11月21日上午，在首都"十四五"规划高质量收官系列主题新闻发布会金融业发展成就专场新闻发布会上，中国证 监会北京监管局副局长侯凤坤介绍，"十四五"期间，首都资本市场实现了量的稳步增长和质的有效提升，也为"十 五五"高质量发展打下坚实基础。 北京辖区共有新三板挂牌公司711家 占全国11.81% "十四五"期间，北京证监局全力支持北交所高质量发展。"十四五"时期，北交所平稳健康运行、提质扩容成效显 著，北证50成份指数、融资融券、股票做市等产品和业务陆续上线，公司和企业债券市场正式开市，基础制度和 自律规则体系逐步完善，服务创新型中小企业的能力持续提升。 截至今年9月底，北交所上市公司总数达到277家，其中北京辖区23家，总股本45.98亿股，总市值917.46亿元。同 时，北京证监局积极支持辖区中小企业挂牌新三板，为北交所高质量发展夯实基础。截至今年9月底，北京辖区共 有新三板挂牌公司711家，占全国11.81%，其中创新层挂牌公司205家，占全国8.83%，持续为北交所输送优质企 业资源。 北京辖区企业实现直接融资超5.6万亿元 位列全国首位 侯凤坤介绍说，"十四五"期间，股票发行注册制改革全面落地，大幅 ...

Core Viewpoint - 伟鸿集团控股 (03321) has not yet published its 2024 annual report primarily due to the incomplete ESG report, which is part of the annual report [1] Group 1: ESG Report and Financial Statements - The ESG work process has been suspended since late August 2025 due to a fee dispute with the ESG consultant [1] - Several notes in the consolidated financial statements have not been updated [1] Group 2: Outstanding Payments - There are outstanding payments owed to the printing company hired by the company that remain unsettled [1] - If the outstanding payments are settled by mid-November 2025, the company expects to publish the 2024 annual report by the end of November 2025 [1]

Group 1 - The company, Wei Hong Group Holdings (03321), has not yet published its 2024 annual report due to the incomplete ESG report, which is part of the annual report [1] - The ESG workflow has been suspended since late August 2025 due to a fee dispute with the ESG consultant [1] - Several notes in the company's consolidated financial statements have not been updated [1] Group 2 - There are outstanding unpaid fees owed to the printing company commissioned by the company [1] - If the outstanding fees are settled by mid-November 2025, the company expects to publish the 2024 annual report by the end of November 2025 [1]

Group 1: Company Performance and Financials - The company achieved a significant increase in net profit attributable to shareholders in the first half of 2025, driven by the completion of asset acquisitions and fundraising projects, with three target companies included in the consolidated financial statements as of June 30, 2025 [2][3] - The company reported substantial growth in both revenue and profit in the first half of 2025, indicating continuous improvement in management efficiency and market expansion efforts [5][6] Group 2: Strategic Initiatives and Asset Restructuring - The major asset restructuring completed in the first half of 2025 included the acquisition of Tianjin Tianzhu, Zhongjie Aerospace, and Zhongjie Factory, enhancing the company's product matrix and forming a complete solution capability in CNC processing and pressure forming [3][11] - The company is focused on optimizing its customer base towards high-end manufacturing sectors, which is expected to enhance market competitiveness and profitability [12] Group 3: Talent Management and R&D Focus - The company has established a comprehensive talent management system aimed at fostering innovation and building a high-quality technical team, including mentorship programs and long-term incentive plans [3][4] - Future R&D investments will focus on building an independent innovation system and upgrading core products to align with national manufacturing strategies [4] Group 4: Market Position and Industry Outlook - The company plays a key role in the new industrialization process, particularly in the high-end CNC machine tool sector, with products widely used in critical industries such as aerospace and energy [6][10] - The machine tool industry is expected to experience significant growth driven by policy support, market demand upgrades, and technological innovations, enhancing the domestic production rate and increasing demand in key sectors [13] Group 5: Communication and Investor Relations - The company emphasizes transparency and timely information disclosure, maintaining communication with investors through various platforms, including performance briefings and interactive sessions [5] - The company is committed to enhancing its market value management practices, focusing on core competitiveness and high-quality development to benefit shareholders [4][5]

