Core Viewpoint - The company, Shanzi Gaoke, operates in the automotive parts and real estate sectors, with a focus on continuously variable transmissions and automotive airbag gas generators, but faces challenges in revenue and profitability compared to industry peers [1][2]. Group 1: Business Overview - Shanzi Gaoke was established on August 31, 1998, and listed on the Shenzhen Stock Exchange on June 22, 2000, with its registered office in Lanzhou, Gansu, and operational headquarters in Hangzhou, Zhejiang [1]. - The main business activities include the research, production, and sales of continuously variable transmissions and automotive airbag gas generators, as well as real estate development and sales [1]. Group 2: Financial Performance - For Q3 2025, Shanzi Gaoke reported revenue of 2.418 billion yuan, ranking 26th among 103 companies in the industry, significantly lower than the top competitor Weichai Power at 170.571 billion yuan and second-place Top Group at 20.928 billion yuan [2]. - The net profit for the same period was 420 million yuan, placing the company 11th in the industry, again trailing behind Weichai Power's 10.852 billion yuan and Top Group's 1.969 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Shanzi Gaoke's debt-to-asset ratio was 79.94%, a decrease from 81.07% year-on-year but still significantly above the industry average of 39.06% [3]. - The gross profit margin for Q3 2025 was 15.75%, down from 20.64% year-on-year and below the industry average of 21.53% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 141.83% to 587,000, while the average number of circulating A-shares held per shareholder decreased by 58.65% to 16,200 shares [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fourth largest, holding 217 million shares, an increase of 108 million shares from the previous period [5].

Core Points - The company received a warning letter from the Gansu Securities Regulatory Bureau regarding inaccurate financial data and incomplete share repurchase [1][2][3] Group 1: Financial Data Issues - The company disclosed corrections to financial data for the first three quarters of 2024, indicating inaccuracies in the consolidated balance sheet and profit statement [1] - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were held primarily responsible for the violations of the information disclosure management regulations [1][3] Group 2: Share Repurchase Incompletion - The company planned to repurchase shares worth between 600 million to 1 billion yuan but only repurchased shares worth 11.01 million yuan, which is 1.8% of the lower limit of the plan [2] - This incomplete repurchase constitutes a violation of the share repurchase rules [2][3] Group 3: Regulatory Response - The Gansu Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure, which will be recorded in the securities market integrity file [3] - The company is required to submit a written rectification report within 30 days and is expected to enhance its understanding of relevant laws and regulations [3]

Group 1 - The company received a warning letter from the Gansu Securities Regulatory Bureau due to inaccurate financial disclosures for the first three quarters of 2024, violating the regulations of the Information Disclosure Management Measures for Listed Companies [1] - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were held primarily responsible for the violations, indicating a lack of diligence in their duties [1] Group 2 - The company planned to repurchase shares worth between 600 million to 1 billion CNY, with the initial approval on July 25, 2024, and extended the repurchase period to July 24, 2025 [2] - By July 26, 2025, the company had repurchased 4.8331 million shares for a total amount of 11.0148 million CNY, which only accounted for 1.8% of the lower limit of the repurchase plan, constituting a violation of the share repurchase regulations [2] - The Gansu Securities Regulatory Bureau decided to issue a warning letter to the company and related personnel, which will be recorded in the integrity archives of the securities and futures market [2]

Core Viewpoint - The company received a warning letter from the Gansu Securities Regulatory Bureau due to violations related to financial disclosures and share repurchase regulations [1][2]. Group 1: Financial Disclosure Violations - On April 29, 2025, the company disclosed corrections to accounting errors for the first three quarters of 2024, indicating inaccuracies in financial data for the first quarter, half-year, and third quarter of 2024 [1]. - The actions of the then Chairman and President, Ye Ji, and the then Chief Financial Officer, Lu Yan, were deemed negligent, leading to their primary responsibility for the violations [1]. Group 2: Share Repurchase Issues - On July 25, 2024, the company's board approved a share repurchase plan with a budget of 600 million to 1 billion yuan, intended to be executed within six months [2]. - The board extended the repurchase period by six months on January 24, 2025, but by July 26, 2025, only 4.83 million shares were repurchased for a total of 11.01 million yuan, which is only 1.8% of the lower limit of the repurchase plan [2]. - This failure to meet the repurchase targets constituted a violation of the relevant regulations [2].

