| 深圳市他山企业管理咨询有限公司 | | | --- | --- | | 关于广州山水比德设计股份有限公司 | | | 独立财务顾问报告 | | | 二〇二五年六月 | | | 深圳市他山企业管理咨询有限公 | | | | 司 | | 独立财务顾问报告 | | | 目 录 （四）关于实施股权激励计划对公司持续经营能力、股东权益影响的核查意见 13 | | | 深圳市他山企业管理咨询有限公司 独立财务顾问报告 | | | 释 义 | | | 除非上下文文意另有所指，下列词语具有如下含义： | | | 山水比德、公司 指 广州山水比德设计股份有限公司 | | | 广州山水比德设计股份有限公司 2025 年股票期权激励计 | | | 本激励计划 指 | | | 划 | | | 《广州山水比德设计股份有限公司 2025 年股票期权激励 | | | 《股权激励计划（草案）》 指 | | | 计划（草案）》 | | | 《深圳市他山企业管理咨询有限公司关于广州山水比德 | | | 独立财务顾问报告、本报告 指 设计股份有限公司 2025 年股票期权激励计划（草案）的 | | | 独立财务顾问报告》 | | | 公司授予 ...

Group 1: Deep Sea Technology and Situational Awareness - The report highlights the increasing focus on "Deep Sea Technology" due to the upcoming military parade on September 3, which will showcase new combat forces including unmanned systems and underwater equipment [2][8] - The core of "Deep Sea Technology" revolves around resource security, national defense construction, and blue economy, with situational awareness being a key component [2][9] - The challenges in situational awareness construction lie in underwater signal processing, which is deemed critical for effective underwater operations [9][10] Group 2: Huaren Microelectronics (华润微) - Huaren Microelectronics operates a fully integrated supply chain model, focusing on power semiconductors and smart sensors, with a recovery expected in the power semiconductor market [11][12] - The company has a significant market share in IGBT products, particularly in industrial and automotive applications, with plans to expand into new customer segments [11][12] - The report projects a steady increase in net profit for Huaren Microelectronics from 9.59 billion to 16.50 billion CNY from 2025 to 2027, with a corresponding PE ratio decline [13] Group 3: Zhongyuan Expressway (中原高速) - Zhongyuan Expressway focuses on the construction and operation of toll roads, with a projected revenue of 6.969 billion CNY in 2024, where toll income constitutes approximately 63.98% [15][16] - The company has a young asset structure with an average remaining toll collection period of 17.04 years, indicating potential for value reassessment [16][18] - The report anticipates net profits to grow from 10.02 billion to 11.50 billion CNY from 2025 to 2027, with a favorable PE ratio [18] Group 4: Dekang Agriculture (德康农牧) - Dekang Agriculture is transitioning from a traditional agricultural production company to a platform and technology-driven enterprise, aiming to create a "value symbiosis" ecosystem [5][22] - The company has demonstrated significant profitability advantages, with a projected average income of 770,000 CNY per modern pig farm in 2024, and a return on equity (ROE) of 48% [29][30] - The report forecasts Dekang's net profit to reach 36 billion CNY by 2027, with a PE ratio of 7.69, reflecting its strong growth potential in the agricultural sector [30]

Group 1 - The article highlights the 80th anniversary of the victory in the Chinese People's War of Resistance against Japanese Aggression and the World Anti-Fascist War, focusing on the historical significance of the Dabie Mountain region and the contributions of the New Fourth Army [1] - The New Fourth Army's Fifth Division played a crucial role in the resistance, conducting over 1,260 major battles and successfully repelling 150,000 Japanese troops, establishing a stronghold in the region [1] - The local community in Dawu County has embraced the revolutionary spirit, leveraging unique industries such as tea to achieve economic prosperity, marking a new chapter for the former revolutionary base [1] Group 2 - Since the 18th National Congress of the Communist Party, Dawu County has implemented targeted poverty alleviation strategies, focusing on the advantages of its high-quality tea production [2] - The county has developed four major tea industry belts, producing approximately 14,500 tons of tea annually, with a total industry output value of 2.65 billion yuan [2] - The integration of various rural industries, including modern agriculture and cultural tourism, has led to an increase in disposable income for rural residents, reaching nearly 20,000 yuan [2]

