Core Viewpoint - Zhejiang Yunzhongma Co., Ltd. reported a slight increase in revenue but a significant decrease in profit for the first half of 2025, indicating challenges in the industry and economic environment [1][6]. Financial Performance - The company achieved operating revenue of CNY 1,245,189,242.30, a 2.17% increase compared to the same period last year [3][6]. - Total profit amounted to CNY 39,544,822.43, reflecting a 30.88% decrease year-on-year [3][6]. - Net profit attributable to shareholders was CNY 35,763,312.94, down 30.46% from the previous year [3][6]. - The net cash flow from operating activities was negative at CNY -99,115,559.77, an improvement from CNY -202,102,988.97 in the previous year [3][6]. Industry Overview - The textile industry is experiencing a stable yet challenging environment, with a demand index of 54.6, indicating moderate growth [6][7]. - The domestic and international demand for industrial textiles, including leather base fabrics, is closely linked to the performance of downstream consumer goods sectors [6][7]. - The export value of industrial textiles in China reached USD 21.47 billion in the first half of 2025, with a year-on-year growth of 2.8% [6][7]. Company Operations - The company focuses on the research, production, and sales of knitted leather base fabrics, which are essential raw materials for synthetic leather [6][7]. - The production of leather base fabrics reached 114,880 tons, a 6.63% increase compared to the previous year [7][8]. - The company has implemented smart production upgrades and green low-carbon transformation strategies to enhance operational efficiency and reduce costs [7][9]. Competitive Advantages - The company holds a leading position in the knitted leather base fabric industry, benefiting from scale advantages and strong brand recognition [10][11]. - Continuous innovation in production processes, such as the development of wet-laid leather base fabric technology, has strengthened the company's competitive edge [11][12]. - The company emphasizes environmental sustainability, having received ISO14001 certification and recognition as a water-saving benchmark unit in Zhejiang Province [12][13].

国泰海通证券股份有限公司 关于浙江华生科技股份有限公司 募投项目结项并将节余募集资金 永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为浙 江华生科技股份公司（以下简称"华生科技"或"公司"）首次公开发行并上市项 目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股 票上市规则》和《上海证券交易所上市公司自律监管指引第1号——规范运作》 等相关规定，对华生科技募投项目结项并将结余募集资金永久补充流动资金的 相关事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于核准浙江华生科技股份有限公司首次公开发 行股票的批复》（证监许可〔2021〕897号），公司由主承销商国泰君安证券股份有限 公司（现已更名为"国泰海通证券股份有限公司"）采用网下向符合条件的投资者询 价配售和网上向持有上海市场非限售A股股份或非限售存托凭证一定市值的社会公众投 资者定价发行相结合的方式，向社会公众公开发行人民币普通股（A股）股票2,500万 股，发行价为每股人民币22.38元，共计募集资金55,950.00万元，坐扣承销和保荐费 ...