Core Points - The stock of Shenghui Technology (300423) closed at 7.63 yuan on November 28, 2025, marking a 1.33% increase from the previous trading day, with a total market capitalization of 3.796 billion yuan [1] - The company announced progress regarding the issuance of shares to purchase assets and raise supporting funds, specifically aiming to acquire 85% of Hep Energy Environmental Technology Co., Ltd [1] - This transaction is classified as a major asset restructuring and related party transaction, but it does not constitute a restructuring listing [1] - The company disclosed the restructuring plan on April 28, 2025, and the stock resumed trading on April 29, 2025 [1] - As of now, the audit, evaluation, and due diligence of the target assets are still ongoing, and a notice for the shareholders' meeting has not yet been issued [1] - The transaction requires approval from the board of directors, shareholders' meeting, and review by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, indicating uncertainty [1]

Core Viewpoint - Shenghui Technology announced plans to acquire 85% equity of Hepu Energy Environmental Technology Co., Ltd. through a share issuance, which is expected to constitute a related party transaction and a major asset restructuring [2] Group 1: Acquisition Details - The acquisition involves multiple companies, including Hepu Green Energy Technology (Beijing) Co., Ltd., Hepu Lantian Energy Saving Technology Service (Beijing) Co., Ltd., Hepu Sunshine New Energy Technology Service (Beijing) Co., Ltd., Hepu Wisdom (Jingning) Energy Technology Development Co., Ltd., and Xizi Clean Energy Equipment Manufacturing Co., Ltd. [2] - The company plans to issue shares to no more than 35 qualified specific investors to raise supporting funds for the transaction [2] Group 2: Transaction Progress - As of the announcement date, the auditing, evaluation, and due diligence processes related to the assets involved in the transaction are progressing steadily [2] - The company will follow legal and regulatory requirements to complete the necessary approval decisions and information disclosure procedures once the related work is completed [2]

证券代码：300423 证券简称：昇辉科技 公告编号：2025-049 昇辉智能科技股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要风险提示： 1、昇辉智能科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日披 露的《昇辉智能科技股份有限公司发行股份购买资产并募集配套资金暨关联交易 预案》（以下简称"重组预案"）及其摘要中已对本次交易涉及的有关风险因素及 尚需履行的审批程序进行了详细说明，提请广大投资者关注后续进展公告并注意 投资风险。 2、截至本公告披露日，除重组预案中披露的有关风险因素外，公司尚未发 现可能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作 出实质性变更的相关事项，本次交易相关工作正在全力、有序推进中。公司将根 据相关事项的进展情况，及时履行信息披露义务。 3、根据《上市公司重大资产重组管理办法》及《深圳证券交易所上市公司 自律监管指引第 8 号——重大资产重组》的有关规定，公司将根据本次交易进展 情况及时履行信息披露义务，在披露 ...

Group 1 - The core viewpoint of the news is that Shenghui Technology's stock has increased by 5.6%, reaching a price of 8.48 CNY per share, with a total market capitalization of 4.219 billion CNY [1] - Shenghui Technology, established on December 11, 2003, and listed on February 17, 2015, specializes in the research, design, production, sales, installation, and after-sales service of electrical equipment, LED lighting, and smart city-related products [1] - The company's main business revenue composition includes: 75.48% from high and low voltage complete equipment, 14.49% from smart city comprehensive services, 10.02% from new energy, and 0.01% from new materials [1] Group 2 - Among the top ten circulating shareholders of Shenghui Technology, a fund under Jinyuan Shun'an Fund has entered the list, holding 1.95 million shares, which accounts for 0.58% of the circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) has achieved a return of 46.44% this year, ranking 1013 out of 8138 in its category [2] - The fund manager, Miao Weibin, has a tenure of 8 years and 341 days, with the fund's best return during his tenure being 589.61% [3]

Core Viewpoint - The company, Shenghui Technology, is focusing on multiple business segments including electrical equipment, smart city services, new energy, and new materials, with a strategic emphasis on hydrogen energy and diversified development [2]. Group 1: Business Segments - The main business of the company includes electrical complete equipment, smart city comprehensive services, new energy business, and new materials [2]. - In the electrical complete equipment sector, the company provides high and low voltage complete equipment, widely used in industrial and civil construction, offering stable and reliable power solutions [2]. - The smart city services focus on applications such as smart lighting, smart policing, and smart transportation [2]. Group 2: Strategic Focus - The new energy business is a key area for the company's strategic transformation, primarily concentrating on the hydrogen energy sector, which includes the production of upstream hydrogen generation equipment and the operation of downstream hydrogen energy vehicles [2]. - The company is actively expanding in the new energy sector, laying out projects in energy storage and photovoltaics [2]. - In the new materials field, the company is launching innovative products to promote diversified business development, aiming to achieve the "smart + dual carbon" strategic goal [2].

