Core Viewpoint - The company, Seagull Co., emphasizes the complexity and customization of industrial cooling towers, which leads to longer production and acceptance cycles, while also highlighting its strong cash flow and receivables management [2]. Group 1: Industry Characteristics - Industrial cooling towers are classified as "non-standard" products, requiring design and production based on customer specifications, resulting in significant technical differences and multiple production and installation stages [2]. - The delivery, debugging, and acceptance of these products are constrained by the overall project progress of the customer, contributing to longer lead times from production to acceptance [2]. Group 2: Company Financials - For the period from January to September 2025, the company reported a net cash flow from operating activities of 249 million yuan, indicating good operational performance [2]. - The company has established a strict receivables management system to enhance the management of accounts receivable, which is crucial given the industry's reliance on quality assurance deposits that are only recoverable after the warranty period [2]. Group 3: Customer Base - The company's clients primarily consist of large enterprise groups with strong creditworthiness and comprehensive strength, providing a certain level of assurance regarding the collectability of accounts receivable [2].

Core Points - Jiangsu Seagull Cooling Tower Co., Ltd. is established as a joint-stock company to protect the rights and interests of shareholders and creditors, following relevant laws and regulations [2][3] - The company was registered in Changzhou and obtained its business license, with a registered capital of RMB 308,751,768 [2][3] - The company issued 22.87 million shares to the public and was listed on the Shanghai Stock Exchange on May 17, 2017 [2][3] Chapter Summaries General Provisions - The company is a permanent joint-stock company, with the chairman serving as the legal representative [3] - The company's assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3] - The articles of association serve as a legally binding document for the company, shareholders, and management [3] Business Objectives and Scope - The company's business objectives include establishing a modern enterprise system, enhancing market competitiveness, and maximizing shareholder interests [4] - The business scope includes research, development, design, manufacturing, installation, and sales of industrial cooling towers and water treatment equipment, among other activities [4] Shares - The company's shares are in the form of stocks, with equal rights for each share [5] - The total number of shares is 308,751,768, all of which are ordinary shares [5] - The company can increase or decrease its registered capital according to legal procedures and shareholder resolutions [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise management, and transfer shares [11] - Shareholders must comply with laws and the company's articles of association, and they cannot abuse their rights to harm the company or other shareholders [14][15] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and voting [45][46] - Shareholder meetings must be announced in advance, and all shareholders have the right to attend and vote [55][56] - Decisions at shareholder meetings require a majority or two-thirds majority vote, depending on the type of resolution [78][80]