Core Viewpoint - The article discusses the recent trend of Chinese companies, including Stone Technology, seeking secondary listings in Hong Kong to enhance international market presence and address challenges in the domestic market [3][4]. Group 1: Company Developments - Stone Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage international markets for growth [3]. - The company has seen a significant decline in stock price, dropping nearly 90% from its peak, with a market capitalization falling below 40 billion yuan [3][4]. - The company plans to use part of the funds raised from the IPO to expand international operations and enhance brand recognition [4]. Group 2: Market Performance - The Chinese vacuum cleaner market has seen a decline in sales from over 6 million units in 2020 to 4.58 million units in 2023, with a slight recovery in 2024 [4]. - Stone Technology has achieved a 16% market share in the global smart vacuum cleaner market, surpassing iRobot [4]. - In 2024, overseas revenue accounted for 53.46% of Stone Technology's total revenue, with a growth rate of 51.06%, significantly higher than the domestic market's 25.39% [4]. Group 3: Financial Performance - From 2020 to 2024, Stone Technology's revenue grew from 4.53 billion yuan to 11.94 billion yuan, with a compound annual growth rate of 27.43%, while net profit grew at a slower rate of 9.62% [8][10]. - The company's net profit margin decreased from 30.23% in 2020 to 16.55% in 2024, indicating challenges in maintaining profitability [9][10]. - The sales expense ratio increased from 13.69% to 24.84% from 2020 to 2024, reflecting higher marketing costs to gain market share [10][12]. Group 4: Competitive Landscape - The vacuum cleaner industry is becoming increasingly competitive, with many players entering the market, leading to product homogenization [14]. - Stone Technology's reliance on marketing over innovation raises concerns about its ability to establish a strong technological moat in a crowded market [14][15]. Group 5: Legal Challenges - Stone Technology is facing legal issues regarding patent disputes with a competitor, which have resulted in significant financial losses and operational disruptions [16]. - The company has missed key sales opportunities due to legal restrictions, impacting its market performance [16]. Group 6: Diversification Efforts - Stone Technology's attempt to diversify into the washing machine market has faced setbacks, including significant layoffs within the newly established division [18][20]. - The company's founder has also ventured into the automotive sector, raising concerns among investors about focus and resource allocation [22][24].

Core Viewpoint - The company has completed the fundraising project for the "Data Security Protection and Traceability Analysis Platform R&D and Industrialization Project" and will permanently supplement its working capital with the remaining funds raised [1][4]. Fundraising Overview - The company raised a total of RMB 135,284,774.32 by issuing 4,289,308 shares at a price of RMB 31.54 per share, with a net amount of RMB 129,503,538.20 after deducting issuance costs of RMB 5,781,236.12 [1][2]. - The funds were received on September 28, 2022, and verified by Daixin Accounting Firm [2]. Project Details - The total planned investment for the project was RMB 12,950.35 million, and the actual investment amounted to RMB 13,380.40 million, resulting in a surplus of RMB 7.58 million [3][4]. Fund Management - The company has established a fundraising management system to ensure the effective use and management of the raised funds, in compliance with relevant regulations [2]. Project Completion - The project has met its predetermined operational conditions and has been approved for completion by the board of directors [4][5]. Surplus Fund Utilization - The surplus funds of RMB 7.58 million will be used to permanently supplement the company's working capital for daily operations [4][5]. Impact of Project Completion - The completion of the project will not adversely affect the company's normal operations or harm the interests of shareholders [4][5]. Approval Process - The board of directors approved the project completion and the use of surplus funds, in accordance with the regulations that allow for such actions without requiring additional approvals when the surplus is below RMB 10 million [5].

Summary of Key Points Core Viewpoint - The announcement details the early termination of the share reduction plan by the executives of Beijing Anbotong Technology Co., Ltd. and the results of the share reductions that have been executed [1][2][4]. Group 1: Shareholding Information - Before the reduction plan, the shareholding details of the executives were as follows: - Director Li Yuan held 11,900 shares, accounting for 0.0155% of the total share capital - Director Xue Hongliang held 16,800 shares, accounting for 0.0219% - Secretary Dan Chen held 25,200 shares, accounting for 0.0328% [1][2][3]. Group 2: Reduction Plan Implementation Results - The reduction plan was initially disclosed on March 26, 2025, with the following results: - Li Yuan reduced 2,974 shares between June 9, 2025, at a price of 64.88 CNY per share, totaling 192,953.12 CNY - Xue Hongliang completed the reduction of 4,200 shares between May 6 and June 24, 2025, at prices ranging from 64.56 to 65.50 CNY per share, totaling 273,249.54 CNY - Dan Chen reduced 6,200 shares between June 11 and June 12, 2025, at prices ranging from 63.85 to 65.50 CNY per share, totaling 399,350.00 CNY [2][3][4]. Group 3: Early Termination of Reduction Plan - Li Yuan and Dan Chen decided to terminate the share reduction plan early based on their assessment of the current market environment, despite having executed part of the planned reductions [2][4].

