Core Viewpoint - The supplementary legal opinion outlines the legal framework and verification process for Anhui Jiuhua Mountain Tourism Development Co., Ltd.'s stock issuance, emphasizing the compliance with relevant laws and the progress of fundraising projects [1][2][6]. Group 1: Fundraising and Project Details - The total amount to be raised from the stock issuance is not more than 500 million yuan, which will be allocated to various projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project and hotel renovations [2][4]. - The Jiuhua Mountain Lion Peak Scenic Area cable car project has completed all planning, design, and approval procedures, with land auction processes underway [5][6]. Group 2: Project Necessity and Financial Justification - The necessity of the fundraising projects is supported by visitor trends, hotel occupancy rates, and transportation capacity assessments, indicating a reasonable expectation for increased capacity [3][4]. - The financial projections for the fundraising projects include key indicators such as average revenue per customer and profit margins, which have been compared with existing company data and industry peers [4][6]. Group 3: Lock-up Period and Compliance - The lock-up period for shares held by the controlling shareholder, Wenlv Group, is set for 36 months post-issuance, aligning with the regulations of the "Measures for the Administration of Acquisitions of Listed Companies" [7][8]. - The lock-up commitments made by Wenlv Group ensure compliance with relevant regulations, indicating a stable shareholder structure post-issuance [8]. Group 4: Internal Transport Rights and Competition - The internal transport rights for Jiuhua Mountain Scenic Area are expected to be renewed without significant uncertainty, as the management policies have not changed [9][10]. - The company has demonstrated competitive advantages in internal transport operations, including infrastructure and operational experience, which are expected to facilitate the renewal of transport rights [10][11]. Group 5: Industry Competition and Related Transactions - There is no significant adverse impact from competition with the controlling shareholder or its subsidiaries, as their operations are distinctly different from the company's tourism services [12][13]. - The fundraising projects are closely aligned with the company's existing business, and there are no anticipated new competitive or related transactions that would adversely affect operations [14].

证券代码：603268 证券简称：*ST 松发 公告编号：2025 临-081 广东松发陶瓷股份有限公司 关于使用募集资金向全资子公司增资暨全资子公司 向全资孙公司增资以实施募投项目的公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 广东松发陶瓷股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日分别 召开了第六届董事会第十三次会议、第六届监事会第九次会议，审议通过了《关 于使用募集资金向全资子公司增资并通过全资子公司向全资孙公司增资以实施 募投项目的议案》，同意由公司使用募集资金向全资子公司恒力重工集团有限公 司（以下简称"恒力重工"）增资，并通过恒力重工向全资孙公司恒力造船（大 连）有限公司（以下简称"恒力造船"）增资以实施募投项目。本次增资事项不 构成关联交易和重大资产重组。本事项尚需公司股东大会审议通过。现将相关事 项公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意广东松发陶瓷股份有限公司发行股 份购买资产并募集配套资金注册的批复》（证监许可〔2025〕1032 号），公司 向特 ...

Core Viewpoint - The IPO of Zhejiang Koma Friction Materials Co., Ltd. (referred to as "Koma Materials") on the Beijing Stock Exchange was accepted on June 27, 2024, and has undergone three rounds of inquiries during the review process, focusing on the rationality and authenticity of its performance [1][4][12]. Group 1: IPO Review Process - Koma Materials completed three rounds of inquiry responses during the feedback period, with continuous questioning regarding the authenticity of its performance and the necessity of its fundraising projects [1][4]. - The company’s innovative characteristics and the necessity of its fundraising projects were key points of focus during the first two rounds of inquiries [1][4]. - The IPO was approved on August 11, 2025, with a planned fundraising amount of 206 million yuan [2]. Group 2: Financial Performance - Koma Materials reported fluctuating performance from 2021 to 2024, with revenues of 223 million yuan, 202 million yuan, 199 million yuan, and 249 million yuan respectively, and net profits of 69.7 million yuan, 36.9 million yuan, 44.3 million yuan, and 68.7 million yuan [12][14]. - The company’s revenue from dry friction plates (T2) accounted for 96.14% of its main business income in 2024, indicating a significant reliance on this product line [6][7]. Group 3: Market Position and Competition - Koma Materials is a leading player in the domestic dry clutch friction plate market, holding over 85% of the high-end market share alongside two other companies [5][10]. - The company has participated in the formulation of multiple industry standards, although most were established between 2012 and 2018 [5][10]. Group 4: Product Transition and Market Trends - The company transitioned from T1 to T2 products, with T1 officially ceasing production in July 2023 [6][8]. - The automotive industry is shifting from traditional fuel vehicles to energy-saving and new energy vehicles, which may impact the demand for Koma Materials' products [8][10]. Group 5: Fundraising Projects - Koma Materials plans to use the 206 million yuan raised from the IPO for two projects: upgrading the dry friction plate production process and enhancing its research and development center [22][28]. - The technical upgrade project is expected to add an annual production capacity of 10 million dry friction plates [22][28]. Group 6: Customer Base and Sales Dynamics - The company’s sales to trade customers have shown an upward trend, with significant contributions from major clients such as VAFRI and PAYA [14][21]. - Koma Materials has reported a consistent increase in sales to trade customers, with the proportion of sales to these customers rising over the reporting period [21][20].

