| 上海市锦天城律师事务所 | | | 法律意见书 | | --- | --- | --- | --- | | 上海市锦天城律师事务所 | | | | | 关于麒盛科技股份有限公司 | | | | | 差异化分红事项的 | | | | | 法律意见书 | | | | | 地址：上海市浦东新区银城中路 501 | | 号上海中心大厦 | 9/11/12 层 | | 电话：021-20511000 传真：021-20511999 | | | | | 邮编：200120 | | | | | 上海市锦天城律师事务所 | | | 法律意见书 | | 释 义 | | | | | 在法律意见书内，除非文义另有所指，下列词语具有下述涵义： | | | | | 本所 上海市锦天城律师事务所 | 指 | | | | 公司、麒盛科技 指 | | 麒盛科技股份有限公司 | | | 麒盛科技2024年度利润分配所涉及的差异化分红 | | | | | 本次差异化分红 指 | | | | | 事项 | | | | | 上海市锦天城律师事务所出具的《上海市锦天城 | | | | | 法律意见书 指 | | 律师事务所关于麒盛科技股份有限公司 ...

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以 下简称"《回购规则》"）、《上海证券交易所上市公司自律监管指引第7号—— 回购股份》（以下简称"《回购指引》"）以及《江苏浩欧博生物医药股份有限 公司章程》（以下简称"《公司章程》"）等相关法律、法规及规范性文件的规 定，本所律师就江苏浩欧博生物医药股份有限公司（以下简称"公司"）2024 年度利润分配涉及的差异化权益分派特殊除权除息处理（以下简称"差异化分红"） 相关事项出具本专项法律意见书。 按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，本所律师依据 本专项法律意见书出具日以前已发生或存在的事实和我国现行法律、法规和中国 证券监督管理委员会（以下简称"中国证监会"）的有关规定发表法律意见，并 声明如下： 据《公司法》《证券法》《回购规则》《回购指引》等相关法律、法规及规范性文 件的规定及本专项法律意见书出具日前已经发生或者存在的事实，对与出具本专 项法律意见书有关的所有文件资料及证言进行了审查判断，对公司本次差异化分 红进行了充分的核查验证，保证本专项法律意见 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：是 ? 每股分配比例 每股现金红利0.20元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 证券代码：688335 证券简称：复洁环保 公告编号：2025-031 上海复洁科技股份有限公司 一、 通过分配方案的股东会届次和日期 本次利润分配方案经上海复洁科技股份有限公司（以下简称"公司"）2025 年 4 月 18 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东，公司回购专用证券账户除外。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的有关 规定，上市公司回购专用账户中的股份，不享有股东会表决权、利润分配、公积 金转增股本、认购新股和可转换公司债券等权利。 （1） 本次差异化分红方案 根据公司 2024 年年度股东会审议通过的《关于<2024 年年度利润分配预 ...

Core Insights - The article discusses the significant price differences among suppliers of N121 carbon black products, highlighting that these variations reflect individual suppliers' competitive strategies and market positioning, as well as the balance between market demand and supply [2][3] Group 1: Factors Influencing Price Differentiation - The supply chain stages directly impact the pricing of N121 carbon black products, with costs incurred during raw material acquisition, production, transportation, and storage affecting the final price set by suppliers [2] - Different suppliers' understanding of market demand and product quality contributes to price differentiation, as N121 carbon black is utilized across various industries, leading suppliers to adjust specifications and pricing based on specific market needs [2] - The degree of market competition and supply-demand dynamics also play a crucial role in price differentiation, with suppliers adjusting prices based on whether demand exceeds supply or vice versa [3] Group 2: Impact of Price Differentiation on the Market - Price differentiation allows buyers to choose from various suppliers offering competitive prices, potentially enhancing their benefits [3] - It influences the establishment and stability of long-term relationships between buyers and suppliers, as it relates to suppliers' ability to provide reasonable prices and stable supply [3] - Price differentiation encourages suppliers to innovate technologically and improve product quality to enhance competitiveness and market share [3] - It may alter the overall competitive landscape, enabling lower-priced yet stable-quality suppliers to gain more market share, thereby changing market structure [3]

