北京市嘉源律师事务所 关于北方国际合作股份有限公司 向特定对象发行 A 股股票的 补充法律意见书（二） 西城区复兴门内大街 158 号远洋大厦 F408 中国·北京 二〇二五年十月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：北方国际合作股份有限公司 北京市嘉源律师事务所 关于北方国际合作股份有限公司 向特定对象发行 A 股股票的 补充法律意见书（二） 嘉源（2025）-01-422 敬启者： 根据发行人与本所签订的《专项法律顾问协议》，发行人聘请本所担任其 本次发行的专项法律顾问，为本次发行提供与中国境内法律法规相关的法律服 务，包括但不限于就本次发行出具律师工作报告及法律意见书。本所就公司申 请本次发行出具了嘉源（2025）-01-274 号《北京市嘉源律师事务所关于北方国 际合作股份有限公司向特定对象发行 A 股股票之律师工作报告》、嘉源 （2025）-01-275 号《北京市嘉源律师事务所关于北方国际合作股份有限公司向 特定对象发行 A 股股票之法律意见书》、嘉源（2025）-01-381《北京市嘉源律 ...

立信会计师事务所（特殊普通合伙） 关于《北方国际合作股份有限公司申请向特定 对象发行股票的审核问询函》的回复 信会师函字[2025]第 ZG192 号 立信会计师事务所（特殊普通合伙）关于 《北方国际合作股份有限公司 申请向特定对象发行股票的审核问询函》的回复 目录 页次 专项说明 1-122 关于《北方国际合作股份有限公司 申请向特定对象发行股票的审核问询函 的回复报告》的回复 深圳证券交易所： 根据贵所于 2025 年 7 月 21 日出具的《关于北方国际合作股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2025〕120026 号）（以下简称"问询函"） 的要求，立信会计师事务所（特殊普通合伙）（以下简称"会计师"、"申报会计师"） 作为北方国际合作股份有限公司（以下简称"发行人""北方国际"或"公司"）向特 定对象发行 A 股股票的申报会计师，就问询函所列问题进行了逐项落实、核查。现就 问询函中的问题回复如下，请贵所予以审核。 关于回复内容释义、格式及补充更新披露等事项的说明如下： 1、如无特别说明，本回复使用的简称与《北方国际合作股份有限公司 2024 年度 向特定对象发行 A 股股票募 ...

北方国际合作股份有限公司 关于向特定对象发行股票审核问询函回复及募集说明书等申请文件 股票简称：北方国际 股票代码：000065 公告编号：2025-082 1 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特此公告。 北方国际合作股份有限公司董事会 二〇二五年十月十一日 北方国际合作股份有限公司（以下简称"公司"）于2025年7月21日收到深 圳证券交易所（以下简称"深交所"）下发的《关于北方国际合作股份有限公司 申请向特定对象发行股票的审核问询函》（审核函〔2025〕120026号）（以下简 称"《审核问询函》"）。公司会同相关中介机构对《审核问询函》所提出的问 题进行了认真研究和落实后，对《审核问询函》所列问题进行了逐项说明和回复， 同时对募集说明书等申请文件的内容进行了更新，具体内容详见公司于2025年8 月7日在巨潮资讯网披露的相关文件。 根据深交所的进一步审核意见，公司会同相关中介机构对问询函回复、募集 说明书等申请文件的部分内容进行了补充和修订，同时根据公司2025年半年度报 告对申请文件财务数据进行了更新。具体内容详见公司于同日在巨潮资讯网披露 ...

北方国际合作股份有限公司 审计报告及财务报表 二〇二四年度 信会师报字[2025]第 ZG10775 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://a.co.nof.gov.cn）） 进行信 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://a 报告编码:.沪25MRLT141 14141414141 北方国际合作股份有限公司 审计报告及财务报表 (2024年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-6 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-131 | 6-1-2 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS L 审计报告 信会师报字[2025]第 ...

