科威尔技术股份有限公司 关于股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688551 证券简称：科威尔 公告编号：2025-071 重要内容提示： 股东持有股份的基本情况 本次减持计划实施前，科威尔技术股份有限公司（以下简称"公司"）股东合 肥合涂股权投资合伙企业（有限合伙）（以下简称"合涂投资"）持有公司股份 2,590,909 股，占公司总股本的 3.08%；公司股东合肥京坤股权投资合伙企业（有 限合伙）（以下简称"京坤投资"）持有公司股份 2,124,546 股，占公司总股本的 2.53%。合涂投资、京坤投资合计持有公司股份 4,715,455 股，占公司总股本的比 例 5.61%。 上述股份均为公司首次公开发行前取得，且已于 2024 年 3 月 11 日解除限售 并上市流通。 减持计划的实施结果情况 2025 年 9 月 6 日，公司披露了《科威尔技术股份有限公司股东减持股份计 划公告》（公告编号：2025-065）（以下简称"减持计划"），因自身 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6][11]. Core Insights - The company reported a revenue of 370 million yuan for the first three quarters of 2025, a year-on-year decrease of 2.0%, with a net profit of 50 million yuan, down 0.1% year-on-year. However, Q3 2025 showed a revenue increase of 17.9% quarter-on-quarter and 23.8% year-on-year, with net profit rising by 110.4% quarter-on-quarter and 94.1% year-on-year, indicating strong performance in the testing power business despite underperformance in the hydrogen energy sector [4][5]. - The company is actively expanding its presence in the AI testing power sector, having secured small batch orders and completed some deliveries. It is also working on automating testing solutions for leading industry clients [5]. - The hydrogen energy industry is expected to gain momentum during the 14th Five-Year Plan, with national strategic support anticipated, which may lead to improved industry conditions and ongoing policy support [5]. Financial Forecast and Metrics - Revenue projections for 2025-2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted at 70 million yuan, 90 million yuan, and 130 million yuan, leading to price-to-earnings ratios of 52, 38, and 27 times [6][9]. - The company’s gross margin and net margin for the first three quarters of 2025 were 40.8% and 13.9%, respectively, with a notable reduction in sales expense ratio to 11.6% and a slight decrease in R&D expense ratio to 15.3% [4][6].

Group 1 - The announcement pertains to a change in shareholder equity that has reached a 1% threshold, with the controlling shareholders reducing their stake in the company [2][3] - The shareholders involved are Hefei Hetu Equity Investment Partnership and Hefei Jingkun Equity Investment Partnership, which are employee stock ownership platforms, and their actions are consistent with a previously disclosed reduction plan [2][3] - Following the equity change, the combined shareholding of the aforementioned shareholders and their concerted action party, Mr. Fu Shitao, decreased from 31.56% to 30.66%, involving a total reduction of 752,468 shares [2][3] Group 2 - The reduction in shareholding does not trigger a mandatory tender offer, and the controlling shareholder's direct shareholding remains unchanged, ensuring no significant impact on the company's governance structure or ongoing operations [3][4] - The company will continue to monitor compliance with reduction regulations and will provide timely updates to investors regarding any relevant information [4]

Group 1 - The core transaction on October 24 involved a block trade of 552,500 shares of Kewell, amounting to 20.7452 million yuan, with a transaction price of 37.55 yuan, representing a discount of 10.19% compared to the closing price of the day [2][4] - In the last three months, Kewell has recorded a total of six block trades, with a cumulative transaction amount of 65.8943 million yuan [3] - Kewell's closing price on the day of the transaction was 41.81 yuan, reflecting an increase of 1.23%, with a daily turnover rate of 1.74% and a total transaction amount of 60.9886 million yuan [3] Group 2 - The net inflow of main funds for Kewell on that day was 1.6435 million yuan, while over the past five days, the stock has increased by 7.76%, with a total net outflow of 36.4139 million yuan [3] - The latest margin financing balance for Kewell is 133 million yuan, which has increased by 5.1103 million yuan over the past five days, representing a growth rate of 3.99% [4] - Kewell Technology Co., Ltd. was established on June 3, 2011, with a registered capital of 84.070709 million yuan [4]

Core Insights - On October 24, a block trade of 552,500 shares of Kewell was executed, amounting to 20.7452 million yuan, which accounted for 25.38% of the total trading volume for the day [1][2] - The transaction price was 37.55 yuan, representing a discount of 10.19% compared to the market closing price of 41.81 yuan [1] Summary by Categories Trading Activity - The block trade involved 552,500 shares of Kewell, with a total transaction value of 20.7452 million yuan [1][2] - The trade price was set at 37.55 yuan per share, which is lower than the market closing price [1] Market Impact - The block trade constituted 25.38% of the total trading volume on that day, indicating significant market activity [1]

