Core Viewpoint - The document outlines the risk investment management system of Hengbao Co., Ltd., emphasizing the need for regulatory compliance, risk control, and protection of investor interests while detailing the procedures and principles governing risk investments [1][2]. Group 1: General Principles - The risk investment is defined as investments in securities, real estate, trust products, and other recognized investment behaviors, aimed at enhancing capital efficiency and generating returns [1]. - The company must adhere to national laws and regulations, prevent investment risks, and ensure that investments do not disrupt normal business operations [2]. - The funding for risk investments must come from the company's own funds, including capital, retained earnings, and operational liquidity, and cannot involve raised funds for securities trading [2][3]. Group 2: Decision-Making Authority - Risk investment decisions must follow legal approval processes as per stock listing rules and company regulations [3]. - The securities department is responsible for drafting investment proposals, which must include investment objectives, amounts, methods, and potential impacts on the company [3][4]. - The board of directors must ensure that internal control systems are in place and that investment risks are manageable [4]. Group 3: Management Control Procedures - The chairman of the board is the primary responsible person for risk investment management, overseeing agreements and contracts [5]. - The finance department manages the funds for risk investments, while the internal audit department conducts audits and reports on investment projects [5][6]. - The audit committee reviews investment risks and compliance with internal controls, reporting on projects that do not meet expected benefits [6][7]. Group 4: Securities Investment Guidelines - Securities investments must be conducted according to approved plans, ensuring risk prevention and secure fund operations [6]. - New stock subscriptions require designated personnel to manage the process and report outcomes to the chairman [6][7]. - Investments should focus on blue-chip stocks and avoid those with significant risks or governance issues [7]. Group 5: Information Disclosure - The company must fulfill its obligation to disclose risk investment activities in accordance with regulatory requirements [8]. - Regular reports should include details on the investment portfolio, including types, amounts, and performance [8][9]. - Financial departments are responsible for daily accounting of securities investments and ensuring compliance with accounting standards [9]. Group 6: Accountability and Compliance - The company will hold individuals accountable for unauthorized risk investment activities or violations of regulations [10]. - Accountability measures will be enforced for those who provide false information or fail to report significant losses [10]. - The company will adhere to relevant laws and regulations for any matters not covered in the investment management system [12].

Core Viewpoint - The company has established a management system for entrusted financial management to enhance investment returns while controlling risks and safeguarding the interests of the company and its shareholders [1] Group 1: General Principles - The entrusted financial management refers to the investment activities conducted by the company through financial institutions to improve the efficiency of fund utilization and increase cash asset returns, under the premise of risk control [1] - The company must adhere to principles of standardized operations, risk prevention, cautious investment, and value preservation and appreciation, ensuring that entrusted financial management does not affect normal operations and the development of core business [1] Group 2: Approval Authority and Execution Procedures - The approval authority for entrusted financial management is determined based on specific thresholds, such as if the amount exceeds 10% of the latest audited net assets and is over 10 million, it must be submitted to the board for review [2] - If the amount exceeds 50% of the latest audited net assets and is over 50 million, it requires both board and shareholder meeting approvals [2] - The company can estimate investment ranges and limits for frequent transactions, with a maximum duration of 12 months for the estimated entrusted financial management amount [2] Group 3: Risk Control and Information Disclosure - The financial center is responsible for managing entrusted financial management, including risk assessment of the funding source, investment scale, and expected returns [3] - The company must disclose any significant developments or countermeasures if certain risk events occur, such as failure to raise funds or significant changes in the financial status of the entrusted party [4][5] - The audit committee has the authority to conduct regular or irregular checks on the entrusted financial management activities and can propose meetings to halt any non-compliant investment activities [4] Group 4: Specific Execution and Responsibilities - The company must select qualified financial institutions with good credit and financial status as trustees, and contracts must clearly define the investment amount, duration, and responsibilities [5] - The financial center must assign personnel to monitor the progress and safety of investments, reporting any anomalies to the financial head for timely action [5] - Violations of laws, regulations, or internal policies that result in losses or lower-than-expected returns will lead to accountability for the responsible personnel [4]

