证券代码：603277 证券简称：银都股份 公告编号：2025-037 银都餐饮设备股份有限公司 2025年第一次临时股东大会决议公告 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。 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 10 日 (二)股东会召开的地点：浙江省杭州市临平区星桥街道博旺街 56 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 112 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 494,271,872 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 80.5397 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，由公司董事长周俊杰先生主持，本次会议以现场投 票和网络投票相结合的方式召开，会议的召集、召开符合《公司法》《公司章程》 等法律法规及规范性文件的规定 ...

Core Insights - A total of 147 stocks in the Shanghai and Shenzhen markets have received net buying from major funds for five consecutive days or more as of September 3 [1] - The stock with the longest streak of net buying is Yindu Co., which has seen net buying for 16 consecutive trading days [1] - Other notable stocks with significant net buying days include Huashu Co., Lafang Cosmetics, Daimei Co., People's Network, Yuguang Jinlan, Haya Pharmaceutical, Tianpu Co., and Weili Co. [1]

Core Insights - As of September 2, a total of 140 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Yindu Co., which has seen net purchases for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Kaidi Co., Huashu Co., Kunheng Shunwei, Feiwo Tai, Daimei Co., People’s Daily Online, Jiaoda Sino, and Lafang Home [1]

Core Viewpoint - As of September 1, a total of 132 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Yindu Co., which has seen net buying for 14 consecutive trading days [1] - Other stocks with notable consecutive net buying days include Huashu Co., Zhongwang Fabric, Kaidi Co., Meishuo Technology, Kunheng Shunwei, People’s Network, Jiaoda Sinuo, and Konggang Co. [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue for the first half of 2025 reached 1.426 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders was 347 million yuan, remaining stable. However, the net profit after deducting non-recurring gains and losses decreased by 20.6% year-on-year [7] - The company is facing short-term pressure on profit margins due to tariff policies, with a gross profit margin of 40.89% in Q2 2025, down 4.2 percentage points year-on-year [7] - The company is advancing its globalization strategy, having completed the establishment of 19 self-owned warehouses and 22 agency warehouses as part of its "85 Country Plan" [7] - The company is expected to achieve net profits of 601 million yuan, 652 million yuan, and 742 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 18, 16, and 14 times [7] Financial Performance Summary - Revenue forecast (in million yuan): 2023A: 2653, 2024A: 2753, 2025E: 3042, 2026E: 3373, 2027E: 3616, with a revenue growth rate of 10.5% in 2025E [6][8] - Net profit forecast (in million yuan): 2023A: 511, 2024A: 541, 2025E: 601, 2026E: 652, 2027E: 742, with a net profit growth rate of 11.05% in 2025E [6][8] - EPS forecast (in yuan): 2023A: 1.22, 2024A: 1.29, 2025E: 0.98, 2026E: 1.06, 2027E: 1.21 [6][8] - The company’s ROE is projected to be 18.95% in 2025E, with a PB ratio of 3.32 [6][8]

Group 1: Silver Capital Co., Ltd. (银都股份) - The company is experiencing phase-specific profit pressure due to tariffs and shipping costs, leading to a downward adjustment of EPS forecasts for 2025/2026/2027 to 1.02/1.20/1.35 CNY [3] - In H1 2025, the company achieved revenue of 1.426 billion CNY (up 4.35% YoY) and a net profit of 347 million CNY (flat YoY), with a significant drop in non-recurring net profit by 20.60% YoY [3][4] - The company is focusing on brand autonomy and globalization strategies, expanding channels and upgrading production capacity, with notable improvements in the North American market [4] Group 2: New Oriental Energy Co., Ltd. (新奥股份) - The company maintains a stable performance with a well-integrated upstream and downstream natural gas layout, and after acquiring New Oriental Energy, future growth is expected [6] - In Q1 2025, the company reported total revenue of 33.73 billion CNY, a slight decrease of 1.40% YoY, while core profit grew by 0.09% YoY [8] - The company plans to privatize New Oriental Energy, which is expected to enhance its operational capabilities and dividend capacity [9] Group 3: Aviation Industry - The summer transportation season is characterized by low supply growth and a decline in business travel demand, leading to a subdued peak season, although significant profits are still anticipated [10] - Domestic air traffic is projected to grow by over 3% YoY in July-August, with a slight increase in passenger load factor [10] - Aircraft orders are expected to remain aligned with planned low growth, with the industry maintaining a rational approach to fleet expansion [12][13]

