Group 1 - The core viewpoint emphasizes Tianfulong's commitment to transforming the polyester fiber industry by enhancing the green circularity, differentiation, high performance, and functionality of fiber materials in the context of global green low-carbon initiatives and the rapid development of the recycling industry [2] - Tianfulong's long-term strategic plan is defined as "one core, three highs, and three transformations," focusing on differentiated polyester staple fiber as the core business while aiming for high-quality development, enhanced corporate value, and efficient growth in operations [2] - The company plans to maintain a prudent operational philosophy, manage funding needs appropriately, and adopt financing methods that match its development stages to control debt levels and ensure financial health, thereby creating long-term stable returns for shareholders [2] Group 2 - As the lead underwriter and sponsor for Tianfulong's IPO, the underwriting institution has witnessed the company's impressive achievements and recognizes the management's dedication, professional capabilities, innovative spirit, and strategic vision [3] - The underwriting institution expresses confidence that Tianfulong's listing will bring new development opportunities for the company, investment opportunities for investors, and vitality to the capital market [3] - The institution commits to fulfilling its sponsorship responsibilities and continuous supervision duties, supporting Tianfulong's growth and ensuring satisfactory returns for investors [4]

Core Viewpoint - The article outlines the selection and appointment process for accounting firms by Xiamen Yanjing New Materials Co., Ltd, emphasizing the importance of maintaining shareholder interests and ensuring the quality and authenticity of financial information [1][2]. Group 1: General Principles - The selection of accounting firms must comply with relevant laws and regulations, including the Company Law of the People's Republic of China and the Shenzhen Stock Exchange listing rules [1]. - The company must not appoint an accounting firm before obtaining approval from the board of directors and the shareholders' meeting [2]. Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess independent legal status and the necessary qualifications to conduct securities-related business [5]. - Firms must have a solid organizational structure, internal management systems, and a good reputation for audit quality [5][6]. Group 3: Selection Procedures - The board of directors' audit committee is responsible for the selection process and must propose candidates for the accounting firm [6][7]. - The selection process should be fair and transparent, utilizing competitive negotiations, public bidding, or other methods to assess the capabilities of accounting firms [8][9]. Group 4: Evaluation Criteria - Evaluation criteria for accounting firms must include audit fees, qualifications, past performance, quality management, and resource allocation [9][10]. - The quality management level of the accounting firm should carry a weight of no less than 40% in the evaluation [10]. Group 5: Appointment and Reappointment - The appointed accounting firm must fulfill its obligations as per the audit service agreement and cannot subcontract the audit work [7][8]. - The audit committee must evaluate the performance of the accounting firm annually before reappointment [8][9]. Group 6: Supervision and Penalties - The audit committee is responsible for supervising the audit work and ensuring compliance with laws and regulations [10][11]. - Serious violations by the accounting firm can lead to penalties, including termination of the contract and financial liability for responsible individuals [11].

Core Points - The document outlines the financing and external guarantee management system of Xiamen Yanjing New Materials Co., Ltd, aiming to regulate financing and guarantee activities, control risks, and protect financial security and investor rights [1][2] - The financing refers to indirect financing from financial institutions, while external guarantees include providing guarantees for others, including subsidiaries [1][2] - The system emphasizes principles of prudence, equality, mutual benefit, voluntariness, and integrity in financing and guarantees [2] Financing Approval Process - The finance department is responsible for managing financing applications, which must be reviewed and approved according to specified authority levels based on the company's audited financial status [7][8] - Approval limits are set based on the company's asset-liability ratio, with different thresholds for financing amounts requiring approval from the general manager, chairman, or board of directors [8][9] - Applications for financing must include comprehensive details such as the financial institution's name, amount, term, and intended use of funds [9][10] External Guarantee Conditions - Before providing guarantees, the company must assess the creditworthiness of the guaranteed party and analyze the associated risks and benefits [11][12] - Guarantees must be backed by counter-guarantees from parties with actual capacity to fulfill obligations [12][13] - Certain guarantees require board approval and may need shareholder approval if they exceed specified thresholds related to the company's net assets [14][15] Risk Management and Execution - The finance department is tasked with the daily management of financing and guarantees, ensuring compliance with approval processes and timely reporting of contracts [19][20] - The company must monitor the financial status of guaranteed parties and take necessary actions if repayment capabilities deteriorate [26][27] - Any changes to the main debt contracts must be decided by the board regarding the continuation of guarantee responsibilities [11] Information Disclosure - The company is required to disclose relevant information regarding financing and guarantees in accordance with legal and regulatory requirements [28][29] - The board secretary is responsible for ensuring timely submission of documents related to financing and guarantees [29] Responsibilities of Personnel - All directors must strictly review financing and guarantee matters according to the established system and bear joint liability for any losses due to violations [30][31] - Management personnel who exceed their authority in approving financing or guarantees may face legal consequences for any resulting losses [31][32]

