Group 1 - The article emphasizes the importance of courage and passion for entrepreneurs, suggesting that overthinking can hinder the entrepreneurial spirit [1] - The "Black Horse Mountain and Sea Plan" event is scheduled for November 20-22, 2025, in Huangshan, aiming to enhance entrepreneurial leadership and brand positioning [3][10] - The event will feature discussions on redefining the roles of founders in the context of AI, international expansion, and market penetration [8] Group 2 - Participants will engage in collaborative learning and experience sharing to enhance brand strength and leadership skills [8][9] - The itinerary includes activities such as a welcome dinner, nature exploration, and workshops focused on entrepreneurial leadership and brand positioning [9][10] - The event is priced at 15,800 yuan per person, with an early bird discount of 12,800 yuan [11]

国联民生证券承销保荐有限公司 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 2、本核查意见中若合计数与各分项数值相加之和在尾数上存在差异，均为 四舍五入所致。 2-1 （修订稿） 独立财务顾问 二〇二五年十一月 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。国联民生证券承销保荐有限公司（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 ...

中瑞世联资产评估集团有限公司 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》之回复 二〇二五年十一月 2、本回复中若合计数与各分项数值相加之和在尾数上存在差异，均为四舍 五入所致。 5-2 问题 3．关于资产评估 申请文件显示：（1）本次交易以收益法评估结果作为定价依据，经收益法 评估，标的资产股东全部权益评估值 2.82 亿元，增值率 481.36%。（2）2024 年标的资产成立苏州子公司后，将部分电子版权认证服务转移由其签约（结算价 格按市场价格的 75%），但实际业务仍由母公司执行。鉴于子公司未来业务规 模取决于母公司业务分配策略，具有较大不确定性。因此在预测母公司未来经营 时，以 2024 年实际收入为基础，通过还原子公司承接业务的折扣影响（将子公 司确认的 75%结算价还原为全额市场价），并采用一定的增长率进行测算。依 据企业五年发展规划，电子版权认证服务业务 2025 年收入预计保持 4%的增长 率，以后年度增长率逐步下降，至 2029 年之后进入稳定期。（3）2024 年，标 的资产软著登记代理及其他业务收入下降 48.53 ...

关于创业足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 申请的审核同询品的专项说明 中共华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址:北京市丰台区丽泽路 20号丽泽 SOH0 Ｂ座 20 层 - 邮编:100073 电话:(010) 51423818 传真:(010) 51423816 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 进行 :京25D10C 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP (location) : 北京市丰台区丽泽路 20 号丽泽 S0H0 B 座 20 层 wer B, Lize SOHO, 20 Lize Road, Fengtai District, Beijing PR China 传真(fax):010-51423816 (tel) : 010-51423818 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 ...

4-1 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 补充法律意见书之四 国枫律证字[2025]AN077-12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一》《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》(以下简称《补充法律意见书二》)、《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三》。 根据深交所于2025年7月14日出具的"审核函〔2025〕 ...

创业黑马科技集团股份有限公司 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》之回复 （修订稿） 独立财务顾问 二〇二五年十一月 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。现回复如下，请予以审核。 问题 1．关于标的资产的持续经营能力 申请文件显示：（1）上市公司本次拟收购北京版信通技术有限公司 100% 股权（以下简称版信通或标的资产）。（2）国家版权局及版权保护中心 2022 年对版权登记制度进行调整，逐步取消版权登记加急政策，登记代理业务量显著 下滑。标的资产将业务重心转向电 ...

