Core Viewpoint - The company has approved a profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 1.50 per 10 shares, totaling approximately RMB 44.33 million, based on an increased total share capital of 295,550,944 shares due to stock option incentives [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual general meeting held on May 19, 2025, with a cash dividend of RMB 1.50 per 10 shares, amounting to RMB 44,332,641.60 [1][2]. - The total share capital increased to 295,550,944 shares due to the exercise of stock options by the first group of incentive recipients [1][2]. - The distribution will not involve capital reserves, undistributed profits, or surplus reserves for increasing share capital [1]. Group 2: Dividend Payment Details - The cash dividend will be distributed to all shareholders registered by the close of trading on July 14, 2025, with the ex-dividend date set for July 15, 2025 [3]. - The dividend will be directly credited to the shareholders' accounts through their securities companies or other custodians [3][4]. - Different tax rates will apply for various categories of shareholders, with specific provisions for foreign investors and different holding periods [2]. Group 3: Consultation and Contact Information - The company has provided contact details for inquiries regarding the dividend distribution, including a phone number and address for the securities department [4].

Core Viewpoint - Company has completed the business registration change and obtained a new business license, increasing its registered capital from 292 million to 296 million yuan [1] Group 1 - Company has successfully completed the industrial and commercial change registration procedures [1] - The new business license was issued by the Fujian Provincial Market Supervision Administration [1] - The registered capital has been increased by 4 million yuan, now totaling 296 million yuan [1]

Core Viewpoint - The company has approved a guarantee of up to 1.43 billion yuan for its subsidiary, Xuzhou Xingning Leather Co., Ltd., to support its financing needs [1][4]. Summary by Sections Guarantee Overview - The company held its sixth board meeting on April 24, 2025, where it approved a proposal to provide a guarantee for its subsidiary [1]. - The total guarantee amount for the subsidiary is capped at 1.43 billion yuan, with a specific guarantee of 150 million yuan for Xuzhou Xingning Leather Co., Ltd. [1][4]. - The guarantee is valid for 12 months from the date of approval by the shareholders' meeting [1]. Subsidiary Information - Xuzhou Xingning Leather Co., Ltd. is a wholly-owned subsidiary of the company, established on June 28, 2010, with a registered capital of 75 million yuan [2]. - The company specializes in leather processing and manufacturing, including high-end leather products [2]. Financial Status of the Subsidiary - As of the 2024 fiscal year, the subsidiary reported total assets of approximately 159.17 million yuan and total liabilities of about 94.94 million yuan [3]. - The subsidiary's sales revenue for the 2024 fiscal year was approximately 175.71 million yuan, with a net loss of about 2.07 million yuan [3]. Guarantee Agreement Details - The subsidiary has been approved for a comprehensive credit line of 50 million yuan from Nanjing Bank Xuzhou Branch, which can be used for trade financing and working capital loans [4]. - The company will assume joint guarantee responsibility for this credit line [4]. Cumulative Guarantee Situation - The company has a total external guarantee amount of approximately 121.95 million yuan, with 37.645 million yuan specifically for its wholly-owned subsidiaries [4]. - This represents 50.70% of the company's audited net assets for the 2024 fiscal year and 27.17% of the total audited assets [4].

General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws [1][2] - The company was established as a foreign-invested joint-stock company approved by the Ministry of Commerce of the People's Republic of China on December 21, 2007 [2] - The registered capital of the company is RMB 295.550944 million [2] Business Objectives and Scope - The company's business objective is to utilize advanced technology and management methods to manufacture and sell products that meet market demands, while continuously innovating for better economic and social benefits [3] - The registered business scope includes processing of raw hides, leather finishing, research and development of new materials and technologies, production and sales of leather products, and import-export trade [3] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [4][5] - The total number of shares is 295.550944 million, all of which are ordinary shares [5] Share Issuance and Transfer - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shares of the same type [4] - Shares can be transferred legally, and the company does not accept its own shares as collateral [9] Shareholder Rights and Obligations - Shareholders have rights to dividends, attend meetings, supervise company operations, and transfer their shares [11][12] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [12][39] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [21] - The notice for shareholder meetings must include details such as time, location, and agenda, and must be sent out in advance [62][63] Related Party Transactions - The company must disclose transactions with related parties that exceed certain thresholds, ensuring transparency and compliance with regulations [46][47] - Related party transactions must be approved by the board and disclosed to shareholders [20][46]