Core Viewpoint - The company, Shenyu Communication Technology Co., Ltd., has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, providing insights into its performance fluctuations, business operations, and fundraising projects, which are crucial for investors to understand the company's operations and future development plans [1] Performance Fluctuation Analysis - During the reporting period, the company's operating revenue was 768.36 million, 755.01 million, 877.10 million, and 174.41 million, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 38.27 million, 45.06 million, 38.12 million, and 12.99 million, with a rising trend in gross profit margin [2] - The performance fluctuations were mainly influenced by changes in downstream market demand, business structure adjustments, stock incentive expenses, and sales promotion efforts [2] - The sales revenue of coaxial cables fluctuated due to changes in product structure, while the revenue from gold wire sales was affected by rising raw material prices and the company's decision to reduce business scale [2] Business Development Overview - In addition to coaxial cables, the company also engages in gold wire and plastic businesses, with the gold wire business primarily serving the downstream chip industry and having no synergy with coaxial cable operations [3] - The company has a stable customer base, with the transaction scale trends aligning with overall revenue changes, although the number of new customers has been limited due to the lengthy customization process required for coaxial cable clients [3] Fundraising Project Planning and Outlook - The company plans to raise no more than 500 million for the construction of a data cable project, which is the first phase of an annual production capacity of 400,000 kilometers of high-speed data cables, expected to generate annual revenue of 476.89 million [4] - The fundraising project will focus on automotive data cables and computing power data cables, representing an upgrade of existing products with improved performance in bandwidth, frequency, and transmission speed [4] - The company has established market development plans and partnerships with leading industry players to ensure the absorption of new production capacity, which is deemed reasonable based on market demand growth in the communication cable industry [4]

Core Viewpoint - The company has approved the use of remaining raised funds and unutilized over-raised funds to increase the registered capital and investment in its wholly-owned subsidiary, Hefei Jingsong Robot Co., Ltd., for the implementation of a new investment project [1][7]. Fundraising Basic Situation - The company raised a total of RMB 524.21 million through the issuance of 14.857116 million shares, with a net amount of RMB 465.49 million after deducting issuance costs [2]. - The raised funds were fully in place by May 31, 2022, and have been managed in a dedicated account as per regulatory requirements [2]. Investment Project Overview - The original investment project, "Intelligent Logistics System Production Base Technology Renovation Project," was terminated, and the remaining funds will be redirected to a new project aimed at producing 10,000 sets of intelligent logistics equipment [3][4]. - The total budget for the new investment project is RMB 389.25 million [4]. Capital Increase Details - The company will contribute RMB 15 million as registered capital and RMB 207.95 million as additional investment to Hefei Jingsong Robot Co., Ltd., increasing its registered capital from RMB 50 million to RMB 100 million [4][5]. - The funds will be deposited into a dedicated account for the new investment project, ensuring efficient use of the raised funds [4][6]. Company and Subsidiary Information - Hefei Jingsong Robot Co., Ltd. is a wholly-owned subsidiary of the company, established on April 26, 2024, with a current registered capital of RMB 50 million [5]. - The company holds 100% of the shares in Hefei Jingsong Robot Co., Ltd., maintaining control over its operations and financial risks [5][7]. Decision-Making Process - The board of directors approved the use of the remaining raised funds for the capital increase and investment in the subsidiary during a meeting on August 4, 2025 [7]. - The sponsor institution has confirmed that the use of funds aligns with regulations and does not harm the interests of shareholders [7][8].

