证券代码：300948 证券简称：冠中生态 公告编号：2025-123 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 关于使用暂时闲置募集资金进行现金管理的公告 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12月 15日召开第五届董事会第六次会议，审议通过了《关于使用暂时闲置募 集资金进行现金管理的议案》，同意公司在确保不影响募集资金投资项 目建设及有效控制风险的前提下，使用暂时闲置的首次公开发行股票募 集资金额度不超过人民币3,000万元（含本数）进行现金管理，投资流 动性好的结构性存款、大额存单、收益凭证等安全性高的保本型产品， 单个投资产品的投资期限不超过12个月，使用期限自前次募集资金现金 管理的授权到期之日起12个月内有效，即2025年12月19日至2026年12 月18日。在上述额度和期限内，资金可循环滚动使用。现将相关情况公 告如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意青岛冠中生态股份有限公 司首次公开发行股票注册的批复》（证监许可〔202 ...

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"）首次公开发行股票并在创业板上市、 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》、《上市公司募集 资金监管规则》等有关规定，对冠中生态部分募集资金投资项目延期的事项进 行了核查，具体情况如下： 一、募集资金基本情况 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 首次公开发行股票注册的批复》（证监许可〔2021〕162号）同意注册，并经深 圳证券交易所同意，公司采用网下向询价对象询价配售与网上向社会公众投资 者定价发行相结合的方式发行人民币普通股（A股）股票23,340,000股，每股面 值1元，发行价为每股人民币13.00元，募集资金总额为人民币303,420,000.00元， 扣除发行费用总额（不含增值税）人民币45,677,642.45元，实际募集资金净额 为人民币257,742,357.55元。中兴华会计师事务所（特殊普通合 ...

青岛冠中生态股份有限公司（以下简称"公司"）于2025年12月15 日召开第五届董事会第六次会议，审议通过了《关于部分募集资金投资 项目延期的议案》，同意公司在不改变募集资金用途的前提下，将首次 公开发行股票募集资金投资项目（以下简称"募投项目"）"生态修复 产品生产基地项目"（以下简称"本项目"）达到预定可使用状态的日 期由2025年12月31日延长至2027年6月30日。本次募投项目延期事项在董 事会审批权限范围内，无需提交股东会审议。现将有关事项公告如下： 证券代码：300948 证券简称：冠中生态 公告编号：2025-122 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 关于部分募集资金投资项目延期的公告 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、 募集资金基本情况 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 限公司首次公开发行股票注册的批复》（证监许可〔2021〕162号）同意 注册，并经深圳证券交易所同意，公司采用网下向询价对象询价配售与 网上向社会公众投资者定价发行相结合的方式发行人民币普通股（A ...

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3885.56 points, down 0.10%, and a total trading volume of 896.24 billion yuan, indicating a mixed performance among stocks [1]. Group 1: Market Performance - The Shanghai Composite Index is currently below its five-day moving average, reflecting a bearish sentiment in the market [1]. - A total of 827 A-shares have surpassed their five-day moving average today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the highest deviation rates from their five-day moving averages include: - Hongxi Technology (12.87% deviation, latest price 34.65 yuan) [1] - Huanlejia (12.29% deviation, latest price 27.74 yuan) [1] - Guanzhong Ecology (9.01% deviation, latest price 21.57 yuan) [1] - Other stocks with notable performance include: - Fushun Special Steel (8.01% deviation, latest price 5.72 yuan) [1] - Knight Dairy (7.99% deviation, latest price 10.51 yuan) [1] - Yunjiji Group (7.92% deviation, latest price 34.07 yuan) [1]

Core Points - The Shanghai Composite Index closed at 3884.93 points, below the five-day moving average, with a slight decline of 0.11% [1] - The total trading volume of A-shares reached 1,198.5 billion yuan, with 698 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - The stocks with the largest deviation from the five-day moving average include Hongxi Technology (15.93%), Huanle Home (12.29%), and Guanzhong Ecology (9.20%) [1] - Notable stocks that just crossed the five-day moving average include Diya Co., Times Wan Heng, and Ketaobiotech, with smaller deviation rates [1] Individual Stock Data - Hongxi Technology: Today's increase of 23.82%, turnover rate of 4.88%, five-day moving average of 30.94 yuan, latest price at 35.87 yuan, deviation rate of 15.93% [1] - Huanle Home: Today's increase of 19.98%, turnover rate of 5.09%, five-day moving average of 24.70 yuan, latest price at 27.74 yuan, deviation rate of 12.29% [1] - Guanzhong Ecology: Today's increase of 15.00%, turnover rate of 16.62%, five-day moving average of 19.80 yuan, latest price at 21.62 yuan, deviation rate of 9.20% [1] - Other notable stocks include Gudewei (11.07%), Qishi Dairy (10.97%), and Fushun Special Steel (10.00%) with respective deviation rates [1]

