Core Points - The actual controller of Shenzhen Zhenyou Technology Co., Ltd., Mr. Wu Minhua, has transferred 9,630,000 shares (5.00% of total share capital) to Shenzhen Shiji Zhiyuan Private Securities Fund Management Co., Ltd. at a price of 22.13 CNY per share, totaling 213,111,900 CNY [1][2] - The share transfer was completed on November 3, 2025, and the transfer was confirmed by the China Securities Depository and Clearing Corporation Limited [2] - After the transfer, Mr. Wu Minhua and his concerted action party hold a combined 26.68% stake in the company, while Zhiyuan Capital holds 5.00% [3] Transfer Details - The share transfer agreement was signed on August 1, 2025, and the transfer was executed without any supplementary agreements or changes [2] - The transfer complies with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4] - The transfer does not trigger a mandatory bid and will not change the company's controlling shareholder or actual controller [4] Future Commitments - Zhiyuan Capital has committed not to reduce its holdings of the acquired shares in any manner for 18 months following the completion of the transfer [5]

证券代码：688418 证券简称：震有科技 公告编号：2025-056 深圳震有科技股份有限公司 关于实际控制人的一致行动人协议转让部分股份 完成过户登记的公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 深圳震有科技股份有限公司（以下简称"公司"或"震有科技"）于近日收 到公司实际控制人吴闽华先生的一致行动人宁波震有企业管理合伙企业（有限合 伙）（以下简称"转让方"或"宁波震有"）的通知，其与深圳世纪致远私募证券 基金管理有限公司（代表致远资本价值 2 号私募证券投资基金）（以下简称"受 让方"或"致远资本"）协议转让公司部分股份事宜已完成过户登记手续，并取 得由中国证券登记结算有限责任公司出具的《证券过户登记确认书》，具体情况 如下： 一、协议转让前期基本情况 宁波震有与致远资本于 2025 年 8 月 1 日签订了《股份转让协议》，宁波震有 通过协议转让的方式向致远资本转让其直接持有的震有科技 9,630,000 股无限售 条件流通股股份（占公司总股本的 5.00%），转让价格为 22.13 元/股，股份转 ...

Core Viewpoint - The company has completed the transfer of shares from its actual controller's associate to a private equity fund, indicating a strategic move in its ownership structure while maintaining the current control [1] Group 1: Share Transfer Details - Ningbo Zhenyou transferred 9.63 million shares of Zhenyou Technology, representing 5.00% of the total share capital, to Zhiyuan Capital Value No. 2 Private Securities Investment Fund [1] - The transfer price was set at 22.13 yuan per share, totaling 213 million yuan for the transaction [1] - Following this transfer, there has been no change in the company's controlling shareholder or actual controller [1]

Core Insights - Zhenyou Technology (688418) reported a closing price of 30.85 yuan as of October 31, 2025, down 3.5% from the previous week, with a market capitalization of 5.94 billion yuan [1] Shareholder Changes - As of September 30, 2025, the number of shareholders for Zhenyou Technology was 12,100, a decrease of 175 shareholders or 1.43% from June 30, 2025. The average shareholding per account increased from 15,700 shares to 16,000 shares, with an average market value of 474,400 yuan [2] Performance Disclosure - For the first three quarters of 2025, Zhenyou Technology reported a main revenue of 509 million yuan, a year-on-year decrease of 11.78%. The net profit attributable to shareholders was -47.1851 million yuan, down 384.14% year-on-year. The net profit excluding non-recurring items was -61.7649 million yuan, a decline of 27,120.79% [3] - In Q3 2025, revenue was 159 million yuan, down 21.08% year-on-year. The net profit attributable to shareholders for the quarter was 409,000 yuan, a decrease of 95.39% year-on-year. The net profit excluding non-recurring items was -7.0916 million yuan, down 10,103.29% [3] - The company reported a debt ratio of 44.63%, a gross profit margin of 45.32%, and R&D expenditure accounted for 25.04% of revenue [3] Company Announcements - On March 2, 2024, the company disclosed a purchase and sales contract for a national satellite communication project worth 112 million USD (excluding tax), with no payments received as of the report date [4] - On April 15, 2025, Zhenyou Technology signed a framework agreement for a national backbone optical fiber broadband network project in the Democratic Republic of the Congo, with a total budget of 1.5 billion USD (excluding tax), currently in funding discussions [4] - On August 1, 2025, Ningbo Zhenyou Enterprise Management Partnership (Limited Partnership) signed an agreement to transfer 9.63 million shares (5.00% of total shares) to Shenzhen Century Zhiyuan Private Securities Fund at a price of 22.13 yuan per share, totaling 213 million yuan, with the transfer not yet completed [4] - On June 12, 2025, the company's board approved a private placement plan to issue up to 48.1387 million shares to no more than 35 specific investors, raising no more than 1.069 billion yuan, pending approval from the Shanghai Stock Exchange and registration with the CSRC, with uncertainties involved [4][5]

