东吴证券股份有限公司 关于森赫电梯股份有限公司部分募投项目 结项并将节余募集资金永久补充流动资金的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为森赫 电梯股份有限公司（以下简称"森赫股份"或"公司"）首次公开发行股票并在 创业板上市的保荐机构，根据《上市公司募集资金监管规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，对公 司部分募投项目结项并将节余募集资金永久补充流动资金事项进行了审慎核查， 核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意森赫电梯股份有限公司首次公开发行 股票注册的批复》 （证监许可〔2021〕2313 号）同意注册，并经深圳证券交易所 同意，公司首次公开发行人民币普通股 66,696,667 股，每股面值 1 元，每股发行 价格为人民币 3.93 元，募集资金总额为 26,211.79 万元，扣除本次发行股票所支 付的承销、保荐费用、中介费、信息披露费等发行费用 4,537.79 万元（不含增值 税）后，实际募集资金净额为人民币 21,674.00 万元。 立信会计师事务所（特殊普通合伙）已于 ...

Group 1 - Digital technology is transforming the elevator industry's manufacturing processes, with automation software controlling large-scale production in Kone's Kunshan facility [1][2] - Kone is planning a significant new investment project in China to enhance local service capabilities and export smart manufacturing results globally, focusing on projects in the Greater Bay Area [1][2] - The Kunshan industrial park is Kone's largest production base globally and the largest R&D center outside Finland, with a local supply chain accounting for 99% and products exported to over 100 countries [1] Group 2 - The Kunshan factory has achieved a leading level of automation globally, with full 5G network coverage and the use of AI digital twin technology for real-time monitoring and optimization of production processes [2] - Predictive maintenance services enabled by AI and big data can reduce equipment failure rates by up to 55% and decrease the risk of entrapment by up to 40% [2] - Kone is adapting to the shift from new construction to the maintenance of existing elevators in China, emphasizing the importance of digitalization in creating a flexible production system [2] Group 3 - Major elevator companies, including Kone and Otis, are actively investing in government-supported projects for the upgrade of old residential elevators to expand their presence in China's existing market [3] - Kone has completed the first batch of 2,106 old elevator upgrades in Kunshan within eight months [3] - Otis's Shanghai R&D center is the largest globally for the company, focusing on developing smart elevator equipment and digital technology innovations [3]

Group 1 - In the first five months of this year, Shanghai established nearly 2,500 new foreign-funded enterprises, with actual foreign investment exceeding 7.6 billion USD, maintaining its position as the most concentrated city for foreign investment in China [1] - The Finnish company KONE, headquartered in Shanghai, completed a significant public welfare project in Kunshan, updating 2,106 old residential elevators in just eight months, showcasing how foreign enterprises are shifting from "incremental dividends" to "stock opportunities" in China [3][4] - KONE has transformed from being a "world factory" to a key player in global innovation, with its Kunshan industrial park being the largest production base globally and its R&D center being the largest overseas [4] Group 2 - KONE's recent project in Kunshan signifies its ability to capture new opportunities as China transitions into a "stock era," with the elevator market shifting from incremental to stock, making the renovation business KONE's "second growth curve" [5] - The number of elevators over 15 years old in China has reached 900,000 and is still growing rapidly, presenting a significant market opportunity for KONE, which has seen double-digit growth in its renovation business orders over the past three years [5] - KONE's success in the Kunshan project is attributed to its deep integration with the local business environment, benefiting from government support and optimizing the supply chain, with 99% of its supply chain based locally [7]

Group 1 - The core viewpoint of the article emphasizes the transformation of the elevator market in China from a growth-oriented to a maintenance-oriented approach, aligning with the country's urbanization process [1] - KONE, a leading global elevator and escalator company, has successfully delivered its first batch of old elevator renovation projects supported by special long-term government bonds, with 2,196 residential elevators updated, of which KONE won 2,106 units, accounting for approximately 96% [1] - KONE's elevator update orders in China have maintained double-digit growth over the past three years, indicating a clear market opportunity and marking a significant strategic focus for the company globally [2] Group 2 - The Chinese market has the highest number of elevators in the world, with a total of 11.53 million elevators expected by the end of 2024, including 900,000 old elevators over 15 years old, which is projected to increase annually [1] - KONE is adapting to the diverse conditions of old elevators by implementing customized solutions, with 40% of updated elevators utilizing tailored approaches, while also focusing on cost reduction and shortened project timelines [2] - KONE's manufacturing facility in Kunshan has established a flexible production line specifically for old elevator renovations, allowing for adjustments to produce different specifications as needed [2]