本次减持计划实施前，北京安博通科技股份有限公司（以下简称"公司"） 董事李远先生直接持有公司股份 11,900 股，占公司总股本比例为 0.0155%；公 司董事薛洪亮先生直接持有公司股份 16,800 股，占公司总股本比例为 0.0219%； 公司董事会秘书但晨女士直接持有公司股份 25,200 股，占公司总股本比例为 0.0328%。 以上为股权激励归属取得，上述股份均已上市流通。 减持计划的实施结果情况 证券代码：688168 证券简称：安博通 公告编号：2025-023 北京安博通科技股份有限公司 董监高减持股份计划提前终止暨减持股份结果公 告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 董监高持股的基本情况 2025 年 3 月 26 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《董监高集中竞价减持股份计划公告》（公告编号：2025-007），因自身资金需 求，公司董事李远拟通过集中竞价方式减持股份数量不超过 2,975 股，即不超过 公司股份总数的 0.0 ...

Core Viewpoint - The stock of Anbotong (688168) shows a strong performance with a comprehensive score of 52.08, indicating potential for short-term strength as it breaks through short-term resistance levels [1][2]. Price and Cost Analysis - The current main cost is 65.08 yuan, with a short-term cost of 62.63 yuan, a 5-day cost of 62.73 yuan, a 20-day cost of 62.87 yuan [1]. - The stock has experienced one limit-up and one limit-down in the past year [1]. Technical Analysis - The short-term resistance level is at 63.56 yuan, while the short-term support level is at 60.77 yuan [2]. - The stock has formed a "Red Three Soldiers" candlestick pattern, indicating a potential bottoming and recovery [2]. Fund Flow Data - On June 24, 2025, the net inflow of main funds was 19.798 million yuan, accounting for 20% of the total trading volume [2][3]. - The net inflow from large orders was 18.6584 million yuan, while the net inflow from retail investors was 2.2966 million yuan [2][3]. Financial Data - The latest financial report shows an earnings per share of -0.63 yuan and an operating profit of -0.55 billion yuan [2][3]. - The net profit reported is -54,531,254.97 yuan, with a sales gross margin of 92.064% [2][3]. Related Industry/Concept Sectors - The stock is associated with sectors such as software development (2.23%), domestic software (2.27%), network security (2.23%), and industrial internet (2.87%) [2][3].

Core Viewpoint - Anbotong's revenue growth is distinct from its peers, driven by new trade business and a significant revenue surge in Q4 of the previous year, alongside a sharp increase in sales expenses due to the introduction of a new AI security business [1][3]. Revenue Performance - In 2024, Anbotong achieved an annual revenue of 737 million yuan, a year-on-year increase of 34.4%, but reported a net loss of 119 million yuan, a decline of 1107.0% [3]. - The Q1 revenue for 2025 reached 308 million yuan, marking a staggering year-on-year growth of 444.91%, yet the net profit remained negative at -48.68 million yuan [3]. - The Q4 revenue for 2024 was 439 million yuan, accounting for 59.57% of the total annual revenue, which is significantly higher than previous years [5][6]. Business Segmentation - The revenue breakdown by product shows that the AI security segment generated 259 million yuan with a gross margin of 67.44%, while the security gateway and management segments had gross margins of 55.15% and 79.08%, respectively [4]. Sales Expenses - Anbotong's sales expenses have surged, with the sales expense ratio increasing from 18% in 2023 to 89% in Q1 2025, primarily due to channel consulting fees directed towards a mysterious company, referred to as Company C [8][11]. - In 2024, total sales expenses amounted to 222 million yuan, with 135 million yuan allocated to consulting fees for Company C, which specializes in information and communication infrastructure [11]. Industry Context - The cybersecurity industry is experiencing a transformation, with a projected market size of 72.1 billion yuan in 2024, reflecting a slowdown in growth from 9.6% in 2023 to 3.8% [12]. - The competitive landscape is increasingly concentrated, with the top 10 companies holding 46.8% of the market share, leading to challenges for smaller firms [12]. Strategic Developments - Anbotong's strategic upgrade aims to leverage AI in cybersecurity, creating a synergy between technology, market expansion, and ecosystem partnerships with major players like Huawei and Inspur [13]. - The company is focusing on a dual-track strategy to enhance its capabilities in resource management and AI-driven scheduling, with plans for strategic acquisitions and internal restructuring [14].

