Financial Performance - The company reported a basic earnings per share of -0.2112 yuan for 2024, a decrease of 285.4% compared to -0.0548 yuan in 2023 [1] - The net profit for 2024 was -1.92 billion yuan, a significant decline of 284% from -0.5 billion yuan in 2023 [1] - The operating revenue increased by 22.51% to 65.79 billion yuan in 2024, up from 53.7 billion yuan in 2023 [1] - The return on equity was -3.60% in 2024, a drop of 295.6% from -0.91% in 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 17,795.62 million shares, accounting for 24.84% of the circulating shares, with a decrease of 141.34 million shares compared to the previous period [1] - The largest shareholder, Du Chengcheng, holds 5,606.29 million shares, representing 7.82% of the total share capital, with no change in holdings [2] - Chen Bin, another shareholder, reduced his holdings by 150 million shares, now holding 1,360 million shares, which is 1.90% of the total [2] Dividend Distribution - The company announced a dividend distribution plan of 0.1 yuan per share (including tax) [3]

Financial Performance - The basic earnings per share for 2024 is 0.0137 yuan, a decrease of 78.04% compared to 0.0624 yuan in 2023 [1] - The operating revenue for 2024 is 340 million yuan, down 21.84% from 435 million yuan in 2023 [1] - The net profit for 2024 is 7 million yuan, a decline of 78.13% from 32 million yuan in 2023 [1] - The return on equity for 2024 is 2.67%, a significant drop of 79.65% from 13.12% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 196.50 million shares, accounting for 38.39% of the circulating shares, with a decrease of 9.87 million shares compared to the previous period [1] - The largest shareholder, Nanning Yiran Elderly Care Industry Partnership, holds 15.36 million shares, representing 30.00% of the total share capital, with no change [2] - New entrants among the top shareholders include Yang Yan, Chen Fengxi, Liu Kaijun, Zhang Xiu, and Tan Yanbo, while Jiang Rirong, Suzhou Shanren Venture Capital Partnership, Chen Zhehui, Zhang Xiaomin, and Chen Yan have exited [2] Dividend Distribution - The company has announced no distribution or capital increase for the current period [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][55]. Core Views - The company's performance in 2024 was negatively impacted by a decline in vanadium product prices, leading to a revenue drop of 8.15% year-on-year to 132.09 billion yuan and a significant net profit decrease of 73.03% to 2.85 billion yuan [10][55]. - The company is a major global supplier of vanadium products and is expected to benefit from the recovery of the vanadium industry and the expansion of the vanadium battery application market, with projected net profits of 5.92 billion yuan, 7.83 billion yuan, and 9.32 billion yuan for 2025-2027 [55]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 132.09 billion yuan, down 8.15% year-on-year, and a net profit of 2.85 billion yuan, down 73.03% year-on-year. The adjusted net profit was 2.53 billion yuan, a decrease of 75.87% [10][55]. - The fourth quarter of 2024 saw a revenue of 27.35 billion yuan, a year-on-year decline of 15.16% and a quarter-on-quarter decline of 17.52%. The net profit for Q4 was 1.02 billion yuan, down 45.91% year-on-year but up 122.04% quarter-on-quarter [10][55]. Sales Volume and Pricing - In 2024, vanadium product sales increased by 6.74% to 53,600 tons, while titanium dioxide sales grew by 1.10% to 258,000 tons. However, titanium slag sales fell by 24.18% to 146,100 tons [19][55]. - The company's gross margin decreased by 6.81 percentage points to 7.59%. The market price of vanadium pentoxide dropped by 26% year-on-year, while titanium dioxide and titanium slag prices increased by 2% and 17%, respectively [19][55]. Future Outlook - The company is positioned as a leading global supplier of vanadium products, with a comprehensive production capacity that includes 175,000 tons of titanium concentrate and 44,200 tons of vanadium products annually [43][55]. - The vanadium battery business is expected to be a significant growth driver, with a partnership established to supply 20,000 tons of ammonium vanadate in 2025, representing a 35% increase from 2024 sales [44][55]. - The company has successfully launched a 60,000-ton molten salt chlorination titanium dioxide project, enhancing its market influence [44][55]. Investment Projections - The company forecasts net profits of 5.92 billion yuan, 7.83 billion yuan, and 9.32 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 40, 30, and 26 [55][56]. - Revenue is expected to grow to 138.7 billion yuan in 2025, with a projected growth rate of 5.0% [54][55].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][55]. Core Views - The company's performance in 2024 was negatively impacted by a decline in vanadium product prices, leading to a revenue drop of 8.15% year-on-year to CNY 13.209 billion and a significant net profit decrease of 73.03% to CNY 285 million [10][55]. - The company is a major global supplier of vanadium products and has a strong production capacity, which positions it well for future growth as the vanadium industry recovers and the vanadium battery market expands [3][55]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 132.09 billion, down 8.15% year-on-year, and a net profit attributable to shareholders of CNY 2.85 billion, down 73.03% [10]. - The fourth quarter of 2024 saw a revenue of CNY 27.35 billion, a year-on-year decrease of 15.16% and a quarter-on-quarter decrease of 17.52% [10]. - The sales volume of vanadium products increased by 6.74% to 53,600 tons, while titanium dioxide sales grew by 1.10% to 258,000 tons, and titanium slag sales fell by 24.18% to 146,100 tons [19]. Price and Margin Analysis - The company's gross margin decreased by 6.81 percentage points to 7.59% in 2024, with vanadium product prices dropping by 26% year-on-year [2][19]. - The gross margin for vanadium products fell by 17.05 percentage points to 10.40%, while titanium products saw a slight margin decline [2]. Future Outlook - The company is positioned as a leading global supplier of vanadium products, with a comprehensive production capacity that includes 442,000 tons of vanadium products and 300,000 tons of titanium dioxide annually [3]. - The vanadium battery business is expected to be a significant growth driver, with a partnership established to supply 20,000 tons of ammonium vanadate in 2025, representing a 35% increase from 2024 [44]. - A new 60,000-ton molten salt chlorination titanium dioxide project was launched in 2024, enhancing the company's market influence [4]. Earnings Forecast - The company is projected to achieve net profits of CNY 5.92 billion, CNY 7.83 billion, and CNY 9.32 billion from 2025 to 2027, with corresponding price-to-earnings ratios of 40, 30, and 26 [55]. - Revenue is expected to grow to CNY 138.7 billion in 2025, with a year-on-year growth rate of 5% [54].

