Core Viewpoint - The company, Zhangzidao, is expected to report a net loss attributable to shareholders of between 29 million to 35 million yuan for the first three quarters of 2025, representing a year-on-year decline of 17.16% to 41.40% compared to the same period last year [1] Group 1: Financial Performance - The significant disparity in performance is attributed to non-recurring factors, including tax payments totaling 21.54 million yuan due to non-compliance with a policy, which directly reduced net profit by 12.49 million yuan [2] - The company also made provisions for asset impairment of 2.90 million yuan and wrote off 8.00 million yuan in damaged fixed assets, collectively impacting net profit by 10.73 million yuan [2] - In the first half of the year, the company experienced a profit window, achieving a net profit of 10.15 million yuan, a year-on-year increase of 146.39% due to tight supply and rising prices of scallops [2] Group 2: Industry Challenges - The scallop farming business is highly dependent on market cycles, and the company has not been able to convert price advantages into long-term benefits, while the sea cucumber business faces structural challenges [3] - Financial pressure is severe, with a debt-to-asset ratio of 95.16% as of June, and financial expenses reaching 20.31 million yuan, indicating ongoing liquidity issues [3] - The company has experienced frequent performance fluctuations, with a projected net loss of 21.91 million yuan for 2024, a year-on-year decline of 354.69%, and continued losses expected in the first quarter of 2025 [3]

Core Viewpoint - The company has released its third-quarter financial report, ensuring the accuracy and completeness of the information disclosed, and has made revisions to its related party transaction management and fundraising usage management systems [1][22][26]. Financial Data Summary - The third-quarter financial report has not been audited [21]. - The company reported an increase in the sales volume of its main product, iron concentrate, and a decrease in unit production costs compared to the same period last year [7][9]. - Non-recurring gains include a refund of personal income tax handling fees [4]. - The company has not made any retrospective adjustments or restatements of previous accounting data [3]. Changes in Financial Indicators - The increase in total profit is attributed to higher sales of iron concentrate and improved pricing for by-products [9][10]. - The cash flow statement indicates significant changes due to new structured deposit investments and an increase in high-credit-rated bank acceptance bills [11][17]. Shareholder Information - The company is in the process of transferring 100% equity and related debts of a subsidiary, with details disclosed in previous announcements [19]. Regulatory Compliance - The company has revised its related party transaction management and fundraising usage management systems, pending approval from the shareholders' meeting [22][26].

| 非经常性损益鉴证报告 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 德皓核字[2025]00001516 | | | | | | | | | | | | | 号 | | | | | 京 皓 所 | 北 | 德 | 国 | 际 | 会 | 计 | 师 | 事 | 务 | (特 | 殊 | 普 | 通 合 伙 | | ) | | | Beijing Dehao International Public | | | | | | | | Certified | | | | Accountants | (Limited | | | Liability | | Partnership) | | | | | | | | | | | | | | | | | | 无锡鑫宏业线缆科技股份有限公司 | | | | | | | | | | | | | | | | | | 非经常性损益鉴证报告 | | ...

Core Viewpoint - Chengdu Zhimingda Electronics Co., Ltd. has prepared a non-recurring profit and loss statement for the years 2022, 2023, 2024, and the first half of 2025, which has been verified and deemed compliant with the relevant regulations set by the China Securities Regulatory Commission [1][2]. Group 1: Management and Auditor Responsibilities - The management of Zhimingda Company is responsible for preparing the non-recurring profit and loss statement in accordance with the guidelines issued by the China Securities Regulatory Commission [1]. - The auditor's responsibility is to provide assurance on the accuracy and completeness of the non-recurring profit and loss statement prepared by the management, following the Chinese Certified Public Accountant standards [1][2]. Group 2: Verification Opinion - The auditor believes that the non-recurring profit and loss statement prepared by the management fairly reflects the company's non-recurring profit and loss situation for the specified years, in all material respects [2].

