民生证券股份有限公司 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书 之 独立财务顾问报告 独立财务顾问 二〇二五年八月 关于创业黑马发行股份及支付现金购买资产并募集配套资金报告书之独立财务顾问报告 独立财务顾问声明与承诺 民生证券股份有限公司（以下简称"民生证券""本独立财务顾问"）接受创业 黑马科技集团股份有限公司（以下简称"创业黑马""上市公司"或"公司"）委 托，担任本次发行股份及支付现金购买资产并募集配套资金（以下简称"本次交 易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立 财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办 法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重 组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》 和《深圳证券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要 求，以及证券行业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤 ...

创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书（草案）修订说明的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 创业黑马科技集团股份有限公司（以下简称"公司"）拟通过发行股份及支付 现金方式购买北京版信通技术有限公司（以下简称"版信通"）100%股权，同时拟 向不超过 35 名特定投资者发行股票募集配套资金（以下简称"本次交易"）。 公司于 2025 年 7 月 14 日收到深圳证券交易所出具的《关于创业黑马科技集 团股份有限公司发行股份及支付现金购买资产并募集配套资金申请的审核问询 函》（审核函〔2025〕030010 号）（以下简称"《问询函》"）。公司会同相关中介机 构对《问询函》相关问题进行了认真核查、分析和研究，并于 2025 年 8 月 12 日 披露了《创业黑马科技集团股份有限公司发行股份及支付现金购买资产并募集配 套资金报告书（草案）（修订稿）》（以下简称"草案（修订稿）"）等文件。 相较公司于 2025 年 6 月 30 日于深圳证券交易所发行上市审核信息公开网 站（http://listing.szse ...

北京国枫律师事务所 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金的 补充法律意见书之二 国枫律证字[2025]AN077-8 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金的 补充法律意见书之二 国枫律证字[2025]AN077-8号 致:创业黑马科技集团股份有限公司 根据本所与创业黑马签订的《律师服务协议书》,本所接受创业黑马的委托, 担任创业黑马本次重组的特聘专项法律顾问。本所律师已根据相关法律、法规、 规章和规范性文件的规定并按照律师行业公认的业务标准、道德规范和勤勉尽责 精神,就本次重组出具了《北京国枫律师事务所关于创业黑马科技集团股份有限 公司发行股份及支付现金购买资产并募集配套资金的法律意见书》(以下简称《法 律意见书》)、《北京国枫律师事务所关于创业黑 ...

民生证券股份有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金申请的审核问询 函》回复之核查意见 独立财务顾问 二〇二五年八月 深圳证券交易所： 贵所于 2025 年 7 月 14 日出具的《关于创业黑马科技集团股份有限公司发行 股份及支付现金购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕 030010 号）（以下简称"问询函"）已收悉，创业黑马科技集团股份有限公司 （以下简称"创业黑马""上市公司"或"公司"）与相关中介机构对问询函所 列问题进行逐项核查和落实，并按照要求在《创业黑马科技集团股份有限公司发 行股份及支付现金购买资产并募集配套资金报告书（草案）》（以下简称"重组 报告书"）中进行了相应的修订和补充披露。民生证券股份有限公司（以下简称 "独立财务顾问"）作为本次重组的独立财务顾问，现发表核查意见如下。 说明： 1、除另有说明外，本核查意见中的简称或名词的释义与《创业黑马科技集 团股份有限公司发行股份及支付现金购买资产并募集配套资金报告书（草案）》 （以下简称"重组报告书"）中的含义相同。 2、本核查意见中若合计数与各分项数值相 ...

Market Performance - The education sector increased by 0.79% on August 11, with Chuangye Heima leading the gains [1] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index closed at 11291.43, up 1.46% [1] Individual Stock Performance - Chuangye Heima (300688) closed at 35.81, up 2.96% with a trading volume of 81,100 shares and a turnover of 290 million yuan [1] - Kede Education (300192) closed at 15.86, up 2.65% with a trading volume of 146,700 shares and a turnover of 232 million yuan [1] - Dou Shen Education (300010) closed at 8.90, up 1.60% with a trading volume of 820,200 shares and a turnover of 721 million yuan [1] - Other notable stocks include Bo Rui Chuan Bo (600880) up 1.36%, Xing Dong Education (605098) up 1.15%, and Ang Li Education (600661) up 1.14% [1] Capital Flow Analysis - The education sector experienced a net outflow of 17.09 million yuan from institutional investors and 34.17 million yuan from speculative funds, while retail investors saw a net inflow of 51.26 million yuan [2] - The capital flow for individual stocks indicates that Dou Shen Education had a net inflow of 28.84 million yuan from institutional investors, while Xue Da Education saw a net outflow of 16.89 million yuan from retail investors [3]

