金圆桌奖·优秀董事会 山东出版 | 601019 优秀董事会 第二十届中国上市公司董事会"金圆系" 在第二十届中国上市公司董事会"金圆桌奖"评选中，股份公司获评优秀董事会。"金圆桌奖"是《董事会》杂志倡导设立的中国董事会制度建设领域的权威 公益奖项。股份公司已连续五年荣获该奖项，体现了对股份公司董事会建设、公司治理、规范运作、信息披露、股东回报、投资者关系管理等多维度的高 度肯定。 近日，山东出版传媒股份有限公司连续荣获三个重要奖项。 信息披露工作A级 根据上海证券交易所公布的沪市上市公司2024至2025年度信息披露工作评价结果，股份公司连续第六年获得上海证券交易所年度信息披露工作最高等级A 级（优秀），这一评价结果是上海证券交易所对股份公司在规范运作、信息披露、公司治理、投资者关系管理等方面工作的高度认可。 上市公司2024年度金信披奖 在"2025科创投资大会暨上市公司金牛奖（金信披奖）颁奖典礼"上，股份公司凭借在信息披露、投资者关系管理等方面的优异表现，荣获《中国证券报》 评选的"上市公司2024年度金信披奖"。这是股份公司连续第三年获得"金信披奖"，是国内专业证券媒体对股份公司在信息披露、投资者关系 ...

Group 1 - The "2025 Science and Technology Investment Conference" was held in Hefei, focusing on the theme of "New Ecology of Technology Finance and New Momentum of Innovation and Entrepreneurship" [1] - The conference awarded the "Golden Information Disclosure Award" to Weili Transmission for its transparent information disclosure management system and high-quality disclosure practices, establishing it as a benchmark in the capital market [1] - The award aims to recognize companies that strictly adhere to information disclosure rules and actively enhance the quality of information disclosure, protecting investors' rights [1] Group 2 - Weili Transmission emphasizes standardized operations and information disclosure as key components of sustainable development, ensuring timely and accurate communication of operational dynamics and financial data [2] - The recognition from the "Golden Information Disclosure Award" serves as a strong validation of Weili Transmission's governance standards and commitment to compliance [2] - The company plans to leverage this recognition to continuously optimize its information disclosure practices and enhance interaction with the capital market, contributing to the integration of technology and finance [2]

12月6日，由中国证券报主办的"双创融合 智启新程——2025科创投资大会"在安徽合肥举行。时值"十 四五"决胜收官与"十五五"谋篇关键节点，近千位来自政、产、投、研等领域代表齐聚江淮，共同探讨 以耐心资本培育未来产业、以科技创新与产业创新深度融合驱动高质量发展的实践路径，为推动"科技 —产业—金融"良性循环凝聚智慧、汇聚合力。高华科技董事会秘书陈新出席本次活动。 会议期间举行了2025"上证鹰·金质量"颁奖仪式。本次评选着眼于在高质量发展进程中积极作为的市场 经营主体，对其中表现突出的上市公司与管理层进行表彰，以此激发市场活力，助力中国资本市场行稳 致远，夯实深化改革的"压舱石"。高华科技董事长、总经理李维平以深耕行业的战略远见、引领企业高 质量发展的卓越领导力获评"精锐企业家"称号。 高华科技董事长、总经理李维平(左二)上台领奖 作为高华科技领航人，李维平董事长深耕传感行业多年，始终秉持"创新驱动"的发展理念，带领高华在 核心技术研发、产品迭代升级、市场布局拓展等方面持续突破。此次获奖，不仅是对李维平董事长个人 领导力与行业贡献的肯定，更彰显了资本市场对高华科技未来发展的坚定信心。 一份荣誉，一份责任;双 ...

