根据《上市公司证券发行注册管理办法》《监管规则适用指引——发行类第 7 号》等相关规定，公司就前次募集资金的使用情况编制了《公司截至 2025 年 6 月 30 日止的前次募集资金使用情况报告》，并委托立信会计师事务所（特殊普通合伙） 对上述报告进行了专项鉴证并出具了《前次募集资金使用情况鉴证报告》。 证券代码：300815 证券简称：玉禾田 公告编号：2025-071 玉禾田环境发展集团股份有限公司 第四届董事会 2025 年第五次会议决议公告 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。 一、董事会会议召开情况 玉禾田环境发展集团股份有限公司（以下简称"公司"）第四届董事会 2025 年第五次会议于 2025 年 9 月 25 日下午 15:00 以现场和通讯的方式召开。本次董事 会会议通知已于 2025 年 9 月 19 日以书面、电子邮件及电话等方式通知了全体董事、 高级管理人员。本次会议由董事长周平先生主持，会议应出席董事 7 名，实际出席 董事 7 名（其中：董事长周平先生以通讯表决方式参加本次会议）。本次会议的召 集、召开和表决程序符合《公司法 ...

Core Viewpoint - Tianfeng Securities report indicates that Yuhua Tian achieved a net profit attributable to shareholders of 320 million yuan in the first half of the year, a year-on-year decrease of 2.02%, primarily impacted by credit impairment [1] Financial Performance - The company faced significant pressure on net profit due to credit impairment, necessitating attention to accounts receivable factoring and government debt resolution progress [1] - The total number of projects won in the first half reached 25, with a steady increase in market share [1] Contract and Order Growth - In the urban services sector, the company signed new contracts worth 10.367 billion yuan, ranking first in the industry [1] - The newly added annualized contract amount reached 1.373 billion yuan, representing a substantial year-on-year growth of 93.08% [1] Key Projects - Notable projects include a service fee of 353 million yuan per year for the Lanzhou project with a service duration of 15 years, and a service fee of 145 million yuan per year for the Liupanshui project with a service duration of 20 years, which will drive the long-term stable development of the company's sanitation service main business [1] Strategic Partnerships - Zhiyuan Robotics has invested in Yushu Intelligent, indicating ongoing development in the robotics sector [1] - In June 2025, Yushu Intelligent, a subsidiary of the company, signed a strategic cooperation agreement with Shanghai Zhiyuan Robotics to establish the Shenzhen Yushu Embodied Robotics Innovation Center; recently, Zhiyuan Robotics increased its investment in Yushu Intelligent, holding a 5% stake [1] Investment Rating - The company maintains an "overweight" rating [1]

Group 1: Fixed Income and Monetary Policy - The report discusses the anticipation surrounding the resumption of government bond trading, highlighting a shift from "buying long" to "buying short" under supportive monetary policy, with a focus on liquidity management [2][4][27] - It is expected that if interest rate cuts occur, the impact on the bond market will depend on the magnitude of the cuts, with a likely continuation of a 10 basis point reduction seen in the first half of the year [2][28][29] - The report emphasizes that regardless of whether bond trading resumes, liquidity concerns are manageable due to the central bank's diverse monetary policy tools [27][28][29] Group 2: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects expected to drive growth [6][9] - The report notes that the early drug development process in China is significantly faster than the global average, saving 30%-50% of time [9] - Future prospects for the industry are optimistic, with increased innovation expected to unlock greater commercial value [9] Group 3: Agricultural Sector - The dairy sector is experiencing a strong supply contraction, with expectations that the phase of destocking is nearing its end [10] - The meat cattle sector is entering a super cycle, with domestic supply tightening due to reduced imports and a long replenishment cycle [10] - The report suggests that the interconnection between dairy and meat cattle sectors will enhance profitability for related enterprises [10] Group 4: Technology Sector - The report highlights the rapid growth of Meige Intelligent, driven by demand in the smart connected vehicle and edge AI hardware markets, with a 44.50% increase in revenue year-on-year [32] - The company is expanding its applications in various sectors, including drones, AR glasses, and robotics, showcasing its strong capabilities in edge AI [34][35] - Despite a decline in overall gross margin, the company anticipates improvements in profitability in the latter half of the year [33][36] Group 5: Investment Recommendations - The report recommends focusing on sectors such as innovative pharmaceuticals, new energy, and new consumption, which are expected to benefit from seasonal demand and improving economic conditions [11] - Specific companies to watch include China Shengmu, Guangming Meat, and Fucheng Co., which are positioned well within the agricultural sector [10]

