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 ...

Core Viewpoint - Qingyue Technology's stock has experienced significant declines this year, with a 21.70% drop year-to-date and a 30.32% decline over the past 60 days, indicating potential challenges in the market [2][3]. Company Overview - Qingyue Technology, established on December 30, 2010, and listed on December 28, 2022, is located in Kunshan, Jiangsu Province. The company 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]. Financial Performance - For the period from January to September 2025, Qingyue Technology reported a revenue of 476 million yuan, a year-on-year decrease of 13.64%. The net profit attributable to the parent company was -43.35 million yuan, reflecting a year-on-year increase of 11.30% [3]. - As of September 30, 2025, the company had a total of 7,053 shareholders, a decrease of 12.49% from the previous period, while the average circulating shares per person increased by 14.28% [3]. Stock Market Activity - On November 6, Qingyue Technology's stock rose by 2.13%, reaching 6.71 yuan per share, with a trading volume of 97.1 million yuan and a turnover rate of 6.13%. The total market capitalization stood at 3.02 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 3, where it recorded a net buy of -3.29 million yuan [2]. Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included several institutional investors, with Minsheng Jia Yin Continuous Growth Mixed A being the fourth largest shareholder, increasing its holdings by 695,900 shares [4].

Core Viewpoint - The company, Qingyue Technology, announced a proposal for a share buyback initiated by its chairman, general manager, and actual controller, Gao Yudi, to enhance investor confidence and support long-term development [2]. Summary by Relevant Sections Share Buyback Proposal - The proposal was made on November 4, 2025, and aims to use self-owned funds to repurchase part of the company's issued A-shares [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentive plans, with a transfer period of three years post-buyback [2]. - The buyback will be conducted through the Shanghai Stock Exchange, with a total fund allocation between RMB 10 million and RMB 20 million [2]. Compliance and Legal Considerations - Gao Yudi has not engaged in buying or selling the company's shares in the six months prior to the proposal [3]. - There are no current plans for additional share purchases or sales during the buyback period, and any future plans will comply with legal disclosure requirements [4]. - The buyback plan is subject to regulatory approval and may face uncertainties [4]. Regulatory Issues - On October 31, the company received a notice from the China Securities Regulatory Commission regarding an investigation into potential false financial reporting [4]. - Investors who suffered losses due to inaccurate disclosures from the company can seek compensation if they held shares during the specified period [5]. Company Background - Qingyue Technology was established in 2010 and is located in Suzhou, Jiangsu Province [6].

Core Points - The company, Suzhou Qingyue Optoelectronics Technology Co., Ltd., announced a share buyback proposal initiated by its chairman and actual controller, Gao Yudi, to enhance investor confidence and establish a long-term incentive mechanism [2][3] - The total amount allocated for the buyback is set between 10 million to 20 million RMB, funded entirely by the company's own resources, with a buyback period of 12 months from the board's approval [2][3] - The shares repurchased must be transferred within three years post-buyback completion, or they will be canceled if not transferred within the stipulated time [2] Buyback Proposal Details - Gao Yudi expressed confidence in the company's future development and aims to protect the interests of investors, particularly small and medium-sized investors [3] - There have been no share transactions by Gao Yudi in the past six months, and there are currently no plans for share increases or decreases during the buyback period [3] - The company will develop a feasible buyback plan and comply with relevant approval procedures and disclosure obligations [3]

Core Viewpoint - Qingyue Technology (688496) is facing a significant decline in stock price due to allegations of false financial data reporting, prompting the chairman to propose a share buyback to restore investor confidence [1] Group 1: Share Buyback Proposal - The chairman, Gao Yudi, proposed a share buyback with a total funding amount not less than 10 million yuan (approximately 1.4 million USD) and not exceeding 20 million yuan (approximately 2.8 million USD) [1] - The buyback will be funded by the company's own funds and will be used entirely for employee stock ownership plans or equity incentives, with a commitment to transfer the shares within three years after the buyback is completed [1] - The rationale behind the buyback is Gao Yudi's confidence in the company's future stable development and recognition of its long-term value [1] Group 2: Stock Performance - On November 5, Qingyue Technology's stock opened slightly lower but then experienced fluctuations, eventually rising over 4% during the trading session [1] - As of the report, the stock price increased by 2.04%, reaching 6.5 yuan per share, with a total market capitalization of 2.93 billion yuan (approximately 410 million USD) [1]

