Group 1 - The stock of Marco Polo experienced a decline of 7.33% with a turnover rate of 40.99% and a trading volume of 1.071 billion yuan, indicating significant market activity [1][2] - Institutional investors net sold 12.4587 million yuan, while total net selling from brokerage seats reached 42.0163 million yuan [1][2] - The stock's main capital outflow amounted to 241 million yuan, with large orders contributing to a net outflow of 149 million yuan and a net outflow of 92.4582 million yuan from big orders [2] Group 2 - The top five brokerage seats accounted for a total transaction volume of 195 million yuan, with buying transactions amounting to 70.3751 million yuan and selling transactions totaling 125 million yuan, resulting in a net selling of 54.475 million yuan [2] - Among the brokerage seats, one institutional seat was involved, with a buying amount of 21.3465 million yuan and a selling amount of 33.8052 million yuan, leading to a net selling of 12.4587 million yuan [2] - Over the past five days, the main capital flow into the stock was 10.5 million yuan, indicating a recent positive trend despite today's outflow [2]

Core Viewpoint - Marco Polo Holdings Co., Ltd. successfully listed on the Shenzhen Stock Exchange, demonstrating resilience and stability in its financial performance amid a challenging market environment, which serves as a positive signal for the home building materials industry [2][3] Financial Performance - For the first nine months of 2025, Marco Polo achieved operating revenue of 4.938 billion yuan and a net profit attributable to the parent company of 1.062 billion yuan, indicating stable profitability [2] - In 2024, Marco Polo's operating revenue reached 7.324 billion yuan with a net profit of 1.327 billion yuan, maintaining the top position in the domestic building ceramics industry during a period of industry pressure [3] Industry Context - The real estate sector is experiencing a slowdown, leading to operational pressures for many related companies; however, Marco Polo has shown robust performance [3] - Recent favorable policies in the real estate sector are expected to benefit Marco Polo, leveraging its brand, distribution channels, and product advantages [3] Regulatory Changes - The introduction of new national standards for ceramic tiles, effective from December 1, 2025, aims to enhance industry quality and transparency, promoting a shift towards differentiated competition based on quality and brand rather than price [4][5] - The new grading system allows non-Guangdong ceramic enterprises to compete fairly with established brands, potentially reshaping the market dynamics [5][6] Strategic Transformation - Marco Polo is undergoing a transformation towards intelligent and green manufacturing, aligning with national "dual carbon" strategies, which is essential for long-term development [8][10] - The company has established a robust production network and is implementing automation and energy optimization strategies to enhance efficiency and reduce operational costs [9][10] Product Innovation - Marco Polo's commitment to green production is reflected in its innovative product offerings, which combine environmental sustainability with aesthetic design, catering to modern consumer preferences for high-quality, eco-friendly home environments [10]

Market Overview - As of October 30, the Shanghai Composite Index closed at 3986.90 points, down 29.43 points, a decrease of 0.73% [1] - The Shenzhen Component Index closed at 13532.13 points, down 159.26 points, a decrease of 1.16% [1] - The ChiNext Index closed at 3263.02 points, down 61.25 points, a decrease of 1.84% [1] Stock Performance - A total of 74 A-shares had a turnover rate exceeding 20%, with stocks like Marco Polo and Pingtan Development exceeding 50% turnover rate, indicating significant trading activity [1] - Marco Polo (stock code: 001386) closed at 28.50 yuan with a turnover rate of 59.18% and an increase of 5.48% [2] - Pingtan Development (stock code: 000592) closed at 6.44 yuan with a turnover rate of 51.22% and an increase of 6.62% [2] - Other notable stocks with high turnover rates include Tai Kai Ying (50.46% turnover, -9.74% change) and C Yi Cai-U (49.36% turnover, +12.15% change) [2] Additional Notable Stocks - Chao Ying Electronics (stock code: 603175) had a turnover rate of 48.39% and a decrease of 5.76% [2] - Hai Ke Xin Yuan (stock code: 301292) closed at 30.80 yuan with a turnover rate of 47.58% and an increase of 11.15% [2] - C Bi Bei Te-U (stock code: 688759) had a turnover rate of 47.32% and an increase of 9.29% [2] Summary of Turnover Rates - The data indicates a trend of high trading activity in certain stocks, with several companies experiencing significant changes in their stock prices alongside high turnover rates [1][2][3]

