Core Viewpoint - A new company, Qufu Xinzhenhe Labor Subcontracting Co., Ltd., has been established with a registered capital of 10 million RMB, fully owned by Shandong Hengji Development Zone Operation Co., Ltd. [1] Company Summary - Company Name: Qufu Xinzhenhe Labor Subcontracting Co., Ltd. [1] - Legal Representative: Kong Tao [1] - Registered Capital: 10 million RMB [1] - Company Type: Limited liability company (wholly owned by a legal entity) [1] - Business Scope: Includes labor services (excluding labor dispatch), loading and unloading, earthwork engineering, machinery equipment leasing, municipal facility management, landscaping engineering, housekeeping services, residential water and electricity installation and maintenance, furniture installation and repair, engineering management services, building cleaning services, information consulting services (excluding licensed information consulting services), sales of building materials, manufacturing of building decoration, plumbing parts, and other metal products, special equipment repair, daily miscellaneous goods manufacturing, leasing of construction machinery and equipment, foreign contracting projects, processing of building wood and wood components, metal door and window engineering, and sales of cement products [1] - Address: Room 107, Ruyi Garden Community, Xiaoxue Street, Qufu City, Jining, Shandong Province [1] - Business Duration: Until July 18, 2025, with no fixed term thereafter [1] - Registration Authority: Qufu Market Supervision Administration [1] Industry Summary - Industry Standard: Construction industry > Building decoration, renovation, and other construction industries > Building decoration and renovation industry [1]

Company Overview - Shanghai Huanxin Industrial Co., Ltd. has been established with a registered capital of 5 million RMB [1][2] - The legal representative of the company is Chen Zilong, and it is wholly owned by Shanghai Hongzhi Industrial Co., Ltd. [1][2] Business Scope - The company engages in the sale of daily necessities and has a wide range of business activities including construction engineering, interior decoration, furniture sales, and various retail and wholesale activities [1] - Specific activities include sales of building materials, packaging materials, metal structures, office supplies, electronic products, and home appliances, among others [1] - The company also provides services such as technical consulting, enterprise management consulting, advertising design, and event organization [1] Industry Classification - Shanghai Huanxin Industrial Co., Ltd. is classified under the construction industry, specifically in the building decoration and renovation sector [2] - The company operates as a limited liability company with a natural person investment or control [2]

Company Overview - Recently, a new company named Mikailang Intelligent Decoration Engineering (Shandong) Co., Ltd. was established with a registered capital of 3 million RMB [1] - The legal representative of the company is Li Ke, and it is wholly owned by China Water East Planning and Design Co., Ltd. [1] Business Scope - The company's business scope includes residential interior decoration, construction engineering, specialized construction operations, stage engineering construction, cultural relic protection engineering, and intelligent building system design [1] - Additional services offered include furniture installation and maintenance, household appliance installation, metal door and window engineering, earthwork engineering, and sales of construction materials [1] - The company is also involved in various technical services, design services, rental services, and management services related to construction and engineering [1] Industry Classification - Mikailang Intelligent Decoration Engineering falls under the construction industry, specifically in the building decoration and renovation sector [1] - The company is registered in Jinan High-tech Industrial Development Zone, Shandong Province, indicating its operational base in a region known for technological development [1]

Group 1 - A new company named Gaomi Chengjia Borui Decoration Engineering Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Liu Weijun, and it is wholly owned by Gaomi Chengjia Urban Services Co., Ltd. [1] - The company's business scope includes construction engineering design, residential interior decoration, construction supervision, electrical installation services, sewage treatment and recycling, and various other construction-related services [1] Group 2 - The company is classified under the construction industry, specifically in the building decoration and renovation sector [1] - The registered address of the company is Room 414, Building 1, No. 266, East Fenghuang Street, Gaomi City, Weifang, Shandong Province [1] - The company is a limited liability company with no fixed term of operation, registered with the Gaomi Market Supervision Administration [1]

Company Overview - Tianjin Furui Ge Decoration Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Jinan Furui Ge Decoration Co., Ltd. [1] - The legal representative of the company is Cao Shuling [1]. Shareholding Structure - Jinan Furui Ge Decoration Co., Ltd. holds 100% of the shares in Tianjin Furui Ge Decoration Co., Ltd. [2]. Business Scope - The business scope includes residential interior decoration, construction project supervision, surveying, construction, design, intelligent building system design, and installation, maintenance, and testing of electrical facilities [2]. - Additional services include sales of construction materials, labor services (excluding labor dispatch), environmental consulting, project management, machinery equipment sales, retail of hardware products, electronic products, metal materials, fire protection technology services, landscaping engineering, residential water and electricity installation and maintenance, building cleaning services, sewage treatment and recycling, and machinery equipment leasing [2].

