罗曼股份 20251009 摘要 罗曼股份 2022 年受疫情和市政建设下滑影响业绩负增长，2024 年因 毛利率下降、管理费用增加及减值计提出现亏损，但此前营收复合增长 率达 39.5%，净利率保持在 15%以上。 公司收购英国霍洛维茨进军数字文娱，拟收购算力服务企业梧桐树布局 算力行业，后者 2025 上半年营收 1.3 亿元，毛利率 25%，净利率 15%，优于同行，且在教育赛道布局较早。 梧桐树科技具备服务器性能、集成服务（全液冷技术）、财务表现和教 育赛道布局四大核心优势，其全液冷技术可将 PUE 降至 1.06~1.15， 显著降低数据中心电力消耗。 梧桐树科技承诺 2025-2027 年累计扣非损益不低于 4 亿元，截至 2025 年 9 月 5 日已确认订单约 5.5 亿元，并中标芜湖 AIDC 项目 30 亿 元，与资兴市政府达成 15 亿元合作框架协议。 若梧桐树科技签约 45 亿元总包标段，在手订单将达 50.5 亿元，按 15.2%净利率测算，可贡献约 7.7 亿元净利润，完成业绩承诺确定性较 高。 Q&A 罗班股份的核心业务及其市场表现如何？ 罗班股份成立于 1999 年，主营业务为 ...

Core Viewpoint - Shenzhen Minkave Technology Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a 50.43% decrease in revenue compared to the same period last year, primarily due to market demand shrinkage and industry downturn [2][10]. Company Overview and Financial Indicators - The company operates in the landscape lighting industry, focusing on design, construction, and sales of lighting products [6][10]. - The stock code is 300506, and it is listed on the Shenzhen Stock Exchange [2]. - The company does not plan to distribute cash dividends or issue bonus shares [1]. Financial Performance - Revenue for the reporting period was approximately 39.76 million yuan, down from 80.21 million yuan in the previous year [2]. - The net loss attributable to shareholders was approximately 80.88 million yuan, a 467.46% increase in loss compared to the previous year [2]. - The basic earnings per share were -0.12 yuan, reflecting a 500% increase in loss per share [2]. - Total assets decreased by 13.80% to approximately 683.34 million yuan compared to the end of the previous year [2]. Industry Development - The landscape lighting industry in China saw a market size of approximately 28 billion yuan in the first half of 2025, with an 8.2% year-on-year growth, benefiting from urban renewal and night tourism [4][5]. - The industry is transitioning towards smart and green solutions, with a focus on integrating cultural and personalized elements into lighting designs [5][6]. - The government is promoting a green low-carbon lighting system as part of the "14th Five-Year Plan," which is expected to drive innovation and value enhancement in the industry [3][4]. Business Model and Market Position - The company primarily engages in professional contracting for lighting projects, including EPC (Engineering, Procurement, and Construction) and PPP (Public-Private Partnership) models [6][7]. - Despite recent challenges, the company maintains a significant position in the landscape lighting sector due to its technical expertise and project experience [8][9]. - The company has a competitive edge in providing comprehensive lighting solutions, which enhances customer loyalty and project bidding success [9][10].

Fundraising Overview - The company raised a total of 246,649,287.68 yuan through a private placement of 40,550,793 shares, with the funds received on December 21, 2021 [1][2] - As of June 30, 2025, the net amount of funds raised was 215,724,010.20 yuan directly invested in projects, with an additional 31,227,227.00 yuan used for permanent working capital [1][2] Fund Usage and Management - The company has established special accounts at multiple banks for the management of raised funds, ensuring strict approval procedures for fund usage [3][4] - As of June 30, 2025, the balance in the fundraising special account was 1,084,782.41 yuan, with a total interest income of 159,760.66 yuan after deducting fees [1][2][4] Issues and Adjustments - The company faced challenges in fund recovery due to slow progress in receivables and project acceptance delays, leading to significant pressure on working capital [4][5] - A total of 3,000,000 yuan of idle funds was temporarily used to supplement working capital, with the repayment deadline extended due to financial constraints [4][8] - The company terminated the "Headquarters Base Construction Project" and plans to use the returned land price of 3,122.72 million yuan for permanent working capital [8][9] Project Performance - The company reported that the "Night Tourism Environment Enhancement Project" faced multiple design changes from the owner, resulting in reduced project volume and lower actual settlement amounts compared to the contract [8][9] - The "China Phoenix Ancient City • Fengxianjing • Forest Hot Spring Art Town" project has not commenced due to the construction carrier not being completed, delaying the use of raised funds for project construction [4][9]

Group 1 - Haosai successfully won the bid for the Huajiang Gorge Bridge water curtain light show project, reinforcing its leading position in large bridge landscape lighting and cultural tourism night tour industry [1] - The Huajiang Gorge Bridge, known as the world's highest bridge, is a key strategic project in Guizhou Province and an important control project for the Liuzhi to Anlong Expressway [1] - The project will utilize advanced water curtain laser projection technology to create a 300-meter giant water curtain on the bridge, showcasing regional cultural stories and scenic beauty [1] Group 2 - The Huajiang Gorge Bridge is a key project under the "14th Five-Year Plan" for bridge-tourism integration, expected to significantly improve regional transportation and promote the development of surrounding ethnic minority villages [2] - The project aims to activate high-end tourism such as cliff hotels and canyon resorts, fostering an extreme sports industry cluster and contributing to the unique "bridge-tourism economic belt" in Guizhou [2] - Haosai aims to establish the project as a benchmark case for the 3.0 version of bridge-tourism integration in Guizhou, showcasing innovative wisdom in the integration of infrastructure construction and cultural tourism [2]

Core Viewpoint - The report addresses the slow progress of the LED landscape art lighting research and production base and experience center project by MingJiaHui Technology Co., Ltd, highlighting the reasons for delays and the feasibility of the project [1][2][5]. Group 1: Project Progress and Delays - The project, originally planned to be completed by June 30, 2020, has faced delays due to changes in the development plan of the construction site and public health safety events [2][3]. - The construction progress is currently at 59.6%, with a total investment of 143 million yuan (approximately 21 million USD) [1][2]. - The company has adjusted the project location and extended the expected completion date to September 30, 2021, due to the aforementioned delays [3][4]. Group 2: Project Feasibility and Impairment Testing - The feasibility of the project has not undergone significant adverse changes, and the company has engaged a qualified assessment agency to conduct impairment testing [5][9]. - The recoverable value of the project as of December 31, 2024, is estimated at 140.92 million yuan (approximately 21 million USD), with an impairment of 4.82 million yuan (approximately 0.73 million USD), resulting in an impairment rate of 3.31% [5][9]. Group 3: Supplier Relationships - The top five suppliers for the project include China New Era Construction Engineering Co., Ltd, which is a wholly-owned subsidiary of a major shareholder, while the other suppliers have no related party relationships with the company or its major shareholders [6][7][10]. - There are no indications of fund occupation or other financial transactions between the company and its major shareholders or executives, aside from normal operational transactions with the suppliers [7][10].