格隆汇11月13日丨恒银科技(603106.SH)公布，公司于2025年11月13日收到公司股东王淑琴女士出具的 《关于权益变动触及1%刻度的告知函》，获悉其于2025年11月7日至11月13日通过大宗交易方式合计减 持公司股份570万股，占公司总股本的1.10%。 ...

Core Viewpoint - Hengyin Technology's stock has shown significant growth this year, with a year-to-date increase of 41.33%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On November 12, Hengyin Technology's stock price rose by 2.03%, reaching 11.08 CNY per share, with a trading volume of 1.02 billion CNY and a turnover rate of 1.79%, resulting in a total market capitalization of 57.67 billion CNY [1]. - The stock has experienced a 7.99% increase over the past five trading days, a 9.16% increase over the past 20 days, and a 2.21% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on June 25, where it recorded a net purchase of 11.19 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Hengyin Technology achieved an operating income of 265 million CNY, representing a year-on-year growth of 3.22%, while the net profit attributable to shareholders was 17.80 million CNY, reflecting a substantial year-on-year increase of 149.72% [2]. - The company has distributed a total of 65.12 million CNY in dividends since its A-share listing, with 15.62 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, Hengyin Technology had 55,700 shareholders, a decrease of 4.35% from the previous period, with an average of 9,343 circulating shares per shareholder, which is an increase of 4.54% [2]. - The top ten circulating shareholders include notable ETFs, with Huabao Zhongzheng Financial Technology Theme ETF holding 4.14 million shares, an increase of 1.90 million shares from the previous period [3].

Economic News - The Consumer Price Index (CPI) in October increased by 0.2% year-on-year and month-on-month, reversing a decline of 0.3% in the previous month, indicating improved supply-demand dynamics in certain domestic industries and positive changes in industrial producer prices [1] - The Ministry of Commerce announced adjustments to the management of the export of controlled chemicals, adding the US, Mexico, and Canada to the list of specific countries for export control [1] - The State-owned Assets Supervision and Administration Commission reported that central enterprises completed fixed asset investments exceeding 3 trillion yuan in the first three quarters, with emerging industries accounting for about 40% of the investments [1] - The Ministry of Industry and Information Technology emphasized the importance of innovation and collaboration in developing new technologies and products to support modern industrial systems [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 119.9 billion yuan at an interest rate of 1.40% [1] - The China Gold Association reported a 7.95% year-on-year decline in gold consumption in the first three quarters of 2025, with jewelry consumption down 32.5% [1] - Public funds have accelerated their investment in ETFs, with total ETF shares reaching 316 billion, an increase of 19.17% year-on-year [1] Company Insights - Fangzheng Technology plans to invest 1.364 billion yuan in the expansion of its artificial intelligence production base in Chongqing [6] - Longi Green Energy clarified that it is not directly involved in the silicon material sector, focusing instead on monocrystalline silicon wafers and hydrogen energy solutions [6] - Shanghai Xiba's executives are under investigation for suspected insider trading [6] - Visionox plans to raise no more than 2.937 billion yuan through a private placement [7] - Dingjie Smart's shareholder plans to reduce its stake by no more than 2.98% [7] Industry Analysis - The food and beverage industry is transitioning from a low win-rate to a high win-rate phase, with macroeconomic changes expected to drive demand [8] - High win-rate opportunities are concentrated in consumer goods, particularly in companies benefiting from new channels and product categories [9] - Hengyin Technology is positioned as a leader in smart banking solutions, leveraging a three-pronged strategy of smart terminals, AI algorithms, and ecosystem development [10] - The company has seen a recovery in revenue and profit due to international market expansion and cost reduction strategies [11] - The self-service terminal industry is projected to grow significantly, driven by policy support and technological advancements [12] - The company is expected to achieve net profits of 56 million, 79 million, and 90 million yuan from 2025 to 2027, reflecting a positive growth outlook [13]

