Core Viewpoint - Donggang Co., Ltd. reported that its current production and operational status is normal, with the third-quarter performance to be disclosed in the upcoming quarterly report [2] Group 1 - The company is actively expanding its robot business team and experiencing a positive trend in order acquisition [2]

Group 1 - The company Donggang Co., Ltd. is currently collaborating with Muxi Integration primarily focused on data center construction and is exploring broader cooperation opportunities [1] - The company has implemented "Xiao Zhi" in certain educational scenarios, which features intelligent tutoring and interactive functions, receiving positive market feedback [1] - The company plans to continue optimizing and promoting its educational product in the future [1]

Core Insights - Donggang Co., Ltd. announced on September 26 that its ticketing business has been impacted by the shift towards electronic solutions, resulting in a decrease in revenue during the first half of the year [2] - The company anticipates that the trend towards electronic ticketing has largely been completed, and there will be no significant further replacement of paper tickets by electronic ones, leading to a stabilization in the market size for ticketing products [2] - It is estimated that the decline in revenue from ticketing products may narrow in the second half of the year and in the near future [2]

（文章来源：证券日报） 证券日报网讯东港股份9月26日发布公告，在公司回答调研者提问时表示，档案存储及电子化业务营业 收入近几年都保持了增长，服务范围覆盖全国。公司档案业务规模目前在国内同行业中位居前列，客户 覆盖银行、保险、税务、政府机关等，公司开发有自主产权的档案管理与查询系统，能够为客户提供从 档案整理、存贮、查询、调阅、销毁的全生命周期服务。公司预计这项业务还将继续保持稳步发展的态 势。 ...

证券日报网讯东港股份9月26日发布公告，在公司回答调研者提问时表示，公司认为未来机器人产品的 市场空间巨大，每个特定领域都有机器人产品的需求，公司将结合客户需求和自身能力，专注在垂直领 域开发、推广机器人产品。 （文章来源：证券日报） ...

Core Viewpoint - Donggang Co., Ltd. (002117) announced on September 26 that its electronic invoice customers include major domestic e-commerce platforms, public utilities, insurance, finance, catering, pharmaceutical chains, supermarkets, logistics, and education sectors, highlighting the company's diverse client base and the establishment of a blockchain electronic platform for data services [1] Group 1 - The company utilizes blockchain technology to provide data services for electronic invoices [1] - The electronic invoice business primarily generates revenue through system service fees [1]

Group 1: Business Overview - The company's main business segments include printing, laminating, and technical services [3][4] - Printing business includes commercial票证 printing, data processing printing, personalized color printing, and commercial label printing [3][4] - Laminating business focuses on smart card manufacturing and RFID smart labels, serving various industries [4] Group 2: Financial Performance - For the first half of the year, the company achieved revenue of CNY 581 million, remaining stable compared to the previous year, with a net profit of CNY 78.5 million, an increase of 10.87% [4] - Revenue from printing products decreased by 21.28% year-on-year due to the impact of digitalization, but gross margin improved by 3.37% [4] - Revenue from laminating products increased by 133.81%, with stable gross margins [4] Group 3: Technical Services - Technical services include document storage and digitization, electronic票证 services, and AI robot products [4][5] - Document storage and digitization services have shown stable growth in revenue and profit [5][7] - The company has developed capabilities for digital currency wallet production and is working on product certification [5][6] Group 4: Market Trends and Future Outlook - The company anticipates that the decline in票证 product revenue will stabilize as the electronic replacement trend has largely completed [6] - The electronic票证 business is supported by a blockchain platform, providing data services to various industries [6] - The market for robot products is expected to grow significantly, with a focus on education and government applications [7]

证券日报网讯东港股份9月23日在互动平台回答投资者提问时表示，截至2025年9月19日，公司股东总数 为39，215户。 （文章来源：证券日报） ...

Group 1 - The financial and tax digitalization sector experienced a decline of 3.00%, ranking among the top losers in the concept sector as of September 23 [1][2] - Within the financial and tax digitalization sector, companies such as Kaipu Cloud, Zhongke Jincai, and Tianyi Ma saw significant declines, while companies like Dipu Technology, Donggang Co., and Jiechuang Intelligent had positive performance with increases of 1.74%, 1.12%, and 0.53% respectively [1][4] - The sector faced a net outflow of 3.43 billion yuan in main funds, with 57 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 100 million yuan [2][4] Group 2 - The top net outflow stocks in the financial and tax digitalization sector included Runhe Software with a net outflow of 562.95 million yuan, Sichuan Changhong with 357.42 million yuan, and Xuanji Information with 227.63 million yuan [2][3] - The stocks with the highest net inflow in the sector were Dipu Technology, Kaipu Cloud, and Tianyi Ma, with net inflows of 63.34 million yuan, 43.54 million yuan, and 18.03 million yuan respectively [2][4] - The overall market sentiment reflected a cautious approach towards the financial and tax digitalization sector, as evidenced by the significant outflows and the performance of key stocks [1][2]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2] Core Views - The company, Donggang Co., Ltd., has a solid foundation in printing business and is rapidly developing in smart cards and robotics. The company has been expanding its smart card business since 2010 and has seen significant growth in revenue and profit in recent periods [7][18] - The smart card business is experiencing explosive growth due to increasing demand in various sectors, including banking and social security, while the printing business is stabilizing after previous electronic impacts [8][21] - The company is also leveraging its channel advantages to explore high-potential robotics markets, which are expected to contribute to future revenue growth [8][27] Summary by Sections 1. Smart Card Business - The smart card business has seen explosive growth, with revenue increasing significantly in recent periods. The company achieved a revenue of 1.62 billion yuan in the first half of 2025, a year-on-year increase of 133.8% [7][21] - The demand for smart cards is stable, driven by the need for higher security and functionality compared to traditional magnetic stripe cards. The global demand for smart cards is expected to reach 9.58 billion units by 2024, with a compound annual growth rate (CAGR) of 0.9% from 2021 to 2024 [7][48] 2. Technical Services - The company is diversifying its technical services, including electronic ticketing and archival storage, which are expected to grow as industry penetration increases. The revenue from technical services is projected to grow steadily [8][27] - The company is also exploring opportunities in AI and robotics, with the global robotics market expected to grow at a CAGR of 16.4% from 2023 to 2028 [8][27] 3. Printing Business - The printing business is stabilizing after being significantly impacted by the shift to electronic invoicing. The company is focusing on improving production efficiency and expanding its market share in personalized color printing and commercial labels [8][21] - The gross margin for the printing business improved to 35.8% in the first half of 2025, reflecting effective cost control measures [8][27] 4. Financial Forecast and Valuation - The company is expected to achieve net profits of 188 million yuan, 228 million yuan, and 276 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 19.3%, 20.9%, and 21.1% respectively [8][27] - The current market capitalization corresponds to price-to-earnings ratios of 32, 27, and 22 for the years 2025 to 2027, indicating potential upside based on industry comparisons [8][27]