香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列鞍鋼股份有限公司（「本公司」）於二零二 五 年 八月二十七 日 在《中 國 證券報》、《證券時報》、《上海證券報》或巨潮資訊網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二 五 年 八月二十六日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Financial Performance - The company reported a net profit of 570 million yuan for the first half of 2025, a decrease of 53.28% year-on-year [1] - Total operating revenue was 2.772 billion yuan, down 21.43% compared to the same period last year [1] - The gross profit margin fell to 26.2%, a decline of 26.67% year-on-year, while the net profit margin decreased to 20.82%, down 40.18% [1] Key Financial Metrics - Earnings per share (EPS) dropped to 0.12 yuan, a decrease of 53.12% year-on-year [1] - Operating cash flow per share was 0.21 yuan, down 33.84% compared to the previous year [1] - The company's total liabilities decreased by 41.35% to 821 million yuan [1] Changes in Financial Items - Prepayments increased by 64.91% due to higher ship insurance and port fees [3] - Other current assets decreased by 94.48% due to a reduction in deductible input tax [3] - Long-term borrowings decreased by 42.52% as a result of repayment [5] Investment Insights - The company's return on invested capital (ROIC) was 16.54%, indicating strong capital returns [7] - Analysts expect the company's performance in 2025 to reach 1.329 billion yuan, with an average EPS forecast of 0.28 yuan [7] Fund Holdings - The largest fund holding the company is the Guotai Zhongzheng Oil and Gas Industry ETF, with a scale of 189 million yuan [8] - The fund's net value increased by 0.65% on August 25, with a year-on-year increase of 10.46% [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 以下公告的中文原稿將由國藥控股股份有限公司於 2025 年 8 月 25 日於上海證券交易所網站 (http://www.sse.com.cn)發佈，僅供參閲。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 2025 年 8 月 25 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 2025年6月30 (除特别注明外,金额单位 | | 2025年6月30日 | 2024年12月31日 | | --- | ...

Core Insights - Chongqing Water's total revenue for the first half of 2025 reached 3.519 billion yuan, a year-on-year increase of 7.16%, while net profit attributable to shareholders was 458 million yuan, up 10.06% year-on-year [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 68.32% [1] - The gross profit margin improved to 31.26%, reflecting an increase of 8.47% year-on-year, while the net profit margin rose to 13.13%, up 2.47% year-on-year [1] Financial Performance - Total revenue for 2024 was 3.283 billion yuan, compared to 3.519 billion yuan in 2025, marking a 7.16% increase [1] - Net profit attributable to shareholders increased from 416 million yuan in 2024 to 458 million yuan in 2025, a growth of 10.06% [1] - The company's operating cash flow per share saw a significant increase of 109.43%, rising to 0.2 yuan per share [1] Key Financial Metrics - The company's gross profit margin improved to 31.26% in 2025 from 28.82% in 2024, an increase of 8.47% [1] - The net profit margin increased from 12.82% in 2024 to 13.13% in 2025, reflecting a 2.47% rise [1] - The total of selling, administrative, and financial expenses amounted to 561 million yuan, accounting for 15.95% of revenue, which is a 4.29% increase year-on-year [1] Cash Flow and Debt Analysis - The net cash flow from operating activities increased by 109.43%, attributed to higher payments received from the Chongqing Municipal Finance Bureau for sewage treatment [3] - The company experienced a 27.69% decrease in cash and cash equivalents, dropping to 1.756 billion yuan [1] - Interest-bearing liabilities rose by 10.26%, reaching 12.362 billion yuan [1] Business Model and Investment Considerations - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [4] - Historical data indicates a median Return on Invested Capital (ROIC) of 8.95% over the past decade, with a notably low ROIC of 3.89% in 2024 [4] - The company has a debt-to-asset ratio of 34.38%, indicating a significant level of leverage [4]