Core Viewpoint - Jiangsu Yawey Machine Tool Co., Ltd. is seeking to issue shares to specific targets, with a total fundraising amount not exceeding 924.5749 million yuan, and the issuance will result in Yangzhou Industrial Development Group becoming the controlling shareholder, with the Yangzhou State-owned Assets Supervision and Administration Commission as the actual controller [3][4][10]. Fundraising and Project Allocation - The proposed fundraising will allocate 303.66 million yuan to the second phase of the servo press and automated stamping line project, while 620.9149 million yuan will be used to supplement working capital and repay bank loans [4][10]. - The first phase of the project began construction in 2023 and is currently in trial production, with a designed capacity of 2,000 presses and 100 automated stamping lines per year [4][10]. Regulatory Approvals and Progress - The fundraising requires approval from the State-owned Assets Supervision and Administration Department, which has not yet been obtained [3][5]. - As of June 20, 2025, the Yangzhou Industrial Development Group's subscription for shares has been approved by the Jiangsu Provincial Government's State-owned Assets Supervision and Administration Commission [6][10]. - The Yangzhou Jiangdu District People's Government has issued a land acquisition announcement for the project site, and the company will participate in the bidding process for the land [8][9]. Financial Sources and Stability - The subscription funds will come from 40% self-owned funds and 60% acquisition loans, with a total fundraising amount of 924.5749 million yuan [11][12]. - The Yangzhou Industrial Development Group has a cash balance of 446 million yuan as of June 30, 2025, which is sufficient to cover the acquisition needs [13]. Shareholding and Control - The Yangzhou State-owned Assets Supervision and Administration Commission does not directly or indirectly hold shares in Yawey Machine Tool, and there are no agreements for voting rights or concerted actions regarding shareholding [14][15]. - The actual controller of the subscription target, Yangzhou Industrial Development Group, has committed not to reduce its holdings in Yawey Machine Tool for six months after the pricing benchmark date [16][17]. Historical Fundraising and Compliance - The company has not changed the use of funds from previous fundraising activities, and all fundraising activities have complied with relevant regulations [18][19][20].

证券代码：603596 证券简称：伯特利 公告编号：2025-051 芜湖伯特利汽车安全系统股份有限公司 第四届监事会第九次会议决议公告 本公司监事会及全体监事保证本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、准确性和完整性承担个别及连带 责任。 一、监事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届监事会第九次会 议于 2025 年 7 月 30 日下午 14:00 在公司五楼会议室以现场结合通讯的方式召开，本次 监事会会议于 2025 年 7 月 25 日以邮件方式发出会议通知。本次会议由公司监事会主席 张昊先生主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开和表 决程序符合《中华人民共和国公司法》、《公司章程》的有关规定，会议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 <芜湖伯特利汽车安全系统股份有限公司 ensp="ensp" 年第一期员工="年第一 期员工"> 持股计划（草案）>及其摘要的议案》。 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司 2025 年 8 月 1 日刊登在上海 ...

Core Viewpoint - The company decided not to adjust the conversion price of its convertible bonds, "Guo Wei Convertible Bonds," despite triggering conditions for a downward adjustment due to stock price performance [10][16]. Group 1: Board Meeting Decisions - The board meeting on July 29, 2025, unanimously approved the proposal not to adjust the conversion price of "Guo Wei Convertible Bonds" [2][11]. - The board also approved the use of self-owned funds to pay for part of the fundraising investment projects, with plans to replace these funds with raised capital later [3][19]. Group 2: Convertible Bond Details - "Guo Wei Convertible Bonds" were issued on June 10, 2021, with a total amount of 1.5 million bonds, each with a face value of 100 yuan, totaling 1.5 billion yuan [11][20]. - The initial conversion price was set at 137.78 yuan per share, which has been adjusted multiple times, with the latest adjustment bringing it to 97.30 yuan per share as of June 26, 2025 [11][13]. Group 3: Conditions for Price Adjustment - The company’s stock price fell below 85% of the current conversion price for at least 15 trading days within a 30-day period, triggering the conditions for a potential downward adjustment [10][16]. - The board's decision reflects confidence in the company's long-term development and aims to protect investor interests [16]. Group 4: Fundraising Project Management - The company plans to use self-owned funds for immediate project expenses, with a subsequent replacement by raised funds within six months [21][25]. - The decision to use self-owned funds is based on operational needs and compliance with relevant regulations, ensuring no impact on the project's implementation [25][27].