Group 1 - The core viewpoint of the report indicates a slowdown in infrastructure investment, with a cumulative year-on-year increase of 2.0% from January to August, which is a 1.2 percentage point decrease compared to the previous month [1][3][4] - In August, infrastructure investment saw a significant year-on-year decline of 5.9%, reflecting a notable drop compared to the same period last year [1][4] - The report highlights that various sectors such as railway transportation, road transportation, water conservancy management, and public facility management experienced different growth rates, with all sectors showing a slowdown compared to July [1][3][4] Group 2 - The cement production from January to August decreased by 4.8% year-on-year, with a monthly decline of 6.2% in August, indicating weakened physical demand [1][3][4] - The retail sales of construction and decoration materials increased by 1.8% year-on-year from January to August, suggesting a potential for growth pending the implementation of consumption-boosting policies [3][4] - The report suggests that while the infrastructure and real estate sectors face pressure, there is potential for policy support to enhance growth, particularly through major central infrastructure projects and debt reduction efforts [3][4] Group 3 - The international engineering sector shows promise, with a 9.3% year-on-year increase in completed contract value for foreign engineering projects in the first half of 2025, and a 13.7% increase in new contracts signed [5] - The report emphasizes the importance of the Belt and Road Initiative, with a 21% year-on-year increase in new contracts signed in participating countries, indicating sustained overseas engineering demand [5] - The semiconductor industry is highlighted as a growth area, with international companies increasing capital expenditures, suggesting investment opportunities in related sectors [5]

Macro Strategy - The current round of growth stabilization policies is focused on support rather than strong stimulus, aiming to balance growth and risk prevention. The economic growth rate for Q3 is expected to be between 4.7% and 4.9%, with an annual target of around 5% achievable if Q4 growth exceeds 4.5% [1] Multi-Asset Report - The correlation coefficient between stock and bond returns is projected to rise from -0.238 in August to between -0.216 and -0.229 from September to November 2025, indicating a continued upward trend [2] - For controlling maximum drawdown and volatility in investment portfolios, a stock index allocation of only 3% to 5% may be considered [2] - The expected return of investment portfolios may not increase monotonically with rising volatility, with the critical allocation ratio for stocks estimated between 18% and 21% [2] Economic Index Weekly Report - The growth rate of commodity consumption and real estate sales is expected to remain under pressure due to high base effects [3] - The Federal Reserve's recent interest rate cut and successful negotiations regarding TikTok have positively impacted the US stock market, although hawkish statements from Powell have dampened rate cut expectations [3] Construction and Decoration Industry - Infrastructure investment growth has slowed, with a cumulative year-on-year increase of 2.0% from January to August 2025, and a significant decline of 5.9% in August compared to the same month last year [9] - The demand for cement has decreased, with a year-on-year drop of 4.8% in cement production from January to August [9] - Despite weak infrastructure and real estate investment, there is potential for increased support from government policies, particularly in major infrastructure projects [9] Building Materials Industry - The US economy shows resilience, with recent retail data indicating strength, while domestic data reflects pressure on the real estate chain [10] - The construction materials sector is expected to see a recovery in retail growth in the second half of the year, with recommendations for companies like Huaxin Cement and Conch Cement [10] Environmental Industry - The Ministry of Ecology and Environment is promoting high-quality completion of the "14th Five-Year Plan," with ongoing support for the "dual carbon" policy [13] Gas Industry - The gas supply is expected to remain loose, with cost optimization for gas companies and a continued adjustment of pricing mechanisms [14] - Key recommendations include New Energy and China Gas, with a focus on companies with quality long-term resources and cost advantages [14] Non-Bank Financial Industry - The non-bank financial sector is showing a positive trend, with insurance and brokerage valuations expected to recover [23] - Key recommendations include China Ping An and CITIC Securities, with a focus on the insurance sector benefiting from economic recovery and rising interest rates [23] Machinery Equipment Industry - The engineering machinery sector is expected to outperform, with a focus on non-excavation machinery [24] - The development of domestic computing power chips is beneficial for the semiconductor equipment sector [24] Coal Mining Industry - Coal prices have risen due to pre-holiday stockpiling, with recommendations for companies like Haohua Energy and Guanghui Energy [25] Battery Industry - The battery industry is experiencing a technological breakthrough, with signs of profitability emerging [26] - The largest battery-themed ETF is tracking the core leaders in the new energy vehicle and storage sectors, indicating long-term investment value [27]

Core Viewpoint - Northern International (000065) has announced the establishment of a new branch in Guangzhou to expand its import-export and new energy business, reflecting its strategic growth initiatives in these sectors [1][2]. Company Overview - As of September 19, 2025, Northern International's stock closed at 11.11 yuan, down 0.71% from the previous week [1]. - The company's market capitalization is currently 11.903 billion yuan, ranking 7th out of 39 in the professional engineering sector and 1599th out of 5153 in the A-share market [1]. Recent Developments - The company's board of directors approved the establishment of a branch in Guangzhou during a meeting held on September 19, 2025, with unanimous support from all participating members [1]. - The new branch will be located in the Huangpu District of Guangzhou and will be managed by Wu Shaokun [1]. - The operational scope of the Guangzhou branch will include the import and export of various goods and technologies, sales of mining machinery, electrical equipment, photovoltaic equipment, new energy products, and electric vehicles, among others [1].

