Core Viewpoint - HeXin Instruments (688622.SH) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating ongoing financial challenges for the company [1]. Financial Performance - The company's operating revenue for the first three quarters of 2025 was 70.54 million yuan, a decrease of 52.81% year-on-year [1][2]. - The net profit attributable to shareholders was -36.20 million yuan, with a net profit excluding non-recurring gains and losses of -39.75 million yuan [1][2]. - The net cash flow from operating activities was -6.46 million yuan [1][2]. Historical Context - In 2024, HeXin Instruments reported an operating revenue of 203 million yuan, down 44.70% year-on-year, and a net profit attributable to shareholders of -45.99 million yuan [3]. - The company has consistently reported negative net profits over the past few years, with figures of -63.33 million yuan in 2022 and -96.11 million yuan in 2023 [3]. Initial Public Offering (IPO) Details - HeXin Instruments raised a total of 310 million yuan from its IPO, with a net amount of 273 million yuan after deducting issuance costs [3]. - The company initially planned to raise 326 million yuan, but the final net amount was 53.52 million yuan less than expected [3].

Market Overview - The general equipment sector experienced a decline of 0.21% on November 26, with smart control leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the general equipment sector included: - Wald (688028) with a closing price of 74.90, up 12.72% and a trading volume of 141,800 shares, totaling 1.024 billion yuan [1] - Zhongshun Group (000039) closed at 9.35, up 10.00% with a trading volume of 1,947,400 shares, totaling 1.764 billion yuan [1] - Huashu High-Tech (688433) closed at 62.18, up 7.21% with a trading volume of 74,100 shares, totaling 447 million yuan [1] Decliners - Key decliners included: - Smart Control (002877) with a closing price of 9.45, down 9.91% and a trading volume of 681,500 shares, totaling 657 million yuan [2] - Rongyi Precision (920223) closed at 21.50, down 6.52% with a trading volume of 89,600 shares, totaling 195 million yuan [2] - Huafeng Co. (605100) closed at 43.91, down 5.39% with a trading volume of 84,600 shares, totaling 377 million yuan [2] Capital Flow - The general equipment sector saw a net outflow of 614 million yuan from institutional investors and a net outflow of 119 million yuan from retail investors, while retail investors had a net inflow of 733 million yuan [2] - Specific stock capital flows indicated: - Zhongshun Group (000039) had a net inflow of 47.416 million yuan from institutional investors, while retail investors experienced a net outflow of 18.000 million yuan [3] - Wald (688028) had a net inflow of 96.345 million yuan from institutional investors, with retail investors seeing a net outflow of 78.723 million yuan [3] - Sifangda (300179) had a net inflow of 81.558 million yuan from institutional investors, while retail investors faced a net outflow of 85.899 million yuan [3]

Core Viewpoint - Guangzhou Hexin Instrument Co., Ltd. (referred to as "Hexin Instrument" or "the company") experienced a significant stock price fluctuation, with a cumulative closing price increase of 30% over three consecutive trading days, triggering abnormal trading conditions as per Shanghai Stock Exchange regulations [2][6]. Group 1: Stock Trading Abnormalities - The company's stock price increased by a cumulative 30% over three trading days (November 21, 24, and 25, 2025), indicating abnormal trading activity [2][6]. - The company confirmed that, apart from disclosed information regarding ongoing asset acquisition and fundraising, there are no undisclosed significant matters affecting the stock price [2][7]. Group 2: Financial Performance - As of September 30, 2025, the company reported a revenue of RMB 70.54 million, a decrease of 52.81% compared to the same period last year, and a net loss attributable to shareholders of RMB -36.20 million [3][7]. - The company’s net profit after deducting non-recurring gains and losses was RMB -39.75 million, indicating financial distress [3][7]. Group 3: Industry Context - The target of the company's ongoing asset acquisition, Shanghai Liangxi Technology Co., Ltd., specializes in ultra-low temperature and weak signal measurement equipment, primarily serving domestic universities and research institutions [3]. - The industry is still in the early stages of development, with future growth heavily reliant on policy implementation and industrialization efforts, which are subject to various external factors [3]. Group 4: Market Valuation - As of November 25, 2025, the company's closing price was RMB 125.96 per share, with a latest price-to-earnings ratio of -192.99 and a rolling P/E ratio of -147.84, contrasting sharply with the industry average of 38.71 [4][13]. - The company's stock price has risen significantly more than most peers and major indices, accumulating potential profit-taking risks [4][13].

Group 1 - The closing price of HeXin Instruments (688622) on November 25 was 125.96 CNY, reaching the daily limit up with a trading volume of 4.84 billion CNY and a turnover rate of 5.68% [2] - The stock was listed on the daily trading list due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction amount of 301 million CNY, with a net buying amount of 67.92 million CNY [2] Group 2 - The main capital inflow for the stock was 36.78 million CNY throughout the day [3] - The top buying department was Huatai Securities Headquarters with a buying amount of 98.72 million CNY, followed by the Shanghai-Hong Kong Stock Connect with 42.75 million CNY [3] - The top selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 50.26 million CNY, resulting in a net selling amount of 28.61 million CNY from institutional special seats [3]

证券代码：688622 证券简称：禾信仪器 公告编号：2025-070 广州禾信仪器股份有限公司 股票交易异常波动公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 广州禾信仪器股份有限公司（以下简称 "禾信仪器"或"公司"）股票 交易连续 3 个交易日内（2025 年 11 月 21 日、11 月 24 日、11 月 25 日）收盘价 格涨幅偏离值累计达到 30%，根据《上海证券交易所交易规则》《上海证券交易 所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动。 经公司自查并向公司控股股东、实际控制人核实，截至本公告披露日， 除公司已披露的正在实施的发行股份及支付现金购买资产并募集配套资金暨关 联交易相关信息外，公司不存在其他应披露而未披露的重大信息；未发现前期披 露的信息存在需要更正、补充之处。公司目前日常生产经营情况正常，市场环境、 行业政策等均未发生重大调整。 公司正在实施发行股份及支付现金购买资产并募集配套资金暨关联交易 事项(以下简称"本次交易")，公司本次交易事项尚需经上海证 ...

