Market Overview - The black home appliance sector experienced a slight increase of 0.02% on November 12, with Hisense leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Hisense Visual (600060) closed at 26.46, up 3.76% with a trading volume of 214,300 shares and a turnover of 562 million yuan [1] - Other notable stocks include: - XGIMI Technology (688696) at 117.80, up 3.44% [1] - Skyworth Digital (000810) at 12.54, down 0.71% [1] - Sichuan Changhong (600839) at 9.96, down 0.80% [1] Capital Flow - The black home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 127 million yuan [1] - The detailed capital flow for key stocks includes: - Hisense Visual had a net outflow of 46.48 million yuan from institutional investors [2] - XGIMI Technology experienced a net outflow of 24.99 million yuan from institutional investors [2] - Sichuan Changhong faced a significant net outflow of 102 million yuan from institutional investors [2]

Market Overview - On November 11, the black home appliance sector experienced a slight decline of 0.04% compared to the previous trading day, with *ST Gauss leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the black home appliance sector included: - Jiulian Technology (688609) with a closing price of 10.18, up 3.35% [1] - Sichuan Jiuzhou (000801) with a closing price of 16.30, up 2.52% [1] - Conversely, *ST Gauss (002848) closed at 7.71, down 1.41%, marking a significant decline [1] Capital Flow - The black home appliance sector saw a net outflow of 206 million yuan from institutional investors, while retail investors contributed a net inflow of 60.79 million yuan [1] - Specific stock capital flows included: - Sichuan Jiuzhou (000801) with a net inflow of 43.59 million yuan from institutional investors [2] - Jiulian Technology (688609) with a net inflow of 29.86 million yuan from institutional investors [2] - *ST Gauss (002848) experienced a net outflow of 5.23 million yuan from institutional investors [2]

Core Viewpoint - The A-share market has seen a rise in certain CPO concept stocks, indicating positive market sentiment in this sector [1] Group 1: Stock Performance - Shijia Photon has increased by over 11% [1] - Yongding Co. has risen by 7% [1] - Changxin Bochuang has gained over 6% [1] - Jiulian Technology and Kechuan Technology have both increased by over 4% [1] - Guangku Technology and Robotec have both risen by over 3% [1]

Core Viewpoint - Jiulian Technology announced plans to acquire 51% of Chengdu Nengtong Technology Co., Ltd. in a cash transaction, aiming for control over the target company. This transaction is classified as a significant asset restructuring under relevant regulations [1]. Group 1: Transaction Details - The acquisition will be conducted entirely in cash, with no issuance of shares or change in control for the company [1]. - The transaction does not constitute a related party transaction and is expected to follow the necessary decision-making and approval processes as per laws and the company's articles of association [1]. - The target company has submitted a review application to the relevant national defense and technology departments, which has received preliminary approval for the asset restructuring [1]. Group 2: Due Diligence and Negotiations - As of the announcement date, due diligence work including auditing, evaluation, legal, and financial advisory has not been finalized [1]. - The parties involved have not yet reached an agreement on the core aspects of the transaction, indicating that further communication and negotiation are required [1].

广东九联科技股份有限公司 关于筹划重大资产重组的进展公告 证券代码：688609 证券简称：九联科技 公告编号：2025-056 2025 年 6 月 17 日 ， 公 司 根 据 相 关 规 定 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露了《广东九联科技股份有限公司关于筹划重大资产重组 的进展公告》（公告编号：2025-034）。 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、准确性和完整性依法承担法律责任。 一、 本次重大资产重组的基本情况 2025 年 7 月 17 日 ， 公 司 根 据 相 关 规 定 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露了《广东九联科技股份有限公司关于筹划重大资产重组 的进展公告》（公告编号：2025-039）。 2025 年 8 月 16 日 ， 公 司 根 据 相 关 规 定 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露了《广东九联科技股份有限公司关于筹划重大资产重组 的进展公告》（公告编号：2025-041）。 广东 ...

Core Insights - The black home appliance sector experienced a 1.34% increase on November 3, with XGIMI Technology leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - XGIMI Technology (688696) closed at 111.89, up 9.04% with a trading volume of 32,600 lots and a transaction value of 352 million [1] - Tongzhou Electronics (002052) rose by 3.37% to 14.74, with a trading volume of 343,400 lots [1] - ST Gauss (002848) increased by 1.88% to 8.15, with a trading volume of less than 39,200 lots [1] - Sichuan Changhong (600839) and Skyworth Digital (000810) both saw a 1.47% increase, closing at 10.33 and 13.80 respectively [1] - Other notable stocks include Feichi Co. (002429) up 0.81% and Jiulian Technology (688609) up 0.49% [1] Capital Flow - The black home appliance sector saw a net inflow of 52.75 million from main funds, while retail funds experienced a net outflow of 37.64 million [1] - Main fund inflows for Sichuan Changhong were negative at -35.79 million, while XGIMI Technology had a positive inflow of 31.84 million [2] - Retail investors showed a significant outflow from XGIMI Technology, totaling -2.56 million [2]