Core Viewpoint - The company Kewell (688551.SH) announced a reduction in shareholding by major shareholders, which may indicate a shift in investor sentiment or strategy [1] Group 1: Shareholding Changes - Kewell received a notice from shareholders Houtu Investment and Jingkun Investment regarding a change in equity on October 24, 2025 [1] - A total of 752,468 shares were reduced through after-hours fixed-price trading and block trading, with Houtu Investment reducing 552,468 shares and Jingkun Investment reducing 200,000 shares [1] - Following this equity change, the combined shareholding percentage of Houtu Investment, Jingkun Investment, and their concerted action person, Mr. Fu Shitao, decreased from 31.56% to 30.66%, marking a change that touches the 1% threshold [1]

证券代码：688551 证券简称：科威尔 公告编号：2025-070 科威尔技术股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 合肥合涂股权投资合伙企业（有限合伙）、合肥京坤股权投资合伙企业（有限 合伙）及其一致行动人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。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少□√ | | --- | --- | --- | | 权益变动前合计比例 | 31.56% | | | 权益变动后合计比例 | 30.66% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ 否□√ | | | 是否触发强制要约收购义务 | 是□ 否□√ | | 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 投资者及其一致行动人的身份 □√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 □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______________（请注明） | | □√ | 控股股 ...

Group 1: OSL Group - OSL Group is currently the only publicly listed licensed virtual asset exchange in Asia, benefiting from a rare licensing barrier and diversified product expansion, which provides a first-mover advantage [1][3] - The company is expected to achieve profitability for the first time in 2024 since its strategic shift to the digital asset industry in 2018, with net profits projected to be -0.66/-0.12/0.20 million HKD for 2025-2027 [2][24] - OSL has obtained dual licenses from the Hong Kong Securities and Futures Commission (SFC) and Anti-Money Laundering Ordinance (AMLO), ensuring compliance and regulatory framework for its operations [3][25] - The company is accelerating global expansion through acquisitions in Japan and Europe, which is expected to drive significant revenue growth [3][25] - A strategic investment of up to 30 million USD in the PayFi ecosystem is planned to enhance payment services, which will be a key focus area for the company in the coming years [4][26] Group 2: Chengde Lululemon - Chengde Lululemon reported a significant revenue recovery in Q3, with a year-on-year growth of 8.91%, although the increase in sales expenses offset the gross margin expansion [5][6] - The company is focusing on the launch of new products, particularly the Lululemon plant-based health water series, which is expected to enhance brand competitiveness and capture market demand [7] - The market for traditional health water is projected to grow significantly, with an expected market size of 30 billion RMB in 2024, indicating a favorable environment for the company's new product line [7] Group 3: GCL Technology - GCL Technology's photovoltaic materials business turned profitable in Q3 2025, with an estimated profit of approximately 9.6 billion RMB, marking a significant recovery [8][34] - The company is expected to achieve net profits of -13.81/13.17/20.55 billion RMB for 2025-2027, reflecting a positive outlook for future profitability [8][34] - The company is benefiting from a reduction in competition and a focus on core business areas, which is expected to enhance its operational efficiency [8][34]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Company Reductions - The major shareholder of Hu Silicon Industry plans to reduce its stake by no more than 2% [1] - The controlling shareholder of Lichip Micro intends to reduce its stake by no more than 3% [1] - Guo Keyun from Yunlu Co. plans to reduce his stake by no more than 3% [1] - Shareholder Li Aizhen from Power Diamond intends to reduce his stake by no more than 3% [1] - Hongzhan Real Estate plans to reduce its stake in Guo New Energy by no more than 2.07% [1] - Bohai Information Industry Fund has collectively reduced its stake in Leshan Electric Power by 0.8590% [1] Shareholder Reductions - Zhu Shidong plans to reduce his stake in Ningbo Yunsheng by no more than 111,800 shares [1] - He Tu Investment and Jing Kun Investment collectively plan to reduce their stake in Kewell by 620,300 shares [1] - Synth International has reduced its stake in Wanhua Chemical by a total of 16,469,600 shares [1] - Shuntai Zonghua has reduced its stake in Weier Pharmaceutical by 1% [1] - Junjie Investment has reduced its stake in Fuke Environmental Protection by a total of 2,813,300 shares [1] - Ping An Life and its concerted parties have cumulatively reduced their stake in Huaxia Happiness by 0.20% [1] - Shareholder Tie Xiaorong has reduced his stake in Xinghuo Technology by a total of 19,120,000 shares [1] Other Information - Independent director Han Fang of Jiatou Energy has been unreachable [1] - Rejing Bio reported a net loss of 109 million yuan in the first three quarters [1]