国金证券股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意深圳市泛海统联精密制造股 份有限公司首次公开发行股票注册的批复》（证监许可[2021]3470号），公司获 准向社会公众公开发行人民币普通股（A股）股票2,000.00万股，每股面值1元， 发行价格为每股人民币42.76元，募集资金总额为人民币855,200,000.00元，扣除 各项发行费用（不含税）人民币82,347,865.87元后，募集资金净额为772,852,134.13 元。 募集资金到账时间为2021年12月22日，天职国际会计师事务所（特殊普通合 伙）对公司募集资金的到位情况进行了审验，并出具了天职业字[2021]46335号 《验资报告》。 二、募集资金使用情况 根据《深圳市泛海统联精密制造股份有限公司首次公开发行股票并在科创板 上市招股说明书》披露的募投项目及募集资金使用计划，以及公司披露的《关于 调整募集资金投资项目拟投入募集资金金额的公告》（公告编号：2022-003）、 《关于变更部分募集资金投资项目的公告》（公告编号：2025-010），公司结合 关于深圳市泛海统联精密制造股份有限公司 增加部分募 ...

Financial Performance - Operating revenue for Q3 2025 was CNY 239,557,108.42, an increase of 5.75% year-on-year, while year-to-date revenue reached CNY 641,637,879.50, up 8.38% compared to the same period last year[3]. - Total profit for Q3 2025 decreased by 80.26% to CNY 3,012,551.67, and year-to-date profit fell by 92.05% to CNY 5,494,037.85[3]. - Net profit attributable to shareholders for Q3 2025 was CNY 883,982.60, down 91.67%, with year-to-date net profit at CNY 5,757,102.54, a decrease of 88.94%[3]. - Basic earnings per share for Q3 2025 was CNY 0.01, reflecting an 85.71% decline, while diluted earnings per share also stood at CNY 0.01, down 85.71%[4]. - Total operating revenue for the first three quarters of 2025 reached ¥641.64 million, an increase of 8.4% compared to ¥592.00 million in the same period of 2024[19]. - Net profit for the first three quarters of 2025 was ¥20.32 million, a decrease of 70.0% from ¥67.83 million in the same period of 2024[20]. - The company's total equity attributable to shareholders reached ¥1,309.17 million, an increase of 2.9% from ¥1,277.69 million year-over-year[17]. Expenses and Costs - Research and development expenses totaled CNY 29,019,410.26 for the quarter, representing an increase of 8.62%, with year-to-date R&D expenses at CNY 79,169,617.33, up 6.79%[4]. - Total operating costs increased to ¥607.64 million, up 22.0% from ¥498.01 million year-over-year[19]. - The decline in total profit was attributed to underutilization of new production capacity and increased operational costs, including a rise in management and R&D expenses[8]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 130,643,426.87, reflecting an increase of 11.18%[3]. - Cash inflow from operating activities was ¥688.02 million, an increase of 9.6% compared to ¥627.84 million in the same period of 2024[23]. - Total cash outflow from investing activities amounted to CNY 463,356,464.01, compared to CNY 372,038,883.48 in the prior period, indicating an increase of about 24.5%[25]. - The net cash flow from financing activities was CNY 70,088,914.22, a decrease from CNY 92,380,906.71, representing a decline of approximately 24.2%[25]. - Cash inflow from investment activities totaled CNY 231,318,668.20, compared to CNY 109,808,893.15, marking an increase of approximately 110.5%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,403,032,864.21, a 10.19% increase from the previous year[4]. - The company's total liabilities increased to ¥1,063.25 million, up 19.7% from ¥887.76 million year-over-year[17]. - The company's long-term borrowings increased to ¥370.59 million, up 34.2% from ¥276.25 million year-over-year[17]. - The total current liabilities decreased from RMB 105,299,365.84 to RMB 35,032,625.00, indicating a significant reduction in short-term borrowings[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,670[10]. - The company has a total of 2,244,907 shares held in its repurchase account, representing 1.39% of the total share capital[12]. Future Outlook - The company is currently in an investment and preparation phase, with expectations of improved profitability as new business demands convert into actual orders and new capacity begins to yield scale benefits[12]. - The company is actively expanding its production capacity to meet the lightweight innovation needs of core customers, which is expected to enhance its competitive position in the market[12].

