Core Viewpoint - The report outlines the continuous supervision and tracking of Nanjing Maglev Technology Co., Ltd. by the sponsor, Industrial Securities, during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant regulations and the company's operational status [1][2][3]. Continuous Supervision Work Content - The sponsor has established and effectively executed a continuous supervision work plan, including signing relevant agreements with the company and reporting to the Shanghai Stock Exchange [1][2]. - Regular communication, site inspections, and due diligence are conducted to understand the operational status of Maglev Technology [1][2]. - No violations or significant issues were reported during the supervision period [3]. Financial Performance - For the first half of 2025, the company reported operating income of 151.64 million yuan, a slight increase of 1.17% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was approximately 4.48 million yuan, showing a decrease from 8.32 million yuan in the previous year [10]. - The company’s total assets at the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [10]. Research and Development - The company has invested in R&D, with a total R&D expenditure of approximately 20.86 million yuan in the first half of 2025, a decrease of 11.26% compared to the previous year [11][12]. - As of June 30, 2025, the company holds 373 authorized intellectual property rights, including 98 invention patents [12][17]. Market Position and Competitive Advantage - The company focuses on the development of maglev fluid machinery and has established a comprehensive product system, including maglev centrifugal blowers and compressors, which are widely used in various industries [12][13]. - The maglev centrifugal blower is reported to save approximately 30% energy compared to traditional blowers, enhancing its market competitiveness [13][14]. - The company has built a strong brand presence in the domestic high-end maglev fluid equipment market, supported by a robust sales and service network [15][16]. Industry Risks - The company faces risks related to the adoption of its products, as the maglev centrifugal blower is relatively new in the market and competes with traditional blowers [9][10]. - The operational performance of the company is subject to fluctuations due to the seasonal nature of its business, particularly in the municipal wastewater treatment sector [7][8]. Compliance and Governance - The company has adhered to relevant regulations regarding the management and use of raised funds, with no significant compliance issues reported [17].

兴业证券股份有限公司 关于南京磁谷科技股份有限公司 2025 年上半年度持续督导跟踪报告 兴业证券股份有限公司(以下简称"兴业证券"或"保荐机构")作为南京 磁谷科技股份有限公司(以下简称"磁谷科技"或"公司")首次公开发行股票 并在科创板上市持续督导阶段的保荐机构,根据《证券发行上市保荐业务管理办 法》(以下简称"《保荐办法》")《上海证券交易所科创板股票上市规则》（以 下简称"《上市规则》"）和《科创板上市公司持续监管办法(试行)》等有关 法律法规和规范性文件的确定,兴业证券出具本持续督导跟踪报告。 果与研发进度未达预期,则会给公司的生产经营造成不利影响。 2、技术产业化失败的风险 基于五大核心技术,并依靠逐年增多的研发投入,公司自 2020年开始陆续 推出磁悬浮空气压缩机、磁悬浮制冷压缩机、磁悬浮真空泵等新产品。新产品与 公司现有产品依靠的核心技术相同,但新产品存在产品性能无法达到预期效果的 风险。同时,因新产品与磁悬浮离心式鼓风机相同,均具有较高的技术含量,因 此其售价较高,从而导致市场推广存在一定不确定性,公司可能面临研发成果不 能实现产业化转化的风险。 序号 工作内容 持续督导情况 建立健全并有效 ...

Group 1 - The core point of the news is that Magu Technology (688448) experienced a significant decline in its stock price, closing at 52.20 yuan, down 15.81% on August 29, with a trading volume of 4.88 billion yuan and a turnover rate of 18.46% [2][3] - The stock was listed on the daily trading alert due to its closing price drop exceeding 15% [2] - The top five trading departments accounted for a total transaction amount of 2.34 billion yuan, with a net sell of 69.99 million yuan, indicating a bearish sentiment among investors [2][3] Group 2 - The main capital outflow for the stock was 33.70 million yuan throughout the day [3] - The top buying departments included UBS Securities and an institutional special seat, with the latter buying 19.18 million yuan [3] - The leading selling department was Huatai Securities, which sold 51.35 million yuan worth of shares [3]

