Group 1 - On September 1, 2025, Garden Co. executed a block trade of 235,000 shares, with a transaction value of 4.0488 million yuan, accounting for 0.97% of the total trading volume for that day [1][2] - The transaction price was 17.23 yuan, which represents a discount of 4.01% compared to the market closing price of 17.95 yuan [1][2] - The buying party was an institutional investor, while the selling party was Guangfa Securities Co., Ltd. [2]

Core Viewpoint - The company, Garden Co. (园林股份), has announced a plan to issue shares to specific investors, raising up to 200 million yuan for projects including the Huixiu Cultural Tourism Engineering project and to supplement working capital [1][4]. Fundraising Details - The total amount to be raised through this issuance is capped at 200 million yuan, which will be allocated entirely to the Huixiu Cultural Tourism Engineering project (140 million yuan) and working capital (60 million yuan) [2]. - The issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities as defined by the China Securities Regulatory Commission [2][3]. Issuance Structure - The number of shares issued will not exceed 30% of the company's total shares prior to the issuance, with the final number to be determined by the board of directors in consultation with the lead underwriter [3]. - The pricing for the shares will be based on the average trading price over the 20 trading days prior to the issuance date, set at no less than 80% of this average [3]. Shareholder Structure - As of the announcement date, Garden Group holds 48.67% of the company's shares, maintaining its status as the controlling shareholder post-issuance [4]. - The company went public on March 1, 2021, raising 660 million yuan, with net proceeds of 585 million yuan allocated for operational funding [4]. Financial Performance - The company reported revenues of 514 million yuan, 628 million yuan, and 722 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 262 million yuan, 157 million yuan, and 190 million yuan during the same period [5]. - For the first half of 2025, the company achieved revenues of 288 million yuan, a decrease of 10.61% year-on-year, with a net loss of approximately 74 million yuan [6][7].

Summary of Key Points Core Viewpoint - On August 29, Palm Eco-Town Development Co., Ltd. experienced a decline of 0.87% in stock price, with a trading volume of 73.13 million yuan, indicating a challenging market environment for the company [1]. Financing and Trading Data - On the same day, the company had a financing buy-in amount of 4.44 million yuan and a financing repayment of 8.63 million yuan, resulting in a net financing outflow of 4.19 million yuan [1]. - As of August 29, the total balance of margin trading for Palm shares was 148 million yuan, which represents 3.56% of the circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, there were no shares sold or repaid on August 29, with the lending balance also at zero, suggesting a high level of inactivity in this area [1]. Company Profile and Business Operations - Palm Eco-Town Development Co., Ltd. was established on September 21, 1993, and listed on June 10, 2010. The company is primarily engaged in urbanization construction investment, infrastructure planning and design, ecological environment governance, and tourism project management [2]. - The revenue composition of the company shows that construction engineering accounts for 95.50%, design services 2.35%, urban operations 1.66%, and other services 0.49% [2]. - As of July 31, the number of shareholders was 74,000, a decrease of 1.33%, while the average circulating shares per person increased by 1.35% to 24,497 shares [2]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.625 billion yuan, reflecting a year-on-year growth of 2.77%. However, the net profit attributable to shareholders was a loss of 273 million yuan, although this represented a 24.73% improvement compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 276 million yuan in dividends, with no dividends paid in the last three years [3].

Group 1 - The company, Jinpu Garden Co., Ltd., announced that its shareholder, Zhenjiang Jinlin Enterprise Management Center (Limited Partnership), has completed its share reduction plan, which was initially disclosed on May 13, 2025 [1] - The shareholder planned to reduce its holdings by up to 1,677,300 shares, representing 0.91% of the total share capital after excluding shares in the company's repurchase account [1] - The average price of the shares sold during the reduction was 8.938 yuan, with a total of 1,676,250 shares reduced [1] Group 2 - Following the share reduction, the shareholder's remaining holdings are 377,505 shares, which represent 0.2052% of the total share capital [1] - The reduction was conducted in compliance with relevant regulations and did not violate any prior commitments made by the shareholder [2] - The company confirmed that the implementation of the reduction plan was consistent with the previously disclosed intentions and plans [2]