Group 1 - The core point of the article highlights the recent performance of Chuangye Heima (创业黑马), with a stock price of 34.78 yuan, down 3.79%, and a trading volume of 12.01 million shares, amounting to 4.23 billion yuan in transaction value [1] - The company experienced a net outflow of main funds amounting to 54.22 million yuan, which represents 12.8% of the transaction value, with significant outflows from large orders [1] - For the first quarter of 2025, the company reported total operating revenue of 35.54 million yuan, a year-on-year decrease of 29.11%, while net profit attributable to shareholders was 1.06 million yuan, an increase of 111.56% [1] Group 2 - Chuangye Heima has made investments in 38 companies and participated in 62 bidding projects, indicating active engagement in business development [2] - The company holds 324 trademark registrations and 2 patents, along with 11 administrative licenses, showcasing its intellectual property portfolio [2]

Group 1 - The stock price of Chuangye Heima (300688) closed at 35.14 yuan on August 5, 2025, with a 0.6% increase and a turnover rate of 5.89% [1] - The company experienced a net outflow of main funds amounting to 10.89 million yuan, accounting for 3.54% of the transaction amount [1] - The latest quarterly report shows total operating revenue of 35.54 million yuan, a year-on-year decrease of 29.11%, while net profit attributable to shareholders was 1.06 million yuan, a year-on-year increase of 111.56% [1] Group 2 - Chuangye Heima has invested in 38 companies and participated in 62 bidding projects, with 324 trademark registrations and 2 patents [2] - The company was established in 2011 and is primarily engaged in the cultural and artistic industry, with a registered capital of 1.67 billion yuan [1][2]

Group 1 - The stock price of Chuangye Heima reached 34.93 yuan as of August 4, 2025, with an increase of 0.72 yuan, representing a rise of 2.10% [1] - The stock hit a high of 35.12 yuan and a low of 33.65 yuan during the trading session, with a trading volume of 110,989 hands and a total transaction amount of 385 million yuan [1] - Chuangye Heima operates in sectors including education, venture capital, and online education, primarily providing entrepreneurial training, enterprise acceleration services, and industry resource matching [1] Group 2 - On the morning of August 4, Chuangye Heima's stock experienced a rapid rebound, with a rise of over 2% within 5 minutes and a transaction amount of 61.3 million yuan [2] - On August 4, the net inflow of main funds was 17.14 million yuan, accounting for 0.33% of the circulating market value [2] - Over the past five trading days, the cumulative net outflow of main funds was 26.33 million yuan, representing 0.51% of the circulating market value [2]

Group 1 - The core point of the article highlights the financial performance and stock market activity of Chuangye Heima (创业黑马) as of July 31, 2025, showing a decline in stock price and mixed capital flow [1] - As of Q1 2025, the company reported total revenue of 35.54 million yuan, a year-on-year decrease of 29.11%, while net profit attributable to shareholders was 1.06 million yuan, an increase of 111.56% [1] - The company's liquidity ratios are strong, with a current ratio and quick ratio both at 2.238, and a debt-to-asset ratio of 28.88% [1] Group 2 - Chuangye Heima has made investments in 38 companies and participated in 62 bidding projects, indicating active engagement in business expansion [2] - The company holds 324 trademark registrations and 2 patents, reflecting its focus on intellectual property [2] - Additionally, Chuangye Heima has obtained 11 administrative licenses, which may enhance its operational capabilities [2]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 700,000 yuan [1] Group 1: Salary Insights - Over 21% of company secretaries earn more than 1 million yuan annually [1] - The highest salary in the social services sector was recorded at 1.9451 million yuan for Yang Linyan from Action Education, while the lowest was not specified [1] - The average salary for secretaries in the social services sector is approximately 640,500 yuan [1] Group 2: Demographics and Background - The average age of secretaries in the social services sector is 45.15 years, with the majority (57%) aged between 40-49 [1] - The oldest secretary is Duan Zhongpeng from Shoulu Hotel, aged 58, earning 1.7522 million yuan in 2024 [1] - Educational qualifications show that there is one PhD, 44 master's degree holders, and 35 bachelor's degree holders among the secretaries, indicating a high requirement for comprehensive qualifications [1] Group 3: Employment and Roles - A significant portion (69%) of secretaries also hold other positions such as directors, financial directors, or legal advisors within their companies [1] - Most secretaries come from financial or legal backgrounds, with some having business backgrounds [1] - There are 8 secretaries who faced regulatory warnings or criticisms in 2024-2025, indicating some compliance issues within the sector [1] Group 4: Career Background - Among the current secretaries, 5 have a background in sell-side roles, with Xu Wenfeng from Chuangye Heima receiving a salary above the industry average at 835,600 yuan [1] - Guo Lei from Zhongxin Tourism previously worked at Huatai Securities, showcasing diverse career paths within the role of company secretary [1]