Group 1 - The stock of Feiyada Precision Technology Co., Ltd. dropped by 5.03% on August 28, closing at 17.38 yuan per share, with a trading volume of 150 million yuan and a turnover rate of 2.32%, resulting in a total market capitalization of 7.052 billion yuan [1] - The company, established on March 30, 1990, and listed on June 3, 1993, is primarily engaged in watch brand management and luxury watch retail [1] - The revenue composition of the company's main business includes: comprehensive luxury watch services at 75.36%, watch brand business at 17.66%, precision technology business at 3.39%, leasing business at 3.24%, and other at 0.35% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Penghua Fund holds a significant position in Feiyada [2] - The Penghua Innovation Power Mixed Fund (LOF) (501076) held 1.0563 million shares in the second quarter, accounting for 4.96% of the fund's net value, ranking as the fifth largest heavy stock [2] - The fund has experienced a floating loss of approximately 971,800 yuan today [2] Group 3 - The fund manager of Penghua Innovation Power Mixed Fund (LOF) (501076) is Li Yunyi, who has a cumulative tenure of 10 years and 40 days, with the fund's total asset size at 385 million yuan [3] - During Li Yunyi's tenure, the best fund return was 75.19%, while the worst return was -9.45% [3] - Co-manager Xiao Jiaqi has a cumulative tenure of 6 years and 114 days, with the fund's total asset size at 429 million yuan, achieving a best return of 85.02% and a worst return of -23.86% during the tenure [3]

Market Overview - The jewelry sector increased by 0.91% on August 25, with Feiya leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Feiya (000026) closed at 19.46, up 3.40% with a trading volume of 292,200 shares and a transaction value of 559 million [1] - Laisen Tongling (603900) closed at 10.93, up 2.92% with a trading volume of 261,500 shares [1] - Xinghua Jewelry (002731) closed at 13.66, up 1.79% with a trading volume of 128,800 shares [1] - Mankalon (300945) closed at 19.34, up 1.58% with a trading volume of 125,500 shares [1] - Other notable performers include Laofengxiang (600612) at 48.44, up 1.32%, and China Gold (600916) at 8.22, up 0.61% [1][2] Capital Flow Analysis - The jewelry sector experienced a net outflow of 7.74 million from institutional investors and 44.17 million from speculative investors, while retail investors saw a net inflow of 51.91 million [2] - China Gold (600916) had a net inflow of 21.90 million from institutional investors, but a net outflow of 12.32 million from speculative investors [3] - Laofengxiang (600612) saw a net inflow of 16.93 million from institutional investors, with a net outflow of 9.66 million from speculative investors [3]

Core Viewpoint - Feiya's stock price has shown significant volatility, with a year-to-date increase of 92.58%, but a recent decline of 2.69% over the past five trading days [2]. Group 1: Stock Performance - As of August 25, Feiya's stock price was 19.20 CNY per share, with a market capitalization of 7.791 billion CNY [1]. - The stock has experienced a 10.22% increase over the past 20 days and a 35.21% increase over the past 60 days [2]. - The stock has appeared on the trading leaderboard four times this year, with the most recent net purchase of 7.8668 million CNY on August 14 [2]. Group 2: Financial Performance - For the first half of 2025, Feiya reported a revenue of 1.784 billion CNY, a year-on-year decrease of 14.08%, and a net profit of 82.4455 million CNY, down 43.97% year-on-year [2]. - The company's main business revenue composition includes 75.36% from luxury watch services, 17.66% from watch brand operations, 3.39% from precision technology, 3.24% from leasing, and 0.35% from other sources [2]. Group 3: Shareholder Information - As of June 30, 2025, Feiya had 25,800 shareholders, a decrease of 2.92% from the previous period, with an average of 18,148 circulating shares per shareholder, an increase of 3.77% [2]. - The company has distributed a total of 1.515 billion CNY in dividends since its A-share listing, with 429 million CNY distributed over the past three years [3]. - Among the top ten circulating shareholders, Huashang Zhenxuan Return Mixed A is the sixth largest, holding 2.5494 million shares as a new shareholder [3].

Group 1 - From August 18 to August 24, brokers issued a total of 463 target prices for listed companies, with the highest target price increases for Hengmingda at 63.83%, Jiangsu Shentong at 62.24%, and Dongfang Caifu at 60.29%, belonging to the consumer electronics, general equipment, and securities industries respectively [1] - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials receiving 22 recommendations, Yanghe Co. receiving 21, and Runben Co. receiving 20 [1] - During this period, brokers upgraded ratings for 9 companies, including Dongbei Securities upgrading Changhai Co. from "Hold" to "Buy", and Pacific Securities upgrading Chuanjinno from "Hold" to "Buy" [1] Group 2 - Brokers downgraded ratings for 11 companies, including Minsheng Securities downgrading Taoli Bread from "Recommended" to "Cautious Recommendation", and Zhongyin International Securities downgrading Southern Airlines from "Hold" to "Increase" [1] - From August 18 to August 24, brokers provided 97 instances of initial coverage, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry receiving a "Buy" rating from Tianfeng Securities [2] - Other companies receiving initial coverage include Feiyada with a "Buy" rating from Dongbei Securities, Lihua Co. with an "Increase" rating from Huaxi Securities, and Sanhuan Group with a "Buy" rating from Huayuan Securities [2]

