Core Insights - The best-performing fund managed by fund manager Luo Shifeng is the Nord Cycle Strategy Mixed Fund (570008), which achieved a quarterly net value increase of 52.47% by the end of Q3 2025 [1] Fund Performance Summary - The Nord Value Advantage Mixed Fund (570001) has a total fund size of 24.81 billion, with an annualized return of 7.58% and a Q3 2025 increase of 44.93%, with its top holding being Sungrow Power [2] - The Nord Cycle Strategy Mixed Fund (570008) has a fund size of 9.26 billion, an annualized return of 15.18%, and a Q3 2025 increase of 52.47%, with its top holding being NewEase [2] - The Nord Value Discovery - Annual Holding Mixed Fund (012150) has a fund size of 5.39 billion, with a negative annualized return of -0.97% and a Q3 2025 increase of 26.73%, with its top holding also being Sungrow Power [2] Stock Trading Cases - Notable stock trading cases managed by Luo Shifeng include: - Sungrow Power: Bought in Q3 2020 and sold in Q1 2021, with an estimated return of 300.71% and a company performance growth of 25.15% during the holding period [3] - Longi Green Energy: Held from Q1 2018 to Q2 2023, with an estimated return of 231.97% and a company performance growth of 488.96% [3] - Midea Group: Held from Q2 2016 to Q4 2017, with an estimated return of 136.18% and a company performance growth of 51.35% [3] Underperforming Stock Cases - Underperforming stock cases include: - Opcon Vision: Bought in Q3 2021 and sold in Q1 2024, with an estimated return of -76.32% despite a company performance growth of 40.04% [4] - Tongce Medical: Held from Q3 2021 to Q2 2023, with an estimated return of -63.37% and a company performance growth of 2.37% [4] - Sanan Optoelectronics: Held from Q4 2017 to Q2 2019, with an estimated return of -51.40% [4]

Group 1 - The core point of the article is that Boyan Technology (SZ 002649) held a temporary board meeting on October 27, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Boyan Technology's revenue composition was as follows: Internet accounted for 38.18%, Finance for 26.29%, High Technology for 22.49%, and Other Industries for 13.05% [1] - As of the report, Boyan Technology's market capitalization was 8 billion yuan [1]

Core Viewpoint - Boyan Technology announced a provision for credit impairment and asset impairment totaling 28.605 million yuan, which will reduce the company's profit for the first three quarters of 2025 by the same amount [1] Financial Performance - For the first half of 2025, Boyan Technology's revenue composition is as follows: Internet accounts for 38.18%, Finance for 26.29%, High Technology for 22.49%, and Other Industries for 13.05% [1] Market Position - As of the report, Boyan Technology has a market capitalization of 8 billion yuan [1]

证券代码：002649 证券简称：博彦科技 公告编号：2025-031 博彦科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 博彦科技股份有限公司（以下简称"公司"）根据《企业会计准则》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律法规，结合公司会计政策的相关规定，对部分可能 发生减值的资产计提了减值准备。本次计提资产减值准备事项无需提交董事会、 股东会审议。现将公司本次计提减值准备的具体情况公告如下： 一、本次计提减值准备的情况概述 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等法律法规的要求，为了更加真实、准确地反映公司截 至 2025 年 9 月 30 日的资产和财务状况，本着谨慎性原则，公司对合并报表范围 内可能发生减值损失的各项资产计提减值准备。2025 年前三季度计提的信用减 值准备和资产减值准备共计 2,860.50 万元。 本次计提或转回信用减值准备和资产减值准备计入 ...