Group 1 - The forum focused on "building digital product passports to support sustainable trade development" and was held in Xiamen, organized by various local government bodies and associations [1] - Saeb Eigner emphasized the need for global collaboration in sustainable trade and climate governance, stating that successful climate governance requires cooperation rather than isolated policies [3] - Eigner highlighted China's leading position in green technology, with over 60% global market share in battery manufacturing and photovoltaic components, attributing this success to strategic planning and effective collaboration among government, enterprises, and society [3] Group 2 - Eigner discussed the importance of trust and transparency in enhancing the flexibility of global value chains, especially in the context of current geopolitical risks [4] - He pointed out that China needs to improve its carbon pricing and ESG reporting, emphasizing the necessity for better governance to ensure data liquidity and transparency in the carbon market [4] - The forum was supported by various organizations, including the International Financial Reporting Standards Foundation and the World Business Council for Sustainable Development [4]

Core Viewpoint - The report highlights the increasing anti-corruption efforts among major internet companies, revealing significant employee violations and the need for improved governance and cultural practices to combat corruption [1][2][3]. Group 1: Employee Violations and Company Responses - ByteDance reported the dismissal of 100 employees in Q2 for violating company policies, with 18 involved in criminal activities and 8 cases referred to judicial authorities [1]. - Major internet companies, including Tencent, Alibaba, Meituan, and JD Group, have implemented anti-corruption measures and reported their outcomes in their 2024 ESG reports [3][4]. - Tencent's anti-fraud department investigated over 100 cases, leading to the dismissal of more than 100 employees for violating company policies [3]. Group 2: Reasons for Persistent Corruption - Key reasons for ongoing corruption in internet companies include concentrated power in key positions, lagging institutional frameworks, and a profit-driven culture that encourages unethical behavior [2][3]. - The rapid expansion of these companies has outpaced the development of internal oversight mechanisms, making it difficult to manage corruption effectively [2]. Group 3: Governance and Cultural Initiatives - Companies are establishing comprehensive governance structures, such as Alibaba's compliance and risk committee, which oversees anti-corruption management [3]. - Cultural initiatives include training programs for employees and partners, with Alibaba providing over 58,000 hours of integrity training in its 2025 fiscal year [5]. - Tencent emphasizes a culture of integrity through regular training for all employees and suppliers, reaching over 500 service suppliers in 2024 [5]. Group 4: Recommendations for Improvement - Experts suggest enhancing the effectiveness of anti-corruption systems by improving reporting mechanisms, increasing rewards for whistleblowers, and ensuring better protection for them [6]. - The need for real-time monitoring of high-risk departments and the use of technology for comprehensive oversight of business processes is emphasized [6]. - Collaboration with suppliers to establish integrity records and ongoing supervision is recommended to strengthen anti-corruption efforts [6].

Financial Data and Key Metrics Changes - For Q2 2025, total net revenues were reported at $11.3 million, a 35.3% decrease from $17.4 million in Q2 2024 [27] - The net loss attributable to controlling shareholders was $3.1 million, compared to a net loss of $0.3 million in the same period last year [28] - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5 million in Q2 2024 [29] - For the first half of 2025, total net revenues were $20.5 million, a 35.7% decrease from $31.9 million in the first half of 2024 [30] Business Line Data and Key Metrics Changes - The fleet consisted of 12 vessels with a total carrying capacity of approximately 843,000 deadweight tons [10] - Fixed rate covers for the remainder of the year stood at approximately 25% based on existing time charter agreements [11] - The average time charter equivalent rate for Q2 2025 was $10,420 per vessel per day, down from $14,427 in Q2 2024 [33] Market Data and Key Metrics Changes - Panamax spot rates increased from an average of $10,300 per day to $11,900 per day, a 15% gain [12] - The Baltic Dry Index and the Baltic Panamax Index declined by approximately 21% and 28% year over year, respectively [13] - Global GDP growth is projected at 3% for 2025, with trade growth in the dry bulk sector expected to be slightly positive at 0.2% [14][18] Company Strategy and Development Direction - The company is prioritizing operational flexibility by not committing vessels to longer-term contracts until market conditions improve [8] - Plans to continue executing share repurchases under a $10 million program, with an extension approved for an additional year [6] - The company aims to monitor market developments closely and may sell older vessels while seeking opportunities to renew the fleet with more modern vessels [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent spike in rates was influenced by stockpiling due to anticipated tariffs and geopolitical events [42] - The outlook for the remainder of the year remains uncertain, with expectations for a seasonal improvement in September and October [46] - The company is addressing liquidity needs and plans to refinance some vessels to improve cash flow [48] Other Important Information - The company has repurchased $3.3 million worth of shares under its repurchase plan [6] - The average margin of debt as of June 30, 2025, was approximately 2.07% over SOFR, with an estimated cost of senior debt around 6.4% [36] - The net asset value per share is estimated at $36, indicating potential for stock appreciation [38] Q&A Session Summary Question: Can you discuss the improvement in the Baltic Dry Index and expectations for the remainder of the year? - Management explained that the spike was due to stockpiling and geopolitical events, but future predictions are difficult due to various influencing factors [42] Question: Are you willing to lock in rates as of August 1, or do you expect rates to go higher? - Management indicated they are close to levels where they would lock in rates, aiming for around $15,000 for significant profit [45] Question: Can you discuss liquidity and plans for debt repayment? - Management acknowledged tight liquidity but mentioned options for raising liquidity, including refinancing vessels [48] Question: What accounted for the decline in voyage expenses from Q1 to Q2? - Management noted that variability in voyage expenses is influenced by the type of charters and contracts in place [50]

