General Principles - The purpose of the document is to standardize the responsibilities of the Secretary of the Board of Directors of Beijing Shouchao Ecological Environmental Protection Group Co., Ltd. based on relevant laws and regulations [1][2] - The Secretary acts as a designated liaison between the company and the Shanghai Stock Exchange, responsible for fulfilling legal obligations and enjoying corresponding rights [1][2] Qualifications - The Secretary must possess good personal qualities, professional ethics, and necessary knowledge in finance, law, and management [2] - Individuals with certain disqualifying conditions, such as recent administrative penalties or public reprimands, are prohibited from serving as Secretary [2] Main Responsibilities - The Secretary assists in strengthening corporate governance and organizing board meetings, ensuring compliance with decision-making procedures [3][4] - Responsibilities include managing information disclosure, maintaining communication with regulatory bodies, and ensuring compliance with disclosure obligations [3][4] Investor Relations - The Secretary is responsible for managing investor relations, including communication, handling inquiries, and maintaining investor databases [4] - The role includes summarizing market dynamics and investor feedback for the board [4] Stock Management - The Secretary oversees stock and derivative management, including maintaining shareholder records and ensuring compliance with trading regulations [5] Capital Market Strategy - The Secretary assists in formulating capital market development strategies and supports refinancing or merger and acquisition activities [6] Training and Compliance - The Secretary is responsible for organizing training for board members and senior management on relevant laws and regulations [6][7] - The Secretary must report any violations of laws or regulations by board members to the relevant authorities [7] Appointment and Dismissal - The board must announce the appointment of the Secretary and provide necessary documentation to the Shanghai Stock Exchange [8][9] - The Secretary can be dismissed for significant errors or violations that cause major losses to the company [9] Performance Evaluation - The Secretary is required to participate in regular training and submit performance reports for evaluation [10] - Compensation and evaluation of the Secretary are determined by the board's remuneration and assessment committee [10]

Core Viewpoint - The participation experience of small shareholders in annual general meetings (AGMs) is increasingly problematic, with many facing barriers to entry and a lack of meaningful engagement during the meetings [1][2][3]. Group 1: Barriers to Participation - Small shareholders often encounter difficulties in registering for AGMs, with issues such as non-functional email addresses and lack of response from company representatives [2]. - Some companies have been reported to deny entry to shareholders based on unregistered attendance, which contradicts regulations that state all registered shareholders have the right to attend [2][3]. - The reluctance of small shareholders to participate is exacerbated by the additional obstacles set by companies, further diminishing their involvement in corporate governance [3]. Group 2: Meeting Procedures and Engagement - Many AGMs are criticized for being poorly organized, with key executives absent and minimal opportunities for shareholder interaction [4][5]. - The recent regulatory changes regarding the attendance of directors and executives at AGMs have not led to improved engagement, as many companies still treat these meetings as mere formalities [4][5]. - Some companies have been found to limit or completely avoid interactive sessions, opting instead for private meetings with shareholders, which undermines the purpose of the AGMs [6][10]. Group 3: Disclosure of Voting Results - There is a notable trend of companies failing to disclose voting results during the AGMs, instead directing shareholders to check announcements later, which violates existing regulations [7][8]. - The practice of not allowing shareholder representatives to participate in the counting and monitoring of votes raises concerns about the transparency and credibility of the voting process [8][9]. Group 4: Recommendations for Improvement - Companies are urged to eliminate barriers to participation and enhance the AGM process to ensure meaningful engagement with all shareholders [9][10]. - Regulatory bodies should enforce compliance with participation rules and address companies that consistently fail to engage small shareholders [9]. - Small shareholders are encouraged to actively exercise their rights and participate in AGMs to ensure their voices are heard [10].