近期，海洋经济政策利好频出，发展势头强劲。 6月26日，广东省召开全省海洋经济工作会议。作为全国海洋经济发展的"领头雁"，广东海洋生产总值已连续30年位居全国首位。2024年，广东海洋生产总 值突破2万亿元大关，约占全国海洋生产总值的1/5。在"十四五"规划收官之年，广东正以新质生产力重塑海洋经济版图——传统产业升级焕新，新兴产业集 群成势，更前瞻布局深海矿产、可燃冰开发、海水制氢等未来产业。 6月25日，《上海市海洋产业发展规划（2025—2035）（征求意见稿）》公开征求意见。根据总体布局，上海将进一步筑牢两大海洋产业发展核。打造长兴 岛海洋产业发展核和临港新片区海洋产业发展核。到2030年，船舶与海工装备产业增加值超450亿元，大型LNG运输船本土化率提升到85%以上，基本建成 原创技术策源和绿色智能引领的世界级船舶与海洋工程装备产业体系。 从"向海而生"到"向海图强" 海洋经济是拓展全球经济发展空间的必然选择。 根据经济合作与发展组织（OECD）发布的《2030年的海洋经济》报告，当前全球海洋经济产值已突破2.5万亿美元大关，预计至2030年，这一数字将攀升至 3万亿美元，届时海洋经济规模将可媲美全球 ...

瑞财经 钟鸣辰近日，国晟科技(SH603778)发布2024年年度报告，同比亏损扩大。 | | | | | 单位:元币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比 上年同 期增減 | 2022年 | | | | | (%) | | | 营业收入 | 2,093,915,828.34 | 987,968,769.44 | 111.94 | 197,850,658.70 | | 扣除与主营业务无关的业 务收入和不具备商业实质 的收入后的营业收入 | 2,078,440,981.61 | 968,657,824.16 | 114.57 | 195.951,080.11 | | 归属于上市公司股东的净 | -105,526,287.10 | -68.880.147.03 | 不适用 | -162.180.140.63 | | 利润 | | | | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | -255.194.635.01 | -192.532.794.58 | 不适用 | -151,000,019,83 | ...

截至2025年6月20日，中泰资管风险系统对各大资本市场的系统评分情况如下： 沪深300指数的中泰资管风险系统评分为45.39，较上月42.04有所上升，权益评分仍属中等偏低风险区间。 当前市场在政策支持与经济复苏预期的双重作用下，基本面和情绪回暖，但全球不确定性及内部结构分化 仍对整体风险水平形成制约，并带来情绪与预期的折返跑。 沪深300估值较上月有所上升（本月46.58，上月43.53）。虽然估值整体有所回升，行业间估值分化现象依 然延续。目前，28个申万一级行业中钢铁、房地产、商业、国防军工、计算机的行业估值高于历史60%分 位数；农林牧渔、食品饮料、非银金融等行业的估值低于历史10%分位数。市场整体估值的调整，反映了 市场对经济复苏节奏和企业盈利预期的重新评估。 市场预期分数较上月有所下滑（本月48.00，上月55.00）。宏观分析师认为经济仍待政策呵护。消费高速 增长，但持续性需要观察。一些分析师认为美国关税战带来的出口转弱的预期对民间制造业投资的意愿有 较大抑制。月度房地产投资持续下降，商品房销售下滑，也对市场预期带来较大的负面冲击。中美互降关 税的后续政策协同效应仍在评估中。 市场情绪较上月有 ...

Core Viewpoint - Greebo (301260.SZ), the first stock in the new energy garden machinery sector, achieved a turnaround in 2024 with a net profit increase of 118.53% to 87.89 million yuan, although this performance has not yet returned to pre-IPO levels, and quarterly profits remain volatile [1][2]. Financial Performance - In 2024, Greebo reported total revenue of 5.426 billion yuan, a year-on-year increase of 17.52%, and a net profit attributable to shareholders of 87.89 million yuan, up 118.53% [2][3]. - The company's net profit in 2023 was -474.37 million yuan, marking a 278.4% decline compared to the previous year, indicating that profitability has not yet recovered to pre-IPO levels [2][3]. - Revenue growth has been inconsistent, with total revenue for 2023 at 4.617 billion yuan, and a significant drop in net profit from 2020 to 2022, where it consistently exceeded 250 million yuan [2][3]. Revenue Structure and Growth - Greebo has shifted its revenue structure from customer brands to self-owned brands, with self-owned brand revenue accounting for 68.99% and customer brand revenue 31.01% in 2024 [4]. - Self-owned brand revenue grew by only 2.74% to 3.743 billion yuan in 2024, while customer brand revenue surged by 72.81% to 1.683 billion yuan [4]. - The growth rate of self-owned brand revenue has been declining, from 23.12% in 2021 to 2.74% in 2024 [4][5]. Market Dynamics - In 2024, Greebo's product sales increased by 15.25% to 6.1513 million units, with 98.03% of revenue coming from overseas markets [4]. - The company is experiencing a transition in the outdoor power equipment sector from fuel to electric drive, with new energy garden machinery revenue reaching 4.029 billion yuan, a 29.51% increase [4]. Cash Flow and Financial Challenges - Greebo's cash flow remains under pressure, with accounts receivable reaching 1.787 billion yuan, up 4.71 million yuan from the previous year, and inventory increasing to 2.379 billion yuan, a 14.63% rise [6]. - The company reported a negative cash flow from operating activities of -262 million yuan in Q1, compared to a positive 233 million yuan at the end of the previous year [6]. Strategic Initiatives - Greebo is actively seeking to alleviate financial pressures by utilizing idle fundraising of up to 1.5 billion yuan for operational liquidity [7]. - The company has announced a strategic focus on robotic products, particularly lawn mowing robots, with expectations for significant breakthroughs by 2026 [7][8]. - A partnership with Zhiyuan Robotics aims to enhance Greebo's competitiveness in the service robot market, with production set to begin at Greebo's global manufacturing base [7].

