Core Viewpoint - The ongoing internal conflict between the core management of Zhenxin Technology and its controlling shareholder, Guoteng Group, has escalated from covert to overt, with Guoteng Group seeking to replace the board of directors of Zhenxin Technology through a special shareholders' meeting [1][2]. Group 1: Guoteng Group's Actions - Guoteng Group plans to propose an early board election for Zhenxin Technology, asserting that the current board does not represent the interests of the company and its shareholders [3]. - The chairman of Guoteng Group, Gao Hong, emphasized the need for a board change to optimize corporate governance and improve the company's quality [3]. - Guoteng Group is prepared to take legal measures if the current management obstructs the board change process [3][4]. Group 2: Zhenxin Technology's Response - Zhenxin Technology's management indicated that any proposal for an early board election would require thorough verification of the qualifications of the proposed nominees [4]. - The management has expressed concerns about the potential for a "dual-headed board" situation if the conflict escalates further [2][6]. - Zhenxin Technology's management has been facing challenges since the imprisonment of its former actual controller, He Yan, which has affected the company's operations and financing capabilities [5]. Group 3: Future Implications - The potential for a "dual-headed board" raises concerns about the stability of Zhenxin Technology's operations, with market professionals expressing doubts about the company's future [7]. - Guoteng Group has developed a detailed transition plan to ensure stability during the board change, focusing on enhancing core business areas and exploring new strategic opportunities [7]. - There are speculations that Zhenxin Technology's management may devise counter-strategies to delay the board change process, indicating that further confrontations are likely [8].

Core Viewpoint - The control dispute over Zhenxin Technology (振芯科技) has intensified, with the controlling shareholder, Chengdu Guoteng Electronics Group Co., Ltd. (国腾电子), pushing for an extraordinary shareholders' meeting to elect a new board of directors ahead of schedule [1][2]. Group 1: Shareholder Meeting Proposal - Guoteng Electronics has submitted a proposal to convene an extraordinary shareholders' meeting to discuss two key resolutions: one for the early re-election of the non-independent directors and another for the independent directors [2]. - Guoteng Electronics holds 29.21% of Zhenxin Technology's shares, which grants it the right to request the board to convene a shareholders' meeting [2]. Group 2: Board Response and Current Management - Zhenxin Technology has not clearly stated its position regarding the request for the shareholders' meeting, indicating that the board will conduct a thorough review of the proposal and provide feedback within ten days [3]. - The current management team includes three executives who are also founding shareholders, and they collectively hold 49% of Guoteng Electronics, while the remaining 51% is held by the controlling shareholder, He Yan [3].

证券日报网讯1月9日，振芯科技（300101）发布公告称，公司将于2026年1月28日召开2026年第一次临 时股东会。 ...

证券代码：300101 证券简称：振芯科技 公告编号：2026-003 成都振芯科技股份有限公司 关于收到股东提请召开临时股东会请求的公告 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。 成都振芯科技股份有限公司（以下简称"公司"）于 2026 年 1 月 7 日收到控 股股东成都国腾电子集团有限公司（以下简称"提请召集人"）发来的《关于提 请成都振芯科技股份有限公司董事会召集召开 2026 年第一次临时股东会的函》（以 下简称"《提请函》"）等文件。现将相关情况公告如下： 一、《提请函》主要内容 致：成都振芯科技股份有限公司董事会 提请召集人成都国腾电子集团有限公司（简称"本公司"）为持有成都振芯 科技股份有限公司（简称"上市公司"或"公司"）29.21%股份的股东。根据《中 华人民共和国公司法》（简称"《公司法》"）第一百一十四条、《成都振芯科 技股份有限公司章程》（简称"《公司章程》"）第五十二条等规定，单独或合 计持有公司 10%以上股份的股东有权向董事会提议召开临时股东会。本公司作为 单独持有上市公司 10%以上股份的股东，有权提请公司董事会召集并召 ...

