Core Viewpoint - Jingquan Hua (SZ 002885) reported a significant increase in revenue and net profit for the third quarter of 2023, indicating strong financial performance and growth potential in the market [1] Financial Performance - For the first three quarters of 2023, Jingquan Hua achieved revenue of approximately 2.6 billion yuan, representing a year-on-year increase of 23.96% [1] - The net profit attributable to shareholders was approximately 71.87 million yuan, reflecting a year-on-year increase of 69.74% [1] - Basic earnings per share were reported at 0.2633 yuan, which is a year-on-year increase of 69.43% [1] Market Context - As of the report, Jingquan Hua's market capitalization stands at 6.9 billion yuan [1] - The A-share market has recently surpassed the 4000-point mark, indicating a resurgence after a decade of stagnation, with technology stocks leading the market's recovery [1]

Group 1 - The core point of the article is that Jingquan Hua (SZ 002885) held its fifth board meeting on October 28, 2025, to discuss the agenda for the third extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Jingquan Hua's revenue composition shows that electronic components accounted for 99.05%, while other businesses made up 0.95% [1] - As of the report, Jingquan Hua has a market capitalization of 6.9 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - The article suggests that a "slow bull" market pattern is emerging [1]

Core Insights - The company reported a third-quarter revenue of 876 million yuan, representing a year-on-year increase of 13.81% [1] - The net profit for the third quarter was 30.57 million yuan, showing a significant year-on-year growth of 478.12% [1] - For the first three quarters, the total revenue reached 2.6 billion yuan, with a year-on-year growth of 23.96% [1] - The net profit for the first three quarters was 71.87 million yuan, reflecting a year-on-year increase of 69.74% [1]

关于补选第五届董事会非独立董事的公告 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。 深圳市京泉华科技股份有限公司（以下简称"公司"）董事会于 2025 年 10 月 24 日收到公司非独立董事戚思明先生的书面辞职报告。戚思明先生因个人原 因申请辞去公司第五届董事会非独立董事职务，辞职后将不再担任公司任何职务。 具体内容详见公司于 2025 年 10 月 25 日刊登在巨潮资讯网（www.cninfo.com.cn） 上的《关于非独立董事辞职的公告》（公告编号：2025-060）。 根据《公司法》《公司章程》及有关法律法规的规定，公司需尽快完成非独 立董事的补选工作。公司于 2025 年 10 月 28 日召开了第五届董事会第三次会议， 审议通过了《关于补选第五届董事会非独立董事的议案》。经公司股东提名，董 事会提名委员会审核通过，公司董事会同意提名宋勇先生为公司第五届董事会非 独立董事（详细简历见附件），任期自股东会审议通过之日起至公司第五届董事 会届满之日止。该议案尚需提交公司股东会审议。 本次选举非独立董事后，董事会中兼任公司高级管理人员以及由职工代表担 ...

证券代码：002885 证券简称：京泉华 公告编号：2025-063 深圳市京泉华科技股份有限公司 关于 2025 年前三季度计提资产减值准备及核销资产的公告 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、计提资产减值准备及核销资产的情况概述 （一）计提资产减值准备的情况 深圳市京泉华科技股份有限公司（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》及《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》等相关规定，为更加真实、准确地反映公司截 至 2025 年 9 月 30 日的财务状况和经营成果，基于谨慎性原则，对公司合并报表 范围内各类资产进行了清查、分析和评估，对存在减值迹象的资产计提了减值准 备，对符合财务核销确认条件的资产经调查取证后，确认实际形成损失的资产予 以核销，具体情况如下： 单位：万元 | 项目 | 年初金额 | 本期计提 | 收回或 转回 | 核销或 转销 | 汇率变动 | 期末金额 | | --- | --- | --- | --- | --- | --- | --- | | 应收票据坏账 ...

证券代码：002885 证券简称：京泉华 公告编号：2025-065 深圳市京泉华科技股份有限公司 关于召开 2025 年第三次临时股东会的通知 1、股东会届次：2025年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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、行政法规、部门规章、规范性文件及《公司章程》的有关规 定。 4、会议时间： （1）现场会议时间：2025年11月18日14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025年11月18日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为2025年11月18日9:15至15:00的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 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、召开会议的基本情况 6、会议的股权登记日：2025年11月13日 7、出席对象： （1）在股权登记日持 ...

