值得关注的是，豪尔赛自2019年上市后，次年业绩"变脸"，2020年营收与净利润均大幅下滑。2021年至2024年，豪尔赛扣非净利润已连续4年亏损，亏损额 累计巨大。 豪尔赛表示，业绩下滑主要源于三方面因素：一是基建及地产领域投资节奏调整导致照明工程行业需求出现阶段性波动，豪尔赛承接的大型项目订单显著减 少；二是行业竞争持续加剧，同时原材料、人力等成本上升进一步压缩了利润空间；三是部分客户回款周期延长，致使豪尔赛计提的信用及资产减值准备增 加。 7月17日，深交所上市公司豪尔赛（002963.SZ）发布半年度业绩预告，预计2025年上半年实现归属于上市公司股东的净亏损3039.33万元至3851.13万元，业 绩由盈转亏且降幅高达495.35%至600.95%，整体延续了豪尔赛近年来业绩承压的态势。 | 项目 | 本期报告 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损:3,039.33 万元-3,851.13 万元 | 盈利:768.77 万元 | | | 比上年同期下降:495.35%-600.95% | | | 扣除非经常性损益 后的净利润 | 亏损 ...

Core Viewpoint - The discussion on the future of private enterprises in China is centered around three key strategies: transformation, going global, and inheritance, as articulated by Ge Jun, co-chairman of Tianjiu Shared Group [1][3][5]. Group 1: Transformation - Transformation is described as "old trees sprouting new buds," emphasizing that it does not require starting from scratch but rather leveraging existing strengths [6]. - Several case studies illustrate successful transformation paths, such as Steel Jiejie, which transitioned to solar energy, and Shanghai Roman, which evolved from a lighting company to a comprehensive service provider [6]. - The logic of transformation is highlighted as "precise positioning" rather than complete disruption, providing replicable experiences for small and medium enterprises [6]. Group 2: Going Global - The global market presents broader opportunities compared to the domestic market, with a shift from merely selling products to establishing deep local roots [7]. - The new trend for 2025 includes brand building, full industry chain collaboration, and deep localization, as exemplified by companies like CATL and its factory in Hungary [7]. - The cultural and emotional value creation in overseas markets is emphasized, showcasing the importance of local engagement in the globalization process [7]. Group 3: Inheritance - Inheritance is a critical topic for the longevity of enterprises, with a staggering statistic indicating that only 10% of wealth is successfully passed down through three generations [8]. - Ge Jun outlines three paths for successful inheritance, including the integration of family offices, professional management transitions, and building intergenerational trust [8]. - The essence of inheritance is framed as the continuation of vitality rather than merely a transfer of power [8]. Group 4: Entrepreneurial Spirit - The strategies of transformation, globalization, and inheritance are encapsulated in the entrepreneurial spirit characterized by courage, resilience, wisdom, and a focus on action [9]. - The journey of private enterprises is portrayed as not only a struggle for individual companies but also as a new chapter for China's private economy [9].

Core Viewpoint - The Supreme People's Court has released typical cases to enhance judicial services and support the coordinated development of the Beijing-Tianjin-Hebei region, aiming to establish it as a model area for Chinese-style modernization [1] Case Summaries Case 1: Land Lease Dispute - The case involves a land lease dispute between Beijing's prison management and a Tianjin aquaculture company regarding a piece of land in Beijing's Qinghe Farm, which is geographically located in Tianjin [2][3] - The court ruled that the Tianjin company must vacate the land and pay usage fees, while the prison management must compensate for the trees on the land [3][4] Case 2: Patent Infringement - A patent infringement case was filed by a designer against a trading company and its online store for selling a similar children's toy without permission, claiming damages of 50,000 RMB [6][7] - The court found no infringement as the designs were deemed sufficiently distinct, leading to the dismissal of the case [7][8] Case 3: Marine Environmental Public Interest Litigation - A public interest lawsuit was initiated against a shipping company for a sunken vessel that posed environmental risks in the Tianjin-Hebei sea area, with a ruling mandating the company to recover the sunken ship [9][10] - The execution faced challenges due to the complexity of the recovery operation, but ultimately, the ship was successfully retrieved without environmental contamination [10][11][12] Case 4: Financing Lease Dispute - A financing lease dispute arose between a drone company and a financial leasing company due to delayed payments, leading to a court case [13][14] - The court facilitated a mediation process that resulted in a mutually agreeable payment plan, allowing the drone company to continue operations [14][15] Case 5: Construction Contract Dispute - A construction contract dispute occurred between a lighting engineering company and a real estate developer over unpaid project fees after quality issues were identified [16][17] - The court employed a third-party mediation organization to resolve the dispute, leading to a successful agreement between the parties [17][18] Case 6: Illegal Fishing Case - Four individuals were prosecuted for illegal fishing during a prohibited period, resulting in a court ruling that included both criminal penalties and a requirement to restore the fish population [19][20] - The case highlighted the collaborative judicial efforts between Beijing and Hebei courts to protect aquatic resources and promote ecological restoration [20][21]