Core Insights - The article emphasizes that the best state for entrepreneurs is not the initial excitement of starting a business or the joy of success, but rather a unique "black box state" characterized by a mix of struggle, uncertainty, and occasional glimpses of hope [3][4][5][10]. Group 1: Entrepreneurial State - The "black box state" is described as a phase where entrepreneurs experience a combination of hardship, excitement, and confusion, indicating they are genuinely engaged in the entrepreneurial journey [5][6][12]. - Transitioning from certainty to uncertainty is a hallmark of real entrepreneurship, where the journey is filled with ups and downs rather than a linear path to success [9][14]. - The article suggests that true success is often fleeting, and a sustainable state for entrepreneurs is one of persistent effort amidst uncertainty [15][17]. Group 2: Event Promotion - An upcoming event from November 20 to November 22 is highlighted, where entrepreneurs will engage in discussions about brand positioning, securing investment, and managing cash flow [19][20]. - The event will feature prominent figures such as Niu Wenwen, the founder of Chuangye Heima Group, and Feng Weidong, CEO of Tiantu Investment, who will guide participants in exploring entrepreneurial leadership and brand strategies [22][30]. - The event aims to foster collaboration and resource sharing among entrepreneurs, with a focus on enhancing brand strength and navigating market challenges [28][29].

Core Insights - The article emphasizes the importance of entrepreneurs becoming "linkers" who leverage external partnerships to grow their businesses, creating a community of shared incremental benefits [1] - It promotes the "Black Horse Mountain and Sea Plan" event, which aims to enhance entrepreneurial leadership and brand positioning through collaborative learning and networking [12] Event Overview - The event will take place from November 20 to 22, 2025, in Huangshan, Anhui, led by prominent figures in the entrepreneurial space, including Niu Wenwen and Feng Weidong [2][4] - Participants will engage in discussions on brand positioning and entrepreneurial leadership, focusing on adapting to new market dynamics [6][8] Key Speakers - Niu Wenwen, founder and chairman of Black Horse, and Feng Weidong, founder and CEO of Tiantu Investment, will lead the sessions [3][5] - Feng Weidong is recognized as a top investor with over 20 years of experience and a fund management scale exceeding 200 billion [5] Learning Outcomes - Attendees will explore three identities of founders in the context of AI, international expansion, and market penetration [6] - The program includes practical workshops on brand positioning and leadership development, fostering collaboration among participants [6][8] Itinerary Highlights - The itinerary includes activities such as a welcome dinner, nature exploration, and discussions on leadership and brand strategy [8][9] - Participants will have opportunities for networking and sharing experiences, enhancing resource connections [6][8]

Group 1 - The article emphasizes the importance of founder engagement in enhancing company vitality, highlighting a personal practice of writing birthday cards for employees to foster a positive company culture [1] - The upcoming "Black Horse Mountain and Sea Plan" event is designed to help entrepreneurs improve brand positioning, secure investment, and manage cash flow, featuring prominent industry leaders [2][4] - The event will take place from November 20 to 22, 2025, in Huangshan, with a focus on exploring entrepreneurial leadership and effective brand strategies [4][9] Group 2 - Participants will engage in various activities, including nature exploration and discussions on entrepreneurial leadership and brand positioning, aimed at enhancing their skills and networking opportunities [8][9] - The event features a structured itinerary, including group work and mentorship sessions, to facilitate learning and collaboration among entrepreneurs [10] - The registration fee for the event is set at 15,800 yuan per person, with an early bird discount of 12,800 yuan available [10]

Core Viewpoint - The education sector experienced a decline of 0.75% on November 6, with Chuangye Heima leading the drop. In contrast, the Shanghai Composite Index rose by 0.97% and the Shenzhen Component Index increased by 1.73% [1] Group 1: Market Performance - The education sector's performance was mixed, with individual stocks showing varied results. For instance, ST Dongshi rose by 4.86%, while Chuangye Heima fell by 3.07% [1][2] - The trading volume for ST Dongshi was 178,900 shares, with a transaction value of 67.52 million yuan, while Chuangye Heima had a trading volume of 114,300 shares and a transaction value of 350 million yuan [1][2] Group 2: Capital Flow - The education sector saw a net outflow of 217 million yuan from institutional investors, while retail investors contributed a net inflow of 185 million yuan [2] - The capital flow data indicates that ST Dongshi had a net outflow of 9.235 million yuan from institutional investors, while it attracted a net inflow of 3.754 million yuan from retail investors [3]