2025年7月，恒银科技对外发布《关于上海证券交易所对公司2024年年度报告的信息披露监管问询函回 复的公告》引发市场广泛关注。这份公告显示，恒银科技2021年投入自有资金购买的信托理财产品，截 至2024年末仍有1.85亿元未能收回，且已出现逾期情况。 《金融时报》记者发现，上市公司理财"踩雷"的问题并不少见，但上市公司对包括信托等理财产品的投 资热情并未明显降温，原因何在？ 应关注信托底层资产 近年来，上市公司对信托理财产品的关注度持续上升。信托产品因其相对较高的预期收益率，成为部分 上市公司优化资金配置的重要工具。根据Wind数据，2024年上市公司购买信托产品的金额合计超过 2400亿元，占上市公司购买各类理财产品总金额的较大比重。 尽管信托产品在收益率上具有一定吸引力，但其非保本的特性使得一旦底层资产出现问题，投资者可能 面临本金损失的风险。近期恒银科技再度因信托理财逾期问题引发市场关注。 据了解，恒银科技此次逾期的信托理财涉及两笔投资。其中，2021年7月购入的国民信托・慧金87号集 合资金信托计划，投入本金1.7亿元，但截至2024年年报披露时，公司仅收到0.13亿元投资收益，剩余本 金及收益均 ...

Core Viewpoint - Hengyin Technology expects a significant turnaround in its financial performance for the first half of 2025, projecting a net profit attributable to shareholders of between 13.5 million and 16.2 million yuan, compared to a loss of 36.65 million yuan in the same period last year [1] Financial Performance - In 2024, Hengyin Technology reported an operating income of 437 million yuan, a year-on-year increase of 2.53% [3] - The net profit attributable to shareholders for 2024 was 40.12 million yuan, representing a year-on-year growth of 119.29% [3] - The non-recurring net profit for 2024 was 10.40 million yuan [3] Reasons for Performance Change - The company has improved its operational governance and steadily advanced cost reduction and efficiency enhancement, leading to a decrease in overall costs compared to the previous year [1] - Hengyin Technology has maintained stable revenue growth while optimizing its product structure to promote high-margin products, thereby increasing the overall gross margin of its products [1] - The company has actively pursued international market expansion, resulting in a significant increase in overseas sales for the first half of 2025 compared to the same period last year [1]

Group 1: Stock Performance - Zhejiang Zhenyuan and Asia-Pacific Pharmaceutical both achieved a 2-day limit-up with increases of 10.01% and 9.98% respectively, driven by innovation in pharmaceuticals [2] - Chengdu XianDao saw a first board listing with a significant rise of 20.02%, attributed to innovative drug developments [2] - TaiJing Technology and YanHua Intelligent both recorded first board listings with increases of 9.97% and 9.94%, linked to Huawei's influence in robotics [5] Group 2: AI and Robotics - Nvidia's CEO suggested that Huawei's AI chips could potentially replace Nvidia's offerings, indicating a competitive shift in the AI chip market [4] - The domestic robotics industry is gaining traction with significant orders being awarded, highlighting its importance in national competition [7] Group 3: Market Trends - The light communication sector is expected to see sustained growth due to high demand in both domestic and international markets, with performance likely to continue improving [13] - The low-altitude economy is gaining attention, with a notable $1 billion procurement agreement signed for eVTOL aircraft, indicating growth potential in this sector [17] Group 4: Consumer and Retail - The Chinese government is implementing measures to boost consumer spending, which is expected to positively impact the retail sector [21] - Companies like Guoguang Chain and Hanshang Group have seen first board listings with increases of 9.98% and 9.97%, reflecting the positive sentiment in the retail market [23] Group 5: Solar and Food & Beverage - The price of polysilicon has increased by 12.4% week-on-week, indicating a rising trend in the solar industry [24] - The food and beverage sector is also benefiting from government initiatives aimed at enhancing consumer demand, with companies like Huangshi Group seeing a 10.10% increase [26]

