Core Viewpoint - Zhongzi Technology (688737.SH) has been recognized as a "Manufacturing Single Champion Enterprise" for its product "CNG Natural Gas Tail Gas Purification Catalyst" by the Sichuan Provincial Economic and Information Technology Department, highlighting its industry position and technological leadership [1] Group 1 - The product "CNG Natural Gas Tail Gas Purification Catalyst" has been included in the "Ninth Batch of Manufacturing Single Champion Enterprises" public announcement [1] - Manufacturing Single Champion Enterprises are defined as companies that focus on specific segments of the manufacturing industry, achieving international or domestic leading levels in production technology or processes, and holding a significant market share globally or domestically [1] - The recognition reflects the company's innovation capability, quality efficiency, and comprehensive strength, which will enhance its visibility and market competitiveness, positively impacting future development [1]

Core Points - The company reported a revenue of 1.191 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 12.65% [1] - The net profit attributable to shareholders was -26.95 million yuan, and the net profit after deducting non-recurring gains and losses was -46.19 million yuan [1][2] - The net cash flow from operating activities was -320.88 million yuan, a decrease of 1,309.22% year-on-year [1][2] Financial Performance - For the current reporting period, the revenue was approximately 410.40 million yuan, an increase of 28.92% compared to the same period last year [2] - The total profit for the period was -21.26 million yuan, with a year-to-date total profit of -37.86 million yuan [2] - The net cash flow from operating activities for the year-to-date was -1.57 billion yuan, compared to -3.61 billion yuan in the same period last year [2] Company Background - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 22, 2021, with an initial offering price of 70.90 yuan per share [3] - The stock has been trading below its initial offering price since its debut, indicating a state of underperformance [3] - The company raised a total of 1.525 billion yuan through its public offering, with a net amount of 1.407 billion yuan after deducting issuance costs [3] Shareholder Distribution - As of July 11, 2023, the company announced a capital increase of 4 shares for every 10 shares held, resulting in a total share capital of approximately 120.24 million shares post-distribution [4]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Zhongzi Technology, which saw a 5% increase in stock price, reaching 23.50 yuan per share, with a total market capitalization of 2.81 billion yuan [1] - Zhongzi Technology specializes in the research, production, and sales of environmental catalysts, with the majority of its revenue (96.12%) coming from internal combustion engine exhaust purification catalysts [1] - The company was established on July 15, 2005, and went public on October 22, 2021, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, Fuyong Fund has a significant position in Zhongzi Technology, with its Fuyong Fuyue Mixed A fund holding 40,700 shares, representing 0.6% of the fund's net value [2] - The Fuyong Fuyue Mixed A fund has shown a year-to-date return of 51.1%, ranking 804 out of 8,150 in its category, and a one-year return of 52.54%, ranking 645 out of 8,043 [2] - The fund manager, Li Xiang, has been in charge for 5 years and 318 days, with the fund's total asset size currently at 15.4 million yuan [2]