Company Overview - Yangzhou Jinzhij居 Decoration Engineering Co., Ltd. has been established with a registered capital of 3 million RMB [1] - The legal representative is Sun Feng, and the company is located at No. 252 Jiangyang Middle Road, Hanjiang District, Yangzhou City [1] Shareholding Structure - The company is jointly held by two shareholders: - Yangzhou Wasai Fangju Technology Service Co., Ltd. holds 55% - Changzhou Jinzhij居 Decoration Engineering Co., Ltd. holds 45% [1] Business Scope - The business scope includes various construction and decoration services such as: - Residential interior decoration and renovation - Construction engineering, design, and supervision - Geological disaster management and monitoring - Installation and maintenance of electrical facilities - Special equipment installation and repair - Landscaping and sports facility construction [1]

Group 1 - Sichuan United Shu Construction Engineering Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The company is wholly owned by Sichuan United Shu Sports Culture Development Co., Ltd. [1] - The legal representative of the new company is Li Hairong [1] Group 2 - The business scope includes construction engineering, design, interior decoration, and various sales of building materials [1] - The company is classified under the construction industry, specifically in building decoration and renovation [1] - The registered address is located in Chengdu, Sichuan Province [1]

Company Overview - Sichuan Tianxia Youmei Labor Service Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative is Zhou Chang'an, and the company is wholly owned by Huaibei Luode Carbon Hui Environmental Technology Co., Ltd. [1] Business Scope - The company’s business scope includes construction labor subcontracting, specialized construction operations, construction engineering, and intelligent system design [1] - Additional services include sales of coatings (excluding hazardous chemicals), earthwork engineering, corrosion-resistant materials, landscaping engineering, labor services (excluding labor dispatch), and various engineering and technical services [1] - The company is also involved in the sale of construction materials, mechanical equipment leasing, and information technology services [1] Registration and Compliance - The company is registered in Suining City, Sichuan Province, and its business license allows it to operate independently within the approved scope [1] - The business registration is valid until April 28, 2025, with no fixed term thereafter [1] - The registration authority is the Suining Market Supervision Administration [1]

Core Viewpoint - The company, Zhejiang Lianxiang Intelligent Home Co., Ltd., is actively engaged in the wall fabric and curtain manufacturing industry, which is closely tied to the real estate market dynamics in China. The company is implementing a share repurchase plan and has proposed a cash dividend distribution to its shareholders, reflecting its commitment to returning value to investors. Financial Data - As of March 31, 2025, the company has repurchased 4,484,912 shares, accounting for 4.33% of its total share capital [5] - The total amount spent on share repurchases is approximately RMB 17.49 million, with a maximum repurchase price of RMB 17.20 per share [7] - The proposed cash dividend is RMB 1.00 per share, totaling approximately RMB 9.91 million, based on the adjusted total share capital after accounting for repurchased shares [13][34] Industry Overview - The wall fabric and curtain industry is significantly influenced by the real estate market, with a direct correlation to residential sales area and transaction volume [15] - In 2024, the sales area of new residential properties decreased by 14.1%, and the sales amount dropped by 17.6%, indicating a challenging market environment [16] - The "guarantee delivery" policy introduced by the central government aims to stabilize the real estate market, which may positively impact the demand for interior decoration materials like wall fabrics and curtains [17] Company Position - The company is recognized as a leading player in the wall fabric industry, holding key positions in various industry associations [22] - The main business activities include the research, production, and sales of seamless wall fabrics and curtains, as well as decoration and renovation services [23] - The company has established a stable procurement and production model, ensuring quality control and efficient supply chain management [24][25] Market Trends - The wall fabric and curtain market is expected to grow due to increasing consumer demand for decorative materials and the ongoing urbanization process in China [18] - The industry is experiencing a shift towards more functional and aesthetically pleasing products, with wall fabrics gaining popularity over traditional wallpaper [19] - The overall construction and decoration industry is projected to benefit from government policies aimed at enhancing housing supply and improving living conditions [20][21]

Core Viewpoint - Recently, the establishment of Dejiang Zhenxin Decoration Engineering Co., Ltd. was announced, with a registered capital of 5 million RMB, fully owned by Dejiang Water Investment Group Co., Ltd. [1] Company Summary - Company Name: Dejiang Zhenxin Decoration Engineering Co., Ltd. [1] - Legal Representative: Ran Xiaohong [1] - Registered Capital: 5 million RMB [1] - Shareholder: Dejiang Water Investment Group Co., Ltd. holds 100% [1] - Business Scope: Includes construction engineering, interior decoration, installation services, and sales of building materials, among others [1] - Business Type: Limited liability company (non-natural person investment or holding) [1] - Address: 39 Zhongshan West Road, Qiaotou Community, Qinglong Street, Dejiang County, Tongren City, Guizhou Province [1] - Business Duration: Until April 18, 2025, with no fixed term [1] - Registration Authority: Dejiang Market Supervision Administration [1] Industry Summary - Industry Standard: Construction industry, specifically decoration and renovation [1] - Licensing Requirements: Certain projects require approval from relevant authorities before operation [1]