扬杰科技(300373.SZ)公告称，公司收到贝特电子实际控制人、主要股东签署的《关于终止转让本人持 有的东莞市贝特电子科技股份有限公司股份的通知书》，决定终止向公司转让其持有的贝特电子全部股 份。公司同意上述股东终止转让股份，并决定终止收购贝特电子100%股份的全部交易。公司尚未支付 股权转让款，股份尚未交割，不会导致公司产生任何经济损失，不会对公司财务状况产生不利影响。 ...

格隆汇10月23日｜扬杰科技公告，公司于2025年10月23日召开第五届董事会第二十二次会议和第五届监 事会第二十一次会议，审议通过了《关于终止现金收购东莞市贝特电子科技股份有限公司100%股权暨 关联交易的议案》。此前，公司计划以支付现金方式收购贝特电子100%股份/股权。然而，由于公司在 业务类型、管理方式及企业文化等方面的差异，以及对未来经营理念和管理思路的分歧，贝特电子实际 控制人、主要股东决定终止转让其持有的贝特电子全部股份。公司决定终止收购贝特电子100%股份的 全部交易，并同意不向相关股东主张违约责任。此次终止交易不会对公司财务状况产生不利影响，也不 会对公司发展战略、生产经营等方面产生实质性影响。 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2025-078 扬州扬杰电子科技股份有限公司 第五届董事会第二十二次会议决议公告 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。 扬州扬杰电子科技股份有限公司（以下简称"公司"或"扬杰科技"）于 2025 年 10 月 23 日经全体董事同意豁免会议通知时间要求，以口头方式向全体董事送 达第五届董事会第二十二次会议的通知。会议于 2025 年 10 月 23 日下午 13：30 在江苏省扬州市邗江区新甘泉路 68 号公司 5 号厂区办公楼三楼会议室以通讯方 式召开。 经研究决定，同意上述股东终止转让股份，并决定终止收购贝特电子 100% 股份的全部交易。同时，根据《股份转让协议》签署至今尚未办理标的股份交割 和支付转让对价，因此，公司同意不向上述股东主张违约责任。为妥善处理终止 1 本次交易的后续事宜，授权管理层与其他协议方签署《股份转让协议》的终止协 议。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于 终止发行股份及支付现金购买资产并募集配套资金事项的公告》。 本 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2025-077 扬州扬杰电子科技股份有限公司 关于终止现金收购东莞市贝特电子科技股份有限公司 100%股权 暨关联交易的公告 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。 扬州扬杰电子科技股份有限公司（以下简称"扬杰科技"或"公司"）于 2025 年 10 月 23 日召开了第五届董事会第二十二次会议、第五届监事会第二十一次会议，审议通过 了《关于终止现金收购东莞市贝特电子科技股份有限公司 100%股权暨关联交易的议案》， 具体情况如下： 公司实施本次交易的目的是收购贝特电子的全部股份，鉴于上述股东为贝特电子实 际控制人、主要股东，其现在决定终止向公司转让贝特电子股份，我公司收购贝特电子 全部股份的交易目的已无法实现。 根据公司与贝特电子全体股东签署的《关于东莞市贝特电子科技股份有限公司之股 份转让协议》关于协议解除条款的约定：交割期届满，若因非甲方（指扬杰科技）原因 导致甲方收购标的公司的股权未能达到 51%或甲方未能收购乙方 1 至乙方 8 任一方持有 的标的公司股权，各方应在收到甲方书面通知后 3 ...

1 第五届监事会第二十一次会议决议公告 本公司及监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。 扬州扬杰电子科技股份有限公司（以下简称"公司"或"扬杰科技"）于 2025 年 10 月 23 日经全体监事同意豁免会议通知时间要求，以口头方式向全体监事送 达第五届监事会第二十一次会议的通知。会议于 2025 年 10 月 23 日下午 15 时在 江苏省扬州市邗江区新甘泉路 68 号扬杰科技 5 号厂区以现场方式召开。 本次会议应到监事 3 人，实到监事 3 人。会议由监事会主席徐萍女士主持。 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经 与会监事审议，形成如下决议： 2025 年 10 月 23 日，公司收到东莞市贝特电子科技股份有限公司（以下简 称"贝特电子"）实际控制人、主要股东签署的《关于终止转让本人持有的东莞 市贝特电子科技股份有限公司股份的通知书》，在交易过程中，公司与贝特电子 在业务类型、管理方式及企业文化等方面存在差异，各方对贝特电子的未来经营 理念和管理思路上亦存在较多分歧。经慎重考虑，决定终止向公司转让其持有的 贝特电子全部 ...

