Core Viewpoint - Bixing Wulian (688671.SH) announced a plan to reduce its shareholding by up to 785,200 shares, representing 1% of the company's total equity, due to its own funding needs [1] Summary by Relevant Sections - **Share Reduction Plan** - Bixing Wulian intends to reduce its holdings through centralized bidding transactions [1] - The reduction period is set from December 1, 2025, to February 28, 2026, starting 15 trading days after the announcement [1]

证券代码：688671 证券简称：碧兴物联 公告编号：2025-047 碧兴物联科技（深圳）股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持有的基本情况 截至本公告披露日，碧兴物联科技（深圳）股份有限公司（以下简称"公司"） 股东北京碧水源科技股份有限公司（以下简称"碧水源"）持有公司股份 8,814,811 股，占公司股份总数的 11.23%。上述股份为公司首次公开发行前取得的股份， 已于 2024 年 8 月 9 日起解除限售并上市流通。 减持计划的主要内容 股东名称 碧水源 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：无 持股数量 8,814,811股 一、减持主体的基本情况 | 持股比例 | 11.23% | | | --- | --- | --- | | 当前持股股份来源 | IPO | 前取得：8,814,811股 | 上述减持主体无一致行动人。 大股东 ...

Core Viewpoint - Beijing Biyuan Technology Co., Ltd. plans to reduce its stake in Bixing Wulian by selling up to 785,200 shares, representing 1% of the total share capital, due to its own funding needs [1] Summary by Sections Shareholding Information - As of the announcement date, Biyuan holds 8,814,800 shares in Bixing Wulian, accounting for 11.23% of the total share capital [1] Reduction Plan - The share reduction will occur through centralized bidding from December 1, 2025, to February 28, 2026 [1] - The reduction plan complies with relevant laws and regulations as well as previously disclosed commitments [1]

Core Insights - The company reported a revenue of 185 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.11% [1] - The net profit attributable to shareholders was a loss of 40.32 million yuan, compared to a loss of 11.35 million yuan in the same period last year [1] - The company experienced a significant decline in cash flow from operating activities, with a net cash flow of -47.04 million yuan, down from 163 million yuan in the previous year [1] Financial Performance - In Q3, the company achieved a revenue of 73.62 million yuan, with a net profit loss of 16.40 million yuan and a non-recurring net profit loss of 19.29 million yuan [1] - The increase in credit impairment losses was 7.51 million yuan compared to the same period last year, and asset impairment losses increased by 0.97 million yuan [1] Operational Challenges - The decrease in high-margin orders and the return of equipment from the Shenzhen Water Environment Automatic Monitoring Station construction EPC project reduced net profit by 6.64 million yuan [1] - The company has increased its R&D and marketing expenditures, leading to a rise in R&D costs by 6.06 million yuan and sales expenses by 3.12 million yuan [1]

Market Overview - The environmental equipment sector rose by 0.86% on October 31, with *ST Jieneng 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 - Key stocks in the environmental equipment sector showed varied performance, with *ST Jieneng closing at 2.78, up 4.91% on a trading volume of 90,600 shares [1] - Other notable performers included Fida Environmental at 5.58, up 4.69%, and ST Xianhe at 8.51, up 3.78% [1] Trading Volume and Value - The trading volume and value for selected stocks in the environmental equipment sector were significant, with Fida Environmental achieving a transaction value of 175 million yuan [1] - The overall trading activity in the sector indicated a mixed sentiment among investors, with some stocks experiencing substantial trading volumes [1] Capital Flow Analysis - The environmental equipment sector saw a net outflow of 47.27 million yuan from institutional investors, while retail investors contributed a net inflow of 90.41 million yuan [2] - The capital flow data indicates a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Notable capital flows included Huahong Technology with a net inflow of 22.09 million yuan from institutional investors, while *ST Jieneng experienced a net outflow of 4.48 million yuan from retail investors [3] - The data reflects varying levels of confidence among different investor groups in the environmental equipment sector [3]

Group 1 - The core viewpoint of the news is that Bixing Wulian's stock performance and financing activities indicate a low level of investor confidence, with significant net financing outflows and a low financing balance relative to market capitalization [1][2] - On October 30, Bixing Wulian's stock price fell by 1.80%, with a trading volume of 20.24 million yuan, and the company experienced a net financing outflow of 1.66 million yuan [1] - As of October 30, the total financing and securities balance for Bixing Wulian was 18.72 million yuan, which is 1.78% of its circulating market value, indicating a low financing balance compared to the past year [1] Group 2 - Bixing Wulian Technology (Shenzhen) Co., Ltd. was established on January 18, 2012, and went public on August 9, 2023, focusing on smart environmental monitoring and public safety big data [2] - The company's main business revenue composition includes: 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 services 2.06%, and others 0.02% [2] - For the period from January to September 2025, Bixing Wulian achieved operating revenue of 185 million yuan, a year-on-year increase of 13.11%, while the net profit attributable to the parent company was -40.32 million yuan, a year-on-year decrease of 255.27% [2] Group 3 - Since its A-share listing, Bixing Wulian has distributed a total of 7.07 million yuan in dividends [3]

Core Insights - The company reported a total revenue of 185 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.11% [1] - The net profit attributable to shareholders of the parent company was -40.32 million yuan, indicating an increase in losses of 28.97 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.51 yuan [1]

