法律意见书 广州金鹏律师事务所 Kingpound Law Firm 广 州 天 河 区 珠 江 新 城 兴 民 路 222 号 之 三 天 盈 广 场 （ 东 塔 ） 37、 45 层 电 话 ： 020-38390333 传 真 ： 020-38390218 广州金鹏律师事务所 关于广州发展集团股份有限公司 售条件成就、调整回购价格及回购注销部分已获 授但尚未解除限售股票等相关事项 之 电 子 邮 件 ： kingpound@kingpound.com 网 址 ： http://www.kingpound.com/ 广州金鹏律师事务所 法律意见书 一、本次解除限售条件成就、调整回购价格及回购注销等事项所履行的法律程 二、本次激励计划第三个解除限售期解除限售条件成就的具体情况 ......... 7 广州金鹏律师事务所 法律意见书 广州金鹏律师事务所 关于广州发展集团股份有限公司 回购价格及回购注销部分已获授但尚未解除限售股票等相关事项之 算、复核等方法，勤勉尽责、审慎履行了核查和验证义务。 法律意见书 （2025）穗金鹏律法字第 284 号 致：广州发展集团股份有限公司 广州金鹏律师事务所（以下简称"本所 ...

Core Viewpoint - The announcement details the achievement of conditions for the third unlock period of the 2021 restricted stock incentive plan, allowing 7,115,017 shares to be released from restrictions, representing approximately 29.90% of the total restricted shares granted to 174 eligible participants [1][9][17] Summary by Sections Incentive Plan Overview - The company approved the third unlock period of the 2021 restricted stock incentive plan, allowing 7,115,017 shares to be released from restrictions [1][9] - A total of 174 participants meet the conditions for the release of their restricted shares [1][9] Decision-Making Process - The board of directors and the supervisory board reviewed and approved the necessary resolutions regarding the incentive plan and its implementation [2][3][4] - Independent directors provided their opinions affirming the legality and compliance of the decision-making process [2][3] Conditions for Unlocking - The unlocking of shares is contingent upon meeting specific performance and governance conditions as outlined in the incentive plan [9][12] - The company has met the required conditions, including maintaining a sound governance structure and achieving performance targets [9][12] Performance Metrics - The performance metrics for unlocking include financial performance indicators such as net profit growth and return on equity (ROE) [12][13] - The company has achieved the necessary performance targets, including a compound annual growth rate of non-ROE net profit exceeding 50% [12][13] Shareholder and Legal Compliance - The company has ensured that the unlocking process complies with relevant laws and regulations, including the Company Law and the Management Measures for Equity Incentives [17] - Legal opinions confirm that all necessary procedures and approvals have been followed for the unlocking of shares [17]

长青集团公告，2025年上半年营业收入18.73亿元，同比下降1.74%。净利润1.21亿元，同比增长 46.23%。公司经本次董事会审议通过的利润分配预案为：以公司当前总股本7.42亿股为基数，向全体股 东每10股派发现金红利1.5元（含税），送红股0股（含税），不以公积金转增股本。 ...