广州禾信仪器股份有限公司 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。 证券代码：688622 证券简称：禾信仪器 公告编号：2025-069 重要内容提示： 投资者可于 2025 年 11 月 27 日（星期四）至 12 月 03 日（星期三）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 zqb@hxmass.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。 广州禾信仪器股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 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 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 04 日 （星期四）15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心 的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度 的经营成果及财务指标的具体情况与投资者进 ...

Group 1 - The core point of the article highlights the active performance of multiple stocks on the ChiNext and STAR Market, with 10 stocks reaching the "20cm" limit-up, including Pingao Co., which achieved a three-day consecutive limit-up with a total price increase of nearly 72.8% [1][4] - Pingao Co. has seen its stock price rise to 70.58 yuan, marking a historical high, and its year-to-date increase has expanded to 173.04%, outperforming 97.89% of the market stocks [2][3] - The trading volume for Pingao Co. significantly increased, with a total transaction amount of 694 million yuan, which is 7.9 times that of the previous day, setting a new record since its listing [2][3] Group 2 - The financing balance for Pingao Co. has increased by 4.4 million yuan, a growth of nearly 27.21% since November 20, with significant net purchases recorded during its limit-up days [3][6] - The article notes that 139 stocks on the ChiNext and STAR Market have recorded limit-up performances this year, with a notable concentration in the machinery, computer, pharmaceutical, and basic chemical sectors, collectively accounting for over 51% [7][9] - In the North Exchange, 24 stocks have also shown limit-up performances this year, primarily in the machinery and computer sectors, with machinery stocks making up 45.8% of the total [9][11]

Core Insights - The general equipment sector experienced a rise of 0.98% on November 25, with HeXin Instruments leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - HeXin Instruments (688622) saw a significant increase of 20.00%, closing at 125.96 with a trading volume of 40,100 shares and a transaction value of 484 million [1] - Aerospace Power (600343) rose by 10.00%, closing at 21.78 with a trading volume of 861,100 shares [1] - Fenglong Co., Ltd. (002931) increased by 9.99%, closing at 19.05 with a trading volume of 151,600 shares [1] - Other notable performers include Green Island Wind (301043) up 6.83%, Enkan Technology (688583) up 6.70%, and New Lai Materials (300260) up 6.23% [1] Capital Flow - The general equipment sector saw a net inflow of 251 million from institutional investors, while retail investors experienced a net outflow of 123 million [2][3] - The main stocks with significant net inflows include New Lai Materials (300260) with 127 million and Shunling Environment (301018) with 72 million [3] - Conversely, stocks like Zhongjun Zhibi (000039) and Fenglong Co., Ltd. (002931) faced notable net outflows from retail investors [3]

Core Points - The Shanghai Composite Index is at 3876.57 points, below the five-day moving average, with a change of 1.04% [1] - The total trading volume of A-shares is 853.41 billion yuan, with 2184 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include HeXin Instrument (14.01%), TianRun Technology (11.57%), and ChangGuang Huaxin (9.61%) [1] - Stocks with smaller deviations that have just crossed the five-day moving average include ZhuCheng Technology, SaiTeng Co., and RuiSheng Intelligent [1] Individual Stock Data - HeXin Instrument (688622) shows a daily increase of 20.00% with a turnover rate of 5.15% [1] - TianRun Technology (920564) has a daily increase of 17.23% and a turnover rate of 9.73% [1] - ChangGuang Huaxin (688048) also increased by 20.00% with a turnover rate of 7.94% [1] - Other notable stocks include JuGuang Technology (688167) with a 13.47% increase and TianXiaXiu (600556) with a 9.95% increase [1] Additional Stock Data - Other stocks with significant increases include BoKe New Materials (300811) at 10.89%, and QunXing Toys (002575) at 10.02% [1] - The table includes various stocks with their respective daily changes, turnover rates, five-day moving averages, latest prices, and deviation percentages [1][2]

广州禾信仪器股份有限公司 关于 发行股份及支付现金购买资产并募集配套资金暨关联交易 申请的审核问询函的回复 （修订稿） 独立财务顾问 二〇二五年十一月 上海证券交易所： 广州禾信仪器股份有限公司（以下简称"公司"、"上市公司"或"禾信仪 器"）收到贵所于 2025 年 8 月 27 日下发的《关于广州禾信仪器股份有限公司发 行股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询函》（上 证科审（并购重组）〔2025〕30 号）（以下简称"问询函"），公司已会同国 泰海通证券股份有限公司（以下简称"国泰海通"、"独立财务顾问"）、上海 市锦天城律师事务所（以下简称"锦天城律师"、"律师"）、致同会计师事务 所（特殊普通合伙）（以下简称"致同会计师"、"审计机构"）、北京中同华 资产评估有限公司（以下简称"北京中同华评估"、"评估机构"）进行了认真 研究和落实，并按照问询函的要求对所涉及的问题进行了回复，现提交贵所，请 予审核。 除非文义另有所指，本问询函回复中的简称与《广州禾信仪器股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）》（以 下简称"重组报告书"）中的释义具有相同 ...