对公司经营的多重影响 公告指出，该协议的履行将对泉阳泉产生多维度积极影响。在业务拓展方面，此次合作将进一步提升公 司在航空饮品细分领域的竞争力和品牌影响力；财务层面，协议收入将根据履约进度逐步确认，有望对 公司未来三年经营业绩形成持续支撑。 吉林泉阳泉股份有限公司（证券代码：600189，简称"泉阳泉"）11月21日发布公告称，公司控股子公司 吉林森工集团泉阳泉饮品有限公司（简称"饮品公司"）已与广州南联航空食品有限公司正式签署《南航 机上饮用水机供品供货协议》，协议总金额达147,786,681.40元（约1.48亿元），有效期为三年。 尽管协议签订为公司发展注入积极预期，泉阳泉同时披露了两项主要风险：一是协议履行过程中可能面 临原材料价格上涨、运输成本上升等因素，导致收益存在不确定性；二是政策调整、市场环境变化或不 可抗力等因素可能影响合同如期履行。公司提醒投资者关注相关风险，理性决策。 据了解，该协议源于饮品公司此前中标的"南联2025年机上饮用水集中采购项目"，公司已于11月5日披 露中标公告。此次正式协议的签订，标志着双方合作进入实质性履约阶段。 此次与南航的合作是泉阳泉在航空渠道的重要突破，后续履 ...

Core Viewpoint - China Supply Chain Industry (03708) shares surged nearly 20%, closing at 0.061 HKD with a trading volume of 5.15 million HKD, following the announcement of negotiations for office space leasing in Shenzhen [1] Group 1: Company Strategy - The company is in discussions with Shenzhen Huaqiang Cloud Industrial Park Management Co., Ltd. regarding leasing office space in the Huaqiang Cloud Industrial Park [1] - Establishing a headquarters in mainland China is a strategic move to deepen operations and expand capabilities in one of the world's most dynamic economic regions [1] - The office space will serve three main functions: 1. Supply Chain Management: To enhance end-to-end supply chain operations, improve efficiency, control costs, and strengthen collaboration with mainland partners [1] 2. Incubation Center: To foster innovation projects, strategic partnerships, and new business initiatives, leveraging Shenzhen's vibrant ecosystem [1] 3. Technology R&D: To establish a core R&D center aimed at driving long-term innovation and technological competitiveness [1] Group 2: Market Positioning - The board believes that concentrating these key functions in Shenzhen, a global technology innovation hub, will significantly enhance the company's market position, accelerate growth, and create sustainable long-term value for shareholders [1]

Financial Data and Key Metrics Changes - The company reported a steady increase in the number of franchisee clinics, reaching 258, with a 34-location increase, and the annual customer count expanded to approximately 6.5 million [2] - Financial performance showed signs of recovery, with sales previously affected by restructuring and franchise fee division, but now supported by an increase in point-related revenues [3][4] - The decline in racing-related costs, including share-based compensation expenses, contributed to improvements in both operating income and net income [3] Business Line Data and Key Metrics Changes - The average revenue per customer visit is showing signs of recovery due to pricing and promotion initiatives, as well as a multi-brand strategy in the dermatology segment [3] - The company is focusing on enhancing R&D and expanding service offerings through the acquisition of Waku, which specializes in regenerative medicine and skincare products [4][5] Market Data and Key Metrics Changes - The company has entered into a partnership with BLEZ ASIA to provide laser treatment in Thailand, aiming to tap into the growing aesthetic medical market [4] - The financial impact of the new BREATH initiative in Thailand is expected to be minimal in the near term as the company conducts proof of concept trials [10] Company Strategy and Development Direction - The company aims to strengthen its competitiveness and achieve sustainable growth through strategic acquisitions and partnerships, particularly in the aesthetic medical field [5][20] - The M&A strategy is divided into domestic and global perspectives, focusing on clinic acquisitions in Japan and exploring investments in the global market, especially in the US [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining the positive momentum observed in Q3 2025, with expectations for stable financial performance in Q4 and 2026 [11][22] - The company is considering providing financial guidance in the near future to address investor needs for revenue and profit expectations [22][26] Other Important Information - The company is working on improving liquidity by increasing free float shares and considering new share issuances and share buybacks [24] - Dividend payments are being considered as a way to attract new investors, although the company prioritizes capital allocation towards strategic initiatives [25] Q&A Session Summary Question: Why was COVID elevated during Q3 2025, and when do you expect a franchise fee division impact to be fully absorbed going forward? - The increase in costs was attributed to medical equipment lease and the consolidation of AHH acquired in Singapore, with financial performance expected to continue improving [8] Question: Could you elaborate on the balance sheet changes during the quarter? - Changes included borrowing for working capital, adjustments in payment terms for related parties, and a decrease in tax debt due to midterm income tax payments [9] Question: What is your expectation for organic growth going forward for both breadth and revenue? - The company expects to maintain the positive momentum seen in Q3, with more stable financial performance anticipated in Q4 and next year [11] Question: Can you describe the strategic relationship behind acquiring Waku? - The acquisition aims to realize synergies through strengthening sales of Waku products at SBC clinics and jointly developing pharmaceutical and medical devices [12][14] Question: Can you comment on the latest status of your US business development efforts? - The company is in the phase of understanding the US market and seeking strong partners to leverage its strengths from Japan [17] Question: What do you mean by more stable financial performance in Q4 and 2026? - Management confirmed expectations for a return to revenue growth but could not provide specific numbers at this time [22] Question: How do you think about improving the liquidity situation? - The company aims to increase free float shares and is considering share buybacks due to the current low share price [24] Question: Do you have any plan to disclose financial guidance or performance guidance going forward? - The company is actively considering providing financial guidance in the near future [26]

