值得关注的是，10月31日，清越科技发布《关于公司收到中国证券监督管理委员会立案告知书暨风险提示的公 告》。 雷达财经雷助吧出品 文|林宜采 编|深海 东财Choice数据显示，11月18日， 清越科技当日融资买入324.34万元，融资偿还237.79万元，融资净买入86.55万 元。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号——回购股份》等相关规定，公司 在回购股份期间，应于每个月的前3个交易日内公告截至上月末的回购进展情况，现将公司回购股份进展情况公告 如下： 截至2025年4月30日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份138.73万股，占公 司总股本4.5亿股的比例为0.31%，回购成交的最高价为9.98元/股，最低价为6.11元/股，支付的资金总额为人民币 1099.84万元（不含印花税、交易佣金等交易费用）。 对此，四川鼎众律师事务所余君律师向雷达财经表示，上市公司信披不及时、不准确给投资者造成损失的，受损 投资者可依法索赔。凡是在上市后至2025年10月31日期间买入，且在2025年10月31日晚间收盘时持有清越科技股 票的受损投资者，可 ...

Core Points - The China Securities Regulatory Commission (CSRC) has initiated investigations into Ba Yi Steel (600581) and Qingyue Technology (688496) for violations related to information disclosure, raising market concerns [1][2] - The CSRC has introduced 23 measures aimed at enhancing the protection of small investors, with a focus on increasing penalties for fraudulent issuance and financial information disclosure violations [1] Ba Yi Steel (600581) - Ba Yi Steel and its controlling shareholder are under investigation, potentially for fund occupation issues, following inquiries from the Shanghai Stock Exchange regarding related party transactions in the 2024 annual report [2] - The company has reported continuous losses since Q1 2022, but its stock price began to rise in late July 2025 before the announcement of the investigation on November 7, 2025, which led to a stock price drop [2] - Legal experts suggest that the simultaneous investigation of the company and its controlling shareholder may indicate serious issues related to fund occupation [2] Qingyue Technology (688496) - Qingyue Technology has been investigated for suspected false reporting of financial data, leading to a significant drop in stock price following the announcement [3] - The company reported a revenue of 1.044 billion in 2022, a 50.4% increase year-on-year, but saw a decline in revenue to 661 million in 2023, resulting in a net loss of approximately 118 million [3] - Prior warnings from the Jiangsu Securities Regulatory Bureau highlighted issues such as improper use of raised funds and undisclosed related party transactions [4] Legal and Investor Implications - Legal representatives are encouraging investors who purchased shares in Ba Yi Steel and Qingyue Technology to prepare for potential claims [5] - The CSRC's recent measures are expected to enhance investor confidence in the securities market and increase the costs associated with fraudulent activities [5]

Group 1 - The core viewpoint of the news is that Qingyue Technology's stock has increased by 5.03%, reaching a price of 7.31 yuan per share, with a total market capitalization of 3.29 billion yuan [1] - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and specializes in the research, production, and sales of small and medium-sized display panels [1] - The company's main business revenue composition includes: electronic paper modules 70.01%, PMOLED 18.36%, AMOLED 3.85%, and other segments such as silicon-based OLED 1.69%, CTP 1.67%, TFT-LCD 0.64%, and CTP+OLED 0.17% [1] Group 2 - Among the top circulating shareholders of Qingyue Technology, Penghua Fund's Penghua Preferred Growth Mixed A (010488) has entered the top ten, holding 2.1654 million shares, accounting for 0.91% of the circulating shares [2] - The fund has achieved a year-to-date return of 38.64%, ranking 2103 out of 8140 in its category, and a one-year return of 29.35%, ranking 2304 out of 8056 [2] - The fund manager, Jiang Xin, has a tenure of 9 years and 146 days, with the fund's total asset size at 5.648 billion yuan and a best return of 136.96% during his tenure [3]

