Core Viewpoint - Huilun Crystal is facing significant challenges due to continuous operating losses and an ongoing regulatory investigation, leading to concerns about its governance and compliance [1]. Group 1: Profitability Decline - The latest financial report indicates that the company's revenue and net profit have both declined year-on-year, with net profit losses being particularly severe, reflecting difficulties in core business profitability [2]. - The overall gross margin has significantly decreased, suggesting potential issues with product pricing power or cost control amid increasing market competition [2]. - The company's expense burden is heavy, with operating expenses constituting a high proportion of revenue, further eroding already poor profit margins, indicating possible inefficiencies in internal management and cost control [2][4]. Group 2: Financial and Compliance Risks - Huilun Crystal is under substantial debt pressure, with a large scale of interest-bearing liabilities and a high interest-bearing asset-liability ratio, leading to significant repayment pressures [4]. - The company's cash flow situation is poor, with a substantial year-on-year decline in operating cash flow per share, and a long-term unfavorable ratio of operating cash flow to current liabilities, indicating potential risks in cash turnover [4]. - The ongoing regulatory investigation has led to a sharp decline in the company's stock price and raised investor concerns regarding its governance structure and compliance with information disclosure [4][5].

Core Viewpoint - 惠伦晶体 is a leading domestic manufacturer of piezoelectric quartz crystal components, with strong R&D capabilities and production scale advantages [1] Group 1: Business Performance - In Q3 2025, 惠伦晶体 achieved revenue of 422 million yuan, ranking 14th among 18 companies in the industry [2] - The industry leader, 三环集团, reported revenue of 6.508 billion yuan, while the second, 商络电子, reported 6.189 billion yuan; the industry average revenue was 2.256 billion yuan [2] - 惠伦晶体's net profit for the same period was -76.12 million yuan, ranking 18th in the industry [2] - The industry leader, 三环集团, had a net profit of 1.958 billion yuan, and the second, 法拉电子, had a net profit of 889 million yuan; the industry average net profit was 305 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, 惠伦晶体's debt-to-asset ratio was 63.71%, up from 52.58% in the previous year, exceeding the industry average of 31.50% [3] - The company's gross profit margin in Q3 2025 was 9.79%, down from 18.51% in the previous year, and below the industry average of 27.75% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager 邢越 in 2024 was 850,000 yuan, an increase of 550,000 yuan from 300,000 yuan in 2023 [4] - As of September 30, 2025, 惠伦晶体 had 30,800 A-share shareholders, a decrease of 23.53% from the previous period [5] - The average number of circulating A-shares held per shareholder increased by 30.77% to 9,114.95 [5]

Market Performance - The component sector increased by 2.71% compared to the previous trading day, with Benchuan Intelligent leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in the Component Sector - Benchuan Intelligent (300964) closed at 55.21, up 20.00% with a trading volume of 75,200 lots [1] - C Chao Ying (603175) closed at 86.75, up 12.08% with a trading volume of 283,700 lots [1] - Sanhuan Group (300408) closed at 53.88, up 10.25% with a trading volume of 506,700 lots [1] - Shengyi Electronics (688183) closed at 114.70, up 9.13% with a trading volume of 392,100 lots [1] Market Capitalization and Trading Volume - The trading volume for C Chao Ying reached 2.398 billion yuan, while Sanhuan Group had a trading volume of 2.695 billion yuan [1] - The trading volume for Shengyi Electronics was 4.517 billion yuan [1] Fund Flow Analysis - The component sector experienced a net outflow of 1.464 billion yuan from institutional investors, while retail investors saw a net inflow of 1.23 billion yuan [2] - The net inflow from speculative funds was 234 million yuan [2] Individual Stock Fund Flow - C Chao Ying had a net inflow of 160 million yuan from institutional investors, while it faced a net outflow of 74.58 million yuan from speculative funds [3] - Benchuan Intelligent saw a net inflow of 95.92 million yuan from institutional investors, with a net outflow of 62.52 million yuan from speculative funds [3] - Jianghai Co. (002484) had a net inflow of 101 million yuan from institutional investors, but also faced a net outflow of 16.37 million yuan from speculative funds [3]