Core Insights - The company reported third-quarter revenue of 240 million, representing a year-on-year increase of 5.75% [1] - Net profit for the third quarter was 884,000, showing a significant year-on-year decline of 91.67% [1] - For the first three quarters, the company achieved revenue of 642 million, which is an 8.38% year-on-year growth [1] - However, net profit for the first three quarters was 5.76 million, down 88.94% compared to the previous year [1] Financial Performance - Third-quarter revenue: 240 million, up 5.75% year-on-year [1] - Third-quarter net profit: 884,000, down 91.67% year-on-year [1] - Year-to-date revenue: 642 million, up 8.38% year-on-year [1] - Year-to-date net profit: 5.76 million, down 88.94% year-on-year [1]

Core Viewpoint - The consumer electronics sector experienced a decline of 2.94% on October 30, with Longyang Electronics leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Major stocks in the consumer electronics sector showed varied performance, with notable gainers including XW Communication (+7.41%) and Chunqiu Electronics (+3.51%) [1] Group 2: Stock Performance - Longyang Electronics saw a significant decline of 9.58%, closing at 58.50 [2] - Other notable decliners included Yabo Xuan (-8.32%) and Anker Innovation (-8.29%) [2] Group 3: Capital Flow - The consumer electronics sector experienced a net outflow of 5.992 billion yuan from main funds, while retail investors saw a net inflow of 4.374 billion yuan [2][3] - The capital flow data indicates that while main funds exited, retail investors were actively buying into the sector [3]

Core Insights - The consumer electronics sector experienced a significant increase of 5.24% on October 29, with Tonglian Precision leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Consumer Electronics Sector Performance - Tonglian Precision (688210) closed at 59.98, with a rise of 12.55% and a trading volume of 115,200 shares, amounting to a transaction value of 665 million yuan [1] - Industrial Fulian (601138) saw a closing price of 80.80, increasing by 9.20% with a trading volume of 1,991,900 shares, resulting in a transaction value of 15.896 billion yuan [1] - Hongxi Technology (920857) closed at 30.42, up 8.84%, with a trading volume of 32,800 shares and a transaction value of 9.629 million yuan [1] - Other notable performers included Haosheng Electronics (920701) with a 7.59% increase, Huqin Technology (603296) with a 5.19% increase, and Weiliu Electronics (920346) with a 5.05% increase [1] Capital Flow Analysis - The consumer electronics sector saw a net inflow of 1.174 billion yuan from institutional investors, while retail investors experienced a net outflow of 167 million yuan [2][3] - Major stocks like Industrial Fulian and Lixun Precision had significant net inflows from institutional investors, indicating strong institutional interest [3] - Conversely, stocks such as YN Industrial and Huizhi Technology faced notable net outflows from retail investors, suggesting a shift in sentiment among smaller investors [3]

Core Insights - The stock price of Tonglian Precision (688210) increased by 12.09% this week, closing at 52.66 yuan, with a market capitalization of 8.499 billion yuan [1] - The company focuses on precision components, aiming to become a leading MIM manufacturer and a comprehensive solution provider for diversified precision parts [2] Company Overview - Tonglian Precision's core competitive advantages include process innovation, forward-looking product layout, production management, high automation levels, and quality customer resources [1] - The company has four production bases located in Shenzhen Pingshan, Huizhou, Changsha, and Vietnam, with the latter being its first overseas venture [1][4] - The company is actively pursuing the construction of intelligent production lines related to semi-solid die-casting, 3D printing, and carbon fiber [1] Financial Performance - In the first half of 2025, the company experienced an increase in management expenses by 12.2448 million yuan, primarily due to new capacity and personnel preparations [2] - The company has initiated a share buyback program, raising the price ceiling from 30.15 yuan to 75.85 yuan per share, reflecting confidence in future prospects [2][4] Strategic Focus - The future strategy emphasizes precision manufacturing, driven by demand, innovation, capability synergy, and value release [2] - The company is focusing on the industrial application of lightweight materials such as titanium alloy, magnesium alloy, aluminum alloy, and carbon fiber [2][4] - The company is embracing emerging fields and aligning with AI technology trends to build a diversified product matrix [3]