Core Insights - Hengsheng Energy (605580) reported a total revenue of 463 million yuan for the first half of 2025, representing a year-on-year increase of 17.22% [1] - The net profit attributable to shareholders reached 68.76 million yuan, up 32.72% year-on-year [1] - The company's gross margin improved by 18.12% to 25.79%, while the net margin increased by 13.95% to 14.9% [1] Financial Performance - Q2 revenue was 239 million yuan, a 13.34% increase year-on-year, but net profit for the quarter decreased by 8.89% to 24.45 million yuan [1] - Total operating expenses (selling, administrative, and financial) amounted to 23.06 million yuan, accounting for 4.98% of revenue, which is a 39.86% increase year-on-year [1] - Earnings per share rose to 0.25 yuan, a 31.58% increase year-on-year, while operating cash flow per share increased significantly by 137.17% to 0.46 yuan [1] Significant Changes in Financial Items - Inventory increased by 41.48% due to the consolidation of Huada Reheating [2] - Deferred tax assets rose by 20.04% due to increased asset impairment provisions and unutilized losses [3] - Accounts receivable increased by 23.1% due to higher sales revenue [4] - Prepayments surged by 1395.49% due to prepayments for loans and operational goods [4] - Fixed assets and intangible assets increased by 70.54% and 166.76%, respectively, due to the merger with Huada Reheating [4] - Short-term borrowings increased by 43.94% due to higher procurement of raw materials [5] Cost and Expense Analysis - Management expenses rose by 35.11% due to increased asset consolidation and depreciation [6] - Financial expenses surged by 171.47% due to increased interest from short-term and long-term borrowings [6] - R&D expenses increased by 104.96% due to higher depreciation and amortization of assets [6] Cash Flow Analysis - Net cash flow from operating activities increased by 137.17% due to higher sales and tax refunds [6] - Net cash flow from investing activities decreased by 54.62% due to cash payments for the acquisition of subsidiaries [6] - Net cash flow from financing activities decreased by 5.87% due to increased repayments of loans and interest [6] Business Evaluation - The company's return on invested capital (ROIC) was 11.19%, indicating average capital returns [8] - The historical median ROIC since listing is 17.6%, suggesting good investment returns [8] - The company relies heavily on capital expenditures, necessitating careful monitoring of capital project viability [8] Debt and Liquidity Concerns - The company's cash flow ratio (cash/short-term liabilities) is only 18.33%, indicating potential liquidity issues [8] - The interest-bearing debt ratio has reached 31.08%, raising concerns about debt sustainability [8] - Accounts receivable to profit ratio stands at 105.9%, suggesting potential collection issues [8]

Group 1 - The company reported a revenue of 157 million yuan for the first half of 2025, representing a year-on-year decrease of 15.03% [1] - The net profit attributable to shareholders was 63.17 million yuan, down 6.64% compared to the previous year [1] - The basic earnings per share were 0.39 yuan [1] Group 2 - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares to all shareholders [1]

Core Viewpoint - Harbin Electric Power Equipment Co., Ltd. has significantly increased its registered capital from 1.07 billion RMB to approximately 1.67 billion RMB, marking a growth of about 56%, indicating strong development momentum for the company [1][3]. Group 1: Company Overview - The company was established in April 2007 and is led by legal representative Li Mengqi, with a diverse business scope that includes manufacturing and designing civil nuclear safety equipment and providing electrical installation services [1][4]. - The company is jointly held by Harbin Electric Group Jiamusi Electric Machine Co., Ltd. and Harbin Electric Co., Ltd., providing a solid financial backing and rich resources for technological research and market expansion [2][6]. Group 2: Financial and Strategic Implications - The substantial increase in registered capital is expected to inject new vitality into the company, supporting its future development strategies in technology research, market expansion, and capacity enhancement [3][5]. - The company's focus on civil nuclear safety equipment has established a good reputation in the industry and contributes to the development of China's nuclear energy sector, which is increasingly important as global energy structures evolve [5]. Group 3: Future Outlook - With the support of its major shareholders, the company is poised to continue its innovative and efficient approach, driving technological advancement and industrial upgrades, positioning itself as a leader in the industry [6].

Group 1 - The total operating revenue of large-scale industrial enterprises in China reached 78.07 trillion yuan from January to July 2025, representing a year-on-year increase of 2.3% [1] - The mining industry generated revenue of 2.94384 trillion yuan, showing a year-on-year decline of 13.6% [1] - The manufacturing sector achieved revenue of 67.84316 trillion yuan, with a year-on-year growth of 3.3% [1] Group 2 - The total profit of large-scale industrial enterprises amounted to 40.2035 trillion yuan, reflecting a year-on-year decrease of 1.7% [1] - The mining industry reported a total profit of 493.09 billion yuan, down 31.6% year-on-year [1] - The manufacturing sector's profit totaled 30.2358 trillion yuan, marking a growth of 4.8% [1] Group 3 - The coal mining and washing industry recorded a profit of 166.62 billion yuan, a significant decline of 55.2% year-on-year [2] - The oil and gas extraction industry achieved a profit of 208.7 billion yuan, down 12.6% year-on-year [2] - The non-metallic mining sector's profit increased by 1.6% to 194.2 billion yuan [2] Group 4 - The operating costs for large-scale industrial enterprises reached 66.80 trillion yuan, an increase of 2.5% [2] - The mining industry's operating costs were 20.3055 trillion yuan, down 9.1% year-on-year [2] - The operating costs for the coal mining and washing industry were 1.04865 trillion yuan, reflecting a decline of 14.5% [2]