证券代码：002885 证券简称：京泉华 公告编号：2025-061 深圳市京泉华科技股份有限公司 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 深圳市京泉华科技股份有限公司（以下简称"公司"）第五届董事会第三次 会议于 2025 年 10 月 17 日以书面结合通讯方式发出会议通知，并于 2025 年 10 月 28 日在公司会议室以现场结合通讯的方式召开。出席会议董事应到 8 人，实 到 8 人。公司董事长张立品先生主持了本次会议，公司独立董事苏敏先生、吴新 科先生、杨敬宇女士、田永臣先生参加了本次会议；公司高级管理人员列席了本 次会议。会议的召开和表决方式符合《公司法》《公司章程》的有关规定，会议 的召集、召开和表决合法有效。 二、董事会会议审议情况 经与会董事审议，会议审议通过了以下议案： 1、审议通过了《关于<2025 年第三季度报告>的议案》 第五届董事会第三次会议决议公告 证券代码：002885 证券简称：京泉华 公告编号：2025-061 具体内容详见公司刊登在巨潮资讯网(www.cninfo.com.cn)上的《关于 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥876,117,976.90, representing a year-on-year increase of 13.81%[5] - Net profit attributable to shareholders was ¥30,570,786.55, a significant increase of 478.12% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥17,367,897.58, up 418.98% year-on-year[5] - Basic earnings per share were ¥0.1126, reflecting a 480.41% increase from the previous year[5] - Total operating revenue for the current period reached ¥2,600,071,854.91, an increase of 23.9% compared to ¥2,097,556,116.41 in the previous period[17] - Net profit for the current period was ¥72,112,726.73, representing a 70.8% increase from ¥42,281,974.03 in the previous period[18] - Basic and diluted earnings per share increased to ¥0.2633 from ¥0.1554, reflecting a growth of 69.5%[19] - The company reported a total comprehensive income of ¥71,094,354.44, up from ¥41,989,384.77 in the prior period, indicating a growth of 69.5%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,436,998,790.27, an increase of 5.88% from the end of the previous year[5] - Total assets increased to CNY 3,436,998,790.27 from CNY 3,246,091,760.16, representing a growth of approximately 5.9%[16] - Total current liabilities increased to CNY 1,825,981,343.20 from CNY 1,695,856,352.21, reflecting an increase of about 7.7%[15] - The total liabilities reached CNY 1,935,546,914.77, compared to CNY 1,823,551,714.62, showing an increase of about 6.1%[15] - The company's equity attributable to shareholders increased to CNY 1,472,301,619.88 from CNY 1,402,256,647.73, reflecting a growth of approximately 5%[16] Cash Flow and Investments - The company's cash flow from operating activities for the year-to-date was ¥45,508,209.92, showing a decrease of 7.39%[5] - Cash flow from operating activities generated a net amount of ¥45,508,209.92, slightly down from ¥49,140,828.85 in the previous period[22] - Cash and cash equivalents at the end of the period totaled ¥555,891,210.06, compared to ¥503,878,054.41 at the end of the previous period, marking an increase of 10.3%[23] - Cash and cash equivalents rose to CNY 676,684,890.23, up from CNY 476,196,768.77, marking a significant increase of 42.1%[13] - Investment income for the current period was ¥3,324,241.72, an increase from ¥2,397,163.71 in the previous period[17] Expenses and Costs - Total operating costs amounted to ¥2,522,398,416.04, up 21.3% from ¥2,061,517,817.87 in the prior period[17] - Research and development expenses rose to ¥116,086,177.25, up 14.5% from ¥101,386,326.00 in the prior period[17] - Other income increased to ¥17,677,336.09 from ¥12,245,629.97, showing a growth of 44.8%[17] Borrowings and Receivables - Short-term borrowings increased by 124.02% to ¥595,168,060.70 compared to the previous year-end[9] - Short-term borrowings surged to CNY 595,168,060.70 from CNY 265,673,908.60, indicating a rise of 124.3%[15] - The company reported a significant increase in accounts receivable, which rose by 90.83% to ¥96,684,703.53 due to an increase in endorsed but not yet due bills[9] - Accounts receivable decreased slightly to CNY 1,115,979,009.66 from CNY 1,124,801,926.54, a decline of about 0.8%[13] Inventory and Assets Composition - Inventory increased to CNY 522,293,317.28 from CNY 518,420,049.50, showing a marginal increase of 0.4%[14] - Total non-current assets amounted to CNY 814,211,484.28, up from CNY 785,765,440.38, which is an increase of approximately 3.2%[14] Shareholder Information - The number of common shareholders at the end of the reporting period was 28,500[11] Other Information - The company received government subsidies amounting to ¥13,247,496.74 during the reporting period, an increase of 44.36% year-on-year[8] - The third quarter financial report of the company has not been audited[24] - The new accounting standards will be implemented starting from 2025[25]