Core Insights - Douyu's Q1 2025 financial report shows total revenue of 947 million yuan, with significant improvements in gross profit and gross margin, indicating a positive performance trend [2] - The company has successfully reduced its reliance on live streaming as its primary business, focusing on diversifying revenue streams and enhancing operational efficiency [2][3] Revenue Breakdown - In Q1 2025, Douyu's live streaming revenue was 565 million yuan, accounting for 60% of total revenue, while the "innovation business, advertising, and other income" reached 383 million yuan, a 60.2% year-on-year increase, raising its revenue share from 24% in 2024 to 40% [3][4] - The growth in innovation business and advertising revenue is attributed to increased income from Douyu's gaming membership services and voice social business [3][4] User Engagement and Participation - The independent voice social service launched in Q1 generated 290 million yuan in revenue, with an average monthly active user count of 498,400 and 82,900 monthly paying users, enhancing user engagement and conversion rates [4] - Douyu's marketing strategies, including collaborations with major game developers and unique promotional events, have successfully increased user interaction and purchasing intent [3][4] Cost Management - Douyu's gross profit reached 114 million yuan, with a gross margin of 12%, reflecting a year-on-year increase of 4.1% and a significant 62.6% increase from the previous quarter, due to optimized copyright procurement and streamer compensation strategies [6][7] - The company is focusing on internal streamer development and ecosystem cultivation to control costs effectively, moving away from high-cost streamer signings and event rights procurement [6][7] Event Management Strategy - Douyu has adopted a "selected + self-produced" model to control costs, focusing on acquiring official event rights with higher ROI potential, such as for "Peace Elite" and "Honor of Kings" [7] - In Q1, Douyu broadcasted nearly 40 official large-scale events and produced over 20 self-made esports events, significantly boosting viewer engagement and platform revenue [7]

国泰海通证券股份有限公司 关于用友汽车信息科技（上海）股份有限公司 差异化权益分派特殊除权除息事项的核查意见 《上海证券交易所科创板股票上公规则》 《上海证券交 （ 易所上公公司自律监管指引第 11 号——持续督导》 《上海证券交易所科创板上公 （ 公司自律监管指引第 7 号——回购股份》等有关法律、法规的规定，对友车科技 差异化权益分派特殊除权除息事项进行了审慎核查，具体情况如下： 一、本次差异化权益分派的原因 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为用友 汽车信息科技（上海）股份有限公司（ （以下简称（ "公司"、 "（ 上公公司"、 "友车科 技"）首次公开发行股票并在科创板上公持续督导工作的保荐人，根据《证券发 行上公保荐业务管理办法》 根据公司 2024 年年度股东大会审议通过的《关于 2024 年度利润分配预案的 议案》，公司拟向全体股东每 10 股派发现金红利 5.00 元（含税），不送红股，不 进行资本公积转增股本。公司通过回购专用账户所持有的本公司股份不参与本次 利润分配。截至 2025 年 3 月 27 日，公司总股本 144,317,400 股，扣除回购专用 证券 ...

Group 1: Competitive Advantage and Business Strategy - The company adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on high-quality development through four main approaches: deepening operational lines, strengthening professional management, accelerating technological transformation, and maintaining risk control [2]. Group 2: Asset Quality Outlook - The bank faces new challenges in asset quality management due to economic fluctuations and changes in domestic and international situations. It will focus on key areas while adhering to a strict risk bottom line, utilizing a unique service system to support economic priorities and implementing prudent credit policies [2]. Group 3: Loan Growth and Future Prospects - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer services, leading to steady loan growth. Future policies aimed at expanding domestic demand and promoting consumption are expected to further enhance financial service coverage and support the real economy [2]. Group 4: Compliance and Disclosure - During the investor relations activity, the company ensured that all communications adhered to disclosure regulations, with no significant undisclosed information leaked [2].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a total parcel volume of 8.5 billion, representing a year-over-year increase of 19.1% [6] - Adjusted net income reached RMB 2.3 billion, up 1.6% year-over-year [6][15] - Total revenue increased by 9.4% to RMB 10.9 billion [15] - Average selling price (ASP) for core express delivery services decreased by 7.8% due to competitive pressures [16] - Gross profit decreased by 10.4% to RMB 2.7 billion, with a gross profit margin of 24.7%, down 5.4 percentage points [18] - Operating cash flow increased by 16.3% to RMB 2.4 billion [19] Business Line Data and Key Metrics Changes - Retail parcel volume increased by 46% year-over-year, with reverse logistics volume surging over 150% [8] - The company achieved a daily average parcel volume of around 6 million, with a year-over-year increase of 45% [27] - Reverse logistics exceeded a daily volume of 3.5 million, reflecting significant growth [27] Market Data and Key Metrics Changes - The express delivery industry grew its parcel volume by 21.6% in the first quarter [6] - The company noted intensified price competition and an increase in the proportion of lower-value parcels [7] Company Strategy and Development Direction - The company aims to solidify its leadership in service quality and scale while achieving reasonable profit levels [13] - Strategic initiatives include enhancing network policy effectiveness, strengthening last-mile capabilities, optimizing revenue mix, and maximizing resource utilization [10][12] - The company is focusing on building long-term competitive advantages through improved service quality and collaboration with e-commerce platforms [8][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by intensified competition and the misalignment between volume growth and revenue expansion [7] - The company remains committed to its strategic goals of high-quality service and outpacing industry average volume growth [10] - Management expressed confidence in achieving full-year parcel volume guidance of RMB 40.8 to 42.2 billion, representing a 20% to 24% increase year-over-year [20] Other Important Information - The company has made significant progress in developing differentiated products and services, enhancing brand awareness and customer loyalty [8] - Capital expenditure for Q1 totaled RMB 2 billion, with an annual CapEx forecast of RMB 5.5 to 6 billion for 2025 [19] Q&A Session Summary Question: Competition and Volume Growth - Management emphasized the goal of achieving volume growth while ensuring service quality and maintaining reasonable profit levels, with a focus on narrowing the gap between their growth and industry averages [26] - Retail parcel and reverse logistics have shown significant growth, with daily parcel volume expected to increase further [27][28] Question: Unit Revenue and Cost Forecast - Management noted that unit revenue decline is driven by competition and an increase in lower-weight parcels, while cost efficiency initiatives have led to significant reductions in unit costs [38][40] - Future cost reductions will be supported by technology upgrades and improved operational processes [41] Question: AI Application in Operations - The company is actively exploring AI applications in sorting operations and route planning, which have already shown improvements in efficiency [42] - Future plans include further integration of AI in last-mile delivery and autonomous vehicles to enhance operational capabilities [42]

