市民在创想三维3D打印店体验3D打印技术。（受访企业供图） 深圳商报首席记者 袁静娴 线下开店潮 从小众精品到大众玩具 12月6日，深圳宝安地标"湾区之眼"迎来科技新"住客"——创想三维3D打印全球超级旗舰店正式开业。 600平方米的开放空间里，熔融沉积、光固化、激光雕刻等不同工艺的设备同时运转，模型陈列区里从鞋帽到 玩具再到复杂结构件都有展示，三维3D打印这一仍算"小众"的技术第一次被以日常化的方式呈现。 这是今年下半年深圳开出的第二家3D打印线下门店。9月30日，拓竹科技在深圳湾万象城开设了全球首家直 营旗舰店。从拓竹到创想三维，这两家业内消费级3D打印机出货量最多的企业纷纷从线上拓展至线下，其意 义并不仅限于零售，也透露出趋势：消费级3D打印正在实现从技术爱好者走向大众消费者的跨越。 跨越临界点 从专业工具变普通家电 走进创想三维3D打印全球超级旗舰店，最直观的感受是，3D打印开始变得更好"理解"了。装饰品、玩具、 鞋、帽等由3D打印作品分区陈列，消费者能亲眼见证FFF（熔融沉积）技术如何将耗材层层堆叠成形，可以 观察光固化如何让液态树脂在光照下定型，也可以直观了解激光如何在不同材质上精密切割与雕刻的全 ...

Core Insights - Moore Threads, a leading domestic GPU company, officially listed on the STAR Market, becoming one of the fastest semiconductor companies to go public since the implementation of the "registration system" [2] - The Futian Capital Operation Group, a state-owned capital operation platform funded by the Futian District government, has demonstrated its deep expertise in hard technology investment [2] Investment Highlights - Futian Capital has mobilized over 160 billion yuan in social capital since its establishment, managing 53 sub-funds and investing in over 4,000 companies, with over 90% of funds directed towards strategic emerging industries [2] - The group has incubated and supported 231 companies to go public, with a total market value exceeding 2 trillion yuan, and 45 companies have completed the review or submitted application materials [2] Key Companies in Focus - Moore Threads is recognized as China's leading full-function GPU company, with its self-developed MUSA architecture achieving performance close to international mainstream levels [2] - Muxi Technology, a high-performance general-purpose GPU leader, is set to become the second domestic GPU company to list on the STAR Market [3] - Changxin Storage is the only IDM company in mainland China to achieve large-scale production of DRAM chips, targeting a global market share of 8% by 2025 [3] - Chaogufen is a pioneer in global computing infrastructure, currently advancing towards an IPO [3] Strategic Approach - Futian Capital's success in nurturing new industry forces is attributed to its systematic ecological empowerment system, focusing on national strategies and providing comprehensive support throughout the investment lifecycle [3] - The group aims to continue its development logic of "capital serving technology, technology driving industry, and industry benefiting the region," fostering a pathway to national and global markets [3]

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. is preparing for its initial public offering (IPO) with a planned fundraising of 900 million yuan, primarily for the industrialization of advanced metal matrix composite materials, a research and development center, and to supplement working capital [1][3]. Company Overview - Youyan Composite Materials specializes in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products, serving industries such as aerospace, military electronics, and smart terminals [2]. - Major clients include subsidiaries of China Aviation Industry Corporation, China Electronics Technology Group Corporation, and BYD [2]. Financial Performance - Revenue for the years 2022 to 2024 was reported as 414 million yuan, 498 million yuan, and 610 million yuan, respectively, with a net profit attributable to shareholders of 58.31 million yuan, 53.88 million yuan, and 65.55 million yuan [4]. - For the first nine months of 2025, revenue was 342 million yuan, a decrease of 1.83% year-on-year, and net profit was 23.13 million yuan, down 15.48% year-on-year [6]. Future Projections - For the full year of 2025, the company expects revenue to range from 550 million to 610 million yuan, reflecting a potential decrease of 9.78% to an increase of 0.06% compared to 2024 [7]. - The projected net profit for 2025 is estimated to be between 60 million and 67 million yuan, indicating a decline of 8.46% to an increase of 2.22% compared to the previous year [7]. Profitability and Margins - The gross profit margin for the company's main business has been declining, recorded at 26.93%, 27.45%, 25.97%, and 24.93% over the reporting periods [8]. - The company has experienced significant variability in gross margins across different product categories [9]. Accounts Receivable - Accounts receivable have been increasing, with balances of 156 million yuan, 234 million yuan, 319 million yuan, and 306 million yuan at the end of each reporting period, representing a growing proportion of revenue [10]. - The collection rate for accounts receivable has decreased, with the proportion of accounts receivable to revenue rising from 37.66% to 63.63% over the same periods [10]. Customer Base and Payment Risks - The top ten accounts receivable clients are primarily state-owned enterprises and well-known domestic and foreign private enterprises, indicating a relatively low risk of collection [11][12]. - The company has noted a decline in accounts receivable turnover rates, attributed to increased balances from high-end mobile phone components sales [13][14].