Core Viewpoint - The company plans to repurchase its shares to stabilize stock prices and reduce registered capital, with a total repurchase amount between RMB 20 million and RMB 40 million [1][4][5]. Summary by Sections Repurchase Plan - Total repurchase amount: Not less than RMB 20 million and not more than RMB 40 million [1][4]. - Source of funds: Company’s own funds and special loans for stock repurchase [1][4]. - Purpose of repurchase: To stabilize stock prices and reduce registered capital [1][5]. - Maximum repurchase price: Not exceeding RMB 19.09 per share [1][4]. - Method of repurchase: Through centralized bidding on the Shanghai Stock Exchange [1][5]. - Duration of repurchase: Up to 6 months from the approval date by the shareholders' meeting [1][4]. Shareholder and Management Plans - No plans for share reduction by directors, supervisors, senior management, actual controllers, or shareholders holding more than 5% in the next 3 to 6 months [2][10]. Approval and Implementation - The board approved the repurchase plan on June 26, 2025, with unanimous support [3][4]. - The shareholders' meeting approved the plan on July 14, 2025 [4][5]. Financial Impact - As of March 31, 2025, the company’s total assets were approximately RMB 3.19 billion, with a debt ratio of 16.23% [9][10]. - The maximum repurchase amount represents 1.26% of total assets and 1.49% of net assets [9][10]. Share Structure Changes - The repurchase is expected to reduce the total share capital by approximately 1.53% at the upper limit and 0.76% at the lower limit [5][7]. Compliance and Disclosure - The company will comply with all relevant laws and regulations regarding the repurchase and will notify creditors accordingly [11][12].

江苏中晟高科环境股份有限公司 章 程 二〇二五年七月 江苏中晟高科环境股份有限公司 章程 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和其他有关规定，制定本章程。 第二条 江苏中晟高科环境股份有限公司（以下简称"公司"）系依照《公 司法》和其他有关规定成立的股份有限公司。 公司由宜兴市鲸塘经济发展总公司、宜兴市鲸塘农机管理服务站、宜兴市石 油化工厂工会、许汉祥、吴法君以发起方式设立。公司在无锡市数据局注册登记 并取得营业执照，统一社会信用代码为 913202001428987092。 第三条 公司于 2015 年 6 月 24 日经中国证券监督管理委员会（以下简称 "中国证监会"）核准，首次向社会公众发行人民币普通股 22,300,000 股，于 2016 年 1 月 6 日在深圳证券交易所上市。 第四条 公司注册名称 江苏中晟高科环境股份有限公司 章程 目 录 江苏中晟高科环境股份有限公司 章程 中文名称：江苏中晟高科环境股份有限公司 英文名称：Jiangsu Z ...

Group 1: 若羽臣 (Ruo Yu Chen) - The company expects a significant increase in net profit for H1 2025, projected between 0.63 to 0.78 billion yuan, representing a year-on-year growth of 62% to 100% driven by strong performance of its proprietary brands [1][3][29] - The proprietary brand "Zhenjia" has shown robust growth since its launch, with the introduction of a strategic product, scented laundry detergent, expected to further enhance brand performance [4][30] - The company has raised its earnings forecast for 2025-2027, estimating EPS of 0.79 (+0.02), 1.16 (+0.09), and 1.56 (+0.12) yuan, reflecting a higher growth potential compared to industry averages [2][29] Group 2: 瀚蓝环境 (Hanlan Environment) - The company anticipates a net profit of approximately 9.67 billion yuan for H1 2025, a year-on-year increase of about 9%, primarily due to the consolidation of Guangdong Feng Environmental Protection [7][26] - The acquisition of Guangdong Feng Environmental Protection is expected to enhance operational efficiency and contribute an additional 50 million yuan to net profit in June 2025 [7][27] - The company is actively pursuing cost reduction and efficiency improvement strategies, which are expected to sustain its growth trajectory [7][26] Group 3: 福田汽车 (Foton Motor) - The company forecasts a net profit of 7.77 billion yuan for H1 2025, an increase of approximately 87.5% year-on-year, driven by strong sales in heavy trucks and successful transitions to new energy vehicles [23][24] - Heavy truck sales reached 11,300 units in June, marking a year-on-year growth of 116.3%, with exports increasing by 135.7% [24] - The new energy vehicle segment saw sales exceeding 50,000 units, a year-on-year increase of 151%, positioning the company as a leader in the industry [24]

Group 1: Small-cap Fund Investment Opportunities - The long-term returns of small-cap stocks primarily stem from valuation improvements rather than dividends or buybacks, indicating a persistent pricing error in the market that provides alpha opportunities [8] - Small-cap stocks exhibit a longer right tail in excess return distribution compared to large-cap stocks, suggesting higher potential for extreme positive returns during bullish market cycles [8] - In a credit expansion phase, small-cap stocks tend to perform better due to a favorable monetary environment and recovering credit conditions [8] Group 2: Economic Insights - The second quarter GDP growth rate was reported at 5.2%, indicating resilience in the economy, particularly in industrial output, despite a decline in fixed asset investment growth [13] - Economic data for June showed a mixed trend, with external demand and production rebounding while consumption and investment weakened [9] - The overall economic outlook suggests a potential GDP growth rate of around 5% for the year, with ongoing challenges in domestic demand and export pressures [9] Group 3: Industry Performance - The coal industry is experiencing a decline in imports while thermal power generation continues to grow, leading to price increases as demand rises [22] - The antimony market is showing signs of recovery with potential upward price adjustments due to easing export policies and a focus on quality resource companies [23][24] - The textile and apparel sector, particularly companies like Anta Sports and 361 Degrees, is demonstrating strong sales growth, supported by effective multi-brand strategies [28][38]