Core Insights - The tourism and scenic area industry has shown a mixed performance in the first half of 2025, with 23 listed companies reporting a total revenue of 17.55 billion yuan, a year-on-year increase of 4.8%, but a net profit of 1.167 billion yuan, down 4.25% [2][3] - The divergence in performance among companies is attributed to differences in tourism resources, location conditions, operational models, and capital operation capabilities, reflecting a deepening marketization process in the tourism industry [2][3] Revenue Performance - Among the listed companies, China Youth Travel Service (中青旅) led with a revenue of 4.866 billion yuan, while Tibet Tourism (西藏旅游) reported less than 100 million yuan [3][4] - Ten companies achieved positive revenue growth, with Tianfu Culture and Tourism (天府文旅) leading at an 86.75% increase, followed by Xiangyuan Culture and Tourism (祥源文旅) at 35.41% and Jiuhua Tourism (九华旅游) at 22.26% [3][4] Profitability Analysis - Seven companies, including Changbai Mountain (长白山) and Dalian Shengya (大连圣亚), reported losses, with Changbai Mountain transitioning from profit to loss due to extreme weather and rising costs [4][8] - Companies like Guilin Tourism (桂林旅游) and Tibet Tourism achieved profitability through non-recurring gains, with Guilin reporting a net profit of 8 million yuan, a 141.94% increase [4][5] Challenges Faced - Extreme weather and cost pressures were significant factors leading to losses for several companies, with Changbai Mountain and Dalian Shengya both citing decreased visitor numbers and increased operational costs [8][9] - Yunnan Tourism experienced a substantial revenue decline of 61.22%, primarily due to project delays and losses from its subsidiaries [10] Notable Performers - Xiangyuan Culture and Tourism was the only company to achieve over 30% growth in both revenue and net profit, with a revenue of 500 million yuan and a net profit of 92 million yuan [11] - ST Zhangjiajie (ST张家界) reported a revenue increase of 11.40% to 194 million yuan, with a significant reduction in net loss by 45.60% [12] Visitor Trends - Visitor numbers showed significant variation, with Jiuhua Mountain receiving approximately 5.65 million visitors, a year-on-year increase of 11.81%, while Emei Mountain and Lijiang saw declines in visitor numbers [13]

Core Viewpoint - The report provides a reasonable assurance conclusion regarding the non-recurring profit and loss statement of Zhongke Xingtou Co., Ltd. for the years 2022, 2023, 2024, and the first half of 2025, confirming that it has been prepared in accordance with the relevant regulations set by the China Securities Regulatory Commission [1][3]. Group 1: Management and Auditor Responsibilities - The management of Zhongke Xingtou is responsible for preparing the non-recurring profit and loss statement in accordance with the guidelines issued by the China Securities Regulatory Commission, ensuring its truthfulness, accuracy, and completeness [1][2]. - The auditor's responsibility is to provide a reasonable assurance conclusion based on the verification work performed on the non-recurring profit and loss statement [2]. Group 2: Verification Process - The verification was conducted following the standards for other assurance services, requiring adherence to professional ethics and the implementation of necessary procedures such as verification, inquiry, and sampling of accounting records [2]. Group 3: Conclusion and Usage - The conclusion states that the non-recurring profit and loss statement accurately reflects the financial situation of Zhongke Xingtou for the specified periods, in all material respects [3]. - The report is intended solely for the purpose of refinancing by Zhongke Xingtou and should not be used for any other purposes [3].

Core Insights - The company reported a revenue of 4.288 billion yuan for the first half of 2025, a year-on-year decline of 1.91% [1] - The pharmaceutical manufacturing and commercial sectors both experienced significant downturns, with manufacturing revenue slightly decreasing by 0.45% to 3.879 billion yuan and commercial revenue plummeting by 14.88% [1] - Despite the revenue decline, the net profit attributable to shareholders increased by 16.97% to 775 million yuan, largely due to non-recurring gains of 135 million yuan [1][2] - The core product, Dan Shen Drop Pill, saw a revenue decline of 2.98% in the cardiovascular and metabolic sector, contributing to the overall performance issues [1] Financial Performance - Non-recurring gains of 135 million yuan were primarily from non-current asset disposals, government subsidies, and changes in the fair value of financial assets, masking the weakness in core business operations [2] - The gross margin for the pharmaceutical manufacturing sector decreased by 0.7 percentage points, leading to an overall gross margin drop to 67.54%, indicating challenges in cost control and product competitiveness [2] - Operating cash flow net amount fell by 10.95% to 790 million yuan, while accounts receivable surged by 46.86% to 1.169 billion yuan, increasing the proportion of receivables to 27.26% of revenue, highlighting rising collection pressures and potential bad debt risks [2] Management Changes and Strategic Outlook - Following the change in control, the management team underwent significant restructuring, with the founder's son stepping down as chairman and nearly ten core executives leaving the company [3] - The integration process under the new ownership by China Resources is still in its early stages, raising questions about the company's ability to revitalize amidst industry challenges and stagnant core product growth [3] - The reliance on non-recurring gains for profit growth raises concerns about sustainability, as deep-rooted issues such as high accounts receivable, weakened cash flow, and sluggish core business growth have emerged [3]