Group 1 - The core viewpoint of the news is that Huillen Crystal (300460.SZ) has reported its Q3 2025 financial results, highlighting the changes in institutional and foreign investment holdings [1][2] Group 2 - As of October 28, 2025, five institutional investors hold a total of 48.586 million shares of Huillen Crystal, accounting for 17.30% of the total share capital, with an increase of 0.29 percentage points from the previous quarter [1] - The newly disclosed public fund this period is the GF Enhanced Index A, while six public funds were not disclosed compared to the previous quarter, including various index-enhanced funds [1] Group 3 - In terms of foreign investment, one foreign fund, BARCLAYS BANK PLC, has reduced its holdings slightly, while a new foreign institution, CITIC Securities Asset Management (Hong Kong) Co., Ltd., has been disclosed [2] - Goldman Sachs International's proprietary funds were not disclosed in this period compared to the previous quarter [2]

Company Overview - Huizhou Crystal (SZ 300460) announced its fifth board meeting on October 28, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, the company's revenue composition was 96.52% from electronic components and 3.48% from software and information technology services [1] Industry Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1]

Core Viewpoint - The company reported a decline in revenue and a significant net loss for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 422 million yuan, representing a year-on-year decrease of 4.67% [1] - The net loss attributable to shareholders of the listed company was 76.12 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 84.95 million yuan [1] - The basic loss per share was 0.2711 yuan [1]

证券代码：300460 证券简称：惠伦晶体 公告编号：2025-055 广东惠伦晶体科技股份有限公司 第五届董事会第八次会议决议公告 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 广东惠伦晶体科技股份有限公司（以下简称"公司"）第五届董事会第八次 会议于 2025 年 10 月 28 日下午在公司会议室以现场结合通讯方式召开。本次董 事会会议通知于 2025 年 10 月 24 日以微信等通讯方式送达全体董事。本次会议 由董事长赵剑华先生召集和主持，应到董事 7 人，实到 7 人。本次董事会的召集 和召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定，合法有效。 二、会议审议情况 经全体董事认真审议，以书面投票表决的方式通过以下决议： 1、审议通过《关于公司 2025 年第三季度报告的议案》 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 本议案相关的财务报告已经公司董事会审计委员会审议通过。 具 体 信 息 详 见 公 司 在 中 国 证 监 会 指 定 信 息 披 露 网 站 巨 ...

