Market Overview - On August 21, digital currencies and RWA concepts experienced a collective surge, with multiple stocks hitting their daily limit up, including Yuyin Co., Tianrongxin, and Zhongyou Capital [1][2] Event Highlights - The Hong Kong Stablecoin Regulation officially came into effect on August 1, marking the world's first comprehensive regulatory framework specifically for fiat-backed stablecoins, which is expected to inject compliance momentum into the digital asset market and open new opportunities in cross-border trade and supply chain finance [3] - The RWA registration platform was launched on August 7, initiated by the Hong Kong Web3.0 Standardization Association, aiming to facilitate the entire process of dataization, assetization, and financialization of RWA assets [3] Institutional Insights - RWA's advantages include increased efficiency and reduced costs, aiding financial globalization and decentralization, with tokenized securities transforming illiquid assets into essential on-chain tools [4] - Several representative asset categories have emerged in practice, including financial assets like gold and bonds, as well as renewable energy assets and intangible assets like carbon credits and intellectual property [4] - Financial institutions are exploring ways to engage in the RWA ecosystem, with commercial banks issuing on-chain deposits or stablecoins to mitigate risks and providing custody and settlement services for large stablecoin issuers [5]

Group 1 - Digital currency concept stocks experienced a strong upward trend, with Yuyin Co. and Tianrongxin hitting the daily limit, becoming the most notable stocks in the sector [1] - New Morning Technology and Langxin Group followed closely with gains exceeding 10%, while several other stocks like Sifang Jingchuang and Zhongyou Capital saw increases surpassing 5% [1] - Tianrongxin recently released its 2025 semi-annual report, achieving operating revenue of 826 million yuan, with a net profit loss of 64.69 million yuan, a significant improvement from a loss of 206 million yuan in the same period last year [1] Group 2 - The software development sector saw a net inflow of 1.843 billion yuan, leading the market in capital flow [2] - Yuyin Co. is collaborating with JD Group to develop a digital customs clearance platform in the Middle East, covering over 100 countries and enhancing cross-border trade efficiency through stablecoin payments and blockchain technology [2] - Tianrongxin holds a significant position in the network security field, being the market leader in China's firewall sector for 18 consecutive years, and possesses technical advantages in the infrastructure construction of digital currency [2]

Core Points - The stock of Yuyin Co., Ltd. has reached a limit-up for three consecutive trading days, with a current price of 9.09 yuan and a total market capitalization of 6.919 billion yuan [2] - During the limit-up period, the stock has increased by 33.09% with a turnover rate of 68.73% [2] - The latest margin trading data shows a balance of 365 million yuan, with a significant increase of 85.93% from the previous trading day [2] Recent Performance - On August 20, 2025, the stock rose by 9.99% with a turnover rate of 35.03% and a net inflow of 178.22 million yuan [2] - The stock's performance over the past few days shows fluctuations, including a drop of 0.15% on August 18 and a rise of 4.72% on August 14 [2] - The company reported a total revenue of 30 million yuan for the first half of the year, a decrease of 12.80% year-on-year, while net profit increased by 10.43% to 11 million yuan [2]

Group 1 - Digital currency concept stocks experienced a significant surge at the opening on August 21, with notable gains in several companies [1] - Yuyin Co. and Tianrongxin reached the daily limit increase, while other companies like Zhongyou Capital, Sifang Jingchuang, Zhongke Jincai, Tianyang Technology, Jingbeifang, and Dongxin Heping saw increases exceeding 5% [1]

人民财讯8月21日电，数字货币概念盘初大涨，御银股份（002177）、天融信（002212）涨停，新晨科 技（300542）涨超10%，四方精创（300468）、中油资本（000617）等跟涨。 ...

