Group 1 - The company Bixing Wulian (688671.SH) forecasts a continued net loss for the year 2025, estimating a net profit attributable to shareholders of between -97 million yuan and -77 million yuan compared to the previous year [1] - For the fiscal year 2024, Bixing Wulian reported a net loss of -38.55 million yuan attributable to shareholders, with a net profit excluding non-recurring gains and losses of -52.62 million yuan, resulting in an earnings per share of -0.49 yuan [1] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 9, 2023, issuing 19.63 million new shares at a price of 36.12 yuan per share, and the stock is currently in a state of decline [1] Group 2 - Bixing Wulian raised a total of 709.04 million yuan from its initial public offering, with a net amount of 623.44 million yuan after deducting issuance costs, which is 210.83 million yuan more than the originally planned fundraising amount [2] - The company initially aimed to raise 412.61 million yuan for projects related to smart ecological environment big data services, smart water big data traceability analysis services, and research and development center construction [2] - The total issuance costs (excluding VAT) for the IPO amounted to 85.59 million yuan, with underwriting and sponsorship fees accounting for 55.06 million yuan [2]

Core Viewpoint - Bixing IoT announced an expected net profit attributable to the parent company for the year 2025 to be between -97 million and -77 million yuan, indicating a significant loss [1] Financial Performance - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between -110 million and -90 million yuan for 2025 [1]

Group 1 - The company expects to report a net loss attributable to shareholders of the parent company for 2025, ranging from -97 million to -77 million yuan, indicating continued losses compared to the same period last year [1] - The primary reasons for the performance change include a shrinking overall demand in the industry due to macroeconomic conditions and intensified market competition, leading to reduced order profits and a decline in revenue order gross margins [1] - To maintain long-term technological advantages and cultivate new growth curves, the company is committed to advancing research and development innovation and product iteration, with R&D expenses expected to increase year-on-year in 2025 [1] Group 2 - The company is also experiencing increased operational expenses related to talent development and market expansion to adapt to business growth and organizational upgrades [1] - Due to the current economic environment and changes in industry credit risks, along with tight local fiscal funding, the company is facing delays in project receivables [1] - To prudently reflect asset quality, the company has conducted systematic risk assessments on accounts receivable, contract assets, and inventory, and has made provisions for credit impairment losses and asset impairment losses this year [1]

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -97 million yuan and -77 million yuan, continuing the trend of losses from the previous year [2]. - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -110 million yuan and -90 million yuan for 2025 [2]. - In 2024, the net profit attributable to shareholders of the parent company was -38.55 million yuan, and the net profit after deducting non-recurring gains and losses was -52.62 million yuan [3]. Market Conditions - The decline in performance is attributed to a shrinking overall industry demand and intensified market competition, leading to reduced order profits and a decline in gross margins [4]. Strategic Initiatives - The company plans to increase R&D expenses in 2025 to strengthen long-term technological advantages and foster new growth curves [4]. - Operational expenses related to talent development and market expansion are also expected to rise in line with business growth and organizational upgrades [4]. - The company is implementing key measures to enhance product competitiveness, optimize product costs, and improve gross margins [5]. Risk Management - There is a systematic risk assessment of accounts receivable, contract assets, and inventory to reflect asset quality more prudently [5]. - The company has not identified any significant uncertainties that would affect the accuracy of the earnings forecast [6]. Investor Information - Investors are advised that the forecast data is preliminary and the final audited financial data will be disclosed in the official 2025 annual report [7].

Core Viewpoint - The company expects to continue incurring losses in 2025, with a projected net profit attributable to the parent company ranging from -97 million to -77 million yuan [1] Financial Projections - The anticipated net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between -110 million and -90 million yuan for the year 2025 [1]

Core Viewpoint - Bixing Wulian (688671.SH) is expected to continue incurring losses in 2025, with a projected net profit attributable to the parent company ranging from -97 million to -77 million yuan [1] Financial Performance - The anticipated net profit attributable to the parent company for 2025 is estimated to be between -97 million and -77 million yuan [1] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between -110 million and -90 million yuan for 2025 [1]