Group 1 - The core viewpoint of the news is that Tonglian Precision has seen a significant increase in its stock price, rising by 5.09% to 53.09 CNY per share, with a trading volume of 266 million CNY and a turnover rate of 3.18%, resulting in a total market capitalization of 8.569 billion CNY [1] - Tonglian Precision, established on June 12, 2016, and listed on December 27, 2021, specializes in the research, design, production, and sales of high-precision, high-density, and complex-shaped precision components [1] - The company's main business revenue composition includes: 66.47% from other metal craft products and plastic products, 30.78% from MIM products, 1.43% from molds and tools, and 1.32% from other sources [1] Group 2 - According to data from the top ten holdings of funds, Changcheng Fund has a significant position in Tonglian Precision, with its Changcheng New Emerging Industries Mixed A Fund holding 123,900 shares, accounting for 7.04% of the fund's net value, making it the second-largest holding [2] - The Changcheng New Emerging Industries Mixed A Fund, established on February 17, 2015, has a latest scale of 67.602 million CNY and has achieved a return of 20.01% this year, ranking 4166 out of 8154 in its category [2] - The fund has a one-year return of 18.05%, ranking 4038 out of 8025, and a cumulative return of 151.74% since its inception [2]

Core Points - The Shanghai Composite Index is at 3894.66 points, above the five-day moving average, with an increase of 0.80% [1] - The total trading volume of A-shares today is 801.82 billion [1] - A total of 1401 A-shares have surpassed the five-day moving average, indicating a positive market trend [1] Summary by Category Stock Performance - Zhongyu Technology (证券代码: 920694) has a significant increase of 29.96% with a deviation rate of 22.65% from the five-day moving average [2] - LIGONG Optical (证券代码: 300557) shows a rise of 14.88% and a deviation rate of 11.33% [2] - Guanzhong Ecology (证券代码: 300948) increased by 19.99% with a deviation rate of 11.15% [2] Trading Metrics - The trading turnover rate for Zhongyu Technology is 14.61% [2] - LIGONG Optical has a turnover rate of 5.84% [2] - Guanzhong Ecology's turnover rate stands at 15.96% [2] Moving Average Data - The five-day moving average for Zhongyu Technology is 20.44 yuan, with the latest price at 25.07 yuan [2] - LIGONG Optical's five-day moving average is 26.34 yuan, with the latest price at 29.33 yuan [2] - Guanzhong Ecology has a five-day moving average of 19.82 yuan, with the latest price at 22.03 yuan [2]

Group 1 - The core point of the news is the performance and market position of Tonglian Precision, which saw a decline of 5.15% in its stock price, currently at 46.22 CNY per share, with a total market capitalization of 7.46 billion CNY [1] - Tonglian Precision, established on June 12, 2016, specializes in the research, design, production, and sales of high-precision, high-density, and complex-shaped precision components, with its main revenue sources being metal and plastic products (66.47%), MIM products (30.78%), and other categories [1] - The company has a trading volume of 2.12 billion CNY and a turnover rate of 2.79% [1] Group 2 - From the perspective of fund holdings, Jin Xin Fund has a significant position in Tonglian Precision, with its Jin Xin Quality Growth Mixed A Fund holding 13,000 shares, unchanged from the previous period, representing 2.93% of the fund's net value [2] - The Jin Xin Quality Growth Mixed A Fund, established on April 12, 2023, has a current scale of 6.81 million CNY and has achieved a return of 51.38% this year, ranking 734 out of 8160 in its category [2] - The fund manager, Huang Biao, has been in position for 4 years and 148 days, with the fund's total assets amounting to 1.238 billion CNY and a best return of 121.11% during his tenure [3]

Core Viewpoint - The company has adjusted the upper limit of its share repurchase price from RMB 30.15 per share to RMB 75.85 per share to ensure the smooth implementation of the repurchase plan, reflecting confidence in its future development and intrinsic value [2][4]. Summary by Sections Share Repurchase Basic Information - The company approved a share repurchase plan on November 4, 2024, using its own funds and/or special loan funds for repurchase, with an initial upper limit of RMB 30.30 per share and a total repurchase amount between RMB 50 million and RMB 100 million [1]. Progress of Share Repurchase - As of the announcement date, the company has repurchased a total of 2.218462 million shares, accounting for 1.3745% of the total share capital, with a total expenditure of RMB 41.699596 million [2]. Reasons for Adjusting the Repurchase Price - The adjustment of the repurchase price limit is due to the company's stock price consistently exceeding the previous upper limit of RMB 30.15 per share, influenced by market conditions and the company's stock performance [3][4]. Rationality and Necessity of the Adjustment - The adjustment complies with relevant laws and regulations, and the new upper limit does not exceed 150% of the average trading price over the previous 30 trading days, facilitating the implementation of the repurchase plan [4]. Impact on Company’s Financial Health - The adjustment only affects the repurchase price limit and does not alter the total repurchase amount, ensuring no negative impact on the company's debt servicing ability or ongoing operations [4]. Decision-Making Process - The board of directors approved the adjustment on October 15, 2025, and this adjustment does not require shareholder meeting approval [4].