Core Insights - Yuyin Co., Ltd. reported a net profit increase of 10.43% year-on-year for the first half of 2025, despite a decline in total operating revenue by 12.8% to 29.61 million yuan [1] - The company's gross profit margin decreased by 7.98% to 52.54%, while the net profit margin increased by 26.64% to 35.86% [1] - The financial report indicates a significant reduction in cash and cash equivalents, down 54.79% to 40.53 million yuan, attributed to the redemption of financial products [1][2] Financial Performance - Total operating revenue for the first half of 2025 was 29.61 million yuan, down from 33.96 million yuan in 2024, marking a 12.8% decline [1] - The net profit attributable to shareholders reached 10.62 million yuan, up from 9.62 million yuan in the previous year, reflecting a 10.43% increase [1] - The company's operating cash flow per share increased by 16.22% to 0.03 yuan, while earnings per share remained stable at 0.01 yuan, showing an 11.11% increase [1] Cost and Expense Analysis - The total of selling, administrative, and financial expenses amounted to 2.13 million yuan, accounting for 7.19% of revenue, a decrease of 13.74% year-on-year [1] - The gross profit margin decreased to 52.54%, while the net profit margin improved to 35.86%, indicating a shift in cost structure and profitability [1] Asset and Liability Changes - Cash and cash equivalents saw a net increase of 53.95%, primarily due to a reduction in large time deposits [3] - Fixed assets increased by 38.63% due to property acquisitions, while non-current assets due within one year decreased by 60.41% due to a reduction in large time deposits [2] - Accounts payable decreased by 36.02% as a result of payments made for engineering costs [2] Historical Performance and Investment Return - The company's historical financial performance has been average, with a median Return on Invested Capital (ROIC) of 1.18% over the past decade, indicating weak investment returns [4] - The company has reported two years of losses since its listing, suggesting a fragile business model [4]

Core Viewpoint - The stock price of Yuyin Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price deviation exceeding 20% over two consecutive trading days (August 19 and August 20, 2025) [1] Summary by Relevant Sections - **Stock Price Movement** - Yuyin Co., Ltd. announced that its stock price has deviated significantly, with a cumulative increase of over 20% in the closing price over two trading days [1] - **Company's Response** - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - Yuyin Co., Ltd. has not identified any recent media reports that could have significantly impacted its stock price [1] - **Operational Status** - The company stated that there have been no significant changes in its recent operational performance or external business environment [1]

Group 1 - The core point of the article is that Yuyin Co., Ltd. reported a decline in operating revenue for the first half of 2025, while net profit attributable to shareholders increased [2] Group 2 - For the first half of 2025, the company achieved operating revenue of 29,612,754.94 yuan, representing a year-on-year decrease of 12.80% [2] - The net profit attributable to shareholders was 10,619,873.68 yuan, showing a year-on-year increase of 10.43% [2]

Market Overview - The computer equipment sector increased by 1.83% on August 20, with Inspur Information leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Top Gainers in Computer Equipment Sector - Inspur Information (000977) closed at 65.95, up 10.01% with a trading volume of 1.6361 million shares and a transaction value of 10.301 billion [1] - Yuyin Co. (002177) closed at 8.26, up 9.99% with a trading volume of 2.3639 million shares [1] - Other notable gainers include Luopute (619888) up 7.11%, Shuguang Shuchuang (872808) up 6.89%, and ST Subscription (002197) up 4.99% [1] Top Losers in Computer Equipment Sector - Xiling Information (300588) closed at 19.48, down 12.45% with a trading volume of 335,000 shares [1] - Tangyuan Electric (300789) closed at 30.01, down 3.19% [1] - Other notable losers include Hengwei Technology (603496) down 2.45% and Xuanji Information (300324) down 1.88% [1] Capital Flow Analysis - The computer equipment sector saw a net inflow of 1.241 billion from institutional investors, while retail investors contributed a net inflow of 149 million [1] - Notable net inflows from major stocks include Inspur Information with 2.121 billion and Zhongke Shuguang with 395 million [2] ETF Performance - The Food and Beverage ETF (515170) tracked a 1.56% increase with a net inflow of 10.272 million [4] - The Gaming ETF (159869) experienced a 3.22% increase but had a net outflow of 47.472 million [4] - The Cloud Computing 50 ETF (516630) saw an 8.81% increase but also faced a net outflow of 10.313 million [5]

御银股份8月20日发布公告，股票交易价格连续2个交易日内（2025年8月19日､8月20日）收盘价格涨幅 偏离值累计超过20%，根据深圳证券交易所的有关规定,属于股票交易异常波动的情况。经核实，近期 公司经营情况及内外部经营环境未发生重大变化。公司的控股股东及实际控制人不存在关于公司的应披 露而未披露的重大事项，或处于筹划阶段的重大事项。公司在关注、核实过程中未发现其他应披露的事 项｡ ...