Group 1 - The A-share textile manufacturing sector is experiencing a volatile upward trend, with Lianfa Co., Ltd. hitting the daily limit and achieving a涨停 (limit-up) [1] - Huasheng Co., Ltd. has seen an increase of over 4% in its stock price [1] - Other companies such as Xinlong Holdings, Zhejiang Wenyi, Nanshan Zhishang, and Xunxing Co., Ltd. are also witnessing stock price increases [1]

证券代码：002394 证券简称：联发股份 公告编号：LF2025-025 江苏联发纺织股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 股东的净利润 比上年同期增长：235.09% - 275.71% 盈利：11000 万元– 13000 万元 扣除非经常性损 盈利：10423 万元 益后的净利润 一、本期业绩预计情况 项 目 本报告期 上年同期 盈利：16500 万元–18500 万元 归属于上市公司 盈利：4924 万元 本次业绩预告未经会计师事务所审计。 三、业绩变动原因说明 报告期内，公司归属于上市公司股东的净利润预计 16500 万元-18500 万元， 同比增长 235.09%-275.71%。主要原因：1）公司持有的交易性金融资产产生的 非经常性损益约 0.6 亿，较去年同期增加约 1.38 亿，净利润增加 1.1 亿；2）煤 炭价格下降，公司订单毛利率上涨。 四、风险提示 江苏联发纺织股份有限公司董事会 二〇二五年七月十五日 比上年同期增长：5.54% - 24.72% 基本每股收益 盈利：0.5097 元/股–0.5715 元/股 ...

[Jiangsu Lianfa Textile Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Jiangsu%20Lianfa%20Textile%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) This report provides a preliminary forecast for Jiangsu Lianfa Textile Co., Ltd.'s performance in the first half of 2025, highlighting expected net profit growth and key contributing factors [Expected Performance for the Current Period](index=1&type=section&id=Expected%20Performance%20for%20the%20Current%20Period) The company forecasts a substantial increase in net profit attributable to shareholders for H1 2025, with expected earnings of RMB 165-185 million, a 235.09%-275.71% year-on-year growth, and non-recurring net profit of RMB 110-130 million, up 5.54%-24.72% Performance Forecast Comparison | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: RMB 165 million – RMB 185 million | Profit: RMB 49.24 million | | Year-on-Year Growth | 235.09% - 275.71% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Profit: RMB 110 million – RMB 130 million | Profit: RMB 104.23 million | | Year-on-Year Growth | 5.54% - 24.72% | - | | **Basic Earnings Per Share** | Profit: RMB 0.5097/share – RMB 0.5715/share | Profit: RMB 0.1521/share | [Communication with Accounting Firm](index=1&type=section&id=Communication%20with%20Accounting%20Firm) The company clarifies that this performance forecast represents a preliminary estimate by its financial department and remains unaudited by an accounting firm - This performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Explanation%20of%20Performance%20Changes) The substantial increase in net profit during the reporting period is primarily attributed to approximately RMB 60 million in non-recurring gains from trading financial assets, a RMB 138 million year-on-year increase, and improved order gross margins due to declining coal prices - Non-recurring gains from trading financial assets were approximately **RMB 60 million**, representing an increase of about **RMB 138 million** year-on-year, and contributed an additional **RMB 110 million** to net profit[5](index=5&type=chunk) - Declining coal prices led to an improvement in the company's order gross margins, enhancing the profitability of its main business operations[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company cautions investors that this performance forecast is a preliminary financial estimate, with final accurate data to be disclosed in the 2025 semi-annual report, urging prudent decision-making and awareness of investment risks - This performance forecast is a preliminary estimate by the company's financial department, and the definitive financial data will be based on the company's 2025 semi-annual report[6](index=6&type=chunk) - Investors are advised to exercise caution in their decisions and be mindful of investment risks[6](index=6&type=chunk)

