对外投资决策制度 二〇二五年九月 深圳市德明利技术股份有限公司 | 第一章 总则 | | --- | | 第二章 对外投资类型和审批 | | 第三章 对外投资的管理机构和决策程序 | | 第四章 对外投资的实施和管理 | | 第五章 对外投资的转让和回收 6 | | 第六章 监督检查 . | | 第七章 附则 .. | 深圳市德明利技术股份有限公司 对外投资决策制度 深圳市德明利技术股份有限公司 对外投资决策制度 第一章 总则 第一条 为规范深圳市德明利技术股份有限公司（以下简称"公司"）的对外投资 行为，有效控制公司对外投资风险，提高对外投资效益，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》等法律法规和《深圳市德明 利技术股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本《深圳市 德明利技术股份有限公司对外投资决策制度》（以下简称"本制度"）。 第二条 本制度所称对外投资是指公司为获取未来收益而将一定数量的货币资金、 股权及经评估后的实物或无形资产等作价出资，对外进行各种形式的投资活动，包括 委托理财、对子公司投资等，但设立或者增资全资子公司除外。 第三条 ...

证券代码：001309 证券简称：德明利 公告编号：2025-071 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、2023 年和 2024 年限制性股票激励计划已履行的决策程序和信息披露情 况 （一）2023 年限制性股票激励计划已履行的决策程序和信息披露情况 议、第一届董事会第三十次会议、第一届监事会第二十六次会议，审议通过了《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》 《关于公司<2023 特别提示： 制性股票激励计划首次授予登记完成但尚未解除限售的限制性股票数量 占公司 2024 年限制性股票激励计划首次授予登记完成但尚未解除限售的限 制性股票数量 1,560,580 股的 0.13%。以上共回购注销 3,756 股，占本次回购 注销前公司总股本 226,890,028 股的 0.0017%，共向 2 名原限制性股票激励 对象支付回购注销款 90,969.69 元。 公司深圳分公司完成注销手续。 件、《公司章程》《2023 年限制性股票激励计划（草案）》《2024 年限制性 股票激励计划（草案）》等的相关规定。 深圳市 ...

证券代码：001309 证券简称：德明利 公告编号：2025-071 深圳市德明利技术股份有限公司 关于回购注销 2023 年和 2024 年限制性股票激励计划部分限制性股票完成 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、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次回购注销 2023 年限制性股票数量为 1,656 股，占公司 2023 年限 制性股票激励计划首次授予登记完成但尚未解除限售的限制性股票数量 1,141,927 股的 0.15%；本次回购注销 2024 年限制性股票数量为 2,100 股， 占公司 2024 年限制性股票激励计划首次授予登记完成但尚未解除限售的限 制性股票数量 1,560,580 股的 0.13%。以上共回购注销 3,756 股，占本次回购 注销前公司总股本 226,890,028 股的 0.0017%，共向 2 名原限制性股票激励 对象支付回购注销款 90,969.69 元。 2、截至本公告披露日，上述限制性股票已在中国证券登记结算有限责任 公司深圳分公司完成注销手续。 3、本次限制性股票回购注销符合法律、行政法规、部门规章、规范性文 ...

9月1日，德明利大宗交易成交49.42万股，成交额4196.17万元，占当日总成交额的1.61%，成交价84.9元，较市场收盘价 101.97元折价16.74%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-01 | 001309 | 德明利 | 84.90 | 31.77 | 2,697.68 | 中信证券股份有限 | 招商证券股份有限 | | | | | | | | 公司长沙金星中路 | 公司武汉青年路证 | | | | | | | | 证券营业部 | 券营业部 | | 2025-09-01 | 001309 | 德明利 | 84.90 | 5.33 | 452.52 | 华泰证券股份有限 | 浙商证券股份有限 | | | | | | | | 公司深圳平安金融 | 公司长春生态大街 | | | | | | | | 中心证券营业部 | 证券营业部 ...

Group 1 - The semiconductor sector experienced a significant rise at the beginning of trading, with companies such as Allwinner Technology and Hua Hong Semiconductor reaching new highs during the session [1] - Li Yang Chip and Demingli stocks hit the daily limit up, while Yutai Microelectronics saw an increase of over 10% [1] - Other companies including SourceJ Technology, Guoxin Technology, Jinghe Integration, Huafeng Measurement and Control, and Aojie Technology also saw gains [1] Group 2 - Related ETFs showed positive performance, with the leading chip ETF (159801) rising by 2.31% and a trading volume of 40.8161 million yuan [1] - The Southern Semiconductor ETF (159325) increased by 2.59%, with a trading volume of 4.9692 million yuan [1]

