Core Viewpoint - The document outlines the management system for foreign exchange derivative trading at Guangdong Songfa Ceramics Co., Ltd., emphasizing the need for risk prevention, compliance with regulations, and the establishment of a robust management mechanism for the company's foreign exchange derivative trading activities [1][2]. Group 1: General Principles - The foreign exchange derivative trading activities are aimed at mitigating and preventing exchange rate or interest rate risks, based on the company's normal production and operational needs [2]. - The company must conduct foreign exchange derivative transactions with qualified financial institutions and cannot engage with unauthorized organizations or individuals [2][3]. - Transactions must align with the company's foreign currency receivables and payables forecasts, ensuring that the amounts do not exceed these forecasts [2][3]. Group 2: Approval Authority - The Board of Directors is responsible for reviewing the necessity and legality of foreign exchange derivative trading decisions, with disclosures made in relevant announcements or reports [3][4]. - Any overall plan and limits for foreign exchange derivative trading must be approved by the Board of Directors or, if exceeding their authority, by the shareholders' meeting [3][4]. Group 3: Management and Operational Procedures - The Board may authorize the Chairman or designated individuals to manage specific foreign exchange derivative trading operations within the approved scope [4][5]. - The company can estimate the scope, limits, and duration of derivative trading for the next 12 months to streamline operations [4][5]. Group 4: Risk Management - The company must implement measures to prevent funding risks, ensuring that trading does not utilize cash flow beyond normal operations [6][7]. - In cases of significant losses or market changes, the finance department must report to management and the Board, providing a risk analysis report that includes trading positions and risk assessments [7][8]. Group 5: Information Disclosure - The company is required to disclose foreign exchange derivative trading activities as per relevant laws and regulations, ensuring transparency in operations [8]. - All trading documents must be retained for at least 10 years by the finance department [8].

Core Points - The company held its seventh meeting of the sixth supervisory board on June 20, 2025, with all three supervisors present, confirming compliance with legal and regulatory requirements [1][2]. - The supervisory board approved three key proposals, including the expected daily related transactions for 2025, additional borrowing from a controlling shareholder, and a new guarantee plan for 2025 [1][2]. Group 1: Daily Related Transactions - The supervisory board agreed that the expected daily related transactions for 2025 are normal market procurement and sales activities, adhering to legal and regulatory standards [1]. - The pricing for these transactions is based on equivalent compensation and fair market value, ensuring no harm to the company or minority shareholders [1]. Group 2: Borrowing and Guarantee Plans - The proposal for additional borrowing from a controlling shareholder was unanimously approved, indicating strong support from the supervisory board [2]. - A new guarantee plan for 2025 was also approved, which will be submitted for shareholder meeting review [2].

Meeting Overview - The company held its second extraordinary general meeting of shareholders for 2025 on June 17, 2025, in Liling, Hunan Province, using both on-site and online voting methods [1] - The meeting was convened by the board of directors and chaired by Chairman Xu Junqi, complying with the Company Law and the company's articles of association [1] Attendance and Voting Participation - A total of 4 shareholders attended the on-site meeting, representing an unspecified number of shares [1] - Online voting saw participation from 101 shareholders, representing 391,400 shares, which accounted for a certain percentage of the total voting shares [1] - Among the participating small and medium shareholders, 103 individuals represented 7,283,456 shares, which is 2.8918% of the total voting shares [1] Proposal Voting Results - The voting results showed that 162,103,056 shares (99.8888%) were in favor of the proposal, while 175,700 shares (0.1083%) were against it, and 4,700 shares (0.0029%) were abstained [2] - For small and medium investors, the voting results indicated that 162,092,656 shares (99.8824%) were in favor, with 183,700 shares (0.1132%) against, and 7,100 shares (0.0044%) abstained [2] Legal Opinion - The legal opinion confirmed that the meeting was convened in accordance with the law and the company's regulations, and the qualifications of the convenor and attendees were valid [2]

