每经记者｜蔡鼎 每经编辑｜段炼 陈星 11月11日晚间，德科立（SH688205）发布公告称，公司董事长桂桑因公司未来国际化发展的领导力需求及个人年龄与健康规划，辞任董事长职务，但仍 将担任董事和董事会相关专门委员会委员。同时，公司选举董事、总经理渠建平为新任董事长，任期至第二届董事会任期届满之日止。 此外，公司为推进全球化战略，深化海外市场布局，拟启动境外发行股份（S股）并在新加坡交易所上市。目前，公司正在与相关中介机构就具体推进工 作进行商讨，具体细节尚未确定。 公告显示，上述议案已于第二届董事会第十七次会议全票审议通过。不过，此次S股上市需提交公司董事会和股东会审议，并需取得中国证监会、新加坡 交易所、新加坡金融管理局等相关机构备案、批准或核准，尚存在不确定性。 | 今井 | 89.90 | | 最高 | 103.93 | | 成交量 | 19.61万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 90.73 | | 最低 | 89.46 | | 成交额 | 18.98亿 | | 换手率 | 12.39% | | 市盈(TTM) ...

Group 1 - The A-share market saw a surge in CPO concept stocks towards the end of trading, indicating increased investor interest in this sector [1] - Dekoli experienced a rise of over 12%, while Zhongji Xuchuang increased by more than 4%, reflecting strong performance among key players in the CPO sector [1] - Other companies such as Zhongfu Electric, Shijia Photon, and Xinyisheng also showed upward movement, contributing to the overall positive trend in CPO stocks [1]

Core Viewpoint - The CPO concept stocks have shown a partial recovery, with notable increases in share prices for several companies [1] Group 1: Company Performance - Dekoli has seen a rise of over 10% in its stock price [1] - Zhongji Xuchuang's stock has increased by over 4% [1] - Other companies such as Huilv Ecology, Zhongfu Circuit, Shijia Photon, and Shengyi Electronics have also experienced stock price increases [1]

Summary of Conference Call Notes Company: 德科立 (Dekoli) Key Points Industry Overview - The DCI (Data Center Interconnect) industry is experiencing rapid growth, driven by increasing demand for AI applications and the need for effective resource allocation across data centers [2][3][5]. Strategic Partnerships - 德科立 has confirmed collaborations with Nokia and Weiyana, securing orders in Southeast Asia, which alleviates pressure in the telecom market [2][5]. - The company is expanding its ecosystem through partnerships, indicating a focus on user growth and application deployment [2][3]. Financial Performance - The company has seen a significant increase in inventory, with current orders amounting to approximately 500 million [2][5]. - Despite revenue contributions from product deliveries, profitability remains a concern, particularly with a low proportion of optical modules in current deliveries [5]. Product Development - The WSS (Wavelength Selective Switch) module is experiencing a surge in demand, indicating a shift in product focus [5]. - The third and fourth building plans are being finalized and deliveries have commenced, with production capacity in Thailand gradually being released [2][5]. Management Changes - Recent management changes are aligned with an internationalization strategy, with new leadership bringing stronger global experience [2][4][11]. - The board restructuring aims to enhance governance maturity, with specific roles assigned to ensure strategic focus and operational efficiency [4][11]. Internationalization Strategy - 德科立 plans to list in Singapore to enhance its international market competitiveness, citing the market's greater internationality and capital independence compared to Hong Kong [4][6]. - The company is open to introducing strategic investors, aiming to attract local technical investors and industry participants in Singapore [4][9][10]. Investment Plans - The company has allocated approximately 300 million RMB for overseas subsidiaries, focusing on R&D, market development, and capacity expansion [4][12]. - The funding will support the company's internationalization efforts and prepare for future overseas orders [12]. Future Growth Outlook - The company anticipates entering a rapid growth phase by 2026-2027, driven by improved delivery capabilities and a clearer performance realization logic [2][5]. - Investors are advised to closely monitor quarterly marginal changes as the company progresses [5]. Additional Insights - The collaboration with major players like Nvidia and Akamai highlights the strategic importance of edge computing in the evolving DCI landscape [2][3]. - The Singapore listing is seen as a potential model for other Chinese A-share companies, reflecting a broader trend in seeking international capital markets [6][10].