Group 1 - The core viewpoint emphasizes the importance of enhancing the inherent stability of the capital market to prevent significant fluctuations and align with the strategic deployment of building a financial powerhouse in China [1] - The recent International Investor Conference highlighted the need for comprehensive financial regulation, improved institutional mechanisms, and enhanced regulatory capabilities to ensure stable market operations [1] - The capital market in China has shown significant progress, with expanding market size, active product innovation, and improved returns for listed companies, while also steadily advancing in terms of openness [1] Group 2 - A long-term, collaborative institutional framework is essential for enhancing capital market stability, focusing on solid foundational systems, guiding long-term capital into the market, and strengthening regulatory enforcement [2] - The quality and effectiveness of information disclosure are critical for stable market operations, evolving towards a combination of simplified and detailed disclosures to provide relevant and readable information [2] - The regulatory focus is on promoting long-term capital to mitigate short-term speculative activities, with policies aimed at increasing the scale of equity capital from social security and insurance [2] Group 3 - The stability of the market relies on the improvement and effective execution of regulatory systems, with ongoing optimization of the top-level design of capital market regulation since the 14th Five-Year Plan [3] - Despite the introduction of stringent regulatory policies, there is a need to enhance the comprehensive accountability system across civil, administrative, and criminal aspects [3] - Strengthening information disclosure to enhance market transparency and maintaining a high-pressure stance against illegal activities are crucial for preventing significant market fluctuations [3]

（文章来源：证券日报） 证券日报网讯 12月8日，波长光电在互动平台回答投资者提问时表示，公司的实时股东人数不在法定信 息披露范围内，为了保障全体投资者的公平知情权，根据信息披露相关规则，公司股东情况会在定期报 告中予以披露。 ...

统计显示，大部分"9A公司"在盈利水平、盈利稳定性、历年年度股价表现方面表现良好，在一定程度 上说明持续高质量的信披工作可以体现公司拥有坚实的治理根基，并逐渐转化为公司的竞争力优势。 到底哪些上市公司的信披评价获得了9连A？这些公司有哪些信披"高招"？长期担任"9A公司"董秘的高 管有哪些特征？为什么多次更换董秘后的一些公司依然保持优异表现？ 《每日经济新闻》记者围绕相关数据进行了重点分析。 登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜黄宗彦 每经编辑｜吴永久 连续9次信披评价获评A级有多难？近日，《每日经济新闻》记者收集了沪深两大交易所发布的最近9个 考核期信息披露工作评价结果的通报数据（2016年7月1日~2025年6月30日，由于上交所网站仅有最近9 个考核期的评价数据，因此沪深两市均按照9个考核期数据进行统计，北交所是2025年首次发布评价结 果，故不纳入统计），根据上述数据统计发现，两市共有116家上市公司连续9次全部得A（以下简 称"9A公司"），仅占最新考核期（2024~2025年）5104家参评上市公司的2.27%。 90%以上"9A公司"连续9年盈利 统计结果显示，"9A公司 ...

Core Viewpoint - The recent quarterly report of Reliable Co., Ltd. has faced strong opposition from its second-largest shareholder, Bao Jia, highlighting deep governance issues stemming from personal conflicts between her and the company's controlling shareholder, Jin Liwei [2][3]. Financial Performance - In Q3 2025, Reliable Co., Ltd. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [5][6]. Governance Issues - Bao Jia has consistently opposed the company's reports, claiming that the board has deleted or altered her dissenting opinions, which raises concerns about transparency and compliance with disclosure regulations [6][10]. - The company has faced scrutiny for alleged violations related to related-party transactions and has received warnings from regulatory authorities regarding these issues [19][20]. Shareholder Disputes - The conflict between Bao Jia and Jin Liwei escalated after their divorce in February 2024, leading to a power struggle within the company's governance structure [17][18]. - Bao Jia has expressed concerns about the board's lack of independence, noting that five out of seven board members are closely associated with Jin Liwei, which undermines effective governance [21]. Investment Decisions - Reliable Co., Ltd. announced plans to acquire a 60% stake in Shanghai Hanhe Paper Industry Co., Ltd. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [20][21]. - The company’s strategic shift into the paper industry has been criticized as misaligned with its core focus on adult incontinence products, raising questions about the rationale behind such a significant investment [20][21].

