Core Viewpoint - Qingyue Technology has received a warning letter from the Jiangsu Securities Regulatory Bureau due to multiple financial violations, raising concerns about its financial practices and performance since its IPO [1][2]. Financial Violations - The company misused raised funds by transferring them to a general settlement account for purchasing bank wealth management products in 2023 [1]. - Financial accounting for the CTP+OLED product trade business was not compliant, as the company incorrectly used the gross method instead of the net method, leading to a revenue and cost adjustment of 13.67 million yuan for Q3 2023 [1]. - An undisclosed related party transaction occurred with Zaozhuang Hongyuan Construction Engineering Company, controlled by the actual controller's relative, involving a payment of 3.63 million yuan, which was not reported in the 2023 semi-annual report [1]. Financial Performance - Qingyue Technology's revenue decreased significantly post-IPO, with reported revenues of 1.044 billion yuan in 2022, 661 million yuan in 2023, and an estimated 753 million yuan in 2024 [2]. - The company experienced a net profit decline, with net profits of 30 million yuan in 2022, a loss of 133 million yuan in 2023, and a projected loss of 78 million yuan in 2024 [2]. - The gross margin plummeted to 3% in 2023, improved to 8.7% in 2024, but remained below 2022's 18.35% and significantly lower than previous years [2]. Strategic Measures - The company is attempting to improve performance through market expansion and new customer development, alongside enhancing collection efforts and optimizing internal management to reduce expenses [3]. - Accounts receivable days have shown some improvement, with 61.53 days in 2022, 102 days in 2023, and 80.55 days in 2024, although still not back to 2022 levels [3]. - The first quarter of 2025 saw a revenue increase of 4.83% year-on-year to 171 million yuan, but the net loss expanded by 70% to 17 million yuan [3].

Group 1 - Company received a warning letter from Jiangsu Securities Regulatory Bureau due to three violations: improper use of raised funds, incorrect financial accounting for CTP+OLED products, and undisclosed related party transactions [2] - In 2023, the company misused raised funds by transferring them to a general settlement account to purchase bank wealth management products [2] - The financial accounting for CTP+OLED products was incorrectly recorded using the gross method instead of the net method, leading to a revenue and cost adjustment of 13.67 million yuan for Q3 2023 [2] Group 2 - Company reported significant revenue decline post-IPO, with revenues of 1.04 billion yuan in 2022, 661 million yuan in 2023, and projected 753 million yuan in 2024 [3] - The core reasons for continuous losses include weak demand in the consumer electronics market and intensified competition, resulting in declining product prices and increased inventory losses [3] - The gross margin dropped to 3% in 2023, improved to 8.7% in 2024, but still significantly lower than 18.35% in 2022 [3] Group 3 - Company is attempting to improve performance through cost-cutting and revenue-generating strategies [4] - Efforts include expanding market reach, increasing new customer development, and enhancing internal management to reduce various expenses [5] - Accounts receivable days improved from 102 days in 2023 to 80.55 days in 2024, while sales and management expense ratios showed slight improvements but remain below 2022 levels [5] Group 4 - In Q1 2025, the company reported revenue of 171 million yuan, a year-on-year increase of 4.83%, but continued to incur a net loss of 17 million yuan, a 70% increase in losses compared to the previous year [5]

Core Viewpoint - Qingyue Technology has faced regulatory scrutiny from Jiangsu Securities Regulatory Bureau due to three main issues: improper use of raised funds, non-compliance in financial accounting for new business, and undisclosed related party transactions [1] Group 1: Regulatory Issues - Qingyue Technology misused raised funds by transferring them to a general settlement account to purchase bank wealth management products in 2023 [1] - The company incorrectly recognized revenue for its CTP + OLED product trading business, reporting on a gross basis instead of a net basis, leading to a revenue and cost adjustment of 13.67 million yuan in the Q3 2023 report [1] - A related party transaction with Zaozhuang Hongyuan Construction Engineering Company, controlled by the chairman's relative, was not disclosed in the 2023 semi-annual report, involving a payment of 3.63 million yuan [1] Group 2: Management Accountability - The chairman and general manager, Gao Yudi, along with the board secretary and CFO, Zhang Xiaobo, are primarily responsible for the violations of information disclosure regulations [1] Group 3: Financial Performance - In the 2024 annual report, Qingyue Technology reported an operating income of 753 million yuan, a year-on-year increase of 13.96%, while the net profit attributable to shareholders was -69.49 million yuan, reflecting a 41.07% increase in losses [5] - The company's basic earnings per share were reported at -0.15 yuan [5] Group 4: Company Background - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and specializes in the R&D, production, and sales of small and medium-sized display panels [5]

