Group 1: Financial Performance - The company's net profit for 2024 was -21.4043 million RMB, primarily due to the stock incentive plan implemented in 2023, which required the company to allocate 66.8892 million RMB in share-based payment expenses [14][17]. - The first quarter of 2025 saw a loss attributed to insufficient revenue growth and the need for ongoing cost reduction efforts [4][30]. - The company reported a significant increase in revenue for Shanghai Precision Casting, with an 82.20% year-on-year growth in 2024 [2]. Group 2: Investment and Growth Plans - The company plans to raise up to 1.21 billion RMB through a private placement to invest in high-end components for aerospace engines and advanced high-temperature alloy precision manufacturing technology [38][40]. - Jiangsu Precision Casting intends to invest 100 million RMB from self-raised funds or loans to advance the aerospace engine and gas turbine component manufacturing project [15][38]. - The company aims to enhance its production capacity in the aerospace sector, addressing current capacity shortages [8][19]. Group 3: Market and Industry Outlook - The "14th Five-Year Plan" emphasizes energy structure transformation and new infrastructure development, leading to explosive growth in demand for new energy cables and smart grids [2]. - The aerospace industry is rapidly developing, with a surge in demand for high-temperature alloy precision castings, supported by government policies encouraging technological research and industrial development [2][8]. - The domestic wire and cable industry is experiencing steady growth, driven by policy incentives and technological upgrades, despite challenges such as overcapacity and high raw material costs [9]. Group 4: Corporate Governance and Shareholder Relations - The company is actively preparing materials for its private placement, with no current plans for stock buybacks [17][36]. - The second-largest shareholder, Xu Gangsheng, holds 4.88% of the company's shares and may increase his stake if it reaches 5% [27][33]. - The independent directors are tasked with overseeing management actions and ensuring decisions align with the interests of minority shareholders [7].

Core Viewpoint - Zhongchao Holdings (002471) reported a slight increase in total revenue for Q1 2025, but showed improvements in profitability metrics despite negative net profits [1][2] Financial Performance - Total revenue for Q1 2025 reached 1.035 billion yuan, a year-on-year increase of 0.81% [1] - The company's net profit attributable to shareholders was -20.24 million yuan, an improvement of 23.08% year-on-year [1] - The adjusted net profit was -20.43 million yuan, reflecting a year-on-year increase of 27.94% [1] Profitability - Gross margin for the reporting period was 10.46%, up 7.58% year-on-year [2] - Net margin was -2.02%, an increase of 20.64% year-on-year, indicating better cost control [2] Cost Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 94.5284 million yuan, accounting for 9.13% of revenue, a decrease of 15.28% from the previous year [3] Asset and Liability Situation - As of the end of Q1 2025, cash and cash equivalents were 785 million yuan, a year-on-year increase of 30.49% [4] - Accounts receivable stood at 2.038 billion yuan, down 3.62% year-on-year [4] - Interest-bearing debt was 1.938 billion yuan, an increase of 2.22% year-on-year, with a debt-to-asset ratio of 34.12% [4] Cash Flow Situation - Operating cash flow per share was -0.18 yuan, a decrease of 9.15% year-on-year [5] - The ratio of cash and cash equivalents to current liabilities was only 24.56%, with a three-year average operating cash flow to current liabilities ratio of 6.17% [5] Dividends and Financing - Since its listing, Zhongchao Holdings has raised a total of 1.198 billion yuan and distributed dividends totaling 305 million yuan, resulting in a dividend-to-financing ratio of 0.26 [6] Business Model and Evaluation - The company's performance is primarily driven by research and marketing efforts, with a return on invested capital (ROIC) of 1.83%, indicating weak capital returns [7] - The net profit margin was -0.43%, suggesting low added value in products or services [7]

