Group 1 - The company, Tongyou Technology (300302), announced on September 9 that its high-end autonomous and controllable storage products can provide efficient solutions for the entire chain of satellite big data, including real-time stream data reception, data parsing, data processing, and storage [1]

证券日报网讯同有科技（300302）9月9日在互动平台回答投资者提问时表示，公司持续关注原材料市场 价格走势，并根据生产排期及关键原材料价格走势，合理对相关原材料进行备货。 ...

Group 1 - The core viewpoint of the article is that Tongyou Technology (300302) provides switches that are essential components of storage systems, ensuring timely, secure, and stable data transmission between storage and computing nodes [1] Group 2 - The company's switches are specifically designed to support the infrastructure of storage systems [1] - The interaction with investors highlights the company's focus on the reliability of data transfer in its technology offerings [1] - The emphasis on data transmission quality indicates the company's commitment to maintaining high standards in its product performance [1]

Group 1 - The core viewpoint of the article is that Tongyou Technology (300302) is currently operating normally and is actively enhancing its brand awareness through a nationwide tour of high-end new products targeting various industry integrators and key end-users [1] Group 2 - The company is engaging in a nationwide tour to promote high-end new products [1] - This initiative is aimed at improving the brand recognition of the company's products [1]

Group 1 - The company, Tongyou Technology, focuses on the enterprise-level storage sector and is highly attentive to the development trends of key technologies in the storage field [1]

Core Viewpoint - The company, Tongyou Technology, has developed high-end autonomous and controllable storage system products that can be applied in satellite big data real-time streaming data ground caching scenarios, addressing two major technical challenges: strong real-time vector data stream reception and ultra-large-scale unstructured mixed data processing [1] Group 1 - The company's products provide efficient solutions for the entire chain of satellite big data, including real-time streaming data reception, data parsing, data processing, and storage [1]

Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]

Core Viewpoint - The recent financial report of Tongyou Technology (300302) indicates a significant decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 174 million yuan, a decrease of 31.09% year-on-year from 252 million yuan in 2024 [1]. - The net profit attributable to shareholders was -18.38 million yuan, representing a decline of 140.71% from a profit of 45.15 million yuan in the previous year [1]. - The gross margin improved to 51.61%, up 4.74% year-on-year, while the net margin fell to -10.58%, a decrease of 159.08% [1]. - The total of financial, sales, and administrative expenses reached 53.73 million yuan, accounting for 30.93% of total revenue, which is an increase of 71.39% year-on-year [1]. Cash Flow and Debt Analysis - The company reported a significant increase in cash flow from operating activities, with a net cash flow of -0.01 yuan per share, improving by 94.35% year-on-year [1][4]. - The total interest-bearing debt rose to 539 million yuan, an increase of 17.92% from 457 million yuan in the previous year [1]. - The cash and cash equivalents increased by 108.91%, indicating a positive net increase due to the combined effects of operating, investing, and financing cash flows [4]. Asset and Liability Changes - The company experienced a 39.69% increase in right-of-use assets due to lease renewals [2]. - Accounts receivable decreased by 8.56% to 344 million yuan, while accounts payable increased by 93.79%, indicating a rise in outstanding payments for goods [2]. - The company’s non-current liabilities due within one year increased by 258.58%, reflecting a reclassification of long-term payables [4]. Historical Performance Insights - Over the past decade, the company's median Return on Invested Capital (ROIC) has been weak at 2.09%, with the worst year being 2024 at -17.18% [6]. - The company has reported losses in four out of twelve annual reports since its listing, suggesting a challenging operational history [6]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with a cash ratio of 41.71% and a three-year average operating cash flow to current liabilities ratio of only 1.23% [7]. - The debt situation is concerning, with an interest-bearing debt ratio of 31.4% and a ratio of total interest-bearing debt to the three-year average operating cash flow reaching 105.87% [7]. - Financial expenses are notably high, with financial expenses to the three-year average operating cash flow ratio at 202.39% [7].

Meeting Details - The fifth meeting of the supervisory board of Beijing Tongyou Feiji Technology Co., Ltd. was held on August 22, 2025, in Beijing, with all three supervisors present [1] - The meeting was convened by the chairman of the supervisory board, Mr. Yang Dayong, and attended by the board secretary, Ms. Shi Zhifeng [1] Meeting Resolutions - The supervisory board reviewed the company's 2025 semi-annual report and confirmed that the preparation and review processes complied with relevant laws and regulations, reflecting the company's actual operational situation accurately [1] - The resolution regarding the abolishment of the supervisory board and the transfer of its powers to the audit committee of the board was approved unanimously with 3 votes in favor [2] - The proposal to abolish the supervisory board is subject to approval at the company's first extraordinary general meeting of shareholders in 2025 [2] Documentation - The resolutions from the fifth meeting of the supervisory board are available for review [2]

Meeting Information - The company will hold its first extraordinary general meeting of 2025 on September 11, 2025, at 15:30 [1] - Shareholders can participate in the meeting either in person or through online voting [1][4] - The online voting will be available on September 11, 2025, with specific time slots for participation [1] Shareholder Eligibility - All shareholders registered by the close of business on September 4, 2025, are entitled to attend the meeting [2] - Shareholders can appoint proxies to attend and vote on their behalf [2] Agenda Items - The meeting will discuss several proposals, including the cancellation of the supervisory board and amendments to the shareholder meeting voting management system [2][3] - Proposals require a two-thirds majority for certain items and a simple majority for others [3] Voting Procedures - Voting will be conducted through non-cumulative voting, with specific instructions for both in-person and online voting [7] - Shareholders must choose either in-person or online voting, and duplicate votes will be resolved in favor of the first valid vote [7] Registration Process - Different registration requirements are outlined for corporate and individual shareholders, including necessary documentation [4][3] - Remote shareholders can register via mail or fax, with a deadline for submission [4] Contact Information - The company provides contact details for inquiries related to the meeting, including address, phone number, and email [4]