Core Insights - QFII continues to favor core A-share assets amid ongoing structural market trends, with a notable focus on high-end manufacturing and tactical increases in defensive assets and sectors aligned with domestic production trends [1][7] QFII Investment Trends - As of October 28, nearly 40 QFII institutions held approximately 119.4 billion yuan in A-shares, reflecting a diversified investment strategy across various sectors [1][8] - QFII has increased holdings in over 500 A-share companies, with significant investments in banking, electrical equipment, building materials, chemicals, software services, machinery, and hardware [3][4] Key Stocks with Increased Holdings - Major stocks with significant QFII increases include: - Nanjing Bank (1.24 million shares by BNP Paribas) - China Xidian (7.285 million shares by JPMorgan Securities) - Other notable stocks include Oriental Yuhong, Baofeng Energy, Huasheng Tiancheng, Hengli Hydraulic, Huazi Technology, and Siyi Electric [4][5][6] Sector Preferences - QFII's top sectors for increased stock holdings include banking, electrical equipment, and computing, with banks attracting attention due to stable dividend yields and improving performance expectations [7][10] - The electrical equipment sector benefits from strong policy support and demand growth driven by energy transition and grid upgrades [7][10] Large Institutional Preferences - Large foreign institutions, such as Goldman Sachs, are diversifying their investments across various sectors, including machinery, hardware, consumer goods, pharmaceuticals, and more [11] - Goldman Sachs holds significant positions in 52 A-share companies, indicating a broad investment strategy [11] Market Outlook - Analysts suggest that the Chinese stock market is entering a more sustainable upward trend, with recommendations for investors to shift from "selling high" to "buying low" strategies [13] - Continued positive sentiment towards Chinese assets is reflected in the strategies of major investment firms [12][13]

Core Points - Kosen Technology announced the release of a portion of shares pledged by its controlling shareholder, Xu Jingen, on October 29, 2025, involving 10,500,000 shares [2] Company Summary - The controlling shareholder, Xu Jingen, has notified the company about the release of 10,500,000 shares from pledge [2]

Core Insights - QFII continues to favor core A-share assets, particularly in high-end manufacturing and defensive sectors, reflecting a strategic approach to investment amidst ongoing market trends [1][2][7] - As of October 28, nearly 40 QFIIs collectively held approximately 119.4 billion yuan in A-shares, indicating significant foreign interest in the Chinese market [1][9] Industry Focus - QFII has notably increased holdings in various sectors, including banking, electrical equipment, building materials, chemicals, software services, machinery, and hardware [3][10] - The banking sector saw a substantial increase, with QFII adding 124 million shares, driven by expectations of improved performance and attractive valuations [7][10] - Electrical equipment and computer sectors also received tactical increases from QFII, supported by favorable policies and growth in demand due to energy transition and infrastructure upgrades [7][10] Notable Stocks - Key stocks with significant QFII increases include Nanjing Bank (12.36 million shares), China Western Power (7.29 million shares), and others in various sectors such as construction materials and chemicals [6][10] - Specific stocks like Huazhi Technology and Huasheng Tiancheng saw multiple QFII firms increase their stakes, indicating strong interest in new productivity concepts [4][5] Investment Strategy - QFII's investment strategy appears to be diversified, focusing on both core assets and emerging opportunities across multiple industries, including machinery, food and beverage, and pharmaceuticals [10][11] - Large foreign institutions, such as Goldman Sachs, are actively seeking diversified investment opportunities in the A-share market, reflecting a positive outlook on Chinese equities [11][12]

重要内容提示： 昆山科森科技股份有限公司（以下简称"公司"）控股股东、实际控制人 徐金根先生持有公司股份 139,932,561 股，占公司总股本的 25.22%。本次解除质 押后，徐金根先生累计质押股份数量为 52,690,000 股，占其持股总数的 37.65%， 占公司总股本的 9.50%。 公司控股股东、实际控制人徐金根先生、王冬梅女士合计持有公司股份 164,165,961 股，占公司总股本的 29.59%，已累计质押 52,690,000 股，占其持股 总数的 32.10%，占公司总股本的 9.50%。 公司于 2025 年 10 月 29 日接到控股股东、实际控制人徐金根先生部分股份 解除质押的通知，现将有关情况公告如下： | 股东名称 | 徐金根 | | | | | --- | --- | --- | --- | --- | | 本次解质股份（股） | | | 10,500,000 | | | 占其所持股份比例 | | | | 7.50% | | 占公司总股本比例 | | | 1.89% | | | 解除质押时间 | 2025 | 年 10 月 | 28 | 日 | 一、本次股份解除质押情况 ...

