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]

Company Overview - Zhenyou Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on April 4, 2005. The company was listed on July 22, 2020. Its main business involves the research, development, production, sales, and service of communication system equipment-related products [1]. - The company's revenue composition includes: Smart Network and Emergency System (41.27%), Technical and Maintenance Services (26.07%), Optical Network and Access Systems (19.13%), Core Network Systems (10.86%), and Others (2.66%) [1]. Financial Performance - As of June 30, 2025, Zhenyou Technology reported a revenue of 350 million yuan, a year-on-year decrease of 6.82%. The net profit attributable to the parent company was -47.59 million yuan, a year-on-year decrease of 715.80% [2]. - Since its A-share listing, the company has distributed a total of 13.55 million yuan in dividends, with no dividends distributed in the past three years [3]. Stock Performance - On October 27, Zhenyou Technology's stock price decreased by 2.00%, trading at 31.33 yuan per share, with a total transaction volume of 146 million yuan and a turnover rate of 2.38%. The total market capitalization is 6.033 billion yuan [1]. - Year-to-date, the stock price has increased by 7.44%, with a 5-day increase of 7.07%, a 20-day increase of 2.99%, and a 60-day increase of 16.99% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 12,200, a rise of 22.24%. The average circulating shares per person decreased by 18.64% to 15,749 shares [2]. - Among the top ten circulating shareholders, Yongying High-end Equipment Intelligent Selection Mixed Fund (015789) is the ninth largest shareholder, holding 1.0152 million shares as a new shareholder [3]. Industry Classification - Zhenyou Technology is classified under the Shenwan industry as Communication - Communication Equipment - Other Communication Equipment. The company is also associated with concepts such as Small Cap, 5.5G Concept, Beidou Navigation, 6G Concept, and Satellite Navigation [1].

Core Points - The stock price of Zhenyou Technology (688418) increased by 11.43% this week, closing at 31.97 yuan, with a market capitalization of 6.156 billion yuan [1] - The company is currently involved in a lawsuit with a disputed amount of approximately 119.36 million yuan, leading to the freezing of 8 bank accounts, totaling 45.92 million yuan, which is 14.41% of the company's cash balance [1][3] - Zhenyou Technology's wholly-owned subsidiary, Zhenyou Software, has completed a capital increase of 20 million yuan, changing its registered capital from 20.5 million yuan to 33.31 million yuan, with the company's ownership stake reduced to 61.54% [2][3] Company Announcements - The company announced the progress of a lawsuit where it is the defendant, with the court freezing 8 bank accounts due to a contract dispute, affecting 5.07% of the company's net assets [1] - Zhenyou Software has successfully registered the changes from the capital increase and received all the funds amounting to 20 million yuan [2][3]

根据《深圳市震有软件科技有限公司之增资协议》（以下简称"《增资协议》"）约定，震有软件在《增 资协议》签署后已收到震启汇智缴付的50%增资款（即首期增资款10,000万元），并于2025年2月完成 了本次增资扩股事项的工商变更登记手续，取得了由深圳市市场监督管理局换发的《营业执照》。具体 内容详见公司于2025年2月7日披露于上海证券交易所网站（www.sse.com.cn）的《关于全资子公司增资 扩股进展暨完成工商变更登记的公告》（公告编号：2025-002）。 近日，震有软件已收到震启汇智分期缴付的剩余50%增资款（即10,000万元）。截至本公告披露日，震 有软件已收到震启汇智缴付的全部增资款项共计人民币20,000万元。 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。 一、交易概况 深圳震有科技股份有限公司（以下简称"公司"）于2024年12月30日召开第三届董事会第三十五次会议， 审议通过了《关于全资子公司增资扩股引入投资者暨公司放弃优先认购权的议案》，同意全资子公司深 圳市震有软件科技有限公司（以下简称"震有软件 ...

证券代码：688418 证券简称：震有科技 公告编号：2025-055 深圳震有科技股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召 开第三届董事会第三十五次会议，审议通过了《关于全资子公司增资扩股引入投 资者暨公司放弃优先认购权的议案》，同意全资子公司深圳市震有软件科技有限 公司（以下简称"震有软件"）通过增资扩股方式引入投资者深圳市光明区震启 汇智投资合伙企业（有限合伙）（以下简称"震启汇智"），震启汇智以人民币 20,000 万元认购震有软件新增注册资本 1,281.25 万元，其余 18,718.75 万元计入 震有软件资本公积，公司放弃本次增资的优先认购权。交易完成后，震有软件的 注册资本由 2,050.00 万元增加至 3,331.25 万元，公司直接持有震有软件的股权比 例由 100%变更为 61.54%，震有软件仍属于公司合并报表范围内的控股子公司。 具 体 内 容 详 见 公 司 于 2024 年 12 月 31 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《关于全资子公司增资扩股引入投资者暨公司放弃优先认 购权的公告》（公告编 ...