Core Viewpoint - The company, Shanzi Gaoke, received a warning letter from the Gansu Regulatory Bureau of the China Securities Regulatory Commission due to inaccuracies in financial data and incomplete share repurchase plans [1] Financial Data Inaccuracy - The company corrected its financial data for the first three quarters of 2024, revealing inaccuracies in the consolidated balance sheet and consolidated income statement for the first quarter, half-year, and third quarter of 2024 [1] Share Repurchase Issues - The company planned to repurchase shares worth between 600 million to 1 billion yuan, but only managed to repurchase 11.0148 million yuan, which is 1.8% of the lower limit of the repurchase plan [1] Responsibility of Executives - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were found primarily responsible for the violations due to their lack of diligence [1]

甘肃监管局警示函的公告 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、误导性陈述或者重大遗漏。 山子高科技股份有限公司 关于公司及相关人员收到中国证券监督管理委员会 证券代码：000981 证券简称：山子高科 公告编号：2025-073 山子高科技股份有限公司（以下简称"山子高科"或"公司"）于 2025 年 10 月 31 日收到中国证券监督管理委员会甘肃监管局（以下简称"甘肃证监局"）出具 的《关于对山子高科技股份有限公司及叶骥、陆燕采取出具警示函措施的决定》 （〔2025〕13 号）（以下简称"警示函"），现将有关情况公告如下： 2025 年 4 月 29 日，你公司披露《关于 2024 年前三季度会计差错更正及追溯调 整的公告》，对 2024 年前三季度相关财务数据进行更正，反映出你公司 2024 年第 一季度、2024 年半年度、2024 年第三季度合并资产负债表和合并利润表相关财务数 据披露不准确，你公司上述行为违反了《上市公司信息披露管理办法》（证监会令 第 182 号）第三条第一款的规定。时任董事长兼总裁叶骥，时任财务总监陆燕，未 能勤勉尽责，对上述违规行为负有主要 ...

Market Overview - The A-share market experienced an overall increase, with the Shanghai Composite Index closing at 4016.33 points, up 0.7%, and the Shenzhen Component Index rising 1.95% to 13691.38 points. The ChiNext Index saw a 2.93% increase, closing at 3324.27 points. The total market turnover reached 22909.31 billion, an increase of 1254.03 billion compared to the previous trading day [1]. Capital Flow - The main capital in the A-share market saw a net outflow of 6.18 billion, with an opening net outflow of 63.17 billion and a tail-end net inflow of 32.39 billion [2][3]. - The CSI 300 index recorded a net inflow of 40.1 billion, while the ChiNext saw a net inflow of 16.62 billion, and the Sci-Tech Innovation Board experienced a net outflow of 15.78 billion [4][5]. Sector Performance - The power equipment sector led the net inflow of funds with 259.1 billion, followed by non-ferrous metals with 177.81 billion and non-bank financials with 125.89 billion. The banking sector saw the largest net outflow at -99.21 billion [6][7]. Institutional Activity - Institutions showed significant interest in several stocks, with notable net purchases in Yangguang Electric (105.51 million) and Keda Technology (27.27 million). Conversely, stocks like Weilon Co. experienced net selling [9][10]. Institutional Focus - Recent institutional ratings highlighted several stocks with potential upside, including Jiuli Special Materials with a target price of 32.30, indicating a 26.62% upside from the latest closing price [11].

Focus Stocks - Fujian local stock Pingtan Development has achieved a 10.02% increase, marking 9 days with 7 consecutive limits [2][3] - Time Technology, involved in mergers and acquisitions, has seen a 10.01% rise with 6 consecutive limits [2][3] - Antai Group, a coal stock, has increased by 9.91% with 6 limits over 10 days [2][3] - Robotics concept stock Yashichuangneng has risen by 10.04% with 4 consecutive limits [2][3] Stock Performance Summary - *ST Dongyi: +4.98%, current price 10.32, 17 days with 12 limits, driven by restructuring and home decoration leadership [3] - ST Zhongdiao: +4.95%, current price 6.57, 9 consecutive limits, due to control change in real estate [3] - Antai Group: +9.91%, current price 3.55, 10 days with 6 limits, focusing on coking coal and circular economy [3] - Time Technology: +10.01%, current price 57.71, 6 consecutive limits, due to major asset restructuring [3] - Yashichuangneng: +10.04%, current price 9.10, 4 consecutive limits, related to AI technology [3] Market Trends - The top net buying stocks include Nanshan Aluminum, Shanzi High-Tech, and Keda Guochuang, with net purchases of 3.99 billion, 3.13 billion, and 3.03 billion respectively [4][5] - The top net selling stocks include Shoukai Co., Shenka Co., and Tianji Co., with net sales of 2.26 billion, 1.3 billion, and 1.17 billion respectively [5][6] Institutional Activity - Institutional net buying was significant in stocks like Yangguang Electric, Keda Guochuang, and Jingao Technology, with net purchases of 10.55 billion, 2.73 billion, and 1.58 billion respectively [6][7] - Conversely, net selling was observed in Tianji Co., Weilong Co., and Kaidi Co., with net sales of 1.17 billion, 494.85 million, and 340.47 million respectively [7][8] Notable Stock Highlights - Zhongtung High-Tech saw a 10.00% increase, with a trading volume of 17.80 billion and a turnover rate of 5.03%, despite a net selling of 13.75 million by institutions [8][10] - Shenzhou Information, focusing on quantum technology and financial technology, achieved a 9.99% increase with a trading volume of 11.74 billion [10][12] - Shanzi High-Tech and Benchuan Intelligent both reached their limits with significant trading volumes and institutional net buying [14][16]

