Core Viewpoint - Tongyou Technology announced significant growth in Q3 2025, with a revenue of 154 million yuan, representing a year-on-year increase of 197.06% and a net profit of 27.67 million yuan, up 300.46% [1] Financial Performance - For Q3 2025, the company achieved a revenue of 154 million yuan, marking a 197.06% increase year-on-year [1] - The net profit attributable to shareholders reached 27.67 million yuan, reflecting a 300.46% year-on-year growth [1] - Basic earnings per share for Q3 2025 were 0.0577 yuan [1] Year-to-Date Performance - From the beginning of the year to the end of the reporting period, the company reported a total revenue of 327 million yuan, which is a 7.73% increase year-on-year [1] - The net profit attributable to shareholders for the year-to-date period was 9.29 million yuan, showing a decline of 70.37% compared to the previous year [1] - Basic earnings per share for the year-to-date period were 0.0194 yuan [1]

Core Viewpoint - Tongyou Technology (300302.SZ) reported significant growth in its Q3 2025 financial results, indicating strong performance in the current quarter despite a decline in year-to-date net profit [1] Financial Performance - In Q3 2025, the company achieved an operating revenue of 154 million yuan, representing a year-on-year increase of 197.06% [1] - The net profit attributable to shareholders for Q3 2025 was 27.67 million yuan, showing a year-on-year growth of 300.46% [1] - Year-to-date operating revenue reached 327 million yuan, reflecting a year-on-year increase of 7.73% [1] - However, the net profit attributable to shareholders for the year-to-date period was 9.29 million yuan, which is a decline of 70.37% compared to the previous year [1]

Group 1 - The core point of the article is that Tongyou Technology (SZ 300302) held its 14th meeting of the 5th Board of Directors on October 17, 2025, where the Q3 2025 report was reviewed [1] - For the first half of 2025, the revenue composition of Tongyou Technology shows that government clients accounted for 89.18% while non-government clients made up 10.82% [1] - As of the time of reporting, the market capitalization of Tongyou Technology is 10.8 billion yuan [1]

二、会议审议情况 1、审议通过《2025 年第三季度报告》 公司董事会审计委员会对本议案发表了明确的同意意见。《2025 年第三季度 报告》详见巨潮资讯网（www.cninfo.com.cn）。 证券代码：300302 证券简称：同有科技 公告编号：2025-042 北京同有飞骥科技股份有限公司 第五届董事会第十四次会议决议公告 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、会议召开情况 北京同有飞骥科技股份有限公司（以下简称"公司"）第五届董事会第十四 次会议于 2025 年 10 月 17 日在北京市海淀区地锦路 9 号院 2 号楼公司会议室以 现场表决的形式召开。本次会议的通知已于 2025 年 10 月 14 日以书面方式送达 给所有董事。应出席本次会议的董事 8 人，实际出席本次会议的董事 8 人。会议 由董事长周泽湘先生主持，公司高级管理人员列席了会议。会议的召集、召开符 合《中华人民共和国公司法》及《公司章程》的规定。 审议结果：8 票同意，0 票反对，0 票弃权。 三、备查文件 公司第五届董事会第十四次会议决议。 特此公告。 北京同有飞骥 ...

Group 1 - The core point of the article is that Tongyou Technology (SZ 300302) reported its third-quarter performance, showing a revenue increase but a significant decline in net profit and earnings per share [1] Group 2 - For the first three quarters of 2025, Tongyou Technology's revenue was approximately 327 million yuan, representing a year-on-year increase of 7.73% [1] - The net profit attributable to shareholders was about 9.29 million yuan, reflecting a year-on-year decrease of 70.37% [1] - The basic earnings per share were 0.0194 yuan, down 70.25% compared to the previous year [1] - As of the report date, the market capitalization of Tongyou Technology was 10.8 billion yuan [2]