Summary of the Conference Call for Zhenxin Technology Company Overview - Zhenxin Technology is focused on national strategies, particularly in the fields of Beidou navigation, high-end chips, and digital vision, establishing a complete industrial ecosystem with several technologies filling domestic gaps and leading in core areas [2][5][6] Key Points Company Confidence and Strategic Direction - The board of directors has demonstrated confidence in the company's future by increasing their shareholding, with a planned investment of no less than 5.1 million yuan and up to 10.2 million yuan over the next six months [4] - The company has been following national strategic guidelines for over 20 years, focusing on urgent national needs and technological gaps, which has led to a complete industrial ecosystem in key areas [5] - The company benefits from strong national support for high-tech industries, with policies and funds indicating unprecedented development opportunities [5] Research and Development - The company maintains a high investment in R&D, with R&D expenses accounting for over 15% of revenue, reaching as high as 20% in some years, resulting in numerous patents and software copyrights [2][6] Emerging Technologies - The company is strategically focusing on AI-enabled hardware, new-generation semiconductors, brain-machine interfaces, and intelligent satellite applications, achieving breakthroughs in automotive, smart cluster terminals, and commercial aerospace [7] Industry Insights Core Business Segments - The two core segments are integrated circuits and Beidou terminal operations, with products like ADDA and DDS chips being sold in commercial aerospace [3][10] - The Beidou segment is enhancing its promotion in unmanned markets, with expectations for increased demand in specialized fields by 2026 [3][12] Market Performance and Outlook - The company anticipates a positive performance in 2025, with gradual recovery in the industry and good growth compared to 2024 [9] - The Beidou system is expected to perform well in 2025, with increasing sales and order recovery, particularly in unmanned devices and drones [13] Challenges and Responses - A subsidiary, Guoxing Communication, has been banned from participating in procurement activities in the Western Theater for three years; however, this is not expected to significantly impact overall revenue as the Western Theater is not a major customer [8] Future Developments - The Beidou system's civil market prospects are promising, with significant improvements in navigation accuracy compared to GPS, particularly in automotive and mobile phone applications [14] - The company is entering the batch application phase in machine vision and has participated in key national projects, indicating a strong position in the unmanned equipment sector [15][16] Additional Notes - The company encourages investors to engage in further discussions and site visits to understand the ongoing developments and future growth potential [17]

Core Viewpoint - The management team of Zhenxin Technology demonstrates confidence in the company's future development through stock buybacks and strategic planning, particularly in the context of the "14th Five-Year Plan" focusing on "AI + hardware empowerment" [1][2][6]. Group 1: Stock Buyback and Management Confidence - Zhenxin Technology announced that its directors plan to increase their holdings in the company by investing between RMB 5.1 million and RMB 10.2 million within six months [1]. - The management's decision to buy shares reflects their confidence in the company's strategic direction and governance capabilities, especially following a court ruling regarding the company's control structure [5][6]. Group 2: Strategic Focus and Development Plans - The company aims to focus on "AI + hardware empowerment" during the "14th Five-Year Plan" period, targeting rapid growth in sectors such as integrated circuits, high-end chips, and intelligent applications [2]. - Zhenxin Technology has transitioned from a hardware supplier to a provider of comprehensive intelligent systems and services, launching several leading products in communication, satellite applications, and autonomous platforms [2]. Group 3: Technological Foundation and Market Position - Over its 22 years, Zhenxin Technology has built a robust product matrix in RF communication, Beidou navigation, and video image processing, ensuring high reliability in complex environments [3]. - The company reported a revenue of over RMB 240 million from its integrated circuit business in the first half of 2025, marking a 30% increase year-on-year [3]. - In the Beidou navigation sector, the company achieved over RMB 170 million in revenue, a 73% increase compared to the previous year [3]. Group 4: Research and Development Investment - Zhenxin Technology places a strong emphasis on innovation, with 63% of its workforce dedicated to R&D, and has seen a compound annual growth rate of 20% in R&D expenses since 2019 [4]. - In the first three quarters of 2025, the company reported revenues of RMB 736 million, a year-on-year increase of 30.56%, and a net profit of RMB 92.78 million, up 30.79% [4].

Company Dynamics - Chengdu Zhenxin Technology Co., Ltd. announced that its subsidiary Chengdu Guoxing Communication Co., Ltd. has been banned from participating in procurement activities for three years starting January 6, 2026, due to collusion in bidding for a project in 2020 [2] - The violation was identified in the procurement process of project number 2020-ZCWDDK-W1002, with the last cooperation occurring in 2020, involving a contract amount of 989,500 yuan, which accounted for only 0.17% of the company's revenue that year [2] - The company emphasized that this penalty is not expected to have a significant impact on its actual operations, as there has been no business interaction with the Western Theater Command in the past five years [2] Governance Issues - The company is facing a serious internal governance crisis, highlighted by a public letter to shareholders revealing increasing conflicts between actual controller He Yan and senior management, including Chairman Xie Jun [3] - Concerns have arisen regarding He Yan's intention to reorganize the board and dismiss current directors, leading to market and employee worries about the company's future [3] - He Yan has a history of legal issues, including a five-year prison sentence for embezzlement and invoice fraud, which has negatively impacted the company's reputation and stock price volatility [3] Financial Performance - Despite ongoing governance issues, the company has maintained profitability, with reported revenues of 852 million yuan and 797 million yuan for 2023 and 2024, respectively, and net profits of 72.6 million yuan and 40 million yuan [4] - In the first three quarters of 2025, the company achieved revenues of 736 million yuan, representing a year-on-year growth of 30.56%, and net profits of 92.78 million yuan, with a growth of 30.79% [4] Shareholder Actions - Ongoing disputes over control of the company continue, with announcements from directors Yang Zhang, Yang Guoyong, and Mo Ran planning to increase their holdings in the company within the next six months, with a total investment of no less than 5.1 million yuan and no more than 10.2 million yuan [5]

