Group 1 - The core viewpoint of the article highlights that Zhonghe Technology (SZ 000925) reported a revenue of approximately 1.446 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.47% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 46.22 million yuan, with a basic earnings per share loss of 0.07 yuan [1] - As of the report, Zhonghe Technology has a market capitalization of 5.3 billion yuan [1] Group 2 - The article also notes that the A-share market has surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with technology as a leading sector reshaping the market dynamics [1]

Group 1 - Company Zhonghe Technology (SZ 000925) announced on October 29 that its 16th meeting of the 9th board of directors was held via telecommunication to review the "Q3 2025 Report" and other documents [1] - As of the report, Zhonghe Technology has a market capitalization of 5.3 billion yuan [2]

证券代码：000925 证券简称：众合科技 公告编号：临 2025-074 浙江众合科技股份有限公司 关于调整 2025 年度日常关联交易额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示 1、浙江众合科技股份有限公司（以下简称"众合科技""公司"）调整 2025 年度日常关联交易额度均与公司日常经营相关，以市场价格为基础协商定价，公 允合理，对公司持续经营能力、盈利能力及资产独立性等不会产生不利影响，不 会对关联方形成依赖。 2、公司调整 2025 年度日常关联交易额度无需提交公司股东会审议。 一、日常关联交易基本情况 （一）2025 年度日常关联交易履行的审议程序 1、公司于 2025 年 4 月 22 日召开了第九届董事会第十次会议及第九届监事 会第七次会议，2025 年 5 月 14 日召开了 2024 年度股东会，审议通过了《关于 2024 年度日常关联交易执行情况及预计 2025 年度日常关联交易额度的议案》， 2025 年度日常关联交易预计总额为 36,207 万元。具体内容详见公司于 2025 年 4 月 24 日在《证券时 ...

证券代码：000925 证券简称：众合科技 公告编号：临 2025-075 浙江众合科技股份有限公司 关于 2025 年 1-9 月计提及冲回资产减值准备的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 浙江众合科技股份有限公司（以下简称"公司"）根据《企业会计准则》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号— —主板上市公司规范运作》以及公司会计政策的相关规定，本着谨慎性原则，对 2025年1-9月的应收票据、应收账款、其他应收款、长期应收款、合同资产、存 货计提了减值准备，具体情况如下： （二）存货跌价准备计提依据及方法 资产负债表日，存货采用成本与可变现净值孰低计量。期末按照单个存货项 目计提存货跌价准备；但对于数量繁多、单价较低的存货，按照存货类别计提存 货跌价准备；与在同一地区生产和销售的产品系列相关、具有相同或者类似最终 用途或目的，且难以与其他项目分开计量的存货，则合并计提存货跌价准备。 （三）对长期股权投资、固定资产、在建工程、使用权资产、无形资产、商 誉等长期资产,于资产负债表日存在减值迹象的，应当进行减值 ...

一、董事会会议召开情况 1、浙江众合科技股份有限公司（以下简称"公司"）第九届董事会第十六 次会议通知于 2025 年 10 月 22 日以电子邮件或电话形式送达全体董事； 2、会议于 2025 年 10 月 29 日以通讯表决的方式召开； 3、会议应参加表决的董事 10 人、实际参加表决的董事 10 人； 证券代码：000925 证券简称：众合科技 公告编号：临 2025-073 浙江众合科技股份有限公司 第九届董事会第十六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 为适应公司实际经营情况的需求变化，公司在原预计额度的基础上，拟增加 1 / 2 4、会议在保证所有董事充分发表意见的前提下，以面签或电子邮件送达方 式审议表决。本次会议的召集、召开与表决程序符合《公司法》《公司章程》的 有关规定。 二、董事会会议审议情况 会议以记名投票表决方式审议并通过了如下议案： （一）公司《2025 年第三季度报告》 公司董事、监事及高级管理人员保证《2025 年第三季度报告》内容真实、 准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，并签署了书面确 ...

财通证券股份有限公司 关于浙江众合科技股份有限公司 调整 2025 年度日常关联交易额度的核查意见 财通证券股份有限公司（以下简称"财通证券"或"保荐机构"）作为浙江 众合科技股份有限公司（以下简称"众合科技"或"公司"）向特定对象发行股 票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等相关法律、法规和规范性文 件的规定，对众合科技关于调整 2025 年度日常关联交易额度事项进行了专项核 查，核查情况及核查意见如下： 一、日常关联交易基本情况 （一）2025 年度日常关联交易履行的审议程序 1、公司于 2025 年 4 月 22 日召开了第九届董事会第十次会议及第九届监事 会第七次会议，2025 年 5 月 14 日召开了 2024 年度股东会，审议通过了《关于 2024 年度日常关联交易执行情况及预计 2025 年度日常关联交易额度的议案》， 2025 年度日常关联交易预计总额为 36,207.00 万元。具体内容详见公司于 2025 年 4 月 24 日 在 ...