Core Insights - Zhengxiangbaiqi Fengsheng Power Generation Co., Ltd. has welcomed a significant shareholder, ICBC Financial Asset Investment Co., Ltd., leading to a notable change in its equity structure and a substantial increase in registered capital from approximately 730 million RMB to about 1.2 billion RMB [1][2][5] Company Overview - Established in January 2015, Zhengxiangbaiqi Fengsheng Power Generation Co., Ltd. focuses on investment, operation, and services in the wind energy sector, contributing to the clean energy field under the leadership of its legal representative, Ma Junhua [1][3][4] - The company has achieved significant accomplishments in wind energy generation and is actively exploring new technologies and models for greater breakthroughs in the clean energy sector [3][5] Shareholder Structure - Following the recent business change, the company's shareholder structure has shifted, with TBEA Xinjiang New Energy Co., Ltd. and the newly added ICBC Financial Asset Investment Co., Ltd. now jointly holding shares [1][2][6] - TBEA Xinjiang New Energy Co., Ltd. holds approximately 60.95% of the shares, while ICBC Financial Asset Investment Co., Ltd. holds about 39.05% [6] Future Prospects - The addition of ICBC Financial Asset Investment Co., Ltd. is expected to inject new vitality and financial support into Zhengxiangbaiqi Fengsheng Power Generation Co., Ltd., enhancing its competitiveness in the wind energy sector [2][5] - The company plans to increase investments and research efforts in wind energy, while also seeking more domestic and international cooperation opportunities to achieve greater advancements in the clean energy field [5]

Company Overview - Hengsheng Energy's stock price on August 27 was 18.68 yuan, down 5.18% from the previous trading day [1] - The opening price was 19.68 yuan, with a high of 19.68 yuan and a low of 18.68 yuan, and the trading volume was 99,575 hands, with a transaction amount of 190 million yuan [1] Business Operations - Hengsheng Energy operates in the electric power and heat production and supply industry, primarily engaged in the production and supply of steam and hot water, as well as thermal power generation [1] - The company's business includes cogeneration, comprehensive utilization of solid waste resources, and CVD diamond production [1] Financial Performance - For the first half of 2025, the company reported operating revenue of 463 million yuan, an increase of 17.22% year-on-year [1] - The net profit attributable to shareholders was 68.76 million yuan, up 32.72% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.50 million yuan, a year-on-year increase of 8.27% [1] - The net cash flow from operating activities was 129 million yuan, representing a significant increase of 137.17% year-on-year [1] Market Activity - On August 27, the net outflow of main funds was 1.40 million yuan, accounting for 0.03% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 6.47 million yuan, representing 0.12% of the circulating market value [1]

Core Insights - In the first seven months of the year, the total profit of large-scale industrial enterprises in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - The profit breakdown shows that state-controlled enterprises saw a profit of 12,823.4 billion yuan (down 7.5%), while private enterprises and foreign-invested enterprises both experienced a profit increase of 1.8% [1] - The mining industry faced a significant profit decline of 31.6%, while the manufacturing sector reported a profit increase of 4.8% [1] Industry Performance - The agricultural and food processing industry saw a profit increase of 14.5%, while the electrical machinery and equipment manufacturing industry grew by 11.7% [2] - The coal mining and washing industry experienced a drastic profit decline of 55.2%, indicating severe challenges in this sector [2] - The overall operating revenue for large-scale industrial enterprises was 78.07 trillion yuan, with a year-on-year growth of 2.3% [2] Financial Metrics - As of the end of July, total assets of large-scale industrial enterprises reached 183.67 trillion yuan, a year-on-year increase of 4.9% [2] - The average accounts receivable was 26.84 trillion yuan, reflecting a year-on-year growth of 6.8% [3] - The operating profit margin decreased by 0.21 percentage points to 5.15% [2] Monthly Trends - In July alone, the profit of large-scale industrial enterprises decreased by 1.5% year-on-year [4] - The cost per 100 yuan of operating revenue increased to 85.57 yuan, indicating rising costs for enterprises [3]