Core Viewpoint - The financial performance of Jinhe Commercial Management (603682) shows a decline in revenue but a significant increase in net profit, indicating a mixed financial outlook for the company [1] Financial Performance Summary - Total revenue for the first half of 2025 was 491 million yuan, a year-on-year decrease of 5.18% [1] - Net profit attributable to shareholders reached 75.45 million yuan, a year-on-year increase of 224.95% [1] - Gross margin was 23.27%, down 11.23% year-on-year, while net margin improved to 14.01%, up 357.54% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 129 million yuan, accounting for 26.34% of revenue, a decrease of 3.62% year-on-year [1] - Earnings per share (EPS) was 0.16 yuan, reflecting a year-on-year increase of 220.0% [1] Changes in Financial Items - Trade financial assets decreased by 100% due to the redemption of bank wealth management products [2] - Accounts receivable increased by 25.6%, influenced by macroeconomic conditions and industry cycles [2] - Prepayments rose by 140.9%, indicating an increase in project prepayments [2] - Long-term receivables decreased by 26.24% due to the impact of new leasing standards [2] - Accounts payable decreased by 51.94% as the company settled project engineering payments [3] Cash Flow Analysis - Net cash flow from operating activities decreased by 6.55%, attributed to extended payment terms for service fees [5] - Net cash flow from investing activities increased by 192.68% due to the redemption of bank wealth management products [6] - Net cash flow from financing activities decreased by 54.31% due to dividend distribution [7] Business Model and Performance Metrics - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns [8] - The historical median ROIC since listing is 16.65%, suggesting better investment returns in previous years [8] - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [9] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 32.33% [10] - Accounts receivable have reached 1116.26% of profit, indicating potential issues in collection [10]

Core Viewpoint - Haoyun Technology (300448) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating potential operational challenges despite revenue growth [1]. Financial Performance Summary - Total revenue for the reporting period reached 274 million yuan, a year-on-year increase of 76.41% [1]. - Net profit attributable to shareholders was -15.52 million yuan, a year-on-year decrease of 349.61% [1]. - In Q2 alone, total revenue was 213 million yuan, up 191.29% year-on-year, while net profit was -9.44 million yuan, down 405.53% year-on-year [1]. - The gross margin was 16.17%, a decrease of 64.59% year-on-year, and the net margin was -8.25%, down 448.72% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 41.41 million yuan, accounting for 15.11% of revenue, a decrease of 48.21% year-on-year [1]. - Earnings per share were -0.02 yuan, a decrease of 349.46% year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 67.01% due to higher revenue [2]. - Contract liabilities decreased by 31.86% due to reduced advance payments [2]. - Lease liabilities decreased by 100% as the company paid off lease payments [2]. - Financial assets increased by 88.03% due to the purchase of wealth management products [2]. - Other current assets decreased by 38.47% due to a reduction in deductible and certified input tax [2]. Cash Flow and Investment Activities - Net cash flow from operating activities decreased by 303.19% due to increased cash payments for goods and services [4]. - Net cash flow from investing activities increased by 66.67% as the company reduced purchases of bank wealth management products [4]. - Net cash flow from financing activities increased by 106.1% as there were no share buybacks in the reporting period [4]. Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 12.54% since its listing, and a particularly poor ROIC of -4.53% in 2023 [5]. - The company has experienced two years of losses since its IPO, indicating a fragile business model [5]. - The company maintains a healthy cash asset position, which is crucial for its debt repayment capacity [5].

Core Viewpoint - The financial performance of Pinming Technology (688109) for the first half of 2025 shows significant growth in net profit and profitability metrics, despite a slight decline in quarterly revenue. Financial Performance Summary - Total revenue for the first half of 2025 reached 187 million yuan, a year-on-year increase of 1.25% [1] - Net profit attributable to shareholders was 31.23 million yuan, up 270.11% year-on-year [1] - Gross margin improved to 75.49%, an increase of 4.1% year-on-year, while net margin rose to 16.66%, reflecting a 265.54% increase [1] - Operating cash flow per share was 0.11 yuan, a significant increase of 136.65% year-on-year [1] Expense Management - Total sales, management, and financial expenses amounted to 79.69 million yuan, accounting for 42.5% of revenue, a decrease of 3.39% year-on-year [1] - Research and development expenses decreased by 17.33%, indicating a focus on cost control [8] Asset and Liability Changes - Cash and cash equivalents increased by 10.4% to 130 million yuan, while accounts receivable decreased by 18.61% due to improved collection efforts [1][2] - Inventory rose by 20.06% as the company increased sales preparation [3] - Other current assets increased by 35.57% due to investments in large-denomination certificates of deposit [4] Investment and Financing Activities - The company terminated its investment in Wuhan Puainai Information Technology Co., resulting in a 100% decrease in other equity instrument investments [5] - Cash flow from operating activities saw a net increase of 136.65%, attributed to better order quality control and historical accounts receivable recovery [8] Market Position and Business Model - The company relies heavily on research and marketing for its performance, with a historical return on invested capital (ROIC) of 3.66% [9] - The company has experienced cyclical performance, with a median ROIC of 37.39% since its listing [8][9] Fund Holdings - The largest fund holding Pinming Technology is the Huaxia Stable Growth Mixed Fund, which has recently increased its position [10]

