Core Viewpoint - Feinan Resources (301500) reported significant growth in revenue and net profit for the first half of 2025, with total revenue reaching 6.543 billion yuan, an increase of 18.14% year-on-year, and net profit attributable to shareholders at 159 million yuan, up 90.39% year-on-year [1] Financial Performance - Total revenue for the second quarter of 2025 was 3.5 billion yuan, reflecting a year-on-year increase of 7.6% - Net profit for the second quarter was 154 million yuan, showing a decline of 2.8% year-on-year - Gross margin decreased to 7.54%, down 12.17% year-on-year, while net margin improved to 2.7%, an increase of 64.91% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 229 million yuan, accounting for 3.5% of revenue, a year-on-year increase of 4.26% [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.4 yuan, up 90.1% year-on-year - Operating cash flow per share dropped significantly to 0.06 yuan, down 93.62% year-on-year - The company's net asset value per share rose to 11.54 yuan, an increase of 3.28% year-on-year [1] Changes in Financial Items - Accounts receivable decreased by 57.68% due to collections from previous sales - Inventory increased by 9.22% as production and sales expanded - Short-term borrowings rose by 11.58% to support increased financing needs [3] - Contract liabilities surged by 174.79% due to increased prepayments from expanded sales [3] Investment and Cash Flow Analysis - The company's return on invested capital (ROIC) was 3.18%, indicating weak capital returns - Historical data shows a median ROIC of 19.97% since listing, with the lowest ROIC recorded in 2024 [4] - Cash flow ratios indicate potential liquidity concerns, with cash and cash equivalents representing only 7.26% of total assets [4][5] Fund Holdings - The largest fund holding Feinan Resources is the Environmental Governance LOF, with 292,600 shares, which has seen a recent increase in value [5]

证券代码：301500 证券简称：飞南资源 公告编号：2025-052 广东飞南资源利用股份有限公司 关于回购注销及作废 2024 年限制性股票激励计划 部分限制性股票的公告 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。 广东飞南资源利用股份有限公司（以下简称公司）于 2025 年 8 月 21 日召开 第三届董事会第二次会议，审议通过了《关于回购注销及作废 2024 年限制性股 票激励计划部分限制性股票的议案》，本议案尚需提交股东会审议。现将相关调 整内容说明如下： 一、已履行的相关审批程序 （一）2024 年 8 月 22 日，公司召开第二届董事会第二十四次会议，会议审 议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于 <提> 请股东大会授权董事会办理 2024 年限制性股票激励计划有关事项>的议案》等议 案，同时公司独立董事专门会议审议通过相关议案。 同日，公司召开第二届监事会第十九次会议，会议审议通过了《关于公司 <2024 年限制性股票激励计划（ ...

保荐代表人： | | 湘财证券股份有限公司 | | | | --- | --- | --- | --- | | 吴小萍 | 赵伟 年 | 月 | 日 | 措施的事项及整改情况 （本页无正文，为《湘财证券股份有限公司关于广东飞南资源利用股份有限 公司 2025 年半年度跟踪报告》之签章页） | 湘财证券股份有限公司 | | | | --- | --- | --- | | 关于广东飞南资源利用股份有限公司 | | | | 保荐人名称：湘财证券股份有限公司 | 被保荐公司简称：飞南资源 | | | 保荐代表人姓名：吴小萍 | 联系电话：021-50299717 | | | 保荐代表人姓名：赵伟 | 联系电话：021-50299718 | | | 一、保荐工作概述 | | | | 项 目 工作内容 | | | | （1）是否及时审阅公司信息披露文件 是 | | | | （2）未及时审阅公司信息披露文件的次数 0次 | | | | （1）是否督导公司建立健全规章制度（包括但不 | | | | 限于防止关联方占用公司资源的制度、募集资金管 是 | | | | 理制度、内控制度、内部审计制度、关联交易制度） | | | | ...

