Core Insights - Guan Zhong Ecological was established on August 30, 2000, and listed on the Shenzhen Stock Exchange on February 25, 2021, focusing on ecological restoration and environmental construction [1] Group 1: Business Performance - For Q3 2025, Guan Zhong Ecological reported revenue of 108 million yuan, ranking 19th out of 22 in the industry, with the top company, Palm Holdings, generating 1.945 billion yuan [2] - The net profit for the same period was -7.6187 million yuan, ranking 7th in the industry, with the leading company, Hui Lv Ecological, achieving a net profit of 97.496 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 49.58%, up from 46.75% year-on-year, but still below the industry average of 65.35%, indicating manageable debt levels [3] - The gross profit margin was 37.02%, slightly up from 36.33% year-on-year, significantly higher than the industry average of 11.95%, reflecting strong profitability [3] Group 3: Executive Compensation - The chairman, Li Chunlin, received a salary of 595,900 yuan in 2024, an increase of 4,200 yuan from 2023 [4] - The general manager, Xu Jianping, earned 495,100 yuan in 2024, up by 700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.15% to 9,248, while the average number of shares held per shareholder increased by 10.15% to 14,200 shares [5]

青岛冠中生态股份有限公司 简式权益变动报告书 上市公司名称：青岛冠中生态股份有限公司 股票上市地点：深圳证券交易所 股票简称：冠中生态 四、本次权益变动是根据本报告所载明的资料进行的。除本信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书 做出任何解释或者说明。 五、信息披露义务人承诺本报告不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性和完整性承担个别和连带的法律责任。 六、本报告书部分数据计算时需要四舍五入，故可能存在尾数差异，提请投 资者注意。 股票代码：300948 信息披露义务人：杨恩光 通讯地址：福建省霞浦县****** 股份变动性质：持股比例被动稀释、股份减少，持股比例降至 5%以下 签署日期：2025 年 10 月 31 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格 式准则第 15 号—权益变动报告书》及相关的法律、法规编写本权益变动报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国公司 ...

证券代码：300948 证券简称：冠中生态 公告编号：2025-116 债券代码：123207 债券简称：冠中转债 青岛冠中生态股份有限公司 关于持股5%以上股东持股比例被动稀释、减持股份至5%以下暨 披露简式权益变动报告书的提示性公告 公司股东杨恩光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。 1、本次权益变动系青岛冠中生态股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券（以下简称"可转债"或"冠中转债"） 转股导致公司总股本增加，以及公司5%以上股份的股东杨恩光先生减持 公司股份，不触及要约收购。杨恩光先生不属于公司控股股东、实际控 制人及其一致行动人，本次权益变动不会导致公司控股股东、实际控制 人发生变化，不会影响公司的治理结构和持续经营。 2、本次权益变动后，杨恩光先生持有公司股份总数7,945,900股， 占截至2025年10月28日公司总股本158,918,213股的4.99999%（占剔除 公司回购专用证券账户股份后总股本的5.05%），不再是公司持股5%以 上股东。 3、本次权益变动信息披露义务人已按照有关规定编制《简式权益 变动报告书》， ...

Core Viewpoint - The announcement from Guanzhong Ecological indicates that independent director Ju Bo has completed the required training for independent directors organized by the Shenzhen Stock Exchange and has received the certification [1] Company Summary - Guanzhong Ecological's board of directors has acknowledged the completion of training by independent director Ju Bo [1] - The training was conducted online and is a prerequisite for independent directors in listed companies [1] - Ju Bo has obtained the "Independent Director Training Certificate" issued by the Shenzhen Stock Exchange [1]

| | | 青岛冠中生态股份有限公司 关于独立董事取得独立董事培训证明的公告 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。 青岛冠中生态股份有限公司（以下简称"公司"）于2025年6月20日 召开第四届董事会第二十四次会议，并于2025年7月11日召开2025年第二 次临时股东大会，审议通过了《关于公司董事会换届选举暨提名第五届 董事会独立董事候选人的议案》，选举鞠波先生为公司第五届董事会独 立董事，并在当选后担任第五届董事会薪酬与考核委员会主任委员、提 名委员会委员、审计委员会委员职务，任期自公司2025年第二次临时股 东大会审议通过之日起至第五届董事会届满之日止。 截至公司2025年第二次临时股东大会通知发出之日，鞠波先生暂未取 得深圳证券交易所认可的独立董事资格证书，其已书面承诺参加深圳证券 交易所组织的最近一次独立董事培训并取得深圳证券交易所认可的独立 董事资格证书。 近日，公司董事会收到独立董事鞠波先生的通知，鞠波先生已按规定 参加了深圳证券交易所举办的上市公司独立董事任前培训（线上），并取 得了由深圳证券交易所颁发的《上市公司独立董事培训证明》。 ...

