Group 1 - The core viewpoint of the news is that Zhuoyue Technology (002369) has shown a slight increase in stock price and a mixed performance in capital flow, with a notable growth in net profit and revenue in the latest quarterly report [1][3] - As of July 11, 2025, Zhuoyue Technology's stock closed at 8.89 yuan, up 0.11%, with a turnover rate of 4.08% and a trading volume of 230,800 hands, amounting to 204 million yuan [1] - The latest quarterly report indicates total operating revenue of 426 million yuan, a year-on-year increase of 1.17%, and a net profit attributable to shareholders of 32.15 million yuan, reflecting a year-on-year growth of 30.21% [1] Group 2 - The company has a current liquidity ratio of 0.807, a quick ratio of 0.699, and a debt-to-asset ratio of 82.66% [1] - Zhuoyue Technology has made investments in 13 companies and participated in 35 bidding projects, showcasing its active engagement in the market [2] - The company holds 104 trademark registrations and 371 patents, indicating a strong focus on intellectual property [2]

Core Viewpoint - Shenzhen Zhuoyue Technology Co., Ltd. announced that its controlling shareholder and actual controller, Mr. Xia Chuanwu, has had part of his shares judicially auctioned, which may impact the company's governance and operations [1][5]. Group 1: Share Auction Details - Mr. Xia Chuanwu's 36,220,000 shares were auctioned by the Shenzhen Intermediate People's Court from June 25 to June 26, 2025, and the auction was confirmed on June 26, 2025 [2][4]. - The auctioned shares represent 50.08% of Mr. Xia's holdings and 6.39% of the company's total share capital [4]. - The auction's starting price is set at 70% of the average closing price over the previous 20 trading days, with a potential reduction to 80% for subsequent auctions if the first auction fails [4]. Group 2: Current Shareholding Status - As of the announcement, Mr. Xia still holds 72,317,172 shares, which accounts for 12.76% of the company's total share capital [5]. - The company maintains operational independence from its controlling shareholder, as Mr. Xia resigned from his positions as general manager and chairman in May and August 2018, respectively [5]. Group 3: Company Operations and Governance - The company asserts that the judicial auction will not adversely affect its daily operations or governance [5]. - The company is committed to ensuring stable operations and will continue to fulfill its management responsibilities [1][5].

深圳市卓翼科技股份有限公司关于公司控股股东、实际控制人部分股份被司法拍卖的提示性公告 证券代码：002369 证券简称：卓翼科技 公告编号：2025-026 3.目前公司生产经营一切正常，本次司法拍卖事项不会对公司日常生产经 营和公司治理产生不利影响。公司将持续努力做好各项经营管理工作，以保障 公司稳健经营。 4.本次司法拍卖事项尚处于公示阶段，后续将涉及竞拍、缴款、股权变更 过户等环节，拍卖结果存在不确定性。公司将持续关注该事项的进展，依法履 行信息披露义务。敬请广大投资者注意投资风险。 深圳市卓翼科技股份有限公司（以下简称"公司"或"卓翼科技"）控股股 东、实际控制人夏传武先生持有的 36,220,000 股公司股票被广东省深圳市中级 人民法院（以下简称"深圳中院"）于 2025 年 6 月 25 日 10 时至 2025 年 6 月 26 日 10 时止（延时除外）在京东网司法拍卖平台进行公开网络司法拍卖。根据京 东网司法拍卖平台发布的《成交确认书》，此次拍卖于 2025 年 6 月 26 日成交， 具体内容详见公司 2025 年 6 月 27 日披露的《关于公司控股股东、实际控制人部 分股份被司法拍卖 ...

深圳市卓翼科技股份有限公司关于公司控股股东、实际控制人部分股份被司法拍卖的进展公告 证券代码：002369 证券简称：卓翼科技 公告编号：2025-025 深圳市卓翼科技股份有限公司 关于公司控股股东、实际控制人部分股份 被司法拍卖的进展公告 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。 特别提示： 1、公司控股股东、实际控制人夏传武先生所持 34,533,930 股股票被深圳 市福田区人民法院司法拍卖并于 2025 年 6 月 24 日成交，但该股票目前尚未完 成变更过户手续，因此公司控股股东、实际控制人夏传武先生所持股票目前仍 为 72,317,172 股，本公告正文所涉持股比例计算均以此为基准。 2、本次司法拍卖标的为公司控股股东、实际控制人夏传武先生持有的 36,220,000 股公司股票，占公司总股本的 6.39%。本次司法拍卖事项完成并股 权变更过户后，夏传武先生的持股比例将由 12.76%变更为 6.37%。 3、本次股份拍卖尚涉及余款缴纳、法院出具裁定、股权变更过户等环节， 其最终结果存在不确定性。公司将密切关注后续进展情况，并按照有关法律法 ...

