Core Insights - The company reported a revenue of 1.257 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.95%, while the net profit attributable to shareholders was a loss of 156 million yuan, down 25.88% year-on-year [1] - A significant factor contributing to the decline in net profit was a provision for impairment losses amounting to 62.43 million yuan, indicating that excluding this factor, profits would have shown growth [1] - The company is actively expanding into new markets while consolidating its traditional business, creating a favorable pattern of "steady growth in traditional business and rapid breakthroughs in new business" [1] Industry Overview - In the consumer electronics sector, the company benefits from the recovery driven by domestic "national subsidy" policies, with increased demand for smartphones, smart wearables, and tablets [1] - As a core supplier for well-known brands like Huawei, Xiaomi, and 360, the company has seen an increase in order volumes due to the industry's recovery [1] - In the network communication equipment sector, the company has established a comprehensive product line and is poised to capture market share amid industry technological upgrades, with a projected compound annual growth rate of 5.8% for the global market from 2024 to 2031 [2] - The company is also expanding its mobile power supply business, becoming a key supplier for various brands and cross-border e-commerce clients, with significant growth potential driven by the explosive growth of consumer electronics and outdoor economy [2] - The global portable power supply market is expected to reach 38 billion USD by 2025 and grow to 72 billion USD by 2030, with a compound annual growth rate of 13.7% [2] - The company is focusing on key markets such as Europe, North America, and Japan for its mobile power supply products, implementing differentiated strategies to meet regional demands [2] Future Outlook - With the dual opportunities of global technology industry upgrades and domestic consumer electronics recovery, the company is well-positioned to leverage its core advantages in technology, customer base, and production capacity to achieve breakthroughs across multiple sectors [3]

Group 1 - The core viewpoint of the article highlights that Zhuoyue Technology (SZ 002369) held its 22nd meeting of the 6th Board of Directors on October 28, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Zhuoyue Technology's revenue composition is entirely from the communications and equipment manufacturing industry, accounting for 100.0% [1] - As of the report, Zhuoyue Technology has a market capitalization of 5 billion yuan [1] Group 2 - The article also notes that the A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

Group 1 - The core viewpoint of the article highlights that Zhuoyue Technology (SZ 002369) reported a revenue of approximately 1.257 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.95% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 156 million yuan, with a basic earnings per share loss of 0.2754 yuan [1] - As of the report, Zhuoyue Technology has a market capitalization of 5 billion yuan [1] Group 2 - The article also notes that the A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology being a key driver of this new market trend [1]

证券代码：002369 证券简称：卓翼科技 公告编号：2025-044 深圳市卓翼科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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、 误导性陈述或重大遗漏。 一、本次计提资产减值准备情况概述 深圳市卓翼科技股份有限公司关于 2025 年前三季度计提资产减值准备的公告 根据《企业会计准则》《上市公司自律监管指引第 1 号——主板上市公司规 范运作》和公司会计政策等相关规定，为更加客观、公允地反映公司截至 2025 年 9 月 30 日的财务状况和资产价值，公司基于谨慎性原则，对截至 2025 年 9 月 30 日合并报表范围内存在减值迹象的资产进行了减值测试，并根据测试结果 对可能发生减值损失的资产计提相应减值准备。 （二）本次计提资产减值准备的资产范围、总金额 经公司对截至 2025 年 9 月 30 日存在可能发生减值迹象的资产进行清查和测 试后，对部分可能发生信用、资产减值的资产计提了减值准备。2025 年前三季 度公司计提各类信用及资产减值损失共计 6,243.25 万元，具体情况如下： | 项目/资产名称 | 2 ...

一、监事会会议召开情况 深圳市卓翼科技股份有限公司第六届监事会第十四次会议决议公告 证券代码：002369 证券简称：卓翼科技 公告编号：2025-042 深圳市卓翼科技股份有限公司 第六届监事会第十四次会议决议公告 本公司及监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、 误导性陈述或重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）、《证券时 报》《中国证券报》《上海证券报》的《2025 年第三季度报告》。 特此公告。 深圳市卓翼科技股份有限公司 监事会 2025 年 10 月 30 日 深圳市卓翼科技股份有限公司（以下简称"公司"）第六届监事会第十四次 会议通知于 2025 年 10 月 24 日以电子邮件方式、微信方式发出，并于 2025 年 10 月 28 日上午 11:00 在深圳市南山区南头街道大新路 198 号创新大厦 B 栋 12 楼大会议室以现场方式召开。会议应出席监事 3 人，实际出席监事 3 人。本次会 议由公司监事会主席夏艳华女士主持。本次会议的召集召开符合法律、法规、规 章及《公司章程》的相关规定，所作决议合法有效。 二、监事会会 ...