Group 1 - The company estimates expected credit losses based on historical credit loss experience, current conditions, and forward-looking information, particularly for unbilled engineering projects and warranty deposits [1][2] - The company's customer base primarily consists of government and state-owned enterprises, which generally have high credit ratings, leading to a lower estimated bad debt provision [2][3] - The actual bad debt losses for accounts receivable and contract assets from 2022 to 2024 were significantly lower than the provisions made, indicating a conservative approach to bad debt provisioning [3][21] Group 2 - The company has a cautious bad debt provisioning policy, which is influenced by industry characteristics and customer structure, resulting in a high level of provisions compared to actual losses [3][21] - Specific projects with aged receivables have been highlighted, including the Jiangxi Nanchang Tourism Group project, which has ongoing arbitration for unpaid amounts [6][7] - The company has engaged in legal actions to recover overdue payments, with some cases resulting in favorable arbitration outcomes [8][10] Group 3 - The company reported a significant increase in sales expenses, primarily due to the acquisition of subsidiaries and increased competition in the market [30][31] - Sales expenses rose by 31.18% in 2024, driven by higher costs associated with business entertainment and bidding services [31][32] - The complexity of projects, particularly in the cultural tourism sector, has led to increased professional input and higher bidding costs [32][33]

Core Viewpoint - The legal opinion issued by JunHe Law Offices confirms that the second extraordinary general meeting of shareholders for Haosai Technology Group Co., Ltd. held on June 19, 2025, complied with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [2][11]. Group 1: Meeting Procedures - The company announced the second extraordinary general meeting of shareholders on June 4, 2025, detailing the time, location, and procedures for participation [5][6]. - The meeting was held at the designated location, and the actual time and method of the meeting matched the prior announcement [6][11]. Group 2: Attendance and Voting - A total of 100 participants attended the meeting, representing 46,872,615 shares, which is 30.7509% of the total shares as of the record date [7]. - The network voting involved 96 shareholders, representing 635,600 shares, which is 0.4227% of the total shares [7]. - The attendance included company directors, supervisors, and senior management, with some participating via communication methods due to work commitments [7]. Group 3: Voting Results - The meeting passed several resolutions, with the ordinary resolution receiving 46,705,215 votes in favor, accounting for 99.9996% of the votes cast [9]. - The special resolution was approved with 46,741,015 votes in favor, representing 99.9996% of the votes cast [10]. - The voting results from minority investors showed a significant majority in favor of the resolutions, indicating strong support [10].

Group 1 - The company Roman Co., Ltd. reported a revenue of 180 million yuan for Q1 2025, representing a year-on-year increase of 49.44% [1] - The net profit attributable to shareholders for Q1 2025 was 14.42 million yuan, a decrease of 20.68% year-on-year [1] - The net cash flow from operating activities for Q1 2025 was -132 million yuan, compared to -106 million yuan in the same period last year [1] Group 2 - In 2024, Roman Co., Ltd. achieved a revenue of 688 million yuan, showing a year-on-year growth of 12.70% [1] - The net profit attributable to shareholders for 2024 was -34.84 million yuan, down from 80.54 million yuan the previous year [1] - The net cash flow from operating activities for 2024 was -55.08 million yuan, compared to 107 million yuan in the previous year [1] Group 3 - Roman Co., Ltd. raised a total of 590.94 million yuan from its initial public offering, with a net amount of 528.55 million yuan after deducting issuance costs [2] - The company plans to use the raised funds for working capital, R&D, marketing services, and repaying bank loans [2] - The total issuance costs for the IPO were 62.39 million yuan, including underwriting fees of 48 million yuan [2]

