2025 年 11 月 30 日 中小盘研究团队 控制权交易浪潮迭起，关注明星企业和产业资本买家 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周观点：控制权交易浪潮迭起，关注一级明星企业和大型产业资本买家 整体情况："并购六条"后控制权交易活跃度提升，近四成交易已完成。从整体 市场活跃度看，截至 2025 年 9 月 24 日，"并购六条"落地一年以来累计新披露 控制权交易已达 118 起，数量较"并购六条"前一年实现翻倍以上增长。从交易 进展看，截至 2025 年 9 月 24 日，"并购六条"一年来交易性控制权交易中已完 成的共 46 家次，占比近 4 成。 参与主体：卖方方面，30 亿以下市值公司占比超四成，科创板控制权交易日益 活跃。从市值、板块和企业属性看，标的 ...

Core Viewpoint - The stock of Luopute has shown significant volatility, with a year-to-date increase of 63.54%, but recent trends indicate a decline over the past 20 and 60 days, raising concerns about its short-term performance [2]. Company Overview - Luopute Technology Group Co., Ltd. was established on March 17, 2006, and went public on February 23, 2021. The company is located in Xiamen, Fujian Province, and specializes in social security system solutions, security video monitoring products, and related services [2]. - The company's revenue composition includes 65.68% from social security system solutions, 31.49% from maintenance and other services, and 2.83% from sales of security video monitoring products [2]. Financial Performance - For the period from January to September 2025, Luopute reported a revenue of 144 million yuan, representing a year-on-year growth of 28.54%. However, the net profit attributable to shareholders was -95.31 million yuan, showing a slight increase of 0.88% year-on-year despite being negative [3]. - As of September 30, the number of shareholders was 8,161, a decrease of 1.98% from the previous period, while the average circulating shares per person increased by 2.02% to 22,722 shares [3]. Stock Performance - As of November 28, Luopute's stock price was 14.31 yuan per share, with a market capitalization of 2.654 billion yuan. The stock experienced a 2.07% increase during the trading session [1]. - The stock has seen a net outflow of 240,800 yuan in principal funds, with no significant large purchases recorded [1]. Dividend Information - Since its A-share listing, Luopute has distributed a total of 24.80 million yuan in dividends, with no dividends paid in the last three years [4].

Emission Standards and Market Opportunities - The upcoming National 7 (国七) emission standards are expected to be the strictest environmental regulations in history, aiming for a significant reduction in pollutants and greenhouse gas emissions[3] - The National 7 standards may be released in 2027 and implemented in 2029, with significant changes for light-duty vehicles and relatively minor changes for heavy-duty vehicles[3] - The value of the exhaust after-treatment system per vehicle is projected to increase by approximately 50% compared to the National 6 (国六) standards, with catalysts, packaging, and electronic control systems accounting for over 80% of this value[4] Market Size and Growth Projections - The overall market size for exhaust after-treatment systems is expected to exceed 100 billion yuan, driven by the new standards[4] - By 2029, the market for commercial vehicles is projected to reach 610.73 thousand units, while hybrid vehicle sales are expected to grow to 721.43 thousand units[22] - The estimated market scale gain from the implementation of the National 7 standards is projected to be 1.27 billion yuan by 2029[22] Beneficiary Companies - Aikelan (艾可蓝) is positioned to benefit from the National 7 standards due to its core technologies in exhaust after-treatment products and ongoing research and development efforts[5] - Zhongzi Technology (中自科技) specializes in exhaust purification catalysts for various internal combustion engines, making it another potential beneficiary of the new standards[5] Market Performance and Trends - This week, the A-share market experienced a general decline, with small-cap indices underperforming compared to large-cap indices[6] - The total trading volume in the A-share market was 6.64 billion shares, with a total transaction value of 932.52 billion yuan, reflecting a decrease in liquidity compared to the previous week[31]

Core Viewpoint - Recently, the establishment of Luopute (Quanzhou) Computer Co., Ltd. has been reported, indicating a strategic move in the data processing and cloud computing sectors [1] Company Summary - Luopute (Quanzhou) Computer Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the new company is Shen Tong [1] - The company's business scope includes data processing and storage support services, big data services, industrial control computer and system manufacturing, and cloud computing equipment manufacturing [1] Ownership Structure - The company is jointly held by Luopute (688619)'s wholly-owned subsidiary Luopute (Shanghai) Technology Co., Ltd. and Inspur Group's subsidiary Inspur Computer Technology Co., Ltd. [1]

Core Viewpoint - The stock of Luopute has experienced a significant increase of 60.91% year-to-date, but has recently faced declines in the short term, with a drop of 6.82% over the last five trading days and 26.97% over the last 60 days [2] Company Overview - Luopute Technology Group Co., Ltd. is located in Xiamen Torch High-tech Zone, Fujian Province, and was established on March 17, 2006, with its listing date on February 23, 2021 [2] - The company specializes in social security system solutions, security video surveillance product development and sales, and maintenance services [2] - The revenue composition is as follows: social security system solutions account for 65.68%, maintenance and other services for 31.49%, and security video surveillance product sales for 2.83% [2] - Luopute is classified under the Shenwan industry as computer-computer equipment-security equipment, and is associated with concepts such as quantum technology, artificial intelligence, edge computing, cybersecurity, and machine vision [2] Financial Performance - As of September 30, the number of shareholders decreased by 1.98% to 8,161, while the average circulating shares per person increased by 2.02% to 22,722 shares [3] - For the period from January to September 2025, Luopute achieved a revenue of 144 million yuan, representing a year-on-year growth of 28.54%, while the net profit attributable to the parent company was -95.31 million yuan, showing a slight increase of 0.88% [3] Stock Performance - On November 20, Luopute's stock price fell by 2.02% to 14.08 yuan per share, with a trading volume of 11.88 million yuan and a turnover rate of 0.45%, resulting in a total market capitalization of 2.611 billion yuan [1] - The net outflow of main funds was 2.31 million yuan, with large orders buying 1.14 million yuan (9.63% of total) and selling 3.46 million yuan (29.10% of total) [1] - Luopute has appeared on the "Dragon and Tiger List" once this year, with the last appearance on June 12, where the net buying on that day was 8.19 million yuan [2]