九届十三次董事会决议公告 证券简称：北方国际 证券代码：000065 公告编码：2025-081 北方国际合作股份有限公司 九届十三次董事会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）九届十三次董 事会会议通知已于2025年9月15日以电子邮件和传真方式送达公司全体董事。本 次会议于2025年9月19日以通讯会议表决的形式召开。会议应参与表决董事9名， 实际参与表决董事9名。会议召开程序符合《公司法》及《公司章程》的有关规 定，会议合法有效。经全体参与表决董事审议： 一、会议审议通过了《公司拟在广州设立分公司》的议案。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 4.分公司负责人 吴少坤 5.经营范围 拟登记业务为：自营和代理各类商品的货物进出口、技术进出口（国家禁止 或涉及行政审批的货物和技术进出口除外）；销售：矿山机械、矿山设备及零部 件；工业自动控制系统装置;机械设备及零部件；电气设备及零部件；光伏设备 及元器件；新能源产品（不含危险化学品）；新能源汽车整车； 电力设备及元器 ...

Group 1 - The company, Northern International, announced the convening of its ninth board meeting on September 19, 2025, via teleconference to discuss the establishment of a branch in Guangzhou [1] - For the first half of 2025, the company's revenue composition was as follows: engineering construction and services accounted for 46.02%, goods trading for 39.54%, metal packaging container sales for 9.19%, power generation income for 4.83%, and other businesses for 0.42% [1] - As of the report date, Northern International's market capitalization was 11.9 billion yuan [1]

Investment Rating - The report does not explicitly provide an investment rating for the construction and decoration industry Core Insights - The construction sector is experiencing a slowdown in revenue and performance, with a reported revenue of 4 trillion yuan in H1 2025, down 5.9% year-on-year, and a net profit of 91.06 billion yuan, down 6.2% year-on-year [2][14] - The infrastructure sector shows a decline in revenue and performance, with total revenue of 3.8 trillion yuan in H1 2025, down 5.8% year-on-year, and a net profit of 90.12 billion yuan, down 7.4% year-on-year [3][40] - The steel structure and engineering consulting services sectors are under significant pressure, with revenues of 36.8 billion yuan and 43.94 billion yuan respectively, showing minor growth and decline [4][19] - The renovation and landscaping sectors have seen a narrowing of losses, with revenues of 37.74 billion yuan and 7.51 billion yuan respectively, although they still report losses [4][20] Summary by Sections Construction Sector - The construction sector's total revenue for H1 2025 is 4 trillion yuan, a decrease of 5.9% year-on-year, with a net profit of 91.06 billion yuan, down 6.2% year-on-year [2][14] - The sector's operating cash flow shows a seasonal outflow of -494.38 billion yuan, which is a reduction of 20.86 billion yuan compared to the previous year [33] - The asset-liability ratio stands at 77.5%, an increase of 0.75 percentage points year-on-year, while the return on equity (ROE) is at 3.5%, down 0.47 percentage points year-on-year [38] Infrastructure Sector - The infrastructure sector's total revenue for H1 2025 is 3.8 trillion yuan, down 5.8% year-on-year, with a net profit of 90.12 billion yuan, down 7.4% year-on-year [3][40] - The cash flow for the infrastructure sector shows a net outflow of -482.91 billion yuan, with state-owned enterprises facing the most pressure [60] - The asset-liability ratio for the infrastructure sector is 77.9%, an increase of 0.73 percentage points year-on-year, with a notable improvement in private enterprises [66] Steel Structure and Engineering Consulting - The steel structure sector reported a revenue of 36.8 billion yuan, a slight increase of 0.7% year-on-year, while the engineering consulting sector reported a revenue of 43.94 billion yuan, down 3.3% year-on-year [4][19] - Both sectors are experiencing pressure on profitability, with net profits of 0.99 billion yuan and 1.86 billion yuan respectively, showing declines [4][19] Renovation and Landscaping - The renovation sector reported a revenue of 37.74 billion yuan, down 18.9% year-on-year, while the landscaping sector reported a revenue of 7.51 billion yuan, down 11.6% year-on-year [4][20] - Losses in both sectors have narrowed, with net losses of 0.47 billion yuan and 1.43 billion yuan respectively, showing improvements compared to the previous year [4][20]