Core Viewpoint - The controlling shareholder and chairman of Tonghuashun, Yi Zheng, along with his associates, plan to reduce their holdings by up to 1.3831 million shares, accounting for 0.26% of the company's total share capital, with a cash-out potential of approximately 500 million yuan based on the closing price on the announcement date [1] Group 1: Shareholder Reduction Plan - Yi Zheng's reduction rationale includes "completion of phase one acquisition goals" and "releasing market liquidity to activate market vitality," which has sparked significant debate among investors [1][2] - The market reaction to the reduction announcement is mixed, with some optimistic investors expecting a price increase while others predict a significant drop [2] - Historical context shows that similar reduction reasons have led to negative market reactions, as seen with Kexing Pharmaceutical's stock price drop following a similar announcement [2][3] Group 2: Company Performance - Tonghuashun reported a strong performance in the first half of 2025, with total revenue of 1.78 billion yuan, a year-on-year increase of 28.1%, and a net profit of 500 million yuan, up 38.3% [4] - The revenue breakdown indicates that the company's performance is highly correlated with market conditions, with significant contributions from value-added telecommunications services and advertising [4] - The company's core revenue relies heavily on financial information and data services, making it susceptible to market fluctuations, as evidenced by historical performance during bull and bear markets [4] Group 3: Shareholder Wealth and Market Focus - Yi Zheng's net worth is estimated at 70 billion yuan, with a significant return on investment from shares purchased at a low price in 2022 [5][6] - Following the reduction announcement, Tonghuashun's stock price has been under scrutiny, particularly after a series of declines leading up to the announcement [6]

Macro and Strategy - The equity market is currently in an accelerating upward phase, prompting discussions on how to adjust positions to prepare for potential market fluctuations [8] - Investors are advised to consider right-side position reduction as a more reasonable choice, given the current market dynamics [8] - Historical data suggests that low-priced convertible bonds (priced between 110-115 yuan) tend to be more resilient during market downturns [8] Company and Industry Analysis - **Dengkang Dental (001328.SZ)**: The company reported a stable growth in Q2 2025, with revenue reaching 842 million yuan, a year-on-year increase of 19.72%, and a net profit of 85 million yuan, up 17.59% [10][11] - **Marubi Biotechnology (603983.SH)**: The company achieved a revenue of 1.769 billion yuan in H1 2025, a 30.83% increase year-on-year, while net profit grew by 5.21% to 186 million yuan [13][14] - **Haidi Lao (06862.HK)**: The company reported a revenue of 20.7 billion yuan in H1 2025, a decrease of 3.7%, with core operating profit down 14% [17][18] - **Green Tea Group (06831.HK)**: The company achieved a revenue of 2.29 billion yuan in H1 2025, a 23.1% increase, with adjusted net profit rising by 40% [19][20] - **Haisco Pharmaceutical (002653.SZ)**: The company reported a revenue of 2 billion yuan in H1 2025, an 18.6% increase, with anesthetic product revenue growing by 54% [22][23] - **Furui Co., Ltd. (300049.SZ)**: The company achieved a revenue of 713 million yuan in H1 2025, an 11.02% increase, while net profit was impacted by foreign exchange losses [26][27] - **Kaili Medical (300633.SZ)**: The company reported a revenue of 964 million yuan in H1 2025, a decrease of 4.78%, with net profit down 72.43% due to high initial investments in new product lines [29][30] - **Yuyue Medical (002223.SZ)**: The company reported a revenue of 4.659 billion yuan in H1 2025, an 8.2% increase, with net profit rising by 7.4% [31][32]

Core Insights - The Ministry of Commerce reported positive trends in foreign trade and investment, with a 14.1% year-on-year increase in newly established foreign-invested enterprises from January to July, and a total import and export value of 25.7 trillion yuan, reflecting a 3.5% growth year-on-year [1][4][7]. Group 1: Foreign Investment Trends - The upcoming 25th China International Investment and Trade Fair (CIFTIS) will take place from September 8 to 11 in Xiamen, focusing on "Investing in China" and featuring over 12,000 square meters of exhibition space [2]. - Nearly 100 multinational companies and international investment institutions have confirmed their participation in the CIFTIS, indicating China's strong potential for attracting foreign investment despite global economic challenges [3][4]. - The actual use of foreign capital in high-tech industries reached 137.36 billion yuan, with significant growth in e-commerce services (146.8%), aerospace manufacturing (42.2%), and pharmaceutical manufacturing (37.4%) [4]. Group 2: Policy and Regulatory Environment - The Ministry of Commerce has implemented 20 measures to stabilize foreign investment, including the removal of restrictions on foreign investment in the manufacturing sector and the expansion of pilot programs in nine cities [5][6]. - The government aims to create a market-oriented, law-based, and international business environment, ensuring fair treatment for foreign enterprises in areas such as government procurement and bidding [6]. - Continuous efforts are being made to address the challenges faced by foreign enterprises, with over 1,500 issues resolved through roundtable meetings organized by the Ministry of Commerce [5][6]. Group 3: Trade Performance - Shanghai's import and export total reached 397.24 billion yuan in July, marking a 9.5% year-on-year increase, with exports hitting a record high for the month [7]. - The trade volume between China and the Arab League reached 1.72 trillion yuan in the first seven months of the year, a historical high, with exports continuing to grow for 21 consecutive months [8]. - The overall trade environment remains stable, with policies and diverse cooperation contributing to a steady growth trajectory in foreign trade [9][10].

