Core Viewpoint - ShenNan Circuit (002916) announced the appointment of Mr. Yang Zhiqin as the new General Manager of the company [1] Group 1 - The company's board of directors approved the hiring of Mr. Yang Zhiqin [1]

Core Viewpoint - Shenzhen South Circuit (002916.SZ) reported strong financial performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 16.754 billion, representing a year-on-year increase of 28.39% [1] - The net profit attributable to shareholders for the same period was 2.326 billion, showing a year-on-year growth of 56.3% [1] - The net profit excluding non-recurring gains and losses was 2.18 billion, reflecting a year-on-year increase of 58.56% [1]

Core Viewpoint - ShenNan Circuit (002916) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 2025 revenue reached 6.301 billion yuan, representing a year-on-year increase of 33.25% [1] - Q3 2025 net profit was 966 million yuan, showing a remarkable year-on-year growth of 92.87% [1] - For the first three quarters of 2025, total revenue amounted to 16.754 billion yuan, up 28.39% compared to the same period last year [1] - Net profit for the first three quarters of 2025 was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [1] - Basic earnings per share for the first three quarters stood at 3.49 yuan [1]

Core Viewpoint - ShenNan Circuit has shown significant stock price growth this year, with a year-to-date increase of 137.45% and a recent surge of 12.12% over the last five trading days [2] Financial Performance - For the first half of 2025, ShenNan Circuit achieved a revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63%, and a net profit attributable to shareholders of 1.360 billion yuan, up 37.75% year-on-year [2] - The company has distributed a total of 3.441 billion yuan in dividends since its A-share listing, with 1.744 billion yuan distributed over the past three years [3] Stock Market Activity - As of October 28, ShenNan Circuit's stock price was 225.58 yuan per share, with a market capitalization of 150.403 billion yuan and a trading volume of 1.086 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 380 million yuan on October 24, accounting for 28.00% of total trading volume [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 9.48% to 53,200, while the average number of circulating shares per person increased by 43.62% to 12,502 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with significant increases in holdings noted for several funds [3] Business Overview - ShenNan Circuit, established on July 3, 1984, specializes in the research, production, and sales of printed circuit boards, with its main revenue sources being printed circuit boards (60.01%), packaging substrates (16.64%), and electronic assembly (14.14%) [2]

Group 1 - The company ShenNan Electric A (SZ 000037) held a temporary board meeting on October 24, 2025, via telecommunication to review the "2025 Third Quarter Report" and other documents [1] - For the first half of 2025, ShenNan Electric A's revenue composition was 97.54% from the power industry and 2.46% from other businesses [1] - As of the report, ShenNan Electric A has a market capitalization of 5.3 billion yuan [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳南山热电股份有限公司（以下简称"公司"）第十届董事会第十 次临时会议于 2025 年 10 月 24 日上午 9:30 时以通讯表决的方式召开，会 议通知及文件已于 2025 年 10 月 17 日以书面和邮件方式送达全体董事。 会议由孔国梁董事长召集并主持表决。会议应参与表决董事 7 人，实际参 与表决董事 7 人。参与会议表决的人数及会议的召集、召开程序符合《中 华人民共和国公司法》和《深圳南山热电股份有限公司章程》的有关规定。 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-042 深圳南山热电股份有限公司 第十届董事会第十次临时会议决议公告 1.第十届董事会第十次临时会议决议； 1 2.第十届董事会审计委员会第十一次会议决议。 特此公告 深圳南山热电股份有限公司董事会 二、董事会会议审议情况 会议审议通过了《2025 年第三季度报告》，同意公司在指定的信息 披露报刊及网站上披露《2025 年第三季度报告》，详见同日在《证券时 报》 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥112,542,562.16, a decrease of 38.54% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥1,796,231.44, an increase of 123.10% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥779,925.20, up 107.00% from the previous year[5] - Basic earnings per share for Q3 2025 were ¥0.0030, reflecting a 123.26% increase compared to the same period last year[5] - Total operating revenue for the current period was ¥278,932,516.41, a decrease of 25% compared to ¥371,008,976.90 in the previous period[20] - Net profit for the current period was -¥15,715,244.31, compared to -¥50,078,429.98 in the previous period, showing an improvement of 69%[21] - Basic and diluted earnings per share were both -¥0.0331, an improvement from -¥0.0757 in the previous period[22] - The total comprehensive income for the current period was -¥14,348,920.17, an improvement from -¥50,078,429.98 in the previous period[22] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥2,011,510,732.33, a slight decrease of 0.06% from the end of the previous year[5] - Total current assets decreased from CNY 1,088,131,454.51 to CNY 968,938,287.47, a decline of approximately 10.98%[18] - Total non-current assets increased from CNY 924,605,181.08 to CNY 1,042,572,444.86, an increase of about 12.78%[19] - Total liabilities increased slightly from CNY 504,812,794.89 to CNY 509,122,730.93, a change of approximately 0.61%[19] - Non-current liabilities increased from CNY 63,648,786.15 to CNY 183,582,010.73, an increase of approximately 187.56%[19] Cash Flow - The company reported a cash flow from operating activities net amount of -¥49,666,179.21, reflecting a 38.99% decrease year-to-date[5] - Cash flow from operating activities was -¥49,666,179.21, an improvement from -¥81,406,730.48 in the previous period[23] - Net cash flow from investing activities decreased by 244.53% to approximately -$289.58 million, due to increased cash outflows for equipment procurement[12] - The net increase in cash and cash equivalents was -$424.49 million, contrasting with a positive increase of $96.65 million in the prior period[24] - The ending balance of cash and cash equivalents was $46.58 million, a significant drop from $407.39 million at the end of the previous period[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,770[14] - The largest shareholder, Hong Kong Nanhai Ocean Industry Co., Ltd., holds 15.28% of the shares, totaling approximately 92.12 million shares[14] - The company reported a total equity attributable to shareholders of the parent company of ¥1,470,115,176.52, slightly down from ¥1,485,380,575.08[20] Operational Changes - The company reported a significant increase in accounts receivable, which rose by 59.19% to ¥107,961,108.31, attributed to the independent energy storage project[9] - The company’s contract assets surged by 3291.67% to ¥3,241,784.80, due to increased progress payments and warranty deposits[9] - The company recognized goodwill of ¥35,708.95 from the acquisition of an energy technology company during the reporting period[9] - The deferred income tax assets increased by 637.05% to ¥4,606,548.06, primarily due to the acquisition of the energy technology company[9] - The company is actively pursuing strategic acquisitions to enhance its operational capabilities and market position[12] Expenses - Research and development expenses decreased by 41.15% to approximately $13.30 million, reflecting a reduction in ongoing projects[11] - Financial expenses decreased by 53.63% to approximately $3.31 million, attributed to improved liquidity management[11] - Investment income increased by 38.54% to approximately $16.76 million, mainly from dividend distributions of other equity investments[11] - Cash inflow from investment activities totaled ¥109,004,137.50, compared to ¥484,276,983.04 in the previous period, indicating a significant decrease[23] Accounting and Audit - The company did not undergo an audit for the third quarter financial report[25] - The new accounting standards will be first implemented starting in 2025, affecting the financial statements from the beginning of that year[26]

