Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the differentiated dividend distribution plan proposed by Haierong Cold Chain Co., Ltd. for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's 2024 annual profit distribution plan, which was approved at the shareholders' meeting [5]. - The total amount for the 2024 profit distribution is set at 210,648,472.65 CNY, with a per-share dividend of 0.50 CNY (including tax) for all shareholders, excluding shares held in the company's repurchase account [5][6]. - The company has completed the repurchase of 4,054,216 shares, accounting for 1.0492% of the total share capital, which will not participate in the profit distribution [5][6]. Group 2: Legal Compliance and Responsibilities - The law firm has conducted thorough verification and confirmed that the documents provided by the company are true, accurate, and complete, and that the legal opinion is based on applicable laws and regulations [2][4]. - The law firm emphasizes that the opinion is strictly for the purpose of the differentiated dividend distribution and cannot be used for any other purposes [4][8]. - The conclusion of the legal opinion states that the differentiated dividend distribution plan adheres to the Company Law, Securities Law, and relevant guidelines, ensuring the protection of shareholder interests [8].

General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - The company was established as a joint-stock limited company on May 16, 2020, and was listed on the Shanghai Stock Exchange on December 25, 2020 [3][4] - The registered capital of the company is RMB 621,616,590 [3] Business Objectives and Scope - The company's business objective is to establish a market-adaptive management model, operate legally, and create optimal economic benefits for shareholders while fulfilling social responsibilities [4] - The business scope includes the production and sale of refrigeration compressors, refrigeration equipment, and related services, as well as property leasing and import-export activities [4] Shares and Shareholders - The company issues ordinary shares, with a total of 62,161.659 million shares [5][6] - Shareholders have rights to dividends and can participate in shareholder meetings, supervise company operations, and transfer their shares [10][11] - The company has regulations regarding the transfer of shares, including restrictions on the transfer of shares held by directors and senior management within the first year of listing [9][10] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and voting [43][44] - Shareholders holding more than 10% of shares can request a temporary meeting, and the company must notify shareholders of the meeting details in advance [49][50] - Decisions at shareholder meetings require a majority or two-thirds vote, depending on whether they are ordinary or special resolutions [76][78] Board of Directors - The board of directors is responsible for the company's management and must report to the shareholders [96] - Directors must meet certain qualifications and cannot hold positions if they have been convicted of certain crimes or are under civil restrictions [96]

Core Viewpoint - *ST Hengli is facing mandatory delisting after multiple warnings and failed financial disclosures, marking the end of its long struggle to avoid such a fate [1][2][4]. Group 1: Company History and Performance - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on air conditioning equipment production, but faced performance issues leading to its first *ST designation in 2005 [5]. - The company was suspended from trading for seven years from 2006 to 2013, during which it undertook various self-rescue measures, including asset sales and debt restructuring, to regain compliance [5]. - After a brief recovery, *ST Hengli reported losses of 0.37 billion yuan in 2014 and 0.47 billion yuan in 2015, resulting in a second *ST designation in 2016 [5]. - From 2021 onwards, the company's main business significantly declined, with revenues dropping from 3.46 billion yuan in 2021 to 1.11 billion yuan in 2023, and losses exceeding 1 billion yuan in both 2022 and 2023 [5][6]. Group 2: Delisting Process - In 2023, *ST Hengli was placed under delisting risk warning due to poor performance and failed to disclose its 2024 annual report, leading to a third *ST designation in April 2024 [1][6][7]. - The company attempted to recover by acquiring a new business but faced discrepancies in revenue reporting, which were not accepted by its auditing firm, resulting in delayed financial disclosures [6][7]. - The failure to disclose the annual report by the deadline triggered mandatory delisting procedures, with the last trading day expected to be July 15, 2025 [1][3][7]. Group 3: Legal and Regulatory Issues - Following the failure to disclose the annual report, *ST Hengli was investigated by the China Securities Regulatory Commission (CSRC) for potential false financial disclosures [1][9][15]. - The company filed a lawsuit against its auditing firm, claiming damages of 38.27 million yuan, alleging that the firm failed to provide timely audit reports, which contributed to its financial troubles [9][12]. - The CSRC's preliminary findings indicated that the issues primarily stemmed from *ST Hengli's own financial reporting practices, particularly regarding revenue recognition methods [10][12][14].