Core Viewpoint - Jiulian Technology is a leading provider of smart terminal products and services in China, focusing on home multimedia information terminals and related solutions, with a strong emphasis on technology development and product customization [1] Group 1: Business Performance - In Q3 2025, Jiulian Technology reported revenue of 1.761 billion yuan, ranking 4th in the industry, below the industry average of 2.439 billion yuan and median of 2.044 billion yuan [2] - The company recorded a net profit of -127 million yuan in the same period, ranking 6th in the industry, significantly lower than the industry average net profit of 68.2318 million yuan and median of 79.4387 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jiulian Technology's debt-to-asset ratio was 73.51%, slightly up from 73.33% year-on-year, and significantly higher than the industry average of 51.32% [3] - The gross profit margin for Q3 2025 was 10.56%, down from 11.82% year-on-year and below the industry average of 23.05% [3] Group 3: Executive Compensation - The chairman and general manager, Zhan Qijun, received a salary of 848,500 yuan in 2024, a decrease of 87,700 yuan compared to 936,200 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Jiulian Technology was 20,600, a decrease of 5.06% from the previous period; the average number of circulating A-shares held per shareholder increased by 5.33% to 24,300 [5]

Core Insights - The black home appliance sector saw a rise of 0.73% on October 31, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - *ST Gauss closed at 8.00, up 2.56% with a trading volume of 45,500 shares and a turnover of 36.18 million yuan [1] - Other notable performers include: - Chuangwei Digital: closed at 13.60, up 2.56% with a trading volume of 231,100 shares [1] - Hisense Visual: closed at 24.78, up 2.19% with a trading volume of 165,500 shares [1] - Sichuan Jiuzhou: closed at 15.32, up 1.46% with a trading volume of 151,900 shares [1] - Jiu Lian Technology: closed at 10.12, up 1.30% with a trading volume of 125,600 shares [1] - Sichuan Changhong: closed at 10.18, up 0.99% with a trading volume of 854,600 shares [1] - Other stocks showed mixed results, with some experiencing declines [1] Capital Flow - The black home appliance sector experienced a net outflow of 6.06 million yuan from institutional investors and 61.07 million yuan from retail investors, while individual investors saw a net inflow of 67.13 million yuan [1] - Notable capital flows include: - Sichuan Changhong: net inflow of 62.17 million yuan from institutional investors [2] - Hisense Visual: net inflow of 47.43 million yuan from institutional investors [2] - Chuangwei Digital: net inflow of 15.56 million yuan from institutional investors [2] - *ST Gauss: net inflow of 7.67 million yuan from institutional investors [2] - Other companies like Extreme Technology and Tongzhou Electronics saw significant net outflows from institutional investors [2]

Market Overview - The black home appliance sector experienced a decline of 2.16% on October 30, with Sichuan Jiuzhou leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable stock performances in the black home appliance sector included: - Jiulian Technology (688609) rose by 1.63% to a closing price of 66.6 [1] - Sichuan Jiuzhou (000801) fell by 4.25% to a closing price of 15.10 [1] - Tongzhou Electronics (002052) saw a decline of 3.73% to a closing price of 15.21 [1] - The trading volume and turnover for key stocks were significant, with Sichuan Changhong (600839) recording a turnover of 946 million [1] Capital Flow - The black home appliance sector saw a net outflow of 374 million from main funds, while retail investors contributed a net inflow of 223 million [1] - The capital flow for individual stocks indicated: - Jiulian Technology had a net inflow of 3.55 million from main funds [2] - Sichuan Jiuzhou experienced a significant net outflow of 66.24 million from main funds [2] - Creative Digital (000810) had a net outflow of 31.78 million from main funds [2]

Core Viewpoint - The announcement emphasizes the integrity and accuracy of the financial report for the third quarter of 2025, ensuring that there are no false records or misleading statements [2][8]. Financial Data Summary - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the documents [3][4]. - The company confirms that there were no significant changes in the financial indicators compared to previous periods [5]. Board Meeting Details - The sixth meeting of the sixth board of directors was held on October 27, 2025, with all seven directors present, complying with relevant laws and regulations [9]. - The board unanimously approved the proposal regarding the third quarter report, with a voting result of 7 in favor and no opposition [10][11].