Financial Performance - The company's operating revenue for Q3 2025 was ¥142,636,538.74, representing a year-on-year increase of 21.02%[4] - The total profit for the period was -¥5,838,134.96, with a year-to-date total profit of -¥21,560,395.32[4] - The net profit attributable to shareholders was -¥2,918,472.35 for the quarter, and -¥15,031,890.09 year-to-date[4] - Total operating revenue for the first three quarters of 2025 reached ¥405,059,016.64, an increase of 14.9% compared to ¥352,628,961.26 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was a loss of ¥19,983,268.71, an improvement from a loss of ¥58,545,101.19 in the same period of 2024[21] - The company’s basic earnings per share for the first three quarters of 2025 was -¥0.04, an improvement from -¥0.13 in the same period of 2024[22] - The total comprehensive income attributable to the parent company was not specified but reflects ongoing challenges in profitability despite operational improvements[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥51,613,214.78, showing an increase of 90.82%[4] - The company reported a significant increase in cash inflow from operating activities, totaling ¥511,158,816.93, compared to ¥427,018,386.34 in the previous year, marking a growth of 19.7%[23] - The net cash flow from operating activities was $51,613,214.78, an increase of 91% compared to $27,047,838.58 in the previous period[24] - The company reported a total cash outflow from operating activities of $459,545,602.15, an increase of 14.9% from $399,970,547.76[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,770,648,755.63, reflecting a 10.44% increase from the previous year[5] - The company's current assets totaled RMB 418,315,362.98, a decrease from RMB 439,431,570.54 in the previous period, indicating a decline of about 4.55%[16] - The total liabilities were reported at RMB 418,315,362.98, with current liabilities including short-term borrowings of RMB 173,188,777.77, which increased from RMB 166,433,418.34[16] - The total liabilities increased to ¥830,918,015.07 from ¥649,905,474.09, representing a growth of 27.8%[18] - The total equity attributable to shareholders decreased to ¥947,581,775.40 from ¥956,250,133.87, a decline of 0.7%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,903[12] - The largest shareholder, Hangzhou Guangyun Investment Co., Ltd., held 36.24% of the shares[12] - The company reported a total of 154,320,840 shares held by Hangzhou Guangyun Investment Co., Ltd., making it the largest shareholder[14] - The company has not disclosed any significant changes in the shareholding structure or any related party transactions among the top shareholders[14] Research and Development - Research and development expenses totaled ¥39,981,489.13 for the quarter, accounting for 28.03% of operating revenue[5] - Research and development expenses for the first three quarters of 2025 were ¥85,049,000.36, slightly up from ¥84,623,424.12 in 2024, indicating a focus on innovation[20] Cash and Investment Activities - Cash and cash equivalents were reported at RMB 112,794,466.30, down from RMB 221,147,985.31, representing a significant decrease of approximately 48.9%[15] - Total cash inflow from investment activities was $590,543,587.45, down 7.9% from $641,297,899.56[24] - The net cash flow from investment activities was -$194,643,873.27, showing a slight improvement from -$194,723,480.53 in the previous period[24] - The total cash outflow from investment activities was $785,187,460.72, a decrease of 6.1% from $836,021,380.09[24] - The cash outflow for the repayment of debts was $237,497,765.37, an increase of 16.9% compared to $203,089,730.36[24] Accounting Standards - The company will implement new accounting standards starting in 2025, which may affect the financial statements[25]

Core Viewpoint - The announcement details the completion of the second lock-up period for the 2023 employee stock ownership plan of Hangzhou Guangyun Technology Co., Ltd, allowing for the unlocking of shares based on performance metrics [1][5][12]. Summary of Relevant Sections Employee Stock Ownership Plan Overview - The employee stock ownership plan was approved in meetings held on July 26, 2023, and September 11, 2023, with details disclosed on the Shanghai Stock Exchange [1]. - As of the announcement date, the plan holds 2,576,600 shares, representing 0.61% of the company's total equity [3]. Lock-up Period and Unlocking Conditions - The stock unlocking occurs in three phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the last transfer of shares to the plan [4]. - The second lock-up period ended on September 29, 2025, allowing for the unlocking of 807,210 shares, which is approximately 0.19% of the total equity [5]. Performance Assessment - The company-level performance targets for the second unlocking phase were fully met, achieving a 100% unlocking ratio [5][12]. - Individual performance assessments resulted in 51 out of 58 participating employees achieving an "A" rating, leading to a 100% unlocking ratio for those individuals [6]. Subsequent Arrangements and Trading Restrictions - Following the unlocking, the management committee will decide on the timing for selling the unlocked shares, distributing proceeds according to ownership shares [7]. - There are specific trading restrictions during sensitive periods, including prior to financial report announcements and during significant corporate events [7]. Plan Duration, Changes, and Termination - The plan is set to last for 60 months, with provisions for extension if necessary [8]. - Any changes to the plan require approval from two-thirds of the participating shareholders [9]. - The plan will terminate automatically after the duration or upon complete sale of the shares [10][11]. Board Committee Opinion - The board's remuneration and assessment committee confirmed that the unlocking conditions were met in compliance with the plan's regulations, ensuring no harm to the interests of shareholders [12]. Other Notes - The company will continue to monitor the implementation of the stock ownership plan and fulfill disclosure obligations as required by law [13].

