Group 1 - The company, Jiangsu Tunan Alloy Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which was approved by the board of directors and the supervisory board [1][2] - The total cash dividend amount is expected to be RMB 39,553,150.00 (including tax), which accounts for 42.55% of the net profit attributable to shareholders for the period [1][2] - The distribution plan does not involve capital reserve conversion to increase share capital or the issuance of bonus shares, with remaining undistributed profits carried forward to future years [1][2] Group 2 - The equity distribution plan specifies that the record date for shareholders is September 11, 2025, and the ex-dividend date is set for September 12, 2025 [2] - The cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies or other custodial institutions [3] - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [2][3]

2025 年半年度权益分派实施公告 证券代码：300855 证券简称：图南股份 公告编号：2025-024 江苏图南合金股份有限公司 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。 江苏图南合金股份有限公司（以下简称"公司"或"本公司"）2025 年半年度权益分派方案由董事会根据 2025 年 5 月 9 日召开的 2024 年 年度股东大会的授权制定，已获公司第四届董事会第六次会议和第四 届监事会第六次会议审议通过，现将权益分派事宜公告如下： 一、股东会授权及董事会审议通过利润分配方案等情况 1、公司于 2025 年 5 月 9 日召开 2024 年年度股东大会，审议通 过了《关于提请股东大会授权董事会制定 2025 年中期分红方案的议 案》，同意授权董事会根据股东大会决议在符合中期分红的条件下制 定具体的 2025 年中期分红方案。 2、公司于 2025 年 8 月 15 日召开第四届董事会第六次会议，审 议通过的 2025 年半年度利润分配方案为：以方案公告时总股本 395,531,500 股为基数，向全体股东每 10 股派发现金股利人民币 1.00 元 ...

Summary of Tunan Co., Ltd. Conference Call Company Overview - Tunan Co., Ltd. started with welding materials and has transformed into a high-temperature alloy enterprise, benefiting from domestic strategic layouts since the 1990s. The core business includes casting high-temperature alloys, deformed high-temperature alloys, special stainless steel, and other alloy products, with casting and deformed high-temperature alloys accounting for approximately 80% of total revenue [2][4][5]. Core Business Insights - The company has established a deep collaboration model with main engine manufacturers through investments in its Shenyang subsidiary, aiming to expand into the aerospace engine components business and achieve upstream and downstream integration [2][6]. - From 2020 to 2023, the company experienced rapid growth, but revenue and profit are expected to decline in 2024 and the first half of 2025 due to inventory destocking cycles. A recovery in demand is anticipated in the second half of 2025, marking an operational turning point [2][8]. Financial Performance - The company’s overall profitability remains stable, although there was a slight decline in the first half of 2025 for casting high-temperature alloys and special stainless steel due to product price adjustments and structural changes. The industry faces pressure for cost reduction, but gross margins are expected to stabilize post-demand recovery [2][11]. Order Situation - As of mid-2025, the company holds a total order amount of 1.75 billion yuan, significantly up from 520 million yuan in the same period last year and 300 million yuan at the end of the previous year, enhancing confidence in future performance [10]. Business Segment Performance - The deformed high-temperature alloy business shows steady growth due to its broad application scenarios. In contrast, the casting high-temperature alloy business peaked in 2023 but saw a significant decline in 2024, with no immediate improvement expected in the first half of 2025. The aerospace engine components business is expected to start contributing revenue in the first half of 2025 [9][10]. Strategic Investments - In 2021 and 2022, the company invested in two subsidiaries in Shenyang, forming a close collaboration model with main engine manufacturers. This strategic choice has proven effective, providing strong growth potential [6]. Shareholding Structure and Incentives - The current chairman and his father are the actual controllers of the company, with a relatively stable shareholding structure. The implementation of equity incentive mechanisms in 2022 and 2023 has effectively improved performance and operational quality [7]. Industry Position and Competitive Advantages - Tunan Co., Ltd. holds a significant market share in the high-temperature alloy industry, focusing on casting and deformed high-temperature alloys, which account for about 90% of the market. The company has achieved breakthroughs in integrated casting technology, enhancing product quality and reducing costs [12][14][15]. Future Growth Prospects - The aerospace fastener business is expected to have high profitability, with demand not only for new aircraft manufacturing but also for maintenance and aftermarket services. This sector's growth potential is anticipated to provide continuous momentum for Tunan Co., Ltd. [19][20]. Long-term Strategy - The company plans to continue focusing on high-value-added products while actively expanding into horizontal market applications. By maintaining a priority on military products and enhancing competitiveness through technological innovation and capacity expansion, Tunan Co., Ltd. aims to solidify its market position for long-term stable development [21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Views - The company reported a revenue of 599 million yuan for H1 2025, a year-over-year decrease of 18.16%, and a net profit attributable to shareholders of 93 million yuan, down 51.41% year-over-year, which aligns with expectations [5][8]. - The company has a robust order backlog, with 1.75 billion yuan in signed contracts yet to be fulfilled, ensuring future revenue growth [8]. - The company is positioned as a core supplier of high-temperature alloys for military applications, benefiting from high demand in the aerospace engine sector [8]. Financial Data and Profit Forecast - For H1 2025, the company achieved a gross margin of 27.92%, a decline of 10.42 percentage points compared to H1 2024 [8]. - The company’s revenue projections for 2025 have been adjusted down to 308 million yuan, with new profit forecasts for 2026 and 2027 set at 396 million yuan and 506 million yuan, respectively [8]. - The company’s earnings per share for 2025 is projected at 0.78 yuan, with a price-to-earnings ratio of 37 for 2025, 29 for 2026, and 22 for 2027 [8].