Core Viewpoint - The financial performance of Feiyada (000026) for the first half of 2025 shows significant declines in revenue and net profit, indicating challenges in the company's operations and financial health [1][2]. Financial Performance - Total revenue for the first half of 2025 was 1.784 billion yuan, a year-on-year decrease of 14.08% [1]. - Net profit attributable to shareholders was 82.4455 million yuan, down 43.97% year-on-year [1]. - In Q2 2025, revenue was 860 million yuan, a decline of 14.96% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 37.1391 million yuan, reflecting a 48.16% decrease year-on-year [1]. - The gross margin was 35.55%, down 4.36% year-on-year, while the net margin was 4.62%, a decrease of 34.79% [1]. - Total selling, administrative, and financial expenses amounted to 488 million yuan, accounting for 27.38% of revenue, an increase of 3.61% year-on-year [1]. - Earnings per share were 0.2 yuan, down 42.99% year-on-year, while operating cash flow per share increased by 84.25% to 0.62 yuan [1]. Accounts Receivable - The company's accounts receivable are substantial, with accounts receivable accounting for 134.13% of the latest annual net profit [1][2]. Market Outlook - The domestic watch market is expected to face short-term pressures, but the company is optimizing its watch business through improved products, channels, and marketing strategies, leading to relatively stable performance compared to the industry [2]. - The long-term outlook for the watch industry is optimistic, supported by the backdrop of national economic development [3]. Return on Investment - The company's return on invested capital (ROIC) was 6.19% last year, indicating average capital returns, with a historical median ROIC of 7.11% over the past decade [2]. - The net profit margin last year was 5.59%, suggesting that the added value of the company's products or services is average [2].

Market Performance - The three major indices experienced an increase during the week of August 18 to August 22, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, and the ChiNext Index by 5.85% [1][2]. Stock Movements - A total of 11 stocks saw a weekly increase of over 40%, with two stocks increasing by more than 60%. Kosen Technology led with a weekly increase of 61.14%, followed by Garden Shares at 61.09%, and Zhen'an Technology at 53.11% [3][4]. - On the downside, 14 stocks experienced a decline of over 15%, with *ST Gaohong leading the drop at 22.67% [3][4]. Trading Activity - 94 stocks had a turnover rate exceeding 100% during the week, with Guangdong Jianke at the top with a turnover rate of 251.47% [5][6]. - The majority of stocks with high turnover rates belonged to the machinery, electronics, and computer sectors [5]. Capital Flow - The machinery sector faced a net outflow of over 18 billion yuan, while the communication, comprehensive, and media sectors saw net inflows [8]. - ZTE Corporation received the highest net inflow of 7.019 billion yuan, with a weekly increase of 32.21% [9]. Institutional Research - A total of 170 listed companies were researched by institutions, with Desai Xiwai receiving the most attention from 228 institutions [12][14]. - The focus of institutional research was primarily on industrial machinery, electronic components, and electrical equipment sectors [12]. New Institutional Interests - 91 stocks were newly favored by institutions, with eight stocks receiving target prices. For instance, Xinqianglian was rated "Overweight" by Huatai Securities with a target price of 42.00 yuan [15][16][17].

Core Viewpoint - The traditional allure of European luxury watches, once seen as a symbol of wealth and status in China, is diminishing as consumer preferences shift towards domestic brands and smartwatches, leading to a significant decline in the resale value of high-end Swiss watches [4][5][10]. Market Trends - The resale index for Rolex watches has dropped nearly one-third from its peak in March 2022 to March 2025, marking a four-year low [4][10]. - The sales of Swiss watches to mainland China fell by 26% last year, with exports to Hong Kong also declining by 19% [11]. Consumer Behavior - The middle-class consumer group, which has been a significant driver of luxury watch sales, is experiencing a decline in spending enthusiasm, with 45% reporting reduced luxury goods consumption in 2023-2024 [14][17]. - A survey indicated that 80% of consumers who are reducing luxury purchases believe that luxury goods lack cost-effectiveness [17]. Competitive Landscape - Domestic watch brands like Seagull and Fiyta are gaining traction, particularly with models associated with national leaders, while smartwatches from brands like Huawei and Xiaomi are becoming popular for their affordability and functionality [4][20]. - In 2024, Huawei led the smartwatch market in China with a shipment of 21.2 million units, reflecting a 34.2% year-on-year growth [19]. Brand Perception - The perception of European luxury watches as "hard currency" is fading, with consumers now prioritizing value for money over status symbols [5][11]. - The narrative surrounding luxury watches is changing, with younger consumers seeking personalized expressions rather than adhering to traditional brand stories [18][24]. Technological Advancements - Domestic watch manufacturers are improving their technical capabilities, with products like the Fiyta "Zhai Xing" automatic mechanical movement achieving recognition for quality [22][24]. - The gap in technology between domestic and Swiss watches is narrowing, as evidenced by advancements in domestic manufacturing processes [21][22]. Cultural Shifts - The cultural significance of luxury watches is evolving, with consumers increasingly valuing heritage and local craftsmanship in domestic brands [20][24]. - The rise of smartwatches and domestic brands reflects a broader shift in consumer values, moving away from ostentation towards practicality and personal relevance [20][24].