Core Viewpoint - The article discusses a controversial capital operation involving the ecological restoration company Guanzhong Ecological (300948) acquiring the AI tax service provider "Jing Suan Jia," while the original controlling shareholders transfer their shares and voting rights, allowing Jin Chunping and his controlled Deep Blue Finance to acquire control of the listed company at a low cost of 220 million yuan. This "quasi-shell" operation is filled with intriguing details regarding the quality of the target, transaction price, and operational path [2]. Group 1: Company Overview - Guanzhong Ecological, established in 2000, focuses on ecological restoration and municipal construction projects, heavily relying on government contracts, which has led to a decline in performance due to tightening local government finances [3]. - The company's financial data shows a continuous decline in revenue and net profit from 2022 to 2025, with 2024 revenue dropping by 61.46% to 145 million yuan and a net loss of 70.9 million yuan [3][4]. - As of Q3 2025, Guanzhong Ecological had accounts receivable of 545 million yuan, which is 3.75 times its total revenue for 2024, indicating significant cash flow pressure [3]. Group 2: Target Company Analysis - The acquired company, Jing Suan Jia, established in September 2022, provides customized tax services for small and micro enterprises but raises several red flags regarding its scale and operations [6]. - In 2024, Jing Suan Jia reported an unaudited revenue of 47.97 million yuan and a net profit of 7.92 million yuan, with a very small office space and only about 10 employees, raising questions about its 560 million yuan valuation [6]. - The company has minimal public information and its core product was only launched two months before the transaction, lacking a proven business model [6]. Group 3: Acquisition Details - The transaction consists of two parts: Guanzhong Ecological will cash purchase 51% of Jing Suan Jia for a maximum price of 286 million yuan, which corresponds to a price-to-earnings ratio of nearly 71 times, significantly higher than the industry average [10][15]. - The second part involves Deep Blue Finance acquiring 15.5% of Guanzhong Ecological's shares through a combination of share transfer and voting rights relinquishment, allowing it to become the controlling shareholder at a low cost [12][14]. - The original controlling shareholders will relinquish their voting rights for 33.74% of their shares, enabling Deep Blue Finance to control the company with only 10.5% of the shares [12][14]. Group 4: Market Reaction - Following the announcement of the transaction, Guanzhong Ecological's stock price experienced a significant increase, hitting a peak of 23.23 yuan per share, doubling from the pre-announcement price of 11.20 yuan [13]. Group 5: Key Highlights of the Transaction - The transaction allows Deep Blue Finance to acquire control at a low cost of 220 million yuan for 10.5% of the shares, raising concerns about potential hidden agreements and the impact on minority shareholders [14]. - The high valuation of Jing Suan Jia, despite its small size and lack of audited financials, has led to skepticism regarding the rationale behind the acquisition price [15]. - The transaction structure avoids triggering major asset restructuring regulations, allowing for a smoother process without significant regulatory hurdles [17][18].

冠中生态公告，原控股股东冠中投资拟分两期向深蓝财鲸转让所持有的2170.49万股公司股份。其中， 第一期标的股份为冠中投资持有的公司1470.33万股股份，协议转让价格为15元/股，转让价款为2.21亿 元。上述第一期标的股份已于2025年12月3日办理完成相关股份过户登记手续。本次协议转让股份过户 登记完成后，深蓝财鲸所持有的公司股份占截至2025年10月28日公司总股本的9.25%。截至公告披露 日，公司控股股东由冠中投资变更为深蓝财鲸，实际控制人由李春林先生、许剑平女士变更为靳春平先 生。 ...

China Chengxin International Credit Rating Co.,Ltd. 公司深圳分公司出具的《证券过户登记确认书》。 注：1、由于"冠中转债"处于转股期，本次过户登记完成前后"持股比例及表决权比例"以 2025 年 10 月 28 日总股本 158,918,213 股计算，且均未剔除公司回购专用证券账户内股份数量；2、以 2025 年 10 月 28 日总股本 158,918,213 股剔除公 司回购专用证券账户内 1,558,450 股股份后，过户登记完成前，冠中投资、许剑平、和容投资和博正投资合计持股比例及表 决权比例均为 39.37%；过户登记完成后，冠中投资、许剑平、和容投资和博正投资合计持股比例为 30.02%，深蓝财鲸持股 比例及表决权比例均为 9.34%；3、合计数因四舍五入存在尾数差异。 [2025]419 中诚信国际关于关注青岛冠中生态股份有限公司 控股股东协议转让股份完成过户登记暨公司控制权发生变更的公告 青岛冠中生态股份有限公司（以下简称"冠中生态"或"公司"）发行的"冠 中转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国际"）进行 相关评级工作 ...

