Core Viewpoint - The company Tianyi Shangjia is selling part of its assets for 51.4 million yuan to alleviate financial difficulties and restructure its business focus towards core areas [4][5][6]. Group 1: Asset Sale Details - Tianyi Shangjia announced the sale of assets from its wholly-owned subsidiary Tianjin Tianyi for a total price of 51.4 million yuan, which includes machinery and real estate [4]. - The asset sale consists of two parts: machinery related to automotive brake pads sold for 17.5 million yuan and real estate in Tianjin sold for 33.9 million yuan [4]. - The total transaction amount of 51.4 million yuan represents a discount of 43.77% compared to the book value of the assets, which is 91.4166 million yuan [6]. Group 2: Financial Performance and Challenges - Tianjin Tianyi has been in a continuous loss state, with a net profit of -68.1251 million yuan in 2024 and a negative net asset of -72.3652 million yuan [5]. - As of the end of Q1 2025, the company's financial situation had not improved, with significant cash flow pressures due to frozen bank accounts totaling 87.5792 million yuan, representing 32.83% of the cash at the end of 2024 [6]. Group 3: Strategic Business Restructuring - The company plans to divest from the automotive brake pads and steel backing business and relocate its rail transit brake production lines to its Beijing base [5]. - This strategic move indicates a shift in focus towards the rail transit sector, while the main business areas, including high-speed rail powder metallurgy brake pads and photovoltaic materials, remain unaffected by this adjustment [6][7]. - The asset sale is seen as a necessary step for financial relief and a strategic adjustment to streamline operations and enhance efficiency [7].

Group 1 - The resilience of Qingdao's consumption market is supported by a solid manufacturing base, transitioning from a "internet celebrity" city to a "long-lasting" city due to continuous industrial upgrades [1] - The industrial cluster represented by the "Five Golden Flowers" has evolved, with the home appliance and electronics industry achieving an annual output value exceeding 400 billion yuan, and the rail transit equipment industry accounting for 50% of the national high-speed train production [1] - Qingdao Beer has transformed into a "sustainable lighthouse factory," utilizing digital transformation for flexible production, allowing consumers to customize beer with unique designs, and ensuring 24-hour cold chain delivery nationwide [1] Group 2 - Emerging industries are injecting new momentum into consumption, with companies like GoerTek and Bird's Eye leading in virtual reality, and AstraZeneca's inhaler base and Haier's health industry park under construction in the biomedicine sector [2] - Qingdao is building a "10+1" industrial system, focusing on new generation information technology and artificial intelligence as leading industries, while also nurturing emerging sectors like life health and smart connected new energy vehicles [2] - Over 80 listed companies are located in Qingdao, with more than 60 domestic listings, making it the top in the province and third among northern cities, with nearly 40% of these companies related to consumption [2]

北京鼎汉技术集团股份有限公司 （修订稿） （本报告中如无特别说明，相关用语具有与《北京鼎汉技术集团股份有限公 司 2024 年度向特定对象发行 A 股股票预案（修订稿）》中含义相同） 股票简称：鼎汉技术 股票代码：300011 北京鼎汉技术集团股份有限公司 （北京市丰台区南四环西路 188 号十八区 2 号楼（园区）） 募集资金使用可行性分析报告（修订 稿） 二〇二五年八月 一、本次向特定对象发行募集资金的使用计划 本次向特定对象发行股票募集资金总额不超过 22,420.59 万元，扣除发行费 用后净额拟全部用于补充流动资金。 二、本次募集资金投资项目的必要性和可行性分析 （一）本次募集资金的必要性 公司主营业务聚焦轨道交通领域，涵盖地面电气装备、车辆电气装备、智慧 化解决方案以及售后运营维护四大板块，随着轨道交通行业新建项目的持续发展 以及在运行设备陆续进入维护更换周期，公司迎来良好的发展机遇，同时，人工 智能、大数据、绿色环保等新技术在行业内的深度应用，为公司技术创新、研发 平台建设带来新的挑战。一方面，公司紧抓行业增量及存量市场机会，加大业务 拓展力度，报告期内业务规模稳中有增；另一方面公司坚持研发投入 ...

