广发证券股份有限公司 关于江苏泰慕士针纺科技股份有限公司 详式权益变动报告书 之 财务顾问核查意见 声 明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含 义。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益 变动报告书》《公开发行证券的公司信息披露内容与格式准则第16号——上市 公司收购报告书》等法律法规及规范性文件的有关规定，广发证券股份有限公 司按照行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，对 信息披露义务人出具的《详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作如下声明： 关系，亦未委托或授权其他任何机构或个人提供未在本核查意见中列载的信息 和对本核查意见做任何解释或者说明。 做出承诺，保证其所提供的信息和文件真实、准确、完整，不存在任何重大遗 漏、虚假记载或误导性陈述，并对其真实性、准确性、完整性负责。 《详式权益变动报告书》进行了核查，确信披露文件内容与格式符合规定，有 充分理由确信所发表的专业意见与信息披露义务人所披露文件的内容不存在实 质性差异。 格的保密 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 12.66 billion yuan for H1 2025, representing a year-on-year increase of 10.4% (9.2% in USD), while the net profit attributable to the parent company was 1.66 billion yuan, down 11.4% year-on-year (12.4% in USD) [5][6]. - For Q2, the revenue was 7.31 billion yuan, up 9% year-on-year (7.7% in USD), with a net profit of 900 million yuan, reflecting a year-on-year decline of 17.3% (18.3% in USD) [5][6]. - The company expects a recovery in net profit margin in Q3 due to stable income tax rates and recent efficiency improvements, despite short-term pressures from old factory utilization rates and new factory production [2][5]. Summary by Sections Revenue - The revenue growth is driven by new customer acquisition, while existing customers face operational pressures leading to a decline in their orders. Q2 saw a volume increase of 4.2% year-on-year, but revenue growth slowed by 3.4 percentage points compared to Q1 due to tariff and external demand impacts [5][6]. - The average selling price increased by 4.6% year-on-year (3.4% in USD), attributed to a decrease in the proportion of low-priced old customers [5][6]. Profitability - The gross margin decline has negatively impacted the net profit margin, which was 12.3% in Q2, down 1.9 percentage points quarter-on-quarter and 3.9 percentage points year-on-year. This decline is primarily due to new factories ramping up production and underutilization of some old factories [5][6]. Outlook - The company forecasts net profits attributable to the parent company for 2025-2027 to be 3.49 billion, 4.00 billion, and 4.53 billion yuan, respectively, with year-on-year changes of -9%, +15%, and +13%. The corresponding price-to-earnings ratios are projected to be 17, 15, and 13 times [2][5].

Core Viewpoint - Jihua Group (601718.SH) faced a significant drop in stock price due to a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, following a period of stock price increases [2][8]. Group 1: Regulatory Issues - On August 8, Jihua Group announced that it was under investigation by the CSRC for information disclosure violations, leading to a stock price drop to 4.75 yuan [2]. - This is not the first time Jihua Group has faced regulatory scrutiny; in November 2024, the Shanghai Stock Exchange criticized the company for failing to disclose significant related party transactions in a timely manner [5]. - In late 2022, Jihua Group announced a transaction involving the transfer of 100% equity and debt of Shaanxi Jihua Garden for 830 million yuan, which was not disclosed until July 2024 after regulatory inquiries [5]. Group 2: Financial Performance - Jihua Group's revenue declined sharply from 15.436 billion yuan in 2022 to 9.886 billion yuan in 2024, with a net loss of 4.228 billion yuan in 2024, a staggering drop of 2418.90% year-on-year [8]. - The company attributed its poor performance to asset impairment and declines in inventory and receivables due to fluctuations in the real estate market, raising concerns from regulators [8]. - In the first quarter of 2025, Jihua Group's total revenue fell by 37.35%, with a net loss of 14.249 million yuan, and it expects a further increase in net loss by 218% to 324% in the first half of 2025 [8].

