安徽天禾律师事务所 法律意见书 关于华安证券股份有限公司 2024 年年度股东大会法律意见书 天律意 2025 第 00875 号 致：华安证券股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和国证券 法》（下称"《证券法》"）、《上市公司股东会规则》和《华安证券股份有限公司章 程》（下称"《公司章程》"）的有关规定，安徽天禾律师事务所接受华安证券股份 有限公司（下称"公司"）的委托，指派本所李军、张汪玲律师出席公司 2024 年年度股东大会（下称"本次股东大会"），并对本次股东大会相关事项进行见证， 出具法律意见。 本所同意将本法律意见书作为本次股东大会的公告文件，随公司其他文件一 并报送有关主管部门审查并予以公告。 本所根据《证券法》的要求，按照律师行业公认的业务标准、道德规范和勤 勉尽责精神对本次股东大会相关事项进行了见证，现对本次股东大会的召集、召 开及其他相关事项发表如下意见： 一、关于本次股东大会的召集、召开程序 （一）经查验，公司董事会于 2025 年 4 月 15 日以公告方式在《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》和公司指定的信息披露网站上 ...

证券代码：600909 证券简称：华安证券 公告编号：2025-036 华安证券股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 06 日 (二)股东大会召开的地点：安徽省合肥市滨湖新区紫云路 1018 号华安证券 21 楼 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 739 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,748,842,074 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.7560 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式召开，公司 董事长章宏韬先生主持会议，会议的召集、召开 ...

Core Viewpoint - The company is actively engaging in research and development, focusing on integrating advanced technologies such as DeepSeek into its products, while also navigating challenges such as rising costs and international trade issues. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 80.79 million yuan, an increase of 7.01% year-on-year, while the net profit attributable to shareholders decreased by 48.44% to 7.97 million yuan [7] - The company's gross profit margin stands at 60.18%, with a debt ratio of 15.37% [7] Group 2: Cost Management - The increase in expenses for 2024 is attributed to enhanced R&D, sales team development, and market expansion, leading to higher personnel costs, business entertainment, and travel expenses [2] - The company has implemented a comprehensive budget management mechanism to align resources with strategic goals and performance targets [2] Group 3: Technological Integration - The company has successfully integrated its edge gateway with the DeepSeek model, enabling real-time semantic understanding and inference of heterogeneous data [3] - This integration allows for automatic identification of equipment anomalies and enhances operational efficiency in industrial scenarios [3] Group 4: Industry Outlook - The coal mining industry is expected to see stable growth, driven by national policies aimed at achieving full automation and smart systems by 2035 [4] - The company anticipates significant opportunities in the coal mining sector as the government pushes for intelligent mining solutions [4] Group 5: International Trade Impact - The company assesses that the impact of the US-China tariff situation is manageable, as overseas revenue is not significantly high, and strategic reserves for chips have been established [5] - Potential indirect effects on clients due to tariffs are acknowledged, but overall, the impact is considered controllable [5] Group 6: Market Expansion - The company plans to strengthen its presence in emerging markets like Southeast Asia and the Middle East while also increasing efforts in mature markets such as Europe and the US [6] - Localized sales and service teams will be established to better understand and meet local market demands [6]

新浪期货 根据交易所数据，截至5月06日收盘主力合约焦炭2509,涨跌-2.88%,成交量2.08万手，持仓数据显示前20席位呈现净多， 差额头寸为244手。 | | | | | 2025年5月6日焦炭全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增減 | | 1 | 国泰君安 | 4,677 | 1,113 | 银河期货 | 5,782 | 725 | 国泰君安 | 3,350 | 563 | | 2 | 中信期货 | 4,021 | 336 | 中信期货 | 4,398 | 254 | 中信期货 | 2,929 | 209 | | 3 | 东证期货 | 1,817 | 54 | 国泰君安 | 2,857 | 156 | 华泰期货 | 2,862 | 127 | | ব | 银河期货 | 1,539 | 125 | 永安期货 | 2,613 | 465 | 东证期货 | 2,3 ...

