Core Viewpoint - The company, Yuanda China Holdings Limited, is facing severe debt and operational crises due to macroeconomic factors, real estate regulations, and the pandemic, leading to a bankruptcy restructuring application [1] Group 1: Company Situation - The company has been significantly impacted by macroeconomic conditions, real estate regulations, and the pandemic, resulting in an inability to repay due debts and a lack of repayment capability [1] - Despite implementing various self-rescue measures, the effectiveness has been limited, and risks have become increasingly apparent and exacerbated [1] - The company possesses deep technical reserves, a strong industry position, and significant brand influence in the prefabricated construction sector, indicating potential restructuring value [1] Group 2: Bankruptcy Restructuring Process - The bankruptcy restructuring process aims to save the company by adjusting its assets and liabilities and reorganizing management activities to overcome financial difficulties [2] - If the court approves the restructuring application, the company will actively plan related matters, seek restructuring investors, and collaborate with the court, creditors, and shareholders to explore debt resolution solutions [2] - The current bankruptcy application is not expected to significantly impact the company's financial status or operations, with the final effects dependent on the progress of the application and subsequent audit results [2]

Core Viewpoint - The company is focusing on technological innovation, effective receivables management, and improving revenue and profitability while navigating industry risks and enhancing its core business capabilities [1][4]. Group 1: Technological Innovation and R&D Investment - The company plans to increase innovation and R&D investment in structural systems, enclosure systems, and interior and exterior decoration systems, with a focus on prefabricated steel structures and integrated housing as key future R&D directions to maintain technological leadership and enhance core competitiveness [2]. Group 2: Receivables and Cash Flow Management - The company places high importance on receivables management, implementing targeted collection strategies for key projects, and monitoring revenue collection rates as a key performance indicator to ensure normal cash flow and enhance financial stability and risk resistance [3]. Group 3: Revenue and Profitability - In the first half of 2025, the company achieved operating revenue of 871 million yuan, a year-on-year increase of 5.73%, while the net loss attributable to shareholders was 37 million yuan, a year-on-year reduction in loss of 24.35%. Despite a decrease in management and financial expenses, the company remains in a loss position due to industry risks and the need for time to realize scale benefits [4]. Group 4: Order Conversion and Business Segments - The company is solidifying its development foundation, deepening local market engagement, leveraging core technological advantages, and improving project delivery quality and compliance to enhance order conversion rates. In the first half of 2025, revenue from prefabricated building services was 714 million yuan, and revenue from prefabricated building products was 147 million yuan, with rapid growth in steel structure processing and installation. The company is focusing on four core business areas: prefabricated EPC projects, prefabricated steel structures, prefabricated building materials, and integrated housing [5]. Additional Points of Interest - In the third quarter of 2025, the company signed new overseas orders worth 114 million yuan from newly developed Central Asian markets. A personnel change occurred with the resignation of the deputy general manager and chief economist due to normal personnel arrangements within the China Railway system. The company is actively participating in urban renewal projects and has ongoing projects in Xinjiang [5].

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 871 million yuan, representing a year-on-year growth of 5.73% [3] - The net loss attributable to shareholders was 37 million yuan, a reduction in loss of 24.35% compared to the previous year [3] - Management and financial expenses decreased compared to the same period last year, indicating improved cost management [3] Group 2: Strategic Focus and Innovation - The company plans to increase investment in innovation and R&D, particularly in prefabricated steel structures and integrated housing [6] - Key business areas include prefabricated engineering projects, prefabricated steel structures, prefabricated building materials, and integrated housing [4] - The company aims to leverage its full industry chain advantages in prefabricated construction to drive sustainable growth [4] Group 3: Cash Flow and Accounts Receivable Management - The company emphasizes the management of accounts receivable and has implemented strategies to accelerate collection processes [3] - Cash flow management is prioritized, with revenue collection rates being a key performance indicator [3] Group 4: Market Position and Order Management - The company signed overseas orders worth 114 million yuan in the third quarter of 2025, focusing on the Central Asia market [4] - Efforts are being made to improve order conversion rates and utilize resources within the China Railway system to secure high-quality orders [4] Group 5: Future Outlook and Challenges - The company anticipates steady performance in the second half of 2025, despite ongoing litigation that may impact profits [4] - The company is actively engaging in urban renewal projects and adapting to national policy directions [6] - There is a focus on expanding into the Xinjiang region with projects related to government agricultural and cultural tourism initiatives [7]

Core Viewpoint - The land supply plan of Qingyang for 2025 signals a strong commitment to high-quality development, focusing on industrial land to drive economic growth through a dual approach of "industry + cultural tourism" [1][15]. Group 1: Land Supply Plan - Qingyang's 2025 land supply plan features a high proportion of industrial land, accounting for 72.5% (151.82 hectares), indicating a strong determination to become a "manufacturing strong county" [2]. - The eight land parcels available for sale are all classified as secondary industrial land, with a floor area ratio controlled between 1.0-1.4 and a building density of 40%, emphasizing the pursuit of intensive land use [2][6]. - All land parcels require a contract to be signed with local towns within seven days post-transaction, ensuring that land development is closely tied to tax revenue and employment benefits [6]. Group 2: Industrial Development - The Baomei light alloy project is set to launch its first 100,000-ton production line in 2025, which is expected to boost the magnesium-aluminum industry chain's output value to over 1 billion yuan, attracting upstream and downstream enterprises [7]. - The expansion of the Shian Park is accelerating, targeting high-end manufacturing sectors such as prefabricated buildings and new energy vehicle components, resonating with the "Qingyang Intelligent Manufacturing" corridor [7]. Group 3: Population and Infrastructure - The opening of the Chi-Huang High-speed Railway has led to an average daily passenger flow of over 4,000 at Jiuhua Mountain Station, significantly boosting the local hospitality economy [10]. - Qingyang has introduced a "Youth Party Member Return Entrepreneurship Plan," offering land incentives and tax reductions to attract young entrepreneurs, fostering a positive cycle between cultural tourism and agriculture [10]. - Infrastructure improvements, including the completion of major highways and the addition of 600 parking spaces, are enhancing the livability and connectivity of Qingyang, creating a "15-minute living circle" [13]. Group 4: Strategic Logic Behind Land Supply - Qingyang's land supply strategy integrates land use planning, industrial policy, and public needs, emphasizing both bottom-line thinking and flexible development [14]. - The strategy aims to maintain a balance between agricultural land protection and industrial land efficiency, ensuring sustainable growth [14]. - The development model promotes a gradient development pattern, leveraging the tourism resources of Jiuhua Mountain while avoiding homogeneous competition among towns [14].

创业板风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确 定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 安徽森泰木塑集团股份有限公司 ANHUI SENTAI WPC GROUP SHARE CO.,LTD. （安徽省宣城市广德经济开发区国华路） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 安徽森泰木塑集团股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...

创业板风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确 定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 安徽森泰木塑集团股份有限公司 ANHUI SENTAI WPC GROUP SHARE CO.,LTD. （安徽省宣城市广德经济开发区国华路） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 安徽森泰木塑集团股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...