Core Viewpoint - The company announced the approval of a proposal to amend certain governance systems during the first extraordinary general meeting of shareholders in 2025 [2] Group 1 - The extraordinary general meeting was held on September 2 [2] - The proposal regarding the amendment of governance systems was successfully passed [2]

Group 1 - The company, Tunan Co., announced the election of Mr. Li Hongdong as the employee representative director of the fourth board of directors during the 11th meeting of the fifth employee representative assembly held on September 2, 2025 [1]

证券代码：300855 证券简称：图南股份 公告编号：2025-022 江苏图南合金股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 9 月 2 日（星期二）15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为2025 年9 月2日 9:15-9:25，9:30-11:30和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 9 月 2 日 9:15-15:00。 2、会议召开方式：现场表决与网络投票相结合。 3、现场会议召开地点：江苏省丹阳市凤林大道 9 号，公司五楼 会议室。 4、会议召集人：公司第四届董事会。 5、会议主持人：董事长万柏方先生。 6、本次会议的召集、召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》等的规定。 1. ...

证券代码：300855 证券简称：图南股份 公告编号：2025-023 江苏图南合金股份有限公司 李洪东先生当选公司职工代表董事后，公司第四届董事会中兼任 公司高级管理人员以及由职工代表担任的董事人数总计未超过公司 董事总数的二分之一，符合相关法律法规以及《公司章程》的有关规 1 定。 三、备查文件 关于董事辞任暨选举职工代表董事的公告 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、关于董事辞任的情况 江苏图南合金股份有限公司（以下简称"公司"）收到非独立董事、 副总经理李洪东先生提交的书面辞职报告，因公司治理结构及内部工 作调整，李洪东先生申请辞去公司第四届董事会非独立董事职务，辞 任后将继续担任公司副总经理职务。李洪东先生的辞任不会导致公司 董事会成员低于法定最低人数，其辞任自公司收到辞职报告之日生 效。 二、关于选举职工代表董事的情况 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性 文件以及《公司章程》的有关规定，公司于 2025 年 9 月 2 日召开第 五届职工代表大会 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于江苏图南合金股份有限公司 2025 年第一次临时股东大会的 法律意见书 上海市锦天城律师事务所 关于江苏图南合金股份有限公司 2025 年第一次临时股东大会的 法律意见书 案号：01G20201891 致：江苏图南合金股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江苏图南合金股份有限 公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以下 简称"本次股东大会"）的有关事宜，根据《中华人民共和国证券法》（下称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会 规则》等法律、法规和其他规范性文件以及《江苏图南合金股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]