Core Viewpoint - Chengdu Zhenxin Technology Co., Ltd. faces a governance crisis and regulatory issues, impacting its operations and market perception, despite maintaining profitability in recent years [1][2][6]. Group 1: Regulatory Issues - The company’s subsidiary, Chengdu Guoxing Communication Co., Ltd., has been banned from participating in procurement activities for three years due to bid-rigging violations, which occurred in a project in 2020 [1]. - The last procurement contract with the Western Theater Command was worth 989,500 yuan, accounting for only 0.17% of the company's revenue in 2020, indicating limited immediate financial impact from the ban [1]. Group 2: Governance Crisis - The company is experiencing internal conflicts, particularly between the actual controller He Yan and the board of directors, leading to concerns about the company's future direction and stability [2][4]. - He Yan's past legal issues, including a five-year prison sentence for financial crimes, have created a negative perception of the company, affecting its stock price and market value [2][4]. - The board has expressed concerns over He Yan's influence, citing his repeated rejection of board decisions and numerous complaints to regulatory bodies [2]. Group 3: Financial Performance - Despite the governance issues, the company reported revenues of 852 million yuan and 797 million yuan for 2023 and 2024, respectively, with net profits of 72.6 million yuan and 40 million yuan [6]. - In the first three quarters of 2025, the company achieved a revenue of 736 million yuan, reflecting a year-on-year growth of 30.56%, and a net profit of approximately 92.78 million yuan, also showing a growth of 30.79% [6]. Group 4: Shareholder Actions - Key board members plan to increase their holdings in the company, committing to invest between 5.1 million and 10.2 million yuan within six months, indicating confidence in the company's long-term prospects despite current challenges [6].

Core Viewpoint - The domestic aircraft carrier concept has seen a significant increase of 4.70%, leading the gains among concept sectors, with 33 stocks rising, including notable performers like Hailanxin, which hit a 20% limit up [1][2]. Group 1: Market Performance - The domestic aircraft carrier sector recorded a net inflow of 2.284 billion yuan, with 24 stocks experiencing net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2]. - Hailanxin led the net inflow with 888.7 million yuan, followed by China Shipbuilding, AVIC Aircraft, and AVIC Xi'an Aircraft, with net inflows of 726 million yuan, 525 million yuan, and 281 million yuan respectively [2][3]. - The top gainers in the domestic aircraft carrier sector included Hailanxin (20%), China First Heavy Industries (10.07%), and AVIC Aircraft (9.99%) [1][3]. Group 2: Stock Performance - The stocks with the highest net inflow ratios included AVIC Heavy Industry (43.69%), China First Heavy Industries (38.62%), and Hailanxin (24.87%) [3]. - Other notable performers in terms of daily gains included AVIC Xi'an Aircraft (5.60%), China Shipbuilding (4.09%), and Taihao Technology (7.67%) [1][3]. - Conversely, stocks that experienced declines included Bowei Alloy (-1.04%), Zhenxin Technology (-0.31%), and Haohua Technology (-0.18%) [1][5].

Group 1 - The company has been penalized for procurement violations in military activities, specifically for collusion in bidding, resulting in a three-year ban from participating in procurement activities in the Western Theater starting January 6, 2026 [4]. - Internal governance challenges are highlighted, with the company's chairman and other board members publicly criticizing the actual controller for hindering the company's development and potentially violating industry entry regulations [3]. - The company's financial performance has shown fluctuations, with revenues of 1.182 billion, 852 million, and 797 million yuan from 2022 to 2024, and a decline in net profit from 300 million to 40 million yuan during the same period. However, there is a recovery in 2025, with a 30.56% year-on-year increase in revenue for the first three quarters, reaching 736 million yuan [3][5]. Group 2 - The company’s products primarily consist of mixed-signal integrated circuits, with over 300 types of chips used in critical applications such as communication, display control, and industrial sectors [3]. - The company reported a net profit of 92.78 million yuan for the latest period, reflecting a year-on-year growth of 30.79%, driven by rapid growth in its Beidou navigation and machine perception businesses [5]. - Company directors plan to increase their holdings in the company within the next six months, with a total investment between 5.1 million and 10.2 million yuan, without a price cap on the shares [5].