Investment Rating - The report indicates a positive outlook for the industry, suggesting a focus on high elasticity varieties and potential growth in specialized sectors [1][3]. Core Insights - The North Exchange A-shares saw a trading volume of 37.77 billion yuan on September 2, 2025, an increase of 9.73 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1574.88, up 0.40% [1][8]. - The specialized and innovative index closed at 2737.44, reflecting a 0.26% increase, indicating resilience in the market despite broader economic challenges [1][8]. - A total of 196 out of 274 companies listed on the North Exchange experienced price increases, highlighting a positive market sentiment [1][14]. Summary by Sections Market Review - The North Exchange A-shares trading volume reached 37.77 billion yuan, marking a significant increase of 9.73 billion yuan from the previous day [1][8]. - The North Exchange 50 Index recorded a closing price of 1574.88, with a PE_TTM of 77.14 times, while the specialized and innovative index closed at 2737.44 [1][8]. Stock Performance - Among the 274 companies, 196 saw their stock prices rise, with the top gainers being Hengjin Induction (30.0%), Hongyu Packaging (30.0%), and Shunyu Precision (21.1%) [1][14][16]. - Conversely, the top decliners included Gebijia (-7.6%) and Lierda (-4.9%), indicating a mixed performance across the board [1][14][15]. Important News - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within two years due to rising global demand driven by equipment replacement cycles and data center construction [2][17]. - The new power system industry is entering a golden development period, with companies like CATL and Envision Technology actively positioning themselves despite existing challenges [2][18]. Company Announcements - Huiwei Intelligent announced the use of 33.55 million yuan of idle funds for cash management, with an unexpired balance of 90.22 million yuan, representing 36.17% of its net assets for 2024 [2][19]. - Forward Technology reported the purchase of structured deposit products with 15 million yuan of idle funds, expecting an annualized return of 0.70% to 1.25% [2][20]. - Hongyu Packaging triggered an abnormal trading fluctuation due to a cumulative price deviation of 68.93% over two trading days [2][21].

Group 1 - The State Council is set to release detailed implementation plans for the "Artificial Intelligence +" initiative, focusing on six key areas including scientific technology and industrial development, providing a clear roadmap for the integration of AI into economic and social scenarios [1] - JD's digital human technology has achieved significant breakthroughs, winning the 2024 Wu Wenjun Artificial Intelligence Science and Technology Award, and has served over 20,000 brands across various fields such as e-commerce live streaming and public services [1] - The digital human technology has generated over 14 billion yuan in sales, demonstrating the commercial viability of integrating new intelligent terminals with emotional value [1] Group 2 - JD's JoyInside platform enhances interactive capabilities for brands, transforming smart hardware from functional devices to emotional companions, with significant improvements in user engagement metrics [2] - The integration of AI in educational and industrial applications has led to increased interaction times, with average dialogue rounds rising by 148% and average conversation durations increasing by 50% [2] - The upcoming 2025 JD Global Technology Explorers Conference will showcase advancements in digital human technology and the JoyInside ecosystem, highlighting the latest applications of the JoyAI model across various sectors [3] Group 3 - The emotional interaction capabilities of intelligent terminals are expanding their reach into households, creating new pathways in the emotional economy, aligning with policy goals to cultivate intelligent terminals and construct all-scenario interactions [3] - JD's approach to capturing emotional needs, such as companionship for the elderly and parent-child bonding, translates emotional value into consumer momentum, extending the concept of all-scenario intelligent interaction into emotional dimensions [3]

Group 1 - The core principle of financial management emphasizes prioritizing basic living needs before considering investments, indicating that financial management is not solely about saving money [1] - The safety-first principle advocates for diversified investments to mitigate risks, suggesting that investors should avoid concentrating all their assets in one area [1] - The lifelong financial management principle highlights the varying financial needs throughout different life stages, necessitating a consideration of both transitional and ongoing financial strategies [1] - The happiness in financial management principle states that the goal of investing is to enhance life quality, promoting well-being and health rather than merely accumulating wealth [1] Group 2 - The Zhejiang Investor Education Base aims to create value through communication, focusing on interactive investor relations and financial information services [1] - The organization explores an "Internet + Investor Education" model, combining online and offline methods to make investor education services more accessible [1]

