Core Viewpoint - Yuhua Tian (300815.SZ) announced the completion of a share reduction plan by shareholder Yang Minghuan, who reduced his holdings by 3,985,900 shares, accounting for 0.9999% of the company's total share capital [1] Summary by Relevant Sections - Share Reduction Plan - Yang Minghuan executed a share reduction plan that has now expired, during which he sold a total of 3,985,900 shares through centralized bidding on the Shenzhen Stock Exchange [1] - The reduction was not conducted through block trading [1]

证券代码：300815 证券简称：玉禾田 公告编号：2025-072 玉禾田环境发展集团股份有限公司 关于股东股份减持计划期限届满的公告 公司股东杨明焕保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 玉禾田环境发展集团股份有限公司（以下简称"公司"）于2025年6月5日披 露了《关于持股5%以上股东、西藏蕴能环境技术有限公司减持股份预披露的公 告》（公告编号：2025-043）。持有公司股份23,900,000股（占公司总股本的6.00%） 的公司股东杨明焕计划自公告披露之日起15个交易日后的3个月内以集中竞价方 式及大宗交易方式合计拟减持公司股份不超过11,957,760股，拟减持数量占公司 总股本比例不超过3.00 %。其中，拟通过集中竞价交易方式减持股份总数不超过 3,985,920股，占公司股份总数的1.00%，拟通过大宗交易方式减持股份总数不超 过7,971,840股，占公司股份总数的2.00%，减持期间为2025年6月27日至2025年9 月26日。 股东杨明焕于 2025 年 7 月 14 日 ...

Core Points - Shareholder Yang Minghuan plans to reduce his stake in Yuhua Tian by up to 3%, with a maximum of 1% through centralized bidding and 2% through block trading, with the reduction period ending on August 26 [1] - During the reduction period, Yang Minghuan has sold a total of 3,985,900 shares through centralized bidding, representing 0.9999% of the total share capital, and did not conduct any block trading [1] - Following the reduction, Yang Minghuan's shareholding decreased to 19,914,100 shares, accounting for 4.99611% of the total [1] - The reduction complies with relevant regulations and does not affect the company's governance or control [1]

玉禾田环境发展集团股份有限公司 非经常性损益明细表鉴证报告 2025 年 1-6 月、2024 年度 2023 年度、2022 年度 信会师报字[2025]第 ZI10814 号 玉禾田环境发展集团股份有限公司 玉禾田环境发展集团股份有限公司全体股东： 我们接受委托，对后附的玉禾田环境发展集团股份有限公司（以 下简称"玉禾田"）2025 年 1-6 月、2024 年度、2023 年度和 2022 年度的非经常性损益明细表（以下简称"非经常性损益明细表"）执 行了合理保证的鉴证业务。 一、管理层对非经常性损益明细表的责任 非经常性损益明细表鉴证报告 玉禾田管理层负责按照中国证券监督管理委员会颁布的《公开发 行证券的公司信息披露解释性公告第 1 号——非经常性损益（2023 年修订）》的相关规定编制非经常性损益明细表，并确保其真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏。 （2022 年 01 月 01 日至 2025 年 6 月 30 日止） 二、注册会计师的责任 | | | | | 目 | 录 | 页 | 码 | | --- | --- | --- | --- | --- | --- | --- ...

玉禾田环境发展集团股份有限公司 截至 2025 年 6 月 30 日止 前次募集资金使用情况报告 玉禾田环境发展集团股份有限公司 截至2025年6月30日止的 前次募集资金使用情况报告 根据中国证券监督管理委员会《关于前次募集资金使用情况报告的规定》（证监发行 字[2007]500 号）的规定，玉禾田环境发展集团股份有限公司（以下简称"公司"或 "本公司"）将截至 2025 年 6 月 30 日止的前次募集资金使用情况报告如下： 一、 前次募集资金基本情况 经中国证券监督管理委员会证监许可[2019]2963 号《关于核准玉禾田环境发展集团股 份有限公司首次公开发行股票的批复》核准，同意本公司公开发行新股不超过 3,460 万股。截至 2020 年 1 月 20 日止，本公司实际发行了人民币普通股（A 股）股票 34,600,000股，发行价格为人民币29.55元/股，募集资金总额为人民币1,022,430,000.00 元，扣除发行费用人民币 62,023,010.07 元，募集资金净额为人民币 960,406,989.93 元。上述募集资金到位情况业经立信会计师事务所（特殊普通合伙）审验，并出具了 信会师 ...

玉禾田环境发展集团股份有限公司 前次募集资金使用情况鉴证报告 信会师报字[2025]第 ZI10813 号 玉禾田环境发展集团股份有限公司 前次募集资金使用情况的鉴证报告 | | | | | 目 | | | 录 | 页 | 码 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 | 、 | | | | 前次募集资金使用情况报告的鉴证报告 | | | | 1-2 | | 二 | 、 前 | 次募 集 | 资金 | 使 | 用情 | 况 报告 | | | 1-8 | | 三 | 、 事 | 务所 执 | 业资 | 质 | 证明 | | | | | 关于玉禾田环境发展集团股份有限公司 截至2025年6月30日止 前次募集资金使用情况的鉴证报告 信会师报字[2025]第ZI10813号 玉禾田环境发展集团股份有限公司全体股东： 我们按照《中国注册会计师其他鉴证业务准则第3101号—历史财 务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准则 要求我们计划和实施鉴证工作，以对鉴证对象信息是否不存在重大错 报获取合理保证。在鉴证过 ...

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].