中德证券有限责任公司 关于丹阳顺景智能科技股份有限公司 部分限售股份上市流通的核查意见 一、本次上市流通的限售股类型 本次上市流通的限售股为丹阳顺景智能科技股份有限公司（以下简称"上市 公司""公司"）因执行《花王生态工程股份有限公司重整计划》（以下简称"《重 整计划》"）进行资本公积金转增股本新增的部分重整财务投资人所持有的股份， 涉及 1 名股东，具体情况如下： 2024 年 9 月 9 日，公司收到江苏省镇江市中级人民法院（以下简称"镇江 中院"）送达的（2022）苏 11 破申 3 号《民事裁定书》，裁定受理申请人王锁二 对公司的重整申请。具体内容详见公司于 2024 年 9 月 10 日披露的《关于法院裁 定受理公司重整的公告》（公告编号：2024-069）。 2024 年 10 月 30 日公司召开的第一次债权人会议表决通过了《花王生态工 程股份有限公司重整计划（草案）》，出资人组会议表决通过了《花王生态工程股 份有限公司重整计划（草案）之出资人权益调整方案》。具体内容详见公司于 2024 年 10 月 31 日披露的《关于重整阶段第一次债权人会议召开情况的公告》（公告 编号：2024-088）、 ...

Core Viewpoint - As of January 22, a total of 15 ST stocks have announced their annual performance forecasts, with 1 company expecting profit, 7 companies expecting reduced losses, and 5 companies expecting losses [1] Group 1: Performance Forecasts - The company with the highest expected loss is ST Changyuan, with an estimated loss of 1.08 billion yuan, followed by ST Saiwei and ST Dongshi, with expected losses of 720 million yuan and 600 million yuan respectively [1] - The detailed performance forecasts for ST stocks include: - *ST Huawei: Expected profit of 175 million yuan to 145 million yuan, with a year-to-date change of +6.28% [1] - ST Yuanzhi: Expected profit of 110 million yuan to 90 million yuan, with a year-to-date change of +16.82% [1] - *ST Tianze: Expected profit of 30 million yuan to 27 million yuan, with a year-to-date change of +7.96% [1] - ST Hongda: Expected reduced loss of 16 million yuan to 24 million yuan, with a year-to-date change of +9.40% [1] - *ST Yatai: Expected reduced loss of 28.39 million yuan to 51.46 million yuan, with a year-to-date change of +27.80% [1] - ST Ningke: Expected reduced loss of 75 million yuan to 100 million yuan, with a year-to-date change of -6.02% [1] - *ST Huawang: Expected reduced loss of 180 million yuan to 240 million yuan, with a year-to-date change of -6.46% [1] - *ST Changyao: Expected reduced loss of 350 million yuan to 520 million yuan, with a year-to-date change of -26.44% [1] - *ST Zhanggu: Expected reduced loss of 450 million yuan to 550 million yuan, with a year-to-date change of -6.57% [1] - ST Huayang: Expected loss of 590 million yuan to 700 million yuan, with a year-to-date change of +4.75% [1] - ST Dongshi: Expected reduced loss of 600 million yuan to 700 million yuan, with a year-to-date change of +2.93% [1] - ST Saiwei: Expected loss of 720 million yuan to 1.02 billion yuan, with a year-to-date change of +44.61% [1] - ST Changyuan: Expected loss of 1.08 billion yuan to 1.45 billion yuan, with a year-to-date change of +24.93% [1] - *ST Yanshi: Expected loss, no specific figures provided, with a year-to-date change of -22.76% [1] - *ST Wanfang: Expected loss, no specific figures provided, with a year-to-date change of -24.79% [1]

Core Viewpoint - As of January 20, a total of 10 ST stocks have announced their annual performance forecasts, with 1 company expecting profit, 4 companies expecting losses, and 3 companies expecting reduced losses [1] Group 1: Performance Forecasts - The company with the highest expected loss is ST Changyuan, forecasting a minimum loss of 1.08 billion yuan, followed by ST Huayang and *ST Zhanggu, with expected losses of 590 million yuan and 450 million yuan respectively [1] - The performance forecast details show that *ST Hua is expecting a profit increase with a projected net profit range of 145 million to 175 million yuan, while ST Yuanzhijia is also expecting a profit increase with a range of 90 million to 110 million yuan [1] - *ST Tianze is forecasting a profit with an expected net profit range of 27 million to 30 million yuan [1] Group 2: Loss Reduction - ST Ningke is expecting a reduced loss of between 75 million and 100 million yuan, while *ST Huawang is forecasting a reduced loss of between 180 million and 240 million yuan [1] - *ST Zhanggu is also expecting a reduced loss, with a forecasted range of 450 million to 550 million yuan [1] Group 3: Industry Performance - The industries represented include electronics, machinery, media, basic chemicals, construction decoration, and social services, with varying performance trends across these sectors [1] - The highest increase in stock price this year is seen in ST Changyuan, with a rise of 24.93%, while *ST Yanshi and *ST Wanfang have experienced declines of 14.48% and 16.45% respectively [1]