Summary of Zhongzi Technology Conference Call Industry Overview - Zhongzi Technology holds the highest market share in the natural gas catalyst market, estimated at 30%-40%, with the fastest growth driven by increased sales of natural gas heavy-duty trucks. Gasoline catalysts account for approximately 30%, while diesel catalysts represent 15%-20% [2][4][5] - The company is positioned to benefit from the upcoming National VII emission standards and the divestment of certain catalyst businesses by BASF, which will enhance domestic production rates [2][6] Key Points and Arguments Revenue and Product Segmentation - In the first three quarters of 2025, Zhongzi Technology achieved nearly 1.2 billion yuan in revenue, primarily from mobile pollution source catalysts, including natural gas, diesel, and gasoline catalysts [4] - The sales performance of natural gas heavy-duty trucks exceeded expectations, significantly boosting the growth of natural gas catalysts [4] Market Trends and Standards - The National VII standard is expected to increase the per-vehicle catalyst usage by 30%-50%, providing a market opportunity for the company to adjust its offerings based on emission regulation upgrades [2][7] - The company is focusing on both passenger and commercial vehicle sectors, with a notable supply of gasoline catalysts to range-extended hybrid electric vehicles [6] Fixed Source Emission Management - Zhongzi Technology is concentrating on industrial VOC management, having initiated pollution control projects in regions like Hebei, collaborating with major companies such as PetroChina and Sinopec [2][8] Hydrogen Fuel Cell Development - The company has begun generating sales revenue from its hydrogen fuel cell business, with a production line capable of producing 100 kg of platinum-carbon catalysts annually. However, the end-market remains immature, leading to relatively low sales volumes [9][10] - Collaborations with companies like Dongfang Electric and SAIC are in place, with five hydrogen fuel cell engine models already secured [10][11] Energy Storage Business Model - The energy storage business includes selling energy storage cabinets in overseas markets and engaging in Energy Management Contracting (EMC) in domestic markets, primarily in the Sichuan-Chongqing region [3][12] - The EMC projects have a total installed capacity of approximately 20-30 MW, generating about 5 million yuan in stable cash flow monthly, with an investment payback period of 7-9 years and a profit margin exceeding 40% [3][12][16] Composite Materials and Future Projects - The composite materials business is expected to reach operational status by the end of 2025, targeting aerospace and civilian drone markets [3][17] - The carbon valley industry VOCs catalyst is anticipated to contribute to performance by 2026, while solid-state batteries are still in the experimental phase [3][17] Future Outlook - The company is optimistic about future revenue and profit growth, primarily driven by catalyst business and large orders from key clients like Weichai, as well as collaborations with automakers such as Changan and Li Auto [20] - New business investments may exert some pressure, but overall profit is expected to improve as these ventures begin to contribute to revenue [20]

Core Points - Chen Yaoqiang, a director of Zhongzi Technology, plans to reduce his shareholding by up to 40,000 shares, representing 0.03% of the total share capital, due to personal funding needs [1] - Before the reduction, Chen held 3,472,000 shares, accounting for 2.90% of Zhongzi Technology's total share capital [1] - The reduction will take place within three months after a 15-trading-day period following the announcement [1] Financial Summary - Zhongzi Technology raised a total of 1.525 billion yuan from its initial public offering (IPO), with a net amount of 1.407 billion yuan after deducting issuance costs [2] - The final net fundraising amount was 52.716 million yuan less than the original plan of 1.460 billion yuan [2] - The IPO proceeds were intended for projects including the new catalyst intelligent manufacturing park and hydrogen fuel cell key materials R&D [2] Shareholder Actions - Chen Yaoqiang voluntarily extended the lock-up period for his pre-IPO shares by six months until October 22, 2023, demonstrating confidence in the company's future [1] - The company announced a capital increase of 34,207,910 shares through a 10-for-4 bonus share distribution, raising the total share capital to 120,242,886 shares [3] - The total issuance costs for the IPO amounted to 118 million yuan, with underwriting fees of 93.5123 million yuan [3]

Core Points - The company’s board and shareholders confirm the accuracy and completeness of the announcement regarding shareholding and reduction plans [1] - Director Chen Yaohuang holds 3,472,000 shares, representing 2.90% of the total share capital, and has voluntarily extended the lock-up period for his pre-IPO shares by 6 months until October 22, 2023 [1] - Chen plans to reduce his holdings by up to 40,000 shares, which is 0.03% of the total share capital, due to personal funding needs, with the reduction period starting 15 trading days after the announcement [1][2] Shareholding and Reduction Plan - Chen Yaohuang acquired 2,480,000 shares before the IPO and received an additional 992,000 shares through capital reserve conversion in July 2023 [3] - The reduction plan will be adjusted if there are changes in share capital, such as stock dividends or capital increases [2] - The actual start of the reduction may be postponed if the company's stock is suspended [3] Compliance and Commitments - Chen has made commitments regarding his shareholding, including not transferring shares within 12 months post-IPO and adhering to specific conditions if the stock price falls below the IPO price [4][5] - The company will comply with relevant laws and regulations regarding share reduction and will disclose any changes in the plan [9]

