Financial Performance - The company's revenue for Q3 2025 was ¥1,056,420,106.16, representing a decrease of 11.35% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2025 was ¥37,596,690.45, down 60.67% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥31,693,894.69, a decline of 64.10% compared to the previous year[4] - The basic earnings per share for Q3 2025 was ¥0.16, a decrease of 60.00% year-on-year[4] - Total operating revenue decreased to ¥2,456,612,892.75 from ¥2,764,740,401.63, representing a decline of approximately 11.1% year-over-year[18] - Net profit for the period was ¥77,119,680.86, down from ¥239,970,744.05, indicating a decrease of about 67.9% compared to the previous year[18] - The total comprehensive income for the period was ¥68,913,476.80, down from ¥233,206,890.64, indicating a decline of approximately 70.5%[19] Assets and Liabilities - The total assets as of September 30, 2025, were ¥4,642,052,893.28, down 6.00% from the end of the previous year[4] - Total assets decreased from 4,938,201,873.01 RMB to 4,642,052,893.28 RMB, a reduction of approximately 6%[16] - Total liabilities decreased to ¥1,325,001,068.18 from ¥1,385,307,649.46, reflecting a reduction of approximately 4.4%[17] - The company's total equity decreased to ¥3,317,051,825.10 from ¥3,552,894,223.55, a decline of approximately 6.6%[17] Cash Flow - The cash flow from operating activities for the first nine months of 2025 was ¥125,819,895.39, a decrease of 57.92% compared to the same period last year[10] - Cash inflow from operating activities was ¥2,738,628,538.90, down from ¥3,129,807,511.80, a decline of about 12.5% year-over-year[20] - The net cash flow from operating activities was $125.82 million, a decrease of 57.9% compared to $299.03 million in the previous period[21] - Cash outflow from investing activities totaled $1.55 billion, down from $1.67 billion, resulting in a net cash flow of -$61.50 million[21] - Cash inflow from financing activities was $92.73 million, a slight decrease from $97.42 million, leading to a net cash flow of -$372.99 million[21] - The total cash and cash equivalents at the end of the period were $1.39 billion, down from $1.63 billion[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,491[12] - The largest shareholder, Hongdacheng Co., Ltd., holds 17.32% of shares, totaling 40,982,799 shares[12] - The number of shares held by the top ten shareholders is significant, with the top three holding a combined total of 60.96%[12] Expenses and Costs - The company reported a significant increase in tax expenses, with a rise of 232.28% in taxes and additional fees compared to the previous year[9] - The company’s long-term prepaid expenses decreased by 42.80% to ¥17,621,857.46 due to ongoing amortization of renovation costs[8] - The company’s cash paid for employee benefits was $399.07 million, an increase from $384.50 million[21] - Research and development expenses were ¥134,866,778.28, slightly down from ¥139,166,061.26, showing a decrease of about 3.3%[18] Asset Management - The company experienced a 72.76% decrease in asset disposal gains, amounting to ¥1,662,632.13 for the first nine months of 2025[9] - The company’s non-current assets decreased from 1,420,670,073.58 RMB to 1,360,289,918.05 RMB, a decline of about 4.2%[16] - The company’s inventory decreased from 778,041,967.75 RMB to 748,939,931.22 RMB, a decrease of approximately 3.7%[16] - The company's cash and cash equivalents decreased from 1,737,462,389.54 RMB to 1,401,999,595.90 RMB, a decline of approximately 19.3%[16] Borrowings - The company’s short-term borrowings increased by 35.35% to ¥65,734,733.23, attributed to new borrowings not yet due for repayment[8] - The company's long-term borrowings decreased to ¥3,270,656.32 from ¥4,495,953.57, a reduction of about 27.2%[17] Share Acquisition - The company plans to acquire a total of 59,159,978 shares, which represents 25% of the total shares, from major shareholders[14] - The company has committed to not seeking control of the listed company as part of the share transfer agreement[14]

Core Insights - The integration of artificial intelligence in education is becoming a focal point, with companies like Honghe Technology showcasing innovative products at the 86th China Educational Equipment Exhibition [1][2]. Group 1: Product Innovations - Honghe Technology launched the "Honghe Smart Eye" ecosystem, featuring products like the Honghe AI Smart Screen and comprehensive teaching solutions that cover both classroom and home environments [1]. - The "Honghe Smart Eye" platform analyzes student emotions, behaviors, and classroom focus, providing a comprehensive solution that includes emotional perception, behavior recognition, focus assessment, and emergency alerts [1]. - The Honghe AI Smart Screen is designed based on the "All In One" concept, integrating multiple AI applications to create a highly integrated smart classroom hub [2]. Group 2: Market Trends and Opportunities - The Ministry of Education's 2025 guidelines emphasize the need for digitalization in education, promoting lifelong learning resources that span various educational contexts [2]. - Honghe Technology is expanding its product applications from campus settings to after-school services and family education, aiming to serve a broader user base [3]. - The market for AI-enabled hardware products is currently valued in the hundreds of billions and continues to grow, indicating significant opportunities for companies in the AI and education sectors [3].

