Core Points - The document outlines the procedures and requirements for Jiangsu Jinling Sports Equipment Co., Ltd. to select and appoint accounting firms for auditing purposes, ensuring compliance with relevant laws and regulations [2][3][4] Group 1: General Principles - The company establishes a system for the selection of accounting firms to ensure compliance with the Company Law and other relevant regulations [2] - The selection process must be approved by the Audit Committee and the Board of Directors, and ultimately decided by the shareholders' meeting [2][3] Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess independent legal status, necessary qualifications, and a good reputation [4] - The firms should have a fixed workplace, sound organizational structure, and robust internal management systems [4] Group 3: Selection Procedures - The selection process includes competitive negotiations, public bidding, and other methods to ensure fairness and transparency [3][5] - The Audit Committee is responsible for overseeing the selection process and evaluating the performance of the appointed accounting firms [5][6] Group 4: Reappointment and Replacement - The company may reappoint accounting firms that meet selection criteria without going through the public selection process, subject to annual review by the Audit Committee [3][6] - The company must replace accounting firms under specific circumstances, such as significant quality defects or delays in audit work [6][7] Group 5: Supervision and Penalties - The Audit Committee is tasked with monitoring the performance of the selected accounting firms and ensuring compliance with auditing standards [7][8] - Serious violations by accounting firms can lead to disqualification from future appointments [8]

董事会审计委员会工作细则 第一章 总则 第一条 为强化江苏金陵体育器材股份有限公司（以下简称"公司"）董事会 决策功能，健全董事会的审计评价和监督机制，确保董事会对高级管理层的有效监 督，进一步完善公司治理结构，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等法律、法规、规范性文件和《江苏金陵体育器材股份有限公司章程》 （以下简称"公司章程"）的规定，公司特设立董事会审计委员会，并制定本细则。 第二条 审计委员会是董事会下设的专门工作机构，行使《公司法》规定的监 事会的职权，负责审核公司财务信息、披露、监督及评估内外部审计工作和内部控 制，协助董事会开展相关工作，向董事会报告工作并对董事会负责。 江苏金陵体育器材股份有限公司 审计委员会委员可以在任期届满以前提出辞职，委员辞职应当向董事会提交书 面辞职报告，辞职报告送达董事会时生效，但在补选出的委员就任前，原委员仍应 当依照本工作细则的规定，履行相关职责。 第八条 公司设立内部审计部门，对公司业务活动、风险管理、财务管理、内 控制度建立和执行情况进行内部审计、监督。内部审计 ...

第一条 江苏金陵体育器材股份有限公司（以下简称"公司"）为规范公司行 为，维护公司股东和债权人的合法权益，规范公司关联交易，根据《中华人民共和国 公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关法 律、法规、规范性文件和《江苏金陵体育器材股份有限公司章程》（以下简称"《公 司章程》"）之规定，特制定本制度。 江苏金陵体育器材股份有限公司 关联交易制度 第一章 总则 第四条 公司关联方包括关联法人、关联自然人。 （一） 关联法人是指： 组织； 第二条 公司关联交易是指公司或其控股子公司与公司关联人之间发生的转移 资源或义务的事项。包括但不限于下列事项： 第三章 关联人 立董事除外）、高级管理人员的，除公司及其控股子公司以外的法人或其他组织； 公司有特殊关系，可能造成公司对其利益倾斜的法人或其他组织。 （二） 公司关联自然人是指： （一） 购买或出售资产； （二） 对外投资（含委托理财、对子公司投资等，设立或者增资全资子公司除 外）； （三） 提供财务资助（含委托贷款）； （四） 提供担保（指公司为他人提供的担保 ...

Core Insights - In June 2025, Estonia's retail trade turnover reached €928 million, marking a year-on-year growth of 5% [1] Retail Performance by Sector - Specialty stores selling computers and accessories, telecommunications equipment, and sports equipment saw a significant turnover increase of 21.8% [1] - Sales of second-hand goods and non-store retail (including stalls, markets, and direct sales) experienced a turnover growth of 13.2% [1] - E-commerce and mail-order retail recorded a turnover increase of 13% [1] - Retail turnover for automotive fuel increased by 12.2% [1] - Stores selling home goods, appliances, hardware, and building materials saw a turnover rise of 10.3% [1] - Pharmacies and cosmetics specialty stores reported an 8.4% increase in turnover [1] - Specialty stores selling textiles, clothing, and footwear experienced a modest turnover growth of 2.6% [1] - Department stores focused on industrial products faced a turnover decline of 2.2% [1] - Grocery stores selling tobacco, alcohol, and beverages saw a turnover decrease of 3.6% [1] Overall Retail Trade Performance - In the first half of 2025, Estonia's retail trade turnover reached €5.22 billion, reflecting a year-on-year growth of 4% [1]

