Core Insights - The voice coil motor (VCM) market in China is projected to reach approximately 2.231 billion yuan in 2024, reflecting a year-on-year growth of 9.52% driven by the increasing demand in various sectors such as smartphones, industrial automation, and medical devices [1][9][10]. Industry Overview - VCM operates based on the Lorentz force principle, converting electrical energy directly into linear mechanical energy without the need for gears or screws, making it suitable for high-precision positioning and rapid linear motion [2][4]. - The VCM technology encompasses three main types: linear, swing, and multi-axis, each designed for specific applications ranging from autofocus in cameras to complex movements in semiconductor equipment [4][5]. Industry Supply Chain - The upstream supply chain includes raw materials such as magnetic materials, coil materials, and electronic components, while the midstream focuses on the manufacturing of VCMs, and the downstream applications span consumer electronics, automotive electronics, and medical devices [6]. Key Components - The core components of VCM include the permanent magnet assembly, the moving coil, and the guiding mechanism, which collectively ensure rapid response and precise control [7][8]. Market Dynamics - The demand for VCMs in smartphones is expected to remain stable, with the number of VCMs per device increasing from 2-3 to 5-8 due to the trend of multi-camera setups and higher pixel counts [9]. - The penetration of high-end smartphone models is driving the increase in VCM prices and profit margins [9]. Key Companies - Shenzhen Xinyi Chang focuses on semiconductor equipment and has achieved over 90% yield in its VCM applications, while Jiangsu Leili specializes in medical and automotive applications, with its VCMs being used in ventilators and laser radars [10][11]. Industry Trends 1. The application of new materials, such as high-temperature superconducting coils and neodymium iron nitrogen magnets, is reshaping performance boundaries and cost structures, particularly in high-demand sectors like automotive and medical [12]. 2. The integration of AI algorithms and edge computing is transitioning VCMs from passive execution to autonomous decision-making, leading to new business models that combine hardware and software services [13]. 3. The trend towards multi-dimensional integration is transforming VCMs from standard components to comprehensive system solutions, enhancing product value and profit margins [14][15].

Core Points - New Yichang (688383.SH) reported a significant decline in financial performance for the first three quarters of 2025, with a revenue of 594 million yuan, down 22.85% year-on-year, and a net profit attributable to shareholders of 7.815 million yuan, down 88.75% [1] - The company's net cash flow from operating activities also saw a drastic decrease of 78.02%, amounting to 33.83 million yuan [1] Financial Performance Summary - Revenue for the reporting period was 594 million yuan, reflecting a year-on-year decrease of 22.85% [3] - Total profit for the period was 13.35 million yuan, which is an 82.26% decline compared to the previous year [3] - Net profit attributable to shareholders was 7.815 million yuan, down 88.75% year-on-year [3] - Net profit after excluding non-recurring gains and losses was 7.349 million yuan, a decrease of 88.37% [3] - The net cash flow from operating activities was 33.83 million yuan, down 78.02% year-on-year [3] Historical Financial Data - From 2021 to 2024, the company's revenue showed a declining trend: 1.197 billion yuan in 2021, 1.184 billion yuan in 2022, 1.04 billion yuan in 2023, and projected 934 million yuan in 2024 [4] - Net profit attributable to shareholders also decreased from 232 million yuan in 2021 to a projected 40.46 million yuan in 2024 [4] - The net cash flow from operating activities fluctuated, with a negative cash flow of 96 million yuan in 2023 and a positive cash flow of 139 million yuan projected for 2024 [4]

