Core Viewpoint - The company, Ternary Explorer, has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in recent trading days and a significant drop in revenue and profit compared to the previous year [1][2]. Financial Performance - As of June 30, Ternary Explorer reported a revenue of 653 million yuan, a year-on-year decrease of 7.82%, and a net profit attributable to shareholders of 20.09 million yuan, down 76.50% year-on-year [2]. - The company has cumulatively distributed 509 million yuan in dividends since its A-share listing, with 30.42 million yuan distributed over the last three years [3]. Stock Market Activity - On October 21, Ternary Explorer's stock price increased by 2.05%, reaching 8.48 yuan per share, with a total market capitalization of 7.494 billion yuan [1]. - The stock has seen a year-to-date increase of 21.16%, but has experienced a decline of 1.05% over the last five trading days and 7.93% over the last 20 days [1]. Shareholder Information - As of June 30, the number of shareholders increased to 58,000, a rise of 31.04%, while the average number of circulating shares per person decreased by 23.69% to 15,220 shares [2]. Business Segments - Ternary Explorer's main business segments include outdoor apparel (63.31% of revenue), chip business (17.13%), outdoor footwear (13.29%), outdoor equipment (3.71%), and other services (2.56%) [1].

Core Viewpoint - The company, Tsinghua Tongfang (探路者), emphasizes its commitment to timely and accurate information disclosure, stating that its operational status is normal and there are no undisclosed significant matters [1] Group 1: Company Operations - The company is focused on enhancing operational quality and sustainable development as part of its core strategy [1] - It aims to concentrate on its main business while continuously optimizing product and brand strength [1] - The company is in the systematic research and development phase for its exoskeleton products, with expectations for product launch and sales by the end of this year [1] Group 2: Market Influences - The fluctuations in the company's stock price are influenced by various complex factors, including macroeconomic conditions, industry policy adjustments, overall market sentiment, sector rotation, and short-term capital flows [1] - The company is committed to strictly controlling operational risks to solidify its fundamentals and enhance core competitiveness and intrinsic value [1]

Core Insights - The company, Tanshan, announced a strategic partnership with Beijing New Emerging Oriental Aviation Equipment Co., Ltd. to collaborate on wearable exoskeleton products during the Zhongguancun Forum in March 2025 [2] - The exoskeleton products are currently in the systematic research and development phase, with expectations for product launch and sales by the end of this year [2] Company Developments - The partnership aims to establish a long-term and stable strategic cooperation in the field of wearable exoskeleton products [2] - The company is focused on advancing its exoskeleton product line, indicating a commitment to innovation and market readiness [2]

Core Viewpoint - The company, Tanshan Technology (探路者), has confirmed that its touch control IC products are primarily used in laptops, automotive displays, mobile phones, and tablets, with its OLED automotive touch control IC products already in mass production and ranking among the top three globally in the notebook touch control market [1] Group 1 - The company’s touch control IC products are utilized in various devices including laptops, automotive displays, mobile phones, and tablets [1] - The OLED automotive touch control IC products have achieved mass production [1] - The company ranks among the top three in the global notebook touch control market [1]

Core Viewpoint - The company specializes in the research, design, operation management, and sales of outdoor products, emphasizing brand development and a comprehensive marketing network [2] Group 1: Company Operations - The company focuses on the development and design of outdoor products, ensuring reliability and stylish appearance [2] - It operates through a fully optimized online and offline marketing network [2] - The company does not engage in OEM (Original Equipment Manufacturer) business [2] Group 2: Product Strategy - The product development is characterized by professionalism, technology, and fashion [2] - The company aims to provide a full range of outdoor products to consumers [2] Group 3: Supply Chain Management - The company emphasizes efficient supply chain integration and management [2]

Core Viewpoint - The company, Tanshan (300005), has clarified the application areas of its products AX3000, AX3100, AX9000, and AX8000 in response to investor inquiries on October 20 [1] Product Applications - The AX3000, AX3100, and AX9000 are primarily used in televisions, monitors, and automotive displays [1] - The AX8000 is mainly utilized in Mini LED display module applications [1]

Core Viewpoint - The company has successfully achieved mass production of its OLED automotive touch IC products and ranks among the top three globally in notebook touch technology [1] Group 1: Product Applications - The company's touch IC products are primarily used in various devices, including laptop displays, automotive displays, smartphones, and tablets [1] Group 2: Market Position - The company is positioned as a leading player in the touch IC market, particularly in the notebook segment, where it is recognized as one of the top three manufacturers globally [1]

Core Viewpoint - The company, Explorer (300005.SZ), has clarified the application areas of its products, specifically the AX3000, AX3100, AX9000, and AX8000 models, which are utilized in various display technologies [1] Product Applications - The AX3000, AX3100, and AX9000 models are primarily used in televisions, monitors, and automotive displays [1] - The AX8000 model is specifically designed for Mini LED display module applications [1]

Core Viewpoint - The company has achieved AEC-Q100 and Asil-B automotive certifications for its OLED vehicle touch control IC products and has commenced mass production [1] Group 1 - The company is committed to ongoing research and development efforts [1] - The company is closely monitoring emerging market trends [1] - The company is actively exploring cutting-edge fields to meet future diversified demands [1]

Core Viewpoint - The company, Tanshan (探路者), is experiencing a significant decline in performance, with projected net profits for the first three quarters of 2025 expected to drop by 64.62% to 70.51% compared to the previous year, primarily due to poor sales in its outdoor business and losses in its chip business [1][3]. Financial Performance - The projected net profit for the first three quarters of 2025 is estimated to be between 30 million to 36 million yuan, while the non-recurring net profit is expected to be between 25 million to 29 million yuan, reflecting a decline of 64.62% to 70.51% and 68.20% to 72.59% respectively compared to the same period last year [1][3]. - For the first half of 2025, the company reported revenue of 653 million yuan, a year-on-year decrease of 7.82%, with net profit dropping by 76.50% to approximately 20 million yuan [7]. Business Segments - The outdoor business segment generated revenue of 538 million yuan in the first half of 2025, down 10.51% year-on-year, with all three core product categories (outdoor apparel, footwear, and equipment) experiencing significant declines in sales [7]. - The chip business, while showing overall positive development, has been negatively impacted by exchange rate fluctuations, leading to losses that have affected overall performance [3][4]. Acquisition and Performance Issues - Tanshan's acquisition of Beijing Xinneng Electronics Technology Co., Ltd. has not met performance commitments, with the acquired company reporting cumulative losses of 176 million yuan from 2022 to 2024, failing to achieve promised profit targets [2][5]. - The acquisition was part of a cross-industry strategy, but the chip business has faced challenges due to macroeconomic conditions and a slowdown in the global consumer electronics market [5]. Management and Shareholder Actions - The company's founder is reportedly accelerating cashing out, with significant share reductions noted, including a recent decrease in holdings from 5.17% to 4.99% [8][9]. - Since 2020, the founders have reportedly cashed out over 1.4 billion yuan, indicating a trend of divestment from the company [10]. Financial Strategy - Tanshan plans to utilize up to 800 million yuan of idle funds for low-risk financial products, despite having sufficient liquidity with cash and financial assets totaling over 8.27 billion yuan [2][10].