Core Insights - Zhenyou Technology (688418.SH) reported its Q3 2025 results on October 31, 2025, highlighting a significant institutional investment presence in the company [1] Institutional Holdings - As of October 30, 2025, five institutional investors disclosed holdings in Zhenyou Technology, totaling 33.84 million shares, which represents 17.57% of the company's total share capital [1] - The institutional holding percentage increased by 0.88 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Yongying High-end Equipment Select Mixed Fund A, increased its holdings during this period, with an increase percentage of 0.10% [1] - A total of 62 public funds did not disclose their holdings in this quarter, including notable funds such as Baoying National Security Shanghai-Hong Kong Stock Connect Fund A and Guotai Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF [1]

Core Viewpoint - The company reported significant changes in net profit attributable to shareholders, primarily due to a low comparative base, with net profit for the third quarter of 2024 being 70,900 yuan and for the first nine months of 2024 being 228,600 yuan [2][3]. Financial Data Summary - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was 70,900 yuan, showing a notable year-on-year change due to a smaller comparative base [2]. - For the first nine months of 2024, the net profit attributable to shareholders after deducting non-recurring gains and losses was 228,600 yuan, indicating a significant year-on-year percentage change [2]. Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons for classification were not detailed in the report [3]. Shareholder Information - The company has engaged in significant contracts, including a satellite communication project worth approximately 112.15 million USD, which is pending payment confirmation [5]. - A framework agreement for a broadband network project in the Democratic Republic of Congo has been signed, with a total budget of 1.5 billion USD, but the project has not yet commenced [5]. - A share transfer agreement was signed for 9,630,000 shares at a price of 22.13 yuan per share, totaling approximately 213.11 million yuan, but the transfer has not yet been registered [6]. - The company plans to issue up to 48,138,658 A-shares to specific investors, aiming to raise up to 1.069 billion yuan, pending regulatory approval [6]. Quarterly Financial Statements - The financial statements for Q3 2025 are unaudited, and the company has not reported any profits from mergers under common control [8].

Core Viewpoint - Zhenyou Technology (688418) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and financial health [2][4][5]. Financial Performance Summary - For the first three quarters of 2025, the company's main revenue was 5.09 billion yuan, a year-on-year decrease of 11.78% [2][4]. - The net profit attributable to shareholders was a loss of 471.85 million yuan, down 384.14% year-on-year [2][5]. - The net profit excluding non-recurring items was a loss of 617.65 million yuan, a staggering decline of 27,120.79% compared to the previous year [2][5]. - In Q3 2025 alone, the main revenue was 159 million yuan, down 21.08% year-on-year, with a net profit of 409,014.61 yuan, a decrease of 95.39% [2][4][5]. Cash Flow and Financial Ratios - The net cash flow from operating activities was -87 million yuan, indicating cash outflows [5][17]. - The company's debt ratio stood at 44.63%, reflecting its financial leverage [2][4]. - The gross profit margin was reported at 45.32% [2][4]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,051 [6]. - Major shareholders included Wu Minhua and Ningbo Zhenyou Enterprise Management Partnership, holding 16.70% and 14.99% of shares, respectively [7][8]. Stock Trading Information - On October 30, 2025, Zhenyou Technology's stock closed at 31.09 yuan, down 1.89%, with a turnover rate of 3.29% and a trading volume of 63,300 shares, amounting to a transaction value of 198 million yuan [1][2]. Recent Corporate Announcements - The company announced a planned transfer of 5% of its shares at a price of 22.13 yuan per share, which is yet to complete the transfer registration [4][11]. - Zhenyou Technology signed a framework agreement for a broadband network project in the Democratic Republic of Congo, with a total budget of 1.5 billion USD, although the project has not yet commenced [10].

Group 1 - The core viewpoint of the article highlights the financial performance of Zhenyou Technology, indicating a significant decline in revenue and a net loss for the third quarter of 2025 [1] - Zhenyou Technology reported revenue of approximately 509 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 11.78% [1] - The net profit attributable to shareholders was a loss of approximately 47.19 million yuan, with basic earnings per share reflecting a loss of 0.245 yuan [1] Group 2 - As of the report, Zhenyou Technology has a market capitalization of 6 billion yuan [2]

Core Viewpoint - Zhenyou Technology, established in April 2005 and listed on the Shanghai Stock Exchange in July 2020, focuses on the research, production, sales, and service of communication system equipment, holding certain technological advantages in the industry [1] Group 1: Business Performance - In Q3 2025, Zhenyou Technology achieved a revenue of 509 million yuan, ranking 6th in the industry, with the top competitor, Dongfang Communication, generating 1.627 billion yuan [2] - The main business composition includes: - Smart network and emergency system: 145 million yuan (41.27%) - Technical and maintenance services: 91.3 million yuan (26.07%) - Optical network and access systems: 66.99 million yuan (19.13%) - Core network systems: 38.04 million yuan (10.86%) - Others: 9.32 million yuan (2.66%) [2] - The net profit for the same period was -46.46 million yuan, ranking 11th in the industry, with the industry average net profit being 34.39 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhenyou Technology's debt-to-asset ratio was 44.63%, down from 47.44% year-on-year, which is higher than the industry average of 26.75% [3] - The gross profit margin for Q3 2025 was 45.32%, down from 49.60% year-on-year, but still above the industry average of 36.75% [3] Group 3: Executive Compensation - The chairman and general manager, Wu Minhua, received a salary of 685,500 yuan in 2024, a decrease of 68,900 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.43% to 12,100, while the average number of circulating A-shares held per shareholder increased by 1.45% to 16,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 1.4407 million shares, a new shareholder, while Yongying High-end Equipment Smart Selection Mixed Fund A increased its holdings by 186,500 shares to 1.2017 million shares [5]

