for Lifting Restrictions - A total of 22 shareholders have applied to lift the restrictions on their shares. Key commitments include: - Zhengzhou Coal Mining Machinery Group Co., Ltd. and Shanghai Qiyun Investment Management have committed not to transfer or manage their shares for 12 months post-listing [2][3]. - Other shareholders, including Ningbo Junrun Henghui Venture Capital and others, have made similar commitments for the same duration [2][3]. - Directors and senior management have also committed to not transferring their shares during the same period, with specific conditions for share transfers after the lock-up period [3][5]. 3. Conditions for Lifting Restrictions - The lifting of restrictions is contingent upon the stock price not falling below the IPO price for a continuous period of 20 trading days or at the end of the six-month period post-listing [3][14]. - If any commitments are violated, the profits from the sale of shares will be returned to the company, and legal actions may be taken against the violators [2][4]. 4. Shareholding Structure Changes - Following the lifting of restrictions, the shareholding structure will change, with the number of restricted shares decreasing significantly. The total number of unrestricted shares will increase from 19,000,000 to 45,382,821, representing 59.71% of the total share capital [18][19]. 5. Price Stabilization Measures - The company has outlined measures to stabilize its stock price, including potential share buybacks and communication with investors regarding the company's performance and strategies [7][8]. 6. Compliance and Verification - The sponsor has verified that the lifting of restrictions complies with relevant regulations and shareholder commitments, ensuring that the information disclosed is accurate and complete [19].

证券代码：001277 证券简称：速达股份 公告编号：2025-033 郑州速达工业机械服务股份有限公司 关于部分首次公开发行前已发行股份上市流通的提示性公告 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、误导性陈述或重大遗漏。 特别提示： 1、郑州速达工业机械服务股份有限公司（以下简称"公司"）本次解除限 售的股份为公司首次公开发行前已发行的股份。 2、本次解除限售股份数量为 27,936,988 股，占公司总股本的 36.76%。 3、本次限售股份可上市流通日为 2025 年 9 月 3 日（星期三）。 4、公司股票价格未触及上市后 6 个月内连续 20 个交易日的收盘价均低于 发行价之情形，亦未触及上市后 6 个月期末收盘价低于发行价之情形，故相关 股东所持限售股份的锁定期无需自动延长 6 个月。 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意郑州速达 工业机械服务股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 2697 号）核准，郑州速达工业机械服务股份有限公司（以下简称"公司"）于 2024 年 9 月 3 ...

国信证券股份有限公司 关于郑州速达工业机械服务股份有限公司部分首次公开发行前 已发行股份上市流通的核查意见 国信证券股份有限公司（以下简称"国信证券"、"保荐人"）作为郑州速达 工业机械服务股份有限公司（以下简称"速达股份"、"公司"）首次公开发行股 票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等有关规定，对速达股份本次部分首次公开发行前已发行股 份上市流通的事项进行了核查，具体情况如下： 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意郑州速达 工业机械服务股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 2697 号）核准，速达股份于 2024 年 9 月 3 日在深圳证券交易所挂牌上市。公司 首次公开发行人民币普通股（A股）19,000,000股，发行后公司总股本由57,000,000 股变更为 76,000,000 股，尚未解除限售的股份数量 57,000,000 股（含本次解除限 售股份数量）。 如果本企业违反上述承诺内 ...

Financial Performance - The company's total revenue for the first half of 2025 was 503 million yuan, a decrease of 11.74% year-on-year [1] - The net profit attributable to shareholders was 40.35 million yuan, down 48.87% year-on-year [1] - In Q2 2025, total revenue was 336 million yuan, an increase of 15.9% year-on-year, while net profit was 29.33 million yuan, a decrease of 38.34% year-on-year [1] - The gross margin was 19.77%, down 21.22% year-on-year, and the net margin was 8.51%, down 38.58% year-on-year [1] - The company's earnings per share (EPS) was 0.53 yuan, a decrease of 61.59% year-on-year [1] Accounts Receivable and Cash Flow - The accounts receivable increased to 678 million yuan, a rise of 29.67% year-on-year, with accounts receivable accounting for 483.25% of the net profit [1][3] - The operating cash flow per share was -0.7 yuan, a decrease of 162.07% year-on-year [1] Cost Structure - Total selling, administrative, and financial expenses amounted to 30.52 million yuan, representing 6.07% of total revenue, an increase of 1.09% year-on-year [1] Asset and Liability Management - The company reported a cash asset of 198 million yuan, a slight increase of 1.46% year-on-year [1] - Interest-bearing liabilities decreased significantly to 15.71 million yuan, down 91.55% year-on-year [1] Future Outlook and Strategic Direction - Analysts expect the company's performance in 2025 to reach 141 million yuan, with an average EPS forecast of 1.86 yuan [3] - The company is considering two potential acquisition strategies: one involves acquiring hydraulic fluid connection channels and factories, and the other involves partnering with state-owned enterprises to establish remanufacturing centers [4]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Hong Kong and subsequently another in Australia to expand its overseas business, particularly in industrial machinery and after-market services for coal and engineering machinery [20][24]. Company Overview - The company is named Zhengzhou Suda Industrial Machinery Service Co., Ltd. and is focused on industrial machinery services [20]. Board Meeting and Resolutions - The board of directors held a meeting on August 28, 2025, where all members were present, and several key resolutions were passed, including the approval of the 2025 semi-annual report and the establishment of overseas subsidiaries [10][11][15]. Financial Data and Investment Plans - The total investment for the overseas subsidiaries is capped at RMB 160 million, which represents 10.43% of the company's audited net assets for 2024 [20][24]. - The investment will be funded by the company's own resources and is not expected to adversely affect its main business or financial health [28]. Purpose and Impact of Investment - The investment aims to enhance the company's international market presence, improve service efficiency, and leverage local market advantages in Australia, which is a significant player in the coal industry [25][26][27]. - Establishing a presence in Australia is expected to reduce delivery times for parts and services, thereby increasing customer satisfaction and loyalty [25]. Regulatory Compliance - The investment does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [21]. - The company will adhere to all necessary local and international regulatory requirements for establishing the subsidiaries [21][29]. Fund Management and Usage - The company has established a management system for the raised funds, ensuring they are stored in dedicated accounts and used in compliance with regulatory standards [34][35]. - As of June 30, 2025, the company had four dedicated accounts for managing the raised funds [35]. Summary of Financial Activities - The company raised RMB 608 million through a public offering, with a net amount of RMB 525.71 million after deducting related costs [34]. - The company has also engaged in cash management with idle funds, generating investment returns [37]. Conclusion - The company's strategic move to establish subsidiaries abroad aligns with its long-term growth objectives and is expected to enhance its competitive edge in the global market [24][28].

郑州速达工业机械服务股份有限公司 2025 年半年度财务报告 郑州速达工业机械服务股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 郑州速达工业机械服务股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：郑州速达工业机械服务股份有限公司 | | | 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 197,671,497.32 | 184,479,855.18 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 272,719,367.67 | 369,894,246.58 | | 衍生金融资产 | | | | 应收票据 | 4,351,000.00 | 12,351,133.83 | | 应收账款 | 678,114,285.93 | 588,786,425.70 | | 应收款项融资 | 3 ...