Group 1 - The core viewpoint of the news is that Jin Hong Group's recent financial performance shows a decline in revenue and net profit, indicating potential challenges for the company [1] - As of August 11, 2025, Jin Hong Group's stock closed at 10.81 yuan, with a slight increase of 0.19% and a trading volume of 276,000 hands, amounting to 299 million yuan [1] - The company's latest quarterly report indicates total revenue of 1.111 billion yuan, a year-on-year decrease of 3.59%, and a net profit attributable to shareholders of 89.0071 million yuan, down 23.35% year-on-year [1] Group 2 - Jin Hong Group has made investments in 7 external companies and holds 1,578 trademark registrations and 45 patents, along with 15 administrative licenses [2] - The company was established in 2003 and is primarily engaged in the textile and apparel industry, with a registered capital of 3.4535 billion yuan and a paid-in capital of 1.2048 billion yuan [1][2]

Group 1 - The core viewpoint of the news is that Shengtai Group (605138) has shown a mixed performance in its latest financial results, with a decrease in total revenue but a significant increase in net profit and non-recurring net profit [1] - As of August 11, 2025, Shengtai Group's stock closed at 7.77 yuan, with a slight increase of 0.26% and a trading volume of 114,300 hands, amounting to 88.72 million yuan [1] - The company's latest quarterly report indicates total revenue of 903 million yuan, a year-on-year decrease of 10.03%, while net profit attributable to shareholders reached 20.37 million yuan, a year-on-year increase of 200.14% [1] Group 2 - Shengtai Group has made investments in 8 companies and participated in 31 bidding projects, indicating active engagement in business expansion [2] - The company holds 57 trademark registrations and 41 patents, showcasing its commitment to intellectual property and innovation [2] - Shengtai Group has 19 administrative licenses, reflecting its compliance and operational capabilities within the industry [2]

企业名称芊润服饰（泗阳）有限公司法定代表人郁志坚注册资本500万人民币国标行业制造业>纺织服 装、服饰业>服饰制造地址宿迁市泗阳县经济开发区众创科技园10号1-3层企业类型有限责任公司（自然 人投资或控股的法人独资）营业期限2025-8-8至无固定期限登记机关泗阳县数据局 序号股东名称持股比例1上海芊润服饰有限公司100% 经营范围含服装制造；服装服饰批发；服装服饰零售；服装辅料制造；服装辅料销售；纺织、服装及家 庭用品批发；服饰制造；家用纺织制成品制造；针纺织品销售；面料纺织加工；家居用品销售；日用百 货销售；皮革制品销售；鞋帽批发；鞋帽零售；信息咨询服务（不含许可类信息咨询服务）；货物进出 口；技术进出口；进出口代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查显示，近日，芊润服饰（泗阳）有限公司成立，法定代表人为郁志坚，注册资本500万人民币， 由上海芊润服饰有限公司全资持股。 来源：金融界 ...

Core Viewpoint - Jihua Group has faced regulatory scrutiny due to alleged violations of information disclosure, leading to an investigation by the China Securities Regulatory Commission (CSRC) [2][4] Group 1: Company Overview - Jihua Group's stock price recently reached 5.28 yuan, with a market capitalization of 23.188 billion yuan, and has seen an increase of over 85% in stock price this year [1] - The company is primarily engaged in the production and supply of military and police equipment [1][4] Group 2: Regulatory Issues - On August 8, 2025, Jihua Group received a notice from the CSRC regarding the initiation of an investigation for suspected information disclosure violations [2] - The company has a history of disciplinary actions, including a reprimand from the Shanghai Stock Exchange for failing to disclose relevant borrowing matters and not following proper procedures for project delays [7][11] Group 3: Financial Performance - Jihua Group reported a projected net loss of 60 million to 80 million yuan for the first half of 2025, following a significant loss of 4.228 billion yuan in 2024 [12][14] - The company's revenue for 2024 was 9.886 billion yuan, a decrease of 14.49% year-on-year, with a net profit decline of 2,418.90% compared to the previous year [14][15] - The decline in revenue is attributed to reduced orders from key clients and high fixed costs due to underutilized capacity [14][16]

