Core Viewpoint - YunYong Technology (688060.SH) announced that Mr. Xiao Xiangsheng plans to reduce his holdings through centralized bidding and block trading, with a total reduction not exceeding 1.8 million shares, accounting for no more than 2.99% of the company's total share capital [1] Group 1 - The planned reduction of shares is due to the company's own funding arrangements [1] - The maximum number of shares to be reduced is 1.8 million [1] - The reduction will not exceed 2.99% of the total share capital [1]

Core Viewpoint - YunYong Technology (688060.SH) announced that Mr. Xiao Xiangsheng plans to reduce his holdings through centralized bidding and block trading, with a total reduction not exceeding 1.8 million shares, accounting for no more than 2.99% of the company's total share capital [1] Summary by Category - **Company Announcement** - YunYong Technology disclosed the planned share reduction by Mr. Xiao Xiangsheng [1] - The reduction will be executed via centralized bidding and block trading methods [1] - **Shareholding Impact** - The total shares to be reduced are estimated at 1.8 million [1] - This reduction represents a maximum of 2.99% of the company's total share capital [1]

Group 1 - The core point of the announcement is that shareholder Xiao Xiangsheng plans to reduce his holdings in YunYong Technology by a total of up to 180,000 shares, which represents a maximum reduction of 2.99% of his total shares [1] Group 2 - Xiao Xiangsheng currently holds 6.1502 million shares, accounting for 10.22% of the company's total shares [1] - The planned reduction will occur between October 14, 2025, and January 13, 2026, through centralized bidding and block trading [1] - The reduction consists of a maximum of 60,000 shares through centralized bidding and 120,000 shares through block trading [1]

截至公告披露日，肖相生持有云涌科技股份615.02万股，占公司股份总数10.22%。肖相生所持股份为公 司首次公开发现并在科创板上市前的股份，已于2021年7月12日起上市流通。 格隆汇9月14日丨云涌科技(688060.SH)公布，因自身资金安排，肖相生计划以集中竞价及大宗交易的方 式进行减持，预计减持股份合计不超过180万股，占公司总股本比例不超过2.99%。 ...

Market Overview - The computer equipment sector rose by 3.97% on September 11, with Huihan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Performers - Huihan Co., Ltd. (301600) closed at 134.60, up 20.00% with a trading volume of 74,600 shares and a transaction value of 956 million [1] - Shuguang Digital Innovation (872808) closed at 103.61, up 13.76% with a trading volume of 103,100 shares [1] - Zhongke Shuguang (603019) closed at 92.09, up 10.00% with a trading volume of 895,200 shares [1] - Chunzong Technology (603516) closed at 137.09, up 10.00% with a trading volume of 148,600 shares [1] Market Capital Flow - The computer equipment sector saw a net inflow of 2.906 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.306 billion yuan [2] - The main stocks with significant net inflows included Zhongke Shuguang with 1.795 billion yuan and Langchao Information with 629 million yuan [3] Individual Stock Performance - Huihan Co., Ltd. had a net inflow of 112 million yuan from institutional investors, but a net outflow of 130 million yuan from retail investors [3] - Zhongke Shuguang had a net inflow of 1.795 billion yuan, representing 22.61% of its total trading volume [3] - Langchao Information experienced a net inflow of 629 million yuan, accounting for 8.48% of its trading volume [3]

Group 1 - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 15, 2025, at 14:30, located at the company's office building in Taizhou, Jiangsu Province [6][7] - The meeting will include a combination of on-site and online voting methods, with specific time slots for online voting outlined [5][6] - The agenda includes sign-in, announcement of the meeting's commencement, reading of meeting rules, election of vote counters, discussion of agenda items, and announcement of voting results [6][7] Group 2 - The company plans to reappoint Zhongzheng Tiantong Accounting Firm as the auditor for the fiscal year 2025, with audit fees set at 500,000 yuan for financial report auditing and 100,000 yuan for internal control auditing [7] - The decision to reappoint the auditing firm was approved in a board meeting held on August 28, 2025, and the details will be disclosed on the Shanghai Stock Exchange website [7]

江苏云涌电子科技股份有限公司 2025 年第一次临时股东大会会议资料 股票代码：688060 股票简称：云涌科技 江苏云涌电子科技股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年九月 江苏云涌电子科技股份有限公司 2025 年第一次临时股东大会会议资料 江苏云涌电子科技股份有限公司 2025 年第一次临时股东大会会议资料 目录 | 江苏云涌电子科技股份有限公司 | 2025 | 年第一次临时股东大会会议须知 2 | | | --- | --- | --- | --- | | 江苏云涌电子科技股份有限公司 | 2025 | 年第一次临时股东大会会议议程 4 | | | 江苏云涌电子科技股份有限公司 | 2025 | 年第一次临时股东大会会议议案 6 | | | 议案一：关于续聘 2025 | 年度审计机构议案 | | 6 | 1 江苏云涌电子科技股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东及股东代理人在本公司 2025 年第一 次临时股东大会期间依法行使权利，保证股东大会的正常秩序和议事效率，根据《中 华人民共和国公司法》、《中华人民共和国证券法》、 ...

