Core Insights - The company Rongzhi Rixin (688768) reported its semi-annual results for 2025, showing significant growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 256 million yuan, representing a year-on-year increase of 16.55% [1] - The net profit attributable to shareholders reached 14.24 million yuan, marking a substantial year-on-year growth of 2063.42% [1] - The basic earnings per share stood at 0.16 yuan [1]

Core Viewpoint - Rongzhi Rixin (688768.SH) reported significant growth in both revenue and net profit for the first half of 2025, driven by increased customer demand due to digital and intelligent transformation across various industries [1] Financial Performance - The company achieved operating revenue of 256 million yuan, representing a year-on-year increase of 16.55% [1] - Net profit attributable to shareholders reached 14.24 million yuan, showing a remarkable year-on-year growth of 2,063.42% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13.24 million yuan, with a year-on-year increase of 3,091.44% [1] - Basic earnings per share stood at 0.16 yuan [1] Operational Efficiency - The growth in sales revenue was attributed to the company's continuous enhancement of organizational capabilities and improved operational management efficiency [1] - The overall profitability and gross margin of the company have further improved, contributing to the substantial increase in net profit [1]

国元证券股份有限公司 关于安徽容知日新科技股份有限公司 2025年半年度持续督导跟踪报告 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为安徽容 知日新科技股份有限公司（以下简称"容知日新"、"公司"）首次公开发行股票 和 2023 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等相关规定，国元证券负责容知日 新上市后的持续督导工作，并出具 2025 年半年度（以下简称"本报告期"、"持 续督导期"）持续督导跟踪报告。 | 一、持续督导工作情况 | | --- | | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 针对具体的持续督导工作制定相应的工作计 | 保荐机构已建立健全并有效执行了 持续督导制度，并制定了相应的工 | | | 划。 | 作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与容知日新签订保荐协 | | | 开始前，与上市公司或相关 ...

一、聚焦主营业务、提升经营质量 1、报告期经营稳健，利润大幅提升 2025 年半年度，公司实现营业收入 25,633.20 万元，较上年同期增长 16.55%； 实现归属于上市公司股东的净利润 1,423.55 万元，较上年同期增长 2,063.42%； 实现归属于上市公司股东的扣除非经常性损益的净利润 1,323.72 万元，较上年同 期增长 3,091.44%。 公司 2025 年半年度经营业绩较上年同期增长的主要原因包括：一是受益于 各行业加快推动数字化、智能化转型升级，公司设备智能运维服务助力客户实现 安全生产和降本增效目标，报告期内，公司在风电、石化等行业收入增长较大， 带动公司营业收入增长；二是公司持续加强组织能力建设，提高运营管理效率， 毛利率和整体盈利能力进一步提升，带动公司净利润大幅增长。 2、优化财务管理，改善现金流状况 2025 年上半年，公司通过多措并举显著改善经营现金流，取得突破性成效： 在应收账款回收端，迭代考核机制，强化应收账款动态管理，推动回款额同比增 加超 9,000 万元，增幅达 42%；成本费用管控方面加强预算管理，推行集中采购 和管理流程再造，实现降本增效，三大费用率有 ...

证券代码：688768 证券简称：容知日新 公告编号：2025-032 安徽容知日新科技股份有限公司 关于2025年半年度募集资金存放与实际使用情况 的专项报告 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、准确性和完整性依法承担法律责任。 根据中国证监会发布的《上市公司募集资金监管规则》及上海证券交易所发 布的《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有 关规定，安徽容知日新科技股份有限公司（以下简称"公司"）董事会编制了《关 于公司 2025 年半年度募集资金存放与实际使用情况的专项报告》，具体如下： 一、募集资金基本情况 （一）首次公开发行 A 股股票募集资金 经中国证券监督管理委员会证监许可〔2021〕2102 号文同意，本公司于 2021 年 7 月向社会公开发行人民币普通股（A 股）1,372.00 万股，每股发行价为 18.23 元，应募集资金总额为人民币 25,011.56 万元，根据有关规定扣除发行费用 5,379.85 万元后，实际募集资金金额为 19,631.71 万元。该募集资金已于 2021 年 7 月 ...

Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents its key financial performance metrics for the reporting period [Company Overview](index=6&type=section&id=Company%20Overview) Anhui Rongzhi Rixin Technology Co., Ltd. is a high-tech company specializing in intelligent operation and maintenance solutions for industrial equipment, headquartered in Hefei High-tech Zone - Core identity information includes the company name, abbreviation, legal representative, and address[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant performance growth during the reporting period, with revenue up 16.55% and net profit attributable to shareholders increasing by 2,063.42%, driven by increased demand and improved operational efficiency Key Accounting Data | Major Accounting Data | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 256,331,968.39 RMB | 219,940,546.04 RMB | 16.55% | | **Net Profit Attributable to Shareholders of Listed Company** | 14,235,537.91 RMB | 658,011.79 RMB | 2,063.42% | | **Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses** | 13,237,241.16 RMB | 414,773.67 RMB | 3,091.44% | | **Net Cash Flow from Operating Activities** | 40,822,943.10 RMB | -10,306,041.92 RMB | N/A | | **Total Assets (Period-end)** | 1,268,075,436.54 RMB | 1,255,989,601.15 RMB | 0.96% | Key Financial Indicators | Major Financial Indicators | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.16 | 0.01 | 1,500.00% | | **Weighted Average Return on Net Assets (%)** | 1.35% | 0.08% | Increased by 1.27 percentage points | | **R&D Investment as Percentage of Operating Revenue (%)** | 23.53% | 26.17% | Decreased by 2.64 percentage points | - Significant performance growth is primarily due to increased customer demand from digital and intelligent transformation in downstream industries, coupled with enhanced organizational capabilities and improved operational efficiency, leading to higher gross margins and overall profitability[21](index=21&type=chunk) Management Discussion and Analysis This section provides an in-depth review of the company's industry, main business operations, core competencies, and key risk factors during the reporting period [Industry and Main Business](index=10&type=section&id=Industry%20and%20Main%20Business) The company specializes in intelligent operation and maintenance for industrial equipment, providing status monitoring and fault diagnosis systems for sectors like power, metallurgy, and petrochemicals, primarily through direct sales and independent R&D - The company is an AI-driven industrial service enterprise, primarily offering industrial equipment status monitoring and fault diagnosis systems widely applied in power, metallurgy, petrochemical, and coal industries[30](index=30&type=chunk) - The company's main products include wired, wireless, and handheld system series, providing customers with status monitoring, health assessment, fault diagnosis, and maintenance guidance services[32](index=32&type=chunk) - The company's business model includes procurement based on market forecasts and orders; a production model combining make-to-order and demand forecasting; a sales model primarily direct sales supplemented by distribution; and market-demand-oriented independent R&D[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operations) The company maintained stable operations with significant net profit growth, achieving a 16.55% increase in operating revenue and a 2,063.42% rise in net profit attributable to shareholders, while advancing strategic initiatives and R&D Financial Indicators | Financial Indicators | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | **Operating Revenue** | 256 million RMB | 16.55% | | **Net Profit Attributable to Parent** | 14.24 million RMB | 2,063.42% | | **Net Profit Attributable to Parent After Non-recurring Items** | 13.24 million RMB | 3,091.44% | - The company steadily advanced its three major strategies: the partner strategy met expectations in quantity and quality; the service strategy achieved significant order revenue growth through organizational adjustments and incentive policies; and the global product strategy realized steady overseas sales growth by expanding international partners and deploying local teams[53](index=53&type=chunk)[54](index=54&type=chunk) - The company continued R&D innovation, with R&D expenses of **60.31 million RMB** during the reporting period, accounting for **23.53% of revenue**, and successfully deployed and mass-shipped a blade monitoring solution based on fiber Bragg grating technology[54](index=54&type=chunk)[55](index=55&type=chunk) - The company's specialized large model PHMGPT continued to iterate, with the new version achieving full-link intelligent drive, capable of independently completing the entire process from data collection to diagnosis reports, improving diagnostic efficiency by **3-5 times**[55](index=55&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include a complete technology chain, scaled remote intelligent diagnosis services, extensive data and AI algorithm advantages, a high-caliber talent team, established market position, and strong organizational capabilities - The company is one of the few domestic companies that has integrated the entire technology chain from underlying sensors, edge intelligence, industrial big data, and intelligent algorithms to industrial internet platforms and cloud diagnostic services, possessing a complete technical system[58](index=58&type=chunk) - The company operates a scaled remote intelligent equipment diagnosis center, with over **187,000 critical devices** connected for real-time monitoring and over **33,000 fault cases** accumulated across various industries, forming a solid foundation for AI algorithm research[48](index=48&type=chunk)[59](index=59&type=chunk) - The company possesses a professional talent team, with **264 R&D personnel** as of the end of the reporting period, nearly **50%** of whom hold master's degrees or higher, and **70 Mobius-certified international diagnostic engineers**[61](index=61&type=chunk)[76](index=76&type=chunk) R&D Investment | R&D Investment | Current Period Amount | Prior Period Amount | Change Rate | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 60,312,330.39 RMB | 57,562,147.62 RMB | 4.78% | | **Total R&D Investment as Percentage of Operating Revenue (%)** | 23.53% | 26.17% | Decreased by 2.64 percentage points | [Risk Factors](index=24&type=section&id=Risk%20Factors) The company faces risks including rapid technological iteration, seasonal performance fluctuations, intensifying market competition, challenges from scale expansion, and risks related to accounts receivable, high expense ratios, and macroeconomic changes - The company's operating performance is subject to seasonal fluctuations, with operating revenue in the fourth quarter consistently exceeding **39%** from 2022-2024, primarily because most major enterprise clients concentrate their purchases in the second half of the year[77](index=77&type=chunk) - As of the end of the reporting period, the book value of the company's accounts receivable was **441 million RMB**, with major clients being large enterprises having longer payment cycles, posing a risk of bad debts[79](index=79&type=chunk) - During the reporting period, the company's period expenses accounted for **63.05%** of operating revenue, remaining at a high level, and if revenue growth fails to offset increased expenses, it will adversely impact performance[80](index=80&type=chunk) [Main Business Analysis](index=25&type=section&id=Main%20Business%20Analysis) The company's main business showed steady growth, with operating revenue up 16.55% and operating costs up 9.84%, while operating cash flow significantly improved due to increased sales collections Financial Statement Items | Item | Current Period Amount | Prior Period Amount | Change Rate (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 256,331,968.39 RMB | 219,940,546.04 RMB | 16.55% | | **Operating Cost** | 90,519,930.10 RMB | 82,413,920.13 RMB | 9.84% | | **Selling Expenses** | 74,709,178.66 RMB | 60,712,679.04 RMB | 23.05% | | **R&D Expenses** | 60,312,330.39 RMB | 57,562,147.62 RMB | 4.78% | | **Net Cash Flow from Operating Activities** | 40,822,943.10 RMB | -10,306,041.92 RMB | N/A | - Regarding assets and liabilities, items such as trading financial assets, other payables, and short-term borrowings significantly increased due to factors like wealth management product purchases, receipt