Group 1 - The core point of the news is that Changhong Technology's stock price increased by 5.32% to 13.65 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 2.44%, resulting in a total market capitalization of 7.269 billion CNY [1] - Changhong Technology, established on April 11, 2001, and listed on December 22, 2010, operates in the high polymer plastic consumables and office automation (OA) equipment sectors, providing precision molds and overall production solutions [1] - The revenue composition of Changhong Technology includes 66.94% from intelligent manufacturing products, 25.87% from medical devices and consumables, 6.86% from precision molds and automated line equipment, and 0.34% from other sources [1] Group 2 - Among the top circulating shareholders of Changhong Technology, a fund under Southern Fund ranks as a significant stakeholder, with the Southern CSI 1000 ETF (512100) newly entering the top ten in the second quarter, holding 2.9428 million shares, which is 0.8% of the circulating shares [2] - The Southern CSI 1000 ETF (512100), established on September 29, 2016, has a latest scale of 64.953 billion CNY, with a year-to-date return of 28.58% and a one-year return of 34.04%, ranking 2093 out of 4221 and 1521 out of 3848 in its category, respectively [2]

| 证券代码：300151 | 证券简称：昌红科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 关于 2025 年第三季度可转债转股情况的公告 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。 特别提示： 1、"昌红转债"（债券代码: 123109）转股期为 2021 年 10 月 8 日至 2027 年 3 月 31 日；初始转股价格为 28.26 元/股，最新转股价格为 26.72 元/股。 2、2025 年第三季度，"昌红转债"因转股减少 2,500.00 元（25 张），转股数 量为 93 股。截至 2025 年 9 月 30 日，"昌红转债"剩余张数 4,595,214 张（票面 余额为 459,521,400.00 元人民币）。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，深圳市昌红科技股份 有限公司（以下简称"公司"）现将 2025 年第三季度可转换公 ...

Core Viewpoint - Changhong Technology's stock performance and financing activities indicate a mixed outlook, with a slight increase in stock price but a net outflow in financing, alongside a modest revenue growth and a significant decline in net profit year-on-year [1][2]. Financing Activities - On September 30, Changhong Technology's stock rose by 1.01%, with a trading volume of 85.89 million yuan. The financing buy-in amounted to 11.99 million yuan, while financing repayment was 12.19 million yuan, resulting in a net financing outflow of 0.19 million yuan [1]. - As of September 30, the total financing and securities balance for Changhong Technology was 528 million yuan, with the financing balance accounting for 7.64% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on the same day, 1,000 shares were repaid, and 300 shares were sold, with a selling amount of 3,888 yuan, while the securities lending balance was 779,000 yuan, which is below the 20th percentile of the past year [1]. Business Performance - For the first half of 2025, Changhong Technology reported a revenue of 498 million yuan, reflecting a year-on-year growth of 2.95%. However, the net profit attributable to shareholders decreased by 29.18% to 30.88 million yuan [2]. - The company's main business revenue composition includes 66.94% from intelligent manufacturing products, 25.87% from medical devices and consumables, 6.86% from precision molds and automated line equipment, and 0.34% from other sources [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Changhong Technology was 23,900, an increase of 5.29% from the previous period, while the average circulating shares per person decreased by 5.02% to 15,397 shares [2]. - The cumulative cash distribution since the company's A-share listing amounts to 557 million yuan, with 199 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.75 million shares, an increase of 1.67 million shares from the previous period, while Southern CSI 1000 ETF is a new entrant with 2.94 million shares [3].

Core Viewpoint - Changhong Technology announced a change in its continuous supervision sponsor representative due to the original representative's work arrangements, ensuring the orderly continuation of the supervision process [1] Group 1 - Changhong Technology received a letter from its sponsor institution, CITIC Securities, regarding the replacement of the continuous supervision sponsor representative [1] - The original representative, Mr. Kong Lei, will no longer serve in this role [1] - Ms. Sun Lu has been appointed to replace Mr. Kong Lei for the continuous supervision of the company's A-share issuance project and listing on the Growth Enterprise Market for the year 2022 [1]

| 证券代码: | 300151 | 证券简称：昌红科技 | 公告编号：2025-067 | | --- | --- | --- | --- | | 债券代码: | 123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 关于更换持续督导保荐代表人的公告 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。 此次变更后，公司 2022 年度向特定对象发行 A 股股票并在创业板上市项目 持续督导的保荐代表人为范璐女士和孙璐女士，法定持续督导期至 2025 年 12 月 31 日止。 特此公告。 深圳市昌红科技股份有限公司董事会 深圳市昌红科技股份有限公司（以下简称"公司"）于近日收到保荐机构中 信证券股份有限公司（以下简称"中信证券"）出具的《关于更换持续督导保荐 代表人的函》，原委派的保荐代表人孔磊先生因工作安排原因，不再担任公司持 续督导的保荐代表人。为保证持续督导工作的有序进行，中信证券决定委派孙璐 女士（简历附后）接替孔磊先生担任公司 2022 年度向特定对象发行 A 股股票并 在创业板上市项目持续督导的保荐代表人。 1 附：孙璐女士简历 孙 ...