Core Viewpoint - The company demonstrated resilience in its urban operations segment despite industry pressures, achieving revenue growth and maintaining a strong market position while facing challenges related to accounts receivable and credit impairment losses [2][4]. Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 3.711 billion yuan, a year-on-year increase of 9.00%, and a net profit attributable to shareholders of 320 million yuan, a decrease of 2.02% year-on-year [1]. - The urban operations segment generated revenue of 3.186 billion yuan, reflecting a year-on-year growth of 11.17%, with a gross margin of 25.91%, down 1.81 percentage points year-on-year [2]. Group 2: Orders and Market Position - The company secured 25 new projects in the first half of the year, enhancing its market share, and signed new contracts worth 10.367 billion yuan in the urban services segment, leading the industry [2]. - The annualized new contract amount increased significantly by 93.08% year-on-year, indicating strong demand and growth potential [2]. Group 3: Strategic Developments - The company’s subsidiary, Yushu Intelligent, entered a strategic partnership with Shanghai Zhiyuan Robotics, which included an investment that granted Zhiyuan a 5% stake in Yushu [3]. - Yushu Intelligent focuses on various sectors within the intelligent robotics field, including urban service robots and drone inspections, showcasing the company's commitment to innovation and technology [3]. Group 4: Accounts Receivable and Credit Impairment - As of June 30, 2025, the company’s total accounts receivable reached 4.5 billion yuan, an increase of 300 million yuan from the end of 2024, with credit impairment losses of 52 million yuan, which is 15 million yuan higher year-on-year [4]. - The company plans to initiate non-recourse factoring for accounts receivable up to 500 million yuan, which may improve its financial statements [4]. - Ongoing government debt relief initiatives are expected to benefit labor-intensive enterprises like the company, potentially alleviating some financial pressures [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company achieved a revenue of 3.711 billion yuan in the first half of 2025, representing a year-on-year increase of 9.00%, while the net profit attributable to shareholders was 320 million yuan, down 2.02% year-on-year [1]. - The urban operation segment saw a revenue of 3.186 billion yuan in the first half of 2025, growing by 11.17% year-on-year, with a gross margin of 25.91%, a decrease of 1.81 percentage points [2]. - The company secured 25 new projects in the first half of 2025, leading the industry with a new contract amount of 10.367 billion yuan, a significant year-on-year increase of 93.08% [2]. - The company is expanding its robotics segment through a strategic partnership with Shanghai Zhiyuan Robotics, which includes an investment in its subsidiary, Yushui Intelligent [3]. Financial Summary - As of June 30, 2025, the total accounts receivable amounted to 4.5 billion yuan, an increase of 300 million yuan compared to the end of 2024, with a credit impairment loss of 52 million yuan recognized in the first half of 2025, up 15 million yuan year-on-year [4]. - The forecasted net profit attributable to shareholders for 2025-2027 is projected to be 648 million, 717 million, and 803 million yuan, respectively, with year-on-year growth rates of 12.58%, 10.62%, and 12.04% [4]. - The diluted EPS for the same period is expected to be 1.63, 1.80, and 2.01 yuan, with corresponding P/E ratios of 17.51, 15.83, and 14.13 times as of September 23 [4][11]. Key Financial Metrics - The company’s total revenue is projected to grow from 6.161 billion yuan in 2023 to 10.177 billion yuan in 2027, with a compound annual growth rate of approximately 9.82% [11]. - The gross margin is expected to stabilize around 23.20% by 2027, while the net profit margin is projected to be approximately 7.89% [12]. - The company’s asset-liability ratio is forecasted to be 47.70% by 2027, indicating a stable financial structure [12].