Core Viewpoint - The 86th China Educational Equipment Exhibition highlighted the integration of artificial intelligence in education, showcasing innovative technologies aimed at enhancing educational quality and personalized teaching [1][3]. Group 1: Event Overview - The exhibition took place from October 24 to 26 at the Qingdao World Expo City International Exhibition Center, focusing on "AI Leading High-Quality Development of Educational Equipment" [1]. - Honghe Technology, a leading domestic educational information technology company, received significant attention for its educational application software Lesson+, which integrates various AI applications to support personalized teaching [1]. Group 2: Policy Alignment - The 2025 policy issued by the Ministry of Education and nine other departments emphasizes the expansion of high-frequency application scenarios in education, aiming to build a lifelong education resource system [3]. - Turing Robot's technology aligns with this policy, focusing on breaking down educational resource barriers through AI technology, exemplified by its collaboration with Honghe Technology [3]. Group 3: Key Technological Features - The Turing AI Lesson platform enhances the teaching process through several key components: - AI Courseware: Automates the entire lesson preparation process, generating standard courseware in five minutes, significantly improving teachers' efficiency [3]. - AI Teaching Assistant: Provides interactive explanations during class and personalized Q&A after class, enhancing teaching efficiency and student engagement [4]. - AI Listening: Supports automated generation of exam-level listening content, accurately reflecting real exam characteristics, promoting large-scale production of listening resources [4]. - AI Speaking Teacher: Develops a three-stage training system for speaking skills, offering multi-dimensional intelligent scoring and real-time feedback to improve oral proficiency [4]. Group 4: Company Background - Turing Robot, established in 2014, is one of the earliest AI dialogue robot development platforms in China, holding nearly 500 invention patents in AI technology and applications [5]. - The company primarily provides AI technology and product solutions, with over 100 million units of Turing inside AI hardware deployed, facilitating billions of AI interactions daily across various sectors, including education [5].

"正是在这一背景下，鸿合科技积极顺应行业趋势，立足用户核心需求，推动产品应用从校园场景向课 后服务、家庭教育等领域延伸，让智能技术服务于更广泛的用户群体。"鸿合科技相关负责人对记者说 道。 值得关注的是，鸿合科技长期以来以智能交互显示设备及校园解决方案深耕B端市场，目前正通过AI硬 件产品积极向C端市场拓展。不过，鸿合科技能否成功开辟AI+教育领域C端市场的第二增长曲线，仍需 持续观察。 天使投资人、资深人工智能专家郭涛对记者指出："当前搭载AI大模型的硬件产品市场规模已达千亿级 别，并持续扩大。'一切硬件皆AI'的本质是功能升级，而非革命性变革。企业短期内应聚焦高频刚需场 景，避免为AI而AI，造成资源浪费。" 为进一步推动教学设备向集成化、智能化升级，鸿合科技依据"All In One"设计理念，推出了鸿合AI智 慧屏——这款产品以单一设备即可满足多场景、多需求，集成了录播巡课、AI课堂分析、鸿合智瞳、 鸿合智π、Lesson+五大AI应用，能全面覆盖教研管理、情绪感知、行为分析、线上线下协同教学等多元 场景，打造出高度一体化的智慧课堂中枢。 鸿合科技方面表示："鸿合AI智慧屏具备15T强大算力，借助'1 ...

Group 1 - The company, Honghe Technology, reported that as of October 20, 2025, the total number of shareholders is 16,446 [2]

Core Viewpoint - The announcement of a 100% tariff on imports from China by the U.S. starting November 1 has raised concerns for Chinese companies operating internationally, particularly impacting their overseas business strategies [1][2] Group 1: Company Response - The company, Honghe Technology, has prepared for the potential impact of the new tariffs and believes it can effectively manage risks due to its operational management experience and brand advantages [1] - Honghe Technology has been expanding its international market presence since 2011, establishing localized teams in various countries to better understand and respond to regional market demands [1][2] Group 2: Market Position and Strategy - The "Newline" brand of Honghe Technology ranks among the top tier in the North American, EMEA, and APAC markets, indicating strong brand influence and channel capabilities [1] - The company has sufficient overseas inventory to meet sales demands for the next two quarters, ensuring stable order delivery for customers [2] - Honghe Technology has proactively advanced its global production capacity to enhance supply chain resilience, reducing the potential impact of policy changes in any single market [2] Group 3: Market Analysis - Analysts suggest that while the new tariffs may pose short-term pressure on some export-oriented companies, Honghe Technology's global strategy, localized operations, and robust supply chain preparations position it well to withstand risks [2] - The balanced regional distribution of its overseas business and competitive brand strength are expected to help the company maintain stable operations and profitability in a complex international environment [2]

