证券分析师： 王珂 A0230521120002 李蕾 A0230519080008 何佳霖 A0230523080002 刘洋 A0230513050006 黄忠煌 A0230519110001 崔航 A0230524080005 杨海晏 A0230518070003 王立平 A0230511040052 刘佩 A0230523070002 宋涛 A0230516070001 屠亦婷 A0230512080003 庞盈盈 A0230522060003 韩强 A0230518060003 武雨桐 A0230520090001 联系人：李蕾 A0230519080008 2025.7.22 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 概念介绍：3D打印，又称增材制造，主要分为工业级和消费级，消费级3D打印机是专为个人用户和 小型企业设计，操作简便、成本相对较低，也被称为桌面级或入门级3D打印机，下游应用广泛，如： 消费品、学术/教育、文创等领域 ◼ 需求驱动力：1）欧美出海：欧美车库创新文化和"创客运动"推动桌面级设备应用普及，且海外中 产家庭消费力高，拉动设备出海快速增长；2）极客 ...

Group 1 - The core viewpoint of the article highlights that Xitai Investment has conducted research on a listed company, Jin Chengzi, focusing on its advanced control systems and their applications in various high-tech industries [1] - Jin Chengzi's control systems are evolving towards high power, high speed, high precision, and multifunctionality, with applications in automotive manufacturing, aerospace, and electronics [1] - The company anticipates an overall upward trend in the industry and aims to enhance its core business operations, improve R&D efficiency, and expand into emerging markets while strengthening compliance management [1] Group 2 - Xitai Investment is a relatively new private equity fund manager in the Chinese market, established in July 2014, with a registered capital of 10 million RMB [2] - The firm specializes in secondary market stock investment management and offers customized product services to investors with varying risk preferences [2] - The research team at Xitai Investment consists of highly qualified individuals, with 80% holding graduate degrees, and the core investment personnel have extensive experience in managing investment portfolios [2]

New Stock Issuance - Shanda Electric (Stock Code: 301609) issued at a price of 14.66[1] - Jiyuan Group (Stock Code: 732262) issued at a price of 10.88[1] Market Alerts - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - The last trading day for Tuisan Jinguang (Stock Code: 600190) is July 14, 2025, with 4 trading days remaining[1] - The last trading day for Tuisan Jinjing (Stock Code: 900952) is also July 14, 2025, with 4 trading days remaining[1] Abnormal Fluctuations - *ST Zitian (Stock Code: 300280) reported severe abnormal fluctuations on July 10, 2025[1] - *ST Yushun (Stock Code: 002289) reported abnormal fluctuations on July 11, 2025[1] Other Notable Announcements - Longyuan Green Energy (Stock Code: 603185) announced on July 11, 2025[1] - Kedi Pharmaceutical (Stock Code: 000590) announced on July 14, 2025[1]

New Stock Listings - The new stock "同宇新材" (code: 301630) is listed at an issue price of 84 on July 10, 2025[1] - "中程退" (code: 300208) and "退市锦港" (code: 600190) have 6 trading days remaining until their last trading day[1] - "恒立退" (code: 000622) has 3 trading days remaining until its last trading day[1] Delisting and Trading Alerts - "退市九有" (code: 600462) has 2 trading days remaining until its last trading day[1] - "工智退" (code: 000584) will have its last trading day on July 10, 2025[1] - "美迪西" (code: 688202) is listed with no specific trading alerts mentioned[1] Market Volatility - "北方长龙" (code: 301357) has been flagged for severe abnormal fluctuations[1] - "浙江东日" (code: 600113) and "诺德股份" (code: 600110) have also been noted for abnormal trading activities[1] - "长春一东" (code: 600148) is included in the list of stocks with trading alerts[1]

国投证券股份有限公司 关于北京金橙子科技股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作 （2025 年 5 月修订）》等有关法律、法规和规范性文件的要求，国投证券股份有 限公司（以下简称"保荐机构"）作为北京金橙子科技股份有限公司（以下简称 "金橙子"或"公司"）的保荐机构正在履行金橙子持续督导工作，对公司 2024 年 1 月 1 日至 2024 年 12 月 31 日（以下简称"本持续督导期间"）的规范运作情 况进行了现场检查。现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国投证券股份有限公司 公司治理和内部控制、信息披露、独立性、与关联方的资金往来、募集资金 使用情况、关联交易、对外担保、重大对外投资和公司经营状况等。 （六）现场检查手段 二、本次现场检查主要事项及意见 （一）公司治理和内部控制情况 经核查，保荐机构认为：本持续督导期内，公司建立了较为完善的法人治理 结构，内部控制制度健全且得到有效执行。 （二）信息披露情况 现场检查人员查阅了公司本持续督导期间对外 ...