证券代码：688619 证券简称：罗普特 公告编号：2025-052 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年前三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 会议召开时间：2025 年 12 月 1 日（星期一）9:00-10:00 会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 罗普特科技集团股份有限公司 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： 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 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.ropeok@ropeok.com 进行提问 ...

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

Group 1 - The establishment of Luopute Lzhi Technology (Xiamen) Co., Ltd. has been reported, with Wang Biao as the legal representative [1] - The company's business scope includes the sales and research and development of intelligent robots, as well as investment activities using its own funds [1] - Luopute (688619) holds 100% ownership of the newly established company [1]

Core Insights - The article discusses the deep application of Internet of Things (IoT) technology in the marine sector, aiming to promote the digital and intelligent transformation of the marine economy through "interconnectivity" [1][2] - China's strategic elevation of marine power construction has led to the introduction of various policies to support the development of marine IoT, with a projected industry scale of 84.4 billion yuan in 2024 and expected to exceed 100 billion yuan in 2025 [1][12] - Key players in the industry include major companies like Huawei and ZTE, which dominate the market, while specialized enterprises focus on vertical breakthroughs [1][16] Marine IoT Overview - Marine IoT (Ocean IoT) involves the deployment of sensors, communication devices, and intelligent terminals, combined with cloud computing and big data, to create a real-time perception and decision support network for marine environments [1][2] - The core objective is to achieve full-chain connectivity of marine data, facilitating the transition from traditional development to digital and intelligent operations [1][2] Industry Policies - China has intensified its investment in marine technology and information sectors, with marine IoT being a key vehicle for innovation and industrial upgrading [7][11] - National policies such as the "Digital China Construction Overall Layout Plan" and local initiatives from cities like Qingdao aim to create a favorable environment for marine IoT development [7][11] Industry Chain - The marine IoT industry chain consists of three segments: upstream focuses on sensing and communication infrastructure, midstream involves equipment integration and platform services, and downstream emphasizes diverse application implementations [8][10] - The entire industry chain is evolving through technological breakthroughs and application deepening, forming a complete ecosystem from hardware support to intelligent services [8][10] Current Development Status - The marine IoT industry is experiencing rapid growth, with a market size projected to reach approximately 4.01 trillion yuan in 2024 and 4.55 trillion yuan in 2025, reflecting a year-on-year growth of about 13.7% [10][11] - The industry is transitioning from external growth characterized by "connection scale expansion" to internal development focused on "data value mining" [10][11] Market Size and Forecast - The marine IoT market is expected to reach 84.4 billion yuan in 2024 and is projected to exceed 100 billion yuan in 2025, indicating a robust growth trajectory [12][14] Competitive Landscape - The competitive landscape of the marine IoT industry is characterized by "head concentration, cross-industry penetration, and niche breakthroughs," with major players like Huawei and ZTE leading the market [16] - Companies are primarily concentrated in coastal economic zones, focusing on core scenarios such as smart ports and marine security [16] Future Development Trends - The marine IoT industry is expected to see deep technological integration, expansion of application scenarios, and collaborative industrial ecosystems [17][18] - Future applications will extend from single-point empowerment to full-chain collaboration, integrating marine agriculture, industry, and services [18][19] - The competitive landscape will shift towards ecological collaboration, supported by policies that enhance technology implementation and industry cluster development [19]

Core Points - The stock price of Luopute (维权) has decreased by 2.11% on November 5, trading at 15.80 yuan per share with a total market capitalization of 2.93 billion yuan [1] - Year-to-date, Luopute's stock price has increased by 80.57%, but it has seen a decline of 2.65% over the last five trading days [2] - As of September 30, the number of shareholders for Luopute is 8,161, a decrease of 1.98% from the previous period [3] Financial Performance - For the period from January to September 2025, Luopute achieved a revenue of 144 million yuan, representing a year-on-year growth of 28.54% [3] - The net profit attributable to the parent company for the same period was -95.31 million yuan, showing a slight increase of 0.88% year-on-year [3] - Cumulatively, Luopute has distributed 24.80 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [4] Business Overview - Luopute Technology Group Co., Ltd. is located in Xiamen, Fujian Province, and was established on March 17, 2006, with its listing date on February 23, 2021 [2] - The company's main business involves designing and implementing social security system solutions, developing and selling security video surveillance products, and providing maintenance and other services [2] - The revenue composition of Luopute includes 65.68% from social security system solutions, 31.49% from maintenance and other services, and 2.83% from sales of security video surveillance products [2]