证券代码：002369 证券简称：卓翼科技 公告编号：2025-041 深圳市卓翼科技股份有限公司 深圳市卓翼科技股份有限公司第六届董事会第二十二次会议决议公告 1、审议通过了《2025 年第三季度报告》 表决结果：同意 6 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）、《证券时 报》《中国证券报》《上海证券报》的《2025 年第三季度报告》。 本议案已经公司第六届董事会审计委员会第十七次会议审议通过。 特此公告。 深圳市卓翼科技股份有限公司 第六届董事会第二十二次会议决议公告 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、 误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市卓翼科技股份有限公司（以下简称"公司"）第六届董事会第二十二 次会议通知于 2025 年 10 月 24 日以电子邮件、微信方式发出，并于 2025 年 10 月 28 日上午 10:00 在深圳市南山区南头街道大新路 198 号创新大厦 B 栋 12 楼大 会议室以现场和通讯相结合的方式召开。会议应出席董事 6 人，实际出席董事 6 人（马楠女 ...

Financial Performance - Q3 2025 revenue was CNY 387,122,683.88, a decrease of 7.77% year-over-year, while year-to-date revenue reached CNY 1,257,337,666.69, an increase of 1.95%[4] - The net profit attributable to shareholders for Q3 2025 was a loss of CNY 77,737,823.07, down 107.06% year-over-year, with a year-to-date loss of CNY 156,124,160.74, a decrease of 25.88%[4] - Basic and diluted earnings per share for Q3 2025 were both CNY -0.1371, reflecting a decline of 106.79% compared to the same period last year[4] - Total operating revenue for the current period reached ¥1,257,337,666.69, an increase from ¥1,233,293,539.89 in the previous period, reflecting a growth of approximately 1.9%[22] - The net loss for the current period was ¥161,024,571.70, compared to a net loss of ¥125,683,476.12 in the previous period, indicating a worsening of approximately 28.1%[23] - The company reported a basic and diluted earnings per share of -0.2754, compared to -0.2188 in the previous period, indicating a decline in earnings performance[23] Assets and Liabilities - The company's total assets as of September 30, 2025, were CNY 2,389,936,703.15, a decrease of 6.82% from the end of the previous year[4] - Current assets totaled RMB 964,964,412.49, a decrease of about 8.3% from RMB 1,052,524,813.43 at the beginning of the period[19] - The company’s total liabilities decreased to RMB 964,964,412.49 from RMB 1,052,524,813.43, reflecting a decline of about 8.3%[19] - The company’s non-current assets totaled RMB 1,424,972,290.66, down from RMB 1,512,338,584.80, representing a decrease of approximately 5.8%[19] - The total liabilities decreased slightly to ¥2,088,346,289.20 from ¥2,102,248,412.58, a reduction of about 0.7%[21] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 20,629,567.68, an increase of 316.12% compared to the same period last year[9] - The cash flow from operating activities generated a net amount of ¥20,629,567.68, a significant improvement from a net outflow of ¥9,545,466.82 in the previous period[25] - Net cash flow from financing activities was CNY -6,149,535.48, a decrease of 126.21% year-over-year, primarily due to increased repayments of bank loans[9] - Cash inflow from financing activities totaled $477.66 million, up from $257.07 million year-over-year, reflecting increased borrowing and investment receipts[26] - The cash and cash equivalents at the end of the period decreased to $132.39 million from $149.99 million, showing a decline in liquidity[26] Expenses - Sales expenses increased by 232.08% year-over-year to CNY 38,576,624.63, primarily due to higher e-commerce platform service fees and advertising costs[7] - Research and development expenses decreased by 30.84% year-over-year to CNY 25,657,685.59, indicating reduced investment in R&D[7] - Research and development expenses were ¥25,657,685.59, down from ¥37,100,567.74, representing a decrease of approximately 30.8%[22] Shareholder Changes and Legal Issues - The company is undergoing significant changes in its shareholder structure, with the former controlling shareholder losing control after judicial auctions of shares totaling 36,220,000 shares[14] - The company’s subsidiary, Shenzhen Zhuoyue Intelligent Manufacturing Co., Ltd., is involved in a legal dispute with a claimed amount of RMB 136,260,061.32[14] Other Financial Metrics - The company reported a significant increase in contract liabilities, which rose by 89.86% to CNY 17,149,788.05, reflecting higher prepayments from customers[7] - The company recorded a significant credit impairment loss of ¥42,681,299.99, compared to a loss of ¥204,721.74 in the previous period, indicating a substantial increase in credit risk[22] - Net cash flow from investing activities was -$15.68 million, compared to -$10.66 million in the previous period, indicating a decline in investment cash flow[26] - The company did not undergo an audit for the third quarter financial report, which may affect investor confidence[27]