Core Viewpoint - The anticipated widespread price increases due to new tariffs have largely not materialized, surprising economists, but the reality is that the transmission of tariffs to inflation is gaining momentum [1] Group 1: Price Trends and Tariff Impact - In June, prices for frequently imported goods such as furniture, sports equipment, and appliances rose at the fastest pace in years, indicating that the cost transmission from tariffs is having a tangible impact on specific product categories [1] - The overall inflation data has been suppressed by declines in automobile prices and certain service categories, providing arguments for tariff proponents who claim that tariffs have not affected inflation [1][4] - Economists predict that inflation driven by tariffs will continue to strengthen in the coming months as companies face increasing pressure to raise prices [1][7] Group 2: Corporate Strategies and Inventory Management - Many companies have delayed the full impact of tariffs on consumer prices by absorbing increased costs rather than passing them on, and some have built inventory buffers before tariffs took effect [2][3] - Fastenal reported that despite attempts to diversify supply chains and build inventory, they have had to raise prices multiple times recently and may need to do so again in the future [4] Group 3: Global Price Dynamics - Foreign suppliers have partially offset the impact of tariffs by lowering export prices to the U.S. to maintain competitiveness, with global factory prices remaining subdued [5] - Japan's export prices have contracted for three consecutive months, and Chinese export prices for various goods have also shown declines [5][6] Group 4: Future Inflation Expectations - Economists warn that the current calm in inflation is temporary, and as companies deplete their pre-stocked inventory, they will be less willing to sacrifice profits [7] - If tariffs are fully transmitted, it is estimated that the recent tariffs could raise the preferred inflation indicator by approximately 0.4 percentage points [7]

Group 1 - Jiangsu sports goods and equipment exports reached 6.8 billion yuan from January to May, with a year-on-year growth of 7.8% [1] - Nanjing Jinbao Sports Equipment Co., Ltd. reported a 36% increase in football exports during the same period [1] - Nantong Kaixuan Sports Goods Co., Ltd. exports over 9 million yuan worth of sports products to 18 countries and regions [1] Group 2 - Zhenjiang Hangyan Sports Goods Co., Ltd. has seen significant growth in badminton and lightweight sports equipment exports, with orders extending to July [2] - Nantong Ironman Sports Goods Co., Ltd. focuses on "Internet + Sports" and has developed nearly 900 patents for its products [2] - Jiangsu Jinling Sports Equipment Co., Ltd. has a global customer network covering over 80 countries and regions, actively participating in major international events [3]

Core Viewpoint - The 15th National Games of the People's Republic of China will be held from November 9 to 21, 2025, in Guangdong, Hong Kong, and Macau, with the opening ceremony in Guangzhou and the closing ceremony in Shenzhen. The event is highly anticipated, with citizens eager to purchase tickets [1][6]. Ticketing and Accessibility - The ticket sales for the 15th National Games are designed to be accessible, with at least 65% of venue seats available for public sale. Special seating for individuals with disabilities and other special needs will be provided [10][11]. - A multi-channel sales network will be established to facilitate ticket purchases across the Guangdong-Hong Kong-Macau Greater Bay Area, including online and offline options [11]. - The ticket pricing strategy aims to be affordable, with details expected to be announced by September. The pricing for the Paralympic events will also reflect a public welfare approach [12]. Event Scale and Participation - This edition of the National Games is set to be the largest in history, with ticket sales expected to surpass those of the Hangzhou Asian Games [10]. - Top athletes from across the country will participate, including renowned figures in diving, table tennis, swimming, and tennis, showcasing high-level competitions [14][15]. Opening Ceremony and Themes - The opening ceremony will take place on November 9, 2025, at the Guangdong Olympic Sports Center, themed "Dreaming of the Future," highlighting the Greater Bay Area's grandeur [17][18]. - The ceremony will feature advanced technology and artistic presentations, aiming to create a visually stunning experience [20]. Economic Impact and Sponsorship - The event is projected to generate significant economic activity, with sponsorship intentions exceeding 20 billion yuan. Major telecommunications companies are among the sponsors, marking a collaborative effort [21][24]. - Local governments are leveraging the National Games to enhance urban quality and public welfare, with various city improvement projects underway [22]. Health and Safety Measures - A comprehensive health and safety guideline will be issued for the event, focusing on health literacy, management, injury prevention, and hygiene [23]. Technological Innovations - The event will incorporate advanced technologies, such as humanoid robots for torch relay and AI-driven broadcasting, enhancing the overall experience for participants and spectators [19][20].

