Group 1 - The company Bixing Wulian announced on September 25 that it received a notification from Fengtu Huizheng regarding the completion of a share reduction plan [1] - During the implementation period of the reduction plan, Fengtu Huizheng reduced approximately 790,000 shares of the company, accounting for 1% of the total share capital [1] - The share reduction plan has now been completed [1] Group 2 - On the anniversary of the "9.24" event, the total market value of A-shares has surpassed 116 trillion yuan [1] - Four major reforms are reshaping the new ecology of China's capital market [1]

Core Insights - Bixing Wulian (688671.SH) reported a revenue of 111.3 million yuan for the first half of 2025, marking an 11.16% year-on-year increase, but incurred a net loss attributable to shareholders of 23.91 million yuan, compared to a loss of 6.01 million yuan in the same period last year [1][2]. Financial Performance - Revenue for the first half of 2025 was 111.3 million yuan, up 11.16% from 100.1 million yuan in the previous year [2]. - The total profit for the period was -29.68 million yuan, worsening from -9.13 million yuan year-on-year [2]. - The net profit attributable to shareholders was -23.91 million yuan, compared to -6.01 million yuan in the same period last year [2]. - The net profit after excluding non-recurring items was -29.20 million yuan, compared to -10.98 million yuan in the previous year [2]. - The net cash flow from operating activities was -47.51 million yuan, a significant decline from a positive cash flow of 129.46 million yuan in the previous year, representing a 136.70% decrease [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 1.08 billion yuan, down 2.00% from the previous year-end [2]. Historical Financial Data - Revenue for Bixing Wulian from 2022 to 2024 was 472.4 million yuan, 350 million yuan, and 329.4 million yuan, respectively [2]. - The net profit attributable to shareholders for the same years was 58.37 million yuan, 23.37 million yuan, and -38.55 million yuan [2]. - The net profit after excluding non-recurring items for the same years was 53.66 million yuan, 10.50 million yuan, and -52.62 million yuan [2]. Growth Indicators - The total revenue for the year ending December 31, 2024, was 329.4 million yuan, a decrease of 5.91% from the previous year [3]. - The net profit attributable to shareholders for the same period was -38.55 million yuan, reflecting a decline of 264.92% year-on-year [3]. - The net profit after excluding non-recurring items showed a significant decline of 601.42% year-on-year [3]. IPO Details - Bixing Wulian was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 9, 2023, with an initial public offering of 19.63 million shares at a price of 36.12 yuan per share [3]. - The total amount raised from the IPO was approximately 709.04 million yuan, with a net amount of 623.44 million yuan after deducting issuance costs [4]. - The actual net fundraising exceeded the original target by 210.83 million yuan [4].

Core Viewpoint - The environmental equipment sector experienced a slight increase of 0.06% on September 24, with Henghe Co., Ltd. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83%, and the Shenzhen Component Index closed at 13356.14, up 1.8% [1]. - The environmental equipment sector saw significant individual stock movements, with Henghe Co., Ltd. rising by 29.98% to a closing price of 32.30 [1]. Group 2: Stock Performance - Key stocks in the environmental equipment sector included: - Henghe Co., Ltd. (32.30, +29.98%, 80,400 shares, 248 million CNY) - Xuedilong (8.27, +6.99%, 578,100 shares, 481 million CNY) - Chuxiu Technology (22.72, +4.41%, 18,400 shares, 41.31 million CNY) [1]. - Other notable performers included Jiuwu Gaoke (+3.86%) and Hengrui Environmental (+3.79%) [1]. Group 3: Capital Flow - The environmental equipment sector saw a net inflow of 129 million CNY from institutional investors, while retail investors experienced a net outflow of 146 million CNY [2]. - The capital flow data indicated that Xuedilong had a net inflow of 87.56 million CNY from institutional investors, despite a net outflow from retail investors [3].

