江苏神通阀门股份有限公司2025年第一季度报告

Core Viewpoint - The company has announced the termination of a specific stock issuance plan and the transfer of part of its equity in a subsidiary, aiming to optimize its investment structure and support the independent development of its semiconductor business [10][36]. Financial Data Summary - The company reported a 62.43% increase in net cash flow from operating activities compared to the same period last year, attributed to higher cash receipts from sales [7]. - Other income increased by 98.39% year-on-year, mainly due to government subsidies received by a subsidiary [6]. - Investment income surged by 1100.73% year-on-year, driven by increased bank wealth management returns [6]. - The company’s total liabilities increased by 75.89% year-on-year, primarily due to higher VAT and income tax obligations [5]. Equity Transfer Details - The company plans to transfer part of its equity in the semiconductor subsidiary, with the total valuation set at 135 million yuan, resulting in a transfer price of 3.13 million yuan for one portion and 12 million yuan for another [21][23]. - The equity transfer involves related parties, including the company's chairman and some executives, necessitating their recusal from voting on the matter [12][47]. - Following the equity transfer, the company will no longer consolidate the subsidiary's financials, as its ownership will drop below 50% [32][36]. Board and Supervisory Meetings - The board and supervisory meetings held on April 27, 2025, approved the equity transfer and the change in partnership nature for a related entity, with all procedures complying with relevant laws [33][35]. - Independent directors expressed that the equity transfer aligns with the company's strategic planning and does not harm the interests of minority shareholders [48].