Core Viewpoint - Qingyue Technology is facing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to allegations of false financial reporting, which may lead to potential compensation claims from affected investors [3]. Group 1: Financial Activities - On November 12, Qingyue Technology had a financing buy-in of 1.9092 million yuan and a financing repayment of 3.8672 million yuan, resulting in a net financing repayment of 1.958 million yuan [2]. - As of June 30, 2025, the company has repurchased a total of 1.5191 million shares, accounting for 0.34% of its total share capital of 450 million shares, with a total expenditure of 11.9983 million yuan [4][5]. Group 2: Regulatory Issues - On October 31, Qingyue Technology received a notice from the CSRC regarding an investigation into the company for suspected false reporting of financial data, which could lead to legal consequences under Chinese securities laws [3]. - Affected investors who purchased shares between the company's listing and October 31, 2025, may be eligible to file for compensation [3]. Group 3: Share Repurchase Plan - The company approved a share repurchase plan on August 27, 2024, with a maximum repurchase price of 11.63 yuan per share and a total repurchase amount between 10 million and 20 million yuan [4]. - The repurchase is intended for employee stock ownership plans or equity incentives, and the implementation period is within 12 months from the board's approval [4]. Group 4: Company Profile - Qingyue Technology has participated in 21 bidding projects and holds 41 trademark registrations [6].

Core Points - The stock price of Qingyue Technology increased by 2.19% on November 13, reaching 7.01 CNY per share, with a total market capitalization of 3.155 billion CNY [1] - Year-to-date, the stock has declined by 18.20%, but has seen a recent increase of 3.39% over the last five trading days [2] - The company has reported a revenue of 476 million CNY for the first nine months of 2025, a year-on-year decrease of 13.64%, while the net profit attributable to shareholders was -43.35 million CNY, an increase of 11.30% year-on-year [3] Company Overview - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and was listed on December 28, 2022 [2] - The company specializes in the research, production, and sales of small and medium-sized display panels, focusing on providing customized display system solutions [2] - The revenue composition includes: electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 12.49% to 7,053, while the average circulating shares per person increased by 14.28% to 33,736 shares [3] - The company has distributed a total of 29.7 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Minsheng Jia Yin Continuous Growth Mixed Fund and Penghua Preferred Growth Mixed Fund, with new entries from several other funds [4]

Core Viewpoint - Qingyue Technology's stock has experienced significant volatility, with a year-to-date decline of 20.54% and a recent drop of 2.01% on November 12, 2023, indicating potential concerns among investors [1][2]. Financial Performance - For the first nine months of 2025, Qingyue Technology reported a revenue of 476 million yuan, a year-on-year decrease of 13.64%, while the net profit attributable to shareholders was -43.35 million yuan, reflecting a growth of 11.30% compared to the previous period [3]. - The company has distributed a total of 29.7 million yuan in dividends since its A-share listing [4]. Stock Market Activity - The stock has seen a trading volume of 37.79 million yuan with a turnover rate of 2.30% as of November 12, 2023, and a net outflow of 1.13 million yuan in principal funds [1]. - Qingyue Technology has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 3, 2023, where it recorded a net buy of -3.29 million yuan [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 12.49% to 7,053, while the average circulating shares per person increased by 14.28% to 33,736 shares [3]. - Notable institutional shareholders include Minsheng Jia Yin Continuous Growth Mixed A and Penghua Preferred Growth Mixed A, with the latter being a new entrant among the top ten circulating shareholders [4]. Business Overview - Qingyue Technology, established on December 30, 2010, specializes in the research, production, and sales of small and medium-sized display panels, focusing on personalized display system solutions [2]. - The company's revenue composition includes electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2].