中信证券股份有限公司 关于深圳市昌红科技股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 昌红科技 | | --- | --- | | 保荐代表人姓名：范璐 | 联系电话：021-20262214 | | 保荐代表人姓名：孔磊 | 联系电话：021-20262203 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据深圳市昌红科技股份有限公司2024年 | | | 度内部控制自我评价报告、2024年度深圳市昌 | | | 红科技股份有限公司内部控制审计报告，发行 | | | 人有效执行了相关 ...

Core Viewpoint - Changhong Technology experienced a decline of 4.41% in stock price on August 27, with a trading volume of 310 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing Summary - On August 27, Changhong Technology had a financing buy-in amount of 47 million yuan and a financing repayment of 53.44 million yuan, resulting in a net financing outflow of 6.44 million yuan. The total financing and securities balance reached 550 million yuan [1]. - The current financing balance of 549 million yuan accounts for 7.21% of the circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, 2,900 shares were repaid and 800 shares were sold on August 27, with a selling amount of 11,400 yuan. The remaining securities lending volume is 78,800 shares, with a balance of 1.13 million yuan, also above the 70th percentile level over the past year [1]. Business Performance - As of June 30, Changhong Technology reported a total of 23,900 shareholders, an increase of 5.29% from the previous period, while the average circulating shares per person decreased by 5.02% to 15,397 shares [2]. - For the first half of 2025, the company achieved an operating income of 498 million yuan, representing a year-on-year growth of 2.95%. However, the net profit attributable to shareholders decreased by 29.18% to 30.88 million yuan [2]. Dividend and Shareholding Structure - Since its A-share listing, Changhong Technology has distributed a total of 557 million yuan in dividends, with 199 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the fifth largest shareholder with 4.75 million shares, an increase of 1.67 million shares from the previous period. Additionally, Southern CSI 1000 ETF is a new entrant as the eighth largest shareholder with 2.94 million shares [3].

Core Viewpoint - Changhong Technology (300151) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 498 million yuan, a year-on-year increase of 2.95% [1]. - Net profit attributable to shareholders was 30.88 million yuan, down 29.18% compared to the previous year [1]. - The gross margin decreased to 24.99%, a decline of 12.45% year-on-year, while the net margin fell to 4.23%, down 41.23% [1]. - The company reported a significant increase in operating cash flow per share, which rose by 63.7% to 0.19 yuan [1]. Balance Sheet and Cash Flow Analysis - Accounts receivable accounted for 190.35% of the latest annual net profit, indicating a high level of receivables relative to profitability [1][3]. - The company experienced a 21.78% decrease in cash and cash equivalents, totaling 408 million yuan [1]. - Short-term borrowings increased by 277.60%, reflecting a need for additional working capital [2]. - Long-term borrowings rose by 241.35%, indicating increased reliance on bank financing [2]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was reported at 4.35%, with a historical median of 5.09%, suggesting weak investment returns [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [3]. - Analysts project a net profit of 127 million yuan for 2025, with an average earnings per share estimate of 0.24 yuan [3].

Core Points - The Shanghai Composite Index closed at 3806.05 points, above the annual line, with a gain of 0.93% [1] - The total trading volume of A-shares reached 20258.59 billion yuan [1] - A total of 17 A-shares have surpassed the annual line, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and Nasda, showing significant deviation rates [1] Summary by Category Stock Performance - Nova Star Cloud (301589) had a price increase of 8.61% with a deviation rate of 6.98% [2] - Zhaosheng Micro (300782) rose by 5.47% with a deviation rate of 3.66% [2] - Nasda (002180) increased by 5.87% with a deviation rate of 3.06% [2] Trading Metrics - The trading turnover rate for Nova Star Cloud was 7.53% [2] - Zhaosheng Micro had a turnover rate of 5.60% [2] - The turnover rate for Nasda was 2.21% [2] Other Notable Stocks - Other stocks that recently crossed the annual line include: - China Communications (688009) with a deviation rate of 0.10% [2] - Yilian Network (300628) with a deviation rate of 0.12% [2] - Ruisi Kanda (603803) with a deviation rate of 0.05% [2]

Meeting Overview - The sixth board meeting of the company was held on August 21, 2025, using a combination of on-site and remote voting methods [1] - All board members, supervisors, and senior management were present or represented [1] Resolutions Passed - The board approved the preparation of the 2025 semi-annual report and its summary in accordance with relevant regulations [1] - The audit committee reviewed and approved the proposal regarding the semi-annual report [2] - The proposal regarding the special report on the use of raised funds was also approved, with a unanimous vote of 7 in favor [2] - The adjustment of the implementation timeline for fundraising projects was approved, confirming it would not materially affect the company's operations or strategic development [2] Financial Management - The company confirmed compliance with regulations regarding the management of raised funds, ensuring no violations occurred [2] - The board also approved the change of the financial officer, with the proposal receiving 5 votes in favor and 2 abstentions [3]