证券代码：600433 证券简称：冠豪高新 公告编号：2025-048 广东冠豪高新技术股份有限公司 第九届董事会第十次会议决议公告 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。 一、董事会会议召开情况 广东冠豪高新技术股份有限公司（以下简称"公司"）第九届董事会第十次会议于2025年12月2日以现场 结合通讯方式召开。会议通知及会议材料于2025年11月24日以电子邮件方式送达各位董事。会议应参加 董事8人，实际参加董事8人，会议通知和召开程序符合《公司法》及《公司章程》的有关规定，本次会 议由公司董事长李飞先生主持。 相关内容详见2025年12月3日刊登于上海证券交易所网站www.sse.com.cn《冠豪高新市值管理制度》。 （五）董事会以 8 票同意、 0 票反对、 0 票弃权审议通过了《关于公司风险评估结果及风险应对策略、 应对方案的议案》 二、董事会会议审议情况 （一）董事会以 8 票同意、 0 票反对、 0 票弃权审议通过了《关于制定〈经理层工作规则〉的议案》 为深入贯彻落实习近平总书记关于"两个一以贯之"的重 ...

Group 1 - The core viewpoint presented by Liu Shouwei emphasizes the importance of effective market value management in the A-share market, highlighting both traditional and pseudo methods of value management [2] - Liu notes that the release of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" aims to eliminate pseudo value management, enhance valuations of A-shares and state-owned enterprises, and regulate short-term behaviors [2][3] - The relationship between improving operational quality and enhancing market value is described as mutually reinforcing, where better operational quality attracts more quality and long-term investors, further boosting market value [3] Group 2 - Liu outlines a positive feedback loop in market value management consisting of three stages: value creation through improved operational quality, value communication with the capital market, and value operation to reinvest in production and further enhance operational quality [3] - The persistent issue of pseudo value management and the challenges in implementing effective value management are attributed to problems in the value creation phase, leading to over-reliance on value operation and communication [4] - Liu defines market value as the product of enterprise fundamentals (E) and price-to-earnings ratio (PE), stressing that both elements must be strong for a company to achieve good market value performance [4]

Group 1: Company Overview and Investment - Suzhou Kede Education Technology Co., Ltd. holds a 5.53% stake in Zhonghao Xinying, a company specializing in TPU architecture AI chip technology and mass production [4][8]. - Zhonghao Xinying has initiated the process for its IPO and is currently undergoing a share reform [7][20]. - In 2024, Zhonghao Xinying is expected to contribute an investment income of 5.9299 million CNY to Suzhou Kede, based on its shareholding [20]. Group 2: Market Strategy and Value Management - The company emphasizes value management, having established a value management system to enhance corporate governance and improve information disclosure quality [3]. - Suzhou Kede aims to leverage AI technology in education, focusing on integrating new technologies and products to enhance competitiveness [10][16]. - The company is actively seeking to optimize its business operations and explore new market opportunities to ensure sustainable growth [15][16]. Group 3: Financial Performance and Investment Insights - The company's R&D expenses for the first three quarters of 2025 reached 18.7236 million CNY, reflecting a 52.03% increase compared to the previous year [21]. - The company reported a decrease in accounts receivable compared to the beginning of the year, while inventory saw a slight increase due to preparations for the National Day holiday [20]. - The company has a long-term investment strategy focused primarily on Zhonghao Xinying, which is expected to enhance its investment value [6][12].

Group 1 - The company is currently benchmarking against leading peers to enhance efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and services [1] - The company aims to improve profitability continuously while balancing global production locations and business operations to enhance market competitiveness and risk resilience [1] - The company is committed to improving its market value management through governance, information disclosure, investor relations management, ESG system development, and stable dividends to reward investors with long-term performance [1]

Core Viewpoint - The company emphasizes the importance of market value management and aims to enhance operational performance and sustainable profitability as its core objectives, committing to rewarding investors with better results [1] Group 1 - The company is focused on improving its operational performance and sustainable profitability [1] - The company will strictly adhere to relevant laws and regulations regarding information disclosure while continuously optimizing its market value management efforts [1] - The company aims to communicate its value to the market effectively [1]

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for shareholders holding 500 shares or more, which has positively impacted its stock price, demonstrating a strong market response to the initiative [1][2]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders with 500 or more shares will receive free access to various attractions and discounts for family members, enhancing the appeal of the investment [1]. - The stock price surged to a limit up on the first trading day after the announcement, indicating strong market approval and investor interest in the reward program [1]. Group 2: Cost Management - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs, allowing for efficient utilization of idle capacity [2]. - The initiative is expected to drive additional revenue through secondary spending by shareholders and their families, rather than negatively impacting profits [2]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders and enhance brand loyalty [2]. - These activities serve as a means of market management, transforming shareholders into customers and potentially increasing revenue [2]. Group 4: Long-term Relationship Building - Engaging shareholders through product and service experiences fosters a deeper understanding of the company's value proposition, leading to more informed investment decisions and a stable trust relationship [3]. - The ultimate goal of such initiatives should be to convey company value and ensure long-term shareholder retention, rather than merely boosting short-term stock prices [3][4].