每经记者：蔡鼎每经编辑：陈星 11月11日晚间，德科立（SH688205，股价90.73元，市值143.61亿元）发布公告称，公司董事长桂桑因 公司未来国际化发展的领导力需求及个人年龄与健康规划，辞任董事长职务，但仍将担任董事和董事会 相关专门委员会委员。同时，公司选举董事、总经理渠建平为新任董事长，任期至第二届董事会任期届 满之日止。 此外，公司为推进全球化战略，深化海外市场布局，拟启动境外发行股份（S股）并在新加坡交易所上 市。目前，公司正在与相关中介机构就具体推进工作进行商讨，具体细节尚未确定。 公司拟在新加坡交易所上市 公司公告还称，本次董事长变更系公司在推进S股发行上市等重大资本项目及国际化战略关键时期的重 要人事安排，体现了公司治理的持续优化与管理梯队的有效传承。 据公告，为系统推进公司全球化战略，深化海外市场布局，拟启动境外发行股份（S股）并在新加坡交 易所上市。此举旨在进一步增强公司境外融资能力，拓展国际资本平台，全面提升资本实力、全球品牌 影响力与综合竞争力，为公司的可持续高质量发展奠定坚实基础。目前，公司正在与相关中介机构就本 次S股上市的具体推进工作进行商讨，本次S股上市的具体细节尚未确 ...

Investment Overview - The company plans to invest 300 million RMB in its wholly-owned subsidiary, ACT TECHNOLOGY SG PTE. LTD. (referred to as "Decoli Singapore") to enhance overseas R&D, market system construction, and production capacity expansion [2][4] - This investment does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [6][5] Company Structure and Financials - Decoli Singapore was established on May 27, 2024, with a registered capital of 3 million USD and a total investment of 8 million USD [3][8] - The company is fully owned by Wuxi Decoli Optoelectronic Technology Co., Ltd., which holds 100% of the shares [9] Strategic Impact - The investment is aligned with the company's long-term strategy and market outlook, aimed at strengthening its international R&D capabilities and enhancing its competitive position in the global market [10] - The funding will come from the company's own or self-raised funds, ensuring that it will not significantly impact the company's financial status or normal operations [10] Decision-Making Process - The investment proposal was approved unanimously by the company's board of directors during the 17th meeting of the second board session held on November 11, 2025 [5][20] - The decision does not require shareholder approval as it falls within the board's authority [21] Future Plans - The company is also planning to issue S-shares and list on the Singapore Exchange to enhance its overseas financing capabilities and expand its international capital platform [13][18] - The specific details of the S-share issuance are still under discussion with relevant intermediaries [18]

Core Viewpoint - The recent trend of Chinese companies considering secondary listings in Singapore is gaining momentum, with Dekoli (688205) announcing plans for an S-share listing on the Singapore Exchange to enhance its global strategy and overseas market presence [2][3]. Group 1: Company Strategy - Dekoli aims to strengthen its overseas financing capabilities and expand its international capital platform through the S-share listing, which is expected to enhance its capital strength, global brand influence, and overall competitiveness [2][3]. - The decision to pursue a secondary listing in Singapore reflects Dekoli's business development needs and highlights the unique advantages of the Singapore Exchange in attracting Chinese tech companies [3][6]. Group 2: Financial Performance - Despite facing short-term pressure on profitability, with a reported revenue of 650 million yuan (approximately 65 million) for the first three quarters of 2025, representing an 8.6% year-on-year increase, Dekoli's net profit attributable to shareholders dropped by 47.4% to 40 million yuan (approximately 4 million) [3][4]. - The company's gross margin for the third quarter of 2025 was 27.4%, down 5.5 percentage points year-on-year, indicating challenges in maintaining profitability [3][4]. Group 3: Business Highlights - Dekoli's DCI business is experiencing accelerated growth, capitalizing on the increasing demand for distributed computing architectures as large model parameters rise [4]. - The company has made significant advancements in its OCS optical switch technology, with prototypes achieving microsecond and nanosecond switching speeds, and has secured orders worth millions for 2024 [4]. - The establishment of a production base in Thailand is expected to commence operations in the fourth quarter of 2025, enhancing Dekoli's global delivery capabilities [4]. Group 4: Market Trends - The trend of Chinese companies opting for secondary listings in Singapore is on the rise, with several firms, including Kangzhe Pharmaceutical and Hainan Huatie, also pursuing S-share listings to support their international strategies [6][7]. - The Singapore Exchange has become increasingly attractive for Chinese companies, with around 100 listed firms focusing on sectors such as healthcare, new energy, and technology, all of which align with the market's valuation preferences [7][8].