Core Viewpoint - The recent financial report of Feiyada (000026) shows a significant decline in revenue and net profit for the first half of 2025 compared to the previous year, indicating potential challenges in the company's performance and financial health [1]. Financial Performance - The total revenue for the first half of 2025 was 1.784 billion yuan, a decrease of 14.08% year-on-year [1]. - The net profit attributable to shareholders was 82.4455 million yuan, down 43.97% year-on-year [1]. - In Q2 2025, the revenue was 860 million yuan, reflecting a 14.96% decline year-on-year, while the net profit was 37.1391 million yuan, a decrease of 48.16% year-on-year [1]. - The gross profit margin was 35.55%, down 4.36% year-on-year, and the net profit margin was 4.62%, down 34.79% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 488 million yuan, accounting for 27.38% of revenue, an increase of 3.61% year-on-year [1]. Balance Sheet Highlights - The company reported cash and cash equivalents of 539 million yuan, an increase of 33.37% year-on-year [1]. - Accounts receivable stood at 296 million yuan, a decrease of 16.86% year-on-year, but still represented 134.13% of the latest annual net profit [1]. - Interest-bearing debt decreased significantly to 197 million yuan, down 49.38% year-on-year [1]. Market and Business Outlook - The company's return on invested capital (ROIC) was 6.19%, indicating average capital returns, with a historical median ROIC of 7.11% over the past decade [3]. - The company relies heavily on marketing-driven performance, necessitating a closer examination of the underlying factors driving this model [3]. - Analysts expect the company's performance for 2025 to reach 239 million yuan, with an average earnings per share of 0.58 yuan [3]. Industry Perspective - The domestic watch market is currently facing short-term pressures, but the company is optimizing its product, channel, and marketing strategies to enhance operational efficiency [4]. - The long-term outlook for the watch industry remains optimistic, supported by the overall economic development of the country [4].

飞亚达精密科技股份有限公司董事会议事规则 飞亚达精密科技股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一章 总则 第一条 飞亚达精密科技股份有限公司（以下简称"公司"）为进一步规范董事会议事及 决策的规则和程序，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》、 《深圳证券交易所股票上市规则》及《公司章程》等有关规定，制定本规则。 第二条 本规则适用于公司董事会、董事会专门委员会、董事及本规则中涉及的有关人员。 第二章 董事会的组成 第三条 董事会是公司的决策机构，在《公司章程》规定的职权范围内决定公司的重大事 项，董事会对股东会负责。 第四条 董事会由九名董事组成，设董事长一人。董事长由董事会以全体董事的过半数选 举产生。公司设一名职工代表担任的董事，由公司职工通过职工代表大会、职工大会或者其他 形式民主选举产生。 第三章 董事会的职权 第五条 董事会发挥"定战略、 作决策、防风险"的作用，行使下列职权： （八）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式的方案； （九）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外担保事 项、委托理财 ...

飞亚达精密科技股份有限公司股东会议事规则 飞亚达精密科技股份有限公司 股东会议事规则 （2025 年 8 月修订） 第一章 总则 第一条 飞亚达精密科技股份有限公司（以下简称"公司"）为保证股东会的正常秩序和 决议的合法性，提高股东会议事效率，维护全体股东的合法权益，依据《中华人民共和国公司 法》、《深圳证券交易所股票上市规则》及《公司章程》等有关规定，制定本议事规则。 第二条 股东会由公司全体股东组成，是公司的最高权力机构，依法行使下列职权： （一）选举和更换非由职工代表担任的董事，决定有关董事的报酬事项； （二）审议批准董事会的报告； （三）审议批准公司的利润分配方案和弥补亏损方案； （四）对公司增加或者减少注册资本作出决议； （五）对发行公司债券及债券类等融资工具作出决议； 第三条 股东会应当确定对外投资、收购出售资产、资产抵押、对外担保、委托理财、关 联交易等事项的权限，建立严格的审查和决策程序，达到下列标准之一的，应当提交股东会审 议： （一）达到如下任一标准的交易（提供担保、受赠现金资产除外）： （六）对公司合并、分立、解散、清算或者变更公司形式作出决议； （七）修改公司章程； （八）对公司聘用、 ...