一、主要会计数据和财务指标 二、前10名无限售条件股东持股情况 三、分红送配方案情况 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0155 | -0.0207 | 25.12 | -0.0348 | | 每股净资产（元） | 1.26 | 1.21 | 4.13 | 1.05 | | 每股公积金(元) | 0.12 | 0.07 | 71.43 | 0 | | 每股未分配利润(元) | 0.15 | 0.20 | -25 | 0.02 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.35 | 10.27 | 0.78 | 10.59 | | 净利润(亿元) | -0.2 | -0.26 | 23.08 | -0.44 | | 净资产收益率(%) | -1.17 | -1.59 | 26.42 | -3.28 | 本次公司不分配不转赠。 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,035,292,953.17, representing a year-on-year increase of 0.81% compared to ¥1,026,938,489.21 in the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥20,237,919.29, an improvement of 23.08% from a loss of ¥26,309,319.27 in the previous year[5]. - The net profit for the current period was a loss of ¥20,928,102.37, an improvement compared to a loss of ¥26,157,271.01 in the previous period, reflecting a decrease in losses of approximately 20.5%[24]. - Basic earnings per share improved to -0.0155 from -0.0207, reflecting a positive trend in earnings performance[24]. - The company reported a comprehensive income total of ¥2,708,131.34, a significant recovery from a loss of ¥19,092,457.12 in the previous period[24]. Cash Flow - The net cash flow from operating activities was negative at ¥243,642,780.14, which is a decline of 9.15% compared to the previous year's negative cash flow of ¥223,215,933.85[5]. - Operating cash flow for the current period was -243,642,780.14 CNY, compared to -223,215,933.85 CNY in the previous period, indicating a decline in cash flow from operations[25]. - The net cash flow for the period was -280,165,899.67 CNY, compared to -272,716,071.11 CNY in the previous period, showing continued cash outflow[26]. - The ending cash and cash equivalents balance decreased to 62,817,632.90 CNY from 93,842,767.53 CNY in the previous period, reflecting a cash depletion[26]. - The total cash inflow from operating activities was 1,259,089,924.98 CNY, down from 1,424,081,775.76 CNY in the previous period, indicating a decline in operational revenue[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,642,854,292.76, a decrease of 0.30% from ¥5,659,787,946.38 at the end of the previous year[5]. - Current liabilities totaled ¥3,766,591,950.25, a decrease from ¥3,800,339,939.89, reflecting a reduction of about 0.9%[22]. - Non-current liabilities increased to ¥111,521,608.39 from ¥108,526,361.78, representing an increase of approximately 2.0%[22]. - The company's equity attributable to shareholders increased by 0.84% to ¥1,730,831,563.82 from ¥1,716,421,470.68 at the end of the previous year[5]. - The total equity attributable to shareholders of the parent company was ¥1,730,831,563.82, up from ¥1,716,421,470.68, indicating a growth of about 0.8%[22]. Investments and Projects - The company plans to issue up to 380,400,000 shares, raising a total of no more than RMB 1,210 million for projects including high-temperature alloy precision casting for aerospace engines and gas turbines[15]. - The investment amount for the high-end component manufacturing project has been updated to RMB 100,000 million, with the working capital adjusted from RMB 44 million to RMB 49 million[17]. - The total investment for the advanced high-temperature alloy precision forming intelligent manufacturing technology R&D project has been revised to RMB 99,500 million[16]. - The company is transitioning the implementation location of the high-end component manufacturing project to a non-related party site, indicating a strategic shift in operational planning[17]. Receivables and Inventory - Other receivables increased by 456.90% to ¥166,049,588.86, as the company focused on its main business and adjusted its asset structure[9]. - The company’s other receivables increased from RMB 36,342,428.68 to RMB 202,392,017.54, showing a significant rise of approximately 454.5%[20]. - Inventory increased by 35.66% to ¥236,264,360.58, mainly due to rising copper prices and increased customer orders[9]. - Inventory increased significantly from RMB 662,631,919.61 to RMB 898,896,280.19, reflecting a growth of approximately 35.7%[20]. - Accounts receivable decreased from RMB 2,155,384,155.68 to RMB 2,037,504,100.62, indicating a reduction of approximately 5.4%[20]. Costs and Expenses - Total operating costs decreased to ¥1,059,206,248.19 from ¥1,086,327,419.71, marking a reduction of about 2.5%[23]. - Research and development expenses were ¥34,305,543.67, down from ¥45,527,452.59, indicating a reduction of about 24.7%[24]. - Cash outflow for employee compensation was 110,453,450.50 CNY, slightly up from 104,462,329.28 CNY in the previous period, reflecting increased labor costs[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 72,308, with the largest shareholder holding 16.10% of the shares[13]. - The company has approved the extension of the validity period for the stock issuance resolution by 12 months[18]. - The company’s total assets and liabilities will be adjusted following the repurchase and cancellation of 240,000 restricted stocks due to the departure of an incentive object[18]. Audit and Reliability - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[27].