Core Viewpoint - Zhonghe Technology reported significant growth in Q3 2025, with a revenue of 758 million yuan, marking a year-on-year increase of 53.11% and a net profit attributable to shareholders of 20.48 million yuan, reflecting a substantial year-on-year growth of 1318.42% [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.446 billion yuan, which is a year-on-year increase of 31.47% [1] - The net profit attributable to shareholders for the first three quarters was -46.22 million yuan, indicating a loss compared to the previous year [1] - Basic earnings per share for Q3 2025 was 0.03 yuan, while for the first three quarters, it was -0.07 yuan [1]

Core Insights - The company reported a third-quarter revenue of 758 million yuan, representing a year-on-year increase of 53.11% [1] - The net profit for the third quarter was 20.48 million yuan, showing a significant year-on-year growth of 1,318.42% [1] - For the first three quarters, the total revenue reached 1.446 billion yuan, which is a year-on-year increase of 31.47% [1] - However, the net profit for the first three quarters showed a loss of 46.22 million yuan, a decline of 47.01% year-on-year [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥757,634,691.91, representing a 53.11% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥20,482,188.26, a significant increase of 1,318.42% year-on-year[5] - The basic earnings per share (EPS) was ¥0.03, reflecting a 1,204.35% increase compared to the previous year[5] - Total operating revenue for the current period reached ¥1,446,085,256.60, an increase of approximately 31.5% compared to ¥1,099,954,746.80 in the previous period[17] - Net profit for the current period was reported at -¥20,009,954.19, an improvement from -¥74,837,906.64 in the previous period[18] - The total comprehensive income for the period was -20,926,608.97, compared to -74,978,044.64 in the previous period[19] - Basic and diluted earnings per share were both -0.07, an improvement from -0.15 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,250,388,558.83, a decrease of 0.77% from the end of the previous year[5] - The company’s total assets amounted to ¥9,250,388,558.83, slightly down from ¥9,321,828,929.45[16] - Current liabilities totaled ¥3,820,103,383.63, a decrease from ¥4,063,830,921.63[16] - Long-term borrowings increased to ¥1,529,793,829.55 from ¥1,265,798,354.81, indicating a rise of approximately 20.9%[16] - The company’s equity attributable to shareholders decreased to ¥3,303,180,044.57 from ¥3,410,606,939.56, a decline of about 3.1%[16] Cash Flow - The company reported a net cash flow from operating activities of -¥401,880,681.61, an improvement of 34.87% compared to the previous year[8] - The net cash flow from operating activities was -401,880,681.61, an improvement from -617,088,202.62 in the previous period[21] - The net cash flow from investing activities was -354,181,146.65, compared to -485,324,908.66 in the previous period, indicating a reduction in cash outflow[21] - The net cash flow from financing activities was 222,404,539.98, a significant decrease from 1,302,797,471.44 in the previous period[21] - Cash received from the sale of goods and services amounted to 1,344,352,085.97, up from 1,097,301,032.69 in the previous period, representing an increase of approximately 22.5%[20] - The total cash and cash equivalents at the end of the period were 1,167,305,913.60, compared to 1,083,478,219.03 in the previous period[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 48,620[10] - The company has a total of 14,508,530 shares held in the repurchase special securities account, representing 2.15% of total shares[12] - The top ten shareholders include Zhejiang Zhonghe Technology Co., Ltd. with 24,841,540 shares, accounting for 3.67% of total shares[11] - Zhejiang Yinwan Private Fund Management Co., Ltd. holds 11,166,620 shares through its Silver Wan Quan Ying 56 private equity fund, representing 1.65% of total shares[11] - The company has not reported any changes in the top ten shareholders due to securities lending or borrowing activities[13] - The total number of preferred shareholders and their holdings is not applicable for this report[13] Operational Metrics - The company experienced a 37.64% increase in operating costs, totaling ¥1,058,620,885.82, primarily due to the rise in revenue[8] - Total operating costs increased to ¥1,482,025,509.10, up from ¥1,172,534,165.22, reflecting a rise of about 26.4%[17] - Research and development expenses were reported at ¥139,612,946.35, slightly down from ¥142,928,541.87[18] - The company reported a significant increase in prepayments, which rose by 184.00% to ¥91,510,748.79, indicating increased procurement activities[8] Investment Income - The company’s investment income rose by 188.56% to ¥7,871,274.05, attributed to increased returns from joint ventures[8] - The company recorded an investment income of ¥7,871,274.05, a significant recovery from a loss of -¥8,888,437.42 in the previous period[18] - The company received 1,650,000.00 in cash from investment, a notable increase from 802,694,238.18 in the previous period[21] - The cash inflow from investment activities totaled 140,236,638.14, compared to 42,476,065.59 in the previous period, showing a significant increase[21] Other Financial Metrics - The company reported a cash balance of ¥1,310,232,016.56 at the end of the period, down from ¥1,869,384,119.43 at the beginning, indicating a decrease of approximately 30%[14] - Accounts receivable decreased to ¥1,003,913,067.96 from ¥1,084,999,980.23, reflecting a reduction of about 7.5%[14] - The company has no trading financial assets reported, down from ¥100,000,000.00 in the previous period[14] - The company’s accounts receivable financing decreased to ¥7,786,958.94 from ¥13,703,871.33, a decline of approximately 43.9%[14] - The company reported a foreign currency translation adjustment of -916,654.78, compared to -140,138.00 in the previous period[19]

Core Insights - The rail transit equipment sector experienced a slight increase of 0.08% on October 28, with Lei Erwei leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Lei Erwei (301016) saw a significant increase in closing price to 22.20, up 10.39%, with a trading volume of 118,800 shares and a transaction value of 259 million [1] - Other notable performers included Bid Technology (605298) with a closing price of 45.01, up 1.95%, and Tieda Technology (920541) at 15.49, up 1.31% [1] - The overall trading volume and transaction values for various companies in the sector were detailed, indicating active trading [1] Capital Flow - The rail transit equipment sector experienced a net outflow of 30.83 million from institutional investors, while retail investors saw a net outflow of 31.06 million [2] - Conversely, speculative funds recorded a net inflow of 61.89 million, indicating a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Bid Technology (605298) had a net inflow of 67.71 million from institutional investors, while it faced a net outflow of 82.53 million from retail investors [3] - Lei Erwei (301016) recorded a net inflow of 13.37 million from institutional investors but a net outflow of 27.41 million from retail investors [3] - The data reflects varying levels of investor confidence and activity across different stocks within the sector [3]