Group 1 - The company expects its net profit for the first half of 2025 to be between 13.5 million and 17.7 million yuan, representing a year-on-year decrease of 25.63% to 43.28% [1][2] - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between 165 million and 197 million yuan, a decrease of 78.02 million to 81.22 million yuan compared to the same period last year, reflecting a decline of 79.84% to 83.12% [1][2] - The previous year's net profit attributable to shareholders was 97.72 million yuan, with a net profit of 23.80 million yuan after deducting non-recurring gains and losses [1][2] Group 2 - The decline in profit is attributed to a slowdown in overall market demand for elevators, industry cycles, and intensified competition, which have pressured product prices and reduced profit margins [2] - The company has focused on its core elevator and escalator business, implementing lean management and leveraging technological innovation to enhance operational capabilities and market competitiveness [2] - The company confirmed a significant asset disposal gain of 69.16 million yuan from the transfer of land and structures from an old factory site [2]

梅轮电梯（603321）公告，公司预计2025年半年度归属于上市公司股东的净利润为1650万元到1970万 元，同比减少79.84%至83.12%。预计2025年半年度归属于上市公司股东的扣除非经常性损益的净利润 为1350万元至1770万元，同比减少25.63%至43.28%。 ...

Group 1: Urban Renewal and Construction - The Ministry of Housing and Urban-Rural Development reports that several regions, including Hebei, Shanghai, Zhejiang, and Hubei, have exceeded a 50% commencement rate for urban old community renovations this year [1] - As of June, special long-term bonds have funded the upgrade of 41,000 old residential elevators, benefiting 1.7 million residents [1] - A total of 18 billion yuan has been allocated for the renovation of 120,000 old elevators by 2025, indicating strong government support for infrastructure projects [1] Group 2: High-End Residential Market - A report from CRIC indicates that the transaction volume of high-end residential properties priced over 10 million yuan in 30 key cities has increased by 18.76% year-on-year [2] - The demand for premium properties remains robust, with nearly all price segments for high-end residential properties seeing an increase in transaction volume compared to the same period in 2024 [2] - The decline in transactions for properties priced between 30 million and 50 million yuan is attributed to a decrease in supply, with a nearly 30% year-on-year drop [2] Group 3: Real Estate Financing and Development - Wuhan aims to secure over 50 billion yuan in credit for "white list" projects this year, with a focus on increasing the supply of new housing [3] - The city has reported a 30.6% year-on-year increase in new housing contract area and a 10.8% increase in second-hand housing contract area [3] - The plan includes launching 100 new real estate projects, which will enhance market supply and contribute to the stability and high-quality development of the real estate market [3] Group 4: Land Acquisition and Market Activity - China Overseas Land & Investment won a residential land parcel in Shenzhen with a premium rate of 40.74%, indicating strong competition among developers [4] - The land was sold for 2.37 billion yuan, with a floor price of approximately 38,800 yuan per square meter, reflecting the attractiveness of quality land parcels [4] - The competitive bidding process highlights the vitality of the Shenzhen land market and the ongoing demand for improved residential areas [4] Group 5: Corporate Financial Issues - Wanda Commercial Management Group has had 200 million yuan in equity frozen by the Nanjing Intermediate People's Court due to judicial enforcement [5] - The frozen equity is linked to investments in Kunshan and Nanning Wanda Plaza, which may restrict the company's financial flexibility [5] - This situation could impact Wanda's commercial expansion and project execution pace, raising concerns about stability in the commercial real estate sector [5]

