Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - In the first half of 2025, the company achieved a significant increase in domestic revenue, with a year-on-year growth of 133% in domestic income and a 46% increase in net profit excluding non-recurring items [2][3] - The company is focused on empowering a global smart energy system, with steady growth in core business revenue driven by smart meter products [2][3] - The company has established a strong presence in the European market, benefiting from the digital transformation of energy, and has signed new smart meter project agreements in Spain and Poland [3] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1.68 billion yuan, a year-on-year increase of 27%, and a net profit of 395 million yuan, up 32% year-on-year [2] - The gross profit margin for the first half of 2025 was 38.27%, reflecting a slight increase from the previous year [2] - The company's revenue from smart metering terminals accounted for 99% of total revenue, with a year-on-year growth of 28% [2] Market Position and Strategy - The company has developed multiple core technologies that exceed relevant standards in reliability, stability, and safety, enhancing its competitive edge [3] - The company is the only Chinese brand to penetrate the UK market and has successfully participated in smart meter deployments in various countries, including Saudi Arabia and Uzbekistan [3] - The company has secured a significant procurement project with the State Grid in China, valued at over 127 million yuan, contributing to the construction of a new power system [3]

华泰联合证券有限责任公司 关于成都长城开发科技股份有限公司 2025 年半年度持续督导跟踪报告 2025 年半年度持续督导跟踪报告 | | | 根据《证券法》、《证券发行上市保荐业务管理办法》、《北京证券交易所 股票上市规则》和《北京证券交易所证券发行上市保荐业务管理细则》等有关法 律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保 荐机构"）作为成都长城开发科技股份有限公司（以下简称"开发科技"、"公 司"或"上市公司"）向不特定合格投资者公开发行股票并在北京证券交易所上 市的保荐机构，对开发科技进行持续督导，现就2025年半年度持续督导工作总结 如下： | 序号 | 工作内容 | 持续督导完成情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导业务管理制度。针对 | 已建立健全并有效执行持续督导工作 | | | 上市公司的具体情况，制定持续督导工作计划和实 | 制度，并已根据上市公司的具体情况 | | | 施方案，就持续督导工作的主要内容、重点、实施 | 制定了相应的持续督导工作计划和安 | | | 方式、步骤等做出完整、有效的安排。 | 排。 | ...

专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 证券代码：920029 证券简称：开发科技 公告编号：2025-129 成都长城开发科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的 一、募集资金基本情况 （一）募集资金金额及到位时间 公司向不特定合格投资者公开发行股票并在北京证券交易所上市的申请已 于2024年12月6日经北京证券交易所（以下简称"北交所"）上市委员会审核同 意，并于2025年2月28日获得中国证券监督管理委员会出具的《关于同意成都长 城开发科技股份有限公司向不特定合格投资者公开发行股票注册的批复》（证 监许可〔2025〕372号）。公司股票于2025年3月28日在北交所上市。 公司本次公开发行股票3,346.6667万股（超额配售选择权行使前），每股面值 为 人 民 币 1元，每股发行价格为人民币30.38元，募集资金总额为人民币 1,016,717,343.46元，扣除不含税的发行费用人民币53,148,842.89元（超额配售 选择权行使前），实际募 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 证券代码：920029 证券简称：开发科技 公告编号：2025-130 成都长城开发科技股份有限公司 关于 2025 年度向金融机构申请新增授信的公告 五、备查文件目录 一、申请授信的基本情况 公司于2025年4月23日召开第一届董事会第三十一次会议，审议通过了《关 于2025年度向金融机构申请授信的议案》，同意公司2025度向金融机构申请等值 约39.95亿元人民币的综合授信额度。具体内容详见公司于2025年4月24日登载于 北京证券交易所信息披露平台（www.bse.cn）披露的《成都长城开发科技股份有 限公司关于2025年度向金融机构申请授信的公告》（公告编号：2025-034）。 根据公司日常运营的实际需要，为进一步拓宽融资渠道，优化融资结构，公 司 2025 年度拟向金融机构申请新增 2 亿元人民币的综合授信额度，全年共计总 额等值约 41.95 亿元。综合授信额度为年度内新增授信额度，授信品种包括但不 限于借款、开立银行承兑汇票、贸易融资、保函 ...

Group 1 - The latest stock price of the company is 92.62 yuan, an increase of 1.78% from the previous trading day [1] - The opening price was 91.48 yuan, with a highest point of 93.30 yuan and a lowest point of 90.97 yuan, and the trading volume reached 10,212 hands with a transaction amount of 0.94 billion yuan [1] - The company is located in Sichuan and operates in the instrument and meter industry, focusing on the research and manufacturing of smart instrument equipment widely used in industrial automation [1] Group 2 - As a state-owned enterprise reform concept stock, the company has a background of state capital [1] - On August 14, the company received a net financing buy of 10.018 million yuan, ranking third in the net financing buy list on the Beijing Stock Exchange for that day [1] - The latest financing balance reached 71.7594 million yuan, accounting for 2.48% of the circulating market value [1]

Group 1 - A block trade occurred for the company Developer Technology on August 6, 2025, with a closing price of 93.1 yuan per share [1] - The transaction price was 64.88 yuan per share, representing a discount of 30.31% [1] - The total volume of shares traded was 67,500, resulting in a transaction amount of 4.3794 million yuan [1] Group 2 - The buying brokerage was CITIC Securities (Shandong) Co., Ltd., specifically the Longkou Nanshan Road Securities Branch [1] - The selling brokerage was Lianchu Securities Co., Ltd., Yantai Branch [1]