公告显示，2025年9月26日，原控股股东青岛冠中投资集团有限公司（简称"冠中投资"）及原实际控制 人李春林、许剑平与杭州深蓝财鲸人工智能科技合伙企业（有限合伙）（简称"深蓝财鲸"）签署《股份 转让协议》，冠中投资拟分两期向深蓝财鲸转让2170.49万股公司股份，占公司股份总数的15.50%（截 至2025年9月19日公司总股本1.40亿股）。本次过户登记涉及第一期1470.33万股标的股份，协议转让价 格为15.00元/股，转让价款为2.21亿元。 同时，原控股股东冠中投资及其一致行动人许剑平、青岛和容投资有限公司、青岛博正投资有限公司与 深蓝财鲸签署《表决权放弃协议》。协议商定：一是第一期标的股份交割日后25日内，维持公司董事会 9席数量不变，冠中投资提名2名非独立董事及1名独立董事，深蓝财鲸提名3名非独立董事及2名独立董 事；二是同期内，冠中投资促使公司高级管理人员调整，委任冠中投资提名人士任董事长、总经理、董 事会秘书，委任深蓝财鲸提名人士任财务总监，原财务总监留任财务副总监，委任双方提名人士任副总 经理；三是第一期标的股份交割后，公司将现有业务及资产整合到全资子公司，冠中投资有权按评估净 资产价格收 ...

Group 1 - Meilixin plans to raise no more than 1.2 billion yuan for semiconductor equipment precision components, communication and automotive parts projects, and to supplement working capital [2] - Olin Bio has prepaid corporate income tax totaling 4.2001 million yuan, with no penalties from tax authorities [3] - Haisen Pharmaceutical's directors and executives plan to reduce their holdings by no more than 124,300 shares, accounting for 0.0816% of the total share capital [4] Group 2 - Aibulu intends to sell 47.4% and 31.6% stakes in its subsidiary Jinque Agriculture for a total of 12.3914 million yuan [5] - Chaoying Electronics plans to increase its Thai subsidiary's capital by 100 million USD for AI high-end PCB expansion [6] - Bona Film Group states that the box office revenue for "Avatar 3" is difficult to predict and the investment return rights are low [7] Group 3 - Junya Technology's PCB products for humanoid robots contribute less than 0.05% to its revenue [9] - Aerospace Electromechanical confirms that its main business does not involve commercial aerospace [10] - Deyi Culture's major shareholder plans to reduce holdings by no more than 2% of shares [11] Group 4 - China National Materials International signed a 2.7 billion yuan engineering contract for a molybdenum mining project [12] - Weiguang Bio plans to sign a 1.13 billion yuan technology cooperation contract for blood products [13] - Suhao Huihong intends to swap assets with its controlling shareholder for a 2.33% stake in Zijin Property Insurance [14] Group 5 - Haike Xinyuan's employee strategic placement plan intends to reduce holdings by no more than 2.5% of shares [15][16] - Taihao Technology's vice president resigns for personal reasons [17] - Huazhu Gaoke plans to establish a joint venture for 3D printing services with a total investment of 100 million yuan [18] Group 6 - Hubei Energy's November power generation was 2.617 billion kWh, a decrease of 17.94% year-on-year [19] - Dong'a Ejiao plans to repurchase shares worth 100 million to 200 million yuan for capital reduction [20] - Longjiang Transportation's shareholder reduced holdings by 1.2% [21] Group 7 - Feilu Co. plans to reduce holdings by no more than 1.02% of shares [22] - Zhongwei Electronics is planning a change in control, leading to a temporary stock suspension [23] - Zhongheng Group's subsidiary received approval for clinical trials of a new cancer drug [24] Group 8 - Guanzhong Ecology's controlling shareholder changed to Deep Blue Financial Whale [25] - Shennong Seed Industry is transferring a 3.8% stake in a subsidiary for 31.9827 million yuan [26] - Sun Cable's major shareholder plans to reduce holdings by no more than 3% of shares [27] Group 9 - Aiwei Electronics' application for issuing convertible bonds has been approved by the Shanghai Stock Exchange [28] - Chongqing Water intends to acquire wastewater treatment projects for 255 million yuan [29] - Boyun New Materials plans to increase its subsidiary's capital by 285 million yuan through debt-to-equity conversion [30] Group 10 - Zhongbai Group is closing unprofitable stores, expecting a loss of approximately 180 million yuan [31] - Changyuan Power's November power generation decreased by 17.88% year-on-year [32]