Group 1 - The article highlights that as of August 27, a total of 50 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more [1] - Among these, Yindu Co. has seen the longest streak with 11 consecutive days of net inflow, ranking first [1] - The stock with the highest total net inflow amount is Cambricon Technologies, which has accumulated a net inflow of 1.336 billion over six days [1] Group 2 - The article provides a detailed ranking of stocks based on the number of consecutive days of net inflow, with Cambricon Technologies leading at 6 days and 1.336 billion net inflow [1] - Other notable stocks include Kosen Technology with 9 days and 0.931 billion net inflow, and Kehua Data with 5 days and 0.626 billion net inflow [1] - The article also mentions the proportion of net inflow to trading volume, with Weili ranking first at a net inflow ratio of 12.44% over five days [1][2]

Group 1 - The core stock price of Yindu Co., Ltd. is 17.52 yuan, down 1.02% from the previous trading day, with a trading volume of 39,100 hands and a transaction amount of 68 million yuan on August 26, 2025 [1] - Yindu Co., Ltd. operates in the general equipment manufacturing industry, focusing on the research, production, sales, and service of commercial catering equipment [1] - The latest financial report indicates that in the first half of 2025, the company achieved operating revenue of 1.426 billion yuan and a net profit attributable to shareholders of 347 million yuan [1] Group 2 - On August 26, the company announced a cash dividend of 3.5 yuan for every 10 shares to all shareholders [1] - The net cash flow from operating activities for the first half of the year was 148 million yuan, a year-on-year decrease of 51.07%, while the weighted average return on net assets was 11.66%, a slight increase of 0.06 percentage points year-on-year [1] - In terms of capital flow, the net inflow of main funds for Yindu Co., Ltd. on that day was 1.2579 million yuan, with a cumulative net inflow of 15.5115 million yuan over the past five trading days [1]

Core Insights - Silver Capital disclosed that as of June 30, 2025, the number of shareholders reached 9,225, an increase of 2,813, representing a growth of 43.87% compared to March 31, 2025 [1] - The average number of shares held per shareholder increased slightly from 66,200 to 66,500, while the average market value of shares held per shareholder was 1,063,700 yuan [1][2] - Despite the increase in shareholder numbers, the stock price of Silver Capital fell by 10.9% during the period from March 31, 2025, to June 30, 2025 [1][2] Shareholder Statistics - As of June 30, 2025, the average number of shareholders in the general equipment industry was 29,100, indicating that Silver Capital's shareholder count is below the industry average [1] - The average market value of shares held by shareholders in the general equipment industry was 194,900 yuan, which is lower than Silver Capital's average of 1,063,700 yuan [1] Stock Performance and Fund Flow - From March 31, 2025, to June 30, 2025, the net inflow of funds into Silver Capital was 15.79 million yuan, while retail investors contributed a net inflow of 9.09 million yuan [2] - During the same period, institutional and main funds experienced a net outflow of 24.88 million yuan [2] - The stock was listed on the trading leaderboard once during this period, with participation from institutional and Shanghai Stock Connect dedicated seats [2]

Core Viewpoint - The company plans to distribute a cash dividend of 0.35 yuan per share for the first half of 2025, amounting to a total of 214,794,756.75 yuan, which represents 61.96% of the net profit attributable to shareholders [1][2]. Summary by Sections Profit Distribution Plan - The proposed cash dividend distribution is based on the total share capital registered on the equity distribution record date, with no capital reserve conversion or stock bonus planned [1]. - The net profit attributable to the parent company's shareholders for the first half of 2025 is reported at 346,648,705.39 yuan, with retained earnings at 494,116,161.12 yuan as of June 30, 2025 [1][2]. Decision-Making Process - The proposal for the 2025 half-year profit distribution was unanimously approved by all seven directors present at the board meeting [3]. - The supervisory board also approved the profit distribution plan, confirming that it aligns with the company's long-term dividend policy and does not harm the interests of shareholders, especially minority shareholders [3]. Authorization and Conditions - The board has been authorized to review the profit distribution plan as long as the net profit exceeds the distribution amount, with a maximum cash dividend of 0.50 yuan per share [2].