Core Insights - The establishment of the Lingang New Area in Shanghai Free Trade Zone marks six years of significant institutional innovation, with 166 breakthrough cases, including 79 national firsts, aimed at enhancing China's reform and opening-up efforts [2][3] Group 1: Data Cross-Border Flow - The Lingang New Area has successfully implemented a data cross-border flow mechanism, allowing companies to legally and efficiently process data across countries, thus overcoming previous regulatory barriers [1][5] - Over 20 companies are now engaged in similar data processing businesses, supported by the establishment of an international data processing hub [1][5] Group 2: Foreign Investment and Telecommunications - The approval of foreign companies to engage in value-added telecommunications services in Lingang represents a significant step in aligning with international standards and enhancing digital solutions for global trade [3][6] - The establishment of a service platform for foreign telecommunications enterprises has facilitated the entry of three foreign companies into the pilot program, enhancing their market access [3] Group 3: Trade Facilitation - The "direct release" policy in the Yangshan Special Comprehensive Bonded Zone has significantly reduced customs clearance time from 2 days to 2 hours, cutting costs by 50% for enterprises [4] - The total import and export volume in the Yangshan Special Comprehensive Bonded Zone has grown at an annual rate of 26.9% since the start of the 14th Five-Year Plan [4] Group 4: Offshore Trade Growth - The offshore trade scale in Lingang has surpassed $15.04 billion in the first half of the year, marking a 23.6% increase and accounting for 48.2% of the city's total [7] - The introduction of tax exemptions for offshore trade until 2027 is expected to further stimulate growth in this sector [6] Group 5: Innovation and Entrepreneurship - The Lingang New Area emphasizes the importance of nurturing innovation and entrepreneurship, launching initiatives to support tech startups and attract talent [8][9] - The establishment of the "Maker Home" and funding programs aims to alleviate financial pressures on early-stage teams, fostering a conducive environment for innovation [9][10] Group 6: Long-term Vision - Lingang aims to create a high-quality institutional environment that attracts talent and enterprises, positioning itself as a key area for technology transfer and youth entrepreneurship [10]

Core Viewpoint - Shenzhen is implementing a comprehensive plan to promote high-quality development in service trade and digital trade, aiming to enhance its international competitiveness and support its goal of becoming a globally influential economic center by 2030 and 2035 [1]. Group 1: Promotion of Efficient Flow of Trade Resources - The implementation plan focuses on four key areas: facilitating cross-border data flow, accelerating technology transfer, providing financial support for trade development, and enhancing talent mobility [3]. - A pilot program for a "negative list" system for cross-border data flow will be established in specific regions, allowing approved research institutions and enterprises to share scientific research data internationally [3]. - The plan aims to expand the use of the Renminbi in cross-border transactions, improving efficiency and convenience for businesses [3]. Group 2: Innovation in Digital Trade - The plan proposes to open up value-added telecommunications services to attract foreign investment in internet data centers and related services [5]. - It emphasizes the importance of enhancing the software and information services sector, supporting quality software companies, and promoting the export of software services [5]. - The development of high-end outsourcing in sectors like biomedicine, software development, and cultural creativity is encouraged, along with the establishment of digital creative industry parks [5]. Group 3: Enhancement of Service Trade - The plan includes measures to strengthen international transportation services and expand shipping routes to Europe, Oceania, and Africa [8]. - It aims to attract foreign investment in specialized service sectors, including healthcare and professional services, by clarifying regulations for foreign-owned hospitals and encouraging international collaboration in education and research [9]. - The development of cross-border financial and insurance services is prioritized, with initiatives to facilitate efficient cross-border fund settlement for e-commerce businesses [9]. Group 4: Facilitation of Cross-Border Travel Services - The plan explores allowing qualified foreign-invested travel agencies registered in Shenzhen to conduct outbound tourism business outside Taiwan [10]. - It supports the development of high-value-added bonded maintenance services and aims to establish Shenzhen as a global trading center for electronic components [10].

一、审计报告 | 审计意见类型 | 标准的无保留意见 | | --- | --- | | 审计报告签署日期 | 2025 年 02 月 22 日 | | 审计机构名称 | 天健会计师事务所（特殊普通合伙） | | 注册会计师姓名 | 尉建清、俞金波 | 审计报告正文 审 计 报 告 天健审〔2025〕211 号 浙江核新同花顺网络信息股份有限公司全体股东： 一、审计意见 我们审计了浙江核新同花顺网络信息股份有限公司（以下简称同花顺股份公司）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 同花顺股份公司 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公 司经营成果和现金流量。 财务报告 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国 ...

目 录 审 计 报 告 天健审〔2025〕211 号 浙江核新同花顺网络信息股份有限公司全体股东： 一、审计意见 | 一、审计报告……………………………………………………… | 第 | 1—5 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 6—13 | 页 | | （一）合并资产负债表…………………………………………… | | 第 6 | 页 | | （二）母公司资产负债表………………………………………… | | 第 7 | 页 | | （三）合并利润表………………………………………………… | | 第 8 | 页 | | （四）母公司利润表……………………………………………… | | 第 9 | 页 | | （五）合并现金流量表……………………………………………第 | | 10 | 页 | | （六）母公司现金流量表…………………………………………第 | | 11 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 12 | 页 | | （八）母公司所有者权益变动表……………………………… ...