Group 1 - On November 5, a total of 50 companies announced 51 stock repurchase-related updates [1] - One company proposed a stock repurchase plan, while two companies disclosed their repurchase plans for the first time [1] - 33 companies reported progress on their stock repurchase implementations, and 15 companies completed their repurchase plans [1] Group 2 - The shareholder of Qingyue Technology proposed to repurchase shares not exceeding 20 million yuan [1] - Huaron Co. and Fuanna plan to repurchase shares not exceeding 80 million yuan and 849,800 yuan, respectively [1] - Midea Group, Runze Technology, and China National Foreign Trade Transportation Group reported the highest repurchase amounts, with 8.065 billion yuan, 558 million yuan, and 475 million yuan, respectively [1] Group 3 - Xueda Education, Jack Technology, and Jinjing Technology completed the highest repurchase amounts, totaling 149 million yuan, 131 million yuan, and 100 million yuan, respectively [1]

Core Viewpoint - Qingyue Technology announced a plan to repurchase its A-shares using its own funds, indicating confidence in its financial position and future prospects [1] Summary by Categories Company Announcement - On November 4, Qingyue Technology released an announcement regarding the repurchase of its issued ordinary shares [1] - The proposal was made by the chairman, general manager, and actual controller, Gao Yudi [1] Financial Details - The total amount allocated for the repurchase will be no less than 10 million yuan and no more than 20 million yuan [1] - The repurchase price will not exceed 150% of the average trading price of the company's shares over the 30 trading days prior to the repurchase resolution [1]

Core Insights - On November 4, six A-share listed companies disclosed share buybacks, including Huakai Yibai, Midea Group, and Ningde Times [1] - Seventeen A-share listed companies announced share reductions, including Yinghe Technology and Tianhe Solar [1] Buyback Summary - Huakai Yibai: Director Zhuang Junchao plans to buy back at least 30 million yuan worth of shares [2] - Midea Group: Has repurchased A-shares totaling 9.575 billion yuan [2] - Qingyue Technology: Actual controller Gao Yudi proposed a buyback of 10 million to 20 million yuan [2] - Shenzhen Ruijie: Obtained a commitment letter for a special loan for stock buyback [2] - Ningde Times: As of October 31, has repurchased 15.9908 million shares for a total amount of 4.386 billion yuan [2] - Huarong Co.: Plans to buy back shares worth 40 million to 125 million yuan [2] Reduction Summary - Yinghe Technology: Director Wang Jun plans to reduce holdings by no more than 2,700 shares [2] - Shenzhou Information: Shareholder Shen Chang Technology has completed the reduction of 9.5 million shares [2] - Tianhe Solar: Youze Venture Capital reduced holdings by 12.4749 million shares from September 5 to November 3 [2] - Hongbai New Materials: Shareholder Xinyu Baolong plans to reduce no more than 3% of shares [2] - Guobo Electronics: Shareholder Zhongdian Ke Guomi plans to reduce no more than 2% of shares [2] - Aorite: Shareholder Tiantai Boren plans to reduce no more than 0.25% of shares [2] - Yinuosi: Shareholder Zhangjiang Biomedical Base plans to transfer 4.2294 million shares, accounting for 3% of total equity [2] - Founder Securities: Third-largest shareholder China Cinda plans to reduce no more than 1% of shares [2] - Nine Company: Depository receipt holders plan to reduce no more than 0.04% of depository receipts [2] - Ningbo Zhongbai: Shareholder Zhang Jiangbo plans to reduce no more than 1% of shares [2] - Fudan Zhangjiang: Shareholder Yang Zongmeng plans to reduce no more than 1% of shares [2] - Liqun Co.: Director and executive Hu Peifeng plans to reduce no more than 0.08% of shares [2] - Suli Co.: Shareholder Jiesheng Investment plans to reduce no more than 0.48% of shares [2] - Shengkong Co.: Shareholder More Light plans to reduce no more than 2% of shares [2] - Ruihua Tai: Shareholder Hangke New Century plans to reduce no more than 1% of shares [2] - Shentong Technology: Directors Wang Huan and Zhou Baocong plan to reduce no more than 0.0473% of shares [2] - Huapei Niuwu: Shareholder Guoshou Chengda plans to reduce no more than 2% of shares [2]