Summary of Jianghe Group Conference Call Company Overview - **Company**: Jianghe Group - **Industry**: Construction and Engineering, specifically focusing on curtain wall and interior decoration sectors Key Financial Metrics - **2025 Net Profit**: CNY 5.95 billion, up 42% YoY excluding non-recurring items [2][3] - **New Orders**: CNY 28.5 billion, up 5.5% YoY [2][3] - **Total Backlog**: CNY 37.6 billion, with 41% from overseas [2][5] - **Operating Cash Flow**: CNY 1.55 billion, significantly exceeding net profit [4][9] Core Business Insights - **Curtain Wall Orders**: New orders exceeded CNY 19 billion, up 11.5% YoY; overseas orders reached CNY 6.9 billion, up 84% [3][5] - **Interior Decoration Orders**: New orders at CNY 9.35 billion, slightly down 5% YoY; however, the business saw a 30% increase in orders [3][10] - **BIPV Solar Components**: Orders reached CNY 150 million, up 50% YoY, with a gross margin exceeding 30% [4][12] Market Dynamics - **Domestic Market**: The domestic curtain wall market is contracting, with expectations of stabilization at CNY 13 billion in 2026 [2][10] - **Overseas Market Growth**: Significant growth in overseas orders, particularly in the Middle East and Southeast Asia, with expectations for overseas revenue to rise from 20% to over 40% by 2026 [2][5][13] - **Geopolitical Impact**: Limited impact from Middle Eastern conflicts, with projected revenue from affected areas being less than CNY 1 billion [7][8] Strategic Initiatives - **Productization Model**: The company is innovating with a productization model to mitigate construction risks, focusing on design and customized supply [2][6] - **Cash Flow Management**: Strong cash flow management practices, including a "no advance payment" policy and a prepayment system [4][9] Competitive Landscape - **Domestic Competition**: Increased competition in the interior decoration sector due to a shift towards lower-risk clients, leading to price wars and margin pressures [10][11] - **Overseas Competitive Advantage**: The company maintains a competitive edge in overseas markets through established relationships and brand recognition, despite new entrants [13] Future Outlook - **2026 Order Guidance**: The company aims for CNY 29 billion in new orders, focusing on converting existing backlog into revenue [5][8] - **Market Trends**: Anticipated growth in the overseas market driven by strong construction demand in regions like Saudi Arabia and Macau [13] Additional Insights - **Geopolitical Resilience**: The company has adapted logistics to mitigate risks from geopolitical tensions, ensuring project continuity [7][8] - **Long-term Growth Drivers**: The growth in overseas markets is supported by macroeconomic trends and specific sector demands, such as the gaming industry in Macau [13]

茲提述(i)本公司（連同其附屬公司統稱「本集團」）日期為2024年1月2日的公告（「達 成復牌指引公告」）；(ii)日期為2025年8月7日的季度最新情況公告（「不發表意見 季度最新情況公告」），內容有關實施處理不發表意見行動計劃；及(iii)日期為 2025年12月12日的復牌指引公告（「復牌指引」）。 復牌進度的季度最新情況 董事會（「董事會」）謹此向本公司股東及潛在投資者提供有關本公司達成復牌 指引的最新進展。 復牌指引1 — 證明遵守上市規則第13.24條 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Wenye Group Holdings Limited 文業集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1802） (1) 有關復牌進度及 實施處理不發表意見行動計劃 的季度最新情況 (2) 繼續暫停買賣 本公司主要從事提供室內外建築裝飾與設計服務，並於將負債沉重的前附屬 公司深圳文業裝飾設計工程有限公司（「文業裝飾」）剝 ...