Group 1: Company Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchange devices, covering a temperature range of -271°C to 200°C [2] - Key products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and air-cooled screw chillers, which are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for green data centers [2] - Successful projects include major data centers for national supercomputing, China Mobile, and various banks, with a positive market outlook and tactical expansion of overseas manufacturing bases [2] Group 3: Nuclear Power Industry Products - The company is focused on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery, providing robust technical support for safe and efficient energy use [3] - The company’s subsidiary has extensive experience in nuclear refrigeration, being a key contributor to national standards and having a comprehensive range of products for nuclear applications [3] Group 4: Controlled Nuclear Fusion Applications - The company has developed helium compressors for superconducting magnets used in magnetic confinement fusion devices, capable of operating at temperatures close to absolute zero (-269°C) [3] - The helium compressors have been supplied to major national laboratories for significant scientific research projects [3] Group 5: Thermal Energy Management - The company responds to carbon neutrality policies by offering a full range of industrial heat pumps, with a focus on its subsidiary recognized as a national-level "little giant" enterprise [4] - The subsidiary has developed several core technologies and holds numerous patents, with products recognized as national champions in manufacturing [4]

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, focusing on the refrigeration equipment sector, with a projected revenue growth from 1.93 billion yuan in 2022 to 3.20 billion yuan in 2024 [2][3]. Financial Performance - Revenue projections for Huikang Technology are 1.93 billion yuan for 2022, 2.49 billion yuan for 2023, and 3.20 billion yuan for 2024, indicating a growth trajectory [2]. - Net profit forecasts are 197 million yuan for 2022, 338 million yuan for 2023, and 451 million yuan for 2024 [2]. - Total assets are expected to increase from 1.55 billion yuan in 2022 to 2.83 billion yuan in 2024, while the asset-liability ratio is projected to decrease from 73.15% in 2022 to 64.28% in 2024 [3]. - The company anticipates a basic earnings per share of 4.05 yuan in 2024, up from 1.87 yuan in 2022 [3]. Ownership Structure - The actual controller of the company is Chen Yuepeng, who indirectly controls 38.23% of the shares through Huikang Group and Changxing Yupeng [4]. - Huikang Group is the controlling shareholder, with Chen Yuepeng serving as the chairman and Lao Qiudi as the general manager [4][6]. Research and Development - Research and development expenses are projected to account for 2.51% of revenue in 2024, down from 3.04% in 2022 [4]. Management Team - The management team includes Chen Yuepeng as chairman, Lao Qiudi as general manager, and several other directors and supervisors, with familial ties among them [5][6][7].

Core Points - The global launch of two international standards for refrigeration compressors, led by Gree Electric Appliances and Hefei General Machinery Research Institute, marks a significant achievement for China in the international standardization of refrigeration technology [2][3] - The standards, ISO 18501:2025 for volumetric refrigeration compressors and ISO 18483:2025 for centrifugal refrigeration compressors, fill a long-standing gap in the international standards landscape [2][3] Group 1 - The successful release of these standards is a result of extensive efforts and international collaboration, providing a scientific and reasonable solution for energy efficiency evaluation in refrigeration compressors [3] - Gree Electric's experience emphasizes that consumer needs are the true standard, and the new international standards will support all manufacturers in creating a greener energy environment [5] - The event signifies a shift from "product export" to "rule export," enhancing the competitiveness of Chinese manufacturing in the global market [5][6] Group 2 - The standards are applicable to various products, including air conditioning heat pump units, refrigerators, and dehumidifiers for volumetric compressors, and centrifugal chillers for comfort and data centers [6] - The release of these standards demonstrates China's technological strength and standard-setting authority in the global refrigeration compressor sector [6] - Gree Electric plans to continue collaborating with academia and industry to integrate more Chinese technologies and solutions into international standards, contributing to the high-quality development of the global refrigeration industry [6]

Core Points - Gree Electric Appliances, in collaboration with Hefei General Machinery Research Institute and Tsinghua University, has successfully established two international standards for refrigeration compressors, namely "Performance Evaluation of Positive Displacement Refrigeration Compressors" (ISO 18501:2025) and "Performance Evaluation of Centrifugal Refrigeration Compressors" (ISO 18483:2025) [1][2] - The establishment of these standards marks a significant achievement for China, a major compressor manufacturing country, which previously lacked a voice in setting international standards [1][2] - The global refrigeration compressor market is projected to grow from 128.55 billion yuan in 2023 to 177.22 billion yuan by 2029, highlighting the importance of developing efficient compressors and promoting standardization in the industry [2] Industry Insights - Compressors are critical components of refrigeration systems, accounting for over 80% of the total energy consumption of these systems, yet their efficiency levels remain significantly below theoretical potential [2] - The process of establishing the two international standards faced challenges, including differing opinions from international experts during the proposal phase, but ultimately led to a successful consensus after extensive discussions and meetings [2][3] - The newly established standards fill a gap in international standards for performance evaluation in both positive displacement and centrifugal refrigeration compressors, providing a scientific and reasonable solution for energy efficiency evaluation in the global refrigeration compressor industry [3]