一、监事会会议召开情况 博彦科技股份有限公司（以下简称"公司"）第五届监事会第十一次临时会 议于 2025 年 10 月 27 日以现场方式召开。本次会议的通知于 2025 年 10 月 21 日以电话、电子邮件方式向全体监事发出。会议由公司监事会主席宋存智先生 召集，应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开程序符合 《中华人民共和国公司法》和《博彦科技股份有限公司章程》等有关规定。 二、监事会会议审议情况 证券代码：002649 证券简称：博彦科技 公告编号：2025-029 博彦科技股份有限公司 第五届监事会第十一次临时会议决议公告 公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 经审核，监事会认为董事会编制和审核公司 2025 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详见公司另行披露的《博彦科技股份有限公司 2025 年第三季度报告》（公 告编号：2025-030）。 三、备查文件 博彦科技股份有限公司第五届监事会第 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,624,326,563, a decrease of 6.16% compared to the same period last year[5] - Net profit attributable to shareholders was ¥59,863,600.90, down 42.31% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥52,459,037.53, a decline of 46.58% compared to the previous year[5] - The basic earnings per share for the period was ¥0.1023, reflecting a decrease of 42.50% year-on-year[5] - Total revenue for the period was CNY 4,970,887,166.33, a decrease of 2.5% compared to CNY 5,098,151,293.03 in the previous period[20] - The company reported a net profit margin improvement, with net profit increasing to CNY 199,269,039.00, compared to CNY 204,051,016.00 in the previous period[20] - The net profit for the current period is CNY 178,468,719.59, compared to CNY 175,632,730.50 in the previous period, reflecting a slight increase[21] - The total comprehensive income for the current period is CNY 201,403,557.00, up from CNY 171,627,253.63 in the previous period[22] - The basic and diluted earnings per share for the current period are both CNY 0.3129, compared to CNY 0.3045 in the previous period[22] - The total profit for the current period is CNY 203,447,649.30, slightly higher than CNY 201,975,267.09 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,608,487,797.40, down 4.12% from the end of the previous year[5] - Cash and cash equivalents decreased to CNY 1,741,424,487.48 from CNY 2,079,990,078.51, representing a decline of 16.3%[17] - Total assets decreased to CNY 5,608,487,797.40 from CNY 5,849,378,366.32, a decline of 4.1%[18] - Total liabilities decreased to CNY 1,361,916,542.21 from CNY 1,704,116,756.42, reflecting a reduction in financial obligations[18] - The company's equity attributable to shareholders increased to CNY 4,247,283,488.03 from CNY 4,141,767,515.48, an increase of 2.5%[19] Cash Flow - Cash flow from operating activities showed a net outflow of ¥48,535,426.86, an improvement of 73.33% compared to the same period last year[12] - The net cash flow from operating activities is CNY -48,535,426.86, an improvement from CNY -182,016,579.94 in the previous period[24] - Cash and cash equivalents at the end of the period amount to CNY 1,736,084,188.15, slightly down from CNY 1,763,715,111.65 in the previous period[25] - Investment activities generated a net cash flow of CNY 614,587.79, a significant improvement from CNY -85,745,346.37 in the previous period[25] Inventory and Receivables - The company reported a significant increase in inventory, which rose by 101.19% to ¥199,217,196.47, attributed to increased stock and contract performance costs[9] - Accounts receivable increased to CNY 1,998,511,178.76 from CNY 1,915,740,634.44, showing a growth of 4.3%[17] - Inventory levels rose significantly to CNY 199,217,196.47 from CNY 99,018,513.83, indicating a potential buildup of stock[17] Expenses - Total operating costs amounted to CNY 4,771,618,127.33, down from CNY 4,894,100,276.14, reflecting a cost reduction strategy[20] - Research and development expenses were CNY 252,151,310.35, a decrease of 5.6% from CNY 267,103,379.25 in the previous period, indicating a focus on efficiency[20] - Financial expenses increased by 337.43% to -¥24,243,002.78, primarily due to exchange rate fluctuations[10] Other Income - The company received government subsidies amounting to ¥34,322,219.98, an increase of 35.85% compared to the previous year[10] - The company incurred a credit impairment loss of CNY -28,444,590.17, compared to CNY -19,595,728.13 in the previous period[21] - The company reported a decrease in the investment income from joint ventures and associates, with a loss of CNY -2,967,977.27 compared to a loss of CNY -4,556,409.61 in the previous period[21]

证券代码：002649 证券简称：博彦科技 公告编号：2025-028 博彦科技股份有限公司 第五届董事会第十四次临时会议决议公告 公司及董事会全体成员保证信息披露内容的真实、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 博彦科技股份有限公司（以下简称"公司"）第五届董事会第十四次临时会议于 2025 年 10 月 27 日以现场结合通讯方式召开。本次会议的通知于 2025 年 10 月 21 日以电话、电子邮件的方式向全体董事及监事发出。会议由公司董事长王斌先生 召集，应出席董事 7 名，实际出席董事 7 名。本次会议的召集、召开程序符合《中 华人民共和国公司法》和《博彦科技股份有限公司章程》等有关规定。 二、董事会会议审议情况 会议审议并通过如下议案： （一）关于《2025 年第三季度报告》的议案 三、备查文件 （一）博彦科技股份有限公司第五届董事会第十四次临时会议决议； （二）博彦科技股份有限公司第五届董事会审计委员会第十二次会议决议。 特此公告。 博彦科技股份有限公司董事会 表决结果：以 7 票同意、0 票反对、0 票弃权获得通过。 2025 年 10 月 28 日 1 ...