Core Viewpoint - The acquisition of properties by Haosai from its chairman raises concerns about the legitimacy and rationale behind the transaction, especially given the company's declining financial performance and ongoing losses [2][3][4]. Financial Performance - In 2024, Haosai reported revenue of 459 million yuan, a year-on-year decline of 14.71%, with a net loss of 109 million yuan after excluding non-recurring items [2]. - In Q1 2025, the company's revenue plummeted by 60.05%, with a net loss of 16.18 million yuan [2]. - Since 2021, Haosai has recorded negative net profits for four consecutive years, accumulating losses exceeding 330 million yuan [3]. Cash Flow and Asset Quality - The operating cash flow for Haosai was only 19.91 million yuan, insufficient to support long-term investments [3]. - As of the end of 2024, accounts receivable reached 381 million yuan, with a turnover rate of only 1.11 times per year, significantly below the industry average [3]. Property Acquisition Details - The properties being acquired are valued at 37.1154 million yuan, but the lack of detailed assessment methods and comparable market prices raises questions about potential premium components [3]. - The transaction involves properties previously leased from the chairman, leading to suspicions of potential "rent-seeking" behavior and possible conflicts of interest [3][4]. Strategic Implications - The property acquisition is framed as a strategic upgrade, but it appears to be a means of asset replacement amid declining performance, potentially transferring risks rather than addressing underlying issues [4].

Core Viewpoint - The company is undergoing financial difficulties, with significant losses and liquidity issues, but has taken steps to improve its situation, including asset disposals and seeking to revoke its delisting risk warning [11][19][34]. Financial Performance - In 2024, the company reported a revenue of 116.89 million yuan, with a net loss attributable to shareholders of 13.1 million yuan [13][22]. - The total assets of the company were 792.73 million yuan, with total liabilities leading to a high debt ratio of 87.79% [13][11]. - The company’s cash flow from operating activities was 5.95 million yuan, indicating a challenging cash flow situation [14]. Debt and Financing - The company has a significant amount of overdue debt, with approximately 2.21 billion yuan in interest-bearing liabilities, some of which are in litigation [11][13]. - The company has entered into a debt restructuring process and signed an investment agreement to alleviate financial pressure [15][12]. Asset Management - The company transferred accounts receivable valued at 16.7 million yuan to an affiliate for 60 million yuan, generating a gain of 4.33 million yuan [4][10]. - The company received a cash donation of 4 million yuan from its actual controller, which is not related to any repayment obligations [8][10]. Industry Context - The lighting engineering industry has faced a downturn since 2020 due to the global pandemic, but is expected to recover with a projected market size exceeding 900 billion yuan by 2026 [12][13]. - The company is adapting to industry changes by focusing on intelligent and systematic lighting solutions [12]. Regulatory Compliance - The company’s stock was previously under delisting risk due to negative net profit and revenue below 100 million yuan, but it has since applied to revoke this warning [19][34]. - The company has confirmed compliance with accounting standards and internal controls, as per the audit report [22][35].

上市首日，时空科技收报92.61元，为其上市以来最高价。该股目前处于破发状态。 时空科技首次公开发行股票募集资金总额为11.40亿元，扣除发行费用后，募集资金净额为10.24亿元。 时空科技发布的招股说明书显示，其计划募集资金10.24亿元，用于补充照明工程施工业务营运资金、 信息化平台及研发中心建设项目、偿还银行贷款。 时空科技首次公开发行股票的发行费用总额为1.16亿元，其中，保荐及承销费用8550.18万元。 2021年6月18日，时空科技披露权益分派实施公告，公司以方案实施前的公司总股本70,894,000股为基 数，向全体股东每股派发现金红利0.19元(含税)，每股派送红股0.4股，共计派发现金红利13,469,860 元，派送红股28,357,600股，本次分配后总股本为99,251,600股。 中国经济网北京5月14日讯时空科技（605178）(605178.SH)近日披露2025年第一季度报告，报告期内， 该公司实现营业收入7056.52万元，同比增长17.43%；实现归属于上市公司股东的净利润-3563.29万元， 上年同期为-3559.97万元；实现归属于上市公司股东的扣除非经常性损益的净 ...

北京新时空科技股份有限公司 2024 年年度股东大会会议资料 北京新时空科技股份有限公司 会议资料 二〇二五年五月 北京新时空科技股份有限公 司 2024 年 年度股东大会会议资料 目 录 议案八 ：关于续聘北京德皓国际会计师事务所(特殊普通合伙)为公司 2025 议案九：关于公司及子公司 2025 年度向相关金融机构申请授信融资额度的 北京新时空科技股份有限公司 2024 年年度股东大会会议资料 北京新时空科技股份有限公司 为了维护全体股东的合法权益，确保北京新时空科技股份有限公司（以下简 称"公司"）2024 年年度股东大会（以下简称"本次会议"）的正常秩序和议事 效率，保证本次会议的顺利进行，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》"）、《上市 公司股东大会规则》及《北京新时空科技股份有限公司章程》（以下简称"《公 司章程》"）和《北京新时空科技股份有限公司股东大会议事规则》（以下简称 "《股东大会议事规则》"）等相关规定，特制定本须知。 一、 公司证券法务部具体负责本次会议有关程序方面的事宜。 二、 本次会议以现场会议的形式召开，并采取 ...