Core Points - The 11th Jin Qilin Golden Secretary Honor List was announced on September 1, with Wang Zi, the Secretary of the Board of Tongyu Heavy Industry, awarded the Responsibility Pioneer Award for his outstanding professional capabilities and performance [1][2] - The role of a company secretary is crucial as they act as a key link between the listed company and the capital market, serving multiple functions such as a gatekeeper for corporate governance and a strategist for capital operations [1] - The Jin Qilin Golden Secretary selection has been held for eleven years, recognizing over 900 outstanding secretaries, and is regarded as a highly authoritative award in the industry, focusing on information disclosure quality and investor communication effectiveness [1][2] Company and Industry Insights - An excellent company secretary can effectively convey company value in complex market environments, innovate communication methods while adhering to compliance, and demonstrate corporate responsibility during critical moments [2] - Wang Zi, the award-winning secretary, exemplifies the capabilities of this role, reflecting both personal excellence in capital communication and the high recognition of Tongyu Heavy Industry's governance and value growth by the market and investors [2]

Core Viewpoint - Tongyu Heavy Industry's stock price has shown fluctuations, with a year-to-date increase of 14.23% but a recent decline over the past five trading days [1] Company Overview - Tongyu Heavy Industry Co., Ltd. is located in Dezhou, Shandong Province, established on May 25, 2002, and listed on March 8, 2011 [1] - The company specializes in the research, production, and sales of large forged products, forming a complete industrial chain that includes large forging blank preparation, casting and forging, heat treatment, and design and manufacturing of large complete sets of equipment [1] Business Composition - The main business revenue composition includes: - Other forgings: 23.60% - Castings: 17.46% - Wind power equipment modular business: 17.16% - Wind power main shafts (including forged and cast main shafts): 13.43% - Energy revenue: 9.35% - Powder metallurgy products: 7.16% - Structural components and complete sets of equipment (including metallurgical equipment and nuclear power business): 5.83% - Forged materials: 5.43% - Others: 0.56% - Trade revenue: 0.01% [1] Financial Performance - For the first half of 2025, Tongyu Heavy Industry achieved operating revenue of 2.943 billion yuan, a year-on-year increase of 7.59%, and a net profit attributable to shareholders of 60.739 million yuan, a year-on-year increase of 49.70% [2] Shareholder Information - As of June 30, 2025, the number of shareholders is 124,200, a decrease of 5.01% from the previous period, with an average of 29,365 circulating shares per person, an increase of 5.27% [2] - The top ten circulating shareholders include significant increases in holdings by Hong Kong Central Clearing Limited and various ETFs [3]

Group 1 - The core point of the announcement is the completion of the share transfer from Zhuhai Port Group to Guohui Capital, resulting in a change of control of Tongyu Heavy Industry [1][2] - Zhuhai Port Group transferred 604,032,700 shares, representing 15.50% of the total share capital, to Guohui Capital at a price of RMB 2.22 per share, totaling RMB 1.34 billion [2][3] - Following the transfer, Guohui Capital becomes the controlling shareholder, while the actual controller shifts from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets Supervision and Administration Commission [2][3] Group 2 - The share transfer involved the delegation of voting rights from Zhuhai Port Group to Guohui Capital for a period of 36 months, effective from the date of share transfer [2][3] - Prior to the transfer, Zhuhai Port Group held 792,427,590 shares (20.33% voting rights), while after the transfer, it holds 188,394,890 shares (4.83% voting rights) [3] - Guohui Capital, after the transfer, holds 604,032,700 shares (15.50% voting rights) [3] Group 3 - Guohui Capital is a wholly-owned subsidiary of Shandong Development Investment Holding Group, which is controlled by the Shandong State-owned Assets Supervision and Administration Commission [4] - The merger of Guohui Group and the former Shandong Development has been completed, leading to the renaming of Guohui Capital to Shandong Development Investment Holding Group [4]

Group 1 - The core point of the news is that Tongyu Heavy Industry has undergone a change in its controlling shareholder and actual controller, with the former being changed from Zhuhai Port Group to Guohui Capital, and the latter from Zhuhai Municipal Government State-owned Assets Supervision and Administration Commission to Shandong Provincial Government State-owned Assets Supervision and Administration Commission [1] - For the fiscal year 2024, the revenue composition of Tongyu Heavy Industry is reported to be 90.73% from general equipment manufacturing and 9.27% from other businesses [1] - As of the latest report, the market capitalization of Tongyu Heavy Industry is valued at 11.2 billion yuan [2]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 通裕重工股份有限公司（以下简称"通裕重工"或"公司"）于2025年8月 29日收到了山东国惠资本有限公司（以下简称"国惠资本"）提供的《中国证券 登记结算有限责任公司证券过户登记确认书》（以下简称"《登记确认书》"）， 获悉国惠资本与珠海港控股集团有限公司（以下简称"珠海港集团"）协议转让 公司股份事项已经完成过户登记，公司控股股东由珠海港集团变更为国惠资本。 现将详细情况公告如下： | 证券代码：300185 | 证券简称：通裕重工 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：123149 | 债券简称：通裕转债 | | 通裕重工股份有限公司 关于股份协议转让完成过户登记暨公司控制权发生变更的 提示性公告 一、公司控制权发生变更的基本情况 2025年5月6日，公司控股股东珠海港集团，及其控股股东珠海交通控股集团 有限公司与国惠资本在广东省珠海市签署了《股份转让协议》《表决权委托协议》。 珠海港集团将持有的公司604,032,700股股份（占公司总股本的15.50% ...