Core Viewpoint - The company, He Sheng Co., Ltd., has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Approval - He Sheng Co., Ltd. announced that it received a notice from the Shenzhen Stock Exchange on April 1, 2025, indicating that its application for a specific share issuance has passed the review [1] - The company must still obtain approval from the CSRC before proceeding with the issuance, and the timeline for this approval remains uncertain [1] Fundraising Details - The company plans to raise a total of up to 68 million yuan (approximately 10.5 million USD) through this issuance, which will be allocated to various projects including: - Intelligent mobile terminal metal structure project: 7.5 million yuan - Anhui He Sheng New Energy Production Base Project (Phase I): 42 million yuan - Supplementing working capital: 18.5 million yuan [3] Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutions, and qualified foreign institutional investors [3] - The shares will be subscribed for in cash, and the issuance price will not be lower than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [4] Shareholding Changes - The maximum number of shares to be issued is capped at 83,734,224, which represents up to 30% of the total share capital before the issuance [4] - After the issuance, the total share capital will increase to 362,848,305 shares, reducing the controlling shareholder Li Jianxiang's ownership from 34.44% to 26.49% [5] Previous Fundraising - The company previously conducted a non-public share issuance approved by the CSRC, raising approximately 294.25 million yuan (about 45 million USD) in 2022, with all funds received by July 18, 2022 [6][7] - The previous issuance was fully subscribed by the controlling shareholder, Li Jianxiang, who used cash for the subscription [7] Dividend Distribution - In 2023, the company distributed cash dividends of 3.13 yuan per 10 shares, totaling approximately 62.61 million yuan, and proposed a capital reserve conversion of 4 shares for every 10 shares held [7] Sponsorship - The issuance is sponsored by Guotai Junan Securities Co., Ltd., with representatives Xu Zhenyu and Zhang Xiaotian overseeing the process [8]