Financial Performance - The company's operating revenue for Q3 2025 was ¥158,585,567.74, a decrease of 21.08% compared to the same period last year[3] - The total profit for the period was ¥4,574,571.54, down 61.56% year-on-year, primarily due to project delivery delays affecting revenue[9] - The net profit attributable to shareholders was ¥409,014.61, reflecting a significant decline of 95.39% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥7,091,642.19, a decrease of 10,103.29% year-on-year[9] - Total operating revenue for the first three quarters of 2025 was CNY 508,742,302.24, a decrease of 11.8% compared to CNY 576,706,151.77 in the same period of 2024[23] - The net profit for the first three quarters of 2025 was a loss of CNY 46,456,699.94, compared to a profit of CNY 16,679,116.19 in the same period of 2024[24] - The total comprehensive income for the period was -47,382,707.13 RMB, compared to 17,376,993.81 RMB in the previous period[25] - The company reported a basic and diluted earnings per share of -0.2450 RMB, compared to 0.0862 RMB in the previous period[25] Research and Development - Research and development expenses totaled ¥40,722,616.45, accounting for 25.68% of operating revenue, an increase of 2.96 percentage points from the previous year[4] - Research and development expenses for the first three quarters of 2025 amounted to CNY 121,132,888.93, slightly down from CNY 132,652,472.76 in 2024[24] - The company plans to continue focusing on research and development to enhance its product offerings and market position[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,840,022,852.03, a decrease of 5.57% from the end of the previous year[4] - The company's total assets as of September 30, 2025, were CNY 1,840,022,852.03, compared to CNY 1,948,633,609.09 at the end of 2024[21] - Current liabilities decreased to CNY 755,269,376.67 as of September 30, 2025, from CNY 884,353,683.03 at the end of 2024, a reduction of 14.6%[21] - The total equity attributable to shareholders decreased to CNY 872,946,898.68 as of September 30, 2025, from CNY 906,053,836.69 at the end of 2024[21] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥87,002,683.05, indicating cash flow challenges[4] - The net cash flow from operating activities was -87,002,683.05 RMB, a decline from -38,801,478.34 RMB year-over-year[28] - Cash received from the sale of goods and services was 562,244,272.00 RMB, down from 791,636,311.39 RMB in the previous year[28] - The net cash flow from investing activities was -92,046,907.97 RMB, compared to -46,481,481.02 RMB in the prior year[29] - Cash inflow from financing activities was 342,594,560.00 RMB, an increase from 281,703,873.90 RMB year-over-year[29] - The company's cash and cash equivalents were CNY 219,345,147.15 as of September 30, 2025, down from CNY 318,657,749.04 at the end of 2024[20] - The total cash and cash equivalents at the end of the period were 178,642,392.57 RMB, compared to 95,617,821.14 RMB in the previous year[29] - The company received 39,000,000.00 RMB from investments, significantly higher than 1,550,000.00 RMB in the previous year[29] - The company paid 269,598,643.70 RMB in debt repayments, slightly lower than 274,517,252.14 RMB in the prior year[29] - The company experienced a foreign exchange impact of 204,676.29 RMB on cash and cash equivalents[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,051, with no preferred shareholders[11] - The actual controller, Wu Minhua, and his action in concert, Ningbo Zhenyou, plan to transfer 9,630,000 shares (5.00% of total share capital) at a price of 22.13 RMB per share, totaling 213,111,900 RMB[16] - The company plans to issue up to 48,138,658 A-shares to specific investors, raising a total of up to 1,069 million RMB[17] Project Contracts - The company signed a purchase and sales contract for a satellite communication project with a total amount of $112,146,918 (excluding tax) on March 2, 2024[14] - The company entered into a framework agreement for the "Congo National Backbone Fiber Broadband Network Project" with a total budget of $1.5 billion (excluding tax) on April 15, 2025[15] Impairment Losses - The company reported a significant increase in asset impairment losses, contributing to the overall decline in profits[9] - The company reported an asset impairment loss of CNY 29,682,482.99 in the first three quarters of 2025, compared to a loss of CNY 15,761,190.93 in 2024[24] - The weighted average return on net assets was 0.05%, a decrease of 7.29 percentage points compared to the previous year[4]