Group 1 - The establishment of Zhuzhong District Dustless Ceramic Studio, a sole proprietorship, has been registered with a legal representative named Li Xueqing [1] - The registered capital of the studio is 10,000 RMB [1] - The business scope includes sales of daily ceramic products, tea sets, arts and crafts, and internet sales, among other services [1] Group 2 - The studio is involved in personal internet live streaming services and professional design services [1] - Certain items, such as ivory and its products, are excluded from the sales scope [1]

Company Overview - Yixing Baijiaxing Zisha Craft Co., Ltd. has recently been established with a registered capital of 20,000 RMB [1] - The legal representative of the company is Man Yankun [1] Business Scope - The company engages in the sale and manufacturing of daily ceramic products [1] - It also sells tea sets and operates in the retail and wholesale of arts and crafts, excluding ivory and its products [1] - The business includes internet sales, cultural and artistic exchange activities, conference and exhibition services, and personal internet live streaming services [1] - Additional activities involve the sale of daily necessities, etiquette services, corporate image planning, marketing planning, advertising publishing, design, and agency [1] - The company provides management services, information consulting (excluding licensed information consulting), and various technical services including development, consulting, and promotion [1] - It is involved in the development and operation of rural folk crafts, leisure agriculture, and rural tourism resources [1] - The company also sells packaging materials and products, offers packaging services, and conducts market research (excluding foreign-related investigations) [1]

Group 1 - The establishment of Zhujiang District Zhujianqiwu Ceramic Studio, a sole proprietorship, has been registered with a legal representative named Yu Wei [1] - The registered capital of the studio is 10,000 RMB [1] - The business scope includes general projects such as sales of daily ceramic products, tea sets, arts and crafts, and internet sales, among others [1]

Group 1 - The establishment of a new individual business, Zhujiang District Wuyin Zhan Ceramic Studio, has been registered with a legal representative named Wang Zhongwei [1] - The registered capital of the business is 10,000 RMB [1] - The business scope includes sales of daily ceramic products, tea sets, arts and crafts, and internet sales, among other services [1] Group 2 - The business is involved in the retail of arts and crafts and collectibles, excluding ivory and its products [1] - It also offers personal internet live streaming services and professional design services, subject to legal approvals [1]

广东松发陶瓷股份有限公司 重大资产置换及发行股份购买资产并募 集配套资金暨关联交易之向特定对象发 行股票募集配套资金 发行情况报告书 独立财务顾问（主承销商） 二〇二五年八月 发行人全体董事声明 本公司及全体董事保证本发行情况报告书不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 全体董事签名： | ______________ | ______________ | ______________ | | --- | --- | --- | | 李静 | 卢堃 林峥 | | | ______________ | ______________ | ______________ | | 邹健 | 黄伟坤 | 刘瑛 | | 广东松发陶瓷股份有限公司 | | | | 发行人全体监事声明 | | | | 本公司及全体监事保证本发行情况报告书不存在虚假记载、误导性陈述或重 | | | | 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | | | | 全体监事签名： | | | | ______________ | ______________ | ______ ...

Group 1 - The establishment of Changjiang District Shiyu Ceramics Studio, a sole proprietorship, has been registered with a legal representative named Ma Shiqi [1] - The registered capital of the studio is 10,000 RMB [1] - The business scope includes sales of daily ceramic products, tea sets, enamel products, non-metallic minerals and products, arts and crafts retail (excluding ivory and its products), and personal internet live streaming services [1]

Core Viewpoint - The establishment of Foshan Dinggu Technology Co., Ltd. with a registered capital of 200,000 RMB indicates a new player in the technology and materials sector, focusing on various glass and building materials [1] Company Summary - Foshan Dinggu Technology Co., Ltd. has been recently founded with a registered capital of 200,000 RMB [1] - The company’s business scope includes engineering and technology research and experimental development, sales of daily glass products, functional glass and new optical materials, technical glass products, fiberglass and its products, wood processing, and plastic products [1] - Additional activities include sales of daily ceramics, building ceramics, sanitary ceramics, construction materials, building decoration materials, lightweight building materials, wholesale and retail of hardware products, and labor services (excluding labor dispatch) [1]

Group 1 - The establishment of Changjiang District Qiji Ceramics Studio, a sole proprietorship, has been registered with a legal representative named Ma Shiqi [1] - The registered capital of the studio is 10,000 RMB [1] - The business scope includes sales of daily ceramic products, tea sets, enamel products, internet sales (excluding items requiring permits), non-metallic minerals and products, retail of arts and crafts and collectibles (excluding ivory and its products), sales of arts and crafts and ceremonial supplies (excluding ivory and its products), personal internet live streaming services, and organizing cultural and artistic exchange activities (excluding projects that require approval) [1]

Group 1 - The core viewpoint is that China's ceramic product exports have shown growth in both quantity and value in May 2025, indicating a positive trend in the industry [1] - The export quantity of ceramic products reached 1.77 million tons, representing a year-on-year increase of 1.1% [1] - The export value amounted to 2.07 billion USD, reflecting a year-on-year growth of 14.8% [1] Group 2 - The data is sourced from China Customs and organized by Zhiyan Consulting, a leading industry consulting firm in China [3]

Core Viewpoint - The A-share market is accelerating the elimination of underperforming companies, with over 140 listed companies facing delisting risk warnings this year, leading to significant stock price declines for many of these companies and the funds that invested in them [1][3]. Group 1: Market Dynamics - More than 140 listed companies have been subjected to delisting risk warnings, with 27 and 43 companies receiving such warnings on April 30 and May 6, respectively [3]. - The stock prices of most companies that received delisting risk warnings experienced sharp declines following the announcements [3]. - The "shell value" of listed companies has significantly decreased due to the strict enforcement of delisting regulations [8]. Group 2: Fund Holdings and Reactions - The interest of public funds in ST stocks has significantly decreased compared to the past, although some companies still attract public fund interest when they have the potential to remove the delisting risk [2][8]. - Among the 140 companies facing delisting risks, only 19 have public fund holdings, primarily in passive funds like ETFs [5]. - Specific companies like *ST Tianze and *ST Songfa have seen significant public fund holdings, with the former having a fund holding ratio of approximately 5.57% and the latter at 7.09% as of the end of Q1 this year [4]. Group 3: Investment Strategies - The process of selecting stocks for public funds involves multiple layers of screening, with a focus on fundamental quality and liquidity [5][6]. - Fund managers must submit research reports and obtain approval from the investment decision committee before including stocks in the core portfolio [6][8]. - The handling of ST stocks by index funds varies, with some funds choosing to remove them from their portfolios while others may retain them temporarily [7]. Group 4: Potential Opportunities - Despite the decline in interest in ST stocks, some companies like ST Huayuan and *ST Chengchang have shown potential for recovery, attracting interest from various public funds [8]. - The investment decision-making process for these stocks remains complex, requiring thorough research and committee approval, especially under the current regulatory environment [8].