Core Viewpoint - The company plans to utilize idle funds for cash management, ensuring that it does not affect the normal operation of fundraising projects and maintains the safety of the funds [2][5]. Group 1: Cash Management Plan - The company intends to use up to RMB 150 million of idle fundraising funds for cash management, focusing on low-risk financial products with high liquidity [2]. - Additionally, the company plans to use up to RMB 450 million of idle self-owned funds for cash management, allowing for rolling use within this limit [2]. - The board has authorized a specific individual to make investment decisions within the approved limits [2]. Group 2: Investment Details - As of June 9, 2025, the company has signed agreements to purchase financial products using RMB 70 million from China Bank and RMB 30 million from Founder Securities, totaling RMB 100 million [3]. - The company redeemed a total principal of RMB 450 million from these investments, receiving a return of RMB 4.2969 million [3]. Group 3: Risk Control Measures - The company will adhere to strict investment principles, ensuring that the cash management products have a maturity of no more than 12 months and are not used for securities investments [5]. - The finance department will continuously analyze and assess the investment products to mitigate any potential risks [5]. - Independent directors and the supervisory board have the authority to question and supervise the use of funds, with provisions for third-party audits if necessary [5]. Group 4: Impact on Operations - The use of idle funds for cash management will not impact the implementation of fundraising projects or the normal development of the company's main business [5]. - Engaging in low-risk investments is expected to enhance fund utilization efficiency and improve operational performance, benefiting all shareholders [5].

Core Viewpoint - The company, Hunan Hualian Ceramics Co., Ltd., has announced its 2024 annual equity distribution plan, which includes a cash dividend of 4 RMB per 10 shares for all shareholders, totaling 100,746,680 RMB [1][3]. Summary by Sections Shareholder Meeting Approval - The 2024 annual equity distribution plan was approved at the shareholder meeting held on May 29, 2025, with a total share capital of 251,866,700 shares as the basis for the distribution [1][2]. Equity Distribution Plan - The equity distribution plan specifies a cash dividend of 4 RMB per 10 shares (before tax) for all shareholders, amounting to a total cash distribution of 100,746,680 RMB. No bonus shares or capital increases from reserves will be issued [1][3]. - For specific categories of investors, different tax rates apply, with a net dividend of 3.6 RMB per 10 shares for certain foreign investors [3]. Key Dates - The record date for the equity distribution is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [3]. Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [6]. - The company will bear all legal responsibilities if there are any discrepancies in the cash dividends due to changes in shareholder accounts during the distribution application period [6]. Consultation Information - The company provides contact details for inquiries regarding the equity distribution, including the address and phone numbers for the securities affairs department [6].

Group 1 - The core viewpoint emphasizes the importance of implementing Xi Jinping's ecological civilization thought and the need for effective handling of environmental issues reported to the Central Ecological Environment Protection Inspectorate [1][2] - The provincial government is actively addressing complaints regarding environmental violations from local companies, including issues related to noise pollution and dust emissions [1] - The government is focused on improving the effectiveness of remediation plans and ensuring timely implementation to restore public trust [1][2] Group 2 - The Central Ecological Environment Protection Inspection serves as a practical test of Shandong's adherence to directives from Xi Jinping and the central government, highlighting the need for comprehensive environmental protection efforts [2] - Local departments are urged to recognize the significance of the inspection, enhance their sense of responsibility, and actively cooperate with the inspection process [2] - The government aims to use the inspection as an opportunity to address prominent environmental issues and improve overall ecological governance capabilities [2]

Core Points - The event aimed to promote compliance and legal tax practices among export enterprises, fostering a fair tax environment for business development [1][2] - The tax authority focused on addressing common concerns related to cross-border trade tax risks, providing detailed analysis and compliance suggestions [1] - The tax bureau received positive feedback from participating enterprises regarding tax services, highlighting the importance of effective communication and problem-solving [1] Group 1 - The "Tax and Law Fairness" themed event gathered representatives from eight export enterprises to discuss future cooperation and compliance [1] - The tax authority emphasized risk management measures in documentation control, supplier and customer management, and tax compliance [1] - The event facilitated direct dialogue between tax officials and enterprise representatives, addressing practical issues such as electronic tax bureau usage and tax credit rating [1] Group 2 - The tax bureau plans to continue upgrading tax services, focusing on the needs of key export enterprises and ensuring policy benefits reach critical areas of business development [2] - There is a commitment to optimizing the tax payment experience to support enterprises in their growth [2] - The discussions underscored the importance of lawful tax practices in maintaining a vibrant economic tax order and supporting high-quality development [2]