分组1 - Midea Group announced a cash dividend distribution plan for the 2025 mid-term A-shares, distributing 5 yuan per 10 shares, totaling 3.448 billion yuan [1] - Huayuan Communication is planning a change in control and will suspend trading of its stock starting November 12, 2025, for up to two trading days [2] - Shangwei New Materials reported a significant stock price increase of 1573.52% from July 9 to November 11, 2025, but its new intelligent robot business is still in the development stage and has not generated revenue [3] 分组2 - Shannon Chip announced that shareholder Shenzhen Xinlianpu pledged 1.27 million shares, accounting for 5.55% of its holdings and 0.27% of the total share capital [4] - Tianji Co., Ltd. reported that its controlling shareholder pledged 39.965 million shares for its own production and operation, representing 64.79% of its holdings and 7.97% of the total share capital [5] - ST Zhengping completed its stock trading situation review and will resume trading on November 12, 2025, with no significant changes in its production and operation [6] 分组3 - Furi Co. reported that its subsidiary Furi New Energy is facing risks of losses despite a 47.78% year-on-year increase in revenue to 168.3981 million yuan for the first three quarters of 2025 [7] - Wentai Technology announced that major shareholders reduced their holdings by 12.4443 million shares, completing the reduction plan [8] 分组4 - Anke Biotech signed a framework agreement for exclusive agency of PA3-17 injection, a CAR-T cell therapy product, in Greater China [9] - Tongxing Technology plans to invest approximately 3.2 billion yuan in a project to produce 100,000 tons of sodium-ion battery cathode materials and 6 GWh of battery cells [10] - Redik plans to establish a joint venture for the development of robotic components, with a registered capital of 100 million yuan [11] 分组5 - Haike New Source signed a strategic cooperation agreement with Kunlun New Materials for the purchase of 596,200 tons of electrolyte solvent over three years [12] - World announced that its diamond micro-drill products for PCB processing are still in the R&D phase and have not generated revenue [13] 分组6 - Xiamen Airport reported a 1.56% year-on-year increase in passenger throughput for October [14] - New City Holdings reported a 7.65% year-on-year increase in total commercial operating revenue for October [15] - Huadong Holdings announced a 0.65% year-on-year decrease in pig sales revenue for October [15] 分组7 - Keykai Technology's controlling shareholder plans to transfer 3% of its shares [15] - Zhongyou Engineering won a joint bid for a project worth approximately 3 billion yuan in Kazakhstan [15] - Weiteng Electric plans to raise no more than 300 million yuan through a private placement for smart manufacturing projects [15]