Core Viewpoint - The companies listed on the Beijing Stock Exchange (BSE) demonstrated strong resilience and vitality in their 2025 semi-annual reports, with a significant number achieving substantial revenue and profit growth despite a complex market environment [1][2]. Revenue Performance - A total of 208 companies reported revenues exceeding 100 million yuan, with 17 companies surpassing 1 billion yuan, marking them as the "revenue leaders" of the BSE [2]. - Among these, Better Ray (贝特瑞) led with a revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, and a net profit of 479 million yuan [2]. - Other notable companies in terms of revenue include Yinuowei (一诺威) at 3.550 billion yuan, Tongli Co. (同力股份) at 3.169 billion yuan, and Ying Tai Bio (颖泰生物) at 2.966 billion yuan [2]. Profitability - Out of 223 companies, 82.29% reported positive net profits, indicating a robust profitability landscape [3]. - Seven companies achieved net profits exceeding 100 million yuan, with Better Ray again leading at approximately 479 million yuan, followed by Development Technology (开发科技) at 395 million yuan [3]. - Jinbo Bio (锦波生物) reported a revenue of 859 million yuan, a 42.43% increase year-on-year, and a net profit of 392 million yuan, reflecting a 26.65% growth [3]. Profit Growth - Approximately 50% of companies, or 136 in total, reported year-on-year growth in net profits, with 27 companies doubling their profits [4]. - Shibibai (拾比佰) turned a profit with a net profit of 29.226 million yuan, attributed to increased sales driven by government policies and improved internal management [4]. - Chuangyuan Xinke (创远信科) achieved a revenue of 111 million yuan, a growth of 18.44%, and a net profit of 6.3153 million yuan, marking a significant increase of 354.24% [4]. Dividend Distribution - Over 20 companies announced interim dividend plans, reflecting a commitment to returning value to investors [6]. - Jinbo Bio plans to distribute a cash dividend of 10 yuan per 10 shares, totaling approximately 115 million yuan [6]. - Guoxin Technology (广信科技) proposed its first dividend since listing, with a plan to distribute 6.56 yuan per 10 shares, amounting to around 60 million yuan [6].

Core Viewpoint - The company, Shandong Digital Human Technology Co., Ltd., is facing potential delisting risk due to a negative audit opinion on its internal control for the 2024 financial report, which triggers immediate disclosure requirements under the Beijing Stock Exchange listing rules [1][2]. Group 1: Delisting Risk Warning - The company must disclose the risk of potential delisting if its internal control audit report for the first accounting year receives a negative opinion or is not disclosed as required [2]. - If the company receives a similar negative opinion for the 2025 financial year, the Beijing Stock Exchange will implement delisting risk warnings for its stock [2]. Group 2: Internal Control Rectification Progress - The company has established a rectification team led by the chairman, with other executives involved, to address the issues identified in the internal control audit report [2][3]. - Specific improvements include enhancing processes for customer project management, credit period management, and accounts receivable management to prevent recurrence of similar issues [3]. - An upgraded office software system has been implemented to improve sales and procurement approval processes, with additional oversight from the internal audit department [4]. Group 3: System Upgrades and Training - The company has merged existing financial software and upgraded it to include a customer management system, enhancing risk control across various management areas [4]. - A new accounts receivable impairment testing function has been added to the upgraded software, which has been operational since July [4]. - Training for all marketing employees on the new software has been completed, and ongoing supervision of system usage will continue [4]. Group 4: Previous Risk Warning Announcements - The company has issued multiple announcements regarding the internal control rectification progress and potential delisting risk, with specific announcement numbers provided for reference [3]. Group 5: Other Information - The company is committed to taking active measures to mitigate the impact of the potential delisting risk and encourages investors to stay informed through official announcements [5].

山东数字人科技股份有限公司 内部控制整改进展暨股票可能被实施退市风险警示的风险 提示公告 证券代码：835670 证券简称：数字人 公告编号：2025-056 公司 2024 年度财务报告内部控制被出具否定意见的审计报告，触及《北京 证券交易所股票上市规则》10.4.2 条"（六）首个会计年度财务报告内部控制 被出具无法表示意见或否定意见的审计报告，或者未按照规定披露财务报告内 部控制审计报告"应当立即披露股票可能被实施退市风险警示的风险提示公告 情形。敬请广大投资者注意投资风险。 二、公司股票可能被实施退市风险警示的风险提示 根据《北京证券交易所股票上市规则》第 10.4.2 条第(六)项规定,上市公 司出现"首个会计年度财务报告内部控制被出具无法表示意见或否定意见的审 1 计报告，或者未按照规定披露财务报告内部控制审计报告"的情形，上市公司 应当立即披露股票交易可能被实施退市风险警示的风险提示公告，并且应当至 少每月披露一次进展情况及风险提示公告，直至相应情形消除或公司股票被北 京证券交易所实施退市风险警示。 根据《北京证券交易所股票上市规则》第 10.4.1 条第(六)项规定，上市 公司出现"连续两个会 ...