Suspension and Resumption of Trading - Xiangcai Co. plans to conduct a share swap to absorb Dazhihui and raise no more than 8 billion yuan in supporting funds, with stock resuming trading [1] - Huada Jiutian intends to acquire 100% of Xinhe Semiconductor, with trading resuming tomorrow; Xinhe Semiconductor has become a leading EDA company in China [1] - Haiyuan Composite Materials is set to undergo a change in control, with trading resuming tomorrow [1] - Guizhou Gas plans to purchase 100% equity of Guizhou Shale Gas Exploration and Development Co., Ltd. through share issuance, leading to a trading suspension [2] Private Placement - China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank announced plans to raise funds through A-share issuance to specific investors, with total fundraising amounts of up to 105 billion yuan, 165 billion yuan, 120 billion yuan, and 130 billion yuan respectively [3] Share Buybacks - Kingsoft Office's shareholders plan to transfer 7.7618 million shares, accounting for 1.68% of the company's total equity [4] - Midea Group intends to repurchase shares worth 5 billion to 10 billion yuan, with over 70% of the repurchased shares to be canceled [5] - Haige Communication plans to repurchase shares worth 200 million to 400 million yuan [6] - Changfei Fiber plans to repurchase A-shares worth 160 million to 320 million yuan for an employee stock ownership plan [7] Investment Cooperation and Business Conditions - Tongwei Co.'s subsidiary Yongxiang Co. plans to introduce strategic investors with a capital increase of no more than 10 billion yuan [8] - China Metallurgical Group plans to implement a valuation enhancement plan [9] Performance Changes - Guoda Special Materials expects a net profit of 75 million yuan in Q1 2025, a year-on-year increase of 1504.79%, driven by strong demand in downstream industries [10] - Shengnuo Bio anticipates a net profit increase of 22.72 million to 31.43 million yuan in Q1 2025, representing a growth of 137.97% to 190.85% [10] - Anhui Weaving High-tech expects a net profit of 90 million yuan in Q1 2025, a year-on-year increase of 90.85% to 154.47% [11] - China Shipbuilding Defense expects a net profit of 377 million yuan in 2024, a year-on-year increase of 684.86% [12] - Chifeng Gold anticipates a net profit increase of 1.764 billion yuan in 2024, representing a growth of 119.46% [13] - Chipong Micro expects a net profit of 111 million yuan in 2024, a year-on-year increase of 87.18% [14] - Zhaosheng Micro expects a net profit decline of 64.20% in 2024, proposing a dividend of 1.02 yuan per 10 shares [15] - SF Holding anticipates a net profit of 10.17 billion yuan in 2024, a year-on-year increase of 23.51% [16] - China Duty Free Group expects a net profit of 4.267 billion yuan in 2024, a year-on-year decrease of 36.44% [16]

目 录 | 一、募集资金年度存放与使用情况鉴证报告………………………第 | | 1—2 | 页 | | --- | --- | --- | --- | | 二、关于募集资金年度存放与使用情况的专项报告…………… | 第 | 3—10 | 页 | | 三、附件……………………………………………………………第 | 11—14 | | 页 | | (一) 本所执业证书复印件……………………………………… | 第 11 | 页 | | | (二) 本所营业执照复印件……………………………………… | 12 第 | 页 | | | (三) 注册会计师证书复印件……………………………… 第 | 13—14 | 页 | | 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕4-82 号 江阴市恒润重工股份有限公司全体股东： 我们鉴证了后附的江阴市恒润重工股份有限公司（以下简称恒润股份公司） 管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供恒润股份公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为恒润股份公司年度报告的必备文 ...