证券代码：603007 证券简称：*ST 花王 公告编号：2026-007 丹阳顺景智能科技股份有限公司 关于 2025 年股票期权与限制性股票激励计划 首次授予结果公告 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。 重要内容提示： | 股票期权首次授予登记日 | 2026年1月16日 | | --- | --- | | 股票期权首次授予登记数量 | 314.00万份 | | 限制性股票首次授予登记日 | 2026年1月16日 | | 限制性股票首次授予登记数量 | 775.00万股 | 一、股权激励计划前期基本情况 丹阳顺景智能科技股份有限公司（以下简称"公司"或"本公司"）2025 年 股票期权与限制性股票激励计划（以下简称"本次激励计划"）包括股票期权激 励计划和限制性股票激励计划两部分，股份来源为公司向激励对象定向发行本公 司人民币 A 股普通股股票，拟授予的权益数量总计 1,200.00 万份/万股，占本次 激励计划草案公告日公司总股本 87,689.6101 万股的 1.37%。其中，首次授予的 权益数量为 1, ...

Core Viewpoint - As of January 16, a total of 4 ST stocks have announced their annual performance forecasts, with 2 companies expecting to reduce losses and 2 companies forecasting losses [1] Group 1: Performance Forecasts - Company *ST Hua Wang (603007)* expects a reduction in losses, with a projected net profit range of -18 million to -24 million yuan, and a year-to-date price change of +3.48% [1] - Company *ST Zhang Gu (000430)* also anticipates a reduction in losses, with a projected net profit range of -45 million to -55 million yuan, and a year-to-date price change of -3.61% [1] Group 2: Loss Forecasts - Company *ST Yan Shi (600696)* is forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -5.17% [1] - Company *ST Wan Fang (000638)* is also forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -7.26% [1]

Core Viewpoint - The company, Danyang Shunjing Intelligent Technology Co., Ltd. (formerly known as *ST Huawang), is facing significant financial challenges, with a projected net loss of 320 million to 430 million yuan for 2025, despite an expected revenue increase to 380 million to 430 million yuan, indicating a precarious financial situation and reliance on past aggressive expansions [1][3][5] Group 1: Financial Performance - The company anticipates a net profit loss of 1.8 billion to 2.4 billion yuan for 2025, with a further expected loss of 320 million to 430 million yuan when excluding non-recurring gains [3] - The projected revenue for 2025 is expected to reach between 380 million and 430 million yuan, surpassing the 300 million yuan delisting threshold [1][2] - The company has recorded a significant impairment loss of approximately 260 million yuan due to historical asset issues, particularly concerning receivables from past landscaping projects [3] Group 2: Corporate Actions and Strategy - To avoid delisting, the company has initiated dual self-rescue strategies: bankruptcy restructuring and cross-industry mergers, including acquiring a controlling stake in Anhui Niwei Automotive Power Systems Co., Ltd. [2] - The company has undergone a name change to Danyang Shunjing Intelligent Technology Co., Ltd. and expanded its business scope to include semiconductors and integrated circuits, although no substantial operational transformation has occurred [4] - The company has engaged an accounting firm to conduct a preliminary review regarding the potential elimination of financial delisting risks, but this assessment lacks legal validity [4] Group 3: Market Reaction and Future Outlook - The stock price of *ST Huawang has shown volatility, with a closing price of 6.25 yuan on January 15, followed by a drop to 5.99 yuan on January 16, reflecting market concerns over its financial health [1] - The company is at a critical juncture, with the annual report due on February 13, 2026, which will determine whether delisting procedures will be initiated [4][5] - The company’s historical reliance on mergers and restructuring has not addressed the core issue of a hollowed-out main business, raising doubts about its long-term viability in the market [5]