Group 1: Company Overview - The company specializes in the research, design, production, and sales of paper printing and packaging products, offering innovative R&D, creative design, color management, intelligent manufacturing, supply chain management, and marketing services [2] - Main products include folding cartons, gift boxes, color boxes, pulp molding, labels, promotional tools, paper bags, and paper-based flexible packaging, serving clients in cosmetics, oral care, personal and home care, food, health products, pharmaceuticals, consumer electronics, tobacco, and alcohol sectors [2] Group 2: Production and Market Strategy - The company has established production bases in South China (Zhongshan), North China (Tianjin, Shenyang), East China (Kunshan, Pinghu), Southwest (Chengdu), and overseas (Vietnam) [2] - Overseas orders are driven by major clients' capacity needs and include some locally developed orders [2] Group 3: Business Growth and Profitability - The company is entering the tobacco and alcohol packaging sectors, with profitability expected to improve as business scales up [3] - Future business growth is anticipated from maintaining leadership in personal care, food and health products, and consumer electronics, while also expanding into tobacco, alcohol packaging, and pulp molding [3] Group 4: Investor Relations and Dividends - The company emphasizes reasonable returns for investors, with cash dividends increasing annually from 2022 to 2024 [3] - The company is committed to sharing operational success with investors while ensuring normal operations and long-term development [3]

Core Viewpoint - Rongjie Health is committed to exploring new business areas based on market research and technological advancements, aiming to enhance its competitive advantage and long-term development capabilities [1] Group 1 - The company plans to conduct in-depth market research to understand market trends and future demands [1] - It aims to leverage its technological accumulation to develop new businesses that align with future market needs [1] - The focus will also be on technological progress and innovation, assessing and preparing potential projects to enrich its product line and technical reserves [1]

Group 1 - The core viewpoint of the articles highlights the commitment of the company to shareholder returns, evidenced by continuous cash dividends and a high payout ratio [2][5] - Since its listing in 2019, the company has maintained a strong focus on shareholder returns, with cumulative cash dividends exceeding 2.1 billion yuan and a payout ratio reaching 99.84% for the 2024 fiscal year [2] - The company has initiated a new round of share buybacks in 2024, repurchasing approximately 1.29 million shares, which is about 0.56% of its total share capital, to enhance shareholder equity [4] Group 2 - The company is actively expanding its core businesses, particularly in Guangdong IPTV and internet television, while also investing in high-quality content such as films, animations, and short dramas [4] - The company has established a transparent and professional investor relations system, receiving an A-level rating for information disclosure from the Shenzhen Stock Exchange for four consecutive years [4] - The recognition from the capital market, including the "Golden Bull Listed Company Dividend Return Award," serves as a motivation for the company to continue prioritizing shareholder interests and delivering substantial returns [5]

