湖南启元律师事务所 致：湖南华民控股集团股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南华民控股集团股份有限 公司（以下简称"公司"或"华民股份"）的委托，作为公司 2022 年股票期权 与限制性股票激励计划项目（以下简称"本次激励计划"）专项法律顾问。 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 "《管理办法》"）《深圳证券交易所创业板股票上市规则》（以下简称"《创 业板上市规则》"）《深圳证券交易所创业板上市公司自律监管指南第 1 号—— 业务办理》（以下简称"《监管指南第 1 号》"）等现行法律、法规和规范性文 件以及《湖南华民控股集团股份有限公司章程》（以下简称"《公司章程》"）、 《湖南华民控股集团股份有限公司 2022 年股票期权与限制性股票激励计划（草 案）》（以下简称"《激励计划》"）、《2022 年股票期权与限制性股票激励 计划实施考核管理办法》（以下简称"《考核管理办法》"）的有关规定，按照 律师行业公认的业务 ...

证券简称：华民股份 证券代码：300345 上海荣正企业咨询服务（集团）股份有限公司 关于 湖南华民控股集团股份有限公司 独立财务顾问报告 2025 年 10 月 | . | | 1 | œ | | --- | --- | --- | --- | | . | | | | | 一、释义 2 | | | --- | --- | | 二、声明 3 | | | 三、基本假设 4 | | | 四、本激励计划已履行的相关审批程序 5 | | | 五、本激励计划预留授予第三个行权期行权条件成就说明 | 8 | | 六、本激励计划预留授予第三个行权期的行权安排 | 10 | | 七、结论性意见 12 | | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 预留授予第三个行权期行权条件成就相关事项 之 $$\mathbf{\hat{\theta}}=-\mathbf{\hat{\theta}}\mathbf{\hat{\theta}}\mathbf{\hat{\theta}}$$ | 华民股份、本公司、公 | 指 | 湖南华民控股集团股份有限公司（含子公司） | | --- | --- | --- | | 司、上市 ...

Group 1: Company Performance Highlights - Yanjiang Co., Ltd. reported a net profit of 42.50 million yuan for the first three quarters, a year-on-year increase of 27.95%, with a third-quarter net profit growth of 209.1% [1] - Dabeinong achieved a net profit of 257 million yuan for the first three quarters, up 92.56% year-on-year, but reported a significant decline of 92.50% in third-quarter net profit [1][2] - Gaozheng Minexplosion's net profit for the first three quarters was 126 million yuan, reflecting a 13.68% increase year-on-year, with a third-quarter net profit growth of 1.83% [3][4] - Taiji Co., Ltd. reported a net profit of 56.69 million yuan for the first three quarters, a year-on-year increase of 205.58%, but a decline of 13.6% in third-quarter net profit [5][6] - Qian Zhao Optoelectronics achieved a net profit of 87.95 million yuan for the first three quarters, up 80.17% year-on-year, with a third-quarter net profit growth of 56.01% [7][8] - Future Electric reported a net profit of 71.32 million yuan for the first three quarters, a year-on-year increase of 10.61%, with a slight decline in third-quarter revenue [10] Group 2: Company Announcements and Strategic Moves - Hengshuo Co., Ltd. announced plans for shareholders to reduce their holdings by up to 3% due to personal funding needs [11] - Sanbai Shuo disclosed a share transfer agreement where a shareholder will transfer 5.66% of the company's shares to another entity [12] - Tianqi Lithium's subsidiary plans to invest 250 million yuan in a partnership to explore opportunities in the new materials and renewable energy sectors [12][13] - Zhuanqi Technology reported a net loss of 1.03 billion yuan for the first three quarters, with a significant decline in third-quarter performance [16] - Jintong Technology announced plans to increase investment by 250 million yuan to expand production capacity for new energy vehicle components [23]

Core Insights - Huamin Co., Ltd. reported a net profit attributable to shareholders of approximately -103 million yuan for the first three quarters of 2025, indicating a reduction in losses compared to the previous year [2] - The company's operating revenue for the same period was approximately 716 million yuan, reflecting a year-on-year decline of 5.71% [2] Financial Performance - The net profit for the first three quarters of 2025 was -103 million yuan, showing an improvement in loss compared to the previous year [2] - Operating revenue decreased to approximately 716 million yuan, down 5.71% year-on-year [2]

Core Viewpoint - Huamin Co., Ltd. has shown significant improvement in its financial performance, with a reduction in net losses and a positive outlook driven by the recovery in the photovoltaic industry and effective cost control measures [1][2][3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 716 million yuan and a net profit attributable to shareholders of -103 million yuan, marking a 45.22% reduction in losses compared to the same period last year [1] - The third quarter saw a 57.13% reduction in losses, continuing the trend of profit improvement observed throughout the year [1] Industry Context - The photovoltaic industry has experienced a recovery, with silicon wafer prices steadily increasing since the second quarter, enhancing the industry's profitability and providing a favorable market environment for Huamin Co., Ltd. [1] - The company has positioned itself to meet the demands of the N-type era, optimizing its silicon wafer products and maintaining a leading position in production efficiency and quality [1] Strategic Initiatives - Huamin Co., Ltd. is actively pursuing opportunities in zero-carbon park construction and has launched a rooftop photovoltaic project with a capacity of 5.15 MW, aimed at reducing electricity costs in photovoltaic manufacturing [2] - The company is diversifying its development strategy by investing in robotics and advanced technology sectors, establishing partnerships to enhance its capabilities in the hard technology field [2] Future Outlook - The global transition towards renewable energy, particularly in the context of carbon neutrality, presents significant growth opportunities for the company, especially with the anticipated rise in electricity demand driven by advancements in artificial intelligence [3] - Huamin Co., Ltd. aims to integrate its renewable energy initiatives with advanced manufacturing, enhancing its core competitiveness and industry influence for sustainable high-quality development [3]