Core Viewpoint - Qingyue Technology received a warning letter from the Jiangsu Securities Regulatory Bureau due to multiple regulatory violations related to fundraising and financial reporting practices [1][2][3] Group 1: Regulatory Violations - The company misused raised funds by transferring them to a general settlement account to purchase bank wealth management products in 2023 [2] - The financial accounting for the CTP+OLED product trading business was not compliant, as the company reported revenue using the gross method instead of the net method, leading to a correction of 13.67 million yuan in the third quarter report of 2023 [2][3] - An undisclosed related party transaction occurred with Zaozhuang Hongyuan Construction Engineering Company, controlled by a close relative of the company's actual controller, involving a payment of 3.63 million yuan for engineering contracts [2][3] Group 2: Consequences and Company Background - The violations led to a warning letter being issued to Qingyue Technology, its chairman Gao Yudi, and secretary Zhang Xiaobo, which will be recorded in the securities market integrity archive [3] - Qingyue Technology went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 28, 2022, raising a total of 824.4 million yuan, with a net amount of 734.95 million yuan after expenses [3][4] - The company has reported losses for two consecutive years, with net profits of -118 million yuan, -69.49 million yuan, and -15.99 million yuan for the first quarters of 2023, 2024, and 2025, respectively [4]

Company Summary - Qingyue Technology (SH 688496) announced a share buyback of approximately 1.63 million shares, representing 0.36% of the total share capital of 450 million shares, with a total expenditure of approximately 12.99 million RMB [1] - The highest buyback price was 9.98 RMB per share, while the lowest was 6.11 RMB per share [1] Revenue Composition - For the year 2024, the revenue composition of Qingyue Technology is as follows: - Electronic paper modules accounted for 70.01% - PMOLED accounted for 18.36% - AMOLED accounted for 3.85% - Other businesses accounted for 3.61% - Silicon-based OLED accounted for 1.69% [1]

Group 1 - The company received a warning letter from the Jiangsu Securities Regulatory Bureau due to several violations, including improper use of raised funds, non-compliance in financial accounting for CTP+OLED product trade, and undisclosed related party transactions [1] - In 2023, the company improperly transferred raised funds to a general settlement account to purchase bank wealth management products [1] - The company recognized revenue for CTP+OLED product trade using the gross method instead of the net method, leading to a correction in the third quarter report, reducing revenue and cost by 13.67 million yuan [1] Group 2 - The company specializes in the research, production, and sales of OLED and other new display devices [2] - In the 2024 annual report, the company achieved operating revenue of 753 million yuan, a year-on-year increase of 13.96%, while the net profit attributable to shareholders was a loss of 69.49 million yuan, which is a reduction in loss by 48.44 million yuan compared to the previous year [2] - In the first quarter of the current year, the company reported total revenue of 172 million yuan, a year-on-year growth of 4.83%, with a net profit loss of 15.99 million yuan, which is an increase in loss compared to 8.00 million yuan in the same period last year [2]