Market Overview - The Shanghai Composite Index surpassed 4000 points, with the ChiNext Index rising nearly 3% and the North Star 50 Index soaring over 8% [1] - Most industry sectors experienced gains, particularly in energy metals, photovoltaic equipment, non-ferrous metals, and multi-financial sectors, while banking and shipbuilding sectors saw declines [1] Capital Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 618 million yuan, with 13 industries experiencing net inflows [1] - The power equipment, banking, and non-ferrous metal industries had net inflows of 9.441 billion yuan, 1.556 billion yuan, and 1.174 billion yuan respectively [1] - The telecommunications industry led the net outflows with 4.163 billion yuan, followed by electronics, defense, and food and beverage sectors, each exceeding 1 billion yuan in outflows [1] Individual Stock Performance - Six stocks saw net inflows exceeding 1 billion yuan, with Shanzi Gaoke leading at 2.02 billion yuan, followed by Sunshine Power at 1.465 billion yuan [2][3] - Shanzi Gaoke reported a net profit of 437 million yuan for the first three quarters, a year-on-year increase of 132.03%, largely due to non-recurring gains [2] - Sunshine Power's stock rose over 15% amid a surge in energy metals and battery sectors, supported by strategic planning for new industries [2] Tail-End Capital Flow - At the market close, the net inflow of main funds was 3.239 billion yuan, with significant inflows in non-ferrous metals and power equipment [5] - Notable stocks with net inflows exceeding 200 million yuan included Ningde Times, Xian Dao Intelligent, and Tianfu Communication [5][6] - Sunshine Power experienced a significant net outflow of over 300 million yuan at the close, the highest among individual stocks [7]

Core Viewpoint - The A-share market saw a significant number of stocks hitting the daily limit up, with 66 stocks closing at the limit, indicating strong investor interest and market momentum [1] Group 1: Market Performance - A total of 66 stocks hit the daily limit up, with 60 stocks after excluding 6 ST stocks, resulting in an overall limit-up rate of 66.67% [1] - Among the stocks, 33 attempted to hit the limit but failed, showcasing a competitive market environment [1] Group 2: Notable Stocks - Shanzi Gaoke (000981) had the highest limit-up order volume at 1.191 million hands, followed by Pingtan Development (000592) and Fangda Carbon (600516) with 1.1003 million and 324,500 hands respectively [2] - Shanzi Gaoke reported a net profit of 219 million yuan for the first three quarters, marking a turnaround from losses, and saw an increase in holdings from both Stock Connect and QFII [2] - The company is involved in the semiconductor sector and has investments in advanced packaging technology for integrated circuits [2] Group 3: Continuous Limit-Up Stocks - ST Zhongdi (000609) achieved a 9-day consecutive limit-up, while other stocks like Time Space Technology (605178) and Yashichuangneng (603378) had 5 and 4 consecutive limit-ups respectively [3] - 23 stocks had limit-up order amounts exceeding 100 million yuan, with Pingtan Development, Shanzi Gaoke, and Longi Green Energy (601012) leading in order amounts of 665 million, 512 million, and 441 million yuan respectively [3] Group 4: Sector Highlights - In the photovoltaic sector, stocks such as Zhongtung High-tech, Tongrun Equipment, and Longi Green Energy saw limit-ups, with companies focusing on enhancing production and technology in solar energy [4] - Aluminum sector stocks like Chang Aluminum, Zhongfu Industrial, and Nanshan Aluminum also hit the limit, with companies emphasizing innovation and high-end manufacturing [5][6] - In the Hainan Free Trade Port sector, stocks like Hainan Development and Haikou Group are leveraging new opportunities from the region's economic policies [7] Group 5: Institutional Activity - Institutional investors showed strong interest, with Sunshine Power (300274) receiving over 1 billion yuan in net purchases, followed by Shanzi Gaoke and Keda Guokai (300520) [8] - Nanshan Aluminum, Artis, and Shanzi Gaoke were among the top net purchases by institutions, indicating confidence in these stocks [9]