证券代码：600724 证券简称：宁波富达 公告编号：2025-026 宁波富达股份有限公司 关于为控股子公司提供担保的进展公告 特 别 提 示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 ●被担保人名称：宁波富达股份有限公司（以下简称"公司"或"宁波富达"） 控股子公司蒙自瀛洲水泥有限责任公司（以下简称"蒙自公司"）、新平瀛洲水泥 有限公司(以下简称"新平公司") ●本次担保金额及已实际为其提供的担保余额:公司本次为蒙自公司提供担保 次担保前实际担保余额 10,000 万元。 公司本次为新平公司提供担保 5,000 万元。截至本公告日，公司累计为新平公 司提供担保额度为 12,000 万元，本次担保前实际担保余额 7,000 万元。 ●本次是否有反担保：是。 ●对外担保累计数量：截至本公告日，公司及控股子公司实际对外担保情况如 下：公司为控股子公司担保的余额 2.50 亿元，控股子公司为公司担保的余额 0.00 亿元，控股子公司之间担保的余额 3.09 亿元。 ●对外担保逾期的累计数量：零。 重要内容提示: 一、 ...

Core Viewpoint - Ningbo Fuda has experienced significant growth since its listing in 1996, with a market capitalization increase from 4.76 billion yuan to 67.64 billion yuan, but recent years have shown a decline in both revenue and profit [1][3]. Business Overview - The main business segments of Ningbo Fuda include commercial real estate, real estate development, and cement manufacturing, with cement sales contributing the highest revenue share at 52.03%, followed by leasing at 20.18% [3]. - Since its listing, Ningbo Fuda has achieved a cumulative profit growth of 857.99%, with a net profit of 2.10 billion yuan in the latest fiscal year compared to 0.22 billion yuan in 1996 [3]. Financial Performance - Revenue has declined from 23.40 billion yuan in 2020 to 17.01 billion yuan in 2024, representing a year-on-year decrease of 46.31% [3]. - Net profit has also decreased from 4.22 billion yuan in 2020 to 2.10 billion yuan in 2024, indicating a continuous decline in profitability over the past five years [3]. Market Capitalization - The market capitalization of Ningbo Fuda has increased 13.20 times since its listing, reaching a peak of 220.40 billion yuan in June 2015, but has since decreased by 152.76 billion yuan, or 69.31%, to 67.64 billion yuan as of July 15 [5].

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

Core Points - The document outlines the rules and procedures for the board of directors of Tianshan Materials Co., Ltd, aiming to enhance governance and decision-making efficiency [1][2][3] Chapter 1: General Principles - The board of directors must comply with national laws and the company's articles of association when making decisions [1] - Directors are required to prioritize the interests of the company and its shareholders over personal gains [1] Chapter 2: Composition and Powers of the Board - The board consists of 9 directors, including 1 chairman, 1 vice-chairman, 3 independent directors, and 1 employee director [1][2] - At least one-third of the board members must be independent directors, with at least one being a professional accountant [2] - The board has various powers, including convening shareholder meetings, executing resolutions, and deciding on major operational and investment plans [2][3] Chapter 3: Board Meetings - The board must hold at least two regular meetings annually, with provisions for special meetings as needed [6][7] - Meeting notifications must include date, location, agenda, and notification date [12] Chapter 4: Meeting Procedures - A quorum requires the presence of more than half of the directors [7] - Directors can delegate their voting rights to other directors under specific conditions [16] Chapter 5: Decision-Making and Voting - Directors must actively seek detailed information before making decisions and express clear opinions on matters [17][18] - Voting is conducted on a one-vote-per-person basis, with resolutions requiring majority approval [20] Chapter 6: Meeting Records - Meeting records must be accurate and include details such as date, attendees, agenda, and voting results [23][25] - Records are maintained for a period of 10 years [26] Chapter 7: Announcement and Execution of Resolutions - The company is responsible for announcing board resolutions in accordance with stock exchange regulations [27] - The chairman must ensure the implementation of board decisions and inform all directors of significant matters [28] Chapter 8: Miscellaneous - Any matters not covered by these rules will follow relevant national laws and the company's articles of association [29] - The rules take effect upon approval by the shareholders' meeting [32]