Group 1: Financial Performance and Concerns - The company reported revenue of over 35 billion, with a profit of less than 2 billion, raising suspicions of potential financial misconduct [2] - The operating cash flow has frequently been negative, leading to concerns about the company's ability to sustain operations in the long term [2] - The net profit for Wuhu Tianniao in 2024 is projected to be -28.94 million, indicating challenges in profitability despite future potential [3] Group 2: Risk Management and Operational Strategies - The company emphasizes risk management strategies to mitigate the impact of copper price fluctuations, focusing on inventory management and operational stability [2][5] - The average receivable period for basic materials is around 15 days, ensuring that cash flow issues from sales are unlikely [2] - The company is actively working on product upgrades and technological advancements to maintain market competitiveness and long-term growth [2][3] Group 3: Research and Development Investments - The company invests over 1.1 billion annually in R&D, focusing on product technology upgrades and new product development [2][3] - Despite high R&D expenditures, there are concerns about the low profit margins and overall financial returns from these investments [7] - The company aims to enhance product value and profitability as new projects come online [7] Group 4: Market and Competitive Landscape - The company is positioned in the high-end carbon fiber composite materials market, with ongoing collaborations with major automotive manufacturers [3][7] - The competitive edge lies in the company's technological capabilities and market positioning in the carbon ceramic brake disc sector [7] - The company is exploring new applications in AI and data transmission, indicating a focus on emerging market demands [8] Group 5: Government Support and Subsidies - Government subsidies received in 2024 have slightly increased compared to 2023, primarily from resource utilization and fixed asset investments [4] - The company is monitoring the impact of changes in subsidy structures on its financial performance [4] Group 6: Future Outlook and Strategic Initiatives - The company is optimistic about recovering from recent performance dips, particularly in the photovoltaic sector, with signs of order recovery [4] - The listing progress of subsidiary Dingli Technology on the Beijing Stock Exchange is ongoing, with successful acceptance of the application [6][9] - The company is committed to maintaining transparency and communication with investors regarding future developments and financial disclosures [9]

今年首家主动退市公司诞生，A股主动退市比例应该大幅提升 2023年9月19日，经纬纺机向深圳证券交易所提交了股票终止上市的申请，并得到了深交所的正式受理，成为了当年A股市场主动退市的代表公司。 经纬纺机的主动退市，给股东们提供了一个有诚意的行权价格。根据当时的市场价格，经纬纺机的行权价较市价溢价近15%。根据当时的市场环境，经纬纺 机这一份主动退市的方案也是很有诚意的。 2025年3月，玉龙股份拟主动退市，成为了2025年以来首家宣布主动退市的A股上市公司。根据玉龙股份的主动退市方案，主动退市的现金选择权为每股13.2 元，现金选择权溢价不足2%。虽然玉龙股份的现金选择权方案比不上当年的经纬纺机，但溢价退市的方式还是充满了诚意，从一定程度上保障了投资者的 合法权益。 根据A股市场的退市规则，主要包括强制终止上市以及主动终止上市。以强制退市为例，可以分为交易类强制退市、财务类强制退市、规范类强制退市以及 重大违法类强制退市。 与主动退市相比，强制终止上市对股东的伤害更明显，特别是触及重大违法类强制退市的上市公司，在公司宣布退市之前，公司股价需要经历一段快速下跌 过程。当上市公司进入退市期之后，公司股价更是加速下 ...

Economic Overview - In January-February 2025, both industrial and service sector production achieved rapid growth, but domestic demand remains weak and external demand has declined, indicating a need for further optimization of the supply-demand structure [1][2] - The industrial added value growth rate for January-February was 5.9%, significantly exceeding the market expectation of 5.1%, driven mainly by the transportation equipment, metal products, and equipment manufacturing sectors [3][4] - Investment growth in January-February significantly surpassed market expectations, primarily due to strong infrastructure investment performance, while manufacturing investment showed resilience and real estate investment's decline narrowed [14][25] Production Insights - The industrial added value growth was supported by "promoting consumption" and "grabbing exports," with manufacturing sector performance particularly strong in January-February [3][4] - The service sector also maintained a high growth rate, with modern service industries showing particularly good performance [3][4] - However, high-frequency data and tariff impacts suggest that both industrial and service sectors may face weakening pressures in the future [3][4] Investment Analysis - Total investment, infrastructure investment, manufacturing investment, and real estate development investment in January-February were 4.1%, 9.9%, 9.0%, and -9.8% respectively, showing significant improvements compared to the same period last year [14][25] - The strong performance of narrow infrastructure investment was attributed to the proactive commencement of major projects post-Spring Festival and good progress in the issuance of special bond funds [14][25] - Manufacturing investment is expected to improve in the second quarter of 2025, driven by the continuation of equipment renewal policies and marginal improvements in PPI [14][25] Consumption Trends - In January-February, the total retail sales of consumer goods reached 837.31 billion yuan, with a year-on-year growth rate of 4.0%, slightly below the market expectation of 4.5% [25] - The growth rate of commodity retail was recorded at 3.9%, while catering revenue growth increased to 4.3%, reflecting improved consumption during the Spring Festival [25] - Future consumption support is anticipated from the recovery of housing prices and stock markets, increased social security income, and the continuation of "old-for-new" policies [25]