Group 1 - The core viewpoint of the news highlights a resurgence in the financial technology sector, with the China Securities Financial Technology Theme Index rising over 1% on July 17, driven by strong performance from constituent stocks [1] - Notable stocks such as Hengyin Technology, Tuorisi, and Runhe Software saw significant gains, with Hengyin Technology quickly hitting the upper limit within minutes of market opening [1] - The financial technology ETF (159851) experienced a price increase of over 1%, with trading volume exceeding 200 million yuan, indicating strong investor interest and inflow of capital [1] Group 2 - Hengyin Technology announced a profit forecast for the first half of 2025, expecting a net profit attributable to shareholders of 13.5 million to 16.2 million yuan, marking a turnaround from losses [3] - The report indicates a decrease in overall costs and stable revenue growth, with a significant increase in overseas sales compared to the previous year [3] - A report from CITIC Securities suggests that the legalization of stablecoins in Hong Kong will drive the expansion of the stablecoin industry, benefiting sectors such as RWA issuers, consulting/technical support providers, and cross-border payment companies [3] Group 3 - The financial technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerage, financial IT, cross-border payments, and AI applications [3] - As of July 11, the financial technology ETF had a scale exceeding 7 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, showcasing its liquidity and scale advantages [3]

Group 1 - Tiande Yu achieved a net profit of 1.52 billion yuan in the first half of 2025, a year-on-year increase of 50.89% [1] - Tiande Yu's operating income for the same period was 12.08 billion yuan, reflecting a growth of 43.35% year-on-year [1] - Fule New Materials plans to reduce its shareholding by up to 1.33%, amounting to 376.25 million shares, due to personal funding needs [1] - Jindi Co. signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [1] Group 2 - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [1] - Pinming Technology expects a net profit of 28 million to 34 million yuan for the first half of 2025, a year-on-year increase of 231.79% to 302.89% [4] - Shuanglin Co. anticipates a net profit of 251 million to 310 million yuan, representing a growth of 1% to 25% year-on-year [7] Group 3 - Kangxino received approval for clinical trials of its trivalent poliovirus vaccine [8] - Bailian Co. signed a land storage compensation contract worth approximately 2 billion yuan [9] - Wukuang Development plans to issue short-term financing bonds and medium-term notes totaling up to 2 billion yuan each [10] Group 4 - Hengxin Life intends to invest 10 million yuan in a targeted equity investment [12] - Hengyin Technology expects a net profit of 13.5 million to 16.2 million yuan, marking a turnaround from losses [14] - *ST Jinglun anticipates a net loss of 19 million to 22 million yuan for the first half of 2025 [15] Group 5 - Baiyun Electric won a bid for a State Grid project worth 164 million yuan [16] - Zhejiang Energy completed a power generation of 788.48 billion kWh in the first half of 2025, a year-on-year increase of 4.48% [17] - Sheneng Co. reported a power generation of 259.51 billion kWh, a decrease of 1.7% year-on-year [19] Group 6 - Hengerd signed a strategic cooperation framework agreement with Tiangong International [21] - Baotai's application for the listing of Golimumab injection has been accepted by the FDA [23] - Yishitong received a government subsidy of 2 million yuan [24] Group 7 - Jinggong Steel signed a contract worth approximately 550 million yuan for the Jeddah Stadium project in Saudi Arabia [26] - Zhongwang Software received a government subsidy of 28 million yuan [27] - Rongxin Culture used idle funds of 100 million yuan to purchase financial products [29] Group 8 - Lingxiao Pump Industry invested 80 million yuan in financial products [31] - China Pacific Insurance reported a total original insurance premium income of 282 billion yuan from its subsidiaries [32] - Kema Technology expects a net profit of 165 million to 175 million yuan, a year-on-year increase of 18.59% to 25.77% [32] Group 9 - Qujiang Cultural Tourism anticipates a net loss of approximately 13 million to 16.9 million yuan [32] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03% [32] - Baicheng Medicine forecasts a net profit decline of 95.53% to 100% [33] Group 10 - Bertley plans to invest 198 million yuan to establish a partnership for investments in emerging fields [34] - China Merchants Highway announced the resignation of its chairman due to reaching retirement age [35] - Overseas Chinese Town A reported a 29% decrease in contract sales amount in June [36]