Core Viewpoint - As of October 22, 2023, 53 A-shares have crossed the annual line, indicating a potential bullish trend in the market despite a slight decline in the Shanghai Composite Index [2][3] Group 1: Market Overview - The Shanghai Composite Index is at 3905.69 points, with a decrease of 0.27% [2] - The total trading volume of A-shares today is 13846.11 billion yuan [2] Group 2: Stocks Crossing the Annual Line - Notable stocks with significant deviation rates include: - China Railway Construction (中铁装配) with a deviation rate of 9.52% and a price increase of 13.35% [3] - Zhuhai Free Trade Zone Group (珠免集团) with a deviation rate of 8.66% and a price increase of 10.08% [3] - Wanda Bearings (万达轴承) with a deviation rate of 6.93% and a price increase of 12.09% [3] - Other stocks that have just crossed the annual line with smaller deviation rates include: - Debi Group (德必集团) and Huaren Pharmaceutical (华仁药业) [2][3]

Core Viewpoint - Zhenyou Technology's stock increased by 5.03% to 30.70 CNY per share, with a trading volume of 214 million CNY and a market capitalization of 5.911 billion CNY as of October 22 [1] Company Overview - Zhenyou Technology, established on April 4, 2005, and listed on July 22, 2020, is located in the Guangming District of Shenzhen, Guangdong Province. The company specializes in the research, development, production, sales, and service of communication system equipment [1] - The revenue composition of Zhenyou Technology includes: - Smart networks and emergency systems: 41.27% - Technical and maintenance services: 26.07% - Optical networks and access systems: 19.13% - Core network systems: 10.86% - Others: 2.66% [1] Shareholder Information - Yongying Fund's Yongying High-end Equipment Smart Selection Mixed Fund A (015789) entered the top ten circulating shareholders of Zhenyou Technology in the second quarter, holding 1.0152 million shares, which is 0.53% of the circulating shares. The estimated floating profit today is approximately 1.4924 million CNY [2][4] - The fund was established on July 15, 2022, with a current scale of 113 million CNY. Year-to-date returns are 20.01%, ranking 4288 out of 8160 in its category, while the one-year return is 18.72%, ranking 4216 out of 8026. Since inception, the fund has experienced a loss of 11.01% [2] Fund Management - The fund manager of Yongying High-end Equipment Smart Selection Mixed Fund A is Zhang Lu, who has been in the position for 6 years and 84 days. The total asset scale of the fund is 15.413 billion CNY, with the best fund return during the tenure being 124.46% and the worst being -60.31% [3] Fund Holdings - Yongying High-end Equipment Smart Selection Mixed Fund A increased its holdings in Zhenyou Technology by 288,400 shares in the second quarter, bringing the total to 1.0152 million shares, which constitutes 4.79% of the fund's net value, making it the sixth-largest holding [4]

Group 1 - The company signed a procurement contract with ChaoXun Communication for the purchase of data center equipment for the second phase of the Lanzhou New Area Big Data Industrial Park on December 30, 2022 [3] - On August 2025, the company received a civil lawsuit from the Guangzhou Tianhe District People's Court due to a sales contract dispute with ChaoXun Communication, leading to the freezing of several bank accounts [3] - As of the announcement date, the company had a total of 8 frozen bank accounts, with a total amount applied for freezing of RMB 119,357,883.50, and actual frozen funds amounting to RMB 45,919,996.33, which represents 5.07% of the company's latest audited net assets attributable to shareholders and 14.41% of the latest audited consolidated cash balance [3] Group 2 - As of October 20, the company's stock closed at RMB 29.26 per share, up 1.99%, with a total market capitalization of RMB 5.634 billion [4] - The stock opened at RMB 28.88 and reached a high of RMB 30.20 during the trading session [6]

证券代码：688418 证券简称：震有科技 公告编号：2025-054 深圳震有科技股份有限公司 关于公司涉及诉讼暨部分银行账户被冻结的 进展公告 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： 案件所处的诉讼阶段：暂未开庭审理。 上市公司所处的当事人地位：被告。 涉案金额：暂计为人民币 119,357,883.5 元。（不包含律师费、诉讼费、 保全担保费等费用） 是否会对上市公司损益产生负面影响：本次所涉诉讼案件不影响公司日 常生产经营，公司将采取有力措施依法维权，切实维护公司及全体股东的合法权 益。鉴于诉讼案件尚未开庭审理，后续的判决及执行情况尚存在不确定性，公司 后续将依据会计准则的相关要求和诉讼案件实际情况进行相应的会计处理。公司 将密切关注并积极推进案件进程，及时履行信息披露义务。敬请广大投资者注意 投资风险。 近日，深圳震有科技股份有限公司（以下简称"公司"）获悉新增部分银行 账户被冻结，现将有关情况公告如下： 一、诉讼的基本情况 2022 年 12 月 30 日，公司与超讯通信股份有限公司（以下 ...