Group 1 - The core viewpoint of the article highlights that Huamin Co., Ltd. (300345) reported a decline in revenue and net profit for the third quarter of 2025, indicating challenges faced by the company [1] - In the third quarter, the company's operating revenue was 260 million yuan, a year-on-year decrease of 10.02% [1] - The net profit for the third quarter showed a loss of 21.83 million yuan [1] Group 2 - For the first three quarters of 2025, the company's operating revenue totaled 716 million yuan, reflecting a year-on-year decline of 5.71% [1] - The net profit for the first three quarters resulted in a loss of 103 million yuan [1] - The article notes that the photovoltaic industry is experiencing a recovery in market conditions as the "anti-involution" and self-discipline within the industry deepen, leading to stabilization and gradual recovery of prices along the supply chain [1]

Core Insights - Hunan Huamin Holdings Group Co., Ltd. (Huamin Co., 300345) reported a revenue of 716 million yuan and a net profit attributable to shareholders of -103 million yuan for the first three quarters of 2025, marking a 45.22% reduction in losses year-on-year, with a further 57.13% reduction in losses in Q3 [1] Group 1: Financial Performance - The company achieved a revenue of 716 million yuan and a net profit of -103 million yuan in the first three quarters of 2025 [1] - The reduction in losses was 45.22% year-on-year, with Q3 showing a further reduction of 57.13% [1] Group 2: Industry Context - The photovoltaic industry is experiencing a "de-involution" process, with silicon wafer prices steadily recovering since Q2, improving industry profitability [1] - The company is positioned well in the N-type era, producing mainstream silicon wafer products and optimizing processes for yield and cost efficiency [1] Group 3: Strategic Initiatives - The company is actively pursuing opportunities in zero-carbon park construction, aligning with national policies for renewable energy supply and integrated systems [1] - The completion of the 5.15MW rooftop photovoltaic project is expected to reduce electricity costs in manufacturing and create a replicable model for zero-carbon parks [1] Group 4: Diversification and Future Outlook - The company is implementing a diversified development strategy by investing in robotics and advanced manufacturing through partnerships and industry funds [2] - The dual-track strategy of "new energy + new technology" aims to enhance core competitiveness and industry influence, promoting sustainable high-quality development [2]

Core Insights - Huamin Co., Ltd. reported a significant reduction in losses for the first three quarters of 2025, achieving a revenue of 716 million yuan and a net profit attributable to shareholders of -103 million yuan, marking a 45.22% improvement compared to the same period last year [1] - The company's performance is attributed to the recovery of industry chain prices and breakthroughs in cost control, with non-silicon costs reaching historical lows [1] - The company is positioned to benefit from the ongoing recovery in the photovoltaic sector, with a substantial increase in order volume for its manufacturing segment [2] Financial Performance - For the first three quarters of 2025, Huamin Co., Ltd. achieved a revenue of 716 million yuan and a net profit of -103 million yuan, indicating a 45.22% year-on-year improvement and a 57.13% reduction in losses in the third quarter [1] - The reduction in losses is a continuation of the company's trend of improving profitability throughout the year [1] Industry Context - The photovoltaic industry is experiencing a "de-involution" process, with silicon wafer prices steadily recovering since the second quarter, leading to improved profitability across the sector [2] - Huamin Co., Ltd. is focusing on N-type demand, optimizing its silicon wafer production processes to maintain a leading position in yield, cost, and performance [2] Strategic Initiatives - The company is actively pursuing opportunities in zero-carbon park construction, implementing integrated solutions for energy supply, grid, load, and storage [3] - Huamin Co., Ltd. has completed a 5.15 MW rooftop photovoltaic project as part of its green electricity supply initiative, aimed at reducing electricity costs in photovoltaic manufacturing [3] - The company is diversifying its strategy by investing in robotics and collaborating on industrial funds to enhance its capabilities in advanced technology sectors [3] Future Outlook - The global transition towards renewable energy, particularly in the context of carbon neutrality, is expected to create broader market opportunities for the renewable energy sector [4] - The integration of advanced manufacturing with renewable energy solutions is anticipated to enhance Huamin Co., Ltd.'s competitive edge and industry influence, supporting sustainable high-quality development [4]

Group 1 - The core point of the article is that Huamin Co., Ltd. reported a decline in revenue and a net loss for the first three quarters of 2025 [1] Group 2 - The company's operating revenue for the first three quarters was 716 million yuan, representing a year-on-year decrease of 5.71% [1] - The net loss attributable to shareholders of the listed company was 103 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 114 million yuan [1] - The basic loss per share was 0.177 yuan [1]

Group 1 - The core point of the article is that Huamin Co., Ltd. (300345.SZ) reported a decline in revenue and a net loss for the third quarter of 2025 [1] Group 2 - The company's operating revenue for the third quarter was 260 million yuan, representing a year-on-year decrease of 10.02% [1] - The net profit attributable to shareholders of the listed company was a loss of 21.83 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 23.37 million yuan [1]