Core Viewpoint - The document outlines the management system for entrusted financial management by Guangdong Shiyun Circuit Technology Co., Ltd, aiming to enhance fund operation efficiency and mitigate risks associated with entrusted financial decisions and execution [1][2]. Summary by Sections Chapter 1: General Principles - The entrusted financial management refers to the act of the company delegating idle funds to qualified financial institutions for investment and management, under the premise of compliance with national policies and regulations [1]. - This system applies to the company and its wholly-owned and controlling subsidiaries [1]. Chapter 2: Principles of Entrusted Financial Management - To minimize risks, the company must select qualified financial institutions with good credit and financial status, and sign written contracts detailing the investment amount, duration, and responsibilities [2]. - Funds used for entrusted financial management must be idle self-owned funds or idle raised funds, without affecting the company's normal operations [2]. - The company can only use self-owned funds for entrusted financial management limited to R4 and below risk-rated financial products [2]. Chapter 3: Approval Decision Procedures - The company must adhere to the decision-making authority outlined in its articles of association when conducting entrusted financial management [3]. - If the entrusted financial management amount exceeds 10% of the latest audited net assets and is over 10 million RMB, it must be approved by the board of directors [4]. Chapter 4: Implementation and Supervision - The finance department is responsible for the implementation and management of entrusted financial activities, including risk assessment and monitoring [5]. - The finance department must report monthly on the status of entrusted financial management and provide updates on investment outcomes and risk control [6]. Chapter 5: Confidentiality and Information Disclosure - The company must comply with the disclosure obligations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding entrusted financial management [6]. - The board office is responsible for the information disclosure related to entrusted financial management, ensuring confidentiality before any disclosures are made [7]. Chapter 6: Supplementary Provisions - Any matters not covered by this system will be executed according to relevant national laws and regulations [7]. - The board of directors is responsible for interpreting and revising this system, which takes effect upon approval by the board [7].

Core Viewpoint - The company has adjusted its investment strategy for idle funds, allowing for a more efficient use of capital while ensuring that the investments remain within a controlled risk framework [2][3]. Investment Purpose - The primary goal is to enhance the efficiency of idle funds without affecting the company's core business operations, thereby aiming to improve asset returns and provide better investment returns for the company and its shareholders [2]. Investment Amount and Duration - The company plans to use up to RMB 2.1 billion (210,000 million) for entrusted wealth management, with a maximum of RMB 500 million (50,000 million) allocated to R3 risk level products. The investment will be valid for 12 months from the board's approval date, allowing for rolling investments within the specified limits [3][4]. Funding Source - The funds for the entrusted wealth management will come from the company's idle self-owned funds [3]. Investment Method and Types - The company will adhere to prudent investment principles, selecting financial institutions that issue liquid and overall risk-controlled investment products, with a risk level not exceeding R3. This includes various financial products such as bank wealth management products and structured deposits [3][4]. Implementation Method - The board has authorized the general manager to make investment decisions and sign relevant contracts, including selecting appropriate financial institutions and defining investment amounts and terms [4][5]. Review Procedure - The adjustment of investment types does not require shareholder approval, and the other original review matters remain unchanged [5]. Impact on the Company - Utilizing idle funds for entrusted wealth management will not disrupt the company's normal cash flow or operational needs. It is expected to enhance the efficiency of fund usage and generate certain investment returns, aligning with the interests of the company and its shareholders [6].