经中国证券监督管理委员会出具的《关于同意青岛冠中生态股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 | 证券代码：300948 | 证券简称：冠中生态 公告编号：2025-114 | | --- | --- | | 债券代码：123207 | 债券简称：冠中转债 | 青岛冠中生态股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例被动稀释 触及1%整数倍的提示性公告 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、本次权益变动主要为青岛冠中生态股份有限公司（以下简称"公 司"）向不特定对象发行可转换公司债券（以下简称"可转债"）转股导 致公司总股本增加，公司控股股东青岛冠中投资集团有限公司（以下简称 "冠中投资"）、实际控制人李春林先生和许剑平女士及其一致行动人青 岛和容投资有限公司（以下简称"和容投资"）、青岛博正投资有限公司 （以下简称"博正投资"）合计持股比例由39.91%被动稀释至38.98%，权 益变动触及1%整数倍。 2、本次权益变动不涉及股东持股数量发生变化，不涉及要约收购， 不会导致公司控 ...

Group 1 - The core viewpoint of the news is that Guanzhong Ecology (300948.SZ) has reported its Q3 2025 results, highlighting significant institutional investor holdings and changes in public fund investments [1][2] Group 2 - As of October 28, 2025, a total of 13 institutional investors hold shares in Guanzhong Ecology, with a combined holding of 57.3851 million shares, representing 40.95% of the total share capital [1] - The top ten institutional investors account for a combined holding ratio of 40.94%, with a slight decrease of 0.04 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings compared to the previous period, with an increase ratio of 0.33% [2] - Six new public funds were disclosed this period, including notable names such as CITIC Prudential Economic Preferred Mixed A and CITIC Prudential Anxin Return Bond A [2] - Twenty public funds were not disclosed this period, including funds like Guotai Junan Quantitative Multi-Factor A and Huaxia Dingrong Bond A [2] Group 4 - One new foreign institutional investor was disclosed this period, namely CITIC Securities Asset Management (Hong Kong) Co., Ltd. - Client Funds [2] - One foreign institutional investor, BARCLAYS BANK PLC, was not disclosed this period [2]

1、自2025年9月30日至2025年10月28日，青岛冠中生态股份有限公司 （以下简称"公司"）股票已满足任意连续三十个交易日中至少有十五个 交易日的收盘价格不低于"冠中转债"当期转股价格（即10.44元/股）的 130%（含130%，即13.572元/股），根据《青岛冠中生态股份有限公司向 不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 中有条件赎回条款的相关约定，已触发了"冠中转债"的有条件赎回条款 （即：在本次可转换公司债券（以下简称"可转债"）转股期内，如果公 司股票连续三十个交易日中至少有十五个交易日的收盘价格不低于当期 转股价格的130%（含130%），公司有权按照本次可转债面值加当期应计利 息的价格赎回全部或部分未转股的本次可转债）。 2、公司于2025年10月28日召开第五届董事会第五次会议，审议通过 了《关于不提前赎回"冠中转债"的议案》，公司董事会决定本次不行使 "冠中转债"的提前赎回权利，不提前赎回"冠中转债"，且在未来三个 月内（即2025年10月29日至2026年1月28日），如再次触发"冠中转债" 有条件赎回条款时，公司均不行使提前赎回权利。自2026年1 ...