Group 1 - The company held its 13th meeting of the 5th Board of Directors on August 8, 2025, with all 6 directors present, and the meeting was conducted in accordance with relevant laws and regulations [1][2] - The Board approved the nomination of Zheng Yiqian as a non-independent director candidate and elected her to the Strategic Committee, effective upon shareholder approval [1][2] - The Board also approved the appointment of Zheng Yiqian and Zhang Xuan as deputy general managers, with their term lasting until the end of the current Board's term [2][3] Group 2 - The company completed the redemption of "Yatai Convertible Bonds" on April 18, 2025, converting a total of 35,928,319 shares, changing the total share capital from 272,041,686 shares [2][3] - The company plans to abolish the supervisory board and assign its powers to the Audit Committee, pending shareholder approval [2][3] - The company proposed amendments to its Articles of Association and internal governance structure to enhance operational standards [3][4] Group 3 - The Board approved the revision of internal governance documents, including the renaming of certain rules and the establishment of a new "Board and Senior Management Departure Management System" [4][5] - The company intends to apply for a comprehensive credit line of up to RMB 300 million from China Merchants Bank for operational purposes, with a maximum usage period of two years [5][6] - The company will hold its first extraordinary general meeting of 2025 on August 26, 2025, combining on-site and online voting [6]

Group 1 - The company held its 40th temporary board meeting on June 27, 2025, with all 9 directors present, complying with the Company Law and the company's articles of association [1] - The board approved the performance evaluation results and compensation for senior management for the year 2023 with a unanimous vote of 8 in favor, 0 against, and 0 abstentions [1] - The board also approved the 2024 Environmental, Social, and Governance (ESG) report with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] Group 2 - The ESG report was reviewed and approved by the company's strategic planning committee before being submitted to the board [2] - The board believes that the 2024 ESG report accurately reflects the company's achievements in environmental, social, and governance aspects [2]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 15, 2025, via an online platform [4] - Participants included the company's chairman, general manager, financial director, and a representative from Guotou Securities [4] Group 2: Key Financial Highlights - In 2024, the company's main business revenue increased by 66.33% compared to the previous period [12] - Other business revenue rose by 62.63%, attributed to sales of raw materials to meet customer demand [12] - Net profit increased by ¥39,072,185.33, representing a year-on-year growth of 51.87% [12] Group 3: Dividend Policy - The cash dividend plan for 2024 is ¥2.00 per 10 shares (tax included), reflecting considerations of profitability, capital expenditure, and debt repayment [6] Group 4: Raw Material Cost Control - The company has a dedicated team monitoring silver and copper prices for procurement [7] - Pricing strategies allow for passing cost fluctuations to downstream customers based on contract terms [7] Group 5: R&D Investment and Product Development - Significant increases in R&D investment have been noted since the company went public, focusing on home appliances, industrial control, and building construction [9] - The conversion rate of R&D into products for 2024 was discussed, emphasizing the application of patents in production [9] Group 6: Market Strategy and Sustainability - The company is expanding its overseas market presence, particularly through its Singapore subsidiary established in 2022 [7] - Future plans include evaluating the disclosure of ESG reports to align with sustainable development goals [7] Group 7: Competitive Advantages - The company differentiates itself from competitors through innovative materials and integrated solutions for electrical contact products [11] - The impact of low-price competition is acknowledged as a complex issue requiring strategic evaluation [11] Group 8: Clientele and Partnerships - Major clients include Hongfa Technology, Bull Group, and others in the low-voltage electrical appliance sector [16] Group 9: Future Development Strategy - The company aims to become a leader in the domestic electrical contact product industry, focusing on integrity, innovation, and efficiency [17]