证券代码：600265 证券简称：ST 景谷 公告编号：2025-051 云南景谷林业股份有限公司关于上海证券交易所 《关于云南景谷林业股份有限公司2024年年度报告的信 息披露监管问询函》的回复公告 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。 重要事项提示： ● 云南景谷林业股份有限公司（以下简称"公司"或"景谷林业"）2023 年 2 月以现金方式收购唐县汇银木业有限公司（以下简称"汇银木业"）51%股权，该交 易以收益法作为评估方法。为保护公司及全体股东利益，公司与汇银木业原实际控 制人崔会军、王兰存签订了相应的盈利预测补偿协议，对汇银木业 2023-2025 年进 行了业绩承诺与补偿安排。2023 年度，汇银木业业绩承诺指标完成。2024 年度，汇 银木业未完成业绩承诺指标，经年审会计师审定，汇银木业 2024 年度净利润为 -3,245.80 万元，公司应收业绩补偿款金额为 14,186.92 万元（以下简称"标的债 权"）。为化解上述标的债权的回收风险，降低公司的财务压力，公司与控股股东 周大福投资有限公司（以 ...

今年以来，广州市林业和园林局紧扣绿美广州建设，深入实施森林质量精准提升等八大行动，累计完成 森林质量优化提升47.45万亩，着力推动森林资源和城乡绿化品质优化提升，持续巩固提升林业园林生 态系统的碳汇能力。 同时，广州市林业和园林局精心策划"我为全运种棵树"系列活动，掀起全民植绿热潮，累计开展各类义 务植树尽责活动1931场，参与人数达11万人次，共种植树木32.5万株，同时广泛发动"我为全运种棵 树"社会募捐，筹集金额超过4000万元，为城市增绿、为全运添彩。(完) （文章来源：中国新闻网） 林业碳普惠是鼓励自然人、法人或非法人组织购买林业碳汇，抵消生产经营、生活消费、大型活动等产 生的碳排放，将森林减碳增汇行为转化为普遍受益的重要机制。 去年9月，广州市林业和园林局联合广州市生态环境局等部门出台《广州市林业碳普惠方法学(2024年试 行版)》，明确该市林业碳普惠项目的申报主体、交易基准线、项目计入期及开发程序等关键要素，创 新性地将国有林场纳入开发主体范围。此举以制度创新为突破口，打通了将森林"碳库"转化为优质碳资 产的路径，是生态产品价值实现的"广州探索"。 中新网广州6月25日电(记者程景伟)据广州市 ...

河南日报客户端记者 宋敏 会上，有关部门对我省促进民间投资的支持政策进行深入解读，部分金融机构围绕融资服务政策等进行 翔实介绍，这些政策含金量高、针对性强、覆盖面广，涉及民间投资的各个领域和环节，将为民间投资 提供有力政策支持和保障。部分项目单位还进行项目宣介，涵盖交通、水利、文旅等多个领域，具有良 好的发展前景和投资回报预期。 民间投资是民营经济活跃度的"晴雨表"。6月25日，河南省促进民间投资推介会在郑州召开，解读政府 促进民间投资的支持政策，集中推介一批面向民间资本的重点领域项目，为民间投资提供更多发展机 遇。 当前，国家正持续推进基础设施竞争性领域向经营主体公平开放，支持更多民间资本投资重大项目，积 极引导民营企业参与"两重"建设和"两新"工作。"我们要紧抓利好政策机遇，进一步放宽市场准入，打 破阻碍民间投资的隐性壁垒，建立健全常态化向民间资本推介项目机制，加强全方位保障服务，推动更 多民间投资项目高效落地实施。"省发展改革委有关负责人说，将以更大力度、更实举措促进民间投资 发展，推动民营企业与重大项目在"双向奔赴"中相互成就，为实现全省经济高质量发展作出更大贡献。 近年来，我省紧紧抓住扩大有效投资这 ...