Core Viewpoint - Jihua Group (601718.SH) has faced regulatory scrutiny due to alleged violations of information disclosure, leading to an investigation by the China Securities Regulatory Commission (CSRC) [1][4] Group 1: Company Overview - Jihua Group is involved in the production and supply of military supplies for the army and armed police forces [1] - The company's stock price has increased by over 85% this year, with more than 100,000 shareholders as of the end of Q1 [1] Group 2: Regulatory Issues - On August 8, 2025, Jihua Group received a notice from the CSRC regarding the investigation for information disclosure violations [4] - The company has previously faced disciplinary actions from the Shanghai Stock Exchange for failing to disclose relevant borrowing matters and not following proper procedures for project delays [9][13] Group 3: Financial Performance - Jihua Group reported a projected net loss of between 60 million to 80 million yuan for the first half of 2025, compared to a net loss of approximately 1.88 million yuan in the same period last year [14][16] - In 2024, the company experienced a significant net loss of 4.23 billion yuan, with total revenue declining by 14.49% to 9.89 billion yuan [16][17] - The decline in revenue is attributed to reduced orders from key clients and high fixed costs due to underutilized capacity [16][18]

Core Viewpoint - Jihua Group, which recently experienced two consecutive trading limit increases, is now facing regulatory scrutiny due to alleged violations of information disclosure laws by the China Securities Regulatory Commission (CSRC) [1][3]. Group 1: Regulatory Actions - On August 8, Jihua Group announced that it received a notice from the CSRC regarding an investigation into suspected information disclosure violations [3]. - The company's stock price had deviated by a cumulative increase of 20% over three consecutive trading days (August 6, 7, and 8) [5]. Group 2: Business Operations - Jihua Group confirmed that all business operations are proceeding normally and that it will cooperate with the CSRC during the investigation [5]. - The company stated that there are no undisclosed significant information as of the announcement date [6]. Group 3: Stock Performance - Jihua Group's stock has seen significant trading activity, with trading volumes reaching 1.95 billion yuan and 2.845 billion yuan on August 7 and 8, respectively [8]. - The stock has achieved six trading limit increases in the last 31 trading days, with a total increase of over 60% during this period [8]. Group 4: Financial Performance - Jihua Group's half-year earnings forecast for 2025 indicates a projected net loss attributable to shareholders of between 60 million yuan and 80 million yuan, with a net loss excluding non-recurring items expected to be between 130 million yuan and 150 million yuan [9][10]. - The decline in revenue is attributed to a reduction in product orders from key customers, leading to underutilization of production capacity and increased fixed costs [10].

Group 1 - The core viewpoint of the news indicates that Jin Hong Group (603518) experienced a slight decline in stock price, closing at 10.79 yuan, down 0.46% as of August 8, 2025 [1] - The trading volume was 521,900 hands with a transaction amount of 561 million yuan, and the turnover rate was 15.17% [1] - The net outflow of main funds was 29.32 million yuan, accounting for 5.23% of the transaction amount, with significant outflows from large orders [1] Group 2 - Jin Hong Group reported total operating revenue of 1.111 billion yuan for the first quarter of 2025, a year-on-year decrease of 3.59% [1] - The net profit attributable to shareholders was 89.0071 million yuan, down 23.35% year-on-year, while the non-recurring net profit was 88.6198 million yuan, also down 23.00% [1] - The company's liquidity ratios were reported as a current ratio of 1.305 and a quick ratio of 0.660, with a debt-to-asset ratio of 32.37% [1] Group 3 - Jin Hong Fashion Group Co., Ltd. was established in 2003 and is located in Nanjing, primarily engaged in the textile and apparel industry [2] - The company has made investments in 7 external enterprises and holds 1,578 trademark registrations and 45 patents [2] - Additionally, the company possesses 15 administrative licenses [2]