Market Overview - The general equipment sector experienced a decline of 0.31% on August 29, with Mag Valley Technology leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Rongyi Precision (873223) saw a significant increase of 29.95%, closing at 21.78 with a trading volume of 245,800 shares and a turnover of 496 million [1] - Tongfei Co., Ltd. (300990) rose by 9.51%, closing at 82.13 with a trading volume of 153,400 shares and a turnover of 1.306 billion [1] - Dongmu Co., Ltd. (600114) increased by 9.26%, closing at 30.81 with a trading volume of 591,500 shares and a turnover of 1.780 billion [1] Underperformers - Mag Valley Technology (688448) experienced a significant drop of 15.81%, closing at 52.20 with a trading volume of 88,500 shares and a turnover of 488 million [2] - Chuanrun Co., Ltd. (002272) fell by 9.99%, closing at 17.48 with a trading volume of 1,091,300 shares and a turnover of 196 million [2] - Dayuanquan V (603757) decreased by 8.70%, closing at 54.56 with a trading volume of 253,900 shares and a turnover of 1.424 billion [2] Capital Flow - The general equipment sector saw a net outflow of 1.958 billion from institutional investors, while retail investors had a net inflow of 2.027 billion [2][3] - The top stocks with significant net inflows from retail investors included Dongmu Co., Ltd. (600114) with a net inflow of 1.80 billion [3] - Conversely, major outflows from institutional investors were noted in stocks like Longyin Co., Ltd. (600592) with a net outflow of 1.30 billion [3]

Core Viewpoint - The announcement details a change in shareholding by a major shareholder, Nanjing Baolifeng Venture Capital Partnership, which has reduced its stake in Nanjing Magu Technology Co., Ltd. from 15.16% to 13.95% through share sales and stock incentives [1][3]. Group 1: Shareholding Changes - Nanjing Baolifeng and its action-in-concert party, Dong Jiyong, have collectively reduced their shareholding from 10.8 million shares to 9.9975 million shares, representing a decrease in ownership percentage from 15.16% to 13.95% [3][5]. - The reduction in shares occurred between December 28, 2023, and August 26, 2025, with a total of 832,500 shares sold through centralized bidding and block trading [2][3]. - Dong Jiyong acquired 30,000 shares through stock incentives during this period [3][5]. Group 2: Compliance and Regulations - The shareholding change does not trigger mandatory tender offer obligations and complies with previously disclosed share reduction plans and stock incentive allocations [6]. - The company confirms that this change will not affect the control of the company or its major shareholders [6]. - The announcement adheres to the relevant laws and regulations regarding shareholding changes and does not require a simplified report on the equity change [6].

证券代码：688448 证券简称：磁谷科技 公告编号：2025-035 南京磁谷科技股份有限公司 关于持股 5%以上股东及其一致行动人权益变动触及 1%刻度的提示性公告 持股 5%以上股东南京宝利丰创业投资合伙企业(有限合伙)及其一致行动人董继勇 保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他 / | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 南京宝利丰创业投资 | □ | 控股股东/实控人的一致 | 91320100MA1N5Y667L  | | 合伙 ...

Summary of Key Points Core Viewpoint - On August 26, Magv Technology executed a block trade of 55,000 shares, amounting to 2.915 million yuan, which represented 0.95% of the total trading volume for the day. The transaction price was 53 yuan, reflecting an 11.67% discount compared to the market closing price of 60 yuan [1]. Group 1 - The block trade involved a total of 55,000 shares of Magv Technology [1]. - The total transaction value was 2.915 million yuan [1]. - The transaction price of 53 yuan was 11.67% lower than the market closing price of 60 yuan [1].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Insights - The mechanical export sector shows steady growth, supported by low-altitude economic policies [2][3] - The domestic leading enterprises in the mechanical equipment sector maintain strong competitive advantages in both supply and demand [4] - The report highlights specific investment opportunities in low-altitude economy and mechanical equipment sectors [5] Weekly Market Review - From August 11 to August 15, 2025, the Shanghai Composite Index rose by 1.70%, the Shenzhen Component Index increased by 4.55%, and the ChiNext Index surged by 8.58%. The Shenwan Mechanical Equipment Index rose by 3.21%, outperforming the CSI 300 Index by 0.84 percentage points, ranking 8th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 3.45%, 4.13%, and 5.45% respectively, while engineering machinery and rail transit equipment experienced slight declines [12][15] Key Sector Tracking Low-altitude Economy - The Yunnan provincial government has issued measures to support the healthy development of the low-altitude economy, including 15 specific initiatives aimed at enhancing safety supervision, supporting drone testing, and expanding international markets [3][21] - Shanghai plans to establish a low-altitude industry fund to encourage research institutions to set up project companies for technological breakthroughs [3] Mechanical Equipment - In July 2025, sales of various types of forklifts reached 118,605 units, a year-on-year increase of 14.4%. Domestic sales accounted for 69,700 units, up 14.3%, while exports totaled 48,905 units, up 14.5% [4] - For the first seven months of 2025, a total of 857,939 forklifts were sold, marking a 12% year-on-year increase, with domestic sales up 10.4% and exports up 15.1% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5]

