国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为嘉必优生物 技术（武汉）股份有限公司（以下简称"公司"、"上市公司"或"嘉必优"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，根据《上海证券交易所上市公司自律监管指引第 6 号——重大 资产重组》等相关法律法规的规定，就上市公司终止本次交易事项进行审慎核查 并发表如下意见： 国泰海通证券股份有限公司 关于嘉必优生物技术（武汉）股份有限公司 终止发行股份及支付现金购买资产并募集配套资金暨关联交易 事项并撤回申请文件的核查意见 一、本次重大资产重组的基本情况 上市公司拟以发行股份及支付现金的方式向王树伟、董栋、肖云平、王修评、 靳超、史贤俊、上海帆易生物科技合伙企业（有限合伙）、宁波梅山保税港区睿 欧投资管理合伙企业（有限合伙）、宁波梅山保税港区欧润企业管理合伙企业（有 限合伙）、上海国药二期股权投资基金合伙企业（有限合伙）、南通东证瑞象创业 投资中心（有限合伙）、苏州鼎石汇泽生物产业投资基金合伙企业（有限合伙）、 上海圣祁投资管理合伙企业（有限合伙）共 13 名交易对方购买上海欧易生物医 学科技有限公司 6 ...

中德证券有限责任公司 关于 花王生态工程股份有限公司 重大资产购买实施情况报告书 之 独立财务顾问核查意见 （北京市朝阳区建国路81号华贸中心1号写字楼22层） 二〇二五年八月 声明 中德证券有限责任公司接受花王生态工程股份有限公司委托，担任本次花王 生态工程股份有限公司重大资产购买之独立财务顾问，并出具本独立财务顾问核 查意见。 本独立财务顾问核查意见系依照《中华人民共和国公司法》《中华人民共和 国证券法》 《上市公司重大资产重组管理办法》 《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》等法律、法规、规范性文件 的有关规定和要求，按照行业公认的业务标准、道德规范，本着诚实信用、勤勉 尽责的精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解本次交易 行为的基础上编制而成。 供方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存 在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何 风险责任。 行本次交易相关协议和声明或承诺的基础上出具。 | 在本核查意见中，除非另有说明，下列简称具有如下含义： | | | | --- | --- | ...

Summary of Key Points Core Viewpoint The independent financial advisor, CITIC Securities, has provided an opinion on the major asset swap and related transactions involving Guangxi Broadcasting Network Co., Ltd. The transaction involves the exchange of 100% equity of Guangxi Broadcasting Technology for 51% equity of Guangxi Jiaokao Group, with no cash consideration or share issuance involved. Group 1: Transaction Overview - The transaction involves Guangxi Broadcasting's controlling shareholder, Beitou Group, swapping its 51% stake in Jiaokao Group for Guangxi Broadcasting's 100% stake in Guangxi Broadcasting Technology [4][5] - The transaction does not involve any cash compensation or share issuance, and the valuation of both assets is equal [5][7] - The transition period profits and losses will be allocated between Guangxi Broadcasting and Beitou Group, with specific arrangements for audits and compensation in case of losses [6][8] Group 2: Asset Valuation and Pricing - The total assessed value of Jiaokao Group's 100% equity is approximately 369.7 million yuan, with Guangxi Broadcasting's 100% stake in Guangxi Broadcasting Technology valued at 141.1 million yuan [6][7] - The final transaction price for the 51% stake in Jiaokao Group is set at 141.1 million yuan, with no cash adjustments required [7][8] Group 3: Performance Commitments and Compensation - Guangxi Broadcasting and Beitou Group have signed a performance compensation agreement, with the compensation period spanning three fiscal years following the asset transfer [8][9] - The performance commitments are based on net profit figures from the asset evaluation reports, excluding certain subsidiaries [9][10] - If the actual net profit falls short of the committed amount, Beitou Group is obligated to compensate Guangxi Broadcasting [10][11] Group 4: Transaction Nature and Compliance - The transaction qualifies as a major asset restructuring and is classified as a related party transaction due to Beitou Group's status as the controlling shareholder [12][13] - All necessary decision-making and approval processes have been completed in accordance with relevant laws and regulations [13][14] - The transaction has been executed without any significant discrepancies from previously disclosed information [14][19] Group 5: Implementation and Follow-up - The transfer of equity has been completed, with all necessary registrations and changes made [14][15] - There are no outstanding debts or liabilities transferred with the assets, ensuring that both parties retain their respective obligations [15][16] - Future obligations include changes to business scope and ongoing compliance with disclosure requirements [18][19]