证券代码：603106 证券简称：恒银科技 公告编号：2025-025 恒银金融科技股份有限公司 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。 重要内容提示： ? 本期业绩预告适用于"净利润实现扭亏为盈"的情形。 一、本期业绩预告情况 经财务部门初步核算，预计 2025 年半年度实现归属于母公司所有者的净利 润为 1,350.00 万元到 1,620.00 万元，与上年同期（法定披露数据）相比，将实现 扭亏为盈。 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益后的净利 润为 1,100.00 万元到 1,320.00 万元。 公司 2025 年半年度预计实现归属于母公司所有者的净利润与上年同期相比 增加，主要原因：一是公司持续提升经营治理水平，稳步推进降本增效，总体成 本费用较上年同期进一步下降；二是公司保持总体营收的稳定增长，同时优化产 品结构，引导高毛利产品的销售，提升公司产品的综合毛利率；三是公司持续推 进国际化战略部署，积极开拓国际市场，提升海外业务规模，2025 年半年度海 外业务销售额较上年同期 ...

[Performance Forecast Overview](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%A6%82%E8%A7%88) Hengyin Technology forecasts a return to profitability in H1 2025, with positive net profit attributable to shareholders [Forecast Period and Key Financial Indicators](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) This section outlines the H1 2025 forecast period and key estimated net profit figures - The performance forecast period spans from **January 1, 2025, to June 30, 2025**[4](index=4&type=chunk) 2025 Half-Year Performance Forecast (Unaudited) | Indicator | Estimated Amount (CNY million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 13.50 - 16.20 | | Net Profit Excluding Non-Recurring Gains and Losses | 11.00 - 13.20 | - This performance forecast is unaudited by a certified public accountant but has been fully communicated with the accountants[4](index=4&type=chunk) [Review of Prior Year's Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) This section reviews the company's statutory H1 2024 financial performance, detailing the incurred loss 2024 Half-Year Performance (Statutory Disclosure) | Indicator | Amount (CNY million) | | :--- | :--- | | Total Profit | -44.95 | | Net Profit Attributable to Parent Company Shareholders | -36.65 | | Net Profit Excluding Non-Recurring Gains and Losses Attributable to Parent Company Shareholders | -42.16 | | Earnings Per Share | -0.0704 CNY | - The company expects to achieve a **turnaround to profitability** in the first half of 2025, a significant contrast to the loss status in the same period last year[4](index=4&type=chunk)[6](index=6&type=chunk) [Analysis of Main Reasons for Forecasted Profit](index=2&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0%E5%88%86%E6%9E%90) Hengyin Technology's H1 2025 profit is primarily due to improved main business operations and significant overseas sales growth [Contribution from Main Business Operations](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0%20%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) This section highlights core business improvements, including enhanced management, cost efficiency, revenue growth, and international expansion - Continuous improvement in operational governance and steady progress in cost reduction and efficiency enhancement led to a **further decrease in overall costs and expenses** compared to the same period last year[7](index=7&type=chunk) - Stable overall revenue growth was maintained, alongside product structure optimization and increased sales of **high-margin products**, enhancing the company's comprehensive gross profit margin[7](index=7&type=chunk) - The company actively expanded international markets through its internationalization strategy, resulting in a **significant increase in overseas business sales** in the first half of 2025 compared to the prior year[7](index=7&type=chunk) [Impact of Non-Recurring Gains/Losses and Accounting Treatment](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0%20%28%E4%BA%8C%29%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) This section confirms that non-recurring gains/losses and accounting treatments have no significant impact on the forecast - Non-recurring gains and losses have **no significant impact** on the company's current performance forecast[7](index=7&type=chunk) - Accounting treatment has **no significant impact** on the company's current performance forecast[7](index=7&type=chunk) - No other factors significantly impact the company's current performance forecast[7](index=7&type=chunk) [Risk Warning and Disclosures](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E4%B8%8E%E8%AF%B4%E6%98%8E) This performance forecast is preliminary and unaudited; final data will be in the official half-year report, and investors should note investment risks [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This section cautions that the performance forecast is a preliminary, unaudited estimate, with final figures subject to audit and adjustments - This performance forecast is a preliminary, unaudited calculation by the company's finance department, with final data to be determined after audit by an auditing firm[8](index=8&type=chunk) - No uncertain factors significantly impacting the accuracy of this performance forecast have been identified, but the company will perform accounting treatment and disclosure for any significant objective changes after the balance sheet date[8](index=8&type=chunk) - Investors are advised to **pay attention to investment risks**[8](index=8&type=chunk) [Other Disclosures](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) This section reiterates that forecast data is preliminary, advising investors to refer to the official half-year report for accurate figures and note investment risks - The forecast data provided is preliminary, and the specific accurate financial data will be based on the company's officially disclosed **2025 half-year report**[9](index=9&type=chunk) - Investors are kindly requested to **pay attention to investment risks**[9](index=9&type=chunk)

