Group 1 - The core point of the article is that Taijing Technology (603738) announced a change in the limited partner of an investment partnership, with Shenzhen Yilian Wuxian Technology Co., Ltd. transferring its 2.7518% stake for RMB 1.5 million to Mr. Chen Zheng, while other partners waived their right of first refusal [1] - Taijing Technology has committed a capital contribution of RMB 10 million, representing 18.3453% of the total capital contributions of the partnership [1] - This change will not affect the company's ownership, proportion, or rights and obligations in the partnership, nor will it impact the investment direction of the partnership, thus having no significant effect on the company [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]

Market Overview - The A-share market opened slightly lower on July 17 but then experienced a rebound, with all three major indices showing positive performance, particularly the ChiNext index which rose nearly 1% [2] - The total market capitalization reached 14.20 trillion CNY, with a trading volume of 7698.06 million hands and a turnover rate of 1.46% [3] Pharmaceutical Sector - The pharmaceutical sector saw a significant surge, with multiple stocks hitting the daily limit up, including Weikang Pharmaceutical and Chengdu Xian Dao, both reaching a 20% increase [4][5] - Notable stocks in the pharmaceutical sector included: - Chengdu Xian Dao: 21.46 CNY, up 20.02% - Weikang Pharmaceutical: 20.71 CNY, up 19.99% - Other stocks like Lifespring Pharmaceutical and Zhejiang Zhenyuan also saw increases of around 10% [5][6] - The Hong Kong pharmaceutical and biotechnology sector also experienced notable gains, with companies like Fudan Zhangjiang and Kanyin Biotech showing significant price increases [6] Robotics Sector - The humanoid robot concept stocks remained active, with Nanjing Julong hitting the daily limit up of 20%, and other companies like Dongshan Precision and Taijing Technology also seeing substantial gains [7][8] - On July 17, the stock of Aowei New Materials achieved a 20% limit up, marking its seventh consecutive trading day of gains, with a closing price of 27.89 CNY [10][11] Policy Impact - The National Healthcare Security Administration recently announced the initiation of the 11th batch of centralized drug procurement, which will include 55 drug varieties, focusing on mature "old drugs" while excluding innovative drugs from the procurement list [6]

Core Points - The Shanghai Composite Index is at 3499.95 points, slightly down by 0.11%, with a total trading volume of 638.566 billion yuan [1] - 27 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Group 1: Stocks with High Deviation Rates - Liansheng Technology (300051) has a deviation rate of 9.37% with a price increase of 13.94% and a turnover rate of 20.59% [1] - Shangong Shenbei (600843) shows a deviation rate of 7.95%, increasing by 10.00% with a turnover rate of 13.28% [1] - Taijing Technology (603738) has a deviation rate of 6.97%, up by 9.97% with a turnover rate of 9.35% [1] Group 2: Stocks with Low Deviation Rates - Zhongji Renjian (301508) has a low deviation rate of 0.03%, with a slight increase of 0.18% and a turnover rate of 33.86% [2] - Mulin Sen (002745) shows a deviation rate of 0.09%, increasing by 0.75% with a turnover rate of 8.10% [2] - HNA Holdings (600221) has a deviation rate of 0.10%, with a price increase of 0.71% and a turnover rate of 1.41% [2]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-over-year decline in net profit attributable to shareholders and non-recurring net profit for the first half of 2025 2025 Semi-Annual Performance Forecast | Indicator | 2025 Semi-Annual Forecast | Change from Prior Year (million CNY) | Change Rate from Prior Year | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 20.00 million CNY - 26.00 million CNY | Decrease of 31.39 - 37.39 | -54.70% to -65.15% | | **Net Profit After Non-Recurring Items** | 6.00 million CNY - 12.00 million CNY | Decrease of 31.21 - 37.21 | -72.23% to -86.12% | - The performance forecast data has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Year Period Operating Performance and Financial Status](index=1&type=section&id=II.%20Prior%20Year%20Period%20Operating%20Performance%20and%20Financial%20Status) The report provides key financial data for the same period in 2024 as a comparative baseline 2024 Semi-Annual Performance | Indicator | 2024 Semi-Annual Performance | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 57.39 million CNY | | **Net Profit After Non-Recurring Items** | 43.21 million CNY | | **Earnings Per Share** | 0.15 CNY | [Primary Reasons for Current Period Performance Decline](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Decline) The company's profit decline is attributed to price competition, high unit fixed costs from new product lines, and significant share-based payment expenses - The company actively engaged in market competition, expanding market share through price adjustment strategies, which led to a decrease in overall gross profit margin[7](index=7&type=chunk) - Key new product lines for automotive and active components are still in the capacity ramp-up phase, resulting in higher unit fixed cost allocation and impacting short-term profit[7](index=7&type=chunk) - During the reporting period, the company recognized approximately **13.00 million CNY** in share-based payment expenses due to the implementation of an employee stock ownership plan, directly reducing net profit[7](index=7&type=chunk) - Despite the profit decline, the company achieved year-over-year growth in operating revenue, with a faster quarter-over-quarter increase in the second quarter, consolidating its market share[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms this performance forecast is a preliminary calculation based on current operations, with no significant uncertainties affecting its accuracy - The company states that this performance forecast is a preliminary calculation by the finance department, with no significant uncertainties affecting the accuracy of the forecast content[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) The company advises investors that this forecast is preliminary, and final accurate financial data will be based on the officially disclosed 2025 semi-annual report - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[9](index=9&type=chunk)