Core Viewpoint - The company Xin Yichang experienced a decline in stock price and trading volume, with significant changes in financing and stockholder dynamics, indicating potential challenges in its financial performance and market position [1][2]. Financing Summary - On November 21, Xin Yichang's stock dropped by 3.90%, with a trading volume of 72.82 million yuan. The financing buy-in amounted to 9.98 million yuan, while financing repayment was 7.87 million yuan, resulting in a net financing buy of 2.10 million yuan. The total financing and securities balance reached 238 million yuan [1]. - The current financing balance of 238 million yuan represents 3.85% of the circulating market value, exceeding the 90th percentile level over the past year, indicating a high financing level [1]. - In terms of securities lending, 800 shares were repaid, and 200 shares were sold on November 21, with a selling amount of 12,100 yuan. The remaining securities lending volume was 3,702 shares, with a balance of 223,800 yuan, which is below the 10th percentile level over the past year, indicating a low lending level [1]. Financial Performance Summary - For the period from January to September 2025, Xin Yichang reported a revenue of 594 million yuan, reflecting a year-on-year decrease of 22.85%. The net profit attributable to the parent company was 7.82 million yuan, down 88.75% year-on-year [2]. - Since its A-share listing, Xin Yichang has distributed a total of 122 million yuan in dividends, with 71.01 million yuan distributed over the past three years [3]. Shareholder Dynamics - As of September 30, 2025, the number of shareholders for Xin Yichang increased to 4,791, a rise of 5.67%. The average circulating shares per person decreased by 5.36% to 21,317 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the eighth largest, holding 718,300 shares, an increase of 35,100 shares from the previous period. Huafu Industrial Upgrade Flexible Allocation Mixed A (002064) entered the top ten as the tenth largest shareholder with 458,000 shares, while Minsheng Jianyin Continuous Growth Mixed A (007731) exited the list [3].

Core Insights - New Yichang's stock price dropped by 5.23% to 59.61 CNY per share, with a trading volume of 68.90 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 6.088 billion CNY [1] Company Overview - Shenzhen New Yichang Technology Co., Ltd. was established on June 28, 2006, and went public on April 28, 2021. The company specializes in the research, production, and sales of intelligent manufacturing equipment in industries such as LED, capacitors, semiconductors, and lithium batteries [1] - The revenue composition of the company includes: 81.87% from die bonding machines, 11.15% from capacitor aging testing equipment, 3.31% from parts and maintenance fees, 2.73% from other equipment, and 0.94% from lithium battery equipment [1] Shareholder Insights - Huafu Fund's Huafu Industrial Upgrade Flexible Allocation Mixed A (002064) entered the top ten circulating shareholders of New Yichang, holding 458,000 shares, which is 0.45% of the circulating shares. The estimated floating loss today is approximately 1.5068 million CNY [2] - The fund was established on May 8, 2017, with a latest scale of 494 million CNY. Year-to-date returns are 56.42%, ranking 486 out of 8136 in its category, while the one-year return is 54.71%, ranking 448 out of 8056 [2] Fund Holdings - Huafu Industrial Upgrade Flexible Allocation Mixed A (002064) reduced its holdings by 42,000 shares in the third quarter, maintaining 458,000 shares, which constitutes 6.49% of the fund's net value, making it the seventh-largest holding [3]

Group 1: New Stock Offerings - China Uranium Industry (001280) will begin subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [1] Group 2: Semiconductor Industry - Chinese Commerce Minister Wang Wentao held a video meeting with UK Trade Minister Peter Kyle to discuss the ASML semiconductor issue, emphasizing that the responsibility lies with the Netherlands [3] - The Netherlands' recent suspension of an administrative order is seen as a positive step towards resolving the global semiconductor supply chain crisis [3] Group 3: Trade Relations - The Chinese Foreign Ministry reiterated that Japanese seafood products currently have no market in China due to public sentiment against Japan's leadership statements on Taiwan [2] - The Ministry of Commerce is working with relevant departments to guide localities in implementing policies to enhance the quality and value of used car exports [9] Group 4: Technological Development - Guangdong Province is focusing on developing cutting-edge technology, particularly in areas like "AI+" and "robotics+" to drive innovation and economic growth [3][4] - The Guangdong government aims to expand new scenarios for terminal industries and promote the development of consumer-level smart terminal products [3] Group 5: International Cooperation - The China-EU Investment Trade and Technology Cooperation Conference opened in Chengdu, with EU representatives expressing optimism about future cooperation with Chinese enterprises [7] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to support the construction of an international science and technology innovation center [5]