2025年5月6日燃料油主力合约2507持仓数据一览 新浪期货 根据交易所数据，截至5月06日收盘主力合约燃料油2507,涨跌-3.40%,成交量59.93万手，持仓数据显示前20席位呈现净 多，差额头寸为887手。 燃料油期货全合约总计成交74.59万手，比上一日减少35.65万手。全合约前20席位多头持仓22.68万手，比上一日增加7267手。全 合约前20席位空头持仓24.62万手，比上一日增加1.19万手。 根据合并数据显示，多头前三席位为国泰君安，总持仓28245、东证期货，总持仓23454、中信期货，总持仓14705；空头前三席位 为银河期货，总持仓27510、国泰君安，总持仓21127、中信期货，总持仓19091； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓12712、增仓3085，海通期货、持仓5765、增仓1081，东吴期货、 持仓2009、增仓642；多头减仓前三名分别是：华泰期货、持仓5420、减仓-1854，中信期货、持仓10115、减仓-1060，国信期 货、持仓2686、减仓-772； 主力合约前20席位中，空头增仓前三名分别是：中信期货、持仓10782、增仓238 ...

新浪期货 根据交易所数据，截至5月06日收盘主力合约鸡蛋2506,涨跌-2.30%,成交量11.06万手，持仓数据显示前20席位呈现净多， 差额头寸为489手。 鸡蛋期货全合约总计成交21.75万手，比上一日减少3.54万手。全合约前20席位多头持仓23.75万手，比上一日增加8177手。全合约 前20席位空头持仓24.14万手，比上一日增加7825手。 根据合并数据显示，多头前三席位为国泰君安，总持仓30655、中信期货，总持仓19341、中泰期货，总持仓16946；空头前三席位 为国泰君安，总持仓34153、方正中期，总持仓19398、中信期货，总持仓16378； 主力合约前20席位中，多头增仓前三名分别是：银河期货、持仓4927、增仓1191，徽商期货、持仓3741、增仓383，中粮期货、持 仓1722、增仓319；多头减仓前三名分别是：中信建投、持仓4653、减仓-3565，方正中期、持仓2946、减仓-1210，广发期货、持 仓2847、减仓-366； 主力合约前20席位中，空头增仓前三名分别是：东吴期货、持仓3242、增仓913，国泰君安、持仓7309、增仓883，东证期货、持 仓3655、增仓7 ...

Core Viewpoint - The company has released its 2024 annual report and Q1 2025 report, indicating a decline in revenue and net profit for Q1 2025, while maintaining a "buy" rating for the stock [1][2][8]. Financial Performance - Q1 2025: Revenue of 2.047 billion (-12.35%), net profit attributable to shareholders of 829 million (-9.54%), and non-recurring net profit of 816 million (-9.48%) [2]. - Q4 2024: Revenue of 1.830 billion (-5.00%), net profit attributable to shareholders of 583 million (-4.91%), and non-recurring net profit of 569 million (-8.42%) [3]. - 2024: Revenue of 7.344 billion (+8.46%), net profit attributable to shareholders of 2.589 billion (+13.45%), and non-recurring net profit of 2.566 billion (+14.93%) [4]. Revenue Breakdown - Q1 2025: Revenue from mid-to-high-end and ordinary liquor decreased by 8.6% and 32.1% respectively, with mid-to-high-end liquor accounting for 87.7% of total liquor revenue, up 3.6 percentage points year-on-year [5]. - 2024: Mid-to-high-end liquor revenue increased by 13.8%, while ordinary liquor revenue decreased by 6.5%, with mid-to-high-end liquor accounting for 81.6% of total liquor revenue, up 3.1 percentage points year-on-year [5]. Profitability Analysis - Q1 2025: Gross margin increased by 1.4 percentage points to 76.5%, primarily due to product mix upgrade, with net profit margin rising by 1.2 percentage points to 40.5% [6]. - 2024: Gross margin increased by 2.6 percentage points to 73.9%, with net profit margin rising by 1.2 percentage points to 35.3% [6]. Market Dynamics - Q1 2025: Revenue plus change in contract liabilities decreased by 8.6%, and cash sales declined by 5.3%, indicating intensified competition affecting channel collection [7]. Investment Outlook - The company maintains a positive long-term operational trend, driven by strong performance in the cave-aged series, despite short-term challenges from series liquor and external markets [8]. - Revenue forecasts for 2025-2027 are adjusted to 7.405 billion, 7.910 billion, and 8.514 billion respectively, with net profit forecasts of 2.634 billion, 2.865 billion, and 3.138 billion respectively [8].