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, facing challenges with declining revenue and net profit over the past two years, while aiming to raise funds for new electronic component projects [1][6]. Financial Performance - The company's revenue and net profit have shown a downward trend from 2022 to the first half of 2025, with revenues of 31.46 billion, 27.27 billion, 24.94 billion, and 15.28 billion respectively, and net profits of 4.76 billion, 4.12 billion, 2.68 billion, and 2.57 billion [1]. - In 2023, revenue and net profit decreased by 13.33% and 13.43% respectively, while in 2024, they further declined by 8.54% and 34.84% [1]. - For the first nine months of 2025, revenue increased by 1.45%, but net profit decreased by 2.88% [1]. Business Segments - The electronic components segment primarily focuses on high-reliability products, which accounted for an average of 89.41% of sales revenue, with ceramic capacitors making up 63.20% of high-reliability product sales [2]. - The precision components business has been experiencing an overall decline in performance [4]. Market Challenges - The company's performance is significantly influenced by the sales of high-reliability products, which have been affected by external factors such as cost control measures from downstream clients [3]. - The decline in demand from major clients, particularly Apple, and the shift of production capacity to other countries have negatively impacted the company's order fulfillment [5]. Future Outlook - The company projects a revenue of 26.42 billion for 2025, representing a growth of 5.94%, and a net profit of 4.69 billion, indicating a growth of 21.54% [5]. - The IPO aims to raise 19.5 billion for various projects, including new electronic components and integrated circuit production [6][7]. Financial Health - As of mid-2025, the company holds 7.7 billion in cash and 30.27 million in trading financial assets [8].

Core Viewpoint - Tianjin Wanzhao Huigu Real Estate Co., Ltd., a shareholder holding more than 5% of Oujing Technology, plans to reduce its stake by up to 5.77 million shares, approximately 3% of the company's total share capital, due to its operational needs [1][3]. Group 1: Shareholder Reduction Plan - The reduction will occur within three months from December 29, 2025, to March 28, 2026, through centralized bidding and block trading methods [1]. - Wanzhao Huigu currently holds 27,278,983 shares, representing 14.18% of the company [3]. - The planned reduction includes a maximum of 1% of the total share capital through centralized bidding and 2% through block trading [3]. Group 2: Company Financial Performance - For the first three quarters of 2025, Oujing Technology reported revenue of 353 million yuan, a year-on-year decrease of 56.4% [4]. - The net profit attributable to shareholders improved from a loss of 223 million yuan in the same period last year to a loss of 87.18 million yuan [4]. - The operating cash flow net amount was -27.16 million yuan, a year-on-year decline of 140.1% [4]. Group 3: Quarterly Financial Results - In the third quarter, the company achieved revenue of 114 million yuan, down 49.1% year-on-year [5]. - The net profit attributable to shareholders decreased from a loss of 97.72 million yuan to a loss of 12.98 million yuan [5]. - Total assets as of the end of the third quarter were 2.077 billion yuan, a decrease of 6.0% from the end of the previous year [5].

Group 1 - Southwest Securities Co., Ltd. was issued a warning letter by the Heilongjiang Securities Regulatory Bureau due to inadequate compliance management and violations of integrity regulations [1] - Liu Li, an employee at Southwest Securities Heilongjiang branch, failed to report his actual mobile phone number and improperly received performance bonuses, leading to administrative measures against him [1] - The company has faced multiple regulatory penalties this year, including a warning letter from the Dalian Securities Regulatory Bureau for improper client solicitation practices [1][2] Group 2 - The main business of Southwest Securities includes securities and futures brokerage, investment banking, proprietary trading, and asset management [1] - The company is controlled by Chongqing Yufu Capital Operation Group Co., Ltd., with the actual controller being the Chongqing State-owned Assets Supervision and Administration Commission [1] - As of December 5, the stock price of Southwest Securities increased by 1.81%, closing at ¥4.49 per share, with a total market capitalization of ¥298.37 billion [3][4]

