根据中国证监会[2017]13号《中国证监会关于证券投资基金估值业务的指导意见》、中国证券投资基金 业协会《关于发布中基协(AMAC)基金行业股票估值指数的通知》及华宝基金管理有限公司长期停牌股 票的估值政策和程序，为确保公司旗下基金持有的长期停牌股票的估值更加公平、合理，经与相关托管 银行协商一致，决定于2025年11月28日起对公司旗下基金(交易型开放式指数证券投资基金除外)所持有 的以下停牌股票"普冉股份(证券代码：688766)"采用"指数收益法"进行估值。 停牌期间，公司将与相关上市公司保持密切沟通，切实保护基金持有人利益。待停牌股票复牌且其交易 体现了活跃市场交易特征之日起，恢复采用当日收盘价进行估值，届时不再另行公告。 中国经济网北京12月1日讯近日，华宝基金管理有限公司发布关于旗下基金持有的股票停牌后估值方法 调整的公告。 | 股票代码 | 股票名称 | | --- | --- | | 688766 | 普冉股份 | ...

根据《中国证监会关于证券投资基金估值业务的指导意见》(中国证券监督管理委员会公告[2017]13号) 的有关规定，经与托管人协商一致，自2025年11月28日起，广发基金管理有限公司对旗下基金(ETF除 外)持有的"普冉股份"(股票代码：688766)按指数收益法进行估值调整。同时，对ETF联接基金持有的相 关标的ETF，考虑上述股票估值调整因素对标的ETF份额净值的影响后，按当日调整后的份额净值进行 估值。 中国经济网北京12月1日讯近日，广发基金管理有限公司发布关于公司旗下部分基金估值调整情况的公 告。 待上述股票复牌且交易体现活跃市场交易特征后，公司旗下基金持有的上述股票将恢复采用当日收盘价 进行估值，ETF联接基金持有的相关标的ETF将恢复采用当日份额净值进行估值，届时不再另行公告， 敬请投资者关注。 ...

中国经济网北京12月1日讯 近日，华润元大基金管理有限公司发布关于调整旗下基金所持停牌股票 估值方法的公告。 根据《中国证券监督管理委员会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13 号）以及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基 协发[2013]第13号)等有关规定，经华润元大基金管理有限公司与基金托管人协商一致，自2025年11月28 日起，公司对旗下基金所持有的股票"普冉股份"（股票代码：688766）按指数收益法进行估值。 待上述股票复牌且交易体现活跃市场交易特征后，公司将恢复按市价估值方法进行估值，届时不再 另行公告。 （责任编辑：康博） ...

Core Viewpoint - The company, Yinhua Fund Management Co., Ltd., will adopt the "index yield method" for valuing suspended stock, Pu Ran Co., Ltd. (stock code: 688766), starting from November 28, 2025, after reaching an agreement with the fund custodian [1] Group 1 - The valuation method will change to "index yield method" for the suspended stock held by the company's funds, excluding ETFs [1] - Upon the resumption of trading for the stock, the company will determine the valuation method based on various influencing factors and in consultation with the fund custodian [1] - No further announcements will be made regarding the valuation method once the stock resumes trading [1] Group 2 - Investors can obtain more information through the company's website or customer service hotline [1]

Investment Rating - The report assigns an "Outperform" rating to the company [6]. Core Views - The company is expected to benefit from its diversified layout and the addition of new product lines, particularly in the storage sector, which is projected to experience a recovery in the latter half of 2025 [3][28]. - The company achieved a revenue of 1.433 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 4.89%, despite a significant decline in net profit due to various factors [1][22]. - The company plans to indirectly acquire a 31% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which will enhance its product line in 2D NAND and expand its overseas sales network [3][27]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 527 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 5.24% [1]. - The gross margin for Q3 2025 was 28.14%, down 4.51 percentage points year-on-year and 2.54 percentage points quarter-on-quarter [1]. - The company expects improvements in gross margin as the storage industry recovers and product prices stabilize [1][22]. Product Lines and Market Position - The company specializes in non-volatile memory chips, including NOR Flash and EEPROM, and is a major supplier in China [9][12]. - The "Storage+" product line, which includes MCU products, has seen a revenue increase of 35.62% year-on-year in the first half of 2025 [14][28]. - The company is expanding its product offerings to include high-performance storage products through the acquisition of SkyHigh Memory Limited, which is expected to position the company as a leader in the 2D NAND market [3][27]. Revenue and Profit Forecast - The company forecasts revenues of 20.18 billion yuan, 25.43 billion yuan, and 31.70 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 12%, 26%, and 25% [30][32]. - The projected net profits for the same years are 114 million yuan, 351 million yuan, and 429 million yuan, reflecting a significant recovery in profitability [33][34].