Core Viewpoint - Hengyin Technology (603106.SH) expects to achieve a net profit attributable to shareholders of the parent company between 13.5 million and 16.2 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1] Group 1: Financial Performance - The anticipated net profit represents a significant improvement compared to the previous year, indicating a successful recovery [1] - The company attributes the performance growth to enhanced operational management, cost reduction, and efficiency improvements [1] Group 2: Strategic Initiatives - Hengyin Technology has optimized its product structure, focusing on increasing sales of high-margin products, which has contributed to an improved overall gross margin [1] - The company is actively pursuing an internationalization strategy, resulting in a substantial increase in overseas sales [1]

Core Viewpoint - The financial technology sector is experiencing significant activity, particularly in stablecoin-related stocks, with notable gains in various companies and ETFs, indicating a positive market sentiment and investment potential in this area [1][3]. Group 1: Market Activity - Stablecoin concept stocks are active, with companies like Guoao Technology hitting a 20% limit up, and others like New Wisdom Software and Geer Software rising over 5% [1]. - The financial technology ETF (159851) is showing strong performance, with a price increase of over 2% and a trading volume surpassing 300 million yuan, indicating increased investor interest [1][2]. - Over the past five days, the financial technology ETF has attracted over 370 million yuan in capital inflow, highlighting its liquidity and market appeal [1][3]. Group 2: Investment Opportunities - According to招商证券, technology innovation remains a key growth theme, with a focus on financial technology as a promising investment direction [3]. - The stablecoin and Real World Assets (RWA) are identified as clear development directions within financial technology, with international advancements in tokenization of securities [3]. - The financial technology ETF (159851) has a current scale exceeding 6.6 billion yuan, with an average daily trading volume of over 500 million yuan in the past six months, showcasing its liquidity advantages [3].

Group 1 - Hengyin Technology disclosed that it purchased trust financial products with its own funds in 2021, with overdue amounts reaching 185 million yuan by the end of 2024 [1] - The company invested 170 million yuan in the Guomin Trust Hui Jin No. 87 collective fund trust plan, receiving only 13 million yuan in investment income, while the principal and remaining investment income are overdue [1] - Hengyin Technology has entrusted Guomin Trust Co., Ltd. to sue the relevant parties, with the case receiving a final judgment in September 2024 [1] Group 2 - Guomin Trust reported a revenue of 824 million yuan in 2024, a year-on-year decrease of 11.23%, primarily due to a decline in fee and commission income [1][2] - The fee and commission income for Guomin Trust fell to 667 million yuan, a decrease of approximately 22.56% year-on-year [1] - Despite the significant drop in revenue, Guomin Trust's net profit increased by 6.62% in 2024, reaching 385 million yuan [2] - As of December 31, 2024, Guomin Trust's total trust assets amounted to 243.393 billion yuan, a year-on-year decrease of 2.45% [2]