Summary of Key Points Core Viewpoint - The recent data indicates a significant decline in the number of shareholders for many companies, with 783 stocks reporting their latest shareholder counts as of October 20, showing a decrease in 325 stocks compared to the previous period. This trend may reflect broader market dynamics and investor sentiment [1][3]. Group 1: Shareholder Count Changes - A total of 783 stocks disclosed their shareholder counts as of October 20, with 325 stocks experiencing a decline [3]. - Among these, 15 stocks saw a decrease of over 10% in shareholder counts, with the largest drop being 26.54% for Xinkai Technology, which reported 11,469 shareholders [3][4]. - Dingshin Communications followed with a 24.75% decrease, bringing its shareholder count to 32,706 [3][4]. Group 2: Market Performance of Concentrated Stocks - The average performance of concentrated stocks since October 1 shows a 0.76% increase, underperforming the Shanghai Composite Index, which rose by 3.44% during the same period [2]. - Only 28% of the concentrated stocks outperformed the market, indicating a challenging environment for these stocks [2]. Group 3: Financial Performance Insights - Among the concentrated stocks, 240 have released their third-quarter reports, with the highest net profit growth reported by COFCO Technology at 724.42% year-on-year [4]. - Luxshare Precision is projected to have a median net profit of 11.117 billion, reflecting a year-on-year increase of 22.50% [4]. Group 4: Industry Concentration - The concentrated stocks are primarily found in the machinery, basic chemicals, and electronics sectors, with 47, 40, and 28 stocks respectively [3].

Core Viewpoint - The article discusses the recent developments in the U.S. power generation landscape, highlighting the transition towards natural gas and renewable energy sources, and the implications for the semiconductor and AI industries, particularly in relation to solid-state transformers (SST) [3][9][16]. U.S. Power Generation Status - The U.S. power generation structure is shifting towards natural gas and renewable energy, with solar and battery storage growing rapidly [9]. - As of the end of 2024, coal-fired power generation capacity is projected to be 188.95 GW, down from 314 GW in 2011, indicating a significant decline in the coal industry [10]. - Natural gas generation capacity is expected to reach 571.23 GW by 2024, constituting 43.12% of the total capacity, but new installations are limited due to supply chain issues [11]. - Nuclear power capacity stands at 103.58 GW, with a 2.9% year-on-year increase, but new nuclear plants have not been built in nearly 40 years [12][13]. - Renewable energy capacity is projected to reach 313 GW by the end of 2024, with wind and solar accounting for 80% of new installations, although their effective contribution is limited compared to traditional power sources [14][15]. SST Industry Development Trends - The demand for solid-state transformers (SST) is increasing as they address the challenges faced by data centers, particularly in reducing power consumption and space [16]. - The SST market is currently dominated by non-mainland manufacturers, with companies like Eaton and Delta leading the way [17]. - The estimated market size for SST in North America from 2026 to 2030 is projected to grow significantly, reaching 265 billion RMB by 2030 [18]. Valuation Analysis - The SST industry is expected to have a net profit margin of around 30-40% from 2026 to 2030, with projected net profits increasing from 6.4 billion RMB in 2026 to 79.5 billion RMB in 2030 [19]. - The estimated market capitalization for the SST industry could reach up to 1.59 trillion RMB by 2030, based on average valuation multiples [19]. A-Share Core Company Valuation - Companies like Jinqiao Technology and Kingpan Technology are positioned to benefit from the SST market, with projected net profits of over 8 billion RMB and 17 billion RMB respectively by 2027 [21][23].