Core Viewpoint - The company, Danyang Shunjing Intelligent Technology Co., Ltd., is at risk of being delisted due to negative financial performance, including a projected net profit loss for 2025 and a history of financial indicators triggering delisting warnings [2][4][22]. Group 1: Financial Performance and Projections - For the fiscal year 2025, the company expects total revenue to be between 380 million and 430 million yuan, with core revenue (excluding non-operating income) projected between 360 million and 410 million yuan [2][11][13]. - The anticipated net profit attributable to shareholders for 2025 is projected to be between -240 million and -180 million yuan, with a net profit excluding non-recurring items expected to be between -430 million and -320 million yuan [11][12][13]. - The company's net assets at the end of 2025 are expected to range from 260 million to 355 million yuan [2][11][13]. Group 2: Delisting Risk and Compliance - The company was placed under delisting risk warning on May 6, 2025, due to financial indicators that fell below the thresholds set by the Shanghai Stock Exchange [2][3][22]. - If the company's audited financial indicators for 2025 again meet the criteria for mandatory delisting, the Shanghai Stock Exchange will decide to terminate the company's stock listing [4][22]. - The company is required to disclose the risk of potential delisting within one month after the end of the fiscal year in which the delisting risk warning was issued [5][22]. Group 3: Audit and Reporting - The company has engaged Lixin Zhonglian Certified Public Accountants to audit its 2025 financial report, and there are currently no significant disagreements regarding the performance forecast [24][26]. - The company is actively working on the preparation and auditing of its 2025 annual report, with the scheduled disclosure date set for February 13, 2026 [5][26].

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership and investor sentiment in the market [1]. Shareholder Reductions - **New Chai Co., Ltd.**: General Manager Zhu Guanlan plans to reduce holdings by up to 1% [1]. - **Ruizhi Pharmaceutical**: Shareholders Liang Yufeng and Yu Xianwen intend to collectively reduce their stakes by no more than 6% [1]. - **Aidi Te**: Shareholders Junlian Xinkang and HAL plan to reduce their stakes by up to 3% [1]. - **Feiwo Technology**: Shareholder Chang Defuwo intends to reduce holdings by up to 1% [1]. - **Feili Hua**: The actual controller plans to reduce holdings by up to 1% [1]. - **Shanwaishan**: Major shareholder Liu Yunjun plans to reduce holdings by no more than 1% [1]. - **Hongchuan Wisdom**: Shareholder Hongchuan Supply Chain intends to reduce holdings by up to 2% [1]. - **Jiuzhitang**: General Manager Li Zhengguo plans to reduce holdings by no more than 2% [1]. - **Yifan Transmission**: Chairman Liu Jincheng intends to reduce holdings by up to 3% [1]. - **Zhongyuan Home**: Chairman and General Manager Cao Yong plan to collectively reduce holdings by 2.51% [1]. - **Huafeng Aluminum**: Shareholder You Xiaohua has completed a reduction of 2.17% [1]. - **Beijing Renli**: Shareholder Tianjin Rongheng reduced holdings by 6.0399 million shares [1]. - **Hu Silicon Industry**: Major shareholder Da Fund has cumulatively reduced holdings by 0.97% [1]. Other Notable Information - **ST Huawang**: The company's stock may face delisting [1]. - **Kunlun Wanwei**: The company expects a negative net profit attributable to shareholders for the year 2025 [1].

Group 1 - The company *ST Huawang (603007.SH)* announced that it expects a net profit loss attributable to shareholders of the listed company for the year 2025, estimated to be between 240 million yuan and 180 million yuan [1]

Core Viewpoint - *ST Huawang (603007) is facing a high risk of delisting, having disclosed its 2025 performance forecast indicating a projected net loss of between 240 million to 180 million yuan, and a projected operating income of 380 million to 430 million yuan [1][2] Financial Performance Summary - For 2025, the company expects a net profit of -240 million to -180 million yuan and a non-recurring net profit of -430 million to -320 million yuan [1] - The anticipated operating income for 2025 is between 380 million to 430 million yuan, with core operating income (excluding unrelated business income) projected at 360 million to 410 million yuan [1] - In 2024, *ST Huawang reported a net loss of 813 million yuan and a non-recurring net profit of -364 million yuan, with operating income of 91.64 million yuan [1] Reasons for Performance Changes - The significant increase in revenue for 2025 is attributed to the acquisition of Anhui Niwei Automotive Power System Co., Ltd., which was completed in August 2025, leading to its financial results being consolidated from September 2025 [2] - The company has conducted a comprehensive review of its assets and expects to recognize asset impairment losses and credit impairment losses of approximately 260 million yuan, primarily affecting accounts receivable, fixed assets, and other non-current assets [2] Audit and Compliance - The performance forecast is based on preliminary calculations by the company's financial department and has not yet been audited by a registered accounting firm [2] - The auditing firm has indicated that, as of the date of their special report, they have not identified any significant issues that would undermine the accuracy of the performance forecast [2] Delisting Risk and Conditions - If the company meets the conditions for the removal of the delisting risk warning, it can apply to the Shanghai Stock Exchange for the removal; otherwise, it faces the risk of being terminated from listing [3]