厦门延江新材料股份有限公司 募集资金使用管理办法 第一章 总 则 第一条 为加强和规范公司募集资金的管理和使用、切实保护投资者利益、 提高资金使用效率和效益，根据《中华人民共和国公司法》、 《中华人民共和国证 券法》、《上市公司募集资金监管规则》、《深圳证券交易所创业板股票上市规则》 （以下简称"《股票上市规则》"）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规范性文件及《厦门延江新材 料股份有限公司章程》 （以下简称"公司章程"）的有关规定，结合公司的实际情 况，特制定本办法。 第二条 本办法适用于公司通过发行股票或者其他具有股权性质的证券，向 投资者募集并用于特定用途的资金监管，但不包括公司为实施股权激励计划募集 的资金监管。 公司以发行证券作为支付方式向特定对象购买资产的，按照本办法第五章的 有关规定执行。 第三条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或 公司控制的其他企业实施的，适用本办法的规定。 第四条 募集资金到位后，公司应及时办理验资手续，由具有证券从业资格 的会计师事务所出具验资报告。 第五条 公司募集资金应当专款专用。公司使用 ...

Core Viewpoint - Three new stocks are available for subscription next week, including Guangdong Jianke, a testing and inspection service provider for the Hong Kong-Zhuhai-Macao Bridge [2] Group 1: Tianfulong - Tianfulong is a leading company in the regenerated fiber sector, focusing on the research, production, and sales of differentiated polyester short fibers [4][5] - The subscription code for Tianfulong is 732406, with an issue price of 23.60 yuan per share and an issue P/E ratio of 20.93 times, compared to the industry average of 32.30 times [5] - The total number of shares issued is 40.01 million, with 10.80 million shares available for online subscription [5] - Tianfulong's revenue for 2022, 2023, and 2024 is projected to be 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan, respectively, with net profits of 358 million yuan, 431 million yuan, and 454 million yuan [6][8] - The company ranks first in the domestic market for sales of colored polyester short fibers and low-melting-point short fibers used in automotive interiors [5] Group 2: Youli Intelligent - Youli Intelligent focuses on the research, production, and sales of core components for photovoltaic brackets, with a subscription code of 920007 and an issue price of 23.99 yuan per share [10][11] - The total number of shares issued is 11.20 million, with 8.96 million shares available for online subscription [11] - The company has a high customer concentration risk, with the top five customers accounting for 94.90%, 94.91%, and 96.44% of revenue from 2022 to 2024 [12] - Revenue projections for Youli Intelligent are 433 million yuan, 658 million yuan, and 729 million yuan for 2022, 2023, and 2024, respectively, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [12][15] Group 3: Guangdong Jianke - Guangdong Jianke's subscription code is 301632, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E ratio is 36.16 times [17] - The total number of shares issued is 105 million, with 14.65 million shares available for online subscription [17] - The company specializes in testing and inspection technology services in the construction engineering field, having undertaken major projects like the Hong Kong-Zhuhai-Macao Bridge [17][18] - Revenue for Guangdong Jianke is projected to be 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 103 million yuan, 99.21 million yuan, and 107 million yuan [20][22]