Group 1 - Kosun Technology (603626.SH) reported its Q3 2025 results on October 29, 2025, with a total of 31.42 million A-shares held by six institutional investors, accounting for 5.66% of the total share capital [1] - The institutional holding ratio decreased by 4.04 percentage points compared to the previous quarter [1] - Public funds disclosed this quarter included 19 funds, such as the CSI 2000, China Europe Small Cap Growth Mixed A, and Green Research Preferred Mixed A [1] Group 2 - Two foreign funds increased their holdings this quarter, including UBS AG and J.P. Morgan Securities PLC, with an increase ratio of 0.74% [2] - Three new foreign institutions disclosed their holdings this quarter, including MORGAN STANLEY & CO. INTERNATIONAL PLC., Goldman Sachs International - proprietary funds, and Abu Dhabi Investment Authority [2] - Barclays Bank PLC was not disclosed this quarter compared to the previous quarter [2]

Core Insights - Company reported a total revenue of 2.453 billion yuan for Q3 2025, a decrease of 169 million yuan or 6.45% compared to the same period last year [1] - The net profit attributable to shareholders was -115 million yuan, ranking 58th among disclosed peers [1] - The company had a net cash inflow from operating activities of 184 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 58.34%, ranking 45th among disclosed peers, an increase of 2.93 percentage points year-on-year [3] - The latest gross profit margin is 9.95%, ranking 53rd among disclosed peers [3] - The latest return on equity (ROE) is -5.38%, ranking 57th among disclosed peers [3] - The diluted earnings per share (EPS) is -0.21 yuan, ranking 55th among disclosed peers [3] - The total asset turnover ratio is 0.46 times, ranking 40th among disclosed peers, a decrease of 0.02 times or 4.59% year-on-year [3] - The inventory turnover ratio is 4.75 times, a decrease of 1.06 times or 18.28% year-on-year [3] Shareholder Information - The number of shareholders is 94,300, with the top ten shareholders holding 201 million shares, accounting for 36.19% of the total share capital [3] - The largest shareholder is Xu Jingen, holding 25.2% of the shares [3] - Other notable shareholders include Wang Dongmei (4.37%), Morgan Stanley & Co. International PLC (1.27%), and Goldman Sachs International (1.23%) [3]

Core Viewpoint - The announcement details the financial status and share pledge situation of Kunshan Kosen Technology Co., Ltd, emphasizing the accuracy and completeness of the financial report and the significant share pledges by major shareholders [1][2][9]. Financial Data Summary - The financial report for the third quarter is unaudited, covering the period from the beginning to the end of the quarter [3]. - The report includes major accounting data and financial indicators, although specific figures are not provided in the excerpts [4][5]. - There are no significant changes in the financial indicators that require explanation [5]. Shareholder Information - The controlling shareholder, Xu Jingen, holds 139,932,561 shares, representing 25.22% of the total share capital. After the recent pledge, he has pledged a total of 63,190,000 shares, which is 45.16% of his holdings and 11.39% of the total share capital [9][10]. - Together with Wang Dongmei, they hold a combined total of 164,165,961 shares, accounting for 29.59% of the total share capital, with a cumulative pledge of 63,190,000 shares, which is 38.49% of their total holdings [9][10]. Pledge Details - The announcement specifies that the pledged shares are not used as collateral for major asset restructuring or performance compensation [10]. - The total number of pledged shares by the shareholders and their concerted actions is noted, although specific figures are not detailed in the excerpts [11]. Other Important Information - The company confirms that the financial report and the share pledge information are accurate and complete, with all responsible parties affirming their legal accountability [1][2]. - The announcement is dated October 28, 2025, indicating the timeliness of the information provided [12].

Core Insights - Kosen Technology (603626.SH) reported a revenue of 2.453 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 6.45% [1] - The company recorded a net loss attributable to shareholders of 115 million yuan [1] - The non-recurring net profit loss was 179 million yuan, with a basic earnings per share of -0.2082 yuan [1]

Core Points - Kosen Technology announced that on October 28, 2025, it became aware that its controlling shareholder and actual controller, Mr. Xu Jingen, pledged part of his shares in the company [2] Summary by Category - **Share Pledge Details** - The number of shares pledged is 9,970,000 shares [2]

Core Viewpoint - Kosun Technology reported a decline in revenue for the first three quarters of 2025, with a significant increase in net loss compared to the previous year [1][2]. Financial Performance - The company's revenue for the first three quarters was 2.453 billion yuan, a year-on-year decrease of 6.45% [1]. - The net profit attributable to shareholders was -115 million yuan, an increase of 50.94% year-on-year [1]. - The net profit excluding non-recurring items was -179 million yuan, a year-on-year increase of 26.95% [1]. - Basic earnings per share were -0.21 yuan [1][2]. - The gross margin for the first three quarters was 9.95%, up 3.27 percentage points year-on-year [2]. - The net margin was -4.68%, an increase of 4.24 percentage points compared to the same period last year [2]. Quarterly Insights - In Q3 2025, the gross margin was 14.12%, up 4.77 percentage points year-on-year and 4.25 percentage points quarter-on-quarter [2]. - The net margin for Q3 was -1.10%, an increase of 7.23 percentage points year-on-year and 0.23 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 433 million yuan, an increase of 28.14 million yuan year-on-year [2]. - The expense ratio was 17.63%, up 2.21 percentage points year-on-year [2]. - Sales expenses decreased by 7.89% year-on-year, while management expenses increased by 0.39%, R&D expenses increased by 15.24%, and financial expenses increased by 35.74% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 94,300, an increase of 20,400 or 27.57% from the end of the previous half [2]. - The average market value per shareholder increased from 63,200 yuan to 85,100 yuan, a growth of 34.62% [2]. Company Overview - Kosun Technology, established on December 1, 2010, and listed on February 9, 2017, is located in Kunshan, Jiangsu Province [3]. - The company specializes in precision manufacturing processes and technologies, providing components for well-known clients such as Apple, Amazon, Google, and Medtronic [3]. - The revenue composition includes 76.75% from consumer electronics, 10.58% from new energy-storage business, 8.10% from medical devices, and 3.33% from other precision metal components [3].