Core Insights - Marco Polo's stock increased by 5.48% with a turnover rate of 59.18% and a trading volume of 1.678 billion yuan, indicating strong market interest [2] - Institutional investors net bought 12.2573 million yuan, while total net buying from brokerage seats reached 31.9232 million yuan [2] Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to its high turnover rate, with institutional specialized seats net buying 12.2573 million yuan [2] - The top five brokerage seats accounted for a total trading volume of 292 million yuan, with net buying of 44.1805 million yuan [2] Institutional Participation - Among the brokerage seats, one institutional specialized seat was active, with a buying amount of 35.3368 million yuan and a selling amount of 23.0795 million yuan, resulting in a net buy of 12.2573 million yuan [2] - The main capital inflow for the stock was 335 million yuan, with large single orders contributing 320 million yuan and large orders adding 15.2382 million yuan [2] Recent Trends - Over the past five days, the main capital inflow totaled 251 million yuan, indicating a positive trend in investor sentiment towards Marco Polo [2]

Core Viewpoint - The company, Marco Polo (001386), is committed to focusing on its core business and aims to enhance operations to create more value for shareholders [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - The company emphasizes its dedication to its main business operations [1] - The company aims to generate greater value for its shareholders [1]

Group 1 - The company Marco Polo (SZ 001386) announced on October 30 that its 13th meeting of the second board of directors was held on October 29, 2025, to review proposals regarding adjustments to the investment projects and the postponement of fundraising project timelines [1] - For the year 2024, the revenue composition of Marco Polo is as follows: glazed tiles account for 97.62%, unglazed tiles account for 1.85%, and other businesses account for 0.53% [1]

Core Insights - Marco Polo announced a revenue of 1.72 billion yuan for Q3 2025, representing a year-on-year decline of 7% [2] - The net profit attributable to shareholders was 408 million yuan, down 4.37% year-on-year [2] - Basic earnings per share stood at 0.38 yuan [2] Financial Performance - For the first three quarters, the company reported a total revenue of 4.938 billion yuan, a decrease of 10.20% year-on-year [2] - The net profit attributable to shareholders for the same period was 1.062 billion yuan, reflecting a decline of 6.57% year-on-year [2] - Basic earnings per share for the first three quarters were 0.99 yuan [2]

招商证券股份有限公司 关于马可波罗控股股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为马可波罗 控股股份有限公司（以下简称"马可波罗"、"公司"）首次公开发行股票并在主板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《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》等有关法律法规和规范性文件的要求， 对马可波罗使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金 的事项进行了核查，核查情况及核查意见如下： 一、本次募集资金的基本情况 经中国证券监督管理委员会《关于同意马可波罗控股股份有限公司首次公 开发行股票注册的批复》（证监许可〔2025〕1711 号）同意注册，马可波罗控 股股份有限公司首次公开发行人民币普通股（A 股）股票 11,949.20 万股，每股 面值 1 元，每股发行价格为 13.75 元，募集资金总额为人民币 164,301.50 万元， 扣除发行费用 8,302.12 万元（不含增值税）后，募集 ...

以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 马可波罗控股股份有限公司 容诚专字[2025]519Z0051 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 序号 内 容 页码 1 以自筹资金预先投入募集资金投资项目及支付发 行费用鉴证报告 1-3 2 以自筹资金预先投入募集资金投资项目及支付发 行费用专项说明 1-3 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于马可波罗控股股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 容诚专字[2025]519Z0051 号 马可波罗控股股份有限公司全体股东： 我们审核了后附的马可波罗控股股份有限公司（以下简称马可波罗公司）管 理层编制的《关于以自筹资金预先投入募集资金投资项目及支付发行费用的专项 说明》。 按照中国证券监督管理委员会 ...

招商证券股份有限公司 关于马可波罗控股股份有限公司 调整募投项目拟投入募集资金金额及募投项目延期的核查 意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为马可波罗 控股股份有限公司（以下简称"马可波罗"、"公司"）首次公开发行股票并在主板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《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》等有关法律法规和规范性文件的要求， 对马可波罗调整募投项目拟投入募集资金金额及募投项目延期的事项进行了核 查，核查情况及核查意见如下： 根据公司《首次公开发行股票并在主板上市招股说明书》（以下简称"招股 说明书"），公司本次募集资金投资项目及募集资金使用情况如下： 单位：万元 | 序号 | 项目名称 | 项目总投 | 拟投入募 | 调整后投入募 | 累计投入金 | | --- | --- | --- | --- | --- | --- | | | | 资 | 集资金 | 集资金金额 | 额 | | 1 | 江西加美陶瓷有限公 司智能陶瓷家居产业 | 67,438.37 | ...