Core Viewpoint - Bixing IoT, a leading provider of environmental monitoring and public safety big data solutions in China, was established in January 2012 and went public on August 9, 2023, on the Shanghai Stock Exchange [1] Group 1: Business Performance - For Q3 2025, Bixing IoT reported revenue of 185 million yuan, ranking 25th out of 28 companies in the industry, significantly lower than the top competitor, Yingfeng Environment, which had 9.544 billion yuan, and the second, Longjing Environmental Protection, with 7.858 billion yuan [2] - The company's net profit for the same period was -40.1494 million yuan, also ranking 25th out of 28, far behind Longjing Environmental Protection's 785 million yuan and Yingfeng Environment's 482 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Bixing IoT's debt-to-asset ratio was 20.01%, an increase from 18.49% year-on-year, but still significantly lower than the industry average of 43.61%, indicating manageable debt pressure [3] - The gross profit margin for the same period was 18.69%, down from 28.31% year-on-year and below the industry average of 25.59%, suggesting a need for improvement in profitability [3] Group 3: Executive Compensation - The chairman, He Yuanping, received a salary of 774,500 yuan in 2024, a slight decrease from 775,900 yuan in 2023 [4] - The general manager, Fang Hao, earned 529,800 yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Bixing IoT increased by 5.87% to 4,182, while the average number of circulating A-shares held per shareholder decreased by 3.53% to 11,200 [5]

证券代码：688671 证券简称：碧兴物联 公告编号：2025-046 碧兴物联科技（深圳）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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 31 日（星期五）至 11 月 6 日（星期四）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@bx-tec.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。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 7 日（星期五）上午 9:00-10:00 会议召开时间：2025 年 11 月 7 日（星期五）上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心 （二）会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） （三）会 ...

Financial Performance - The company's operating revenue for the third quarter was ¥73,616,485.10, an increase of 16.20% compared to the same period last year[3] - The total profit for the third quarter was -¥20,934,214.03, with a year-to-date total profit of -¥50,612,622.58[3] - The net profit attributable to shareholders for the third quarter was -¥16,402,645.06, and the year-to-date net profit was -¥40,315,891.33[3] - Total operating revenue for the first three quarters of 2025 reached ¥184,921,572.80, an increase of 13.1% compared to ¥163,483,319.65 in the same period of 2024[17] - Net loss for the first three quarters of 2025 was ¥40,149,370.62, compared to a net loss of ¥11,011,109.30 in the same period of 2024, representing a significant increase in losses[18] - The company's operating profit for the first three quarters of 2025 was -¥50,241,269.26, worsening from -¥17,074,523.75 in the first three quarters of 2024[17] - The total comprehensive loss for the first three quarters of 2025 was -¥40,149,370.62, compared to -¥11,011,109.30 in the same period of 2024, indicating a worsening financial position[18] Research and Development - Research and development expenses totaled ¥13,112,046.93 for the quarter, representing 17.81% of operating revenue, an increase of 0.34 percentage points year-on-year[4] - Research and development expenses increased to ¥35,082,805.83 in the first three quarters of 2025, compared to ¥29,023,590.23 in the same period of 2024, reflecting a 20.9% increase[17] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥1,336,222,375.36, a decrease of 3.28% from the end of the previous year[4] - The total current assets decreased to 1.26 billion RMB from 1.30 billion RMB as of December 31, 2024[14] - The company's accounts receivable stood at 225.73 million RMB, slightly down from 238.48 million RMB[13] - The inventory increased to 246.42 million RMB compared to 224.52 million RMB at the end of 2024[13] - The total assets decreased to 1.34 billion RMB from 1.38 billion RMB as of December 31, 2024[14] - The company's long-term equity investments decreased to 1.17 million RMB from 1.82 million RMB[14] - The company's accounts payable increased to 84.35 million RMB from 81.77 million RMB[14] - The company reported a decrease in total non-current assets to 79.29 million RMB from 81.63 million RMB[14] - The total liabilities decreased to ¥267,331,648.95 in the latest reporting period from ¥275,760,972.72 in the previous year[15] - The total equity attributable to shareholders decreased to ¥1,063,702,995.68 from ¥1,100,787,802.55 year-over-year[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥47,036,843.25, reflecting a significant decline of 128.79%[3] - Cash received from sales of goods and services was ¥224,480,049.81 in the first three quarters of 2025, compared to ¥212,021,789.64 in the same period of 2024, indicating a growth in cash flow from operations[21] - Net cash flow from operating activities was -47,036,843.25, a significant decrease compared to 163,401,124.64 in the previous period[22] - Total cash inflow from investment activities was 1,614,489,632.02, while cash outflow was 1,745,495,575.37, resulting in a net cash flow of -131,005,943.35[22] - Cash inflow from financing activities totaled 50,784,361.11, while cash outflow was 151,295,739.19, leading to a net cash flow of -4,680,993.21[23] - The ending balance of cash and cash equivalents was 196,835,355.20, down from 379,559,135.01 at the beginning of the period[23] - Cash received from other operating activities amounted to 31,536,881.64, compared to 227,803,481.17 in the previous period[22] - Cash paid for purchasing goods and services was 159,243,844.01, an increase from 142,392,250.45 in the previous period[22] - Cash received from investment activities related to other sources was 1,614,265,968.56, compared to 1,953,331,788.19 previously[22] - Cash paid for other investment activities was 1,744,800,000.00, down from 2,016,860,000.00 in the previous period[22] - Cash received from tax refunds was 607,021.38, compared to 2,144,952.57 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,182[10] Equipment Returns - The company expects to incur a total of 131 equipment returns, impacting revenue by -14.2743 million RMB and net profit by -6.6424 million RMB[12] Accounting Standards - The company will not apply new accounting standards starting from 2025[24]