海南航空控股股份有限公司 二〇二五年九月 目 录 海南航空控股股份有限公司 关于为关联方提供担保的议案 各位股东、股东代表： 海南航空控股股份有限公司（以下简称"海航控股"或"公 司"）控股子公司云南祥鹏航空有限责任公司（以下简称"祥 鹏航空"）拟为重庆扬子江六号飞机租赁有限公司（以下简称 "扬子江六号"）就 2 架 A321 飞机的融资租赁业务提供担保。 具体情况如下： 根据生产经营需要，公司控股子公司祥鹏航空拟向扬子江 六号租赁 2 架 A321-271NX 飞机（MSN8587/MSN8655）。该 2 架飞机为扬子江六号从蓝诗租赁（天津）有限公司（以下简称 "蓝诗租赁"）融资租赁而来。应蓝诗租赁要求，祥鹏航空拟 为扬子江六号与蓝诗租赁签订的该 2 架飞机《飞机融资租赁协 议》项下对蓝诗租赁的支付义务提供担保，本次担保预计金额 约 104,210.11 万元。 由于扬子江六号为公司间接控股股东海航航空集团有限公 司（以下简称"海航航空集团"）控制的主体，因此扬子江六 号为公司关联方，故本次担保构成向关联方提供担保。为保障 祥鹏航空利益，扬子江六号母公司扬子江融资租赁有限公司（以 下简称"扬子江租赁"）将 ...

Core Viewpoint - DreamNet Technology (002123.SZ) experienced a significant stock decline following the announcement of the termination of a major asset restructuring plan, with the stock closing down 8.57% at 14.40 yuan, resulting in a total market capitalization of 11.598 billion yuan [1][2]. Group 1: Company Announcement - DreamNet Technology announced the termination of the issuance of shares and cash payment for asset acquisition, as well as the related fundraising and associated transactions [1][2]. - The decision was made during the fourth meeting of the ninth board of directors held on August 28, 2025, where the company agreed to halt the planned transactions [1][2]. Group 2: Impact of Legal Issues - The termination was influenced by legal complications involving the transaction counterparty, Hangzhou Chengxiang Enterprise Management Partnership, which faced a court summons and had its shares frozen due to a contract dispute [2]. - The frozen shares, amounting to 10.51 million shares, belong to Hangzhou Chengxiang, which is the third-largest shareholder of the target company and a performance commitment party for the transaction, significantly affecting the deal [2]. Group 3: Financial Performance - DreamNet Technology's financial performance from 2021 to the first half of 2025 shows fluctuating revenues and net profits, with revenues of 3.175 billion yuan in 2021, increasing to 5.234 billion yuan in 2023, but dropping to 4.404 billion yuan in 2024 and 1.539 billion yuan in the first half of 2025 [3]. - The company reported net losses for the years 2021 to 2023, with a net profit of 0.38 million yuan in 2024 and 0.09 million yuan in the first half of 2025 [3]. - The net cash flow from operating activities showed a recovery trend, with -6.82 billion yuan in 2021, turning positive to 5.03 billion yuan in 2024 and 1.87 billion yuan in the first half of 2025 [3].

Group 1 - Company delayed its response to the Shanghai Stock Exchange's inquiry regarding the major asset purchase proposal for over two months, finally disclosing the response on August 28 [1] - The company adjusted its major asset restructuring plan, which now includes impairment testing and compensation arrangements, as well as supplementary agreements on transitional profit and loss [2] - The company plans to acquire a subsidiary of Hainan Airport Facilities Co., Ltd. for a cash amount of 799 million yuan, which raised regulatory concerns due to the absence of performance compensation clauses [2][3] Group 2 - The revised agreement includes a new impairment compensation clause, stating that if the impairment exceeds zero after three years, the transferor (Hainan Airport Group) must compensate the acquirer [3] - The company reported a total interest-bearing debt of 61.914 billion yuan as of the end of 2024, including short-term loans of 2.009 billion yuan and long-term loans of 47.5 billion yuan [3][4] - The company claims that the cash acquisition will not impact its daily operations or debt repayment capabilities, with total cash and cash equivalents amounting to 11.5 billion yuan [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 时隔两个多月7次延期回复后，海航控股对上交所问询函的回复姗姗来迟。 8月28日，海航控股披露对上交所《关于对海南航空控股股份有限公司重大资产购买草案的问询函》的 回复，同时调整了重大资产重组项目方案。 该收购方案一出炉，便引起了监管关注。 6月18日，上交所向海航控股下发问询函，要求说明未设置业绩补偿条款的原因及合理性等。 新增减值补偿条款 根据公告，海航控股对此前重大资产重组事宜进行调整。调整内容主要包括增加重大资产重组减值测试 及补偿安排相关内容，并对过渡期损益安排进行补充约定。 回溯此前公告，6月7日，海航控股披露重大资产购买报告书（草案），拟以现金7.99亿元收购海南机场 设施股份有限公司全资子公司海南空港开发产业集团有限公司（简称"空港集团"）持有的海南天羽飞行 训练有限公司（简称"天羽飞训"）100%股权。 在问询函中，上交所对海航控股资产负债率过高等问题进行关注，要求公司说明采用现金方式收购交易 的原因及合理性。 截至2024年末，海航控股短期借款、长期借款、一年内到期的非流动负债等有息负债余额合计619.14亿 元。其中 ...