Core Viewpoint - Minhua Holdings is seeking to list its subsidiary Ruimai Technology on the New Third Board while also expanding into the home decoration industry through an investment in Jingmu Decoration [1][3] Group 1: Company Developments - Minhua Holdings has submitted an application for Ruimai Technology to be listed on the New Third Board, holding an 82.76% stake in the company [1] - Ruimai Technology, established in 2011, specializes in manufacturing and trading sofa frames, smart frames, motors, and other furniture hardware, holding a 23.5% global market share in functional sofa frames [2] - The company aims to enhance brand recognition and create a more flexible independent financing platform through the listing of Ruimai Technology [2] Group 2: Financial Performance - The revenue from the "other products" segment, which includes Ruimai Technology, was HKD 1.67 billion for the fiscal year ending March, a year-on-year decline of 8.4% due to weakened demand in the domestic furniture market [2] - Despite being a key sales partner for Ruimai Technology, Minhua Holdings is also looking to diversify its client base [2] Group 3: Industry Context - The national building materials and home furnishing market is experiencing an overall decline, with the BHI index at 122.93 in September, reflecting a year-on-year drop of 3.75% [4] - The home decoration sector is facing more severe declines compared to the home furnishing market, as evidenced by the struggles of traditional home decoration companies [4] - Minhua Holdings' moves to list its subsidiary and enter the home decoration sector are seen as attempts to navigate the challenges in the traditional business landscape [4]

Core Viewpoint - The company, Zhongyuan Home Co., Ltd., has announced the convening of its second extraordinary general meeting of shareholders for 2025, scheduled for November 26, 2025, to discuss various important matters including investment decisions and changes to the company's capital structure [2][20]. Meeting Details - The extraordinary general meeting will be held on November 26, 2025, at 14:30 in Hangzhou, Zhejiang Province [2]. - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [3][5]. - Shareholders must register to attend the meeting, with specific requirements outlined for both individual and corporate shareholders [11][12]. Investment Decisions - The board of directors has approved a proposal to invest $16 million in establishing a self-built production base in Vietnam, which aims to enhance the company's supply chain resilience and support business expansion [17][26]. - The investment will cover land acquisition, construction of facilities, and procurement of equipment [28]. - The project is expected to be implemented in phases, depending on market demand and funding availability [29]. Capital Changes - The company plans to change its registered capital and amend its articles of association following the repurchase and cancellation of 94,300 restricted shares, reducing the total share capital from 126,171,500 shares to 126,077,200 shares [21][22]. - This change is part of the company's strategy to align its capital structure with its operational needs and shareholder interests [31]. Shareholder Rights and Voting - Shareholders are encouraged to participate in the voting process, with provisions for those holding multiple accounts to aggregate their voting rights [7][9]. - The company will provide reminders and assistance to small and medium-sized investors to ensure their participation in the meeting [9][10]. Shareholder Equity Changes - A significant shareholder, Mr. Cao Yong, has reduced his stake in the company by 1%, from 69.97% to 68.97%, through a series of share sales between October 17 and November 7, 2025 [34][37]. - This reduction does not affect the control of the company, as the shareholder remains within the previously disclosed reduction plan [36].

Core Viewpoint - China West Electric (601179.SH) aims to streamline asset ownership and enhance operational efficiency through the acquisition of assets from Xi'an West Electric Asset Management Co., with a transaction price of 132 million yuan [1] Group 1: Company Strategy - The acquisition involves purchasing buildings, land use rights, and machinery assets to support the company's strategic layout and business expansion in the southwestern region of China [1] Group 2: Financial Details - The agreed transaction price for the assets is 132 million yuan, which includes tax [1]

Core Points - Styrkás hf. has signed an agreement to acquire all shares in Hreinsitækni ehf., HRT þjónustu ehf., and related companies, subject to approval from the Icelandic Competition Authority [1] - The Hreinsitækni group is a leading provider of environmental and infrastructure services in Iceland, with projected 2024 revenue of approximately ISK 5 billion and EBIT of around ISK 800 million [2] - The enterprise value of the Hreinsitækni group in the transaction is about ISK 9.7 billion, with a share purchase price of approximately ISK 7 billion, 25% of which will be paid in cash and 75% through new shares in Styrkás [2] - Post-transaction, shareholders of Hreinsitækni will own about 17.5% of Styrkás, and the combined company's equity value will be around ISK 30 billion [2] - The acquisition will establish a fourth business segment for Styrkás focused on environmental and industrial services, enhancing service offerings to heavy industry and municipalities [3] - Styrkás recorded revenue of ISK 47 billion, EBIT of ISK 1.9 billion, and profit after tax of ISK 1.3 billion in the first nine months of the year, leading to a projected annual revenue of nearly ISK 70 billion and profit after tax exceeding ISK 2 billion post-acquisition [3] - SKEL's ownership in Styrkás is expected to decrease to 37.7% after the transaction, with the value of SKEL's stake estimated at ISK 11.2 billion based on the agreed share price [4] - Styrkás shares are anticipated to be listed on the Nasdaq Iceland Main Market in 2027 according to a shareholders' agreement among the largest shareholders [4]