Group 1 - The core viewpoint is that multiple companies are engaging in stock repurchase activities, with varying amounts proposed and completed [4] - Beijing Keri plans to repurchase up to 100 million yuan, while Haimu Star and Haike Xinyuan plan to repurchase 36 million yuan and 22 million yuan respectively [1] - Kangchen Pharmaceutical's repurchase plan was approved at the shareholders' meeting, with a maximum repurchase amount of 3.3228 million yuan [2] Group 2 - AoFei Entertainment and Yong'an Futures have reported repurchase progress, with amounts of 80.802 million yuan and 9.9985 million yuan respectively [3] - WuXi AppTec, Tongyu Heavy Industry, and Weihai Guangtai have completed repurchases, with the highest amounts being 1 billion yuan, 110 million yuan, and 59.9844 million yuan respectively [3] - On August 28, 27 companies released 28 stock repurchase-related updates, including 18 companies disclosing new repurchase plans, 1 company having its plan approved, 2 companies reporting progress, and 6 companies completing their repurchase plans [4]

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Core Viewpoint - The Shenzhen Stock Exchange issued a regulatory letter to Tongyu Heavy Industry Co., Ltd. due to accounting errors and non-compliance with listing rules [1][3]. Group 1: Regulatory Actions - The regulatory letter was prompted by an announcement on April 29, 2025, regarding prior accounting errors, which led to discrepancies in inventory accounting and required corrections to the 2022 and 2023 annual reports [3]. - The Shenzhen Stock Exchange indicated that Tongyu Heavy Industry violated specific articles of the "Growth Enterprise Market Stock Listing Rules (2025 Revision)" [3]. - The company and seven related parties received a warning letter from the Shandong Securities Regulatory Bureau, emphasizing the need for corrective actions and improved governance [5]. Group 2: Financial Performance - In the first half of 2025, Tongyu Heavy Industry reported revenue of 2.94 billion yuan, a 7.59% increase from the previous year [6]. - The net profit attributable to shareholders was 60.74 million yuan, reflecting a 49.70% increase year-on-year [6]. - The company’s inventory amounted to 3.096 billion yuan, representing 20.54% of total assets as of the end of the first half of 2025 [6]. Group 3: Operational Risks - The company acknowledged potential operational management risks due to the increasing complexity of its organizational structure and management systems as it expands [7].

Core Viewpoint - Tongyu Heavy Industry (300185) reported a revenue increase of 7.59% year-on-year for the first half of 2025, reaching 2.943 billion yuan, with a significant rise in net profit by 49.7% to 60.739 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 1.527 billion yuan, up 14.11% year-on-year, while net profit for the same period decreased by 27.29% to 21.8704 million yuan [1] - The gross profit margin was 13.34%, a decrease of 3.67% year-on-year, while the net profit margin improved by 39.83% to 2.12% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 185 million yuan, accounting for 6.28% of revenue, down 8.08% year-on-year [1] - Earnings per share increased by 100% to 0.02 yuan, and operating cash flow per share rose by 35.36% to 0.03 yuan [1] Balance Sheet and Cash Flow - Cash and cash equivalents decreased by 13.44% to 1.13 billion yuan, while accounts receivable fell by 6.87% to 2.034 billion yuan [1] - Interest-bearing liabilities decreased by 5.78% to 5.528 billion yuan [1] - The company’s cash flow situation is concerning, with cash and cash equivalents representing only 7.5% of total assets and 27.74% of current liabilities [3] Debt and Financial Health - The interest-bearing asset-liability ratio reached 36.67%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years was 660.8% [3] - Financial expenses accounted for 1805.54% of the average operating cash flow over the past three years, indicating high financial burden [3] Investment and Market Position - The company’s return on invested capital (ROIC) was 1.32%, indicating weak capital returns, with a historical median ROIC of 4.45% over the past decade [1][2] - The company’s business model relies heavily on research and marketing, necessitating further investigation into the underlying drivers of these areas [2] Fund Holdings - The largest fund holding Tongyu Heavy Industry is the Caitong Advanced Manufacturing Select Mixed Fund A, with a holding of 188,800 shares, newly entering the top ten holdings [4]

Summary of Key Points Core Viewpoint - A total of 18 companies have raised their share repurchase price limits since July, reflecting an improvement in market conditions and increased investor confidence, with some companies raising their repurchase prices by over 140% [1][6]. Group 1: Companies Adjusting Repurchase Prices - On August 26, companies such as Jinli Permanent Magnet, Jinchun Co., Toukeng Life, and Kesi Technology announced increases in their share repurchase price limits [1]. - Jinli Permanent Magnet raised its repurchase price limit from 31.06 CNY/share to 42.66 CNY/share, an increase of 37.35% [2]. - Jinchun Co. increased its limit from 17.90 CNY/share to 35 CNY/share, marking a 95.53% rise [2]. - Toukeng Life adjusted its limit from 15.85 CNY/share to 29.34 CNY/share, an 85.11% increase [2]. - Kesi Technology raised its limit from 53.86 CNY/share to 102 CNY/share, an increase of 89.38% [2]. Group 2: Market Trends and Implications - The average increase in repurchase prices among the 18 companies is 61.5% [6]. - The rise in repurchase prices is attributed to two main factors: the recovery of the market and the companies' confidence in their future stability and intrinsic value [4][6]. - Companies are utilizing special loans to support their repurchase plans, as seen with Aoshikang, which secured a loan of up to 162 million CNY for its repurchase [8]. Group 3: Regulatory and Market Environment - The Chinese government has encouraged companies to use repurchase and increase strategies to enhance market stability [8]. - Industry experts suggest that companies should carefully evaluate and dynamically adjust their repurchase plans to ensure effective implementation and bolster market confidence [9].