Key Points - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [2] - The Ministry of Commerce is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [4] - The Minister of Commerce discussed the ASML semiconductor issue with the UK Trade Minister, emphasizing that the responsibility lies with the Netherlands [5] - The Ministry of Foreign Affairs stated that Japanese seafood has no market in China due to recent political tensions [6] - The China Securities Regulatory Commission is enhancing capital market functions to support high-quality development [7] - Guangdong Province is focusing on developing cutting-edge technology and addressing key technological challenges [8] - Guangdong is promoting innovation in artificial intelligence and robotics, launching initiatives to expand new industrial scenarios [9] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to enhance the city's innovation capabilities [10] - The Ministry of Commerce is guiding localities to improve second-hand car export policies, shifting focus from scale to value [11] - The Guangzhou Futures Exchange adjusted trading fees and limits for lithium carbonate futures contracts [12] - The 18th China-EU Investment Trade and Technology Cooperation Fair opened, with EU representatives optimistic about the Chinese market [13] Company News - Gree Electric has developed core components for humanoid robots [15] - Pingtan Development's stock will resume trading on November 21 after completing a suspension review [15] - Vanke A approved a shareholder loan from Shenzhen Metro Group [15] - Qianjin High-Tech is set to acquire 20% of the company's shares from Zhongzhong Group [15] - Fulede's executives plan to reduce their holdings by up to 85,000 shares [15] - Xidian New Energy identifies Tesla as its largest end customer [15] - Lian Micro's VCSEL chips are now used in smart driving applications with large-scale shipments [15] - New Yichang's semiconductor business has secured orders worth several million yuan [15] - Haohua Technology is expanding into electrolyte and lithium hexafluorophosphate products [15] - Huaya Intelligent's shareholders plan to reduce their holdings by up to 2.98% [15] - Wajinke's controlling shareholder intends to reduce holdings by up to 3% [15] - Oriental Yuhong's subsidiary plans to acquire 60% of Brazil's Novakem to enhance overseas operations [15] - Hefei China has seen its stock price deviate significantly from fundamentals, posing risks for investors [15] - Tuojing Technology's national integrated circuit fund plans to reduce holdings by up to 3% [15] - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan [15] - Jiumuwang's stock trading shows signs of market overheating and irrational speculation [15] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan [15] - Qinglong Pipe Industry won a procurement project worth 294 million yuan [16] - Feiwo Technology's actual controller plans to increase holdings by 40 million to 70 million yuan [16] - China Nuclear Construction signed new contracts worth 123.84 billion yuan as of October [16]

Core Insights - The company Xin Yi Chang has received attention and recognition from overseas clients for its semiconductor die bonding business, resulting in orders worth several tens of millions of yuan [1] Group 1 - The semiconductor die bonding business of the company has gained overseas client interest [1] - The company has secured orders amounting to several tens of millions of yuan [1]

Meeting Overview - The second extraordinary general meeting of shareholders was held by Shenzhen Xinyi Chang Technology Co., Ltd. on November 17, 2025 [4] - The meeting was convened by the board of directors and chaired by Chairman Hu Xinrong, with both on-site and online voting methods utilized [2][3] Attendance - All 7 current directors attended the meeting, along with the company secretary and other senior management [3] Resolutions Passed - Two non-cumulative voting resolutions were approved: 1. Amendment to the Articles of Association [4] 2. Revision and establishment of certain governance systems [4][5] - The first resolution was a special resolution that received more than two-thirds of the valid voting shares [5] Legal Compliance - The meeting was witnessed by Guangdong Xinda Law Firm, confirming that the convening and procedures of the meeting complied with relevant laws and regulations [6]

股东会法律意见书 中国深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 11、12/F, TAIPING FINANCE TOWER, YITIAN ROAD 6001, FUTIAN DISTRICT, SHENZHEN, P.R. CHINA 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 广东信达律师事务所（以下简称"信达"）接受深圳新益昌科技股份有限公 司（以下简称"公司"）的委托，指派信达律师出席公司 2025 年第二次临时股 东会（以下简称"本次股东会"），对本次股东会的合法性进行见证，并出具《广 东信达律师事务所关于深圳新益昌科技股份有限公司 2025 年第二次临时股东会 的法律意见书》（以下简称"本法律意见书"）。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和规范性文 件，以及《深圳新益昌科技股份有限公司章程》（以下简称"《公司章程》"） 的规定，对本次股东会的召集、召开程序、出席会议人员的资格、召集人的资格、 会议的表决程序和表决 ...

证券代码：688383 证券简称：新益昌 公告编号：2025-052 深圳新益昌科技股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 17 日 （二） 股东会召开的地点：深圳市宝安区新安街道海旺社区兴业路瑞湾大 厦 15 楼公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股 东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 19 | | --- | --- | | 普通股股东人数 | 19 | | 2、出席会议的股东所持有的表决权数量 | 70,235,424 | | 普通股股东所持有表决权数量 | 70,235,424 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 69.4853 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 69.4853 | ...