关于对外担保的进展公告 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。 特别风险提示： 截至本公告披露日，公司及控股子公司提供担保总额超过最近一期经审计净 资产100%，敬请广大投资者充分关注担保风险。 证券代码：300815 证券简称：玉禾田 公告编号：2025-070 玉禾田环境发展集团股份有限公司 一、担保情况概述 玉禾田环境发展集团股份有限公司（以下简称"玉禾田"或"公司"）分别 于2024年12月26日、2025年1月20日召开的第四届董事会2024年第五次会议、2025 年第一次临时股东大会审议通过了《关于公司2025年度对外提供担保额度预计的 议案》。并分别于2025年8月20日、2025年9月8日召开的第四届董事会2025年第四 次会议、2025年第二次临时股东大会审议通过了《关于增加公司2025年度对外提 供担保额度预计的议案》。公司为子公司、子公司为子公司向金融机构融资提供 累计不超过人民币88.8亿元的担保，担保额度有效期为自公司2025年第二次临时 股东大会通过之日起12个月。具体内容请详见公司于2024年12月27日、2025年1 月 ...

Market Overview - The environmental governance sector increased by 0.6% on September 16, with Feima International leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Feima International (002210) closed at 3.87, up 9.94% with a trading volume of 2.3666 million shares and a transaction value of 8.85 billion [1] - Yuhua Tian (300815) closed at 28.59, up 8.50% with a trading volume of 396,900 shares and a transaction value of 11.20 billion [1] - Fulongma (603686) closed at 19.92, up 7.50% with a trading volume of 841,200 shares and a transaction value of 16.71 billion [1] Underperformers - Conglin Technology (688370) closed at 25.71, down 7.72% with a trading volume of 47,400 shares and a transaction value of 1.25 billion [2] - Dechuang Environmental (603177) closed at 12.06, down 2.98% with a trading volume of 191,400 shares and a transaction value of 2.30 billion [2] - Miyuan Si (688480) closed at 47.30, down 2.21% with a trading volume of 5,553 shares and a transaction value of 26.19 million [2] Capital Flow - The environmental governance sector saw a net inflow of 289 million from institutional investors, while retail investors experienced a net outflow of 416.15 million [2][3] - The main net inflow for Feima International was 210 million, accounting for 23.74% of the total, while retail investors had a net outflow of 142 million [3] - Fulongma had a main net inflow of 181 million, representing 10.84%, with retail investors experiencing a net outflow of 71.86 million [3]

Group 1: Company Expansion and Financial Management - The company has established project companies to efficiently implement bidding projects, ensuring compliance and risk management through a robust internal control system [2] - In the first half of 2025, the company signed new contracts in urban operations amounting to 10.367 billion CNY, representing a year-on-year increase of 93.08% [4] - The company emphasizes the importance of accounts receivable management, with recent national policies aiding in the recovery of debts from local governments [6] Group 2: Robotics and Technological Development - The company has launched Shenzhen Yushui Intelligent Robot Co., focusing on the development of intelligent equipment and the transition of traditional sanitation equipment to smart solutions [3] - The company completed the acquisition of Candela (Shenzhen) Intelligent Technology Co., enhancing its capabilities in sanitation robotics [3] - The humanoid robot project is currently in the demonstration phase, with no specific timeline for mass production yet established [5] Group 3: Investor Relations and Market Confidence - The company is committed to maintaining open communication with investors through various channels, including performance briefings and interactive platforms [5] - The stock price fluctuations are influenced by macroeconomic factors, industry cycles, and market sentiment, with the company focusing on enhancing operational quality to boost investor confidence [5] - The company is considering stock repurchase plans to support market confidence, contingent on financial arrangements [5]

Group 1 - The autonomous driving sector experienced an initial rise on September 16, with notable gains in several companies [1] - Shiyun Circuit reached a new high during the trading session, while companies such as Jingsheng Electronics hit the daily limit up [1] - Meilixin saw an increase of over 10%, with other companies like Zhujiang Co., Yuhua Tian, Rerwei, Tianlong Co., and Jintour Environment also showing upward trends [1]

Core Viewpoint - Yuhua Tian (300815.SZ) focuses on technology-driven services, utilizing intelligent cleaning robots to create smart sanitation operation scenarios [1] Group 1 - The company operates through its subsidiary, Shenzhen Yushu Intelligent Robot Co., Ltd., emphasizing the integration of technology and service [1] - The humanoid robots are currently deployed in specific scenarios such as property cleaning and public area waste collection for demonstration and data collection [1] - This approach aims to accumulate valuable data and operational experience for future commercialization [1]