Group 1 - Kyocera has launched a new color matrix for its "Natural Healing Series" ceramic thermal cups and wide-mouth cups, emphasizing a design philosophy centered on "natural healing" [1][2] - The new series features eight color options inspired by nature, designed to enhance emotional well-being and aesthetic appeal, breaking away from traditional single-color thermal cup designs [2][5] - The color palette includes three groups: the Vitality Group (Coral Red, Sweet Orange), the Serenity Group (Lilac Purple, Olive Green, Moonlight White), and the Texture Group (Morandi Green, Deep Sea Blue, Mocha), catering to various preferences and occasions [2][5] Group 2 - The ceramic thermal series utilizes a vacuum insulation structure, ensuring both heat retention and cooling capabilities, suitable for various beverages throughout the year [3][5] - The inner lining features a ceramic coating that prevents metallic ion leaching, maintaining the original taste of beverages and ensuring easy cleaning [3][5] - The products are made from environmentally friendly materials, free from harmful chemicals like BPA and PFAS, aligning with health and sustainability trends [5] Group 3 - The new colors, including Moonlight White, Olive Green, and Morandi Green, will debut on May 14 on Kyocera's official Tmall store, with other colors launching in early June [5] - The design aims to enhance the quality of life, making the cups suitable for both home and office use, regardless of the season [5]

Financial Performance - In Q1 2025, the company reported total revenue of 57.46 million yuan, an increase of 23.17% year-on-year [1][3] - The net profit attributable to shareholders was a loss of 20.87 million yuan, compared to a loss of 10.56 million yuan in the same period last year [1][3] - The net profit after deducting non-recurring gains and losses was a loss of 21.50 million yuan, compared to a loss of 11.06 million yuan in the previous year [1][3] - The net cash flow from operating activities was -12.93 million yuan, worsening from -4.20 million yuan in the same period last year [1][3] - Basic earnings per share were -0.17 yuan, compared to -0.05 yuan in the previous year [1][3] Cash Flow and Assets - As of the end of Q1 2025, the company had a net cash flow from operating activities of -12.93 million yuan, a decrease of 872.49 thousand yuan year-on-year [26] - The company’s total assets were 557.03 million yuan, down from 571.78 million yuan at the end of the previous year [3] - The company’s cash and cash equivalents increased by 37.02% compared to the end of the previous year [36] Shareholder Structure - The top ten circulating shareholders as of the end of Q1 2025 included new shareholders such as the National Social Security Fund and others, replacing previous shareholders [47] - The largest shareholder, Hengli Group Co., Ltd., held 30.14% of the total shares, remaining unchanged [48] Valuation Metrics - As of April 29, 2025, the company's price-to-earnings ratio (TTM) was approximately -50.51 times, and the price-to-book ratio (LF) was about -226.9 times [3][50] - The price-to-sales ratio (TTM) was approximately 15.38 times [3][51]

Core Insights - The company reported a significant increase in operating revenue for Q1 2025, reaching 0.68 billion yuan, which is a 78.95% increase compared to Q1 2024 [1] - The basic earnings per share for Q1 2025 was -0.0271 yuan, reflecting a 41.15% decline from the previous year [1] - The net profit for Q1 2025 was -0.09 billion yuan, indicating a 50% decrease compared to Q1 2024 [1] Financial Performance - Basic earnings per share: -0.0271 yuan in Q1 2025, down from -0.0192 yuan in Q1 2024, a decrease of 41.15% [1] - Net asset per share: 3.01 yuan in Q1 2025, a decline of 2.59% from 3.09 yuan in Q1 2024 [1] - Net profit: -0.09 billion yuan in Q1 2025, compared to -0.06 billion yuan in Q1 2024, a decrease of 50% [1] - Return on equity: -0.90% in Q1 2025, down from -0.62% in Q1 2024, a decline of 45.16% [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 20,605.03 million shares, accounting for 64.38% of the circulating shares, with a change of 373,800 shares from the previous period [1] - The largest shareholder, Huang Jianping, holds 8,880.70 million shares, representing 27.75% of the total share capital, with an increase of 27.30 million shares [2] - The company will not distribute dividends or bonus shares in this period [2]