Core Insights - Bixing Wulian experienced a decline of 1.97% on September 23, with a trading volume of 21.2251 million yuan [1] - The company reported a financing net buy of -50,600 yuan on the same day, indicating a higher level of financing activity compared to the past year [1] Financing Overview - On September 23, Bixing Wulian had a financing buy of 2.1336 million yuan, with a total financing balance of 29.3882 million yuan, representing 3.00% of its market capitalization [1] - The financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] Securities Lending Overview - On September 23, there were no shares repaid or sold in the securities lending market, with a total lending balance of 0 yuan, which is at the 90th percentile level over the past year [1] Company Profile - Bixing Wulian Technology (Shenzhen) Co., Ltd. was established on January 18, 2012, and went public on August 9, 2023 [2] - The company's main business includes smart environmental monitoring and public safety big data, with revenue composition as follows: digital ecology (environmental monitoring operation services) 63.28%, digital ecology (environmental monitoring instruments and systems) 29.44%, digital public security (mobile access network data collection and analysis system) 2.69%, digital agriculture 2.51%, digital water conservancy/water affairs 2.06%, and others 0.02% [2] Financial Performance - For the first half of 2025, Bixing Wulian achieved a revenue of 111 million yuan, representing a year-on-year growth of 11.16%, while the net profit attributable to the parent company was -23.9132 million yuan, a decrease of 298.20% year-on-year [2] - The company has distributed a total of 7.0667 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The article discusses the critical role of fundraising investment projects (募投项目) in corporate development, highlighting the delays and terminations faced by several companies in the industry due to various factors [1][3]. Summary by Company 普源精电 (Puyuan Precision Electric) - The company announced a delay in the "Shanghai R&D Center Construction Project" to April 2026 due to changes in the implementation method and the late completion of the new building [4][5]. 高华科技 (Gaohua Technology) - The "Gaohua R&D Capability Construction Project" has been postponed to June 30, 2026, due to tight operating funds before the IPO and the establishment of two new subsidiaries affecting the project timeline [6]. 莱伯泰科 (Leibotai Technology) - The timeline for the "Trace and Ultra-trace Element Analysis ICP-MS and Online Analysis System Production and R&D Project" has been extended to September 2026, influenced by evolving user demands and market conditions [7][8]. 迈拓股份 (Maituo Co., Ltd.) - The "Ultrasonic Measuring Instrument Production Base Construction Project in Nanjing" is delayed until December 31, 2025, due to delays in obtaining construction permits and other unforeseen factors [9][10]. 智能自控 (Intelligent Control) - The company decided to extend the timeline for its fundraising projects due to changes in the macroeconomic environment and market conditions, affecting project completion [11]. 碧兴物联 (Bixing IoT) - The "Smart Ecological Environment Big Data Service Project" and "Smart Water Big Data Traceability Analysis Service Project" have been postponed to August 2026, with no changes to the project scope or funding [12][13]. 煜邦电力 (Yubang Electric) - The company has terminated certain sub-projects and extended the timeline for remaining projects to December 2026, citing increased competition and market conditions [14][15]. 天罡股份 (Tiangang Co., Ltd.) - The "IoT Smart Ultrasonic Measuring Instrument Industrialization Project" and "R&D Center Upgrade Construction Project" have been postponed to June 30, 2026, due to equipment procurement delays and project adjustments [17][18].

Market Overview - On September 16, the environmental equipment sector rose by 0.76% compared to the previous trading day, with Senyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Senyuan Co., Ltd. (300210) closed at 10.67, with a gain of 5.43% and a trading volume of 241,700 shares, amounting to a transaction value of 258 million yuan [1] - Other notable performers included: - Jilong Environment (000967) at 7.11, up 4.87% with a volume of 613,400 shares [1] - Farsen (000890) at 4.25, up 3.16% with a volume of 273,100 shares [1] - ST Qingyan (301288) at 17.76, up 3.14% with a volume of 10,300 shares [1] Capital Flow - The environmental equipment sector experienced a net outflow of 218 million yuan from institutional investors, while retail investors saw a net inflow of 274 million yuan [2] - The capital flow for specific stocks showed: - Jilong Environment had a net outflow of 33.78 million yuan from institutional investors [3] - Senyuan Co., Ltd. had a net inflow of 26.84 million yuan from institutional investors [3] - ST Jieneng (000820) had a significant net inflow of 4.44 million yuan from institutional investors [3]