Financial Performance - Q3 2025 revenue was CNY 155,295,867.33, a decrease of 0.17% year-over-year, and year-to-date revenue was CNY 422,291,783.92, down 4.67% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 9,536,267.44, representing a significant decline of 987.15% year-over-year, with a year-to-date loss of CNY 76,119,426.59, down 4,566.64%[5] - Basic and diluted earnings per share were both CNY -0.0340, reflecting a decrease of 996.77% year-over-year, and year-to-date earnings per share were CNY -0.2711, down 4,544.26%[5] - Net profit for the current period is a loss of ¥76,119,426.59, compared to a profit of ¥1,809,163.65 in the previous period[20] - The company reported a basic and diluted earnings per share of -¥0.2711, compared to ¥0.0061 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,538,229,105.15, a decrease of 7.89% from the end of the previous year[5] - Current assets decreased from CNY 689,291,667.82 to CNY 623,320,850.64, a reduction of about 9.6%[16] - Inventory decreased from CNY 259,998,422.43 to CNY 228,920,990.34, reflecting a decline of approximately 11.9%[16] - Total liabilities decreased from CNY 1,033,854,492.20 to CNY 980,039,338.87, a decrease of about 5.2%[17] - The total equity attributable to the parent company decreased from CNY 635,411,570.60 to CNY 558,189,766.28, a decline of about 12.2%[18] - Short-term borrowings increased from CNY 244,125,353.42 to CNY 252,094,737.80, an increase of approximately 3.9%[17] - The long-term borrowings decreased from CNY 285,366,323.86 to CNY 237,266,323.86, a reduction of approximately 16.9%[17] - The company's total liabilities to total assets ratio improved from 61.9% to 63.8%[17] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 22,440,639.16, a decrease of 67.62% year-over-year[9] - Cash flow from operating activities generated ¥22,440,639.16, down 67.6% from ¥69,310,330.73 in the previous period[21] - Cash flow from investing activities resulted in a net outflow of ¥5,512,449.77, an improvement from a net outflow of ¥9,925,138.58 in the previous period[22] - Cash flow from financing activities showed a net outflow of ¥37,826,808.84, compared to a larger outflow of ¥65,988,889.25 in the previous period[22] - The ending cash and cash equivalents balance is ¥32,072,321.21, down from ¥71,488,712.37 in the previous period[22] Expenses and Income - Research and development expenses increased by 34.25% compared to the beginning of the period, indicating a focus on innovation[9] - Investment income increased by 91.54% year-over-year, mainly due to reduced losses from joint ventures[9] - Other income decreased by 65.65% year-over-year, primarily due to a reduction in government subsidy income[9] - The company experienced a significant increase in tax expenses, with current period tax expenses at ¥25,078.40 compared to a tax benefit of ¥4,106,892.02 in the previous period[20] - Other comprehensive income after tax for the current period is -¥6,303.22, compared to no comprehensive income in the previous period[20]

Core Viewpoint - The article discusses the ongoing legal actions and potential compensation claims for investors of Huichen Co., Ltd. (慧辰股份) and Huilun Crystal (惠伦晶体) due to violations of securities laws and false disclosures [1][2][3] Group 1: Huichen Co., Ltd. (慧辰股份) - Huichen Co., Ltd. received an administrative penalty from the Beijing Regulatory Bureau of the CSRC for false disclosures related to its acquisition of Xintang Puhua [1] - The company was found to have inflated revenue and profits through fictitious business transactions and premature revenue recognition, affecting its IPO and subsequent financial reports from 2020 to 2022 [1] - Investors who purchased Huichen shares before February 10, 2023, and sold or held them afterward are eligible to file compensation claims, with a deadline approaching in three months [2] Group 2: Huilun Crystal (惠伦晶体) - Huilun Crystal has also faced legal scrutiny, with the CSRC issuing a notice of investigation for suspected information disclosure violations [2] - Investors who bought Huilun Crystal shares before April 25, 2025, and sold or held them afterward can initiate compensation claims [3] - The law firm representing these investors has a history of successful claims and is actively accepting new cases related to Huilun Crystal [3]

Group 1: Company Overview - The company specializes in SMD resonators, TSX thermistors, TCXO oscillators, and OSC oscillators, focusing on miniaturization, high frequency, and high precision for over 20 years [4] - Recognized as a "little giant" in specialized and innovative enterprises and a provincial champion in manufacturing [4] Group 2: Product Supply and Growth - The company has not supplied products directly to Cambrian Technology or Shenzhen Xinkailai, and it is uncertain if they are among the suppliers [2][3] - The growth rate for TSX and TCXO shipments in the first half of the year showed a slight increase compared to the same period last year [2] - The growth rate in optical communication applications is higher than in consumer electronics [3] Group 3: Market Position and Certifications - The company is the only one in mainland China to enter the reference design list for MediaTek mobile chips and the first to enter Qualcomm's automotive-grade chip certification reference design list [3] - It has obtained certifications from multiple chip design manufacturers, including Qualcomm, Intel, and MediaTek, across various fields such as smartphones, IoT, and automotive electronics [3] Group 4: Future Prospects - The company is expected to see significant revenue growth in the future, with specific production and operational details available in regular reports and announcements [3]