Core Viewpoint - The acquisition of Keda Quantum Technology Co., Ltd. by China Telecom Quantum Information Technology Group Co., Ltd. is progressing according to regulatory requirements, with the financial advisor providing ongoing supervision and confirming compliance with disclosure obligations [2][4][7]. Group 1: Acquisition Details - The acquisition allows the acquirer to hold more than 30% of the shares in the listed company, which typically requires a public offer unless exempted under specific conditions [4][5]. - The acquirer has committed to not transferring the newly issued shares for three years, and the shareholders' meeting has approved the exemption from making a public offer [4][5]. - The acquisition has received necessary approvals from the State-owned Assets Supervision and Administration Commission and the Shanghai Stock Exchange, with the registration from the China Securities Regulatory Commission also granted [7]. Group 2: Compliance and Operations - During the ongoing supervision period, the acquirer and its concerted actions have adhered to legal and regulatory requirements in exercising shareholder rights [7][8]. - The acquirer has made commitments regarding the authenticity of information, maintaining the independence of the listed company, and avoiding conflicts of interest [8]. - No significant changes to the main business operations or asset restructuring plans of the listed company are anticipated within the next 12 months [9][10]. Group 3: Management Changes - Following the acquisition, there will be changes in the board of directors, with the acquirer entitled to nominate a significant number of directors and supervisors [10][11]. - The resignation of several current directors and supervisors has been submitted, with new appointments planned to align with the acquisition agreement [12][13]. - The company will modify its articles of association to reflect changes in registered capital and share structure post-acquisition [15][16].

国泰海通证券股份有限公司 关于杭州博拓生物科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为杭 州博拓生物科技股份有限公司（以下简称"博拓生物"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上市规则》《上 市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第1号— —规范运作》等法律法规和规范性文件的要求，对博拓生物使用部分暂时闲置募集资 金进行现金管理事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于2021年7月27日 出具的《关于同意杭州博拓生物科技股份有限公司首次公开发行股票注册的批复》 （证监许可〔2021〕2497号），公司获准向社会公开发行人民币普通股2,666.6667 万股，每股发行价格为人民币34.55元，募集资金总额为92,133.33万元，扣除发行 费用9,196.41万元（不含增值税）后，募集资金净额为82,936.92万元。上述募集资 金到位情况已经中汇会计师事务所（特殊普通合伙）审验 ...

Core Viewpoint - The company has decided to permanently supplement its working capital with surplus funds from completed fundraising projects, following a thorough review and approval process [1][8][9] Fundraising Overview - The company raised a net amount of 829.37 million yuan after deducting issuance costs of 91.96 million yuan [1] - The funds were verified by an accounting firm and stored in a dedicated account with a tripartite supervision agreement [1] Investment Project Status - As of June 30, 2025, the company has invested a total of 733.62 million yuan in various projects, with a remaining balance of 299.67 million yuan [2] - The "Annual Production of 400 Million Medical Devices (In Vitro Diagnostics) Expansion and Upgrade Project" has been completed and is now operational [3][4] Surplus Funds and Their Use - The company has approved the use of 160.57 million yuan in surplus funds to support daily operations, following the completion of certain projects [3][6] - The surplus funds were generated due to cost-saving measures during project implementation, including optimized production processes and reduced personnel costs [4][6] Financial Performance of Completed Projects - The completed project generated revenues of 47.11 million yuan in 2023, 112.07 million yuan in 2024, and 13.92 million yuan in the first half of 2025, which did not meet the expected performance [6] Decision-Making Process - The decision to use surplus funds for working capital was made after careful consideration of market conditions and project completion [7][8] - The board of directors approved the proposal without requiring a shareholder meeting [7] Conclusion from the Sponsor Institution - The sponsor institution has confirmed that the decision to use surplus funds aligns with regulatory requirements and is beneficial for the company's long-term development [8][9]