Core Viewpoint - The company, Taijing Technology (603738), anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 54.70% to 65.15% year-on-year [1] Financial Projections - The expected net profit attributable to the parent company for the first half of 2025 is estimated to be between 20 million to 26 million yuan [1] - The projected net profit, excluding non-recurring gains and losses, is forecasted to be between 6 million to 12 million yuan, reflecting a year-on-year decrease of 72.23% to 86.12% [1]

证券代码：603738 证券简称：泰晶科技 公告编号：2025-031 泰晶科技股份有限公司 关于股份回购进展公告 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。 | 回购方案首次披露日 | 2024/11/6，由泰晶科技股份有限公司控股股东、 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 实际控制人、董事长喻信东先生提议 | | | | | | | 回购方案实施期限 | 2024 年 月 22 11 日 | 11 | 日~2025 | 年 | 月 | 21 | | 预计回购金额 | 5,000万元(含)~10,000万元(含) | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 2,610,880股 | | | | | | | 累计已回购股数占总股本比例 | 0.67% | | | | | ...

Core Viewpoint - Hongxing Technology's IPO process has been stalled for over two years due to declining financial performance and regulatory scrutiny, raising concerns about its ability to meet the main board's listing requirements [1][2][3] Financial Performance - Hongxing Technology's revenue has decreased from 8.35 billion in 2021 to 5.42 billion in 2023, with a net profit drop from 2.07 billion to 0.63 billion during the same period, reflecting a 31.60% decline year-on-year in 2023 [2][3] - Despite the decline in net profit, the company's gross margin remains relatively high at 43.41% in the first half of 2024, outperforming the industry average of 25.68% [1][8] Industry Position - Hongxing Technology ranks tenth among the top global quartz crystal component manufacturers, with a market share of only 2.71% in 2022, significantly lower than the combined market share of the top ten competitors [3][4] - The company faces challenges in establishing a strong industry presence, as evidenced by its low market share compared to competitors like Taijing Technology, which has a market share of 4.47% [4][5] Equipment and Cost Structure - The company has a low equipment renewal rate of just 15%, raising questions about the sustainability of its operations and the accuracy of its reported financial performance [1][15] - Hongxing Technology's unit revenue depreciation costs are significantly lower than those of its peers, contributing to its higher gross margin, but this raises concerns about the long-term viability of its aging equipment [11][15] Regulatory Environment - The tightening of IPO regulations and scrutiny of financial performance has made it increasingly difficult for companies like Hongxing Technology to gain approval for listing, especially with its declining earnings [2][3][7] - The company has been questioned by regulators regarding the sustainability of its high gross margin in light of its aging equipment and low renewal rates [13][18]

证券代码：603738 证券简称：泰晶科技 公告编号：2025-030 泰晶科技股份有限公司 关于 2024 年年度权益分派实施后调整回购股份价格上限的公告 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。 重要内容提示： 一、回购股份的基本情况 泰晶科技股份有限公司（以下简称"公司"）分别于 2024 年 11 月 5 日、2024 年 11 月 22 日召开第五届董事会第六次会议和 2024 年第三次临时股东大会，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用 自有资金或自筹资金通过上海证券交易所交易系统以集中竞价交易方式回购公 司已发行的部分人民币普通股（A 股）股票，回购股份的价格不超过人民币 21.80 元/股（含），回购的资金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回购期限为自股东大会审议通过之日起 12 个月内。本次回 购的股份将全部用于注销并减少注册资本。具体内容详见公司于 2024 年 11 月 6 日 、 2024 年 11 月 26 日 ...

广东华商律师事务所 关于泰晶科技股份有限公司 差异化分红事项的 法律意见书 广东华商律师事务所接受泰晶科技股份有限公司（以下简称"泰晶科技"或 "公司"）的委托，根据《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》"）《上海证券交易所上市公 司自律监管指引第7号——回购股份》（以下简称"《回购指引》"）等相关法律、 法规及规范性文件以及《泰晶科技股份有限公司章程》（以下简称"《公司章 程》"）的规定，本所律师就泰晶科技2024年度利润分配涉及的差异化权益分派特 殊除权除息相关事项（以下简称"本次差异化分红"）出具本法律意见书。 二○二五年五月 CHINA COMMERCIAL LAW FIRM. GUANG DONG 深圳市福田区深南大道4011号香港中旅大厦21-26层 邮政编码(P.C.)：518048 21-26/F, China Travel Service Tower, 4011 Shennan Avenue, Futian District, Shenzhen, CHINA 电话(Tel)：0086-755-83025555 传真(Fax)：008 ...