Core Viewpoint - The company currently holds a 16.82% stake in Yiheng Chuangyuan and accounts for its investment income using the equity method based on its ownership percentage, rather than calculating operating income based on shareholding ratio [2] Group 1 - The company's stake in Yiheng Chuangyuan is 16.82% [2] - The accounting method used for investment income is the equity method [2] - Operating income is not calculated based on the shareholding ratio [2]

Core Insights - The company, Tongyou Technology, is focusing on its core business and will continue to deepen its efforts in the domestic, independent, and controllable storage sector for enterprises [2] - The company plans to orderly plan the production capacity of its Changsha industrial park based on future order conditions [2] - The production launch of the Changsha industrial park is expected to enhance the company's scale effect and improve its storage production capacity, specialized software and hardware R&D capabilities, and nationwide after-sales network [2]

Core Viewpoint - The company plans to orderly allocate overall resources based on the progress of relocating its production and R&D functions from Beijing to Changsha [2] Group 1 - The company responded to investor inquiries on September 25 regarding its relocation plans [2]

Core Viewpoint - The production commencement of the Changsha storage industrial park is expected to significantly enhance the company's production capacity and delivery efficiency, addressing previous revenue growth bottlenecks due to capacity limitations [1]. Group 1: Company Developments - The Changsha storage industrial park's first phase has been successfully put into operation as of September 25, which will gradually become the main production force for the company [1]. - The new facility is anticipated to support the company's future sales scale by providing necessary production capacity and improving delivery efficiency [1]. Group 2: Market and Strategic Implications - The company is exploring the potential of achieving a production value of 5 billion in the current market environment, which could have strategic significance for its future positioning in the storage market [1].

Core Viewpoint - The company, Tongyou Technology, emphasizes its focus on independent and controllable technology, maintaining high levels of R&D investment, which has significantly enhanced its product's technological competitiveness [1] Group 1 - The company plans to launch new high-end storage products in 2024, featuring both centralized and distributed all-flash systems [1] - The performance of the new products is expected to show significant improvements compared to previous generations [1] - The company has achieved benchmark cases in core business scenarios for its users [1]

Market Performance - On September 24, the computer equipment sector rose by 0.93% compared to the previous trading day, with Zhongwei Electronics leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Highlights - Zhongwei Electronics (300270) closed at 10.80, with a significant increase of 20.00% and a trading volume of 337,400 shares, amounting to a transaction value of 346 million yuan [1] - Other notable performers included: - Zhongrun Optics (688307) at 38.19, up 8.31% [1] - Zhiwei Intelligent (001339) at 62.10, up 7.44% [1] - Bochu Electronics (688188) at 154.33, up 6.03% [1] - Tongyou Technology (300302) at 18.57, up 4.86% [1] Capital Flow - The computer equipment sector saw a net inflow of 2.906 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.69 billion yuan [2][3] - Major stocks with significant capital flow included: - Inspur Information (000977) with a net inflow of 945 million yuan from institutional investors [3] - Dahua Technology (002236) with a net inflow of 322 million yuan [3] - Hikvision (002415) with a net inflow of 174 million yuan [3]

Core Insights - The latest financing balance of the ChiNext market is 506.12 billion yuan, with a week-on-week increase of 2.49 billion yuan, indicating a positive trend in financing activities [1] - On September 22, the ChiNext index rose by 0.55%, with a total margin balance of 507.76 billion yuan, reflecting an increase of 2.52 billion yuan from the previous trading day [1] - A total of 501 stocks in the ChiNext saw an increase in financing balance, with 34 stocks experiencing a growth rate exceeding 10% [1] Financing Balance Growth - The stock with the highest increase in financing balance is Tongyou Technology, with a latest financing balance of 495.39 million yuan, showing a week-on-week increase of 46.50% and a price increase of 5.87% [3] - Other notable stocks with significant financing balance growth include Shen Shui Institute and Green Island Wind, with increases of 35.92% and 33.75% respectively [3] - Among the stocks with over 10% increase in financing balance, the average price increase on the same day was 5.02%, with notable performers including Guomai Culture, Tianyi Horse, and Lihexing, which rose by 19.99%, 15.38%, and 14.62% respectively [1][3] Financing Balance Decline - A total of 443 stocks experienced a decline in financing balance, with 13 stocks showing a decrease of over 10% [4] - The stock with the largest decline in financing balance is Puris, with a latest financing balance of 80.92 million yuan, reflecting a decrease of 31.71% [5] - Other stocks with significant declines include Kailong High-Tech and Weili Transmission, with decreases of 21.44% and 16.41% respectively [5]