Group 1 - The core point of the article highlights the trading activity of Hengyin Technology, which saw a slight increase in stock price and a significant block trade on November 7 [1] - Hengyin Technology's stock closed at 10.20 yuan, with a block trade involving 700,000 shares and a total transaction value of 6.419 million yuan [1] - The first transaction price was 9.17 yuan per share, with a premium rate of -10.10%, indicating a discount on the block trade [1] Group 2 - Over the past three months, there has been only one block trade for Hengyin Technology, totaling 6.419 million yuan [1] - In the last five trading days, the stock has increased by 0.39%, while the net outflow of main funds amounted to 7.6689 million yuan [1]

控股子公司智筑空间（天津）科技有限公司（以下简称"智筑空间"）已与国 民信托有限公司（以下简称"国民信托"）签署《债权转让协议》，受让"国民信 托·慧金 87 号集合资金信托计划"贷款债权，仅用于承接"国民信托·慧金 87 号集 合资金信托计划"抵押担保资产，以便未来对抵押担保资产进行管理及处置。具 体内容详见公司分别于 2025 年 8 月 15 日、2025 年 9 月 2 日、2025 年 9 月 4 日 在上海证券交易所网站及相关法定媒体披露的《关于控股子公司智筑空间（天津） 科技有限公司受让"国民信托·慧金 87 号集合资金信托计划"贷款债权的公告》(公 告编号：2025-033)、《关于向控股子公司智筑空间（天津）科技有限公司提供 财务资助的公告》（公告编号：2025-034）、《关于控股子公司智筑空间（天津） 科技有限公司受让"国民信托·慧金 87 号集合资金信托计划"贷款债权的进展公告》 （公告编号：2025-042）、《关于控股子公司智筑空间（天津）科技有限公司受 让"国民信托·慧金 87 号集合资金信托计划"贷款债权的进展公告》（公告编号： 证券代码：603106 证券简称：恒银科技 公告 ...

Investment Rating - The report initiates coverage with a "Recommended" rating for Hengyin Technology [4][48][5] Core Viewpoints - Hengyin Technology is positioned as a leading provider of smart banking solutions in China, leveraging a "smart terminal + AI algorithm + scenario ecosystem" strategy to drive its growth and transformation in the financial technology sector [1][17] - The company has successfully expanded its business into various sectors beyond finance, including government, healthcare, and transportation, establishing itself as a comprehensive solution provider [1][24] - The company is experiencing a recovery in profits, with significant growth in overseas markets contributing to improved revenue and net profit forecasts for the coming years [2][32][37] Summary by Sections 1. Strategic Framework - Hengyin Technology focuses on the development and application of smart terminals and AI algorithms, aiming to support traditional banks in their transition to smart banking [1][17] - The company has built a robust product matrix covering multiple scenarios, including finance, government, and social security, and has established stable partnerships with major banks and financial institutions [24][21] 2. Profit Recovery and International Expansion - From 2021 to 2023, the company faced declining revenues and profits due to macroeconomic factors and market competition, but it began to recover in 2024, driven by cost reduction and international market expansion [2][32] - In the first half of 2025, the company reported a significant increase in revenue and net profit, with overseas revenue showing explosive growth, indicating the effectiveness of its international strategy [37][38] 3. Policy and Technology Drivers - The self-service terminal industry is expected to enter a growth phase, supported by national policies promoting digital finance and technological advancements [3][43] - The market size for self-service terminals is projected to grow from 35 billion yuan in 2019 to 65 billion yuan in 2024, reflecting strong internal growth momentum [3][44] 4. Financial Forecasts - The company forecasts net profits of 56.47 million yuan, 79 million yuan, and 90 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.11, 0.15, and 0.17 yuan [4][48] - The report highlights a significant improvement in profitability metrics, with a projected return on equity (ROE) increasing from -16.43% in 2023 to 5.87% in 2027 [10][50]

Core Points - The company has appointed new signing partners and signing auditors for the 2025 fiscal year [1][2] - The changes in the auditing team will not affect the company's financial statements and internal control audits for 2025 [2] Group 1: Audit Firm Appointment - The company has reappointed Xinyong Zhonghe Accounting Firm as its auditing institution for the 2025 fiscal year [1] - The reappointment was approved by the board on April 24, 2025, and subsequently by the shareholders' meeting on May 19, 2025 [1] Group 2: Changes in Auditing Personnel - Tang Song has replaced Ding Huichun as the signing project partner, and Li Shanshan has replaced Wang Hongjiang as the signing auditor [1][2] - Jiang Xijun remains as the quality review partner [1][2] Group 3: Auditors' Qualifications - Tang Song has been a certified public accountant since 2017 and has experience in auditing listed companies since 2010 [3] - Li Shanshan obtained her CPA qualification in 2022 and has been involved in auditing since 2016 [3] - Both auditors have no record of violations of professional ethics or any criminal penalties in the past three years [3]