Group 1: Financial Performance - The company achieved a revenue of 30 billion in Q3 2025, aiming for a target of 60 billion by the end of the year [1] - The sales net profit margin decreased from 8.79% in 2021 to 1.31% in 2024, indicating a decline in profitability despite revenue growth [3] - The weighted return on net assets fell from 10.06% to 2.49% over the same period, reflecting challenges in maintaining profitability [3] Group 2: Product Development and Market Strategy - The company is actively working on the mass production of third-generation semiconductor products, responding to market demand [1] - The company has achieved a 10% silver content in its silver-copper products, maintaining a technological edge in the photovoltaic slurry industry [3] - The company is exploring potential collaborations in the electric vehicle sector, leveraging its existing product advantages [2] Group 3: Investor Relations and Future Outlook - The company is enhancing investor communication and engagement through various activities to build investor confidence [3] - The current capital increase plan is under review by the exchange, with no specific timeline for completion provided [2] - The company is committed to optimizing product structure and enhancing competitiveness to improve overall profitability and shareholder returns [3]

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for family members, which led to a significant increase in stock price, indicating strong market approval of the initiative [2][3]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive various free benefits, including tickets and discounts on services [2]. - The stock price surged to a limit up on the first trading day after the announcement, reflecting investor enthusiasm for the reward program [2]. Group 2: Cost Efficiency - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs [3]. - The free benefits are seen as an efficient use of "idle capacity," which can potentially increase revenue through additional spending by shareholders and their families [3]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders [3]. - These activities aim to transform shareholders into consumers of the company's products and services, enhancing market visibility and driving revenue growth [4]. Group 4: Long-term Relationship Building - The primary goal of shareholder reward programs should be to convey company value and foster long-term relationships with investors, rather than merely boosting short-term stock prices [4][5]. - By allowing shareholders to experience the company's offerings, a more stable and trusting relationship can be established, promoting value and long-term investment [4][5]. Group 5: Strategic Implementation - Companies should leverage these opportunities to showcase their products and services while actively collecting shareholder feedback [5]. - The ultimate aim of these activities is to create a closed loop of operational improvement, market value growth, and enhanced governance [5].

Core Points - The 20th "Golden Roundtable Award" ceremony for Chinese listed companies was held in Jiangyin, attended by over 200 guests including executives, scholars, and media representatives, highlighting achievements in corporate governance [1][2][3] - The event recognized over 100 listed companies with a total market value exceeding 10 trillion, including 16 companies with market values over 100 billion [1][2] Group 1 - The opening speech by Li Zhenqiang emphasized the importance of the "Golden Roundtable Award" as a platform for consensus and wisdom, aiming to support the transformation and upgrading of Chinese listed companies [2][3] - Jiangyin's Vice Mayor Ji Zhen highlighted the city's achievements as a manufacturing hub, with 66 listed companies and a total market value exceeding 300 billion, positioning Jiangyin as a leader among county-level cities [5][6] Group 2 - Liu Yunhong, a professor, discussed the development of corporate governance rules in China, identifying six key issues in current practices and advocating for a shift from "formal compliance" to "substantive effectiveness" [12] - Zhu Zhengyi shared insights from Longji Technology's acquisition of Xingke Jinpeng, emphasizing the strategic role of corporate secretaries in governance [12][13] - Su Mei analyzed the trends in the A-share market under the registration system, stressing the importance of value management for high-quality development [15] Group 3 - The award ceremony recognized outstanding companies and individuals in various categories, including "Most Influential Independent Director" and "Excellent Board of Directors," showcasing achievements in governance and value creation [18][20][33] - The "Best Board of Directors" award was presented to leading companies such as Weichai Power and China Ping An, reflecting their exemplary governance practices and strategic foresight [33][36]

Core Viewpoint - The company Emei Mountain Tourism Co., Ltd. (Emei Mountain A) is launching a shareholder reward program that offers various benefits to shareholders, reflecting a growing trend among listed companies to enhance investor relations through unique reward schemes rather than traditional cash dividends [1][3]. Group 1: Shareholder Benefits - Emei Mountain A will provide free admission to the scenic area, cable car rides, and hot spring access for shareholders holding 500 shares or more from December 1, 2025, to January 31, 2026 [1]. - Shareholders can also enjoy discounts for accompanying family members, including 50% off on tickets and cable cars, and 40-50% off on hot springs and skiing experiences [1]. - Additional perks include discounted hotel stays and promotional offers on local products, enhancing the overall value proposition for shareholders [1]. Group 2: Market Trends - The trend of rewarding shareholders is not isolated; over 30 listed companies have adopted similar strategies this year, offering products, discount vouchers, and tourism benefits to engage investors [3][4]. - Companies in the cultural tourism and entertainment sectors are particularly focused on experiential rewards, while consumer goods firms tend to offer tangible gifts to strengthen brand loyalty [3][4]. Group 3: Business Logic - The reward programs leverage core business resources, allowing companies to provide benefits at a low marginal cost while achieving mutual benefits for both the company and its shareholders [4][5]. - These initiatives aim to enhance shareholder recognition and long-term investment confidence by providing direct experiences of the company's business strengths and product quality [5]. - The approach is seen as a dual marketing strategy that not only rewards existing shareholders but also attracts potential investors, contributing to effective market value management [5].