Core Insights - The company reported a revenue of 446 million yuan for the first quarter of 2025, representing a year-on-year decline of 6.90% [1] - The net profit for the same period was 5.6834 million yuan, showing a year-on-year increase of 10.05% [1] Financial Performance - Revenue for Q1 2025: 446 million yuan, down 6.90% compared to the previous year [1] - Net profit for Q1 2025: 5.6834 million yuan, up 10.05% year-on-year [1]

Core Viewpoint - Huangshi Group (002329) reported disappointing financial results for 2024, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for 2024 was 2.046 billion yuan, a decrease of 29.21% year-on-year [2]. - The net profit attributable to shareholders was -681 million yuan, representing a decline of 1110.73% year-on-year [1][2]. - In Q4 2024, total revenue was 536 million yuan, down 17.11% year-on-year, and the net profit attributable to shareholders was -666 million yuan, a decrease of 519.19% [1]. Key Financial Ratios - Gross margin improved to 24.41%, an increase of 30.6% year-on-year [2]. - Net margin was -33.41%, a decline of 1454.58% year-on-year [2]. - The ratio of selling, general, and administrative expenses to revenue was 24.56%, up 9.46% year-on-year [2]. Cash Flow and Debt Situation - The liquidity ratio was 0.82, indicating increased short-term debt pressure [1][4]. - Cash and cash equivalents represented only 9.77% of total assets, and 24.28% of current liabilities [4]. - The company’s interest-bearing debt ratio reached 45.69% [4]. Changes in Financial Items - Management expenses decreased by 40.48% due to reduced stock incentive costs and the exclusion of a subsidiary from the consolidated financial statements [2]. - Research and development expenses increased by 47.21% as the company focused on new product development [2]. - Cash flow from operating activities decreased by 19.67% due to the exclusion of certain subsidiaries from the consolidated financial statements [2]. Business Model and Financing - The company has relied heavily on marketing-driven performance, which requires careful examination of the underlying drivers [3]. - Since its listing, the company has raised a total of 2.124 billion yuan and distributed 187 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.09 [3].

Core Viewpoint - Huangshi Group has reported a revenue of 2.046 billion yuan for 2024, with a 4.74% year-on-year growth in the dairy segment and a 4.54 percentage point increase in gross margin, solidifying its position as a leader in the domestic water buffalo milk market [1][2] Group 1: Financial Performance - The company achieved an annual revenue of 2.046 billion yuan in 2024 [1] - The dairy segment's revenue grew by 4.74% year-on-year [1] - Gross margin improved by 4.54 percentage points compared to the previous year [1] Group 2: Strategic Initiatives - Huangshi Group introduced 10,000 high-yield water buffalo embryos from Pakistan, addressing a 60-year stagnation in domestic genetic resources [1] - The company has established modern farms in regions such as Guangxi and Hunan [1] - Huangshi Group is the only company globally with the qualification to export high-yield water buffalo embryos to China, creating a competitive advantage in the supply chain [1] Group 3: Research and Development - In 2024, the company increased its R&D investment by 26.8% to 7.3 million yuan [2] - The company employs a "basic research + applied innovation" dual-driven strategy to build a comprehensive innovation system covering the entire industry chain [2] - Huangshi Group is focusing on three key areas for technological breakthroughs, aiming to transform the niche market of water buffalo milk into mainstream demand [2]

Market Overview - The A-share market experienced a rebound on April 25, with the ChiNext Index leading the gains, closing up 1.07% [2] - The Shanghai Composite Index rose by 0.15%, while the Shenzhen Component Index increased by 0.87% [2][3] Sector Performance - The communication equipment sector saw significant gains, with stocks like Shijia Photon rising over 13% [8] - Other sectors that performed well included real estate, electricity, and cross-border e-commerce, while pharmaceuticals and transportation sectors faced adjustments [4][11] Notable Stocks - The stock of Hengbao Co. surged to a limit-up, while Tianjin Pulin, Caneng Electric, and Zhishang Technology also showed strong performance [7] - In the cross-border e-commerce sector, Huangshi Group hit the daily limit, with Nanjing Shanglv and Yiyaton also experiencing notable increases [11][13] New Listings - The new stock N Zhongjie saw a dramatic increase of over 250% during trading, triggering a temporary suspension [16] - Zhongjie Automotive specializes in precision processing of automotive thermal management system components, including air conditioning heat exchangers and battery cooling systems [18] Trade Facilitation Initiatives - A new initiative for cross-border trade facilitation was launched on April 24, focusing on addressing recent tariff challenges and enhancing the business environment for foreign trade [15]

Group 1 - The cross-border e-commerce sector is experiencing significant activity, with stocks such as Dongbei Group (601956), Ningbo United (600051), and Tianyuan Co. (003003) hitting the daily limit up [1] - Other companies like Xiyue Zhixing (301198), Hailian Jinhui (002537), and Huangshi Group (002329) are also seeing upward movement in their stock prices [1] - There is a notable influx of dark pool capital into these stocks, indicating increased investor interest [1]