Group 1 - The resignation of employee representative director Pei Wenjie was submitted on February 26, 2026, due to work arrangements, but he will continue to hold other positions within the company [2][3] - Guo Zhen was elected as the new employee representative director during the first employee representative meeting held on February 26, 2026, with a term aligned with the current board [2][4] - Pei Wenjie's resignation does not affect the legal number of directors on the board, ensuring the board's normal operation [3] Group 2 - The company plans to sell a residential property and three warehouse properties to director Ye He for a total of 22.9278 million yuan to optimize its asset structure and improve operational efficiency [8][12] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [9][10] - The board approved the transaction with a unanimous vote, and it does not require shareholder meeting approval [10][30] Group 3 - The properties involved in the transaction include a residential unit of 146.45 m² and three warehouse units with areas of 144.15 m², 14.61 m², and 30.26 m² [15][19] - The transaction price was determined based on an asset appraisal report valuing the properties at 22.073 million yuan, with the agreed sale price being 22.9278 million yuan [19][25] - The transaction is expected to enhance the company's asset utilization and will not harm the interests of shareholders, particularly minority shareholders [29] Group 4 - The company will hold its first temporary shareholders' meeting on March 16, 2026, with both onsite and online voting options available [35][36] - The meeting will discuss various proposals, including the approval of the sale of assets to related parties and the election of a new non-independent director [38][64] - Shareholders must register to attend the meeting, either in person or through a proxy, with specific documentation required for registration [45][46]

Core Viewpoint - The company received a regulatory decision from the Shenzhen Securities Regulatory Bureau regarding internal control deficiencies related to contract management and improper disclosures [1] Group 1: Regulatory Actions - The company was ordered to rectify its internal control issues and faced regulatory measures due to non-compliance with financial disclosure requirements [1] - Key executives, including the former chairman and general manager, received warning letters for their responsibilities in the identified issues [1] Group 2: Specific Findings - Internal control deficiencies were noted in board meeting records from 2023 to 2025, and financial assistance disclosures from 2017 to 2020 were not timely reviewed or disclosed [1] - Inaccurate information disclosure was identified regarding the equity donation from Guangdong Jianyi Stone Co., Ltd. scheduled for December 2024 [1]

Core Viewpoint - Shenzhen Jianyi Decoration Group Co., Ltd. received a regulatory decision from the Shenzhen Securities Regulatory Bureau, which includes corrective measures and warnings for several executives due to internal control deficiencies and improper disclosures [1] Group 1: Regulatory Actions - The company is required to submit a written rectification report within 30 days of receiving the decision [1] - Regulatory measures include a warning letter issued to the chairman, general manager, vice chairman, and other key executives [1] Group 2: Identified Issues - Internal control deficiencies related to contract management were highlighted [1] - Certain board meeting records from 2023 to 2025 were found to be non-compliant [1] - Financial assistance provided from 2017 to 2020 was not timely reviewed and disclosed [1] - Inaccurate information disclosure regarding the equity donation from Guangdong Jianyi Stone Co., Ltd. in December 2024 was noted [1] Group 3: Required Improvements - The company must enhance its understanding of securities laws and regulations [1] - There is a need to improve corporate governance and internal control systems [1] - The company is expected to enhance the standardization of information disclosure and financial management [1]

Core Viewpoint - Shenzhen Ruihe Decoration Co., Ltd. is facing significant financial challenges, including overdue loans and a court ruling that allows for the freezing and seizure of its assets due to a loan dispute with a banking syndicate [2]. Group 1: Loan and Financial Status - The company applied for a credit facility from a banking syndicate on December 27, 2022, to refinance existing debts and support daily operations [1]. - As of March 2025, the company experienced overdue repayments on the aforementioned loans due to tight liquidity [1]. - By the end of May 2025, the company failed to repay the principal and interest on time, leading to the early maturity of the loans [1]. Group 2: Legal Proceedings - The company received an execution ruling from the Shenzhen Intermediate People's Court, which involved the freezing and seizure of assets worth approximately RMB 890,957,852.18 due to a loan contract dispute [2]. - The court's decision allows for immediate execution, and the company has the right to apply for a review within five days if it disagrees with the ruling [2]. Group 3: Company Response and Future Actions - The company is actively negotiating with the banking syndicate and related parties to seek understanding and resolve the situation [2]. - It plans to enhance efforts in collecting accounts receivable and improving cash flow management to address the financial issues [2].