Performance Disclosure - BYD reported a cumulative year-on-year growth of 13.88% in new energy vehicle sales for the first ten months, with total sales reaching 3.70 million units, and October sales at 441,700 units, down from 502,700 units in the same month last year [1] - SAIC Motor announced a 13% year-on-year increase in vehicle sales for October, totaling 454,000 units, with a cumulative growth of 19.5% for the year-to-date, reaching 3.65 million units [2] - Seres achieved a record high in October with a 42.89% year-on-year increase in new energy vehicle sales, totaling 51,500 units, and a production of 52,600 units, reflecting a 46.58% increase [3] - Changan Automobile reported a 36.14% year-on-year increase in new energy vehicle sales for October, with total sales of 119,200 units, and a cumulative growth of 60.58% for the year-to-date, reaching 868,700 units [4] Shareholding Changes - Huafeng Measurement Control announced that its controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 2.71 million shares [5] - Yongzhen Co., Ltd. disclosed that two shareholders intend to collectively reduce their holdings by up to 3%, or 711,770 shares [6] - Jinmo Technology reported that its shareholder plans to reduce its stake by up to 3%, amounting to 906,200 shares [7] - Zhongzi Technology announced that a board member intends to reduce his holdings by up to 0.03%, or 40,000 shares [8] Risk Matters - ST Zhongdi highlighted a significant divergence between its stock price and fundamental performance, with a cumulative increase of over 71.39% from October 16 to October 31, indicating abnormal trading fluctuations [9] - Hemei Group's independent director received a notice of administrative penalty due to alleged information disclosure violations while serving as an independent director at another company [10] - Hainan Development clarified that during the period of abnormal stock trading, its controlling shareholder did not engage in buying or selling company shares, with plans to increase holdings between 100 million to 200 million yuan [11]

Performance Disclosure - BYD reported a cumulative sales growth of 13.88% for new energy vehicles in the first ten months of 2025, with total sales reaching 370.19 thousand units [1] - SAIC Motor announced a 13% year-on-year increase in vehicle sales for October 2025, totaling 454 thousand units, with a cumulative growth of 19.5% for the year [2] - Seres reported a 43.83% year-on-year increase in vehicle sales for October 2025, with total sales of 51.5 thousand units and a production increase of 46.58% [3] Shareholding Changes - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2%, amounting to a maximum of 2.71 million shares [4] - Yongzhen Co., Ltd. announced that two shareholders intend to collectively reduce their holdings by up to 3%, totaling a maximum of 711.77 thousand shares [5] - Jinmo Technology's shareholder plans to reduce its stake by up to 3%, which equates to a maximum of 906.20 thousand shares [6] - Zhongzi Technology's director intends to reduce his holdings by up to 0.03%, which is a maximum of 40 thousand shares [7] Risk Matters - ST Zhongdi reported a significant divergence between its stock price and fundamental performance, with a cumulative increase of over 71.39% from October 16 to October 31, 2025 [8] - Hemei Group's independent director received a notice of administrative penalty due to alleged information disclosure violations while serving as an independent director at Taiyuan Heavy Industry [9] - Hainan Development confirmed that during the period of abnormal stock trading, its controlling shareholder did not engage in buying or selling company shares [10][11]

Core Points - The company announced that board member Chen Yaoqiang plans to reduce his shareholding by up to 40,000 shares, which represents no more than 0.03% of the company's total share capital [1] - The reduction will take place from November 24, 2025, to February 23, 2026, through centralized bidding transactions [1] - The selling price will be determined based on the market price at the time of the reduction, with the reason cited as personal funding needs [1]

证券代码：688737 证券简称：中自科技 公告编号：2025-066 中自科技股份有限公司 董事减持股份计划公告 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： 董事持有的基本情况 若减持计划实施期间公司有送股、资本公积金转增股本等股份变动事项，则 本减持计划作相应调整，减持价格将按照减持实施时的市场价格及相关规定确定。 1 一、减持主体的基本情况 | 股东名称 | 陈耀强 | | | --- | --- | --- | | 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：不适用 | | | 持股数量 | 3,472,000.00股 | | | 持股比例 | 2.90% | | | 当前持股股份来源 | 前取得：3,472,000.00股 IPO | | 注：公司董事陈耀强 IPO 前取得股份为 2,480,000 股，2023 年 7 月通过公司实施资本公积 ...