（一）保荐机构 国投证券股份有限公司 （二）保荐代表人 孙健、万能鑫 （三）现场检查时间 国投证券股份有限公司 关于北京金橙子科技股份有限公司 2024 年度持续督导现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作 （2025 年 5 月修订）》等有关法律、法规和规范性文件的要求，国投证券股份有 限公司（以下简称"保荐机构"）作为北京金橙子科技股份有限公司（以下简称 "金橙子"或"公司"）的保荐机构正在履行金橙子持续督导工作，对公司 2024 年 1 月 1 日至 2024 年 12 月 31 日（以下简称"本持续督导期间"）的规范运作情 况进行了现场检查。现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 2025 年 4 月 18 日（北京）、2025 年 7 月 9 日（苏州） （四）现场检查人员 孙健、边雅婷 （五）现场检查内容 公司治理和内部控制、信息披露、独立性、与关联方的资金往来、募集资金 使用情况、关联交易、对外担保、重大对外投资和公司经营状况等。 （六）现场检查手段 1、查看公 ...

Group 1 - Trump threatens to impose high tariffs on copper and pharmaceuticals, with a potential 200% tariff on imported drugs and a 50% tariff on copper starting from August 1, 2025 [3][4] - The State Council issued an opinion on enhancing the mechanism for efficiently completing key tasks, emphasizing the management of key task lists and inter-departmental collaboration [3][4] Group 2 - GAC Fiat announced bankruptcy, marking a significant event in the automotive industry [9] - Huayin Electric has seen a significant trading volume, with an 80.95% turnover rate over the past six trading days, indicating heightened investor interest [10] - Juhua Co. expects a net profit increase of 136% to 155% year-on-year for the first half of the year, reflecting strong financial performance [13] - Shenhua Development anticipates a net profit increase of 732.89% to 830.88% year-on-year for the first half of 2025, indicating robust growth [20]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status and significant developments. Group 1: Company Announcements - Jinshi Technology (002951) stated that it has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - New Asia Electronics (605277) reported that revenue from its "lotus core structure" technology application is less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang (605162) confirmed that its main business has not undergone significant changes and its operational status remains normal [6] - Zhuoyue New Energy (688196) plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [7] - Zhengfan Technology (688596) intends to acquire 62.23% of Han Jing Semiconductor, aiming to enhance its competitiveness in the semiconductor sector [8] - Alliance Electronics (688311) announced that five shareholders plan to transfer 3.68% of the company's shares through a pricing inquiry [9] - Xinpeng Co., Ltd. (002328) reported that its subsidiary's investment project has been listed on the STAR Market [10] - Bayi Shikong (688181) is expanding into edge computing services, partnering with China Broadcasting Network [12] - Dafu Technology (300134) plans to invest up to 100 million yuan in Anhui Yunta Electronics [14] - Jinchengzi (688291) noted that revenue from its laser 3D printing control systems will account for less than 2% of total revenue in 2024 [15] - Dazhi (601519) confirmed that its daily operations are normal and there are no significant changes [16] - Senlin Packaging (605500) clarified that its consumer packaging business currently represents a small portion of its overall operations [17] - Guangyunda (300227) intends to acquire 56.0299% of Yilian Unlimited for 352 million yuan [18] - Xinning Electric (301388) reported no significant changes in its operational environment [19] - Shangwei New Materials (688585) announced progress in its controlling shareholder's control change plan [20] - Yong'an Futures (600927) confirmed no undisclosed significant information [21] Group 2: Performance Reports - Jingji Zhino (000048) reported June sales of 176,400 pigs, generating revenue of 310 million yuan [23] - Kemin Foods (002661) noted a 111.22% year-on-year increase in June sales revenue from its subsidiary [24] - Lihua Co., Ltd. (300761) reported a 21.3% year-on-year decline in June chicken sales revenue [25] - Xiaoming Co., Ltd. (300967) experienced a 182.52% year-on-year increase in June chicken product sales revenue [26] - Tiankang Bio (002100) reported a 19.53% year-on-year decline in June pig sales revenue [27] - Shen Shen Fang A (000029) expects a net profit increase of 1411.7% to 2034.17% for the first half of the year [29] - Juhua Co., Ltd. (600160) anticipates a net profit increase of 136% to 155% for the first half of the year [30] - Jieshun Technology (002609) expects a net profit increase of 105.68% to 193.82% for the first half of the year [31] - Haopeng Technology (001283) forecasts a net profit increase of 228.03% to 271.77% for the first half of the year [32] - Dajin Heavy Industry (002487) expects a net profit increase of 193.32% to 227.83% for the first half of the year [33] - Huace Navigation (300627) anticipates a net profit increase of 27.37% to 33.34% for the first half of the year [34] - Yatai Co., Ltd. (002284) expects a net profit increase of 81.97% to 101.13% for the first half of the year [35] - Huagong Technology (000988) forecasts a net profit increase of 42.43% to 52.03% for the first half of the year [36] - Shangwei Co., Ltd. (603333) expects a net loss of 27 million to 35 million yuan for the first half of the year [37] Group 3: Major Contracts and Share Transactions - Hongyuan Green Energy (603185) signed a cooperation agreement with Jiangsu Shunfeng Photovoltaic Technology [38] - Pulite (002324) announced a procurement contract for a 30MWh sodium-ion battery energy storage system [40] - Hisense Home Appliances (000921) plans to increase its shareholding by 6.92 million to 13.86 million shares [41] - Yanpai Co., Ltd. (301081) intends to increase its shareholding by 17 million to 34 million yuan [42] - Yuanzu Co., Ltd. (603886) announced a plan to reduce its shareholding by up to 1% [43] - 吉祥航空 (603885) plans to reduce its shareholding by up to 1% [44] - Jin Domain Medical (603882) intends to reduce its shareholding by up to 1% [45] - Chao Tu Software (300036) announced plans for its controlling shareholder to reduce its shareholding by up to 2.01% [46] - Xintong Lian (603022) plans to reduce its shareholding by up to 3% [47] - Dongfang Zhongke (002819) intends to reduce its shareholding by up to 3% [48] - Shuo Beid (300322) plans to repurchase shares worth 20 million to 30 million yuan [49]