of equity incentive funds, and new loans[87](index=87&type=chunk) Significant Matters This section details the company's fulfillment of various commitments and the progress of its raised capital utilization during the reporting period [Fulfillment of Commitments](index=33&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company's actual controllers, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering and subsequent equity incentive matters, with no violations found - The company's controlling shareholders and actual controllers, Nie Weihua, Jia Weiyin, and other related parties, made detailed commitments regarding share lock-up, holding intentions, and reduction intentions, all of which were strictly fulfilled during the reporting period[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) [Explanation of Proceeds Utilization Progress](index=50&type=section&id=Explanation%20of%20Proceeds%20Utilization%20Progress) The company effectively managed and utilized its raised funds, actively advancing construction projects, deciding to close some completed projects, and using surplus funds to supplement working capital and invest in a new R&D project, while also engaging in cash management - As of the end of the reporting period, cumulative raised funds invested totaled **247 million RMB**, with an investment progress of **70.13%**[122](index=122&type=chunk) - On June 25, 2025, the company's board of directors approved the closure of the 'Intelligent Equipment Monitoring System Industrialization Project,' 'Data Center Construction Project,' and 'R&D Center Construction Project,' allocating the remaining raised funds to permanently supplement working capital and implement the new 'Rongzhi Rixin Industrial Equipment Intelligent Operation and Maintenance Inspection Robot R&D Project'[125](index=125&type=chunk)[128](index=128&type=chunk) - The company utilized up to **190 million RMB** of idle raised funds for cash management to enhance capital utilization efficiency[127](index=127&type=chunk) Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides details on its shareholder structure, including major shareholders and their holdings [Share Change Status](index=54&type=section&id=Share%20Change%20Status) During the reporting period, the company's total share capital remained at 87,427,353 shares, with a decrease in restricted shares and a corresponding increase in unrestricted tradable shares due to the lifting of sales restrictions on shares issued to specific targets - During the reporting period, due to the listing and circulation of **5,076,141 restricted shares** issued to specific targets, the company's restricted shares decreased from **5,801,305 shares** to **725,164 shares**, and the proportion of unrestricted tradable shares increased from **93.36%** to **99.17%**[132](index=132&type=chunk)[133](index=133&type=chunk) - After the reporting period, on July 17, 2025, the company's total share capital increased from **87,427,353 shares** to **87,988,713 shares** due to the completion of registration for the first vesting period of the 2024 Restricted Stock Incentive Plan[134](index=134&type=chunk) [Shareholder Information](index=57&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 3,905 common shareholders, with controlling shareholder Nie Weihua holding 19.04% and institutional investors like the Basic Pension Insurance Fund among the top ten shareholders - As of the end of the reporting period, the company had a total of **3,905 shareholders**[139](index=139&type=chunk) Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Nie Weihua | 16,646,984 | 19.04 | | Shanghai Kerong Enterprise Management Partnership (Limited Partnership) | 9,445,545 | 10.80 | | Jia Weiyin | 7,442,141 | 8.51 | | Basic Pension Insurance Fund 2101 Portfolio | 3,500,000 | 4.00 | | Lu'an Shiyue He'an Phase II Venture Capital Partnership | 2,523,762 | 2.89 | Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with significant accounting policies and detailed notes to financial statement items [Financial Statements](index=62&type=section&id=Financial%20Statements) This unaudited semi-annual financial report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows [Consolidated Balance Sheet](index=62&type=section&id=Consolidated%20Balance%20Sheet) As of the reporting period end, total assets were 1.27 billion RMB, a slight increase of 0.96%, while total liabilities were 235.96 million RMB, and net assets attributable to shareholders were 1.032 billion RMB, a slight decrease of 1.66% | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 1,268,075,436.54 RMB | 1,255,989,601.15 RMB | | **Total Liabilities** | 235,955,433.78 RMB | 206,432,079.00 RMB | | **Total Owners' Equity Attributable to Parent Company** | 1,032,120,002.76 RMB | 1,049,557,522.15 RMB | [Consolidated Income Statement](index=67&type=section&id=Consolidated%20Income%20Statement) During the reporting period, the company achieved total operating revenue of 256.33 million RMB, a 16.55% increase, with total operating costs at 255.92 million RMB, resulting in a net profit of 14.24 million RMB, a significant 2,063.42% increase year-over-year | Item | Half-Year 2025 | Half-Year 2024 | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 256,331,968.39 RMB | 219,940,546.04 RMB | | **II. Total Operating Costs** | 255,923,895.01 RMB | 225,759,097.95 RMB | | Of which: R&D Expenses | 60,312,330.39 RMB | 57,562,147.62 RMB | | **III. Operating Profit** | 7,467,778.88 RMB | -6,628,251.86 RMB | | **V. Net Profit** | 14,235,537.91 RMB | 658,011.79 RMB | [Consolidated Cash Flow Statement](index=71&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities significantly improved to 40.82 million RMB, while net cash outflow from investing activities increased to 129 million RMB due to more wealth management product purchases, and net cash inflow from financing activities turned positive | Item | Half-Year 2025 | Half-Year 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 40,822,943.10 RMB | -10,306,041.92 RMB | | **Net Cash Flow from Investing Activities** | -128,990,015.10 RMB | -35,464,918.16 RMB | | **Net Cash Flow from Financing Activities** | 9,630,191.19 RMB | -27,563,806.76 RMB | | **Cash and Cash Equivalents at Period End** | 190,784,610.20 RMB | 98,057,041.34 RMB | [Significant Accounting Policies and Estimates](index=84&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, detailing policies for business combinations, financial instruments, revenue recognition, government grants, and deferred taxes, with no significant changes during the period - Revenue Recognition: The company recognizes revenue when the customer obtains control of the related goods; for equipment requiring installation and debugging, revenue is recognized after successful installation, debugging, and customer acceptance; for goods not requiring installation and debugging, revenue is recognized upon customer receipt; monitoring service revenue is recognized proportionally over the service period[278](index=278&type=chunk)[279](index=279&type=chunk) - Impairment of Financial Instruments: The company recognizes loss provisions for financial assets measured at amortized cost based on expected credit losses; for accounts receivable, the company calculates expected credit losses by referencing historical credit loss experience, current conditions, and future forecasts, preparing an aging and full-lifetime expected credit loss rate comparison table[221](index=221&type=chunk)[224](index=224&type=chunk) [Notes to Consolidated Financial Statement Items](index=114&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations of the composition, changes, and reasons for major accounts in the consolidated financial statements, including cash, accounts receivable, inventory, fixed assets, short-term borrowings, and R&D expenses - The book value of accounts receivable at period-end was **441 million RMB**, with the top five customers by outstanding amount accounting for **20.06%** of the total[321](index=321&type=chunk)[329](index=329&type=chunk) - The period-end balance of short-term borrowings was **66.81 million RMB**, an increase of **251.62%** from the beginning of the period, primarily due to new bank loans and increased bill discounting during the current period[408](index=408&type=chunk) - Current period R&D expenses amounted to **60.31 million RMB**, with employee compensation being the largest component at **50.15 million RMB**[449](index=449&type=chunk)