Core Viewpoint - Qin'an Co., Ltd. reported a decline in total revenue for the first half of 2025, while net profit increased significantly, indicating mixed financial performance amid industry challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 675 million yuan, a decrease of 13.18% compared to 778 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders reached 80.39 million yuan, up 29.97% from 61.85 million yuan year-on-year [1]. - The gross profit margin was 21.85%, down 9.73% from 24.21% in the previous year [1]. - The net profit margin improved to 11.90%, an increase of 49.70% from 7.95% [1]. - The total of selling, administrative, and financial expenses was 38.68 million yuan, accounting for 5.73% of revenue, a decrease of 6.89% year-on-year [1]. - Earnings per share rose to 0.19 yuan, a 35.71% increase from 0.14 yuan [1]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 290 million yuan, representing a 9.60% increase from 265 million yuan [1]. - The ratio of accounts receivable to net profit reached 167.97%, indicating a significant amount of receivables relative to profit [10]. - Operating cash flow per share decreased to 0.26 yuan, down 49.68% from 0.52 yuan [1][6]. Changes in Financial Items - Significant changes in financial items included a 653.11% increase in accounts receivable financing due to higher credit bank acceptance bills [2]. - Contract liabilities increased by 225.49% due to a rise in advance payments [3]. - Other current liabilities surged by 741.39%, attributed to increased tax prepayments [4]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 6.23%, indicating average capital returns [8]. - The historical median ROIC since the company went public is 9.1%, with one year showing a negative ROIC of -3.49% [8]. Fund Holdings - Notable funds holding Qin'an shares include Nu'an Flexible Allocation Mixed Fund and Nu'an Hengxin Mixed Fund, indicating growing institutional interest [11].

Financial Performance - The company reported a net profit of 250 million yuan for the first half of 2025, a decrease of 22.93% year-on-year [1] - Total operating revenue for the same period was 871 million yuan, down 1.42% year-on-year [1] - The gross profit margin was 73.16%, a decrease of 0.83% compared to the previous year [1] - The net profit margin fell to 31.69%, down 21.65% year-on-year [1] - The total of selling, administrative, and financial expenses reached 311 million yuan, accounting for 35.72% of revenue, an increase of 20.76% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) decreased to 0.28 yuan, down 23.20% year-on-year [1] - Operating cash flow per share was 0.35 yuan, a decrease of 3.63% year-on-year [1] - The company's net assets per share increased to 5.29 yuan, up 6.33% year-on-year [1] Changes in Financial Items - Cash and cash equivalents increased by 25.87% due to higher net income from investment activities [3] - Fixed assets increased by 57.56% as a result of the transfer of contact lens and related product industrialization construction projects [3] - Management expenses rose by 55.3% due to the reversal of stock option amortization expenses from the previous year [3] - Financial expenses surged by 203.81% due to decreased interest income from bank deposits [3] Investment Insights - The company's return on invested capital (ROIC) was 11.71%, indicating average capital returns [4] - Historical data shows a median ROIC of 24.99% since the company went public, suggesting strong investment returns over time [4] - The company's cash assets are reported to be very healthy, indicating good debt repayment capability [4] Fund Holdings - The largest fund holding the company’s shares is the Bodao Anyuan 6-Month Holding Period Mixed Fund, with a holding of 6,700 shares [5] - The fund's latest net value is 1.2742, reflecting a 0.21% increase from the previous trading day and an 11.22% increase over the past year [5]

Core Viewpoint - 聚飞光电 (300303) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.657 billion yuan, an increase of 18.9% year-on-year compared to 1.393 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 124 million yuan, down 15.93% from 148 million yuan in the previous year [1]. - The gross margin decreased to 21.51%, down 11.45% year-on-year, while the net margin fell to 7.39%, a decline of 29.91% [1]. - The company reported a significant increase in accounts receivable, which reached 1.202 billion yuan, representing a 23.92% increase from 970 million yuan [1]. Cash Flow and Financial Health - Operating cash flow per share improved to 0.27 yuan, up 36.07% year-on-year, indicating better cash generation from operations [1]. - The company’s cash and cash equivalents increased by 33.17%, attributed to higher cash deposits during the reporting period [3]. - The company’s debt situation improved, with interest-bearing liabilities decreasing by 78.34% to 100 million yuan [1][3]. Investment Metrics - The return on invested capital (ROIC) for the previous year was 9.06%, indicating average capital returns [4]. - The historical median ROIC over the past decade was 7.1%, suggesting generally weak investment returns [5]. - The company’s ability to manage accounts receivable is a concern, with accounts receivable reaching 353.87% of net profit [5]. Fund Holdings - The largest fund holding in 聚飞光电 is 申万菱信中证1000指数增强A, with 222,400 shares held, maintaining its position [5]. - Other notable funds include 广发国证2000ETF and 国联智选先锋股票A, indicating growing interest in the stock [5].