Core Viewpoint - The new stock market on the Beijing Stock Exchange (BSE) has shown remarkable performance this year, with several new listings achieving significant first-day gains, indicating a strong market sentiment and investor interest [2][3]. Group 1: New Stock Performance - Dingjia Precision (920005.BJ) debuted on the BSE with a first-day increase of 479.12%, making it the second-highest gainer this year [2]. - In the first seven months of the year, the BSE welcomed seven new stocks, with four of them seeing first-day gains exceeding 400%. The top performer was Guangxin Technology (920037.BJ) with a 500% increase [2][5]. - Overall, the BSE's new stocks have outperformed the broader A-share market, with four BSE stocks appearing in the top ten for first-day gains among 59 new A-share stocks [2][6]. Group 2: Factors Influencing Performance - The strong performance of new stocks is attributed to several factors, including improved quality of new companies, favorable issuance price-to-earnings ratios, voluntary lock-up by existing shareholders, and a positive secondary market trend on the BSE [3][9]. - The average first-day gain for new stocks on the BSE has been significantly higher than that of other markets, reflecting a robust market environment [3]. Group 3: Notable New Listings - Notable new listings include: - Guangxin Technology: First-day gain of 500%, with an issuance price of 10 yuan/share and a P/E ratio of 7.59 [4][5]. - Tian Gong Co. (920068.BJ): Issued at 3.94 yuan/share, it saw a first-day increase of 411.93% [5]. - Xingtu Measurement and Control (920116.BJ): First-day gain of 407.23% with an issuance price of 6.92 yuan/share [5]. - The performance of these stocks indicates a trend of low issuance prices leading to high first-day returns [2][4]. Group 4: Future Outlook - Analysts expect an increase in the issuance pace of new stocks on the BSE in the second half of the year, driven by a strong pipeline of quality companies [9]. - The upcoming listing of Zhigao Machinery, with an issuance price of 17.41 yuan and a P/E ratio of 14.5, is anticipated to further enhance market activity [9].

Core Viewpoint - The article highlights the impressive performance of newly listed stocks on the Beijing Stock Exchange (BSE) in 2023, particularly focusing on the significant first-day gains of several companies, indicating a strong market sentiment and investor interest in this segment [3][4]. Summary by Sections New Stock Performance - Dingjia Precision (920005.BJ) debuted on the BSE with a first-day increase of 479.12%, while Guangxin Technology (920037.BJ) achieved a 500% rise, marking it as the highest gain this year [3][5]. - In total, seven new stocks were listed on the BSE in the first seven months of the year, with four of them experiencing first-day gains exceeding 400% [3][8]. Market Dynamics - The favorable performance of new stocks is attributed to several factors, including improved quality of new listings, lower issuance price-to-earnings ratios, and a positive secondary market environment [4][10]. - The average first-day gain for new stocks on the BSE has been significantly higher compared to the overall A-share market, where 59 new stocks were listed in the same period [8][10]. Financial Performance - Many of the new stocks reported strong financial results in Q1 2023, with companies like Development Technology achieving a revenue of 810 million yuan and a net profit of 203 million yuan, reflecting year-on-year growth of 35.43% and 60.3% respectively [10][11]. - However, some companies like Jiaoda Iron and Steel reported losses despite revenue growth, indicating mixed financial health among new listings [10]. Future Outlook - Analysts predict an increase in the issuance pace of new stocks on the BSE in the second half of the year, driven by a robust pipeline of quality companies ready for listing [11][12]. - The upcoming listing of Zhigao Machinery, with an issuance price of 17.41 yuan and a P/E ratio of 14.5, is expected to further enhance the market's attractiveness [11].

Core Viewpoint - The new stock market on the Beijing Stock Exchange (BSE) has shown remarkable performance this year, with several newly listed companies achieving significant first-day gains, indicating a strong market sentiment and investor interest [1][5]. Group 1: New Stock Performance - Dingjia Precision (920005.BJ) debuted on the BSE with a first-day increase of 479.12%, making it the second-highest gainer this year [1][2]. - Guangxin Technology (920037.BJ) achieved a first-day gain of 500%, the highest among new stocks this year, with an issuance price of 10 yuan per share and a price-to-earnings ratio of 7.59 [3][5]. - Other notable performers include Tian Gong Co. (920068.BJ) with a 411.93% increase and Xingtou Measurement Control (920116.BJ) with a 407.23% increase, both having issuance prices below 10 yuan [2][3]. Group 2: Market Trends and Analysis - The overall performance of new stocks on the BSE has been impressive, with 4 out of the top 10 new stocks in terms of first-day gains being from the BSE [1][5]. - The first-day gains of new stocks are attributed to factors such as lower issuance prices, improved quality of new companies, and favorable market conditions [1][5]. - Analysts expect an increase in the issuance pace of new stocks on the BSE in the second half of the year, driven by a robust pipeline of quality companies [6][7]. Group 3: Financial Performance - Many of the newly listed companies reported strong financial results in the first quarter, with significant year-on-year growth in revenue and net profit [7]. - For instance, Development Technology achieved a revenue of 810 million yuan and a net profit of 203 million yuan, reflecting growth rates of 35.43% and 60.3%, respectively [7]. - Guangxin Technology also reported a revenue of 175 million yuan and a net profit of approximately 44 million yuan, with growth rates of 54.48% and 128.53% [7].

北京市中伦（深圳）律师事务所 关于成都长城开发科技股份有限公司 2025 年第二次临时股东会的 法律意见书 二〇二五年七月 北京市中伦（深圳）律师事务所 致：成都长城开发科技股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受成都长城开发科技股 份有限公司（以下简称"公司"）委托，指派陈元婕律师、周雨翔律师出席并见证 公司 2025 年第二次临时股东会（以下简称"本次股东会"），并依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 以及《成都长城开发科技股份有限公司章程》（以下简称"《公司章程》"）等有 关规定，就本次股东会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件材料与正本原始材料一 ...