Core Viewpoint - The document outlines the decision-making system for related party transactions of Tianshan Materials Co., Ltd, emphasizing the need for compliance with legal regulations and the protection of the company's and shareholders' interests. Group 1: General Principles - The company aims to standardize related party transactions to ensure they do not harm the company's or shareholders' legal rights and interests [1] - Related party transactions must adhere to principles of honesty, equality, voluntariness, fairness, openness, and impartiality [2] - Transactions should not be used to manipulate financial indicators or harm the company's interests [2] Group 2: Related Party Definition - Related parties include entities controlled by the company's major shareholders, actual controllers, directors, and senior management [6] - The definition of related parties extends to individuals holding more than 5% of the company's shares and their close family members [10] Group 3: Transaction Procedures - Related party transactions must be documented in written contracts that clearly define the rights and obligations of both parties [4] - Transactions exceeding certain thresholds require board approval, with specific amounts set for transactions with individuals (over 300,000 yuan) and organizations (over 3 million yuan) [22][23] Group 4: Decision-Making Process - The board must ensure that related directors abstain from voting on transactions where they have a conflict of interest [17] - Independent directors must discuss and approve related party transactions before they are submitted to the board for review [25] Group 5: Disclosure Requirements - The company is required to disclose related party transactions that exceed specified monetary thresholds, ensuring transparency in dealings [31][32] - Disclosure must include detailed documentation such as board resolutions and independent director opinions [33] Group 6: Special Provisions - The company may engage independent financial advisors to assess the fairness of significant related party transactions [27] - Transactions involving guarantees for related parties must receive heightened scrutiny and approval from non-related directors [28]

Group 1: Legal Issues Surrounding Wahaha - The chairman of Wahaha, Zong Fuli, is being sued in Hong Kong over asset disputes by three plaintiffs claiming to be her half-siblings, seeking equal inheritance rights to a trust fund valued at $1.8 billion [2][2][2] - The emergence of these three plaintiffs has reignited public interest and scrutiny regarding the Wahaha empire, which has long been associated solely with Zong Fuli as the successor [2][2] Group 2: A-Share Companies' Profit Forecasts - A total of 483 A-share listed companies have released performance forecasts for the first half of 2025, with 13 companies expecting net profit increases exceeding 800% year-on-year [8][8] - Notable companies with significant profit increases include: - Huayin Power: Expected net profit of 180-220 million yuan, up 4423.07% due to increased power generation and reduced fuel costs [9] - Sanhe Pipe: Forecasting a net profit increase of 3888.21% driven by sales growth and improved cost management [9] - Muyuan Foods: Anticipating a net profit increase of 1190.26% due to higher pig sales and lower breeding costs [9] Group 3: New Developments in the Sci-Tech Innovation Board - The China Securities Regulatory Commission has established a Sci-Tech Growth Tier on the Sci-Tech Innovation Board, officially including 32 unprofitable companies as of July 13 [10][10] - The Shanghai Stock Exchange has released new self-regulatory guidelines aimed at supporting technology companies with significant breakthroughs and strong commercial prospects, despite currently being unprofitable [10][10]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The Ministry of Housing and Urban-Rural Development emphasizes the importance of stabilizing the real estate market, which is expected to lead to significant improvements in the fundamentals of the real estate chain. Recommended stocks in the consumer building materials sector include Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials [3] - The National Development and Reform Commission has issued a special action plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target of reducing comprehensive energy consumption per unit product by 3.7% compared to 2020 [3] - The "equal tariff" policy is expected to benefit fiberglass leaders with overseas production bases, allowing them to raise prices and consolidate profitability [3] Market Performance - The construction materials index rose by 3.34% in the week from July 7 to July 11, 2025, outperforming the CSI 300 index by 2.52 percentage points. Over the past three months, the CSI 300 index increased by 6.41%, while the construction materials index rose by 6.60%, indicating a slight outperformance of 0.18 percentage points [4][13] - In the past year, the CSI 300 index increased by 15.62%, and the construction materials index rose by 15.80%, also showing a slight outperformance of 0.18 percentage points [4][13] Cement Sector - As of July 11, 2025, the average price of P.O42.5 bulk cement nationwide was 282.89 CNY/ton, a decrease of 3.48% month-on-month. The clinker inventory ratio was 65.89%, down 2.29 percentage points [6][23][24] - The price of cement varied by region, with notable declines in Northeast (-4.76%), North China (-2.33%), East China (-2.98%), South China (-5.74%), Central China (-3.41%), and Southwest (-4.93%) regions [23][29] Glass Sector - The average price of float glass as of July 11, 2025, was 1205.63 CNY/ton, with a slight increase of 0.17%. The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [6][71][78] - The inventory of float glass decreased by 970,000 weight boxes nationwide, a decline of 1.66% [73][74] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 CNY/ton, with flexible pricing based on regional differences [6] Consumer Building Materials - As of July 11, 2025, the price of crude oil was 70.63 USD/barrel, down 0.39% week-on-week. The price of asphalt was 4570 CNY/ton, up 1.11% week-on-week [6]