12月5日晚间，深圳市道通科技股份有限公司(以下简称"道通科技"或"公司")发布关于收到深圳证监局对公司采取责令改正并对相关责任人出具警示函措施 的公告。 当天，上交所还发布了关于对道通科技及有关责任人予以通报批评的决定和关于对道通科技有关责任人予以监管警示的决定。 道通科技迎来监管"重拳"，不仅收到深圳证监局责令改正及对相关责任人出具警示函的措施，还被上交所予以通报批评及监管警示。此次监管追责源于公 司存在关联交易变更未披露、关联方资金占用未说明等多项信披违规问题，时任董事长李红京等三名核心责任人分别被采取不同监管措施。 道通科技公告披露，公司及相关责任人于近日收到深圳证监局下达的《关于对深圳市道通科技股份有限公司采取责令改正并对李红京、农颖斌、方文彬采 取出具警示函措施的决定》。 决定书称，经查，道通科技存在未审议并披露关联交易变更事项、未披露关联方资金占用事项、未披露前十大股东中李宏与玄元科新46号私募证券投资基 金的一致行动关系、股东大会文件未记录审议经过及发言要点等问题。 公司时任董事长兼总经理李红京、董事兼副总经理农颖斌、时任董事会秘书方文彬对上述相关问题负有主要责任。深圳证监局决定对道通科技采取 ...

Group 1 - The company announced the termination of the planned acquisition of 100% equity in Rongpai Semiconductor (Shanghai) Co., Ltd. due to failure to reach consensus on key terms such as transaction scheme and performance commitments after multiple discussions [1] - The company confirmed that the termination of this transaction will not have a significant adverse impact on its production, operations, or financial status, and it does not harm the interests of the company or minority shareholders [1] - Rongpai Semiconductor specializes in the design, research, and sales of high-performance analog chips, with applications in various fields including automotive electronics and industrial control [1] Group 2 - The company had planned to purchase Rongpai Semiconductor through a combination of share issuance and cash payment, with a proposed share price of 19.84 yuan per share, but the transaction price and share quantity were not finalized [2] - Xiaomi Changjiang Industrial Fund holds shares in both the company (3.87%) and Rongpai Semiconductor (3.5%), potentially facilitating capital operations between the two [2] - For the first three quarters of 2025, the company reported total revenue of 457 million yuan, an increase of 11.41% year-on-year, but a net loss attributable to shareholders of 24.28 million yuan compared to a profit of 18.33 million yuan in the same period last year [2] Group 3 - The company will implement a new round of equity incentives in October 2024, leading to an increase in share-based payment expenses by 21.61 million yuan for the first nine months of 2025, aimed at binding the interests of the core team [3] - The company is committed to increasing R&D investment to build core technological barriers, which may impact short-term profits but is expected to lay a solid foundation for sustainable development and future profitability [3] - As of December 5, the company's stock price increased by 0.66% to 24.23 yuan per share, with a total market capitalization of approximately 5.997 billion yuan [3]

Core Viewpoint - The new regulations for housing provident fund withdrawals in Shenzhen allow employees to withdraw funds for down payments while still being eligible for loans, addressing previous concerns about reduced loan amounts after withdrawals [1][2][3]. Group 1: New Withdrawal Regulations - The new regulations enable employees to withdraw housing provident funds for down payments before fully paying them, facilitating the home buying process [2]. - Families with one property can withdraw the full balance of their housing provident fund, while those with two properties can withdraw 60% of their balance, with limits based on the unpaid down payment [2][4]. - The "both withdraw and loan" mechanism allows the withdrawn amount to still count towards the loan eligibility calculation, thus not affecting the loan amount available to the employee [3]. Group 2: Expanded Support Measures - The new regulations introduce additional withdrawal scenarios, including tax payment withdrawals and loan repayments for properties purchased outside Shenzhen, enhancing support for employees' housing needs [4]. - The application period for housing withdrawals has been extended from three years to five years, allowing more time for employees to apply for withdrawals after purchasing a home [4]. - Employees can now withdraw funds to pay for housing taxes, with the withdrawal amount limited to the actual tax paid, and applications must be made within five years of tax receipt issuance [4].

Core Points - The new regulations for housing fund withdrawal in Shenzhen will take effect on December 15, focusing on supporting low-income families and those renting housing [1] Group 1: New Regulations Overview - The new regulations introduce a phased adjustment mechanism for rental withdrawal limits, increasing support for families with multiple children and those renting affordable housing [1] - The standard monthly withdrawal limit remains at 65% of the current month's contribution, but will increase to 80% for the next two years starting November 1, 2025, for non-homeowners [1] Group 2: Expanded Support Measures - The regulations expand the support for families with two or more children, allowing them to withdraw up to 100% of their monthly contributions or actual rent without the previous requirement of having at least one minor child [1] - Additionally, support is extended to families renting affordable housing, allowing them to withdraw funds based on their actual rent payments [1]