Group 1: Stock Buybacks and Loans - Goer Group announced a stock buyback plan of 500 million to 1 billion yuan for employee stock ownership or equity incentive plans, and received a loan commitment of 860 million yuan from China Construction Bank for this purpose [1] - China Railway received a loan commitment of up to 1.6 billion yuan from Industrial and Commercial Bank of China for stock buyback, specifically for repurchasing A-shares [2] - Yapu Co. plans to repurchase shares with an amount between 100 million to 200 million yuan, with a maximum repurchase price of 24.36 yuan per share [18] - Yongguan New Materials intends to repurchase shares with an amount between 30 million to 50 million yuan, with a maximum price of 20.50 yuan per share [19] Group 2: Acquisitions - Guangyun Technology plans to acquire 100% of Yilian Infinite for a cash consideration not exceeding 650 million yuan, focusing on network equipment sales in BRICS and Belt and Road countries [3] - Jiulian Technology is planning to acquire 51% of Chengdu Nengtong Technology, which is involved in military radar and electronic countermeasures, indicating a significant asset restructuring [4] - Zijin Mining completed the acquisition of 100% equity in Newmont Corporation's Akyem gold mine in Ghana, which had a revenue of 574 million USD and a net profit of 128 million USD in 2023 [6] Group 3: Financial Performance - Xiaocheng Technology reported a net profit of 46.55 million yuan for 2024, reversing a loss from the previous year, with a revenue increase of 47.71% [14] - Zongshen Power expects a net profit of 204 million to 240 million yuan for Q1 2025, representing a year-on-year increase of 70% to 100% [15] - Maoshuo Power reported a net profit of 598,000 yuan for Q1 2025, a significant decline of 95% year-on-year [16] Group 4: Regulatory and Market Updates - ST Pengbo's stock closed at 0.98 yuan, below the 1 yuan threshold, which may lead to delisting if it remains below this price for 20 consecutive trading days [5] - ST Hanma announced the removal of delisting risk warnings, changing its stock name to Hanma Technology, and increasing the daily price fluctuation limit from 5% to 10% [7] - Beiyinmei received an administrative regulatory measure from the Zhejiang Securities Regulatory Bureau due to issues with revenue recognition and non-operating fund occupation by its controlling shareholder [9]

关于中标的提示性公告 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。 证券代码：002471 证券简称：中超控股 公告编号：2025-031 江苏中超控股股份有限公司 近日，国家电网公司发布了中标结果或公示结果公告，江苏中超控股股份有 限公司（以下简称"公司"）全资子公司无锡市明珠电缆有限公司（以下简称"明 珠电缆"）、江苏远方电缆厂有限公司（以下简称"远方电缆"）、江苏长峰电 缆有限公司（以下简称"长峰电缆"）、控股子公司江苏中超电缆股份有限公司 （以下简称"中超电缆"）为中标人，现将有关情况提示如下： | 序 号 | 招标/采购编号 | 项目名称/招标人 | 设备材料/货物名称 | 中标人 | 中标金额 | | --- | --- | --- | --- | --- | --- | | | | | | | （万元） | | | | 国网河北电力 2025 年 | | | | | 1 | 0425AA | 第一次物资类协议库存 | 布电线 | 中超电缆 | 501.54 | | | | 公开招标采购 | | | | | 2 | | 国家电网有限公司 | 低压 ...

中超控股（002471）公告，公司全资子公司明珠电缆、远方电缆、长峰电缆及控股子公司中超电缆近日 中标国家电网公司多个项目，中标金额共计2.55亿元。中标项目包括布电线、低压电力电缆、10kV电力 电缆和架空绝缘导线等。中标金额占公司2024年度经审计营业总收入的4.64%。本次中标将对公司经营 业绩产生较为积极的影响。 ...

前十大流通股东累计持有： 34236.96万股，累计占流通股比： 26.23%，较上期变化： 3807.16万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 江苏中超投资集团有限公司 | 22044.40 | 16.89 | 不变 | | 许钢生 | 6499.36 | 4.98 | 新进 | | 杨飞 | 1596.23 | 1.22 | 不变 | | 范小峰 | 711.94 | 0.55 | 新进 | | 刘正侠 | 699.73 | 0.54 | 新进 | | 姜宏波 | 649.22 | 0.50 | 100.00 | | 范雯 | 545.73 | 0.42 | 新进 | | UBS AG | 501.05 | 0.38 | 新进 | | 韩俊锡 | 500.00 | 0.38 | 50.00 | | 余英尔 | 489.30 | 0.37 | -1785.88 | | | 较上个报告期退出前十大股东有 | | | | 张秀 | 1317.58 | 1.04 | 退出 | | J. P. Morgan ...

江苏中超控股股份有限公司 内部控制审计报告 苏亚审内 〔2025〕 1 号 一、企业对内部控制的责任 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210009 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审 内 〔2025〕 1 号 内部控制审计报告 江苏中超控股股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 江苏中超控股股份有限公司（以下简称中超控股公司）2024 年 12 月 31 日的财务报告内 部控制有效性。 中国注册会计师: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 ...

江苏中超控股股份有限公司 审计报告 苏亚审 〔2025〕 91 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210009 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审 〔2025〕 91 号 审 计 报 告 江苏中超控股股份有限公司全体股东： 一、审计意见 我们审计了江苏中超控股股份有限公司（以下简称中超控股）财务报表，包括 2024 年 12 月 31 日的合并资产负债表及资产负债表，2024 年度的合并利润表及利 润表、合并现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表 以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了中超控股 2024 年 12 月 31 日的财务状况以及 2024 年度的经营成果和现金 流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会 ...