Core Viewpoint - 博彦科技's stock experienced a 2.08% increase on October 15, with a trading volume of 158 million yuan, indicating positive market sentiment despite a net financing outflow [1] Financing and Margin Trading - On October 15, 博彦科技 had a financing buy-in of 17.15 million yuan and a financing repayment of 23.54 million yuan, resulting in a net financing outflow of 6.39 million yuan [1] - The total margin trading balance for 博彦科技 as of October 15 is 480 million yuan, with the financing balance accounting for 5.96% of the circulating market value, indicating a relatively high level compared to the past year [1] - In terms of securities lending, 博彦科技 repaid 13,800 shares and sold 200 shares on October 15, with a total lending balance of 1.4362 million yuan, also reflecting a high level compared to the past year [1] Company Overview - 博彦科技, established on April 17, 1995, and listed on January 6, 2012, is located in Beijing and specializes in product solutions, R&D engineering services, and IT operations maintenance [1] - The revenue composition of 博彦科技 includes R&D engineering (61.41%), product solutions (22.18%), IT operations maintenance (15.95%), and others (0.46%) [1] Shareholder and Financial Performance - As of August 31, 博彦科技 had 55,900 shareholders, a decrease of 5.46% from the previous period, with an average of 9,819 circulating shares per shareholder, an increase of 5.77% [2] - For the first half of 2025, 博彦科技 reported a revenue of 3.347 billion yuan, a slight decrease of 0.61% year-on-year, while the net profit attributable to shareholders increased by 65.16% to 123 million yuan [2] Dividend Distribution - 博彦科技 has distributed a total of 891 million yuan in dividends since its A-share listing, with 235 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of 博彦科技 include 南方中证1000ETF and 华宝中证金融科技主题ETF, with both increasing their holdings, while 香港中央结算有限公司 reduced its holdings by 263,840 shares [3]

Core Insights - 博彦科技 has launched its "Singapore Innovation Center" and announced a new overseas investment strategy, marking a significant step in its 30-year journey and a response to the evolving global market landscape [1][2][10] Group 1: Strategic Initiatives - The establishment of the Singapore Innovation Center is aimed at creating a collaborative ecosystem, emphasizing the importance of partnerships and shared growth [1][11] - 博彦科技 signed MOUs with 美锦能源, 文华在线, and 百胜软件 to deepen strategic cooperation, reinforcing its commitment to building a win-win ecosystem [2][4][7] - The choice of Singapore as a base for expansion is strategic, as it is viewed as a neutral and trustworthy location that enhances product credibility in the international market [8][10] Group 2: AI and Business Strategy - The company is shifting from an "AI-driven" approach to an "AI-empowered" model, integrating AI into clear business objectives rather than treating it as a standalone strategy [12][15] - 博彦科技's overseas investment strategy focuses on supporting brands in their international expansion by providing essential technological infrastructure, particularly in digitalization and AI capabilities [15][16] - The collaboration with 拉环咖啡 exemplifies this approach, where 博彦科技 aids in strategic financing and the development of an intelligent IT system to optimize operations and reduce costs [16] Group 3: Talent and Cultural Challenges - The discussion highlighted the need for a shift in talent development, emphasizing the importance of practical experience and soft skills in the AI era [18][19] - 博彦科技 advocates for localized management teams in global operations, ensuring that strategies are tailored to specific markets rather than imposed from a distance [19][20] - The overarching theme of the event was the necessity of collaboration and shared wisdom in navigating the complexities of globalization [20]

Core Viewpoint - The article emphasizes that globalization is not a solitary endeavor but requires the convergence of top-notch wisdom for a collaborative expedition [2]. Group 1: Company Strategy and Developments - On September 18, a Chinese tech service company,博彦科技, announced the launch of its "Singapore Innovation Center" and a new overseas investment strategy, marking a significant milestone in its 30-year journey [3]. - 博彦科技's founder, Wang Bin, highlighted that future competitiveness will stem from building an open and win-win ecosystem with partners, indicating a shift from merely serving global giants to becoming an innovator in ecosystem construction [3]. - The signing of MOUs with three companies—美锦能源, 文华在线, and 百胜软件—demonstrates 博彦科技's commitment to deepening strategic cooperation and laying a solid foundation for future growth [5]. Group 2: Rationale for Choosing Singapore - The choice of Singapore as a base for expansion is strategic, as it is perceived as a neutral and well-regulated environment that enhances trust in products entering the international market [13]. - Singapore is recognized as a hub for multinational corporations and venture capital, making it an ideal launchpad for companies looking to access international markets [14]. Group 3: AI Integration and Business Strategy - The article discusses the misconception of AI as a standalone strategy rather than a tool to achieve business objectives, emphasizing the need for AI to be integrated into organizational processes [19]. - 博彦科技's overseas investment strategy is framed as a model of "AI empowerment," where the company acts as a "guardian" for brands venturing abroad, providing essential technological support [20]. Group 4: Talent and Cultural Challenges - The article raises concerns about the impact of AI on entry-level jobs in various industries, warning that neglecting the training of younger employees could lead to a skills gap in the future [24]. - 博彦科技 emphasizes the importance of practical experience in talent development, advocating for a hands-on approach to learning and localizing management teams [25]. Group 5: Future Outlook and Philosophy - The overarching philosophy of 博彦科技 is to foster a collaborative ecosystem rather than operate in isolation, reflecting a pragmatic idealism that acknowledges challenges while believing in the power of connection and cooperation [27][28].