Financial Performance - The company's revenue for Q3 2025 reached ¥153,536,480.06, representing a 197.06% increase year-over-year[4] - Net profit attributable to shareholders was ¥27,668,277.81, a significant increase of 300.46% compared to the same period last year[4] - The basic earnings per share (EPS) was ¥0.0577, reflecting a 300.35% increase year-over-year[4] - For the period from January to September 2025, the company achieved operating revenue of CNY 327.24 million, representing a year-on-year growth of 7.73%[15] - In Q3 2025, the company reported a single-quarter operating revenue of CNY 153.54 million, a year-on-year increase of 197.06%, and a net profit of CNY 27.67 million, up 300.46% year-on-year[15] - The company reported a cumulative net profit of CNY 9.29 million for the first nine months of 2025, marking a turnaround from previous losses[15] - The net profit for the current period is 9,287,769.57, a decrease of 70.4% compared to 31,350,079.95 in the previous period[22] - Operating profit for the current period is 17,029,371.57, down from 35,424,565.53, reflecting a decline of 52.0%[22] - The total comprehensive income for the current period is 8,406,661.29, a decrease of 72.5% from 30,556,588.31 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,747,020,233.09, up 4.23% from the end of the previous year[4] - The company's total equity reached ¥1,073,178,586.80, up from ¥1,064,771,925.51, an increase of 0.9%[20] - Total liabilities increased to ¥673,841,646.29 from ¥611,358,074.17, reflecting a rise of 10.2%[20] - The company's total liabilities increased significantly, with a 259.62% rise in current non-current liabilities due to reclassification[8] - Cash and cash equivalents decreased to ¥116,520,167.21 from ¥137,908,678.25, a decline of 15.5%[18] - Accounts receivable increased to ¥374,487,087.66 from ¥294,664,176.17, representing a growth of 27.1%[18] - Short-term borrowings rose to ¥274,073,443.88 from ¥240,568,822.05, an increase of 13.9%[19] Cash Flow - The company reported a cash flow from operating activities net amount of -¥24,400,746.92, an improvement of 74.98% compared to the same period last year[4] - Cash flow from operating activities shows a net outflow of -24,400,746.92, an improvement from -97,509,955.84 in the previous period[23] - The company received cash from sales of goods and services amounting to 275,695,483.62, an increase of 13.7% from 242,489,053.26 in the previous period[23] - The company incurred a total of 313,381,799.77 in cash outflows from operating activities, down from 360,784,711.17 in the previous period[23] - Investment activities resulted in a net cash outflow of -68,768,317.10, compared to -82,411,729.17 in the previous period[23] - The company raised 248,577,823.67 in cash from financing activities, an increase from 237,686,999.00 in the previous period[24] Expenses and Costs - The company’s cash and cash equivalents net increase was -¥21,122,761.02, showing a 75.72% improvement from the previous year[8] - The company’s financial expenses increased by 104.53% to ¥12,484,884.01, primarily due to the capitalization of project loan interest ceasing[8] - Total operating costs amounted to ¥302,061,486.86, up from ¥285,192,749.73, reflecting a year-over-year increase of 5.9%[21] - Research and development expenses were ¥55,772,703.81, slightly down from ¥56,985,449.56, indicating a decrease of 2.0%[21] - R&D expenses accounted for over 17% of operating revenue in the first nine months of 2025, focusing on high-end product performance optimization and customization for user needs[16] Investment and Market Position - The company's investment income showed a significant decline, with a loss of ¥9,154,403.80, a decrease of 174.99% year-over-year[8] - The company reported a net loss from investments of ¥9,154,403.80, compared to a gain of ¥12,207,421.62 in the previous period[21] - The company has successfully launched high-end PCIe 5.0 products, significantly enhancing product competitiveness and validating its technology strength in the market[15] - The company is accelerating research on how storage technology can deeply integrate with AI business scenarios, further solidifying its technological barriers[16] - The company continues to maintain a strong focus on cost reduction while increasing efficiency, effectively controlling overall expenses despite increased depreciation costs[16] Revenue Sources - The company’s storage systems accounted for over two-thirds of total revenue, with a year-on-year growth rate of 12.82%, driving overall revenue growth[15] - The gross profit margin for the same period was 52.34%, an increase of 4.41 percentage points year-on-year, with gross profit increasing by CNY 25.68 million[16]

Core Points - On October 15, Tongyou Technology's stock rose by 2.72%, with a trading volume of 899 million yuan [1] - The company experienced a net financing outflow of 16.64 million yuan on the same day, with a total financing and securities balance of 421 million yuan [1] - As of June 30, the company reported a revenue of 17.4 million yuan for the first half of 2025, a year-on-year decrease of 31.09% [2] Financing Summary - On October 15, Tongyou Technology had a financing buy-in of 67.47 million yuan, with a current financing balance of 420 million yuan, accounting for 4.23% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] - The company had a securities lending balance of 334,200 yuan, with a lending volume of 16,100 shares, which is also above the 50th percentile of the past year [1] Shareholder and Profitability Summary - As of June 30, the number of shareholders decreased by 2.58% to 49,600, while the average number of circulating shares per person increased by 2.64% to 7,435 shares [2] - The company reported a net profit of -18.38 million yuan for the first half of 2025, a significant year-on-year decrease of 140.71% [2] - Since its A-share listing, the company has distributed a total of 66.89 million yuan in dividends, with no dividends paid in the last three years [2]