证券代码：688365 证券简称：光云科技 公告编号：2025-057 杭州光云科技股份有限公司 关于 2023 年员工持股计划首次受让股份 第二个锁定期届满暨解锁条件成就的公告 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。 杭州光云科技股份有限公司（下称"公司"）2023 年员工持股计划（以下 简称"本次员工持股计划"、"本员工持股计划"或"本持股计划"）首次受让 股份第二个锁定期已届满，解锁条件已成就。现将相关事项公告如下： 一、本员工持股计划的相关情况 1、公司于 2023 年 7 月 26 日召开公司第三届董事会第十四次会议和第三届 监事会第十三次会议、2023 年 9 月 11 日召开公司 2023 年第一次临时股东大会， 审议通过了《关于公司<2023 年员工持股计划（草案）>及其摘要的议案》及相 关议案，具体内容详见公司于 2023 年 7 月 27 日、2023 年 9 月 12 日在上海证券 交易所网站（www.sse.com.cn）披露的相关公告。 第一批解锁时点：为自公司公告首次受让部分最后一笔标的 ...

Core Insights - The IT services sector experienced a 0.91% increase on September 25, with Haoyun Technology leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] IT Services Sector Performance - Haoyun Technology (300448) closed at 7.00, up 6.38%, with a trading volume of 558,300 shares and a transaction value of 386 million [1] - Other notable gainers included: - Yanshan Technology (002195) at 8.20, up 5.67% [1] - ST Diweixun (300167) at 6.04, up 5.59% [1] - ST Yilianzhong (300096) at 6.25, up 5.22% [1] - Guangyun Technology (688365) at 16.10, up 4.34% [1] Capital Flow Analysis - The IT services sector saw a net inflow of 294 million from institutional investors, while retail investors experienced a net outflow of 12.43 million [2] - Key stocks with significant capital flow included: - Digital China (000034) with a net inflow of 297 million from institutional investors [3] - Yanshan Technology (002195) with a net inflow of 284 million [3] - Han's Information (300170) with a net inflow of 189 million [3]

Core Insights - Guangyun Technology's stock increased by 5.12% on September 25, reaching a price of 16.22 CNY per share, with a trading volume of 83.7952 million CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 6.907 billion CNY [1] Company Overview - Guangyun Technology Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 29, 2013, with its listing date on April 29, 2020 [1] - The company's main business involves providing SaaS products for e-commerce merchants based on an e-commerce platform, along with supplementary hardware, operational services, and CRM SMS as value-added products and services [1] - The revenue composition of the main business is as follows: SaaS products 86.07%, supplementary hardware 11.40%, CRM SMS 1.18%, operational services 0.81%, and others 0.54% [1] Fund Holdings - Guodu Securities has one fund heavily invested in Guangyun Technology, specifically Guodu Jucheng (011389), which held 36,000 shares in the second quarter, accounting for 5.37% of the fund's net value, making it the fourth-largest holding [2] - Guodu Jucheng was established on March 25, 2021, with a latest scale of 10.2022 million CNY, achieving a year-to-date return of 9.97% and a one-year return of 16.05% [2] - The fund's performance rankings are 5843 out of 8173 for year-to-date returns and 6120 out of 8003 for one-year returns, with a cumulative loss of 45.62% since inception [2] Fund Manager Performance - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [2] - Liao Xiaodong has a tenure of 5 years and 135 days, with a total fund asset size of 19.985 million CNY, achieving a best return of -24.14% and a worst return of -64.07% during his tenure [2] - Zhang Xiaolei has a tenure of 6 years and 285 days, with the same total fund asset size, achieving a best return of 80.09% and a worst return of -23.54% [2] - Gong Yongjin has a tenure of 1 year and 176 days, with a total fund asset size of 10.2033 million CNY, achieving a consistent return of 6.99% [2]