Core Viewpoint - The company, Pioneer New Materials, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant drop in its stock price and market value [3]. Group 1: Company Performance and Financials - On July 25, Pioneer New Materials' stock price fell by 11.20%, closing at 3.41 yuan per share, with a total market capitalization of 1.616 billion yuan [2]. - The company had previously issued a profit warning on January 30, 2024, predicting a net loss of between -4.8793 million yuan and -9.7553 million yuan for the year 2023 [3]. - A subsequent announcement on April 24, 2024, revised the expected net loss to between -94.6845 million yuan and -104.6513 million yuan, with the final audited net loss reported at -99.5862 million yuan [3]. Group 2: Legal and Regulatory Issues - The CSRC has initiated an investigation into Pioneer New Materials and its major shareholders for potential securities fraud due to inaccurate profit forecasts and failure to timely correct disclosures [3]. - Under the Civil Code and Securities Law, the company and its executives may face civil liability for damages caused to investors due to false statements, which could include compensation for investment losses, commissions, stamp duties, and interest losses [3]. Group 3: Investor Rights and Compensation - A reminder has been issued for affected investors who purchased Pioneer New Materials stock between January 30, 2024, and April 24, 2024, to register for potential compensation claims [4].

Core Viewpoint - The article discusses the investigation of Pioneer New Materials and its general manager, Lu Xianfeng, by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2]. Group 1: Company Status - Pioneer New Materials announced that its production and operational activities are normal and stable, indicating that the investigation will not adversely affect its operations or management [4]. - As of July 24, the stock price of Pioneer New Materials was reported at 3.84 yuan per share, with a total market capitalization of 1.8 billion yuan [10]. Group 2: Shareholding Changes - Lu Xianfeng's shares were subject to judicial auction, resulting in a loss of his status as the actual controller of Pioneer New Materials. His shareholding dropped from 8.39% to 3.65% after the auction [8][9]. - The auction involved the transfer of 22.5 million shares, with 12.5 million shares acquired by Li Kelei and 10 million shares by Zhu Lin [9]. Group 3: Company Background - Lu Xianfeng is the founder of Ningbo Pioneer New Materials Co., Ltd., having started his career in international commodity trade in 2000 and founding the company in 2003 [6]. - Pioneer New Materials specializes in the research, production, and sales of high polymer composite shading materials and other shading products [9].

Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is facing intensified competition leading to profit pressure, necessitating a "de-involution" approach to improve the competitive landscape and achieve normal profit levels [5][15] - Domestic demand is expected to stabilize and recover, while export demand growth may be limited due to frequent anti-dumping cases against Chinese chemical products [6][59] - The current valuation of the basic chemical and petrochemical sectors is at historical lows, indicating a need for policy-driven valuation recovery [70] Summary by Sections 1. Supply Side: - The chemical industry has seen increased competition since 2025, resulting in continuous profit pressure. The Chemical Product Price Index (CCPI) decreased by 6.95% from the beginning of 2025 [16] - From January to May 2025, the chemical raw materials and products industry achieved a revenue of 3.70 trillion yuan, a year-on-year increase of 2.1%, but the total profit decreased by 4.7% [16] - The overall capacity utilization rates for chemical raw materials and chemical fiber manufacturing were 71.90% and 85.60%, respectively, showing a decline [16][20] 2. Demand Side: - The 2025 Government Work Report emphasizes boosting consumption and investment efficiency, which is expected to gradually restore domestic demand [6][50] - In the first half of 2025, the sales area of commercial housing decreased by 3.5%, indicating a narrowing decline [50][53] - The automotive sector showed growth, with vehicle and new energy vehicle sales increasing by 10.8% and 36.2%, respectively, in the first half of 2025 [50][58] 3. Cost Side: - Since 2025, international oil prices have experienced significant fluctuations, with Brent and WTI crude oil prices down by 5.73% and 4.56% respectively from the beginning of 2025 [64] - Domestic coal and natural gas prices have also seen a downward trend, with coal prices down by 19.45% compared to the beginning of 2025 [64] 4. Valuation: - As of July 11, 2025, the price-to-earnings (P/E) ratios for the basic chemical and petrochemical sectors were 25.37 and 16.74, respectively, indicating they are at historical low levels [70][73]