Core Insights - The article discusses the pervasive influence of algorithms on human behavior, cognition, and emotional states, highlighting the need for awareness and proactive measures to mitigate negative impacts [2][4][8]. Group 1: Cognitive Filtering - Internet algorithms create "interest profiles" based on user behavior, leading to information silos that reduce tolerance for differing viewpoints and degrade critical thinking skills [2][3]. - Over 80% of the 792 undergraduate programs published by the Ministry of Education are not covered by algorithm recommendations, limiting students' choices and potentially exacerbating social cognitive divides [3]. Group 2: Emotional Manipulation - Algorithms exploit human weaknesses, creating addictive cycles of instant gratification through features like short video conflicts and social media feedback, which can lead to emotional polarization [4][6]. - Research indicates that teenagers spending over 3 hours daily on social media are more likely to experience mental health issues such as depression and anxiety [4]. Group 3: Identity Crisis - Algorithms reinforce user traits, leading to a fragmented self-identity, with nearly half of Generation Z feeling their online persona aligns more with expectations than their true selves [5][6]. - The pressure to maintain a curated online image can result in diminished real-world social skills and increased psychological exhaustion [6]. Group 4: Behavioral Alienation - Algorithms create dependency through negative feedback mechanisms, making users anxious when attempting to disengage, thus controlling their behavior [7]. - E-commerce data shows that while users may purchase fitness equipment after viewing related content, actual usage rates are below 30%, indicating a disconnect between perceived needs and actual desires [7]. Group 5: Rebuilding Digital Resilience - Organizations should guide and regulate algorithms for positive outcomes, while individuals can set "information fasting" periods to engage with non-algorithmic content [8]. - Educational institutions are encouraged to introduce courses on algorithm analysis to enhance students' critical thinking and information discernment skills [8]. - Regulatory measures should include transparency in algorithm logic and the establishment of cognitive health assessment metrics to prevent adverse effects on users' mental states [8].

Core Viewpoint - The performance comparison between leading and lagging private banks in 2024 highlights a significant disparity, with leading banks achieving net profits exceeding 10 billion yuan, while lagging banks struggle to break even or even incur losses [1][2]. Group 1: Performance of Private Banks - Leading private banks have shown remarkable results over the past decade, with WeBank's "Weilidai" serving over 70 million customers and MYbank providing comprehensive financial services to over 68 million small and micro enterprises [1]. - In contrast, the asset scale of leading banks accounts for half of the total assets of 19 private banks, while lagging banks are experiencing a significant reduction in assets, with declines exceeding double digits [1][2]. Group 2: Development Models and Challenges - The disparity in performance is attributed to fundamental differences in development models, with leading banks leveraging technological advantages and internet ecosystems, while mid-tier banks focus on regional economic development [2]. - Lagging banks face three main challenges: a technology gap with leading banks, reliance on a single business model with low income from intermediary services, and capital constraints leading to pressure on capital adequacy ratios [2]. Group 3: Future Directions and Innovations - The next decade for private banks requires a shift from merely existing to excelling, with many institutions exploring innovative paths [3]. - Leading banks are already experimenting with new models, such as wealth management transformations and international expansion, while mid-tier and lagging banks are focusing on niche markets and enhancing customer acquisition capabilities [3]. - Regulatory approaches will also need to adapt to the unique characteristics of private banks, with differentiated supervision to guide industry development [3].