Core Viewpoint - The global release of two international standards for refrigeration compressors, led by China, marks a significant step in technological innovation and standard-setting authority in the refrigeration compressor sector [1] Group 1 - The two standards released are "Performance Evaluation of Positive Displacement Refrigeration Compressors" and "Performance Evaluation of Centrifugal Refrigeration Compressors" [1] - This is the first successful establishment and release of standards in the ISO refrigeration compressor field in 20 years, filling a gap in international standards for performance evaluation of both positive displacement and centrifugal refrigeration compressors [1]

Core Viewpoint - Zhejiang Shun'an Artificial Environment Co., Ltd. is revising its articles of association to enhance corporate governance in compliance with relevant laws and regulations, which will require approval from the shareholders' meeting to take effect [1][2]. Group 1: Articles of Association Revisions - The first article has been revised to clarify the company’s purpose and governance structure, emphasizing the protection of the rights of shareholders and creditors [1]. - The role of the chairman as the legal representative of the company has been modified to allow the shareholders' meeting to designate an executive director for this position [1][2]. - A new provision states that civil activities conducted by the legal representative on behalf of the company will result in legal consequences for the company, and the company can seek compensation from the legal representative if damages occur due to their actions [3]. Group 2: Shareholder Rights and Responsibilities - The articles now specify that shareholders are liable for the company's debts only to the extent of their subscribed shares [4]. - The revised articles establish that shareholders can initiate legal actions against the company, its directors, supervisors, and senior management, as well as against other shareholders [4][5]. - Shareholders are granted rights to receive dividends and participate in decision-making processes, including the right to request meetings and vote on significant corporate matters [6][7]. Group 3: Capital and Share Issuance - The company’s capital structure is defined, with shares issued at a par value of 1 yuan each, and the total number of shares issued is 1,065,436,182 [9][10]. - The issuance of shares must adhere to principles of fairness and equality, ensuring that all shares of the same class have equal rights [7][8]. - The company is prohibited from providing financial assistance for the purchase of its shares, except under specific conditions approved by the board or shareholders [10][11]. Group 4: Corporate Governance and Accountability - The articles outline the responsibilities of controlling shareholders and actual controllers, emphasizing the need to act in the best interests of the company and its shareholders [24][25]. - New provisions require that controlling shareholders must not misuse their power or engage in transactions that harm the company or other shareholders [24][27]. - The company must maintain independence in its operations, ensuring that its assets, personnel, and finances are not unduly influenced by controlling shareholders [24][28].

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo will be held in Ningbo, Zhejiang from May 22 to 25, showcasing the growing trade scale and market participation between Zhejiang and Central and Eastern European countries [1] - In the first four months of this year, Zhejiang's foreign trade enterprises with import and export performance to Central and Eastern Europe exceeded 20,000, with a total import and export value of 62.6 billion yuan, a year-on-year increase of 11.6%, and exports reaching 56.85 billion yuan, up 14.8% [1] - Zhejiang ranked second in the country for both total import and export value and export value to Central and Eastern Europe in the first four months [1] Group 2 - A new air cargo corridor has been established between Hangzhou and Budapest, Hungary, facilitating cross-border e-commerce with nearly 60 tons of goods transported on a recent flight [2] - The air cargo route has increased from four flights per week to seven, with a total capacity of 500 tons per week, and has completed 483 flights, transporting over 39,000 tons of goods [2] - The China-Europe Railway Express has also contributed to trade, with 85,700 standard containers dispatched in the first four months, a year-on-year increase of 6.5%, and return trains showing a significant growth of 25.6% [3] Group 3 - This year marks the 13th anniversary of the China-Central and Eastern European Countries cooperation mechanism, which has strengthened trade relations and provided more opportunities for Zhejiang's foreign trade enterprises [4] - Zhejiang Sanhua Commercial Refrigeration Co., a leading company in commercial and industrial refrigeration components, reported a nearly 40% year-on-year increase in exports to Central and Eastern Europe, totaling over 70 million yuan in the first four months [4] - In the same period, Zhejiang exported 30.81 billion yuan worth of electromechanical products to Central and Eastern Europe, a growth of 15.8%, accounting for 54.2% of the province's total exports to the region [4] Group 4 - Hangzhou Customs has implemented a "one-on-one" customs enterprise coordinator mechanism to expedite exports to Central and Eastern European countries, providing personalized services and policy consultations to help enterprises navigate customs processes [5] - The customs authority is actively promoting the benefits of the AEO policy to enhance the competitive advantage of enterprises in the region [5]