Core Viewpoint - Shenzhen Zhuoyue Technology Co., Ltd. announced that its controlling shareholder and actual controller, Mr. Xia Chuanwu, has had part of his shares judicially auctioned, which will reduce his shareholding from 12.76% to 6.67% after the transfer of ownership, but will not change the company's control [1][3]. Group 1: Judicial Auction Details - The auction will take place from June 23 to June 24, 2025, on the Taobao judicial auction platform, involving a total of 34,533,930 shares, accounting for 6.09% of the company's total share capital [1]. - The auctioned shares include 25,513,032 shares and three batches of 3,006,966 shares each, all held by Mr. Xia Chuanwu [1]. Group 2: Auction Progress - The auction results indicate that the total transaction amount for the shares was approximately 293,773,799.63 yuan, with the successful bidder being He Shan Future (Shenzhen Industry Limited Partnership) [2]. - As of now, the shares have not yet completed the transfer process, meaning Mr. Xia still holds 72,317,172 shares [2]. Group 3: Impact on Company - If the auctioned shares are fully transferred, Mr. Xia's shareholding will decrease to 37,783,242 shares, representing 6.67% of the total share capital [2]. - The auction will not lead to a change in the company's control, but if an additional 36,220,000 shares are auctioned and transferred, Mr. Xia's shareholding could drop to 0.28%, resulting in the loss of his status as the controlling shareholder [3]. - The company maintains that its operations and governance will not be adversely affected by this judicial auction [3].

深圳市卓翼科技股份有限公司 关于公司控股股东、实际控制人部分股份 被司法拍卖的进展公告 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。 深圳市卓翼科技股份有限公司关于公司控股股东、实际控制人部分股份被司法拍卖的进展公告 证券代码：002369 证券简称：卓翼科技 公告编号：2025-024 特别提示： 1、本次司法拍卖标的为公司控股股东、实际控制人夏传武先生持有的 34,533,930 股公司股票，占公司总股本的 6.09%。本次司法拍卖事项完成并股 权变更过户后，夏传武先生的持股比例将由 12.76%变更为 6.67%。本次司法拍 卖不会导致公司控制权发生变更。 2、本次股份拍卖尚涉及余款缴纳、法院出具裁定、股权变更过户等环节， 其最终结果存在不确定性。公司将密切关注后续进展情况，并按照有关法律法 规规定督促信息披露义务人履行信息披露义务，敬请投资者谨慎决策，并注意 投资风险。 一、司法拍卖的基本内容 深圳市卓翼科技股份有限公司（以下简称"公司"或"卓翼科技"）于 2025 年 5 月 16 日披露了《关于公司控股股东、实际控制人部分股份将被司法拍卖的 提示 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Group 1 - The Shenzhen Intermediate People's Court will conduct a judicial auction of 34,533,930 shares of Shenzhen Zhuoyue Technology Co., Ltd. owned by the defendant Xia Chuanwu from June 23 to June 24, 2025 [1] - The auction is divided into four lots, with the first lot consisting of 25,513,032 shares and the remaining three lots each containing 3,006,966 shares [1] - The displayed auction price is calculated based on the closing price of the stock on May 14, 2025, which is 9.5 yuan, multiplied by the total number of shares and then by 70% [1] Group 2 - Bidders must comply with legal and regulatory restrictions, including not participating if they are prohibited from holding or trading shares of listed companies [2] - The cumulative shareholding of the bidder and their concerted parties must not exceed 30% of the total issued shares of the listed company [2] - If the cumulative shareholding reaches 30%, the bidder must report to the court in writing and comply with relevant regulations [2]

Group 1 - The company held its annual general meeting on May 15, 2025, with both on-site and online voting options available [3][5][33] - A total of 1,165 shareholders attended the meeting, representing 76,328,770 shares, which is 13.4629% of the total voting shares [9][36] - The meeting was presided over by the chairman, Mr. Li Xingfang, and was convened by the sixth board of directors [6][7][8] Group 2 - All proposals presented at the meeting were approved without any objections [2] - The following reports were approved: - 2024 Annual Board Work Report with 98.9552% approval [12] - 2024 Annual Supervisory Board Work Report with 98.9477% approval [14] - 2024 Financial Settlement Report with 98.9228% approval [16] - 2024 Annual Report and Summary with 98.9379% approval [18] - 2024 Profit Distribution Plan with 98.8459% approval [20] - Proposal for 2025 Comprehensive Credit Facility with 99.0006% approval [22] - Proposal for 2025 External Guarantee Limit with 98.8238% approval [23] - Proposal regarding Uncompensated Losses reaching one-third of Paid-in Capital with 98.8146% approval [24] Group 3 - The legal opinion provided by Beijing DeHeng Law Firm confirmed that the meeting's procedures, attendees, and voting processes complied with relevant laws and regulations [26][52] - The meeting's resolutions were deemed legally valid and effective [52][53]

Core Viewpoint - The controlling shareholder of Zhuoyue Technology, Xia Chuanwu, is set to undergo a change as approximately 70.75 million shares (12.48% of total shares) will be auctioned off due to legal issues, potentially altering the company's control structure [2][4][6]. Group 1: Shareholder Changes - Xia Chuanwu's 70.75 million shares, representing 12.48% of Zhuoyue Technology's total shares, are scheduled for judicial auction [4][6]. - If the auction is successful, Xia's shareholding will decrease from 12.76% to 0.28%, resulting in a change of the company's controlling shareholder [6][8]. Group 2: Legal Issues - Xia Chuanwu has been sentenced to seven years in prison for market manipulation and insider trading, along with a fine of 45 million yuan [7]. - The court's decision also includes the recovery of Xia's illegal gains, which will be turned over to the state treasury [7]. Group 3: Company Performance - Zhuoyue Technology has been experiencing continuous losses from 2020 to 2024, with a significant reduction in employee numbers from over 15,000 to less than 3,600 [11]. - In 2024, the company reported a revenue of 1.707 billion yuan, a 10.30% increase year-on-year, but still posted a net loss of 217.86 million yuan, although this was a 46.93% improvement compared to the previous year [12][13]. - The company's gross margin has fluctuated significantly, with a notable decline in previous years, but has shown some recovery in 2024 [13].