恒银金融科技股份有限公司 证券代码：603106 证券简称：恒银科技 公告编号：2025-049 1 二、本次变更的签字项目合伙人及签字注册会计师相关信息 关于变更签字项目合伙人及签字注册会计师的公告 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。 恒银金融科技股份有限公司（以下简称"公司"、"恒银科技"）于 2025 年 4 月 24 日召开第四届董事会第五次会议审议通过《关于续聘公司 2025 年度审计机 构的议案》，同意续聘信永中和会计师事务所（特殊普通合伙）（以下简称"信 永中和"）为公司 2025 年度审计机构。同时，该议案于 2025 年 5 月 19 日经 2024 年年度股东会会议审议通过。具体内容详见公司于 2025 年 4 月 25 日及 2025 年 5 月 20 日在上海证券交易所网站及相关法定媒体披露的《关于续聘 2025 年度审 计机构的公告》（公告编号：2025-015）、《2024 年年度股东会决议公告》（公 告编号：2025-019）。 近日，公司收到信永中和出具的《关于变更恒银金融科技股份有 ...

Company Overview - Hengyin Technology was established on May 12, 2004, and listed on the Shanghai Stock Exchange on September 20, 2017. The company is a leading provider of financial self-service equipment in China, offering a full industry chain advantage and one-stop services to clients [1] Financial Performance - In Q3 2025, Hengyin Technology achieved operating revenue of 265 million yuan, ranking 50th among 63 companies in the industry. The top company, Inspur Information, reported revenue of 120.669 billion yuan, while the industry average was 3.504 billion yuan [2] - The net profit for the same period was 17.802 million yuan, placing the company 31st in the industry. The leading company, Inspur Information, had a net profit of 1.489 billion yuan, with the industry average at 102 million yuan [2] Financial Ratios - As of Q3 2025, Hengyin Technology's debt-to-asset ratio was 21.24%, down from 26.49% year-on-year and below the industry average of 34.38%. The gross profit margin was 29.39%, significantly improved from -7.69% year-on-year but still below the industry average of 34.46% [3] Executive Compensation - The chairman, Jiang Haoran, received a salary of 424,400 yuan in 2024, a decrease of 428,700 yuan from 2023. Jiang has held the position since May 2004 and has a background in engineering and finance [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.35% to 55,700. The average number of circulating A-shares held per shareholder increased by 4.54% to 9,343.05. Notable changes among the top ten circulating shareholders included an increase in holdings by Hua Bao Zhong Zheng Financial Technology Theme ETF and new entries from Bo Shi Financial Technology ETF and Hua Xia Zhong Zheng Financial Technology Theme ETF [5]

Group 1 - The Tianjin Free Trade Zone concept declined by 2.70%, ranking among the top declines in the concept sector, with companies like Saixiang Technology hitting the limit down [1] - Major stocks within the Tianjin Free Trade Zone concept that experienced significant declines include HNA Technology, Jintou City Development, and Bohai Chemical [1] - The net outflow of main funds from the Tianjin Free Trade Zone concept reached 276 million yuan, with 11 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - HNA Technology had the largest net outflow of main funds at 113 million yuan, followed by Saixiang Technology and Jiuan Medical with net outflows of 107 million yuan and 2.52 million yuan respectively [2] - The stocks with the highest net inflows included Youfa Group, Tianjin Port, and Haitai Development, with inflows of 19.56 million yuan, 11.50 million yuan, and 5.79 million yuan respectively [3] - The trading performance of key stocks in the Tianjin Free Trade Zone concept showed significant volatility, with Saixiang Technology down by 10% and HNA Technology down by 5.92% [2][3]