国联民生证券承销保荐有限公司关于 碧兴物联科技（深圳）股份有限公司 2025 年半年度持续督导跟踪报告 | | 对上市公司的信息披露文件及向中国证监 | | | | --- | --- | --- | --- | | | 会、上海证券交易所提交的其他文件进行 | | | | | 事前审阅，对存在问题的信息披露文件及 | | | | | 时督促公司予以更正或补充，公司不予更正 | | | | | 或补充的，应及时向上海证券交易所报告； | 保荐机构对碧兴物联的信息披露文 | | | 10 | 对上市公司的信息披露文件未进行事前审 | 件进行了审阅，不存在应及时向上海 | | | | 阅的，应在上市公司履行信息披露义务后 5 | 证券交易所报告的情况 | | | | 个交易日内，完成对有关文件的审阅工作， | | | | | 对存在问题的信息披露文件应及时督促上 | | | | | 市公司更正或补充，上市公司不予更正或补 | | | | | 充的，应及时向上海证券交易所报告 | | | | | 关注上市公司或其控股股东、实际控制人、 | | | | | 董事、监事、高级管理人员受到中国证监会 | 本持续督导期内， ...

Market Overview - On August 27, the environmental equipment sector declined by 2.61%, with Bixing Wulian leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the environmental equipment sector included: - Fida Environmental (600526) with a closing price of 5.62, up 5.24% and a trading volume of 903,600 shares, totaling 502 million yuan [1] - Qinda Environmental (688501) closed at 32.00, up 4.37% with a trading volume of 51,000 shares, totaling 162 million yuan [1] - Significant decliners included: - Bixing Wulian (688671) closed at 22.51, down 5.70% with a trading volume of 33,500 shares, totaling 77.19 million yuan [2] - Hengying Environmental (688309) closed at 27.71, down 5.62% with a trading volume of 51,000 shares, totaling 146 million yuan [2] Capital Flow - The environmental equipment sector experienced a net outflow of 268 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - Key stocks with notable capital flows included: - Fida Environmental had a net inflow of 17.23 million yuan from institutional investors, while retail investors had a net outflow of 76.53 million yuan [3] - Bixing Wulian saw a net inflow of 6.74 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [3]

Group 1 - The core viewpoint of the news is the performance and market position of Bixing IoT, which experienced a decline in stock price and has a significant market capitalization [1] - Bixing IoT's main business areas include smart environmental monitoring and public safety big data, with revenue contributions from various segments such as digital ecology and digital water management [1] - The company was established on January 18, 2012, and went public on August 9, 2023, with a current stock price of 22.66 CNY per share and a total market value of 1.779 billion CNY [1] Group 2 - The fund "Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiation A" holds a significant position in Bixing IoT, ranking as the eighth largest holding in the fund [2] - As of the latest report, the fund has a total asset size of 29.0192 million CNY and has achieved a year-to-date return of 57.52% [2] - The fund manager, Lin Muchen, has been in charge for 2 years and 124 days, with the best fund return during this period being 56.91% [3]

Group 1 - The core viewpoint of the article is that Bixing Wulian (688671.SH) reported its semi-annual results for 2025, highlighting the institutional investor holdings and changes in public fund disclosures [1] - As of August 26, 2025, a total of 9 institutional investors disclosed holdings in Bixing Wulian A-shares, with a combined holding of 42.1802 million shares, representing 53.72% of the total share capital [1] - The institutional investor holding ratio decreased by 0.13 percentage points compared to the previous quarter [1] Group 2 - Two new public funds were disclosed in this period compared to the previous quarter, including Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A and Huiquan Qiyuan Future Mixed Fund A [1]