| 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 684.11 | 289.05 | | 买二 | 东方财富证券股份有限公司拉萨东环路第一证券营业 部 | 448.52 | 398.50 | | | 东方财富证券股份有限公司拉萨团结路第二证券营业 | | | | 买三 | 部 | 422.77 | 397.11 | | 买四 | 中信建投证券股份有限公司天津解放南路证券营业部 | 398.76 | 215.10 | | 买五 | 东方财富证券股份有限公司拉萨团结路第一证券营业 部 | 397.47 | 257.28 | | 卖一 | 国信证券股份有限公司深圳互联网分公司 | 75.11 | 549.61 | | 卖二 | 国泰海通证券股份有限公司北京方庄路营业部 | 3.68 | 511.94 | | 卖三 | 东莞证券股份有限公司揭阳分公司 | 0.00 | 469.65 | | 卖四 | 东方财富证券股份有限公司拉萨东环路第二证券营业 | 379.45 | 462.30 | | | 部 | | ...

Core Insights - 3D model company Yingmou Technology has completed a new round of financing amounting to tens of millions of US dollars [1] - The financing round was led by BlueRun Ventures, with participation from existing shareholders including ByteDance and Sequoia China Seed Fund [1] - This marks the second financing round for Yingmou Technology within the current year [1] Company Summary - Yingmou Technology specializes in 3D large model development [1] - The company has successfully attracted significant investment from notable venture capital firms [1] - The role of Guangyuan Capital as the exclusive financial advisor in this financing round highlights the strategic importance of this investment [1]

回顾过往财务数据，数字人四季度业绩集中的特性尤为明显。2024年公司全年实现营业收入6634.10万 元，第四季度单季营收达3788.53万元，占全年营收比重高达57%。在2023年，公司全年营收9657.87万 元，四季度营收约2871.32万元，占比约30%；2022年全年营收7142.73万元，四季度营收约4574.52万 元，占比更是高达64%。三年数据清晰显示，四季度始终是公司营收贡献的核心季度。 随着国家对医学教育信息化的持续支持，以及公司技术实力的不断增强，数字人有望在未来几个季度实 现业绩的稳步增长。尽管上半年业绩仍处于较低水平，但数字人已展现出强劲的增长势头，尤其是在四 季度，其收入和利润预计有望实现显著提升。 这种业绩季节性波动，与公司核心客户结构高度相关。据披露，数字人主要客户为医学院校、医院等行 政事业单位，其采购招标通常需经历3—6个月的时间，加上项目实施阶段的现场勘查、方案制定、设备 安装调试和验收等工作，使得公司上半年业务量较少，营业收入较为集中的体现在第三、四季度，经营 业绩呈现前低后高的波动状态，存在季节性波动。 8月22日，数字人(835670.BJ)发布的2025年中报数 ...

Group 1 - The integration of virtual reality and digital economy is a key national development strategy, with digital human technology emerging as a crucial support technology in the metaverse era [1] - A new media training solution designed for universities has been developed to meet the demand for cultivating interdisciplinary talents in digital human technology, covering various fields such as digital media art, animation, virtual reality, and e-commerce [1][2] - The solution features a systematic, modular, and cross-disciplinary approach, aiming to break down professional barriers and promote interdisciplinary integration [1] Group 2 - A high-precision motion capture training system is a highlight of the solution, allowing students to experience the complete process from motion capture to digital human content output [2] - The system utilizes advanced visual recognition technology to capture key body points and facial expressions, enhancing the flexibility and immersion of training [2] - The solution includes a variety of hardware and software options, such as 3D facial scanning devices and an AIGC 3D digital human video generation platform, enabling students to develop realistic digital humans and quickly master new content forms [3] Group 3 - The digital human new media training room serves as a hub for interdisciplinary integration and innovation, allowing students to explore innovative applications of digital humans in various fields [6] - Through cross-disciplinary project practice, students can develop project collaboration skills and innovative thinking, preparing them for future content production in the metaverse and digital economy [6]