Core Viewpoint - The company, Beijing Dinghan Technology Group Co., Ltd., plans to issue shares to a specific group of investors to raise funds for operational liquidity and support its growth in the rail transit industry, which is experiencing significant opportunities due to national policies and technological advancements [10][12][16]. Group 1: Company Overview - Company Name: Beijing Dinghan Technology Group Co., Ltd. - Stock Code: 300011 - Established: June 10, 2002 - Listed: October 30, 2009 - Registered Capital: 558,650,387 RMB [9][18]. Group 2: Issuance Details - The company plans to issue up to 46,905,000 shares, representing 8.40% of the total shares before the issuance, at a price of 4.78 RMB per share [18][20]. - The total amount to be raised is not exceeding 224.21 million RMB, which will be used entirely to supplement working capital [20][32]. - The issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6][22]. Group 3: Industry Context - The rail transit industry is seen as a critical infrastructure sector in China, with significant growth opportunities driven by national strategies such as "Belt and Road" and "New Infrastructure" [10][12]. - The industry is expected to benefit from stable growth in operational mileage and investment scale, with the national railway fixed asset investment projected to reach 850.6 billion RMB in 2024, a year-on-year increase [11][12]. - The market for maintenance services is also anticipated to grow as existing rail transit projects enter maintenance phases [11][14]. Group 4: Strategic Importance - The company aims to enhance its competitive edge by focusing on technological innovation and the integration of advanced technologies such as AI and big data into its products [15][16]. - The issuance of shares to the controlling shareholder, Gongkong Capital, is expected to strengthen the company's capital structure and governance, reflecting confidence in the company's future [17][22].

股票简称：鼎汉技术 股票代码：300011 北京鼎汉技术集团股份有限公司 （北京市丰台区南四环西路188号十八区2号楼（园区）） 方案的论证分析报告（修订稿） （一）本次向特定对象发行的背景 交通运输是国民经济中具有基础性、先导性、战略性的产业，是重要的服务 性行业和现代化经济体系的重要组成部分，是构建新发展格局的重要支撑和服务 人民美好生活、促进共同富裕的坚实保障。作为高端制造装备的重要组成部分， 轨道交通装备与国家经济发展水平、城市轨道交通发展及建设规划密切相关，伴 随着"一带一路"建设、"新基建"、"双碳"等战略目标深入推进，我国轨道 交通行业仍具有广阔的发展机遇及偌大的市场空间。 轨道交通作为国民经济"大动脉"、关键基础设施和重大民生工程，因其快 速高效、低碳环保、安全稳定、运力强大等优点，在我国经济社会发展中的地位 和作用至关重要，近年来，国家高度重视轨道交通基础设施等建设，陆续出台《"十 四五"现代综合交通运输体系发展规划》和《中华人民共和国国民经济和社会发 展第十四个五年规划和 2035 年远景目标纲要》《新时代交通强国铁路先行规划 纲要》《国家综合立体交通网规划纲要》《城市轨道交通发展战略与" ...

Core Points - The company announced a cash dividend distribution of RMB 0.21 per share (before tax) for A-shares, approved at the annual shareholders' meeting on June 18, 2025 [2][4] - The total cash dividend to be distributed amounts to RMB 6,026,761,458 based on a total share capital of 28,698,864,088 shares [4] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [3] Distribution Plan - The cash dividends for A-share shareholders will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited Shanghai Branch [5] - H-share shareholders will not be subject to this announcement regarding cash dividends [6] - The company will directly distribute cash dividends to shareholders of China CRRC Group Co., Ltd. [9] Taxation Details - Individual A-share shareholders holding shares for over one year will be exempt from personal income tax on dividends, while those holding for one month or less will have their dividends fully taxed [10] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net dividend of RMB 0.189 per share [11] - Hong Kong investors through the Shanghai-Hong Kong Stock Connect will also receive a net dividend of RMB 0.189 per share after a 10% withholding tax [12] Contact Information - For inquiries regarding this dividend distribution, shareholders can contact the board office of China CRRC Co., Ltd. at 010-51862188 [13]

Group 1: Overview of Jilin Province's Economic Development - Jilin Province is experiencing a vibrant economic development, driven by key industries such as advanced manufacturing, automotive, and new materials [2][4][14] - The province's development is characterized by the integration of industry and culture, showcasing a coordinated development model [2][4] Group 2: China FAW Group (China First Automobile Works) - China FAW is the leading player in Jilin's automotive industry, playing a crucial role in the establishment of the "Changchun International Automobile City" concept [4][14] - The company has fostered a complete automotive industry chain, from parts manufacturing to vehicle production, enhancing regional economic collaboration [4][5] - Jilin Shibao Machinery Manufacturing Co., a key supplier to China FAW, exemplifies the growth of automotive component manufacturers in the region [4][5] Group 3: CRRC Changchun Railway Vehicles Co., Ltd. - CRRC Changchun is a prominent player in the rail transportation sector, focusing on the research and manufacturing of rail transit equipment [7][8] - The company has achieved significant technological advancements, particularly in high-speed train technology, contributing to China's rapid rail development [8][9] - CRRC Changchun is leading the digital transformation in the industry by establishing a supply chain management platform that connects nearly sixty enterprises [9][19] Group 4: Jilin Chemical Fiber Group - Jilin Chemical Fiber Group has made breakthroughs in carbon fiber production, which is lightweight yet stronger than steel, marking a significant advancement in new materials [12][13] - The company has invested heavily in R&D, collaborating with universities and research institutions to accelerate the development of high-performance fiber materials [13][20] - The establishment of a complete industrial chain around high-performance fiber materials has positively impacted the local economy and industry structure [13][20] Group 5: Future Directions - Changchun aims to strengthen its industrial economy by focusing on advanced manufacturing and integrating technology with industry [14][21] - Leading enterprises like China FAW, CRRC Changchun, and Jilin Chemical Fiber Group are pivotal in driving economic growth and technological innovation in Jilin Province [14][21]