Key Recommendations - Yingzi Network (688475) achieved revenue of 4.293 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.33%, and a net profit of 422 million yuan, up 12.68% year-on-year [5] - Yangjie Technology (300373) reported revenue of 5.348 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 20.89%, with a net profit of 974 million yuan, up 45.51% year-on-year [9] Yingzi Network (688475) - The company is focusing on expanding its overseas business and upgrading its product categories, moving from a single camera product line to a multi-category layout, including smart doorbells and peepholes [5][6] - In Q3 2025, Yingzi Network's revenue was 1.465 billion yuan, a year-on-year increase of 6.25%, with a net profit of 120 million yuan, up 28.73% year-on-year [5] - The gross profit margin for the first three quarters of 2025 increased by 0.75 percentage points to 43.63%, with a significant increase in operating cash flow, reaching 510 million yuan compared to 131 million yuan in the same period last year [7] - The company is expected to maintain a stable position in the home camera market while gradually expanding its product offerings, with projected net profits of 580 million yuan, 691 million yuan, and 851 million yuan for 2025-2027 [7] Yangjie Technology (300373) - The company reported a gross profit margin of 35.04% for the first three quarters of 2025, an increase of 4.02 percentage points year-on-year [9] - In Q3 2025, Yangjie Technology achieved revenue of 1.893 billion yuan, a year-on-year increase of 21.47%, and a net profit of 372 million yuan, up 52.40% year-on-year [9][10] - The acquisition of Better Electronics for 2.218 billion yuan is expected to enhance the company's position in the protection components business, with Better Electronics having a revenue of 837 million yuan in 2024 [11] - The company anticipates continued growth in revenue, projecting 7.303 billion yuan, 8.735 billion yuan, and 10.343 billion yuan for 2025-2027, with net profits of 1.358 billion yuan, 1.662 billion yuan, and 2.049 billion yuan respectively [13] Economic News - In the first three quarters of 2025, China's foreign-related income and expenditure reached a record high of 11.6 trillion USD, a year-on-year increase of 10.5% [15] - Shenzhen is promoting high-quality development of mergers and acquisitions, aiming to connect with Hong Kong's capital market to enhance cross-border merger efficiency [15] A-Share Market Commentary - The Shanghai Composite Index experienced slight fluctuations, closing at 3913 points, down 0.07% [16] - The market showed signs of divergence, with significant net outflows of large funds exceeding 21.7 billion yuan [16] Market Data - As of October 22, 2025, the financing balance was 2.4273 trillion yuan, with the 10-year Chinese government bond yield at 1.8293% [23]

Core Viewpoint - Yangjie Technology experienced a decline of 3.22% in stock price on October 22, with a trading volume of 1.44 billion yuan, indicating potential market volatility and investor sentiment shifts [1] Financing Summary - On October 22, Yangjie Technology had a financing buy-in amount of 151 million yuan and a financing repayment of 166 million yuan, resulting in a net financing outflow of 14.97 million yuan [1] - The total financing and securities balance for Yangjie Technology reached 1.113 billion yuan as of October 22, with a financing balance of 1.098 billion yuan, accounting for 2.69% of the circulating market value, which is above the 80th percentile of the past year [1] - In terms of securities lending, 9,500 shares were repaid and 2,100 shares were sold on October 22, with a selling amount of 157,900 yuan, while the remaining securities lending volume was 195,000 shares, with a balance of 14.664 million yuan, also above the 90th percentile of the past year [1] Business Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion yuan, representing a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million yuan, reflecting a year-on-year increase of 45.51% [2] - The company has cumulatively distributed dividends of 1.717 billion yuan since its A-share listing, with 1.180 billion yuan distributed over the past three years [3] Shareholder Structure - As of October 10, 2025, the number of shareholders for Yangjie Technology reached 61,000, an increase of 3.24%, while the average circulating shares per person decreased by 3.14% to 8,887 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 8.312 million shares, an increase of 390,600 shares compared to the previous period [3] - The fourth-largest shareholder, E Fund's ChiNext ETF, holds 6.165 million shares, a decrease of 1.0355 million shares, while the fifth-largest shareholder, Southern CSI 500 ETF, holds 4.7435 million shares, a decrease of 102,300 shares [3]