Mergers and Acquisitions - Dajia Weikang plans to acquire 60.85% equity of Anhui Dajia Weikang Health Pharmacy for a transaction price of 116 million yuan, making it a subsidiary post-transaction [1] - Jizhong Energy intends to purchase 49% equity of Jingneng Xilin Gol Energy for 669 million yuan, with the target company having a construction scale of 2×660MW efficient supercritical indirect air-cooled units [2] - Bomin Electronics has terminated its acquisition plan for Benchuang Electronics due to failure to reach consensus on key transaction terms [3] Shareholding Changes - Jingbeifang's employee shareholding platform plans to reduce its stake by up to 3% of the company's total shares, equating to a maximum of 26 million shares [4] - Sichuan Shuangma's major shareholders plan to collectively reduce their holdings by up to 2.92% of the company's total shares, amounting to approximately 1.11 million shares [5] - Chenghe Technology's shareholder, Shanghai Kehui Investment, intends to reduce its stake by up to 3% of the company's total shares, which is approximately 564,960 shares [6] Earnings Disclosure - China Merchants Heavy Industry expects a significant decline in net profit attributable to shareholders, projecting a decrease of 90.16% to 91.95%, with an estimated profit of 9 million to 11 million yuan [7] - Dongpeng Beverage anticipates a net profit increase of 33.48% to 41.57%, estimating a profit range of 2.31 billion to 2.45 billion yuan for the first half of 2025 [8] - Shuanglu Pharmaceutical forecasts a substantial net profit growth of 237.95% to 356.24%, estimating a profit of 100 million to 135 million yuan for the first half of 2025, primarily due to changes in the fair value of financial assets [10]

Group 1 - The core point of the article is that Gansu Shafeng Cement Co., Ltd. has initiated the IPO process for its semiconductor investment, Changxin Technology Group Co., Ltd., marking a significant step in its investment strategy [1] - Changxin Technology is a key player in China's DRAM chip design and manufacturing, having broken foreign technology monopolies and established a complete industrial ecosystem from design to mass production [1] - The investment of 200 million yuan by Shafeng Cement through the Junzhi Pu Fund gives it an indirect stake of approximately 0.168% in Changxin Technology, reflecting the company's strategic focus on high-tech sectors [1] Group 2 - Shafeng Cement has increased its investment in new productive forces, with equity investments in the semiconductor sector becoming a crucial driver for the company's growth [2] - The company has successfully invested in several semiconductor firms, with notable achievements including the listing of Hefei Jinghe Integrated Circuit Co., Ltd. on the Sci-Tech Innovation Board [2] - Other investments in semiconductor companies are progressing towards IPOs, indicating a robust pipeline for future growth in this sector [2]

Group 1 - Changxin Technology has officially completed the listing guidance filing with the Anhui Securities Regulatory Bureau, marking the start of its IPO process on the Sci-Tech Innovation Board, supported by China International Capital Corporation and CITIC Securities [1] - The company is the only domestic enterprise capable of large-scale production of DRAM chips, with a clear technology roadmap starting from 19nm process for DDR4/LPDDR4 and continuously upgrading to 17nm DDR5/LPDDR5 [2] - The company aims to increase its DDR5 product share from 1% to 7% by the end of 2025, with its global market share expected to rise from 6% to 8% [2] Group 2 - The IPO will accelerate DDR5 mass production and push the domestic DRAM market share towards double digits, while attracting more social capital into hard technology [3] - The investment strategy of Shangfeng Cement in Changxin Technology, amounting to 200 million RMB, allows it to indirectly hold approximately 0.168% of Changxin Technology's shares [1] - Shangfeng Cement's semiconductor investments have exceeded 1.7 billion RMB over the past five years, building a comprehensive ecosystem covering design, manufacturing, packaging, and materials [1][3]