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. (hereinafter referred to as "Taike Ying") is preparing for its IPO on the Beijing Stock Exchange, having pursued this goal since 2019. The company focuses on the design and research of mining and construction tires, operating without its own production facilities, which is a unique business model in the industry [1][3][5]. Business Model and Market Position - Taike Ying specializes in the design, research, sales, and service of engineering radial tires and all-steel truck tires. In 2023, it ranked 3rd among Chinese brands and 8th globally in the engineering radial tire market. It also holds the 1st position in the domestic market for large-tonnage crane tires [3][4]. - The company has established partnerships with several leading domestic and international construction machinery manufacturers, including SANY Group and XCMG, as well as global giants like Liebherr and JCB [4]. Production and Supply Chain Issues - The company does not manufacture tires but relies on a contract manufacturing model, focusing on research and development to enhance tire efficiency and reduce consumption [5][6]. - However, Taike Ying's main contract manufacturer, Xingda Tire, is currently facing debt default issues, which could impact the stability of product supply. The procurement amounts from Xingda Tire during the reporting period were significant, accounting for over 20% of total procurement in 2022 [7]. Financial Performance - Taike Ying has shown stable growth in its financial performance, with operating profits of 140.98 million, 178.63 million, and 199.87 million CNY over the past three years, and net profits of 108.34 million, 137.93 million, and 156.65 million CNY, reflecting a net profit margin around 6.01% to 6.82% [8]. - The company has also distributed cash dividends totaling 51.63 million CNY over the past two years, indicating a commitment to returning value to shareholders [9]. IPO and Fundraising Plans - Initially, the company planned to raise 770 million CNY, exceeding its net asset size, but this amount has been significantly reduced to 390.10 million CNY after scrutiny from the market and the review committee. The revised fundraising plan focuses on upgrading tire products, establishing a research center, and enhancing digital management systems [10][18]. - The adjusted fundraising amount represents 23.69% of the latest total assets and 17.00% of the most recent annual revenue, making it a more reasonable target compared to the original plan [18]. Future Outlook and Risks - Despite the promising market outlook, the company faces potential risks associated with its unique business model and the ongoing issues with its main supplier. The construction period for new projects may lead to short-term profit declines due to high depreciation and amortization costs [18][20].

Core Viewpoint - Anhui Jiuhua Mountain Tourism Development Co., Ltd. is seeking to raise up to 500 million yuan through a private placement of shares to fund various projects, including the construction of a cable car at the Lion Peak scenic area and renovations of hotels [1][2]. Group 1: Fundraising and Project Details - The total amount to be raised from the private placement is capped at 500 million yuan, which will be allocated to projects such as the Lion Peak cable car, Jiuhua Mountain Julong Hotel renovation, and upgrades to the North Building of Jiuhua Mountain Center Hotel [1][2]. - The cable car project requires land acquisition through bidding procedures, indicating a potential delay in project initiation [1][2]. Group 2: Project Justification and Financial Analysis - The company must clarify how the new projects align with its existing business and whether they comply with regulations regarding investment in core operations [2]. - A detailed analysis of visitor trends at Jiuhua Mountain and Lion Peak, hotel occupancy rates, and transportation capacity is required to justify the necessity and rationality of the new projects [2]. - The company is expected to provide a breakdown of investment costs, including unit project costs and equipment prices, compared to existing projects and industry peers [2]. - Key performance indicators such as average ticket price, visitor numbers, gross margin, and net margin must be forecasted and compared with current company performance and industry benchmarks [2]. Group 3: Financial Health and Risk Assessment - The company needs to assess the impact of new asset depreciation on future operating performance and provide a comprehensive risk assessment [2]. - An evaluation of the company's cash flow, financial assets, and debt ratios is necessary to justify the scale of the fundraising [2].