Investment Rating - The investment rating for the company is positioned in the middle to lower range of the AHP model, with scores of 1.70 and 1.92, corresponding to the 22.8% and 36.0% percentiles respectively [4][8]. Core Insights - The company, Tianfulong, is engaged in the production of differentiated and recycled polyester staple fibers, establishing a comprehensive product system that complements functionality [4][10]. - The company ranks among the top ten in domestic production capacity, with an annual capacity of 612,400 tons, and focuses on differentiated competition strategies in niche markets [4][18]. - Revenue and net profit are expected to grow rapidly from 2022 to 2024, with projected revenues of 2.576 billion, 3.336 billion, and 3.841 billion yuan, and net profits of 358 million, 431 million, and 454 million yuan respectively [4][23]. Summary by Sections AHP Score and Expected Allocation Ratio - Tianfulong's AHP score, after excluding liquidity premium factors, is 1.70, placing it in the 22.8% percentile of the non-innovation system AHP model [4][8]. Company Fundamentals Highlights - **Dual Fiber Drive and Full Chain Layout**: The company develops both recycled colored polyester staple fibers and differentiated composite fibers, creating a complementary product system [4][10]. - **Focus on Differentiated Competition in Niche Markets**: The company has a strong presence in the automotive interior sector, with significant sales contributions from this area [4][16]. - **Core Product Expansion and Continuous R&D**: The company is expanding its production of low-melting-point fibers and has initiated small-scale trials for high-elasticity low-melting-point fibers, targeting various applications [4][19][20]. Comparable Company Financial Metrics - **Revenue and Net Profit Growth**: The company is expected to achieve a compound annual growth rate of 22.12% and 12.57% for revenue and net profit respectively from 2022 to 2024, outperforming comparable companies [4][23]. - **Leading Gross and Net Margins**: The company maintains higher gross and net profit margins compared to peers, attributed to its unique production technology and product mix [4][27]. - **Cash Collection Ratio and Debt Levels**: The cash collection ratio is lower than the average of comparable companies, while the asset-liability ratio has been decreasing, indicating improved financial stability [4][30]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of 170,000 tons of low-melting-point polyester fibers and 10,000 tons of high-elasticity low-melting-point fibers, which will enhance its product offerings [4][34].

Group 1: Manufacturing and Innovation in Jilin Province - Jilin Province's high-tech industry sales revenue increased by 8.69% year-on-year from January to May, with digital product manufacturing and high-tech manufacturing growing by 4.28% and 5.25% respectively [1] - Jilin Province's manufacturing innovation is supported by tax authorities, which help companies strengthen internal control mechanisms to prevent tax risks [1] - The company Deer Man Socks has integrated advanced technology in its production process, allowing a single worker to manage 32 machines and produce 200,000 pairs of socks daily [2] Group 2: Tax Compliance and Risk Management - Deer Man Socks faced a downgrade in tax credit rating due to late financial reporting but improved its compliance and regained an A-level credit rating, which has helped restore market trust [3][2] - Jilin Chemical Fiber Group has invested 762 million yuan in R&D from 2017 to 2024 to overcome challenges in high-performance carbon fiber technology, achieving a 31% year-on-year increase in sales revenue in the first five months of this year [4] - The company has established a dedicated tax compliance position and integrated risk prevention into daily assessments, reducing human error rates by 60% through digital management [4] Group 3: Commercial Aerospace Development - Chang Guang Satellite Technology Co., Ltd. has developed the "Jilin-1" satellite constellation, becoming the largest commercial remote sensing satellite constellation globally, with 140 satellites launched [6] - The company emphasizes compliance in tax management, implementing strict internal controls and integrating tax systems with business and financial systems to ensure compliance at every operational level [7] - Jilin Province's tax authorities are focused on optimizing tax services and strengthening compliance management to support the acceleration of innovative enterprises [7]