北京同有飞骥科技股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 北京同有飞骥科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董事会第十次会议和第五届监事会第八次会议，于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度为全资子公司提供担 保额度预计的议案》。为满足全资子公司业务发展和经营需要，公司全资子公司 鸿秦（北京）科技有限公司（以下简称"鸿秦科技"）、湖南同有飞骥科技有限 公司（以下简称"湖南同有"）拟在未来 12 个月内分别向银行申请不超过 10,000 万元的综合授信额度，授信种类包括但不限于流动资金贷款、保函、信用证、银 行承兑汇票等。由公司为上述银行授信提供担保，预计合计担保额度不超过 20,000 万元，担保额度有效期自 2024 年年度股东大会审议通过之日起 12 个月。 具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）披露 的《关于2025年度为 ...

Core Viewpoint - Tongyou Technology's stock price has shown fluctuations, with a recent decline of 2.04% and a total market capitalization of 7.822 billion yuan, indicating potential investor concerns amid a backdrop of declining revenue and profits [1][2]. Financial Performance - For the first half of 2025, Tongyou Technology reported operating revenue of 174 million yuan, a year-on-year decrease of 31.09% [2]. - The company experienced a net profit loss of 18.38 million yuan, representing a significant year-on-year decline of 140.71% [2]. Stock Performance - Year-to-date, Tongyou Technology's stock price has increased by 3.55%, with a 7.65% rise over the last five trading days [1]. - The stock's trading volume on September 15 was 261 million yuan, with a turnover rate of 4.27% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tongyou Technology was 49,600, reflecting a decrease of 2.58% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.64% to 7,435 shares [2]. Dividend Information - Since its A-share listing, Tongyou Technology has distributed a total of 66.886 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 1.3672 million shares, a decrease of 1.734 million shares from the previous period [3].

Core Insights - The rapid development of artificial intelligence (AI) has created a significant demand for high-performance enterprise-level SSD products to enhance data access and processing capabilities [2] - Major companies like ByteDance, Alibaba, and Tencent are significantly increasing their capital expenditures for AI computing and data center infrastructure, indicating a robust growth trajectory for the AI sector [2] Industry Trends - The AI training phase requires high bandwidth, high IOPS, and low-latency storage systems to match GPU computing power, while the inference phase demands high concurrency and low-latency response capabilities [2] - The shift towards high-performance, low-power storage solutions with reasonable overall costs is essential due to the massive data generated and utilized in AI applications [2] Company R&D Investments - Companies such as Jiangbolong and Baiwei Storage are leading in R&D investments, which are crucial for product innovation and enhancing competitive advantages in the AI-driven market [3] - Jiangbolong has the highest number of R&D personnel at 1,177, followed by Baiwei Storage with 898, indicating a strong focus on innovation [5] - In terms of R&D expenditure for the first half of 2025, Jiangbolong invested approximately 44.57 million yuan, while Baiwei Storage invested around 27.29 million yuan, showcasing their commitment to R&D [6] R&D Expenditure as a Percentage of Revenue - The highest R&D expenditure as a percentage of revenue is held by Tongyou Technology at 21.3%, followed by Baiwei Storage at 7%, indicating varying levels of investment relative to their revenues [7] R&D Personnel Proportion - Baiwei Storage leads with 43.21% of its total employees in R&D, followed closely by Tongyou Technology at 43.07%, highlighting the importance of R&D in their operational strategies [8] Company Developments in SSD Market - Baiwei Storage has launched innovative storage solutions, including a PCIe 5.0×4 channel Gen 5 SSD, achieving high sequential read and write speeds, which are essential for AI applications [9] - Jiangbolong has introduced multiple high-speed enterprise-level eSSD products, ensuring compatibility with various domestic CPU platforms, which strengthens its market position [10] - Demingli has successfully mass-produced its self-developed SATA SSD controller chip and is focusing on AI and data center applications, increasing its investment in this area [11] Other Company Initiatives - Wanrun Technology is working on its PCIe 5.0 SSD ME14000 project, while Tongyou Technology has made progress in the domestic storage sector with its PCIe 5.0 SSD [12] - Langke Technology continues to develop new SSD products and is expected to launch a new generation of PCIe 5.0 SSDs by the end of the year [13]