业务评价：去年的净利率为-26.54%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为9.19%，投资回报也较好，其中最惨年份2022年的ROIC 为-14.72%，投资回报极差。公司历史上的财报相对一般（注：公司上市时间不满10年，上市时间越长 财务均分参考意义越大。），公司上市来已有年报3份，亏损年份3次，显示生意模式比较脆弱。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为46.05%、近3年经营性现金流均值/流动负债仅 为-12.22%） 证券之星价投圈财报分析工具显示： 据证券之星公开数据整理，近期园林股份（605303）发布2025年中报。截至本报告期末，公司营业总收 入2.88亿元，同比下降10.61%，归母净利润-7443.46万元，同比下降23.19%。按单季度数据看，第二季 度营业总收入1.21亿元，同比下降34.85%，第二季度归母净利润-5871.3万元，同比下降37.83%。本报告 期园林股份公司应收账款体量较大，当期应收账款占最新年报营业总收入比达151.16%。 建议关注财务费用状况（近3年经营活动产生的现金 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9750.37万 | 2.07亿 | 112.15% | | 归母净利润(元) | -531.81万 | -1043.75万 | -96.26% | | 扣非净利润(元) | -594.09万 | -1130.2万 | -90.24% | | 货币资金(元) | 3927.57万 | 6191.37万 | 57.64% | | 应收账款(元) | 6.27亿 | 5.43 Z | -13.29% | | 有息负债 (元) | 12.22亿 | 10.78亿 | -11.82% | | 毛利率 | 5.60% | 8.62% | 53.82% | | 净利率 | -5.01% | -4.95% | 1.12% | | 三费占营收比 | | 7.60% | | | 每股净资产 (元) | 2.81 | 2.42 | -14.07% | | 每股收益(元) | -0.02 | -0.04 | -100.00% | | 每股经营性现金流(元) | 0.02 | 0.26 | ...

格隆汇8月29日丨*ST元成(603388.SH)公布半年度报告，2025年上半年，公司实现了营业收入8,233.93万 元，归属于母公司股东的净利润-12,679.50万元。营业收入不及预期和净利润下降的主要原因系1、公司 所处行业受市场宏观经济下行影响较大，由于相关甲方投资总量缩减、速度减缓，致使行业市场竞争加 剧，因此公司近几年采取了较为谨慎的经营策略，致使2025年上半年新增订单明显减少、在手订单推进 实施速度缓慢，致报告期内营业收入不及预期和净利润下降；2、相关甲方的建设资金筹集不及预期， 资金负债承压较大，致使其支付能力下降，公司已施工项目部分客户未能按期支付工程款项，应收账款 回款速度缓慢，致报告期内营业收入不及预期和净利润下降；3、转让硅密电子股权、计提信用减值损 失增加致报告期内净利润下降。 ...

Financial Performance - The company reported a significant decline in net profit, with a year-on-year decrease of 662.51%, resulting in a net profit of -33.61 million yuan for the first half of 2025 [1] - Total operating revenue for the company was 820 million yuan, down 6.12% compared to the previous year, with a second-quarter revenue of 476 million yuan, reflecting a 10.41% decline [1] - The gross profit margin decreased to 7.18%, a reduction of 15.52% year-on-year, while the net profit margin fell to -4.15%, a drop of 711.51% [1] Key Financial Metrics - The company’s earnings per share (EPS) was -0.02 yuan, a staggering decrease of 690.91% year-on-year [1] - The operating cash flow per share was -0.11 yuan, down 133.63% compared to the previous year [1] - The company’s total liabilities decreased by 12.43%, with interest-bearing debt at 229 million yuan [1] Historical Performance - The company has shown poor historical financial performance, with a median Return on Invested Capital (ROIC) of -1.58% over the past decade, indicating low investment returns [3] - The company has reported losses in five out of twelve annual reports since its listing, suggesting a trend of underperformance [3]

Group 1 - Company announced a provision for credit and asset impairment of approximately 42.66 million yuan, which will reduce the total profit for the first half of 2025 by the same amount [1] - For the year 2024, the revenue composition of the company is as follows: 89.08% from landscape engineering construction, 5.33% from maintenance and operation, 2.1% from land consolidation, 1.61% from landscape design, and 0.72% from other sources [1]

Group 1 - Company announced a stock issuance to specific investors, authorized by the 2024 annual general meeting, with a maximum of 35 investors involved [1] - The issuance price will not be lower than 80% of the average stock price over the last 20 trading days prior to the pricing benchmark [1] - The company aims to raise up to 200 million yuan, with funds allocated for a total investment of approximately 918 million yuan for the Huixiu Cultural Tourism Engineering project and 6 million yuan for working capital [1] Group 2 - For the year 2024, the company's revenue composition is as follows: 89.08% from landscaping engineering construction, 5.33% from maintenance and operation, 2.1% from land consolidation, 1.61% from landscape design, and 0.72% from other sources [1]