Core Viewpoint - The article discusses the recent disclosures of third-quarter reports from A-share listed companies, highlighting the trading activities of several large private equity firms, including significant reductions in holdings by some and new investments by others [1]. Group 1: High Yi Asset's Trading Activities - High Yi Asset's CIO, Deng Xiaofeng, significantly reduced holdings in Zijin Mining, exiting the shareholder list with the High Yi Xiaofeng Hongyuan Fund and reducing shares in the High Yi Xiaofeng No. 2 Fund by 18.6 million shares, bringing total holdings down to 180 million shares, valued at approximately 5.3 billion yuan [3]. - Zijin Mining's stock price has increased by 99.14% year-to-date, with reported revenues of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% [3]. Group 2: Hikvision's Trading Activities - Feng Liu, a senior fund manager at High Yi Asset, continued to reduce holdings in Hikvision, selling 58 million shares, bringing total holdings down to 280 million shares, with a market value of 8.826 billion yuan [5]. - Hikvision's third-quarter report shows total revenue of 65.758 billion yuan, a year-on-year increase of 1.18%, and a net profit of 9.319 billion yuan, up 14.94% [6]. Group 3: New Investments by Other Private Equity Firms - Ruijun Asset's Chief Research Officer, Dong Chengfei, increased holdings in Yangjie Technology, raising total shares to 10.9598 million, with a market value of 762 million yuan [8]. - Yangjie Technology reported revenues of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit of 974 million yuan, up 45.51%, with a stock price increase of 75.34% year-to-date [9]. - Chongyang Investment entered Haitong Development, holding 7.7919 million shares valued at 101 million yuan [10]. - Lingren Private Fund made a new investment in Zhongce Rubber, acquiring 1.1539 million shares valued at 58 million yuan [12].

Core Viewpoint - The article discusses the recent disclosures of third-quarter reports from A-share listed companies, highlighting the trading activities of major private equity firms, including significant reductions in holdings and new investments in various companies [2]. Group 1: Major Holdings Changes - Gao Yi Asset's CIO Deng Xiaofeng significantly reduced holdings in Zijin Mining, exiting the shareholder list for one fund and reducing shares by 18.6 million, leaving 180 million shares valued at approximately 5.3 billion [4]. - Feng Liu from Gao Yi Asset continued to reduce holdings in Hikvision, decreasing shares by 58 million to 280 million, with a market value of 8.83 billion [6][7]. - Rui Jun Asset's Dong Chengfei increased holdings in Yangjie Technology, raising total shares to 10.96 million, valued at 762 million [10]. Group 2: Company Performance Highlights - Zijin Mining reported a revenue of 254.2 billion, a year-on-year increase of 10.33%, and a net profit of 37.864 billion, up 55.45% [4]. - Hikvision's total revenue for the first three quarters was 65.758 billion, a growth of 1.18%, with a net profit of 9.319 billion, increasing by 14.94% [8]. - Yangjie Technology achieved a revenue of 5.348 billion, a year-on-year growth of 20.89%, and a net profit of 974 million, up 45.51% [11]. - Haitong Development, a new investment by Chongyang Investment, reported a revenue of 3.009 billion, a 16.32% increase, but a net profit decline of 38.47% to 253 million [12]. - Zhongce Rubber, newly invested by Lingren Private Fund, reported a revenue of 33.683 billion, a 14.98% increase, and a net profit of 3.513 billion, up 9.3% [15].

Core Viewpoint - The company is focusing on energy storage as a key development area, having established a dedicated energy storage team separate from its renewable energy sector [1] Group 1: Business Development - The energy storage segment is categorized into small and large energy storage, with relevant products already in supply [1] - This segment is expected to be a significant growth driver for the company in the future [1] - The company is actively increasing its market expansion efforts in the energy storage sector [1]