登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜黄宗彦 每经编辑｜吴永久 每经资本眼专栏记者将围绕相关数据进行重点分析。 先看"9A公司"的经营和二级市场表现。 每经资本眼专栏记者从盈利稳定性（公司净利润为正的年份数）、成长性（净利润同比增长的年份数）、二级市场表现（当年股价上涨的年份数、9年平均 复权涨幅）等维度进行统计。 为方便统计和观察公司的年度表现，本文所涉及的业绩及二级市场股价数据，均采用自然年（2016至2024年）来统计。 统计结果显示，"9A公司"盈利稳定性较高，连续9年盈利的公司数达105家，占比90.52%。有113家公司在5年及以上实现盈利，占比97.41%。成长性方面， 有103家公司在5年及以上实现净利润同比增长率为正，占比88.79%。 值得注意的是，二级市场表现与经营表现略有分化：在9年中，有71家公司的股价在5年及以上年份实现上涨，占比61.21%。 在股价涨幅方面，"9A公司"的9年平均涨幅为10.49%，中位数为8.96%（"9A公司"9年期间历年年度涨幅平均数加总再平均）。 连续9次信披评价获评A级有多难？近日，每经资本眼专栏记者收集了沪深两大交易所发布的最近 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the "Regulations on the Supervision and Administration of Listed Companies," aiming to enhance corporate governance, support mergers and acquisitions, combat illegal activities, and protect investors, thereby laying a solid foundation for the high-quality development of the capital market [1][2]. Group 1: Corporate Governance - The regulations emphasize the standardization of corporate governance structures and the responsibilities of controlling shareholders and executives, ensuring accountability and effective internal controls [2][5]. - A dedicated chapter on corporate governance has been established, detailing requirements that align with the Company Law and Securities Law, thus enhancing the regulatory framework [1][5]. Group 2: Mergers and Acquisitions - The draft regulations refine the definitions and requirements related to mergers and acquisitions, including the qualifications of acquirers and disclosure standards, aiming to stabilize market expectations [2][6]. - It also enhances the regulatory framework for major asset restructurings and the role of financial advisors, ensuring they fulfill their responsibilities effectively [2][3]. Group 3: Combating Illegal Activities - The regulations introduce stricter measures against financial fraud, mandating companies to establish robust internal controls and outlining responsibilities for audit committees [3][6]. - It prohibits collusion with third parties in fraudulent activities and sets legal responsibilities for such actions, aiming to dismantle the "ecosystem" of fraud [3][6]. Group 4: Investor Protection - A dedicated chapter on investor protection has been included, focusing on enhancing the investment value of listed companies and preventing market manipulation [4][6]. - The regulations require companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delistings [4][6]. Group 5: Information Disclosure - The draft emphasizes the importance of truthful information disclosure, particularly in combating financial fraud, and addresses issues related to fair and timely disclosures [6]. - It aims to ensure that companies internalize the responsibility of enhancing investment value into their operational practices [6].

Core Viewpoint - Tianye Innovation Co., Ltd. faces significant challenges due to internal control deficiencies and regulatory penalties, impacting its financial performance and market position in the new tea beverage industry [2][6][8]. Group 1: Internal Control Issues - Tianye's internal control was deemed ineffective, leading to a negative audit opinion for the 2024 financial report, primarily due to inflated procurement costs amounting to 8.5534 million yuan [2][3]. - The company has been penalized by the Beijing Stock Exchange, receiving the lowest D-class rating for information disclosure, indicating non-compliance with listing regulations [7][8]. - The management has acknowledged the internal control deficiencies and is actively working on rectifying these issues, including enhancing procurement processes and internal control training [4][6]. Group 2: Financial Performance - In its first year post-listing, Tianye reported a revenue of 460 million yuan, a decrease of 2.33% year-on-year, and a net profit of 33.38 million yuan, down 37.69% [8]. - For 2024, the company’s revenue increased to 494 million yuan, a growth of 7.34%, but net profit plummeted by 71.07% to 9.65 million yuan [8]. - The trend of declining profitability continued into 2025, with the first three quarters showing a revenue of 407 million yuan (up 9.79%) and a net profit of 26.39 million yuan (down 15.87%) [8]. Group 3: Industry Context - The new tea beverage industry is experiencing a shift from rapid expansion to refined operations, with companies focusing on differentiation rather than scale [9][10]. - The market growth rate for the new tea beverage sector is projected to slow significantly, from 44.3% in 2023 to 12.4% by 2025, indicating increased competition and market saturation [9]. - The trend of brands establishing their own supply chains poses additional challenges for suppliers like Tianye, as major clients may reduce reliance on external suppliers [10]. Group 4: Recommendations for Improvement - Experts suggest that suppliers should enhance R&D to create differentiated, high-value products, expand their customer base, optimize cost structures, and strengthen internal control management to improve governance [11].