Group 1 - The core point of the article is that Honghe Technology (002955) reported a total of 17,570 shareholders as of September 10, 2025 [1]

Core Viewpoint - Honghe Technology has experienced a significant decrease in the number of shareholders, indicating a trend towards concentration of shares [1] Shareholder Information - As of September 10, the number of shareholders for Honghe Technology was 17,570, a decrease of 1,798 from the previous period (August 31), representing a decline of 9.28% [1] - This marks the second consecutive period of decline in the number of shareholders [1] Stock Performance - The closing price of Honghe Technology was 29.75 yuan, reflecting an increase of 3.33% [1] - Since the concentration of shares began, the stock price has cumulatively increased by 9.09% [1] - The stock experienced three days of increases and four days of decreases, including one instance of hitting the daily limit [1] Financial Performance - In the first half of the year, Honghe Technology reported total operating revenue of 1.4 billion yuan, a year-on-year decrease of 10.99% [1] - The net profit for the same period was 44.689 million yuan, down 70.09% year-on-year [1] - The basic earnings per share were 0.1900 yuan, with a weighted average return on equity of 1.32% [1]

Core Viewpoint - The company has approved a guarantee limit of up to RMB 170 million for its subsidiary, Anhui Hongcheng Optoelectronics Co., Ltd., to support its business development needs [6]. Group 1: Guarantee Overview - The company signed an irrevocable maximum guarantee agreement with China Merchants Bank Shenzhen Branch, providing a joint liability guarantee for Anhui Hongcheng Optoelectronics with a maximum principal balance of RMB 50 million [2]. - The guarantee amount falls within the limit approved at the 2024 annual general meeting and does not require further board or shareholder approval [2]. Group 2: Subsidiary Information - Anhui Hongcheng Optoelectronics is not a dishonest executor and has a good operational, financial, and credit status [3]. Group 3: Guarantee Agreement Details - The guarantee is a joint liability guarantee, effective from the date of the agreement until the expiration of each loan or financing under the credit agreement, plus an additional three years [5]. - The guarantee covers the principal balance of loans and other credit provided to the subsidiary, with a maximum limit of RMB 50 million, including related interest and fees [5]. Group 4: Board of Directors' Opinion - The board approved the proposal to provide a guarantee limit of up to RMB 170 million, with the authorization period lasting until the next annual general meeting [6]. - The types of guarantees include general guarantees, joint liability guarantees, mortgages, pledges, and others, covering various financing activities [6]. Group 5: Current Guarantee Status - As of the announcement date, the total amount of guarantees provided by the company is RMB 43 million, accounting for 12.23% of the audited net assets for 2024, all of which are guarantees for its controlling subsidiaries [7]. - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [7].

Core Viewpoint - The company has approved a guarantee for its subsidiary, Anhui Hongcheng Optoelectronics Co., Ltd., with a total limit of up to RMB 170 million, to support its business development needs [3][8]. Group 1: Guarantee Progress - The subsidiary, Anhui Hongcheng Optoelectronics, has applied for credit facilities from China Merchants Bank Shenzhen Branch, and the company has signed an irrevocable maximum guarantee agreement, providing a joint liability guarantee with a maximum principal amount of RMB 50 million [3][6]. Group 2: Subsidiary Information - Anhui Hongcheng Optoelectronics is not listed as a dishonest executor and has a good operational, financial, and credit status [4]. Group 3: Guarantee Agreement Details - The guarantee is a joint liability guarantee, effective from the date of the guarantee agreement until the expiration of each loan or financing under the credit agreement, plus an additional three years [6][7]. Group 4: Board of Directors' Opinion - The board of directors has approved the guarantee limit of up to RMB 170 million, which includes various types of guarantees such as general guarantees, joint liability guarantees, and collateral, covering loans, letters of guarantee, factoring, and other financing activities [8]. Group 5: Cumulative Guarantee Information - As of the announcement date, the total amount of guarantees provided by the company is RMB 43 million, accounting for 12.23% of the audited net assets for 2024, with no overdue guarantees or litigation-related guarantees [9].