证券代码：002394 证券简称：联发股份 公告编号：LF2025-024 江苏联发纺织股份有限公司 2025 年 7 月，公司对子公司担保的具体情况如下： | 债权人 | 保证人 | 债务人 | 担保金额 | 保证方式 | 担保范围 | 保证期间 | | --- | --- | --- | --- | --- | --- | --- | | | | | （万元） | | | | | 招商银行 | 江苏联发 | 江苏天翔家 纺有限公司 | 1,680 | | | 自本担保书生效之日起至借款或 其他债务到期之日或垫款之日起 | | 股份有限 | | | | 连带责任 | 主合同项下债务人 | | | 公司南通 分行 | 纺织股份 有限公司 | 南通联发印 | 480 | 保证 | 的全部债务 | 另加三年。借款或其他债务展期 的，则保证期间延续至展期期间届 | | | | 染有限公司 | | | | | | | | | | | | 满后另加三年止。 | 三、累计对外担保数量及逾期担保的数量 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗 ...

Core Viewpoint - The company has disclosed that all external guarantees are provided to its wholly-owned or controlling subsidiaries, with no overdue guarantees or litigation-related guarantees reported [1] Summary by Categories External Guarantees - The total external guarantee balance is 1.547 billion RMB, which accounts for 37.69% of the company's most recent audited net assets attributable to the parent company [1] Financial Health - There are no overdue external guarantees, and neither the company nor its controlling subsidiaries are involved in any litigation related to guarantees or have been judged to bear losses due to guarantees [1]

证券代码：002394 证券简称：联发股份 公告编号：LF2025-023 江苏联发纺织股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 | 债权人 | 保证人 | 债务人 | 担保金额 保证方 式 | 担保范围 | 保证期间 | | --- | --- | --- | --- | --- | --- | | | | | （万元） | | | | 招商银行 | 江苏联 | 江苏联发 | 连带责 | 主债权之本金以及相 | 自本担保书生效之日起至《授信协 | | 股份有限 | 发纺织 | 纺织材料 | 8,000 任保证 | 关利息、罚息、复息、 | 议》项下每笔贷款或其他融资或贵 | | 公司南通 | 股份有 | 有限公司 | | 违约金、延迟履行金、 | 行受让的应收账款债权的到期日 | 2025 年 6 月，公司对子公司担保的具体情况如下： | 分行 | 限公司 | | | | 保理费用、实现担保 | 或每笔垫款的垫款日另加三年。任 | | --- | --- | --- | --- | --- ...

Core Viewpoint - The rapid development of the private equity investment sector has led to A-share listed companies engaging in various forms of private equity investments to discover and incubate quality targets within their industry and supply chains, while also expanding their investment paths. CVC funds led by listed companies have become a crucial force in the private equity market, but they face scrutiny due to potential conflicts of interest and regulatory restrictions, particularly after the implementation of the "Private Investment Fund Registration and Filing Measures" on May 1, 2023 [1][14]. Pathways for Establishing Private Fund Managers - A total of 16 private fund managers related to A-share listed companies have been approved by the Asset Management Association of China (AMAC) from May 1, 2023, to May 1, 2025. These include 1 wholly-owned subsidiary, 4 controlled by listed companies, 10 directly or indirectly invested by listed companies, and 1 established by the actual controller of a listed company [2]. Pathway One: Wholly Owned Establishment - Listed companies can establish private fund managers wholly owned by themselves. This pathway is subject to strict regulatory scrutiny due to the potential classification as "quasi-financial" businesses [3][6]. Pathway Two: Controlling Establishment - Listed companies can also establish controlling private fund managers where they hold more than 50% of the shares. However, this pathway has seen limited success due to regulatory concerns, with only 4 such managers registered since the new regulations [3][4]. Pathway Three: Joint Establishment with Third Parties - This pathway involves listed companies partnering with third parties to establish private fund managers, where the listed company acts as a financial or strategic investor. This has proven to be a more viable option, with 10 managers established under this model since the new regulations [4][5]. Pathway Four: Establishment by Actual Controllers - Actual controllers of listed companies can establish private fund managers directly. This pathway is less restricted, provided that the listed company does not directly invest in the fund manager [6][10]. Compliance Points for Each Pathway - Pathways one and two face stricter regulatory requirements due to the direct control by listed companies, necessitating good financial health and adherence to internal decision-making and disclosure procedures [7][8]. - Pathway three requires careful attention to the legitimacy of the investment purpose and compliance with disclosure obligations, especially regarding related party transactions [10][11]. - Pathway four mandates that the actual controller disclose their relationship with the fund manager and comply with related party transaction regulations if the listed company invests in the fund [12][13]. Risk Prevention Measures - Listed companies and their affiliates must be vigilant against risks such as insider trading, conflicts of interest, and the misuse of non-public information. Establishing robust internal controls and compliance mechanisms is essential to mitigate these risks [12][13]. Conclusion - The article summarizes four pathways for listed companies to establish private fund managers, highlighting the regulatory landscape and compliance requirements. The core controversy revolves around the "quasi-financial" risks associated with these activities, emphasizing the need for a balance between industrial investment demands and financial regulatory boundaries. Future policies may exhibit flexibility, recognizing the value of supporting the real economy while preventing unchecked capital expansion [14].