Core Insights - The environmental equipment sector experienced a rise of 0.86% on January 14, with Senyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Group 1: Stock Performance - Senyuan Co., Ltd. (300210) closed at 11.19, up 10.57%, with a trading volume of 654,900 shares and a transaction value of 716 million yuan [1] - *ST Qingyan (301288) closed at 20.45, up 10.12%, with a trading volume of 19,700 shares and a transaction value of 39.76 million yuan [1] - Chuangyuan Technology (000551) closed at 15.60, up 9.24%, with a trading volume of 811,300 shares and a transaction value of 1.226 billion yuan [1] - Meiyu Technology (688376) closed at 62.81, up 6.58%, with a trading volume of 48,700 shares and a transaction value of 304 million yuan [1] Group 2: Capital Flow - The environmental equipment sector saw a net inflow of 143 million yuan from institutional investors, while retail investors experienced a net outflow of 164 million yuan [2] - Major stocks like Chuangyuan Technology and Juguang Technology had significant net inflows from institutional investors, indicating strong interest [3] - Senyuan Co., Ltd. had a net inflow of 5.95 million yuan from institutional investors, but a net outflow of 25.80 million yuan from retail investors [3]

Core Viewpoint - Shenzhen Securities Regulatory Bureau issued a warning letter to Bixing Wulian Technology (Shenzhen) Co., Ltd. and its executives due to various compliance issues affecting financial disclosures [1][2]. Group 1: Compliance Issues - Bixing Wulian has incomplete shareholder meeting records, which violates the regulations set forth in the "Guidelines for Articles of Association of Listed Companies" [1][5]. - The company failed to manage insider information registrants properly, breaching the "Guidelines for Insider Information Registrant Management" [1][5]. - The use of raised funds was not determined based on actual costs, contravening the "Regulatory Requirements for Management and Use of Raised Funds" [1][5]. - Weak internal controls related to revenue recognition were identified, which do not comply with the "Application Guidelines for Internal Control" [1][5]. - Inaccurate information disclosure was noted, violating the "Management Measures for Information Disclosure of Listed Companies" [1][5]. Group 2: Accountability - The chairman, He Yuanping, and the then CFO, Wang Jin, are primarily responsible for the aforementioned issues [2][5]. - Regulatory measures were taken against the company and its executives, including the issuance of warning letters [2][6]. Group 3: Financial Information - Bixing Wulian went public on August 9, 2023, issuing 19.63 million shares at a price of 36.12 yuan per share, currently trading below the issue price [3]. - The total amount raised from the IPO was approximately 709.04 million yuan, with a net amount of about 623.44 million yuan after deducting issuance costs [3]. - The actual net fundraising exceeded the original plan by approximately 210.83 million yuan, which was initially set at 412.61 million yuan [3].

证券代码：688671 证券简称：碧兴物联 公告编号：2025-063 碧兴物联科技（深圳）股份有限公司 关于公司及相关责任人收到深圳证监局 行政监管措施决定书的公告 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。 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日收到中国证券监督管理委员会深圳监管局（以下简称"深圳证监局"）下达的 《深圳证监局关于对碧兴物联科技（深圳）股份有限公司、何愿平、王进采取出 具警示函措施的决定》（[2025]265 号，以下简称"《行政监管措施决定书》"）， 现将有关情况公告如下： 一、《行政监管措施决定书》的具体内容 "碧兴物联科技（深圳）股份有限公司、何愿平、王进： 经查，碧兴物联科技（深圳）股份有限公司（以下简称碧兴物联或公司）存 在股东会会议记录不完整、内幕信息知情人登记管理不规范、募集资金使用金额 未按实际成本确定、收入相关内控薄弱、有关事项核算不规范影响定期报告财务 信息披露的准确性等问题。 其中，股东会会议记录不完整事项，不符合《上市公司章程指引 ...

Core Viewpoint - The company received a warning letter from the Shenzhen Securities Regulatory Bureau due to several compliance issues, including incomplete shareholder meeting records and weak internal controls affecting financial disclosures [1] Group 1: Compliance Issues - The company was found to have incomplete records of shareholder meetings [1] - There were irregularities in the management of insider information registries [1] - The use of raised funds was not determined based on actual costs [1] Group 2: Financial Reporting Concerns - Weak internal controls related to revenue recognition were identified [1] - Non-compliance in accounting for relevant matters impacted the accuracy of periodic financial disclosures [1] Group 3: Accountability - The chairman, He Yuanping, and the then CFO, Wang Jin, are primarily responsible for the identified issues [1] - The regulatory authority decided to issue warning letters to the company, He Yuanping, and Wang Jin as a measure [1]