Core Insights - The A-share market has seen a significant rise in storage chip stocks, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Hengshuo Co., Ltd. experienced a rise of 12.60%, with a total market capitalization of 4.98 billion and a year-to-date increase of 53.97% [2] - Chengdu Huami saw an increase of 8.27%, with a market cap of 32.4 billion and a year-to-date rise of 64.97% [2] - Pulang Co., Ltd. rose by 7.92%, with a market cap of 16.1 billion and a year-to-date increase of 51.37% [2] - Dongxin Co., Ltd. increased by 6.99%, with a market cap of 47.4 billion and a remarkable year-to-date rise of 330.52% [2] - Langke Technology rose by 5.35%, with a market cap of 5.764 billion and a year-to-date increase of 24.50% [2] - Yintang Intelligent Control increased by 4.45%, with a market cap of 11.5 billion and a year-to-date rise of 24.54% [2] - Xiechuang Data also saw a rise of 4.45%, with a market cap of 52.8 billion and a year-to-date increase of 100.26% [2] - Other companies like Hangzhou Kelin and Tongyou Technology also showed positive performance with increases of 3.41% and 3.17% respectively [2] Group 2: Market Indicators - The formation of a MACD golden cross signal indicates a positive trend in the stock prices of these companies [1]

Market Overview - The three major US stock indices closed mixed, with the Dow Jones up 0.44%, the Nasdaq down 0.76%, and the S&P 500 down 0.16%. Major tech stocks mostly declined, with Nvidia down over 4% and Walmart up 5%, reaching a record closing high [1] - The Nasdaq China Golden Dragon Index fell 1.95%, with Chinese concept stocks generally declining, including NIO down over 5% and Baidu down over 4% [1] Federal Reserve Insights - Federal Reserve Chair Jerome Powell warned of further signs of distress in the US labor market, suggesting a potential interest rate cut later this month. He indicated that the risk of job losses has increased, marking the strongest hint yet that the Fed may lower borrowing costs by 25 basis points [1] - Powell also mentioned that the Fed might soon end its long-standing efforts to reduce its balance sheet, known as quantitative tightening, to ensure sufficient liquidity in the financial system [1] Industry Developments - The China National Nuclear Corporation's Southwest Institute of Physics has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas coolant systems, which enhances China's engineering verification capabilities [3] - The advancement supports the construction of China's fusion experimental reactor and the ITER project, positioning nuclear fusion as a key focus in global energy strategies [3] - The demand for large-capacity storage products is rising due to AI inference applications, prompting HDD and SSD suppliers to expand their offerings. The HDD market faces a significant supply gap, leading NAND Flash manufacturers to accelerate production of ultra-large capacity SSDs [4][5] - The storage industry is expected to see a recovery driven by limited capacity and unexpected demand, with DRAM prices rising approximately 72% over the past six months [5] - Shanghai's Economic and Information Technology Commission has issued a development plan for the smart terminal industry, emphasizing the need for advancements in AI and computing technologies [6] Company Announcements - Magnetic Valley Technology announced that a shareholder plans to reduce their stake by up to 0.86% of the total share capital [7] - Tianli Lithium Energy disclosed that a shareholder intends to reduce their holdings by up to 3% of the total share capital [7] - Ruyi Group received a notice from the China Securities Regulatory Commission regarding an investigation for suspected information disclosure violations, but operations remain normal [7] - Huayi Technology announced a plan for a shareholder to reduce their stake by up to 3% of the total share capital [8]

植德京（会）字[2025]0135 号 二〇二五年九月 北京植德律师事务所 关于北京同有飞骥科技股份有限公司 2025 年第二次临时股东会的 法律意见书 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于北京同有飞骥科技股份有限公司 2025 年第二次临时股东会的 法律意见书 植德京（会）字[2025]0135 号 致：北京同有飞骥科技股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共 ...