新浪期货 根据交易所数据，截至4月30日收盘主力合约铅2506,涨跌-0.59%,成交量3.44万手，持仓数据显示前20席位呈现净空，差 额头寸为175手。 铅期货全合约总计成交5.20万手，比上一日新增7840手。全合约前20席位多头持仓4.80万手，比上一日增加1641手。全合约前20席 位空头持仓4.74万手，比上一日增加315手。 根据合并数据显示，多头前三席位为中信期货，总持仓10798、国泰君安，总持仓6127、银河期货，总持仓2469；空头前三席位为 国泰君安，总持仓5729、国投期货，总持仓5624、中信期货，总持仓4385； 主力合约前20席位中，多头增仓前三名分别是：东亚期货、持仓519、增仓327，国信期货、持仓592、增仓295，东证期货、持仓 1758、增仓191；多头减仓前三名分别是：国泰君安、持仓4245、减仓-330，物产中大、持仓651、减仓-276，方正中期、持仓 774、减仓-274； 主力合约前20席位中，空头增仓前三名分别是：东证期货、持仓2386、增仓549，国泰君安、持仓3778、增仓299，中信期货、持 仓2728、增仓267；空头减仓前三名分别是：国投期货、持 ...

Core Viewpoint - The company, Tangrenshen, has shown significant growth in revenue and profit, with a focus on enhancing its competitive edge in the feed and pig farming sectors through innovative business models and improved operational efficiency [2][3][9]. Financial Performance - In 2024, the company achieved a revenue of 24.343 billion yuan and a net profit of 355 million yuan, marking a year-on-year increase of 123.29%. The asset-liability ratio stood at 63.35%, with a net cash inflow from operating activities of 936 million yuan [2]. - For Q1 2025, the company reported a revenue of 5.973 billion yuan, a 22.40% increase year-on-year, but a net loss of 77 million yuan, although this represented a 60.99% improvement compared to the previous year [2][9]. Business Segments Feed Business - The company is enhancing its feed business by providing high-value products and services to downstream customers, which has led to a 12.26% increase in feed exports in Q1 2025 [2]. - The current sales structure is primarily based on distribution, but the company is shifting towards direct sales to adapt to the growing scale of the farming industry [6][7]. Pig Farming Business - In 2024, the company reported a pig output of 4.3362 million heads, a 16.80% increase year-on-year, with a target of 5-5.5 million heads for 2025 [3]. - The company employs a "company + farmer" model, which is expected to account for approximately 78% of pig output in 2025, with further growth potential [3][4]. Cost Management Strategies - The company aims to reduce pig farming costs through several strategies, including replacing breeding stock with high-reproduction Dan pigs, improving production management, and enhancing feed cost efficiency through industry collaboration [5]. Market Dynamics - The rising prices of piglets are attributed to increased demand outpacing supply, driven by the accelerated scale of pig farming and the transformation of feed companies into pig farming [8]. Investment Insights - Recent institutional ratings indicate a positive outlook for the stock, with four buy ratings and a target average price of 6.91 yuan over the past 90 days [10]. - The company has seen a net inflow of 26.8584 million yuan in financing over the last three months, indicating growing investor interest [11].

Core Viewpoint - The company is focusing on high-value core products such as prebiotics, dietary fibers, and sugar-reducing sweeteners, which are expected to drive future growth and profitability [2][3][4]. Product Focus - The company's core products include prebiotics (oligomaltose, fructooligosaccharides, galactooligosaccharides), dietary fibers (polydextrose, resistant dextrin), and sugar-reducing sweeteners (erythritol, crystalline fructose, allulose) [2]. Gross Margin Improvement - The gross margin for the company's core products increased from 9.74% in 2023 to 15.84% in 2024, driven by optimized product structure, reduced consumption, and lower procurement costs [3][4]. - The gross margins for individual core products are as follows: prebiotics increased from 19.34% to 24.60%, dietary fibers from 12.64% to 18.12%, and sugar-reducing sweeteners from 1.26% to 9.09% [4]. Production Strategy - The company is implementing a "small, refined, and flexible" production model to cater to differentiated market demands, focusing on high-value, small-batch orders [6]. - The flexible production plan aims to enhance responsiveness to market needs and build competitive advantages through customized products [6]. New Product Development - The company is expanding its product line with high-value products such as DHA algae oil, lactulose, and HMOs, with production capacity already established for these new products [8]. - Strategic partnerships have been formed to ensure sales of new products, with ongoing projects in trial production stages [8]. Market Impact of Tariffs - Following the EU's imposition of anti-dumping duties on erythritol, the company has capitalized on being the lowest taxed entity, resulting in a 123% year-on-year increase in erythritol sales revenue in Q1 2025 [8]. Capacity Expansion - The company has been a pioneer in the domestic allulose market, with a production capacity exceeding 5,000 tons set to be expanded to 20,000 tons in the future [9]. Financial Performance - In Q1 2025, the company reported a revenue of 685 million yuan, a 24.23% increase year-on-year, and a net profit of 50.36 million yuan, up 117.35% year-on-year [10].