Core Insights - The company, Maglev Technology (688448), reported a total revenue of 152 million yuan for the first half of 2025, reflecting a year-on-year increase of 1.17%, while the net profit attributable to shareholders decreased by 46.1% to 4.48 million yuan [1] - The second quarter of 2025 showed a total revenue of 114 million yuan, up 7.04% year-on-year, and a net profit of 8.86 million yuan, an increase of 16.51% compared to the same period last year [1] - The company's accounts receivable is significantly high, with accounts receivable amounting to 528.84% of the latest annual net profit [1] Financial Performance - Gross margin decreased to 29.57%, down 9.77% year-on-year, while net margin fell to 2.76%, a decline of 49.77% [1] - Total sales, management, and financial expenses reached 30.89 million yuan, accounting for 20.37% of revenue, an increase of 10.51% year-on-year [1] - Earnings per share dropped to 0.06 yuan, a decrease of 50% compared to the previous year [1] Balance Sheet Changes - Accounts receivable increased by 6.79% to 272 million yuan, while cash and cash equivalents decreased by 4.55% to 396 million yuan [1] - Long-term prepaid expenses decreased by 31.58% due to the amortization of renovation costs for leased properties [3] - Short-term borrowings decreased by 100% as previous bank acceptance bills matured [5] Cash Flow Analysis - Net cash flow from operating activities increased by 54.23%, attributed to reduced payments to suppliers while maintaining sales collection policies [8] - Net cash flow from investing activities decreased by 121.86% due to payments for equipment and project costs [9] - Net cash flow from financing activities decreased by 2366.63% due to the distribution of cash dividends [9] Business Model and Market Position - The company relies on R&D, marketing, and capital expenditures for performance, necessitating careful evaluation of capital projects [11] - The company's magnetic levitation cooling units are positioned as energy-efficient alternatives to traditional cooling systems, with applications in data centers and high-energy consumption industries [12]

Core Insights - Maglev Technology reported a slight increase in revenue but a significant decline in profit for the first half of 2025, with operating revenue of 152 million yuan, up 1.17% year-on-year, and a net profit of 4 million yuan, down 46.1% year-on-year [1][3] Financial Performance - The company's profitability indicators show ongoing challenges, with net profit margin dropping from 5.49% in the first half of 2024 to 2.76%, and gross profit margin decreasing from 35.77% to 29.57%, marking three consecutive years of decline [3] - Return on equity decreased by 0.42 percentage points to 0.44% year-on-year [3] Operational Stability - Maglev Technology is experiencing tight cash flow, with inventory turnover days at 370.68, indicating improved inventory management efficiency. The net cash flow from operating activities was -32 million yuan, an improvement from -71 million yuan in the same period last year, but still negative [5] - The asset-liability ratio for the first half of 2025 was 26.79%, down 1.13 percentage points year-on-year, indicating a reduced debt burden [5] Institutional Holdings - The number of institutions holding Maglev Technology shares decreased dramatically from 48 in the same period of 2024 to 4, reflecting a cautious attitude from institutional investors regarding the company's outlook [7] - Despite a 134.1% increase in stock price this year, indicating market optimism about the company's future, there is a need for the company to focus on improving profitability and cash flow [7]