Core Insights - On October 24, a total of 34 stocks were involved in institutional trading, with 16 stocks showing net buying and 18 stocks showing net selling [1] Institutional Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 198 million yuan - ShenKong Co., Ltd. (神开股份) with a net buying amount of 65.95 million yuan - Jiangbo Long (江波龙) with a net buying amount of 60.29 million yuan [1] Institutional Selling - The top three stocks with the highest net selling by institutions were: - Demingli (德明利) with a net outflow of 267 million yuan - Chaoying Electronics (超颖电子) with a net outflow of 191 million yuan - Shengyi Electronics (生益电子) with a net outflow of 129 million yuan [1]

Core Points - The total trading amount for Shanghai Stock Connect today is 108.68 billion, while Shenzhen Stock Connect is 113.30 billion [1] Group 1: Top Trading Stocks - The top trading stock in Shanghai Stock Connect is Cambricon Technologies with a trading amount of 2.68 billion [2] - The second and third positions are held by Industrial Fulian and Kweichow Moutai with trading amounts of 1.67 billion and 1.57 billion respectively [2] - In Shenzhen Stock Connect, the leading stock is Zhongji Xuchuang with a trading amount of 4.42 billion [3] - New Yisheng and Luxshare Precision rank second and third with trading amounts of 2.96 billion and 2.91 billion respectively [3] Group 2: Sector Performance - The sectors with the highest gains include storage chips, CPO, and semiconductors, while coal and oil & gas sectors show the largest declines [4] - The electronic sector leads in net inflow of funds with 19.93 billion, followed by semiconductors with 8.30 billion [5] - The pharmaceutical sector experiences the highest net outflow of funds at -2.97 billion, followed by the food and beverage sector at -1.84 billion [6] Group 3: ETF Trading - The top ETF by trading amount is the Hong Kong Securities ETF with 16.51 billion, showing a growth of 7.03% compared to the previous trading day [7] - The semiconductor ETFs also show significant trading amounts, with the China-Korea Semiconductor ETF at 7.30 billion, reflecting a 121.05% increase [7] Group 4: Institutional Activity - Institutional activity is notably high, with Deep South Circuit reaching a limit-up and receiving 200 million from three institutions [8][9] - Jiangbolong sees two institutions buying 140 million while also facing selling from two institutions amounting to 87.68 million [8] - The stock Shenan Chip Innovation experiences a 20% increase with two institutions buying 203 million and selling 152 million [8] Group 5: Retail Investor Activity - Retail investors show increased activity, with Deep South Circuit receiving 61.65 million from a leading retail investor seat [10] - The stock Demingli sees a significant buy of 110 million from a retail investor seat [10] Group 6: Quantitative Fund Activity - Quantitative funds show heightened activity, with Fangzheng Technology receiving 162 million from two quantitative seats, despite facing a sell of 40.48 million from another seat [15]

Group 1 - On October 24, a total of 34 stocks were involved with institutional investors, with 16 showing net buying and 18 showing net selling [1] - The top three stocks with the highest net buying by institutions were ShenNan Circuit (1.98 billion), ShenKai Co., Ltd. (65.95 million), and JiangBoLong (60.29 million) [1] - The top three stocks with the highest net selling by institutions were DeMingLi (2.67 billion), ChaoYing Electronics (191 million), and ShengYi Electronics (129 million) [1] Group 2 - The stock performance varied significantly, with some stocks like DaHua Intelligent showing a gain of 10.12% while others like GuangJi Pharmaceutical dropped by 10.05% [3] - Notable declines included ShengYi Electronics with a drop of 19.99% and ChaoYing Electronics with a staggering decline of 397.60% [4] - The overall market sentiment reflected mixed results, with certain stocks experiencing substantial volatility [3][4]