Core Insights - The company Rongzhi Rixin (688768.SH) reported a revenue of 256 million yuan for the first half of 2025, representing a year-on-year growth of 16.55% [1] - The net profit attributable to shareholders reached 14.24 million yuan, showing a significant increase of 2063.42% year-on-year [1] - The net profit excluding non-recurring gains and losses was 13.24 million yuan, with a remarkable growth of 3091.44% year-on-year [1] - Basic earnings per share stood at 0.16 yuan, reflecting an upward trend in key financial metrics [1] Financial Performance - The total profit, net profit attributable to shareholders, and net profit after excluding non-recurring gains and losses all experienced substantial increases compared to the previous year [1] - Key financial indicators such as basic earnings per share, diluted earnings per share, and basic earnings per share after excluding non-recurring gains and losses all rose year-on-year [1] - The growth in these metrics is primarily driven by the increasing demand from downstream industries for digital and intelligent transformation, leading to higher sales revenue [1] Operational Efficiency - The company has been focusing on enhancing organizational capabilities and improving operational management efficiency [1] - The gross profit margin and overall profitability have further improved, contributing to the significant increase in net profit [1]

Group 1 - The company reported a revenue of 256 million yuan for the first half of 2025, representing a year-on-year growth of 16.55% [1] - The net profit for the same period was 14.2355 million yuan, showing a significant year-on-year increase of 2063.42% [1]