Core Points - The stock price of Yaowang Technology (002291) closed at 7.18 yuan on June 16, 2025, with an increase of 9.95% and a turnover rate of 12.99% [1] - The company reported a total revenue of 972 million yuan for Q1 2025, a year-on-year decrease of 38.52%, while net profit attributable to shareholders was 91.19 million yuan, a year-on-year increase of 3.23% [1] - The company has a current ratio of 1.178, a quick ratio of 0.967, and a debt-to-asset ratio of 39.66% [1] Financial Data - Main capital inflow for the day was 254 million yuan, accounting for 32.08% of the total transaction amount [1] - Large orders saw a net inflow of 274 million yuan, representing 34.59% of the transaction amount, while small orders had a net outflow of 146.52 million yuan, accounting for 18.5% [1] Company Overview - Yaowang Technology, established in 2002 and located in Foshan, primarily engages in the leather, fur, feather, and footwear industries [2] - The company has invested in 25 enterprises and participated in four bidding projects, holding 13 trademarks and 27 patents [2]

Core Viewpoint - The China Leather Association is conducting research to formulate the "14th Five-Year" development plan for the leather industry, aiming to promote high-quality development amidst challenges and opportunities in the current market environment [1][5]. Group 1: Research and Planning - The research includes field investigations and discussions with government departments, industry organizations, and enterprises to ensure the plan's scientific and feasible nature [1][4]. - The focus of the "14th Five-Year" plan is on building a modern industrial system, fostering new productive forces, and improving the industrial ecosystem [1][4]. Group 2: Regional Insights - The first research stop was in Wenzhou, known as "China's Shoe Capital," where the association engaged with local government and industry representatives to understand the shoe manufacturing sector's characteristics and challenges [2][3]. - Wenzhou's shoe industry has a foundation in smart manufacturing, green production, and brand operation, with enterprises aiming to accelerate high-end, digital, and cluster development to enhance global competitiveness [2][3]. Group 3: Challenges in the Fur Industry - In Yuyao, a significant fur industry base, the sector faces challenges such as international market fluctuations and declining traditional sales channels, despite having over 2,000 enterprises and processing 8.5 million pieces of fur annually [3][4]. - The local government is committed to optimizing the business environment and supporting leading enterprises in international cooperation and high-end exhibitions [3][4]. Group 4: Future Directions - The association emphasizes the need for the fur industry to align with international trends and domestic transformation, focusing on brand enhancement, new productive force cultivation, and sustainable development [4][5]. - There is a consensus among local governments, industry associations, and enterprises on the importance of top-level design, clear development goals, and strong measures to enhance industry competitiveness, with a focus on digital transformation, green manufacturing, and international development [4][5].

股票简称：古麒绒材 股票代码：001390 安徽古麒绒材股份有限公司 Anhui Guqi Down & Feather Textile Incorporated （安徽省芜湖市南陵县经济开发区） 特别提示 首次公开发行股票并在主板上市 之 上市公告书 保荐人（主承销商） 安徽古麒绒材股份有限公司（以下简称"古麒绒材""公司""本公司"或"发行 人"）股票将于 2025 年 5 月 29 日在深圳证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发 行股票并在主板上市招股说明书中的相同。如本上市公告书中合计数与各加数 直接相加之和在尾数上存在差异，系四舍五入所致。 本上市公告书"报告期"指：2022 年度、2023 年度和 2024 年度。 1 （深圳市罗湖区红岭中路1012号国信证券大厦十六层至二十六层） 二〇二五年五月 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、准确 性、完整性，承诺上市 ...

安徽古麒绒材股份有限公司 首次公开发行股票并在主板上市之 上市公告书提示性公告 经深圳证券交易所审核同意，安徽古麒绒材股份有限公司（以下简称"古麒 绒材"、"发行人"或"公司"）发行的人民币普通股股票将于2025年5月29日在深圳 证券交易所主板上市，上市公告书全文和首次公开发行股票的招股说明书全文披 露于巨潮资讯网（www.cninfo.com.cn）、证券时报网（www.stcn.com）、中证网 （www.cs.com.cn）、中国证券网（www.cnstock.com）、证券日报网（www.zqrb.cn）、 经济参考网（www.jjckb.cn）、中国金融新闻网（www.financialnews.com.cn）、 中国日报网（cn.chinadaily.com.cn），供投资者查阅。 具体而言，上市初期的风险包括但不限于以下几种： 1 （一）股票简称：古麒绒材 （二）股票代码：001390 （三）首次公开发行后总股本：20,000万股 所属网页二维码：巨潮资讯网 一、上市概况 （四）首次公开发行股票数量：5,000万股，本次发行全部为新股，无老股转 让。 二、风险提示 本公司提醒广大投资者注意首次 ...