Core Viewpoint - The company intends to continue using part of the temporarily idle raised funds for cash management to enhance fund utilization efficiency and increase shareholder returns while ensuring the normal progress of investment projects and the safety of raised funds [1][4][8]. Summary by Sections 1. Basic Situation of Raised Funds - The company has received approval from the China Securities Regulatory Commission to issue 94,307,847 shares at a price of 29.69 RMB per share, raising a total of approximately 2.79 billion RMB [1]. 2. Investment Projects and Idle Situation - The raised funds will be allocated to projects including the Morocco tire project, with a total investment of 1.2 billion RMB for an annual production capacity of 6 million high-performance tires [2]. 3. Previous Use of Idle Funds for Cash Management - As of June 30, 2025, the balance of temporarily idle raised funds for cash management is 620 million RMB, with 20.45 million RMB remaining in the special account [3]. 4. Current Use of Idle Funds for Cash Management - The company plans to use up to 1 billion RMB of temporarily idle raised funds for cash management, with a usage period of twelve months from the board's approval date [4][5]. 5. Investment Types - The company will invest in highly liquid, safe, and principal-protected financial products, including structured deposits and time deposits [5]. 6. Implementation Method - The cash management decision falls within the board's approval authority, and the management team is authorized to make investment decisions and sign relevant contracts [5][7]. 7. Approval Procedures - The board and supervisory committee have approved the continued use of idle funds for cash management, confirming that it will not affect the normal operation of investment projects or harm shareholder interests [7][8].

Core Viewpoint - Solid-state batteries are expected to become a key development direction for high-performance batteries due to their advantages in safety and energy density, with broad market potential in consumer batteries, new energy vehicles, and low-altitude applications [1] Industry Insights - The current landscape has differentiated into two main routes for solid-state battery development, with the oxide semi-solid route being relatively mature in the short term [1] - The oxide semi-solid route has a higher compatibility with existing battery system equipment and has already been industrialized, indicating potential for significant production volume [1] Investment Opportunities - Companies that are strategically positioning themselves in the solid-state battery sector, as well as those involved in key materials and equipment, are likely to benefit from this emerging trend [1]

Core Viewpoint - The overall decline in corporate profits has narrowed in July, showing a differentiated structure primarily due to profit recovery driven by "anti-involution" policies, supply contraction, price increases, and support from high-end manufacturing demand, while downstream consumer demand remains weak, leading to marginal profit shrinkage in downstream industries [1] Summary by Relevant Categories Corporate Profit Trends - In July, the decline in corporate profits showed signs of narrowing, indicating a potential recovery phase [1] - The recovery is largely dependent on supply-side adjustments and price increases rather than robust consumer demand [1] Structural Analysis - The profit recovery is characterized by a structural divergence, with some sectors benefiting from high-end manufacturing demand while others face challenges due to weak downstream consumption [1] - Downstream industries are experiencing marginal profit shrinkage, highlighting the uneven nature of the recovery [1] Inventory Cycle and Policy Impact - The current inventory cycle is marked by proactive destocking driven by policy measures [1] - For a comprehensive recovery in corporate profits, there is a need for policy initiatives to stimulate downstream demand, transitioning from structural recovery to a broader profit rebound [1]

公司代码：601211 公司简称：国泰海通 半年度报告 CONTENTS 一、载有本公司法定代表人、主管会计工作负责人及会计机构负责人签名盖章的财务报告文本 三、其他有关资料 重要提示 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 管蔚 工作原因 周杰 三、本半年度报告未经审计。 四、公司负责人朱健、主管会计工作负责人张信军及会计机构负责人（会计主管 人员）敖奇顺声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第七届董事会第六次会议批准，公司将以实施权益分派的股权登记日公司总股本扣除公司回 购专用证券账户持有股份后的股本总额为基数，向 A 股股东和 H 股股东每 10 股分配现金红利 1.5 元（含 税）。若按照批准 2025 年中期利润分配方案的董事会召开日公司已发行的总股数 17,628,925,829 股 扣除公司回购专用证券账 ...