Core Viewpoint - Jinying Fund Management Co., Ltd. announced an adjustment to the valuation method for long-term suspended stocks held by its funds, effective November 26, 2025, to ensure fair and reasonable valuations in accordance with regulatory guidelines [1] Group 1: Valuation Method Adjustment - The fund manager will adopt the "index return method" for valuing suspended stocks, specifically for Puran Co., Ltd. (stock code: 688766) [1] - This adjustment is made in collaboration with the custodian to better protect the interests of fund holders [1] - Upon the resumption of trading for the suspended stock, the valuation will revert to market price without further announcements [1]

Core Viewpoint - Dongwu Fund Management Co., Ltd. announced an adjustment to the valuation method for long-term suspended stocks held by its funds, specifically adopting the "index yield method" for valuing suspended stock "Purun Co., Ltd. (stock code: 688766)" starting from November 26, 2025 [1] Group 1 - The adjustment aims to ensure fair and reasonable valuation of the funds under the management of Dongwu Fund [1] - The decision was made in accordance with the guidelines from the China Securities Regulatory Commission regarding the valuation business of securities investment funds [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock resumes trading and exhibits active market trading characteristics [1]

Core Points - 东方阿尔法基金管理有限公司 announced a change in the valuation method for its long-term suspended stock, 普冉股份, effective from November 26, 2025 [1] Group 1 - The company will adopt the "index income method" for the valuation of 普冉股份 (stock code: 688766) [1]

Core Viewpoint - Puran Co., Ltd. (688766.SH) announced a suspension of trading as it plans to acquire a 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. through share issuance and raise matching funds, marking its third investment in Noah Changtian this year [2][4]. Group 1: Investment Activities - This year, Puran has invested in Noah Changtian three times, initially acquiring a 20% stake through angel round financing in February, followed by a plan to acquire a controlling stake of 51% in September [2]. - If the current acquisition is successful, Puran will indirectly achieve 100% control over SkyHigh Memory Limited (SHM), a semiconductor company with ties to SK Hynix, which is the main target of Puran's interest [4]. Group 2: Market Context - The acquisition aligns with the ongoing super cycle in the storage chip market, as Puran aims to capitalize on the divestiture of assets by storage giants [2]. - SHM, recently spun off from SK Hynix, focuses on traditional 2D NAND markets, which are less aligned with the high-margin AI-driven segments that SK Hynix is currently prioritizing [4]. Group 3: Financial Insights - Puran has not disclosed the acquisition price or specific transaction details, but based on previous transactions, Noah Changtian's estimated overall valuation is approximately 463 million yuan [4]. - In 2023, Puran's net profit dropped by 158% due to aggressive market competition and impairment losses, reflecting the cyclical nature of the semiconductor industry [9].

Core Viewpoint - Puran Co., Ltd. (688766.SH) is planning to acquire a 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. and raise matching funds, aiming for 100% ownership of Noah Changtian, which is linked to the semiconductor company SkyHigh Memory Limited (SHM) [2][3][5]. Group 1: Investment Activities - This marks the third investment by Puran Co. in Noah Changtian this year, having previously acquired a 20% stake in March and increased it to 51% in September [3][5]. - The acquisition of Noah Changtian is strategically timed with SK Hynix's divestment of SHM, which is seen as a valuable asset in the semiconductor sector [5]. Group 2: Market Context - Puran Co. is focusing on acquiring assets from storage giants during a super cycle in the storage chip market, indicating a strategic move to capitalize on high-demand segments [2][5]. - SHM, which specializes in traditional 2D NAND flash memory, is positioned in niche markets such as industrial control and automotive electronics, which contrasts with the high-margin AI-driven storage products that SK Hynix is focusing on [5][11]. Group 3: Financial Implications - The overall valuation of Noah Changtian is estimated at approximately 463 million yuan, suggesting that the cost for Puran Co. to acquire the remaining 49% stake could be around 226 million yuan [5]. - Puran Co. has experienced significant fluctuations in profitability, with a 158% decline in net profit in 2023, followed by a 705% increase in 2024, and a 70% drop in the first half of 2025 due to market pressures [12][15]. Group 4: Strategic Positioning - Puran Co. aims to expand into higher-end markets by leveraging SHM's established global sales network and product offerings, which align with Puran's focus on mid-to-high-end applications [15]. - The company is also diversifying its product lines to include industrial and automotive applications, which are expected to provide growth opportunities despite the competitive landscape [11][15].