Core Viewpoint - The company has established a three-year shareholder dividend return plan for 2025-2027 to enhance the transparency and operability of its profit distribution policy, ensuring a stable return for shareholders while considering sustainable development [1][2]. Factors Considered in the Plan - The plan takes into account the company's long-term sustainable development, operational strategies, shareholder expectations, social capital costs, external financing environment, current and future profitability, cash flow, investment needs, and bank credit conditions [1][2]. Principles for Developing the Plan - The plan aligns with relevant laws, regulations, and the company's articles of association, considering the actual operational situation, reasonable returns for shareholders, and cash flow [2][3]. Dividend Return Plan for 2025-2027 - The company will implement a continuous and stable profit distribution policy, prioritizing cash dividends while also considering stock dividends and other legal methods [2][3]. - The company aims to distribute cash dividends at least once a year, with the board able to propose mid-term cash dividends based on profitability and funding needs [2][3]. Conditions for Cash Dividends - Cash dividends will be distributed if the company has positive distributable profits, sufficient cash flow, and no major investment plans or cash expenditures [3][4]. - The minimum cash dividend will be at least 10% of the distributable profits for the year, with a cumulative minimum of 30% over the last three years [3][4]. Differentiated Cash Dividend Policy - The cash dividend proportion will vary based on the company's development stage and funding needs, with specific minimum percentages set for mature and growth stages [4][5]. Decision-Making Process for Dividend Distribution - The board will carefully consider the timing, conditions, and minimum ratios for cash dividends, requiring a majority vote for approval before submission to the shareholders' meeting [4][5]. Communication with Shareholders - The company will engage with shareholders, especially minority shareholders, to gather opinions and address concerns regarding dividend policies [5][6]. Review and Adjustment of the Plan - The dividend return plan will be reviewed every three years, with adjustments made based on operational conditions and shareholder feedback [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - Short-term performance is expected to improve due to the release of overseas production capacity and new customer growth in the automotive leather segment, indicating potential earnings elasticity. Long-term, the company is expanding its export business into the sports industry, having entered the supply chains of global sports brands like Adidas and VF, which could enhance growth and valuation prospects. New businesses, such as Hongxing and Baotai, are positioned for high growth due to industry demand, contributing to the company's overall growth outlook. The projected net profit for the company from 2025 to 2027 is estimated at 170 million, 190 million, and 210 million yuan, representing year-on-year growth of 20%, 13%, and 11%, with corresponding P/E ratios of 16, 14, and 13 times [2][4][6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.951 billion yuan, with a net profit attributable to the parent company of 142 million yuan, reflecting a year-on-year revenue increase of 9% but a decline in net profit by 24%. In Q4 2024, the company reported revenue of 937 million yuan and a net profit of 32 million yuan, showing significant growth compared to the previous year. For Q1 2025, revenue was 627 million yuan, with a net profit of 19 million yuan, indicating a year-on-year revenue increase of 5% but a decline in net profit by 45% [4][5][6]. Business Segment Analysis - The main business segment, focused on footwear and bags, is expected to see a slight decline in revenue due to a weak domestic consumption environment affecting the internal sales portion. Conversely, the automotive leather segment is projected to grow by 20% to 720 million yuan, driven by strong sales from core customers. The second-layer leather business is also expected to see significant revenue growth due to a resurgence in demand for retro styles, although profit margins may be impacted by raw material price fluctuations [5][6]. Profitability Insights - The overall gross margin for 2024 remained stable at 21.4%, with a slight increase of 0.02 percentage points year-on-year. However, asset impairment losses significantly impacted net profit, leading to a decline in net profit margin to 4.8%. In Q1 2025, the gross margin improved to 20.7%, but net profit margin decreased to 3.0% due to increased financial expenses and asset impairment losses [6][4].