Core Viewpoint - The restructuring of international economic and trade rules is significantly impacting the global manufacturing landscape, necessitating China's manufacturing sector to adapt and enhance its global presence and quality of international operations [1] Group 1: Global Investment Trends - Since 2015, Chinese enterprises have accelerated their overseas expansion, with foreign direct investment (FDI) flow reaching $177.29 billion in 2023, accounting for 11.4% of global FDI, maintaining a position among the top three globally for 12 consecutive years [1][2] - In 2023, the proportion of China's FDI flow to GDP, manufacturing value added, and manufacturing exports were 1%, 3.8%, and 6.1% respectively, all below the world average, indicating significant room for growth in global manufacturing layout [1] Group 2: Competitive Advantages - China's manufacturing globalization is supported by its strong industrial chain and supply chain advantages, with the country being the second-largest economy and possessing a complete industrial system across all categories recognized by the United Nations [2] - Over 40% of 500 major industrial products produced in China rank first globally, showcasing the country's robust industrial competitiveness [2] Group 3: Strategic Opportunities - The deepening of economic globalization presents strategic opportunities for Chinese manufacturing to break traditional market boundaries and innovate, enhancing resilience by optimizing costs related to labor, tariffs, and shipping [3] - Collaboration with other developing countries can extend local supply chains and foster mutual benefits, while expanding the scope of resource integration can stimulate innovation [3] Group 4: Recommendations for Global Expansion - To support manufacturing enterprises in global operations, it is essential to strengthen the foundation for "going out" by leveraging China's market size, complete industrial system, and talent resources, while aligning with international trade rules [4] - Enhancing comprehensive competitiveness requires a focus on technology, market awareness, and local integration, ensuring that enterprises can effectively respond to local market demands [5] - The integration of advanced manufacturing with modern services is crucial for improving international competitiveness, necessitating a shift towards service-oriented manufacturing [5][6] Group 5: Collaborative Ecosystem - Building a global cooperation network involves differentiated layouts based on regional resource endowments and enhancing regional economic collaboration to optimize production factors across borders [6] - Promoting a collaborative development ecosystem through partnerships with various countries can stabilize global supply chains and enhance cooperation in industrial development [6]

Overview - The company has announced the use of part of its idle raised funds for cash management, with a maximum amount not exceeding RMB 800 million [1][2][6] Cash Management Details - The cash management will be conducted through commercial banks, focusing on high safety and good liquidity investment products with a maturity of no more than 12 months [1][5] - The cash management period is valid for one year from the date of board approval [5] - The decision was approved by the company's eighth board meeting and the third supervisory board meeting, with clear consent from independent directors and the sponsor [2][7] Purpose and Benefits - The purpose of cash management is to improve the efficiency of the use of raised funds, as there is expected to be idle funds due to the construction progress of investment projects [2][6] - The company aims to generate additional income from these idle funds while ensuring that the investment does not affect the normal progress of the fundraising projects [6][7] Fund Source and Investment Plan - The funds for this cash management come from a non-public offering approved by the China Securities Regulatory Commission in 2013, which raised a total of RMB 1.17272724 billion [2][3] - The remaining idle raised funds as of June 30, 2025, amount to RMB 804.6137 million, including RMB 790 million in cash management products [4][5] Risk Management - The company has established internal control measures to ensure the safety of funds and compliance with relevant regulations, thus avoiding any disguised change in the use of raised funds [7][8] - The cash management products will not be pledged, and the special settlement account will not hold non-raised funds [7][8]

国泰海通证券股份有限公司 关于晋西车轴股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为晋 西车轴股份有限公司（以下简称"晋西车轴"或"公司"）2013 年度非公开发行 股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海 证券交易所股票上市规则》等有关法律法规和规范性文件的要求，就晋西车轴使 用暂时闲置募集资金进行现金管理的事项进行了审慎核查，并发表如下核查意 见: 一、募集资金基本情况 经证监会《关于核准晋西车轴股份有限公司非公开发行股票的批复》（证监 许可[2013]803 号）批准，公司于 2013 年 8 月非公开发行人民币普通股（A 股） 股票 117,272,724 股，每股发行价格为人民币 11.00 元，募集资金总额为人民币 于 2013 年 8 月 7 日全部到位，并经瑞华会计师事务所（特殊普通合伙）审验， 出具瑞华验字〔2013〕第 218A0002 号验资报告。扣除审计费、律师费等费用后， 该次募集资金实际净额 126 ...