证券之星消息，8月6日通用设备板块较上一交易日上涨2.26%，海昌新材领涨。当日上证指数报收于 3633.99，上涨0.45%。深证成指报收于11177.78，上涨0.64%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300885 | 海昌新材 | 28.86 | 20.00% | 46.10万 | | 12.02亿 | | 301616 | 浙江华业 | 52.39 | 20.00% | 9.87万 | | 4.95 Z | | 300906 | 日月明 | 35.66 | 19.99% | 10.90万 | | 3.59亿 | | 300946 | 恒而达 | 64.50 | 13.44% | 10.57万 | | 6.33亿 | | 688697 | 细威数控 | 16.29 | 12.19% | 26.99万 | | 4.28亿 | | 002248 | 华东数控 | 66'01 | 10.01% | 37.40万 | | 4.02亿 ...

Core Insights - 56 companies listed on the Sci-Tech Innovation Board have released their performance forecasts for the first half of the year, with 41 expecting profit increases, 7 expecting declines, 3 expecting profits, 2 expecting reduced losses, 2 expecting losses, and 1 expecting stable performance [1] Performance Forecast Summary - Among the 56 companies, 78.57% are reporting positive forecasts, with 41 companies expecting profit increases and 3 expecting profits [1] - The median profit increase for 22 companies is over 100%, while 12 companies expect increases between 50% and 100% [1] - The company with the highest expected profit increase is Rongzhi Rixin, with a median increase of 2103.61%, followed by *ST Tianwei and Jimi Technology with expected increases of 2064.85% and 2062.33% respectively [1][3] Industry Performance - The industries with significant profit increases include electronics, biomedicine, and machinery, with 15, 5, and 3 companies respectively reporting over 50% profit growth [1] - The average increase in stock prices for high-growth companies on the Sci-Tech Innovation Board this year is 45.05%, with Nanya New Materials leading at a 120.43% increase [1] Capital Flow Insights - In terms of capital flow, the stocks with significant net inflows over the past five days include Lankai Technology, Lexin Technology, and Hengxuan Technology, with net inflows of 266 million, 108 million, and 54.21 million respectively [2] - Conversely, stocks with high net outflows include Narui Radar, Microchip Biotech, and Crystal Integration, with net outflows of 166 million, 160 million, and 120 million respectively [2]