关于调整 2025 年限制性股票激励计划相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600057 证券简称：厦门象屿 公告编号：2025-079 债券代码：240429 债券简称：23 象屿 Y2 债券代码：240722 债券简称：24 象屿 Y1 债券代码：242565 债券简称：25 象屿 Y1 债券代码：242747 债券简称：25 象屿 Y2 债券代码：242748 债券简称：25 象屿 Y3 厦门象屿股份有限公司 厦门象屿股份有限公司（以下简称"公司"）于2025年9月4日召开了第九届 董事会第三十六次会议、第九届监事会第二十四次会议，会议分别审议通过了《关 于调整2025年限制性股票激励计划相关事项的议案》，现对有关事项说明如下： 一、本次激励计划已履行的相关审批程序 公司 2025 年限制性股票激励计划之草案、批复、人员公示等事项均已经公司 董事会、监事会或股东大会审议通过并披露，具体情况可见本公告附件。 二、调整事由及调整结果 （一）调整激励对象及授予数量 鉴于公司 2025 年限 ...

Group 1 - The core viewpoint of the news is that Feima International has seen a significant increase in its stock price, with a rise of 5.41% to 4.09 CNY per share, and a trading volume of 1.999 billion CNY, indicating strong market interest [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with 88.19% of its revenue coming from the environmental new energy sector and 11.81% from logistics supply chain services [1] - The company has a total market capitalization of 10.884 billion CNY [1] Group 2 - From the perspective of fund holdings, one fund under Huatai PineBridge has a significant position in Feima International, with 2.3929 million shares held, representing 2.11% of the fund's net value, making it the third-largest holding [2] - The Huatai PineBridge Environmental Governance Index (LOF) A fund has a total size of 208 million CNY and has achieved a year-to-date return of 17.23%, ranking 2815 out of 4222 in its category [2] - The fund manager, Luo Hao, has been in position for 357 days, with the best fund return during his tenure being 91.78% and the worst being 2.28% [2]

Core Viewpoint - Zhejiang Zhongtuo (000906) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 107.164 billion yuan, an increase of 8.51% year-on-year [1]. - Net profit attributable to shareholders was 207 million yuan, down 36.99% compared to the previous year [1]. - In Q2 2025, total revenue was 56.435 billion yuan, up 4.21% year-on-year, while net profit fell to 14.5472 million yuan, a decline of 82.75% [1]. Key Financial Ratios - Gross margin decreased to 0.78%, down 37.98% year-on-year [1]. - Net margin also fell to 0.32%, a decrease of 24.92% [1]. - The ratio of selling, administrative, and financial expenses to revenue was 0.59%, down 28.00% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share was -5.26 yuan, an improvement of 51.80% year-on-year [1]. - The company’s cash and cash equivalents increased by 14.70% to 7.32 billion yuan [1]. - Interest-bearing liabilities decreased by 4.60% to 12.488 billion yuan [1]. Accounts Receivable and Inventory - Accounts receivable increased by 15.05% to 7.498 billion yuan, with accounts receivable to net profit ratio reaching 2032.79% [1][3]. - Inventory levels rose significantly by 87.66%, attributed to slower turnover in the supply chain and increased investment in new business ventures [1]. Investment and Financing Activities - Net cash flow from investing activities decreased by 112.36%, influenced by increased margin requirements for hedging derivatives [2]. - Net cash flow from financing activities fell by 41.52%, reflecting reduced funding needs compared to the previous year [2]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 5.13%, indicating average capital returns [2]. - Historical data shows a median ROIC of 8.44% over the past decade, with two years of losses since the company went public [2]. Recommendations and Observations - The company’s cash flow situation is concerning, with a cash to current liabilities ratio of only 21.4% [3]. - The debt situation is also a point of concern, with an interest-bearing asset liability ratio of 23.97% [3]. - Continuous monitoring of accounts receivable and cash flow is advised due to the high ratio of accounts receivable to profit [3].

Core Insights - Company reported a total operating revenue of 107.164 billion yuan, an increase of 8.51% year-on-year, marking five consecutive years of growth [1] - Net profit attributable to shareholders decreased to 207 million yuan, down 36.99% compared to the same period last year [1] - Operating cash flow showed a net outflow of 3.733 billion yuan, an increase of 4 billion yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 81.87%, up 0.95 percentage points from the previous quarter and 1.37 percentage points from the same period last year [3] - Gross profit margin is at 0.78%, down 0.19 percentage points from the previous quarter and 0.48 percentage points year-on-year [3] - Return on equity (ROE) is 3.58%, a decrease of 2.18 percentage points compared to the same period last year [3] Earnings and Turnover - Diluted earnings per share decreased to 0.26 yuan, down 38.10% year-on-year [4] - Total asset turnover ratio increased to 2.46 times, up 2.56% year-on-year [4] - Inventory turnover ratio improved to 6.99 times, an increase of 6.46% compared to the same period last year [4] Shareholder Structure - The number of shareholders is 28,700, with the top ten shareholders holding 390 million shares, accounting for 54.91% of total equity [4] - The largest shareholder is Zhejiang Provincial Transportation Investment Group Co., Ltd., holding 44.93% of shares [4]

Group 1 - The core point of the announcement is the approval of adjustments to the stock option incentive plan, including changes to the exercise price and conditions for granting options [1][2][3] - The supervisory board held its second temporary meeting in 2025, where all members confirmed the authenticity and completeness of the disclosed information [1] - The board approved the adjustment of the exercise price for the stock option incentive plan, ensuring compliance with relevant regulations and no harm to shareholder interests [1][2] Group 2 - The supervisory board confirmed that the conditions for granting the third exercise period of the stock option incentive plan have been met, allowing 32 incentive participants to exercise their options [2] - The board also approved the cancellation of certain stock options, stating that this action complies with regulations and does not harm shareholder interests [3]