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

Summary of Key Points Core Viewpoint - Zhejiang Weiming Environmental Co., Ltd. announces the interest payment details for its convertible bonds "Wei 22 Convertible Bonds" which will start on July 22, 2025, for the interest period from July 22, 2024, to July 21, 2025 [1][4]. Group 1: Convertible Bond Issuance Overview - The "Wei 22 Convertible Bonds" were issued on July 22, 2022, with a face value of 100 RMB per bond [1]. - The bonds have an annual interest payment structure, with the first interest payment due on July 22, 2025 [2][3]. Group 2: Interest Payment Details - The interest rate for the third year is set at 0.80% (including tax), resulting in an interest payment of 0.80 RMB per bond [4]. - The interest payment dates include the record date on July 21, 2025, and the payment date on July 22, 2025 [1][4]. Group 3: Taxation on Interest Income - Individual investors are responsible for paying a 20% tax on the interest income, leading to a net payment of 0.64 RMB per bond after tax [5]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds [5]. Group 4: Contact Information - The company provides contact details for inquiries related to the bond interest payments, including addresses and phone numbers for their legal and securities departments [6].

Group 1: Silver Market Insights - The report highlights a significant market perception gap regarding silver, emphasizing that its long-term price trends are more closely correlated with gold than industrial demand [8]. - It argues that the market has overestimated the impact of industrial demand on silver prices while underestimating the investment demand driven by its financial attributes [8]. - The report suggests that even with a decline in photovoltaic demand, silver may still maintain a supply-demand gap due to recovering investment demand [8]. Group 2: Company Performance and Financials - The report indicates that the company achieved a record revenue of 30.332 billion yuan in 2024, reflecting a year-on-year increase of 6.1%, with beverage business revenue growing by 8.2% [9][10]. - The net profit attributable to the parent company reached 1.849 billion yuan in 2024, marking a 10.9% increase year-on-year, driven by product structure upgrades and cost reductions [9][10]. - The company is expected to maintain a robust growth trajectory, with projected net profits of 2.21 billion, 2.50 billion, and 2.76 billion yuan for 2025-2027, representing year-on-year growth rates of 19.3%, 13.2%, and 10.6% respectively [11]. Group 3: Industry Trends and Future Outlook - The report notes that the REITs market is expected to continue to heat up in 2025 due to a low interest rate environment and macroeconomic recovery, with a focus on asset resilience and market pricing [12]. - It highlights the importance of the PCB and switch market, driven by the growing demand for high-performance networks and AI applications, with projected revenue growth for the company in the coming years [13]. - The report emphasizes the successful trial production of a mixed waste plastic resource utilization project, which is expected to significantly contribute to the company's growth trajectory in the waste recycling sector [14][15]. Group 4: Investment Recommendations - The report recommends a "buy" rating for the company, citing its strong operational barriers, high dividend attributes, and the essential nature of its products, which are expected to benefit from increased consumer demand and cost advantages [11]. - It also suggests that the company’s innovative capabilities and strategic management will enhance its market position and profitability in the long term [10][11].

Group 1 - The company expects a net loss attributable to shareholders of 460 million to 560 million yuan for the period from January 1, 2025, to June 30, 2025, representing a decline of 110.04% to 155.70% compared to the same period last year, which had a loss of 219.01 million yuan [1][2] - The expected basic earnings per share are projected to be a loss of 0.36 to 0.44 yuan per share, compared to a loss of 0.196 yuan per share in the previous year [1][2] - The anticipated operating revenue is estimated to be between 210 million and 250 million yuan, which is a decrease from the previous year's revenue of 249.41 million yuan [1][2] Group 2 - The primary reasons for the expected loss include significant investment losses due to the judicial transfer of subsidiary shares, lower-than-expected receivables leading to increased credit impairment losses, and higher penalties and interest due to litigation outcomes [2] - Although total financial expenses have decreased, the burden remains heavy for the company [2]