Core Viewpoint - Hunan Heshun Petroleum Co., Ltd. is actively managing its idle funds through entrusted financial products, with a total amount of 485 million yuan in ongoing investments as of June 30, 2025, and has generated a return of 3.8967 million yuan during the reporting period [1]. Group 1: Entrusted Financial Management Overview - The company approved the use of idle self-owned funds for entrusted financial management, with a total limit of up to 1.2 billion yuan, to enhance company revenue [1]. - The financial products purchased must be of high safety and liquidity, sourced from banks, securities companies, insurance companies, or trust companies [1]. - The investment period is set for 12 months from the date of approval by the annual general meeting [1]. Group 2: Financial Product Details - As of June 30, 2025, the company has various financial products, including large-denomination certificates of deposit and structured deposits, with expected annualized returns ranging from 1.30% to 3.55% [2][3][4]. - The total amount of ongoing financial products is 485 million yuan, with specific products having varying maturity dates and returns [2][3][4][5]. - The company has implemented a structured approach to manage these financial products, ensuring compliance with relevant laws and regulations [8]. Group 3: Risk Control Measures - The company has established strict investment principles and management practices to ensure the safety of funds used in entrusted financial management [8]. - Continuous monitoring and analysis of product net value changes will be conducted to mitigate potential risks affecting fund safety [8]. - The finance department is responsible for maintaining detailed records and accounting for the use of funds, while the audit department will oversee the usage of funds regularly [8].

Core Viewpoint - The company plans to utilize idle self-owned funds for wealth management, with a maximum investment amount of 1.5 billion yuan, aiming to enhance the efficiency of fund usage and generate returns while ensuring liquidity and safety [1][2]. Investment Overview - The investment purpose is to purchase low-risk, high-safety, and high-liquidity financial products to achieve certain returns while ensuring normal operations and funding needs [2]. - The investment amount is capped at 1.5 billion yuan, with a period from August 27, 2025, to August 26, 2026, allowing for rolling use within this timeframe. Individual financial products will have a maximum investment period of 12 months, while large transferable certificates of deposit will not exceed 3 years [2]. - The source of funds for the wealth management is idle self-owned funds [2]. - The investment method involves authorizing the chairman and authorized personnel to make decisions and sign contracts within the investment period and limits, with the finance center responsible for implementation and management [2]. Review Procedures - The wealth management proposal has been approved by the company's 22nd meeting of the 5th Board of Directors and the 9th meeting of the 5th Supervisory Board [3]. Investment Risk Analysis and Control Measures - The company acknowledges potential risks such as market risk, liquidity risk, and credit risk, despite the low-risk nature of the planned financial products [3]. - Risk control measures include selecting appropriate financial products based on duration and yield, with the finance center head reviewing and submitting for approval by the chairman or authorized representative [3][4]. Impact on the Company - The use of idle self-owned funds for wealth management is expected to improve fund efficiency and generate investment returns, ultimately benefiting shareholders [4]. - The company will adhere to relevant accounting standards for the recognition and measurement of wealth management principal and interest income, reflecting these in the balance sheet and income statement [4].

Meeting Details - The fifth meeting of the board of directors of Guangzhou Holike Creative Home Co., Ltd. was held on August 15, 2025, with all five directors present, and the meeting complied with relevant laws and regulations [1]. Resolutions Passed - The board unanimously approved the full and summary reports for the 2025 semi-annual report with 5 votes in favor, 0 against, and 0 abstentions [1][2]. - The board approved the use of idle self-owned funds for entrusted wealth management, with a maximum amount not exceeding 1.5 billion yuan [2]. - The board approved an increase in the estimated daily related transactions for 2025, with two related directors abstaining from the vote [2][3].