Core Insights - The Midea Group's TRUE Conference focused on smart building technology and innovation, attracting over 2,000 participants from various sectors, including top research institutions and leading companies [2][3] - The conference emphasized the importance of low-carbon solutions and digital transformation in the building industry, with discussions on practical applications and technological advancements [3] Group 1: Conference Highlights - The TRUE Conference featured over 30 events aimed at exploring cutting-edge technologies and presenting actionable solutions for the building industry [2] - Key speakers included representatives from Shanghai's Science and Technology Committee and Fudan University, highlighting the role of smart buildings as a critical engine for industry growth [3] Group 2: Product Launches - Midea Group unveiled five new product solutions during the conference, focusing on HVAC, smart elevators, building control, and energy management [4] - The MDV9 multi-connected unit was introduced, showcasing significant performance improvements, including a 32% increase in heat exchange area and a 3.5 times increase in heat flow density [4][5] Group 3: Strategic Developments - Midea's new "magnetic suspension + X" product strategy aims for substantial energy savings, with the new cooling system expected to save 470,000 kWh annually [5] - The company is expanding its European business unit, MBT Climate, to enhance its global market presence [4]

Group 1 - Foreign enterprises continue to favor China despite international trade frictions, attracted by its status as the world's second-largest consumer market [2][4] - Otis Elevator Company highlights the significant growth potential in China, with over 11 million elevators in use, and government support for upgrading old elevators [2][4] - The report from the Ministry of Commerce indicates that profits of foreign-invested industrial enterprises in China are expected to rise from 1.6 trillion RMB to 1.8 trillion RMB from 2019 to 2024, maintaining a profit margin above the national average [4] Group 2 - China possesses a complete industrial supply chain, which is a unique advantage for foreign companies like Boeing, where 50% of production materials are sourced locally [4] - Schneider Electric has established a robust green supply chain in China, with over 1,600 suppliers and 30 factories, making it a crucial market for the company [4] - The investment in R&D in China is projected to reach 36.13 billion RMB in 2024, reflecting an 8.3% increase from the previous year, supporting foreign enterprises in building efficient supply networks [5] Group 3 - Companies like West Superconducting Materials have successfully collaborated with multinational firms, enhancing their product quality and establishing themselves as global leaders [6] - The trend of "Chinaization" in investment strategies is shifting from manufacturing to include R&D and design, as companies adapt to local market needs [8] - The Chinese government's commitment to reform and opening up is instilling confidence in foreign investments, with a reported 10.4% increase in new foreign-invested enterprises in early 2025 [9]

Core Insights - The article highlights the significance of "Design Shanghai" 2025 as a pivotal event in the global design industry, showcasing over 600 brands from more than 30 countries across four core segments: furniture and lighting design, kitchen and bathroom design, new materials and applications, and lifestyle and accessories design [1][3] Group 1: Event Overview - "Design Shanghai" 2025 features a diverse selection of design excellence, presenting cutting-edge design concepts and practices that reflect contemporary aesthetics [1] - The event includes seven special projects, such as "TALENTS," which focuses on young designers and aims to create a comprehensive platform for professional display and ecological construction in the design industry [3] Group 2: ARITCO's Participation - ARITCO showcases Scandinavian design philosophy and sustainable concepts, presenting a "breathing vertical space laboratory" that embodies the idea of coexistence [4] - The company announces an accelerated strategic layout in the Chinese market, enhancing its partnership with Long Chuang Elevator to provide a full-cycle service network from design consultation to lifetime maintenance [4] Group 3: Product Innovation - ARITCO introduces new concept designs inspired by various cities, emphasizing modular design that allows for personalized customization of home elevators [6] - The brand's commitment to sustainability is detailed through three operational dimensions: material selection, energy consumption reduction, and carbon footprint optimization in transportation [6][7] Group 4: Market Insights - The Chinese market is deemed crucial for ARITCO due to its sales potential and dynamic opportunities, with a focus on understanding local consumer needs through collaboration with Long Chuang [9] - The evolution of consumer demands in China is noted, with a shift towards personalized and integrated design solutions for home elevators, driven by an aging society and technological advancements [10]