Core Viewpoint - Guotai Junan Securities Co., Ltd. reported significant growth in its financial performance for the first half of 2025, driven by a successful merger with Haitong Securities and a recovery in the securities market, leading to increased revenues and profits across various business segments [1][2][3]. Company Overview - Guotai Junan is a leading comprehensive financial service provider in China's securities industry, with a strong capital scale, profitability, and risk management capabilities [5]. - The company has established a diverse service system catering to retail, institutional, and corporate clients, including wealth management, investment banking, institutional trading, investment management, and financing leasing [6][7]. Financial Performance - Total assets reached approximately CNY 1.80 trillion, a 72.24% increase compared to the previous year [3]. - Operating revenue for the first half of 2025 was CNY 23.87 billion, representing a 77.71% year-on-year increase [3][26]. - Net profit attributable to shareholders was CNY 15.73 billion, up 213.74% year-on-year, with a net profit margin of 16.69% [3][6]. Business Segments - Wealth management generated CNY 9.77 billion in revenue, a 40.94% increase [7]. - Investment banking revenue was CNY 1.41 billion, with a growth rate of 5.91% [7]. - Institutional trading revenue reached CNY 6.86 billion, reflecting a 28.74% increase [7]. - Investment management and financing leasing also showed positive growth, contributing CNY 3.08 billion and CNY 2.11 billion, respectively [7]. Market Position and Strategy - The company has maintained a leading position in the market, with a focus on enhancing service capabilities and expanding its client base [5][8]. - The merger with Haitong Securities has strengthened its market presence and operational efficiency, allowing for better resource allocation and service integration [8][24]. - The company is actively pursuing digital transformation and innovation in financial services, aiming to improve customer experience and operational efficiency [23]. Regulatory and Compliance - Guotai Junan has consistently adhered to regulatory requirements and has been recognized for its compliance and risk management practices, maintaining a high credit rating in the industry [24].

Core Points - The company plans to distribute a cash dividend of RMB 0.15 per share (pre-tax) [1] - The total cash dividend to be distributed amounts to RMB 2,627,043,424 (including tax), which represents 16.69% of the net profit attributable to the parent company for the first half of 2025 [1] - The total amount of cash dividends and share repurchase amounts to RMB 3,837,777,921 (including tax), accounting for 24.39% of the net profit attributable to the parent company for the first half of 2025 [2] Profit Distribution Plan - As of June 30, 2025, the company's distributable profits amount to RMB 55,043,989,744 [1] - The cash dividend distribution is based on the total share capital after deducting shares held in the company's repurchase account [1] - The company will maintain the per-share distribution ratio even if there are changes in the total share capital before the record date [2] Decision-Making Process - The 2024 annual general meeting held on May 29, 2025, authorized the board to decide on the 2025 interim profit distribution plan [2] - The seventh board meeting held on August 29, 2025, approved the interim profit distribution plan, which complies with the company's profit distribution policy [3]

证券代码：601211 证券简称：国泰海通 公告编号：2025-088 国泰海通证券股份有限公司 第七届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 国泰海通证券股份有限公司（以下简称公司）第七届董事会第六次会议于 本次会议以现场结合视频方式召开，由朱健董事长主持，会议应到董事18人，实 到17人，管蔚董事委托周杰董事行使表决权。公司部分高级管理人员列席会议。 会议召集、召开及表决程序符合《中华人民共和国公司法》、公司《章程》和《董 事会议事规则》的有关规定。本次会议审议并通过了以下议案： 一、审议通过了《公司2025年半年度报告》 表决结果：18票赞成，0票反对，0票弃权。 二、审议通过了《关于公司2025年中期利润分配方案的议案》 本报告已经公司董事会审计委员会全体成员事前审议通过。 具体内容请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《国 泰海通证券股份有限公司2025年半年度报告》。 表决结果：18票赞成，0票反对，0票弃权。 本议案已经公司董事会审计委员会全体成员 ...