国金证券股份有限公司 关于青岛冠中生态股份有限公司 不提前赎回"冠中转债"的核查意见 国金证券股份有限公司（以下简称"保荐机构"）作为青岛冠中生态股份有 限公司（以下简称"冠中生态"或"公司"）向不特定对象发行可转换公司债券的 持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则》《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》《深圳证券交易所上市公司自律监管指引第 15 号—可 转换公司债券》等有关规定，对冠中生态不提前赎回"冠中转债"事项进行了 核查，具体情况如下： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会出具的《关于同意青岛冠中生态股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1384 号） 同意注册，公司于 2023 年 7 月 21 日发行可转债 4,000,000 张，每张面值 100 元，募集资金总额为人民币 400,000,000 元，扣除发行费用总额（不含增值税） 人民币 8,500,943.39 元，实际募集资金净额为人民币 391,499,056.61 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥55,571,939.94, representing a year-on-year increase of 61.56%[5] - The net profit attributable to shareholders was -¥4,432,598.90, a decrease of 71.75% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥5,905,785.82, a decrease of 66.00% year-on-year[5] - The basic and diluted earnings per share were both -¥0.0317, reflecting a decrease of 71.70% compared to the previous year[5] - Total operating revenue decreased to ¥108,080,526.81 from ¥144,545,894.52, a decline of approximately 25%[23] - Net profit attributable to the parent company was -¥7,618,733.29, compared to -¥7,123,149.35 in the previous period, indicating a worsening of approximately 7%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,589,169,289.99, a decrease of 2.17% from the end of the previous year[5] - The company's total assets amounted to approximately ¥1.59 billion, a decrease from ¥1.62 billion at the beginning of the period, reflecting a decline of about 0.20%[19] - The company's total liabilities decreased to approximately ¥788 million from ¥817 million, a reduction of about 3.5%[20] - The total assets and liabilities amounted to ¥1,589,169,289.99, down from ¥1,624,498,415.74, a decrease of approximately 2.2%[24] Cash Flow - Cash flow from operating activities showed a net outflow of -¥15,257,816.27, an increase of 80.00% in outflow compared to the previous period[5] - Net cash flow from operating activities improved by 80.00% to -¥15,257,816.27, driven by increased cash receipts from sales and reduced cash payments to employees[10] - Cash inflow from investment activities increased to ¥663,033,088.84 from ¥519,228,326.45, a growth of approximately 28%[25] - The net cash flow from investing activities was ¥137,343,778.89, an increase from ¥58,627,617.58 in the previous period, indicating a significant improvement in investment performance[26] - The total cash and cash equivalents at the end of the period reached ¥268,904,951.86, up from ¥116,686,251.54, indicating a strong liquidity position[26] Expenses - Sales expenses decreased by 30.43% to ¥3,336,151.23, primarily due to reduced bidding transaction service fees and employee compensation[10] - R&D expenses dropped by 49.80% to ¥6,911,012.74 as some research projects from the previous period were completed[10] - Investment income fell by 32.47% to ¥4,877,418.97 due to reduced investment returns and the absence of gains from the disposal of long-term equity investments compared to last year[10] - Research and development expenses decreased to ¥6,911,012.74 from ¥13,766,536.88, a reduction of about 50%[23] Inventory and Fixed Assets - The company reported a significant increase in inventory, which rose by 91.92% to ¥8,427,259.23, attributed to the increase in consumable biological asset inventory[9] - Fixed assets increased by 170.88% to ¥75,101,306.49, primarily due to the transfer of the "Ecological Restoration Product Production Base 4 Sample Production Workshop" to fixed assets[9] - The company reported a significant increase in inventory, rising to approximately ¥8.43 million from ¥4.39 million, marking an increase of about 92.5%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,248, with the largest shareholder holding 29.77% of the shares[12][13] Future Plans and Changes - The company plans to terminate the fundraising project for the "High Qing County Urban-Rural Greenway Network Project" and redirect the remaining funds to the "Boshan District Urban Water Supply Improvement Project," with the final amount to be determined based on the balance of the fundraising account on the transfer date[14] - The company is in the process of transferring 21,704,920 shares, representing 15.50% of total shares, to Hangzhou Deep Blue Financial Whale, with an additional agreement to relinquish voting rights for 33.74% of shares to facilitate control transfer[15] - The company intends to acquire 51% of Hangzhou Actuary Artificial Intelligence Technology Co., Ltd. through a cash transaction, with the agreement signed on September 26, 2025[16] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[27] Audit and Reporting - The company did not undergo an audit for the third quarter financial report, which may affect stakeholder confidence in the reported figures[27] - The cash flow from operating activities was not detailed, but the overall cash increase suggests positive operational performance[26] - The cash flow from investment activities indicates a strategic focus on growth and expansion through increased capital expenditures[26] - The company has not reported any new product developments or market expansions in the current financial update[26]