Core Points - Guangyun Technology (688365.SH) reported a revenue of 262.24 million yuan for the first half of 2025, representing a year-on-year increase of 11.78% [1][2] - The net profit attributable to shareholders was -12.11 million yuan, an improvement from -34.46 million yuan in the same period last year [1][2] - The net cash flow from operating activities was 35.90 million yuan, showing a significant increase of 218.54% year-on-year [1][2] Financial Performance - Revenue for the first half of 2025 was 262.42 million yuan, compared to 234.76 million yuan in the previous year, marking an increase of 11.78% [2] - Total profit for the period was -15.72 million yuan, improving from -37.05 million yuan year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -12.53 million yuan, compared to -35.29 million yuan in the previous year [2] - Historical revenue from 2021 to 2024 was 545 million yuan, 494 million yuan, 475 million yuan, and 478 million yuan respectively [2] - Historical net profit attributable to shareholders for the same period was -59.54 million yuan, -179 million yuan, -18.45 million yuan, and -82.05 million yuan respectively [2] Capital Raising Activities - Guangyun Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 29, 2020, with an initial offering price of 10.80 yuan per share [3] - The total amount raised from the IPO was 433.08 million yuan, with a net amount of 369.55 million yuan after deducting issuance costs [3] - In 2022, the company issued 24,824,684 shares at a price of 7.13 yuan per share, raising a total of 176.99 million yuan, with a net amount of 171.86 million yuan after costs [4]

Company Overview - Hangzhou Guangyun Technology Co., Ltd. was established on August 29, 2013, and went public on April 29, 2020. The company is located at 599 Jianta Street, Puyang Street, Binjiang District, Hangzhou, Zhejiang Province [2] - The main business involves providing SaaS products for e-commerce merchants based on an e-commerce platform, along with supporting hardware, operational services, and value-added products such as CRM SMS [2] - Revenue composition includes: SaaS products 86.07%, supporting hardware 11.40%, CRM SMS 1.18%, operational services 0.81%, and others 0.54% [2] Financial Performance - For the first half of 2025, Guangyun Technology achieved operating revenue of 262 million yuan, a year-on-year increase of 11.78%. The net profit attributable to the parent company was -12.11 million yuan, a year-on-year increase of 64.85% [2] - Since its A-share listing, the company has distributed a total of 70.175 million yuan in dividends, with no dividends distributed in the last three years [3] Stock Performance - As of September 15, Guangyun Technology's stock price was 14.96 yuan per share, with a market capitalization of 6.37 billion yuan. The stock has increased by 32.27% year-to-date but has decreased by 2.98% in the last five trading days and 12.31% in the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on February 10, where the net buying was -5.4781 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 16,400, a decrease of 7.41% from the previous period. The average circulating shares per person increased by 8.01% to 25,904 shares [2] - New institutional shareholders include: Noan Flexible Allocation Mixed Fund (320006) as the seventh largest shareholder with 1.9158 million shares, Penghua Innovation Future Mixed Fund (501205) as the ninth largest with 1.6136 million shares, and Huatai-PineBridge Advantage Selected Mixed Fund (519008) as the tenth largest with 1.5 million shares [3]

Core Viewpoint - Guangyun Technology announced the election of Mr. Luo Junfeng as the employee representative director of the fourth board of directors during the employee representative meeting scheduled for September 12, 2025 [1] Group 1 - The employee representative meeting is set to take place on September 12, 2025 [1] - Mr. Luo Junfeng has been nominated for the position of employee representative director [1]

Group 1 - The company announced the election of Mr. Tan Guanghua as the chairman of the fourth board of directors on September 12, 2025 [2] - Mr. Tan Guanghua was also appointed as the representative of the company to execute company affairs and serve as the legal representative [2] - The company established a special committee for the fourth board of directors [2] Group 2 - The board meeting approved the appointment of Mr. Tan Guanghua as the general manager of the company [2] - The company appointed several vice general managers: Mr. Zhang Binghao, Mr. Wang Yi, Mr. Liao Yiheng, Mr. Zhao Jian, and Mr. Liu Yu [2] - Mr. Zhao Jian was appointed as the financial director, Mr. Liu Yu as the board secretary, and Ms. Zhuang Lingling as the representative for securities affairs [2]

证券代码：688365 证券简称：光云科技 公告编号：2025-056 杭州光云科技股份有限公司 关于董事会完成换届选举 及聘任高级管理人员、证券事务代表的公告 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。 杭州光云科技股份有限公司（以下简称"公司"）于 2025 年 9 月 12 日召开 2025 年第三次临时股东大会，选举产生的第四届董事会成员，与同日公司召开的职工代表 大会选举的职工代表董事共同组成第四届董事会。同日，公司召开第四届董事会第一 次会议，审议通过了选举公司董事长、代表公司执行公司事务董事、各专门委员会委 员及召集人、聘任第四届高级管理人员和证券事务代表等相关议案。现将具体情况公 告如下： 一、董事会换届选举情况 （一）董事选举情况 2025 年 8 月 22 日，公司召开 2025 年第三次临时股东大会，审议通过了《关于董 事会换届选举暨选举第四届董事会非独立董事的议案》《关于董事会换届选举暨选举 第四届董事会独立董事的议案》，选举谭光华先生、姜兴先生、张秉豪先生、王祎先 生为第四届董事会非独立董事， ...