Core Insights - The company Qingyue Technology has recently faced regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to allegations of false financial reporting [3] - As of November 10, the company recorded a financing buy-in of 5.53 million yuan, with a current financing balance of 55.94 million yuan, representing 3.42% of its market capitalization, which is below the historical 40th percentile level [2] Group 1 - On October 31, Qingyue Technology received a notice of investigation from the CSRC for suspected false records in periodic reports and financial data [3] - Affected investors who purchased shares between the IPO and October 31, 2025, may be eligible for compensation [3] - The company reported a total of 21 bids for projects and holds 41 trademark registrations [6] Group 2 - The company raised 824 million yuan through its initial public offering (IPO), with a net amount of 735 million yuan after deducting issuance costs [4] - As of June 30, 2025, the company has utilized 511 million yuan of the raised funds, leaving a balance of 239 million yuan [5]

Core Viewpoint - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected financial data inflation in periodic reports, leading to significant stock price fluctuations [1][2]. Financial Performance - Before its IPO, Qingyue Technology showed steady revenue growth, with a revenue increase from 14.33% in 2020 to 50.4% in 2022. However, post-IPO, the revenue growth plummeted by 36.69% in 2023, marking the first loss in its history [2][3]. - The company's total revenue for 2023 is projected at 4.76 billion, a 13.64% decrease year-on-year, with a net loss of approximately 433.5 million [21][22]. Dependency on Han Shuo Technology - Post-IPO, Qingyue Technology became heavily reliant on Han Shuo Technology, with sales to Han Shuo increasing from 13.22% of total revenue in 2020 to 70.13% in 2022, followed by a decline in 2023 [4][6]. - Sales figures to Han Shuo from 2020 to 2024 were 0.66 billion, 2.58 billion, 7.12 billion, 4.64 billion, and 4.64 billion, respectively, indicating significant volatility [4]. Gross Margin Issues - The company's gross margin has seen drastic fluctuations, dropping from around 30% pre-IPO to as low as 3% post-IPO, with a slight recovery to 7.59% [6][7]. - The electronic paper module segment reported a gross margin of -7.25%, primarily linked to sales to Han Shuo Technology [7]. Tax Audit and Business Authenticity - Qingyue Technology's export trade business is under scrutiny due to a tax audit, questioning the authenticity of its operations. The audit covers the period from November 2020 to November 2023 [9][11]. - The company has received nearly 100 million in tax refunds during 2021 and 2022, coinciding with the peak sales growth to Han Shuo [11][13]. Stock Buyback Plan - In response to the investigation and stock price decline, the company's chairman proposed a share buyback plan amounting to 10 million to 20 million, citing confidence in the company's long-term value [19][22]. - The buyback comes as the lock-up period for major shareholders is nearing its end, raising concerns about potential stock dilution [22].

Core Viewpoint - The relationship between Yeebo International and Qingyue Technology's actual controller, Gao Yudi, is complex, involving financial support for acquiring control and potential issues of fictitious business operations [1][3] Group 1: Financial and Stock Performance - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected financial data falsification, leading to a significant stock price drop of over 30% within two trading days [1] - Yeebo International's stock also fell sharply, with a decline of over 20% on November 3, and a total drop exceeding 35% from October 27 to November 6 [1] Group 2: Corporate Relationships and Transactions - Yeebo International provided financial support to Gao Yudi for acquiring control of Qingyue Technology, including dividend transfers and multiple loans [3][5][6] - The ownership structure of Qingyue Technology has changed multiple times since its establishment in 2010, with Gao Yudi becoming the actual controller in late 2018 [4][9] Group 3: Allegations of Fraud and Business Integrity - Yeebo International and Qingyue Technology are involved in a joint venture that has been implicated in a contract fraud case exceeding 200 million yuan [10][12] - The joint venture, Zaozhuang Ruino Electronic Technology Co., Ltd., has raised questions about the authenticity of its business operations, particularly in light of allegations of financial misconduct involving another listed company, Feikai Materials [10][14]

证券代码：688496 证券简称：清越科技 公告编号：2025-053 苏州清越光电科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事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。 重要内容提示： 会议召开时间：2025 年 11 月 17 日（星期一）16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 11 月 10 日（星期一）至 11 月 14 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@qingyue-tech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 苏州清越光电科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 ...