Core Points - The company did not distribute cash dividends or issue bonus shares for the reporting period [1] - The company completed the sale of its automation instrument business assets to Shanghai Zhizhu Technology Industry Investment Co., Ltd. on May 30, 2025 [3] - The company acquired 100% equity of Shanghai Ziyan Machinery Technology Co., Ltd. on May 30, 2025, through cash transactions [4] - The company is planning a major asset restructuring involving the acquisition of shares in Shanghai Zhijiang New Materials Technology Co., Ltd. [5] Company Overview - The company is identified as *ST Weir, with the stock code 002058 [1] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3] Financial Information - The company did not have any preferred shareholders or related financial data for the reporting period [2][3] - The company’s board of directors approved the half-year report and related financial summaries on August 28, 2025 [6][8]

根据《上市公司重大资产重组管理办法》《上海证券交易所科创板股票上市规则》等相关规定，尚无法 确定本次交易是否构成重大资产重组。此外，因标的公司审计评估、交易金额、发行股份及支付现金比 例等内容暂未确定，尚无法确定本次交易是否构成关联交易。本次交易不会导致公司实际控制人发生变 更，不构成重组上市。 本次交易事项尚处于筹划阶段，初步确定的交易对方为胡振波、芯来共创(上海)管理咨询中心(有限合 伙)、芯来合创(上海)管理咨询中心(有限合伙)。公司已与标的公司主要股东胡振波、芯来共创(上海)管 理咨询中心(有限合伙)、芯来合创(上海)管理咨询中心(有限合伙)签署了《股权收购意向协议》，约定公 司通过发行股份及支付现金的方式购买其持有的标的公司股权。 因本次交易尚存在不确定性，为了保证公平信息披露、维护投资者利益，避免对公司股价造成重大影 响，根据上海证券交易所的相关规定，经公司申请，公司股票(证券简称：芯原股份，证券代码： 688521)自2025年8月29日(星期五)开市起开始停牌，预计停牌时间不超过10个交易日。 中国经济网北京8月28日讯芯原股份(688521.SH)今日披露公告称，公司正在筹划发行股份及支付现 ...

Core Viewpoint - Xiamen Port Authority reported a mixed financial performance for the first half of 2025, with a decline in total revenue but an increase in net profit, indicating improved profitability metrics despite overall revenue challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 10.542 billion yuan, a decrease of 14.72% year-on-year [1]. - Net profit attributable to shareholders was 141 million yuan, an increase of 9.44% year-on-year [1]. - In Q2 2025, total revenue was 6.214 billion yuan, up 3.05% year-on-year, while net profit for the quarter was 78.026 million yuan, up 51.29% year-on-year [1]. - Gross margin improved to 3.7%, a year-on-year increase of 31.31%, and net margin rose to 1.56%, up 16.01% year-on-year [1]. Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 200 million yuan, accounting for 1.9% of revenue, an increase of 8.5% year-on-year [1]. - Earnings per share (EPS) increased to 0.19 yuan, a rise of 9.44% year-on-year [1]. - Cash flow from operations per share was -0.43 yuan, an improvement of 22.96% year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 4.23%, indicating weak capital returns [3][5]. Changes in Financial Items - Fair value changes in financial derivatives resulted in a significant decrease of 193.59% in related income [2]. - Financial expenses decreased by 31.43% due to reduced exchange losses [4]. - Research and development expenses dropped by 80.58% due to fewer projects [4]. - Net cash flow from investment activities increased by 847.16% due to higher cash recoveries from investments [4]. - The company reported a 112.04% increase in non-operating income, attributed to higher penalty and compensation income [4]. Strategic Developments - A major asset restructuring is underway, aimed at integrating high-quality port assets from Xiamen Container Terminal Group, which is expected to enhance operational capabilities and market competitiveness [5]. - The restructuring is anticipated to strengthen the company's profitability and risk resilience, ultimately benefiting shareholder value [5]. Cash Flow and Receivables Concerns - The company's cash flow situation is concerning, with cash and cash equivalents covering only 22.19% of current liabilities [6]. - Accounts receivable have reached 672.36% of profit, indicating potential liquidity issues [6].