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、误导性陈述或者重大遗漏。 一、股东大会审议通过利润分配方案情况 公司2024年度股东大会审议通过的利润分配方案具体内容如下：公司以 现有总股本323,700,000.00股为基数，向全体股东每10股派发现金红利1元 （含税），支付现金为32,370,000.00元；剩余的未分配利润结转以后年度 分配，本次不进行资本公积转增股本，不送红股。若在分配方案实施前公司 总股本由于可转债转股、股份回购、股权激励行权、再融资新增股份上市等 原因而发生变化的，公司按照分配总额不变，相应调整每股分配比例。 说明： 二、权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本323,700,000股为基 数，向全体股东每10股派1.000000元人民币现金（含税；扣税后，通过深股通持 有股份的香港市场投资者（特别说明：请上市公司根据自身是否属于深股通标的 证券，确定权益分派实施公告保留或删除该类投资者）、境外机构（含QFII、RQFII） 以及持有首发前限售股的个人和证券投资基金每10股派0.900000元；持有首发后 限售股、股权激励限售股及 ...

证券代码：002394 证券简称：联发股份 公告编号：LF2025-022 江苏联发纺织股份有限公司 2024 年年度权益分派实施公告 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、误导性陈述或者重大遗漏。 江苏联发纺织股份有限公司（以下简称"本公司"）2024年年度权益分派 方案已获2025年5月15日召开的2024年度股东大会审议通过，现将权益分派事宜 公告如下： 一、股东大会审议通过利润分配方案情况 公司2024年度股东大会审议通过的利润分配方案具体内容如下：公司以 现有总股本323,700,000.00股为基数，向全体股东每10股派发现金红利1元 （含税），支付现金为32,370,000.00元；剩余的未分配利润结转以后年度 分配，本次不进行资本公积转增股本，不送红股。若在分配方案实施前公司 总股本由于可转债转股、股份回购、股权激励行权、再融资新增股份上市等 原因而发生变化的，公司按照分配总额不变，相应调整每股分配比例。 1、自分配方案披露至实施期间公司股本总额未发生变化。 2、本次实施的分配方案与2024年股东大会审议通过的分配方案一致。 3、本次实施分配方案距离股东大会 ...

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。 证券代码：002394 证券简称：联发股份 公告编号：LF2025-021 江苏联发纺织股份有限公司 2024 年度股东大会决议公告 3、现场会议召开地点：江苏省海安市恒联路 88 号 公司二楼会议室 4、召开方式：现场投票、网络投票相结合的方式 5、会议召集人：公司董事会 6、会议主持人：董事长潘志刚先生 特 别 提 示 1、本次股东大会无否决提案的情况。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开情况 1、现场会议召开时间：2025 年 05 月 15 日（星期四）下午 14:00 2、网络投票时间：2025 年 05 月 15 日。其中，通过深圳证券交易所交易系 统进行网络投票的时间为：2025 年 05 月 15 日上午 9:15-9:25、9:30－11:30， 下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 05 月 15 日 09:15 至 2025 年 05 月 15 日 15:00 期间的任意时间。 ...