Core Viewpoint - Suzhou Qingyue Optoelectronics Technology Co., Ltd. received a warning letter from the Jiangsu Securities Regulatory Bureau due to violations related to fundraising, financial accounting, and undisclosed related party transactions [1][2][3] Group 1: Violations Identified - The company misused raised funds by transferring them to a general settlement account to purchase bank wealth management products in 2023 [1] - The financial accounting for the newly added CTP+OLED product trading business was not compliant, as the company recognized revenue using the gross method instead of the net method, leading to a correction of 13.67 million yuan in the third quarter report [2] - There was an undisclosed related party transaction with Zaozhuang Hongyuan Construction Engineering Company, controlled by a close relative of the company's actual controller, involving a payment of 3.63 million yuan for engineering contracts [2][3] Group 2: Regulatory Actions and Company Response - The violations contravened the regulatory requirements for the management and use of raised funds and information disclosure, with the chairman and financial director held primarily responsible [3] - The Jiangsu Securities Regulatory Bureau issued a warning letter, which will be recorded in the securities and futures market integrity archive, and the company is required to submit a written report within ten working days [3] - The company acknowledged the issues raised in the warning letter and committed to improving compliance, enhancing information disclosure quality, and preventing future occurrences [3][4]

Core Viewpoint - The company, Suzhou Qingyue Optoelectronics Technology Co., Ltd., has announced the progress of its share repurchase plan, which aims to utilize repurchased shares for employee stock ownership plans or equity incentives, with a total repurchase amount expected between 10 million to 20 million RMB [1][2]. Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on August 29, 2024, and the implementation period is from August 27, 2024, to August 26, 2025 [1]. - The expected repurchase amount is between 10 million RMB and 20 million RMB [1]. - The repurchase is intended for employee stock ownership plans or equity incentives, rather than reducing registered capital [1]. Progress of Share Repurchase - As of July 31, 2025, the company has repurchased a total of 1,631,343 shares, which represents 0.36% of the total share capital of 450 million shares [2]. - The total amount spent on the repurchase is 12.99 million RMB, with the highest repurchase price being 9.98 RMB per share and the lowest being 6.11 RMB per share [2]. Compliance and Disclosure - The company will strictly adhere to the relevant regulations regarding share repurchase and will make timely disclosures regarding the progress of the repurchase [3].

Core Viewpoint - Qingyue Technology (688496) received a warning letter from Jiangsu Securities Regulatory Bureau due to multiple violations including improper use of raised funds, non-standard financial accounting for CTP+OLED product trade, and undisclosed related party transactions [1][2] Group 1: Violations - The company improperly transferred raised funds to a general settlement account to purchase bank wealth management products in 2023 [1] - For the CTP+OLED product trade, the company recognized revenue using the gross method instead of the net method, leading to a revenue and cost adjustment of 13.67 million yuan in the third quarter report [1] - Related party transactions with Zaozhuang Hongyuan Construction Engineering Company, controlled by a close relative of the actual controller, were not disclosed in the 2023 semi-annual report despite a payment of 3.63 million yuan [1] Group 2: Regulatory Response - Jiangsu Securities Regulatory Bureau stated that the company's actions violated multiple regulations including the Management and Use of Raised Funds and Information Disclosure Management Measures [2] - The chairman and general manager, Gao Yudi, along with the board secretary and financial director, Zhang Xiaobo, are held primarily responsible for the disclosure violations [2] Group 3: Company Performance - Qingyue Technology reported a revenue of 753 million yuan for 2024, a year-on-year increase of 13.96%, while the net profit attributable to shareholders was a loss of 69.49 million yuan, an improvement of 48.44 million yuan compared to the previous year [2] - In the first quarter of this year, the company achieved total revenue of 172 million yuan, a year-on-year growth of 4.83%, with a net loss of 15.99 million yuan, which is a decrease in loss compared to 8.00 million yuan in the same period last year [2]

Group 1 - The company Qingyue Technology (688496.SH) announced a share buyback program, having repurchased a total of 1.6313 million shares, which represents 0.36% of its total share capital [1] - The highest price paid for the repurchased shares was 9.98 CNY per share, while the lowest price was 6.11 CNY per share [1] - The total amount spent on the share buyback was 12.9901 million CNY, excluding transaction fees such as stamp duty and trading commissions [1]