Core Viewpoint - Beijing Anbotong Technology Co., Ltd. (Anbotong) has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide clarifications on internal control issues and new business developments, particularly in the field of AI security [1][3][8]. Group 1: Internal Control and Financial Performance - Anbotong's internal control audit report highlighted issues related to the management of its subsidiary, Henan Anbotong Software Technology Co., Ltd., which has been affected by the death of its legal representative, leading to operational disruptions [3][4]. - The subsidiary has reported no revenue over the past three years, with total assets of 316,900 yuan and a net loss of 43,100 yuan in 2024, indicating a significant operational decline [4][5]. - The company has established a special team to address these internal control deficiencies and plans to complete necessary rectifications by the end of 2025 [6][7]. Group 2: New Business Developments - Anbotong has launched a new AI security business, generating revenue of 259 million yuan with a gross margin of 67.44% during the reporting period [8][9]. - The AI security business includes products such as AI security software platforms, AI hardware components, and the construction of secure computing infrastructure, indicating a strategic expansion into the AI sector [9][10][11]. - The company aims to leverage its existing technology and market position to capture growth in the AI security market, which is projected to experience significant demand due to increasing cybersecurity threats [20][21][22]. Group 3: Customer and Supplier Dynamics - The concentration of Anbotong's top five customers and suppliers has increased significantly, with the top customers accounting for 53.78% of sales and suppliers for 78.88% of purchases, indicating a shift in the customer base due to the new AI business [28][29]. - The company has maintained stable relationships with its previous top customers while integrating new clients from its AI security business, ensuring no significant customer loss [29][30]. - Anbotong's procurement strategy is diversified, allowing it to mitigate risks associated with supplier dependency and ensuring a stable supply chain [31][32]. Group 4: Financial Metrics and Expenses - Sales expenses have surged by 122.45% to 222.2 million yuan, primarily due to channel consulting fees aimed at supporting the new AI business [33][34]. - Management expenses increased by 55.78% to 108 million yuan, driven by higher employee compensation and operational costs associated with business expansion [33][36]. - The company has implemented measures to ensure the legitimacy and compliance of its sales and management expenses, with thorough auditing processes in place [38][40].

北京安博通科技股份有限公司 2024 年年报问询函回复的核查意见 关于北京安博通科技股份有限公司 2024 年年报问询函回复的核查意见 中瑞诚会计师事务所（特殊普通合伙） 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 邮编：100033 传真：62267682 北京安博通科技股份有限公司 2024 年年报问询函回复的核查意见 目 录 ⚫ 关于北京安博通科技股份有限公司 2024 年 年报问询函回复的核查意见 第 1-37 页 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 邮编：100033 传真：62267682 上海证券交易所： 中瑞诚会计师事务所（特殊普通合伙）（以下简称"年审会计师"或 "我们"）为北京安博通科技股份有限公司（以下简称"安博通"或"公 司"）2024 年度财务报告的审计机构。于 2025 年 5 月 12 日收到从公司 转来的上海交易所关于关于对北京安博通科技股份有限公司 2024 年年度 报告的信息披露监管问询函（上证科创公函【2025】0109 号），对其中 需要年审会计师发表意见的问题，基于安博 ...

证券代码：688168 证券简称：安博通 公告编号：2025-022 北京安博通科技股份有限公司 关于 2024 年年度报告信息披露监管问询函回复公告 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、准确性和完整性依法承担法律责任。 北京安博通科技股份有限公司（以下简称"安博通"或"公司"）于近日收 到上海证券交易所科创板公司管理部下发的《关于对北京安博通科技股份有限公 司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0109 号， 以下简称《问询函》）。根据问询函的要求，公司会同年审会计师对问询函所提 及的事项认真进行了核查落实，现将有关问题回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《北京安博通科技股份 有限公司 2024 年年度报告》（以下简称"2024 年年报"）一致。 基于商业秘密和商业敏感信息，根据《上海证券交易所科创板股票上市规则》 《北京安博通科技股份有限公司章程》等相关法律法规、规范性文件，对本次问 询函回复中关于客户和供应商名称 ...