Core Insights - The mobile power bank market is experiencing significant growth driven by the explosive increase in consumer electronics and the rise of outdoor economy, evolving from a simple "battery extender" to a core energy device for various scenarios [1][2] - The global portable power bank market is projected to grow from $38 billion in 2025 to $72 billion by 2030, with a compound annual growth rate (CAGR) of 13.7%, and China's market is expected to exceed 120 million units in 2025, accounting for 35% of the global total [1] Company Analysis - Zhuoyue Technology has targeted the mobile power bank market, leveraging its strong technical foundation, key customer resources, and global layout to establish a foothold and achieve continuous growth in shipment volume [1][2] - The company has built a competitive advantage in core technology areas of mobile power banks, supported by a comprehensive R&D system that covers the entire process from product definition to supply chain management, enabling quick responses to customer customization needs [2] - Zhuoyue Technology's digital production base has undergone flexible transformation, utilizing a "big data + intelligent manufacturing" platform to ensure product quality and production efficiency, catering to diverse production needs from traditional lightweight power banks to high-power outdoor devices [2] Market Opportunities - The company is focusing on cross-border e-commerce as a core category for mobile power banks, targeting key markets in Europe, North America, and Japan, aligning with regional market characteristics [2] - The North American market's RV culture and emergency needs are driving demand for high-power mobile power bank products, while European market's environmental certification requirements are promoting material innovation [2] - Emerging markets in Southeast Asia show strong demand for basic models, creating conditions for differentiated market penetration [2] Strategic Positioning - Zhuoyue Technology's transition from a consumer electronics OEM to a smart hardware solution provider in the mobile power bank sector reflects an extension of its core capabilities and a precise grasp of opportunities in the energy device market [2] - The company is expected to continue gaining further development in the billion-dollar mobile power bank market, driven by technological iterations and policy benefits [2]

Group 1 - The mobile power market is experiencing a structural explosion driven by the explosive growth of consumer electronics and the rise of the outdoor economy, with a projected market size of $38 billion in 2025, increasing to $72 billion by 2030, representing a compound annual growth rate (CAGR) of 13.7% [1] - China's mobile power shipment volume is expected to exceed 120 million units in 2025, accounting for 35% of the global total [1] - Zhuoyue Technology (002369.SZ) has targeted the mobile power market, leveraging its technological expertise, key customer resources, and global layout to establish a strong foothold and achieve continuous growth in shipment volume [1] Group 2 - Zhuoyue Technology has built a competitive advantage in core technology areas of mobile power, supported by a comprehensive R&D system that covers the entire supply chain from product definition to management [2] - The company's digital production base has undergone flexible transformation, utilizing a "big data + smart manufacturing" platform to ensure product quality and production efficiency, catering to diverse production needs from lightweight power sources to high-power outdoor devices [2] - Zhuoyue Technology is focusing on key markets such as Europe, North America, and Japan for its mobile power products, aligning with regional market characteristics and creating conditions for differentiated market penetration [2] - The company's transition from a consumer electronics OEM to a smart hardware solution provider in the mobile power sector reflects its ability to capitalize on market opportunities in energy devices, driven by technological iteration and policy benefits [2]

Core Viewpoint - On October 16, Zhuoyue Technology experienced a decline of 1.91% with a trading volume of 125 million yuan, indicating a negative sentiment in the market [1] Financing Summary - On October 16, Zhuoyue Technology had a financing purchase amount of 6.6851 million yuan and a financing repayment of 12.4889 million yuan, resulting in a net financing outflow of 5.8038 million yuan [1] - The total financing and securities balance for Zhuoyue Technology as of October 16 is 212 million yuan, which accounts for 4.28% of its circulating market value, indicating a low financing balance compared to the past year [1] - There were no shares repaid or sold in the securities lending market on October 16, with a securities lending balance of 0, suggesting a high level of inactivity in this area [1] Company Profile - Zhuoyue Technology, established on February 26, 2004, and listed on March 16, 2010, is located in Nanshan District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, and sales of network communication, consumer electronics, and smart terminal products, with revenue composition as follows: 54.03% from network communication terminals, 39.17% from portable consumer electronics, and 6.80% from other categories [1] Shareholder Information - As of September 30, Zhuoyue Technology had 122,500 shareholders, a decrease of 5.05% from the previous period, while the average circulating shares per person increased by 5.32% to 4,620 shares [2] - The company has cumulatively distributed 257 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 3.002 million shares as a new shareholder [3] Financial Performance - For the period from January to June 2025, Zhuoyue Technology reported an operating income of 870 million yuan, representing a year-on-year growth of 6.96%, while the net profit attributable to the parent company was -78.3863 million yuan, showing a year-on-year increase of 9.37% [2]