Core Insights - YunYong Technology (688060) reported a total revenue of 130 million yuan for the first half of 2025, representing a year-on-year increase of 26.55%, but the net profit attributable to shareholders was -8.86 million yuan, a decline of 254.58% compared to the previous year [1] - The company's second-quarter revenue reached 93.07 million yuan, up 84.46% year-on-year, while the net profit for the same period was -2.50 million yuan, down 204.57% [1] - The accounts receivable accounted for 73.49% of the total revenue, indicating a significant amount of outstanding payments [1] Financial Performance - Total revenue for 2024 was 103 million yuan, which increased to 130 million yuan in 2025, showing a growth of 26.55% [1] - The net profit for 2024 was 573.41 thousand yuan, which turned negative to -886.39 thousand yuan in 2025, reflecting a decline of 254.58% [1] - The gross margin decreased from 43.80% in 2024 to 32.23% in 2025, a drop of 26.42% [1] - The net margin shifted from 4.07% in 2024 to -7.79% in 2025, a significant decline of 291.66% [1] - The total of selling, administrative, and financial expenses was 20.78 million yuan, accounting for 15.99% of revenue, a slight decrease of 0.46% year-on-year [1] Cash Flow and Debt - The cash and cash equivalents decreased from 64.47 million yuan in 2024 to 49.81 million yuan in 2025, a decline of 22.74% [1] - Accounts receivable increased from 20.5 million yuan in 2024 to 21.8 million yuan in 2025, a growth of 6.65% [1] - Interest-bearing debt rose from 1.73 million yuan in 2024 to 2.17 million yuan in 2025, an increase of 25.40% [1] - The operating cash flow per share improved significantly from 0.03 yuan in 2024 to 0.27 yuan in 2025, an increase of 829.12% [1] Business Evaluation - The company's historical median ROIC since its IPO is 17.69%, but the worst year was 2024 with a ROIC of -3.93%, indicating poor investment returns [3] - The company has reported losses in three out of four annual reports since its IPO, suggesting a fragile business model [3] - The cash flow situation is concerning, with the average operating cash flow over the past three years being -356.56% of current liabilities [3]

Group 1 - The company, Jiangsu Yunyong Electronic Technology Co., Ltd., is holding its first extraordinary general meeting of shareholders in 2025 on September 15, 2025 [1][2] - The voting method for the meeting will combine on-site voting and online voting, with specific procedures for different types of shareholders [1][2][3] - The meeting will be held at the company's office located at 16 Tai'an Road, Hailing District, Taizhou, Jiangsu Province, starting at 14:30 [2][5] Group 2 - Shareholders must register to attend the meeting, with registration available from September 12, 2025, and specific documentation required for both individual and corporate shareholders [3][4][5] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 to 15:00 on the day of the meeting [2][3] - The company will utilize a reminder service to notify shareholders about the meeting and voting procedures via SMS [3]

Core Viewpoint - Jiangsu Yunyong Electronics and Technology Co., Ltd. reported a revenue of 129.98 million yuan for the first half of 2025, representing a year-on-year growth of 26.55%, but incurred a net loss attributable to shareholders of 8.86 million yuan, indicating a significant decline in profitability due to increased sales and management expenses, as well as credit and asset impairment losses [1][3][4]. Financial Performance - The company achieved an operating income of 129.98 million yuan, up 26.55% from the previous year [3][4]. - The total profit for the period was -8.63 million yuan, a decrease of 311.82% compared to the previous year [3]. - The net profit attributable to shareholders was -8.86 million yuan, down 254.58% year-on-year [3][4]. - The net cash flow from operating activities was 16.53 million yuan, an increase of 829.12% compared to the previous year [3]. Business Focus and Strategy - The company is focusing on domestic substitution, new energy, and distribution network automation, which are high-market sectors, leading to a 34.60% increase in sales expenses [1][3]. - The company has set clear technology development goals, emphasizing new energy technologies such as virtual power plants and energy management systems, resulting in a 3.95% increase in R&D expenses [1][3]. - The company is enhancing its organizational structure and internal management, leading to a 16.27% rise in management expenses [1][3]. Industry Context - The industrial information security market is expected to grow rapidly due to increasing demands for security in industrial control systems, driven by advancements in 5G, AI, and IoT technologies [6][7]. - The Chinese power informationization industry is entering a rapid development phase, supported by significant investments from state-owned enterprises, with a total investment of 2.23 trillion yuan planned for the "14th Five-Year Plan" period [6][7]. - The new power system construction is accelerating the digital and intelligent transformation of the power grid, creating new opportunities for industrial information security and related technologies [7][8]. Product Development - The company has launched several core products in the industrial information security market, including domestic network communication devices and encryption systems, which have seen increased shipments since the second half of 2024 [1][10]. - Key products include a new generation of power-specific encryption gateways and a domestic network isolation device, which are widely used in industrial production and monitoring networks [10][11]. Future Outlook - The company is well-positioned to benefit from the growing emphasis on information security and digital transformation in various sectors, including energy, finance, and transportation, as the government continues to promote policies supporting the development of the information security industry [8][9].