Group 1 - The report is a verification report on the non-recurring gains and losses of Jiangsu Lianrui New Materials Co., Ltd. for the years 2022, 2023, 2024, and the first half of 2025 [1] - The report is intended solely for the purpose of issuing convertible bonds to unspecified parties and cannot be used for other purposes [1] - The management of Lianrui New Materials is responsible for providing accurate and complete information in accordance with the relevant regulations set by the China Securities Regulatory Commission [1] Group 2 - The responsibility of the registered accountant is to provide a verification conclusion based on the verification work conducted on the non-recurring gains and losses detailed by the management [2]

Core Viewpoint - Jiangsu Asian Star Anchor Chain Co., Ltd. reported a net profit attributable to shareholders of 114,550,828.73 yuan for the first half of 2025, a decrease of 17.43% compared to the same period last year, with total revenue reaching 991,420,125.05 yuan, up 5.88% year-on-year [1][2]. Financial Performance - The company achieved a total revenue of 991,420,125.05 yuan, compared to 936,385,343.09 yuan in the same period last year, reflecting a growth of 5.88% [2][4]. - The total profit for the period was 132,629,111.15 yuan, down 19.90% from 165,577,967.42 yuan year-on-year [2][4]. - The net profit attributable to shareholders decreased to 114,550,828.73 yuan from 138,732,920.58 yuan, marking a decline of 17.43% [2][4]. - The basic earnings per share were 0.1194 yuan, down from 0.1446 yuan, a decrease of 17.43% [2][4]. Operational Highlights - The company sold a total of 84,348 tons of products, an increase of 7.74% year-on-year, with significant growth in sales of mooring chains, which rose by 55.31% to 19,524 tons [3][4]. - The company secured orders totaling 14.27 million tons, maintaining a leading position with 56.2% of the global order volume [3][4]. Industry Context - The company operates in the specialized anchor chain manufacturing sector, producing essential components for maritime and offshore engineering, which are critical for the safety of vessels and marine facilities [3][4]. - The international offshore oil and gas engineering industry is experiencing steady growth, with deepwater oil and gas becoming a core area for global reserves and production [3][4]. Investment and Financial Position - The company reported total assets of 5,331,566,214.92 yuan, an increase of 0.75% from the previous year [2][4]. - The net assets attributable to shareholders were 3,644,502,529.15 yuan, reflecting a slight increase of 0.51% [2][4]. - Cash flow from operating activities was reported at 50,536,758.35 yuan, a significant recovery from a negative cash flow of -133,786,969.20 yuan in the previous year [2][4].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 表 明 不 會 就 本 公 告 全 部 或 任 何 部 分 內 容 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 中 外 合 資 股 份 有 限 公 司 ） （ 股 份 代 號 ： 5 6 8） 海外監管公告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 第 13. 10B 條 而 作 出 。 茲 載 列 山 東 墨 龍 石 油 機 械 股 份 有 限 公 司 （ 「 本 公 司 」 ） 在 中 國 報 章 刊 登 或 在 深 圳 證 券 交 易 所 網 站 發 佈 的 日 期 為 二 零 二 五 年 八 月 二 十 三 日 的 《 2025 年 半 年 度 報 告 摘 要 》《 2025 年 半 年 度 報 告 》《 2025 年 半 年 度 ...