Group 1: Company Overview and Strategy - Jinling Sports has been actively positioning itself in the sports industry since its listing, focusing on strengthening its brand and expanding both horizontally and vertically within the sports sector [2] - The company aims to enhance its sports consumption services and create a brand matrix to improve consumer experience, targeting the establishment of a century-old national sports brand [2][3] Group 2: Industry Outlook - The Chinese sports industry is expected to grow significantly, with the government aiming to make it a pillar of the national economy by 2035, increasing its GDP contribution from 1.0% in 2020 to 4% [3] - The total scale of the sports industry in China is projected to reach 5 trillion yuan, indicating substantial market potential [3] Group 3: Recent Performance and Challenges - The company experienced a decline in sales due to a lack of major events, which reduced service income significantly [5] - The upcoming 2024 events are expected to be fewer compared to the previous year, impacting revenue [5] Group 4: Future Growth Drivers - Jinling Sports is exploring growth in the 2C business model, focusing on enhancing sports consumption services and expanding its event service offerings [6] - The company plans to leverage its reputation from past large-scale events to increase its service income [6] Group 5: Market Risks - The stock market has shown volatility due to the popularity of local football leagues, leading to potential irrational trading behaviors and increased risks [6]

Group 1: Market Overview - The A-share market has shown a pattern of individual stock gains despite a modest increase in the Shanghai Composite Index, which rose by 1.09% over three days [1] - The sports sector has emerged as a standout performer this week, driven by the popularity of the Jiangsu Province City Football League, which attracted an average of nearly 10,000 spectators per match [2] Group 2: Company Highlights - Co-Creation Turf (605099) has seen significant stock performance, hitting the daily limit up due to its status as the world's largest producer and seller of artificial turf, with a leading global market share in 2023 [3] - Jinling Sports (300651), listed on the ChiNext board, has also performed well, achieving a 20% increase on its first limit up day, contributing to the overall bullish sentiment in the sports sector [3] Group 3: Sector Trends - The surge in sports-related stocks has led to increased interest in various companies within the sports concept sector, including Kangliyuan, Shuangxiang Co., and others, as well as those in the Jiangsu region benefiting from tourism and consumption linked to the "Su Super" event [4] - The stablecoin concept stocks have gained traction following the enactment of the Stablecoin Ordinance in Hong Kong, with companies like Zhong An Online and Lianlian Digital experiencing significant stock price increases [5] Group 4: Emerging Themes - The artificial intelligence sector is poised for growth, with a recent meeting by the Ministry of Industry and Information Technology emphasizing the need for advancements in AI and its integration into manufacturing processes [5][6] - The energy sector, particularly in areas like energy storage and smart grids, is also showing positive trends, driven by increasing electricity demand as summer approaches [6]

Group 1 - The core viewpoint is that the surge in stock prices of sports-related companies, particularly Jinling Sports and Gongchuang Turf, is driven by the popularity of the Jiangsu City Football League, leading to significant stock price fluctuations and warnings of potential irrational trading behavior [1][6]. - Jinling Sports reported a cumulative stock price increase of 100.41% over five trading days, indicating severe abnormal trading fluctuations [1][2]. - The dynamic P/E ratio of Jinling Sports is -558.28, while the static P/E ratio is 141.35, and the P/B ratio is 4.94, reflecting the company's current market valuation amidst the stock price volatility [2]. Group 2 - Gongchuang Turf, another leading stock, also announced significant stock price increases and trading volume, highlighting the risk of irrational speculation [6]. - Gongchuang Turf's main business is artificial turf, with projected revenues of 2.052 billion yuan from leisure grass and 594 million yuan from sports grass in 2024, accounting for 69.93% and 20.25% of its main business revenue, respectively [6]. - The company holds the largest global market share in artificial turf, with its sports grass products widely used in social sports venues, although domestic football events do not significantly impact its operational performance [6]. Group 3 - The sports industry in China has seen growth from 2.9 trillion yuan in 2019 to 3.7 trillion yuan, with a CAGR of approximately 5.7%, driven by supportive policies and a youth consumer base [7]. - The total output value of sports competition and performance activities is projected to grow from 30.9 billion yuan in 2019 to 75.2 billion yuan by 2024, with a CAGR of around 23% [7][8]. - Recent government initiatives aim to streamline the approval process for sports events, enhancing the efficiency of event preparation and supporting the supply of quality sports projects [8].