Group 1 - Dazhihui reported that its daily operations are normal and there are no significant changes [4] - Jinchengzi announced that revenue from laser 3D printing control systems will account for less than 2% of total revenue in 2024 [5][6] - Bayi Shikong is expanding into edge computing business [8] - Zhengfan Technology plans to acquire 62.23% stake in Hanjing Semiconductor [10] - Dayang Electric is planning to issue H-shares and list on the Hong Kong Stock Exchange [18] Group 2 - Haitong Development intends to use up to $65 million to purchase dry bulk carriers [2] - Juhua Co. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, a year-on-year increase of 136% to 155% [3] - Dajin Heavy Industry anticipates a net profit of 510 million to 570 million yuan for the first half of 2025, a year-on-year increase of 193.32% to 227.83% [11] - Yatai Co. expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 81.97% to 101.13% [12] - Huizhong Co. expects a net profit of 39.98 million to 42.03 million yuan for the first half of 2025, a year-on-year increase of 95% to 105% [13]

证券代码：688291 证券简称：金橙子 公告编号：2025-031 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 7 月 4 日、2025 年 7 月 7 日和 2025 年 7 月 8 日连 续三个交易日内收盘价格涨幅偏离值累计达到 30%，根据《科创板上市规则》《上 1 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。 重要内容提示： 北京金橙子科技股份有限公司（以下简称"公司"或"本公司"）股票 交易价格连续 3 个交易日内（2025 年 7 月 4 日、2025 年 7 月 7 日和 2025 年 7 月 8 日）收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所科创板股票 上市规则》（以下简称《科创板上市规则》）、《上海证券交易所交易规则》《上 海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异 常波动的情形。 经公司自查并书面询证公司控股股东及实际控制人，截至本公告披露日， 公司日常经营情况正常，未发生重大变化，公司及控股股东、实际控制人不存在 关于公司的应披露而未披露 ...