分组1 - Midea Group announced a cash dividend distribution plan for the 2025 interim A-shares, proposing a payout of 5 yuan for every 10 shares, totaling 3.448 billion yuan [2] - Huayuan Communication is planning a change in control and will suspend trading of its stock starting November 12, 2025, for up to two trading days [3] - Shangwei New Materials reported a significant stock price increase of 1573.52% from July 9 to November 11, 2025, but its new intelligent robot business is still in the product development stage and has not yet generated revenue [4] 分组2 - Shannon Chip announced that shareholder Shenzhen Xinlianpu has pledged 1.27 million shares, accounting for 5.55% of its holdings and 0.27% of the total share capital, for financing purposes [5] - Tianji Co., Ltd. disclosed that its controlling shareholder has pledged 39.965 million shares for its own production and operation, representing 64.79% of its holdings and 7.97% of the total share capital [6] - ST Zhengping completed its stock trading situation review and will resume trading on November 12, 2025, with no significant changes in its production and operation [7] 分组3 - Furi Co., Ltd. reported that its subsidiary Furi New Energy is facing a risk of losses despite a 47.78% year-on-year increase in revenue to 168.3981 million yuan for the first three quarters of 2025 [8] - Wentai Technology announced that major shareholders have reduced their holdings by 12.4443 million shares, completing the reduction plan [9] - Anke Biotech signed a framework agreement for exclusive agency of the PA3-17 injection product in Greater China, which is a CAR-T cell therapy for certain cancers [10] 分组4 - Tongxing Technology plans to invest approximately 3.2 billion yuan in a project to produce 100,000 tons of sodium-ion battery cathode materials and 6GWh battery cells [11] - Redick is collaborating with Aoyi Technology to establish a joint venture for the development of robotic components, with a registered capital of 100 million yuan [12] - Haike New Source signed a strategic cooperation agreement with Kunlun New Materials for the purchase of 596,200 tons of electrolyte solvent over a two-year period [13] 分组5 - World announced that its diamond micro-drills for PCB processing are still in the research and testing phase, with limited revenue impact [14][15] - Huadong Holdings reported a 0.65% year-on-year decline in pig sales revenue for October [16] - Keykai Technology's controlling shareholder plans to transfer 3% of its shares through an inquiry [17]

Key Points - *ST Zhengping's stock will resume trading on November 12, 2025, after a significant increase of 152.42% from September 1 to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - Dongfang Zhizao plans to acquire 70% of Nantong Saifu Machinery Equipment Co., Ltd. for 27.4887 million yuan, making it a subsidiary [4] - Zhifei Biology received approval for clinical trials of a combined vaccine for adolescents and adults to prevent diphtheria, tetanus, and whooping cough [5] - CITIC Securities has been approved by the CSRC to issue up to 50 billion yuan in short-term corporate bonds [6] - Bangji Technology intends to terminate a major asset restructuring involving the acquisition of several companies, stating that current operations will not be adversely affected [7] - Dekeli is planning to issue S-shares and list on the Singapore Exchange as part of its global strategy [8] - Emei Mountain A announced that Leshan State Investment will transfer 90% of its stake in Emei Mountain Leshan Buddha Tourism Group to another state-owned entity without compensation, maintaining the current control structure [9] Performance Summary - Xincheng Development reported a contract sales amount of approximately 1.419 billion yuan in October 2025, with cumulative sales of about 16.468 billion yuan from January to October [11] - Huadong Holdings sold 242,500 pigs in October 2025, with a 19.85% month-on-month increase and a 20.80% year-on-year increase [13] - Xiamen Airport's passenger throughput in October was 2.5548 million, a year-on-year increase of 1.56% [14] Shareholding Changes - Huaguang Huaneng executives plan to reduce their holdings, with the chairman and several executives intending to sell up to 171,200 shares each [16] - Hot景 Biology announced a share buyback plan of 100 million to 200 million yuan for employee stock ownership or incentives [17] - Aladdin's controlling shareholder's stake decreased from 46.27% to 44.76% due to the dissolution of a partnership [18] - JianKai Technology's controlling shareholder plans to transfer 3% of the company's shares [19] - Yuyuan Holdings intends to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 8.6 yuan per share [20] Major Contracts - China Oil Engineering's subsidiary won a project in Kazakhstan worth approximately 3.003 billion yuan for the construction of ethane and propane pipelines [22] - Dash Intelligent signed a contract for an intelligent display technology park project worth 12.7652 million yuan, which will positively impact its market share in the enterprise park sector [24]