Core Viewpoint - The company establishes a management system for entrusted financial management to enhance fund operation efficiency, effectively prevent investment risks, and protect the interests of the company and its shareholders [1]. Group 1: Regulations and Principles - The entrusted financial management is defined as the act of entrusting qualified financial institutions to invest and manage the company's assets under the premise of national policy allowance and effective risk control [1][2]. - The company must adhere to principles of "standard operation, risk prevention, and cautious investment," ensuring that entrusted financial management does not affect normal operations and main business development [2]. - Funds for entrusted financial management must come from idle funds and should not encroach on normal operational and project construction funds [2]. Group 2: Investment Guidelines - The company should reasonably determine the financial products, scale, and duration based on its risk tolerance, primarily investing in low-risk, short-term financial products with high safety and liquidity [2]. - Investments in entrusted financial products must not be used for stocks, derivatives, or securities investment funds [2]. - The entrusted financial management must be conducted with qualified financial institutions that have good credit and financial status, and a written contract must be signed to clarify rights, obligations, and legal responsibilities [2][3]. Group 3: Financial Management and Reporting - The financial department is responsible for the specific execution of entrusted financial management, including assessing financial conditions, preparing financial plans, and ensuring proper documentation [3][4]. - A monthly reporting system is established for the financial department to report the status of entrusted financial management to the management, audit department, and investor relations department [4]. - The audit department will supervise and regularly audit the progress, profit and loss, risk control, and fund usage of entrusted financial products [4][5]. Group 4: Disclosure and Compliance - The company must disclose entrusted financial management matters that meet disclosure standards according to relevant laws and regulations [5][6]. - In case of significant events affecting the entrusted financial products, the financial department must report to the financial director and board secretary, and the company should disclose relevant progress and response measures [5]. - The company is prohibited from using entrusted financial management to circumvent necessary approval procedures and disclosure obligations for asset purchases or external investments [6].

8月25日，江苏国泰（002091）一字涨停，股价报收8.36元/股。消息面上，公司昨晚宣布，公司于8月 24日召开董事会，审议通过终止使用部分闲置自有资金人民币15亿元设立子公司开展证券投资。 江苏国泰强调，公司及合并范围内子公司前期的证券投资系公司前期基于战略规划，长期持有与公司主 营业务相关的上市公司股票，并非以短期买卖股票套利为目的。公司后续将逐步择机退出前期证券投 资。 而就在两日前，江苏国泰计划斥资138亿元进行理财炒股的消息，在资本市场引发了广泛的讨论与热 议。 据8月22日公告，公司拟使用不超过120亿元的闲置自有资金进行委托理财，同时计划以不超过18.306亿 元（含）闲置自有资金开展证券投资，两项合计金额高达138.3亿元，超过公司当前日总市值11%。 耐人寻味的是，江苏国泰同日宣布终止总投资15.38亿元的年产40万吨锂离子电池电解液项目，公司累 计已投入的3285万元土地款。该项目原计划建成后，年均销售收入预计可达150.8亿元，净利润约为7.9 亿元。 对于募投项目的终止，江苏国泰归因于土地未交付及行业环境变化，锂离子电池材料领域产能扩张过快 导致价格下行，项目投资回报率大幅下降。 ...

Core Viewpoint - Jiangsu Guotai announced the termination of a plan to use 1.5 billion RMB of idle funds to establish a subsidiary for securities investment, leading to a one-day stock price surge to 8.36 RMB per share [1][4]. Group 1: Securities Investment and Financial Strategy - The company emphasized that its previous securities investments were based on strategic planning, focusing on long-term holdings related to its main business rather than short-term trading for profit [3]. - On August 22, Jiangsu Guotai announced plans to use up to 12 billion RMB for entrusted wealth management and up to 1.83 billion RMB for securities investment, totaling 13.83 billion RMB, which exceeds 11% of its current market value [4]. - Following investor concerns regarding its cash management, the company revealed a shareholder dividend plan for 2025-2027, increasing the cash dividend ratio from 10% to 40% [5]. Group 2: Project Termination and Financial Performance - Jiangsu Guotai terminated a 1.538 billion RMB lithium-ion battery electrolyte project due to land delivery issues and a rapidly changing industry environment, which led to a significant decline in investment return rates [4]. - The company reported a decline in net profit for 2023 and 2024, with figures of 1.604 billion RMB and 1.106 billion RMB, representing year-on-year decreases of 6.95% and 31.06% respectively [6]. - For the first half of 2025, the company achieved an operating income of 18.63 billion RMB, a year-on-year increase of 5.46%, with a net profit of 545 million RMB, up 10.85% [7].