Core Viewpoint - The company has announced adjustments to the grant price and quantity of the second category of restricted stock under the 2024 Restricted Stock Incentive Plan, following the approval of relevant proposals by the board of directors and the shareholders [1][5][7]. Approval Procedures - The company held several meetings to approve the 2024 Restricted Stock Incentive Plan and its related proposals, including the review by independent directors and the supervisory board [2][3][4]. - The proposed list of incentive objects was publicly disclosed internally, with no objections received during the public notice period [2]. Adjustment Details - The adjustments to the grant price and quantity of the second category of restricted stock were necessitated by the company's profit distribution and capital reserve transfer to increase share capital, which was approved at the annual general meeting [5]. - The adjusted grant price for the second category of restricted stock is calculated to be 5.99 yuan per share, based on the previous price of 8.51 yuan, after accounting for a cash dividend of 1.3 yuan per share and a capital reserve transfer ratio of 0.4 [6]. Impact on the Company - The adjustments made to the grant price and quantity of the second category of restricted stock are in compliance with the relevant regulations and will not have a substantial impact on the company's financial status or operating results [7]. Legal and Financial Opinions - Legal opinions confirm that the adjustments have followed necessary approval and authorization processes, aligning with the company's articles of association and relevant regulations [8]. - Independent financial advisors have also concluded that the adjustments comply with applicable laws and regulations [8].

| 证券简称：飞南资源 证券代码：301500 | | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | 关于 | | 广东飞南资源利用股份有限公司 | | 限制性股票暨调整第二类限制性股票 | | 授予价格、数量相关事项 | | 之 | | 独立财务顾问报告 | | 目 录 | | 四、本次股权激励计划回购注销及作废限制性股票暨调整第二类限制性股票授 | | 一、释义 | | 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： | | 飞南资源、本公司、公 | | 指 | | 权激励计划 励计划 | | 公司根据本激励计划规定的条件和价格，授予激励对 | | 象一定数量的公司股票，该等股票设置一定期限的限 | | 第一类限制性股票 指 | | 售期，在达到本激励计划规定的解除限售条件后，方 | | 可解除限售流通 | | 符合本激励计划授予条件的激励对象，在满足相应归 | | 第二类限制性股票 指 | | 属条件后分次获得并登记的本公司股票 | | 按照本激励计划规定，获得限制性股票的公司（含子 | | 激励对象 指 公司）董事、高级管理人员、中层管理人员及核心技 | | 公司向激 ...

Core Viewpoint - The legal opinion letter from Guangdong Xinda Law Firm confirms that Guangdong Feinan Resource Utilization Co., Ltd. has complied with necessary approvals and regulations regarding the repurchase and cancellation of certain restricted stocks and the adjustment of the grant price and quantity of the second category of stocks [2][11][18] Group 1: Repurchase and Cancellation of Restricted Stocks - The company plans to repurchase and cancel 81,592 shares of the first category of restricted stocks due to the termination of employment relationships with eight incentive targets [11][12] - The cancellation of 59,637 shares of the second category of restricted stocks is also proposed, as these shares have not yet vested [11][12] - The repurchase price for the first category of restricted stocks is adjusted to 6.08 yuan per share, based on the company's capital reserve conversion and dividend distribution [14][17] Group 2: Adjustments to Grant Price and Quantity of Second Category Stocks - The grant price for the second category of restricted stocks is adjusted to 5.99 yuan per share, following the company's profit distribution and capital reserve conversion plan [17][18] - The adjustments to the grant price and quantity are in accordance with the company's incentive plan and relevant regulations [18] - The adjustments do not require shareholder approval as they fall within the board's authorization [18]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，飞南资源发布公告称，公司第三届董事会第二次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等多项议案。 ...

证券日报网讯 8月22日晚间，飞南资源发布公告称，2025年半年度公司实现营业收入6，542，831， 778.74元，同比增长18.14%；归属于上市公司股东的净利润为159，256，210.08元，同比增长90.39%。 （文章来源：证券日报） ...

智通财经APP讯，飞南资源(301500.SZ)发布2025年半年度报告，该公司营业收入为65.43亿元，同比增 长18.14%。归属于上市公司股东的净利润为1.59亿元，同比增长90.39%。归属于上市公司股东的扣除非 经常性损益的净利润为1.92亿元，同比减少1.02%。基本每股收益为0.3975元。 ...

飞南资源8月22日晚间发布半年度业绩报告称，2025年上半年营业收入约65.43亿元，同比增加18.14%； 归属于上市公司股东的净利润约1.59亿元，同比增加90.39%；基本每股收益0.3975元，同比增加 90.1%。 （文章来源：每日经济新闻） ...