Core Insights - The core viewpoint of the article highlights the financial performance and strategic initiatives of Boyan Technology Co., Ltd. for the first three quarters of 2025, emphasizing a slight decline in revenue but an increase in net profit [1] Financial Performance - For the first three quarters of 2025, Boyan Technology achieved operating revenue of 4.971 billion yuan, a year-on-year decrease of 2.5% [1] - The net profit attributable to shareholders of the listed company was 183 million yuan, reflecting a year-on-year growth of 2.65% [1] Strategic Initiatives - Boyan Technology is focusing on artificial intelligence and other cutting-edge technologies as core drivers for business model upgrades and revenue structure optimization [1] - The company aims to strengthen its market position in existing sectors such as finance, internet, and high technology while actively expanding into new industries like agriculture, energy, and chemicals [1] Operational Efficiency - The company continues to implement comprehensive cost reduction and efficiency enhancement measures, leveraging AI tools and digital management systems to improve operational efficiency [1] - During this period, various costs and expenses decreased, leading to an improvement in operational quality [1] Business Strategy - The slight decline in operating revenue is attributed to the company's proactive adjustment of its business structure while maintaining profitability [1]

Business Overview - In the first three quarters of 2025, the company achieved a revenue of CNY 4.971 billion, a slight decrease of 2.50% year-on-year, while the net profit attributable to shareholders was CNY 183 million, an increase of 2.65% year-on-year [3][9]. - The overall gross margin for the first three quarters was 23.09%, remaining stable compared to the previous year [9]. Industry Performance - In the financial sector, the application of big data and AI has driven steady growth, with revenue from financial services reaching CNY 1.345 billion, accounting for 27.05% of total revenue [4][12]. - The internet and high-tech sectors generated CNY 1.905 billion and CNY 1.067 billion in revenue, representing 38.33% and 21.46% of total revenue, respectively [12]. - New contracts signed in agriculture, energy, and chemical industries totaled approximately CNY 350 million from January to September 2025 [5][17]. Cost Management and Efficiency - The company has implemented comprehensive cost reduction and efficiency enhancement measures, resulting in a decrease in various costs and an improvement in operational quality [3]. - The net cash flow from operating activities was -CNY 48.54 million, but this represented a significant year-on-year increase of 73.33% [9]. Innovation and AI Integration - The company is leveraging its AI platforms to deploy AI applications across various industries, establishing innovation centers in Tokyo, Beijing, and Singapore to enhance global innovation networks [6][7]. - AI is being utilized to improve research and development efficiency, optimize customer management, enhance production processes, and facilitate human-machine collaboration [13][14]. Future Outlook - The company aims to continue expanding its new business and innovation sectors, with expectations for stable overall revenue in 2025 and increased orders in new business areas [8][16]. - The focus will be on sectors such as agriculture, energy, and chemicals, with a goal to enhance the overall solution capabilities and create a complete service chain [17]. Strategic Partnerships - The company has a long-standing partnership with Alibaba, providing development, operation, and digital technology support for Alibaba's products [18]. - Recent collaborations include the launch of AI-driven financial solutions and a comprehensive overseas service system based on Alibaba Cloud's infrastructure [19].

Core Insights - The company reported a total revenue of 4.971 billion yuan for Q3 2025, a decrease of 127 million yuan or 2.50% compared to the same period last year [1] - The net profit attributable to shareholders was 183 million yuan, with a negative cash flow from operating activities amounting to 48.54 million yuan [1] Financial Performance - The latest asset-liability ratio stands at 24.28% [3] - The gross profit margin is 23.09%, down by 1.29 percentage points year-on-year [3] - The return on equity (ROE) is reported at 4.31% [3] - The diluted earnings per share (EPS) is 0.31 yuan [4] Efficiency Metrics - The total asset turnover ratio is 0.87 times, a decrease of 0.05 times or 5.25% compared to the previous year [4] - The inventory turnover ratio is 25.64 times, down by 15.70 times or 37.98% year-on-year [4] Shareholder Information - The number of shareholders is 56,600, with the top ten shareholders holding a total of 152 million shares, accounting for 25.94% of the total share capital [4] - The largest shareholder is Wang Bin, holding 8.33% of the shares [4]

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 ...