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]

10月27日，震有科技盘中下跌2.00%，截至10:10，报31.33元/股，成交1.46亿元，换手率2.38%，总市值 60.33亿元。 资金流向方面，主力资金净流出1728.12万元，特大单买入824.11万元，占比5.65%，卖出1393.23万元， 占比9.55%；大单买入2708.87万元，占比18.57%，卖出3867.87万元，占比26.51%。 震有科技今年以来股价涨7.44%，近5个交易日涨7.07%，近20日涨2.99%，近60日涨16.99%。 资料显示，深圳震有科技股份有限公司位于广东省深圳市光明区凤凰街道东坑社区光明凤凰广场2栋 2801，成立日期2005年4月4日，上市日期2020年7月22日，公司主营业务涉及通信系统设备相关产品的 研发、生产、销售与服务。主营业务收入构成为：数智网络及智慧应急系统41.27%，技术与维保服务 26.07%，光网络及接入系统19.13%，核心网系统10.86%，其他2.66%。 截至6月30日，震有科技股东户数1.22万，较上期增加22.24%；人均流通股15749股，较上期减少 18.64%。2025年1月-6月，震有科技实现营业收入3.50亿元 ...

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 ...