Group 1 - The company has transferred 373,864,007 shares, representing 19.17% of its total share capital, to the securities account of the restructuring financial investors as part of its restructuring plan [1][2] - The capital increase was executed based on a ratio of approximately 10.31 shares for every 10 shares held, resulting in a total increase of 989,864,007 shares, bringing the total share capital to 1,950,000,000 shares [1] - Out of the transferred shares, 739,864,007 shares were allocated to introduce restructuring investors, with 427,864,007 shares specifically acquired by the restructuring financial investors [1] Group 2 - As of the announcement date, 54,000,000 shares remain to be transferred to the restructuring financial investors, with the transfer process to be arranged according to relevant agreements and regulatory requirements [2] - There are no related party relationships or concerted action relationships between the restructuring financial investors and the company, its actual controllers, or its board members [2]

Core Viewpoint - The company emphasizes that stock price movements are influenced by various factors, including macroeconomic conditions, industry cycles, and market sentiment, and it encourages rational consideration of these aspects [1] Group 1: Company Operations - The company is focused on deepening its core business and enhancing order quality control [1] - It is implementing strict management of accounts receivable risks [1] - The company maintains stable cash dividends, reflecting confidence in its long-term steady development [1] Group 2: Management Confidence - The management expresses strong confidence that the stock price will eventually reflect the company's intrinsic value [1] - The company commits to adhering to information disclosure regulations and aims to reward all shareholders with solid operating performance [1]

Core Viewpoint - The company, Jin Tanglang, is focusing on optimizing order quality and risk control, which has led to fluctuations in order amounts year-on-year [2] Group 1: Order Strategy - The company is actively adjusting its business strategy to prioritize projects with good payment conditions and stable cash flow, resulting in an improved order structure and enhanced anti-cyclical capabilities [2] - New business areas, such as overseas engineering and clean technology, are still in the early stages of development, contributing to overall order scale accumulation [2] Group 2: Future Outlook - Due to regulatory requirements, the company is unable to predict future order quantities and amounts but is committed to securing high-quality project resources to establish a solid foundation for stable operations throughout the year [2]

Group 1 - The company *ST Jianyi (002789) issued a second risk warning regarding the potential termination of its stock listing due to negative net assets as of the end of the 2024 fiscal year, which triggers relevant regulations of the Shenzhen Stock Exchange [2] - The stock has been under delisting risk warning since April 28, 2025, and may face termination if it reports negative values in audited profit totals, net profit, or if its revenue falls below 300 million yuan [2] - The company is currently preparing its 2025 annual report and conducting an audit, with final financial data yet to be confirmed [2] Group 2 - *ST Jianyi was established on January 3, 1994, with a registered capital of 1,596.23514 million yuan, and is based in Shenzhen, focusing on interior decoration and design services for various public and residential buildings [3] - The company has a current chairman, Shi Fang, and a secretary, Zhong Mengguang, with a workforce of 1,846 employees, and is controlled by the State-owned Assets Supervision and Administration Office of Zhuhai [4] - The company has 61 subsidiaries, including Guangdong Jianyi Intelligent Technology Co., Ltd. and Guangdong Jianyi Energy Infrastructure Co., Ltd. [4] Group 3 - The company's revenue for 2022, 2023, and 2024 was 2.166 billion yuan, 6.200 billion yuan, and 6.249 billion yuan, reflecting year-on-year growth rates of 11.18%, 186.32%, and 0.79% respectively [4] - The net profit attributable to shareholders for the same years was 11.1832 million yuan, -563 million yuan, and -829 million yuan, with year-on-year changes of 101.14%, -5142.03%, and -47.23% respectively [4] - The company's asset-liability ratios were 96.49%, 97.45%, and 105.23% for the years 2022, 2023, and 2024 [4]