Core Insights - Shenghui Technology, established in December 2003 and listed on the Shenzhen Stock Exchange in February 2015, is a competitive player in the domestic power transmission and transformation equipment sector, focusing on electrical equipment and related products with a full industry chain advantage [1] Group 1: Business Performance - For Q3 2025, Shenghui Technology reported revenue of 637 million yuan, ranking 24th out of 29 in the industry, while the industry leader, TBEA, achieved 72.918 billion yuan [2] - The net profit for the same period was 4.687 million yuan, placing the company 25th in the industry, with TBEA leading at 5.735 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.46%, down from 55.97% year-on-year and below the industry average of 50.78% [3] - The gross profit margin for the same period was 17.43%, lower than the previous year's 18.80% and below the industry average of 22.99% [3] Group 3: Executive Compensation - Chairman Li Zhaoqiang's compensation for 2024 was 3.2147 million yuan, an increase of 30,700 yuan from 2023 [4] - General Manager Ji Faqing received 1.9576 million yuan in 2024, up 114,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.31% to 22,300, while the average number of circulating A-shares held per shareholder decreased by 10.20% to 15,000 [5] - Among the top ten circulating shareholders, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) was the ninth largest, holding 1.95 million shares as a new shareholder [5]

Group 1 - The core viewpoint of the news is that Shenghui Technology's stock has increased by 5.22%, reaching 8.07 CNY per share, with a trading volume of 1.29 billion CNY and a turnover rate of 5.03%, resulting in a total market capitalization of 40.15 billion CNY [1] - Shenghui Intelligent Technology Co., Ltd. is located in Yantai, Shandong Province, established on December 11, 2003, and listed on February 17, 2015. The company's main business includes research, design, production, sales, installation, and after-sales service of electrical complete equipment, LED lighting and beautification, and smart city-related products [1] - The revenue composition of Shenghui Technology is as follows: 75.48% from high and low voltage complete equipment, 14.49% from smart city comprehensive services, 10.02% from new energy, and 0.01% from new materials [1] Group 2 - From the perspective of the top ten circulating shareholders of Shenghui Technology, a fund under Jinyuan Shun'an Fund ranks among the top ten shareholders. The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) entered the top ten circulating shareholders in the third quarter, holding 1.95 million shares, accounting for 0.58% of the circulating shares, with an estimated floating profit of about 780,000 CNY today [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) was established on November 14, 2017, with a latest scale of 1.432 billion CNY. Year-to-date returns are 37.62%, ranking 2181 out of 8155 in its category; the one-year return is 42.35%, ranking 1429 out of 8031; and since inception, the return is 542.69% [2]

Core Insights - Shenghui Technology (300423.SZ) released its Q3 2025 report on October 29, 2025, indicating a total of 3 institutional investors holding shares, amounting to 3.4763 million shares, which represents 0.70% of the total share capital [1] Institutional Holdings - The institutional investors include China Minsheng Bank Co., Ltd. - Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Securities Investment Fund, MORGAN STANLEY & CO. INTERNATIONAL PLC, and Tongtai CSI 300 Quantitative Enhancement A, with a combined institutional holding ratio increase of 0.41 percentage points compared to the previous quarter [1] Public Fund Disclosures - In this period, 2 new public funds were disclosed compared to the previous quarter, including Jinyuan Shun'an Yuanqi Flexible Allocation Mixed and Tongtai CSI 300 Quantitative Enhancement A [1] - A total of 19 public funds were not disclosed in this period compared to the last quarter, including Guojin Quantitative Multi-Factor A, Guojin Quantitative Selected A, E Fund CSI Wan De Mergers and Acquisitions Index (LOF), CSI 2000, and Hai Fu Tong Growth Enterprise Board Enhancement C [1]

Company Performance - Shenghui Technology (SZ 300423) reported Q3 performance with revenue of approximately 637 million yuan, a year-on-year decrease of 39.64% [1] - The net profit attributable to shareholders was about 6.47 million yuan, down 60.27% year-on-year [1] - Basic earnings per share were 0.013 yuan, reflecting a decrease of 60.24% compared to the previous year [1] Market Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is leading the market's transformation, indicating the emergence of a "slow bull" market pattern [1]

Core Insights - Shenghui Intelligent Technology Co., Ltd. reported a revenue of 637 million yuan for the first three quarters of 2025, with a net profit attributable to shareholders of 26.576 million yuan, marking a year-on-year increase of 51.15% [1] Financial Performance - The company achieved an operating income of 637 million yuan in the first three quarters of 2025 [1] - The net profit, excluding non-recurring gains and losses, was 26.576 million yuan, reflecting a growth of 51.15% compared to the previous year [1] Acquisition Progress - Shenghui Technology announced the progress of its acquisition of Hep Energy Environmental Technology Co., Ltd., indicating that the transaction's timeline has been delayed [1] - The company stated that it will not be able to issue a notice for a shareholders' meeting within six months following the board resolution announcement due to the slower-than-expected progress [1] - The acquisition aims to integrate quality assets and expand Shenghui Technology's business into the field of flexible transformation of thermal power, enhancing its competitiveness and overall profitability in the new energy storage sector [1]