Core Insights - The company Demingli experienced a stock price increase of 1.16% on August 28, with a trading volume of 1.048 billion yuan [1] - As of August 28, the total margin balance for Demingli was 1.357 billion yuan, indicating a high level of margin activity [1] - For the first half of 2025, Demingli reported a revenue of 4.109 billion yuan, reflecting a year-on-year growth of 88.83%, but a net profit loss of 118 million yuan, a decrease of 130.43% compared to the previous year [2] Financing and Margin Activity - On August 28, Demingli had a financing buy-in of 125 million yuan and a repayment of 138 million yuan, resulting in a net financing outflow of 12.6573 million yuan [1] - The current financing balance of 1.355 billion yuan accounts for 6.25% of the company's market capitalization, which is above the 90th percentile of the past year [1] - In terms of securities lending, Demingli repaid 600 shares and sold 1,200 shares on August 28, with a total selling amount of 117,600 yuan [1] Shareholder and Institutional Holdings - As of August 20, the number of shareholders for Demingli increased by 3.46% to 32,000, while the average number of circulating shares per person decreased by 3.35% to 5,000 shares [2] - As of June 30, 2025, the top ten circulating shareholders included notable institutional investors, with E Fund Supply-side Reform Mixed Fund holding 1.6599 million shares, an increase of 275,100 shares from the previous period [3] - Hong Kong Central Clearing Limited reduced its holdings by 416,100 shares, while Guangfa Small and Medium-sized Cap Selected Mixed Fund increased its holdings by 309,000 shares [3] Business Overview - Demingli, established on November 20, 2008, and listed on July 1, 2022, specializes in the design and development of flash memory controller chips and storage module products [1] - The company's revenue composition includes embedded storage products (41.37%), solid-state drives (37.34%), mobile storage products (13.06%), and memory modules (8.22%) [1]

Core Insights - On August 28, Demingli executed a block trade of 412,000 shares, amounting to 39.9146 million yuan, which represented 3.67% of the total trading volume for that day [1][2] - The transaction price was 96.88 yuan per share, reflecting a discount of 1.14% compared to the market closing price of 98 yuan [1][2] Summary by Categories Trading Details - Trading Date: August 28, 2025 [2] - Security Code: 001309 [2] - Security Name: Demingli [2] - Transaction Price: 96.88 yuan [2] - Transaction Volume: 412,000 shares [2] - Transaction Amount: 39.9146 million yuan [2] - Buyer Brokerage: Guangfa Securities Co., Ltd. [2] - Seller Brokerage: Guangfa Securities Co., Ltd. [2]

Core Viewpoint - Demingli is actively expanding its product offerings in AI PC, smart wearables, and data center storage solutions, benefiting from the depreciation of the RMB and achieving significant revenue growth in recent periods [2][4][9]. Group 1: Product Development - Demingli has launched DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, with a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, aimed at providing efficient and stable storage solutions for complex computing challenges [2]. - The company has developed a complete product matrix for embedded storage, including UFS, LPDDR, and eMMC protocols, targeting the long-cycle durability needs of smart wearable devices and edge AI applications [2]. - Demingli's data center storage solutions are designed to meet high capacity, performance, reliability, and scalability requirements, supporting modern enterprises' data storage, processing, and analysis tasks [2]. Group 2: Company Recognition - Demingli has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology, highlighting its strong innovation capabilities and market share in niche markets [3]. Group 3: Financial Performance - In the first half of 2025, Demingli achieved a revenue of 4.109 billion yuan, representing a year-on-year growth of 88.83%, while the net profit attributable to shareholders was -118 million yuan, a decrease of 130.43% year-on-year [9]. - The company's overseas revenue accounted for 69.74% of total revenue, benefiting from the depreciation of the RMB [4]. Group 4: Market Activity - On August 28, Demingli's stock price increased by 1.16%, with a trading volume of 1.048 billion yuan and a turnover rate of 6.82%, bringing the total market capitalization to 22.235 billion yuan [1].

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported over 100% quarter-on-quarter revenue growth in Q2 2025, driven by the increasing volume of embedded and solid-state drives [1] - In the first half of 2025, the company achieved revenue of 4.109 billion yuan, representing a year-on-year increase of 88.83% [1] - The embedded storage segment saw a remarkable revenue growth of 290.1% year-on-year, contributing to 41.37% of total revenue [2] - The solid-state drive segment also performed well, with a revenue increase of 64.6% year-on-year, accounting for approximately 37% of total revenue [2] - The company is advancing its self-developed main control chips, enhancing its customization capabilities for clients [3] - The financial forecast indicates a significant revenue increase, with projected revenues of 10.017 billion yuan in 2025, up 109.9% from the previous year [4] Summary by Sections Revenue and Growth - Q2 2025 revenue reached 2.857 billion yuan, with a year-on-year growth of 109.27% and a quarter-on-quarter growth of 128.19% [1] - The company’s revenue for the first half of 2025 was 4.109 billion yuan, with a year-on-year increase of 88.83% [1] Product Performance - Embedded storage revenue in the first half of 2025 was 1.700 billion yuan, up 290.1% year-on-year [2] - Solid-state drive revenue for the same period was 1.534 billion yuan, reflecting a year-on-year growth of 64.6% [2] - The company has successfully entered the supply chains of several well-known manufacturers, enhancing its market position [2] Financial Projections - The company expects net profits of 3.61 billion yuan, 5.10 billion yuan, and 10.17 billion yuan for the years 2025, 2026, and 2027 respectively [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 56, 37, and 24 times respectively [3] - Revenue forecasts indicate a growth trajectory with expected revenues of 10.017 billion yuan in 2025, 13.371 billion yuan in 2026, and 16.979 billion yuan in 2027 [4]