关于独立董事取得独立董事培训证明的公告 皇氏集团股份有限公司 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。 皇氏集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 5 日、2025 年 2 月 24 日召开第六届董事会第三十八次会议、2025 年第一次临时股东大会， 审议通过了《关于公司董事会换届选举第七届董事会独立董事的议案》，选 举周百灵女士担任公司第七届董事会独立董事，任期自 2025 年第一次临时股东 大会审议通过之日起三年。 截至 2025 年第一次临时股东大会通知发出之日，周百灵女士尚未取得深圳 证券交易所认可的独立董事培训证明。根据深圳证券交易所的有关规定，周百灵 女士已书面承诺参加最近一次独立董事培训并取得深圳证券交易所认可的独立 董事培训证明。 近日，公司董事会收到周百灵女士的通知，其已按照相关规定参加了深圳 证券交易所举办的上市公司独立董事任前培训（线上），并取得了深圳证券交易 所创业企业培训中心颁发的《上市公司独立董事培训证明》。 证券代码：002329 证券简称：皇氏集团 公告编号：2025–036 特此公告。 皇氏集团 ...

证券代码：002329 证券简称：皇氏集团 公告编号：2025– 035 皇氏集团股份有限公司 关于回购注销部分限制性股票的公告 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。 董事会被授权确定授予日、在激励对象符合条件时向激励对象授予限制性股票，并办理 授予所必需的全部事宜。 （四）2022 年 12 月 29 日，公司披露了《关于 2022 年限制性股票激励计划内幕信 息知情人及激励对象买卖公司股票情况的自查报告》（公告编号：2022-085），对内幕信 息知情人、激励对象在公司 2022 年限制性股票激励计划草案公告前 6 个月内买卖公司股 票的情况进行自查，未发现存在利用与本激励计划相关的内幕信息进行股票买卖的行为。 （五）2023 年 2 月 20 日，公司第六届董事会第十二次会议和第六届监事会第七次 会议审议通过了《关于调整 2022 年限制性股票激励计划相关事项的议案》《关于向激励 对象首次授予限制性股票的议案》，作为本激励计划激励对象的关联董事已回避表决。 公司确定限制性股票的首次授予日为 2023 年 2 月 20 日，向 121 名激励对象 ...

公司简称：皇氏集团 证券代码：002329 上海荣正企业咨询服务（集团）股份有限公司 关于 皇氏集团股份有限公司 1. 公司、皇氏集团：指皇氏集团股份有限公司。 2. 本激励计划：指皇氏集团股份有限公司 2022 年限制性股票激励计划。 回购注销部分限制性股票相关事项 之 独立财务顾问报告 2025 年 4 月 | 目 录 | | --- | | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本激励计划的授权与批准 | 6 | | 五、独立财务顾问意见 | 9 | | 六、备查文件及咨询方式 | 12 | 一、释义 3. 限制性股票：指公司根据本激励计划规定的条件和价格，授予激励对象一定 数量的本公司股票，该等股票设置一定期限的限售期，在达到本激励计划规定 的解除限售条件后，方可解除限售流通。 4. 股本总额：指本报告签署时已发行的股本总额。 5. 激励对象：指按照本激励计划规定，获得限制性股票的公司董事、高级管理 人员、核心管理层人员、中层管理人员及核心骨干。 6. 授予日：指公司向激励对象授予限制性股票的日期，授予日必须为交易日。 7. ...

北京德恒（南宁）律师事务所 关于皇氏集团股份有限公司 2022 年限制性股票 激励计划回购注销部分限制性股票相关事项的 法律意见 广西南宁市良庆区凯旋路 15 号南宁绿地中心 8 号楼三十一层 电话:0771-551688 传真:0771-551788 邮编:530201 北京德恒（南宁）律师事务所 关于皇氏集团股份有限公司 2022年限制性股票激励计划回购注销部分限制性股票 相关事项的法律意见 北京德恒（南宁）律师事务所 关于皇氏集团股份有限公司 2022 年限制性股票 激励计划回购注销部分限制性股票相关事项的 法律意见 德恒 31F20220225-00007 号 致：皇氏集团股份有限公司 北京德恒（南宁）律师事务所（以下简称"本所"）接受皇氏集团股份有限 公司(以下简称"公司"或"皇氏集团")的委托，作为公司 2022 年限制性股票 激励计划项目（以下简称"本次激励计划"）的特聘专项法律顾问。现本所律师 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》（以下简称"《证券法》"）及中国证券监督管理委员会（以下简称"中 国证监会"）发布的《上市公司股权激励管理办法》（以下简称 ...

三、分红送配方案情况 不分配不转增 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 13628.88万股，累计占流通股比： 20.68%，较上期变化： -2473.93万股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 黄嘉棣 | 5383.08 | 8.17 | 不变 | | 东方证券股份有限公司 | 4345.24 | 6.59 | -626.72 | | 徐蕾蕾 | 867.27 | 1.32 | 不变 | | 杨浩 | 768.76 | 1.17 | -53.08 | | 钟晓晓 | 622.44 | 0.94 | 29.00 | | 刘才明 | 542.73 | 0.82 | 新进 | | 银河德睿资本管理有限公司 | 396.57 | 0.60 | 68.63 | | 戴文萍 | 280.78 | 0.43 | 新进 | | 天弘中证食品饮料ETF联接A | 211.98 | 0.32 | 新进 | | 王建峰 | 210.03 | 0.32 | 新进 | | 较上个报告期退出前十大股东有 ...