Company Research - Longxin Group (300682.SZ) is focusing on digitalization and has a diversified business model, leveraging its relationship with Ant Group and enhancing its energy internet segment [5] - The company is expected to see earnings per share (EPS) of 0.35, 0.57, and 0.73 yuan for the years 2025, 2026, and 2027 respectively [5] Industry Research - WeRide is a leading player in the global L4 autonomous driving sector, with a significant milestone in overseas commercialization expected soon [6] - Revenue projections for WeRide are 587 million, 1.131 billion, and 2.017 billion yuan for the years 2025, 2026, and 2027 respectively [6] - The company is anticipated to have a price-to-sales (PS) ratio below the average of comparable companies for the years 2026 and 2027 [6] - Factors contributing to WeRide's growth include decreasing hardware and operational costs for Robotaxi and an improving single-vehicle economic model [6]

Group 1 - The core point of the article is that Langxin Group has completed the cancellation of 2,011,515 repurchased shares, which represents 0.1862% of the company's total share capital as of November 5, 2025 [1] Group 2 - The cancellation of shares will not have a substantial impact on the company's financial status and operating results [1]

Group 1 - The company, Langxin Group (300682), reported that as of October 31, the number of shareholders reached 36,507 [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the solar industry, with specific ratings of "Buy-A" and "Buy-B" assigned to various stocks [1]. Core Insights - In September 2025, domestic photovoltaic (PV) installations decreased by 53.8% year-on-year, totaling 9.7GW, while cumulative installations from January to September reached 240.27GW, reflecting a 49.3% increase year-on-year [2][12]. - The export value of PV components in September was 199.8 billion yuan, marking a 39.0% year-on-year increase, despite a 4.7% decrease from the previous month. Cumulative exports for the first nine months were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports also showed growth, with a September export value of 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative inverter exports for January to September reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. - Solar power generation in September increased by 21.1% year-on-year, contributing to 5.63% of the total national power generation, which was 8,262 billion kilowatt-hours, a 1.5% increase year-on-year [4][39]. Summary by Sections Installation - In September 2025, domestic PV installations were 9.7GW, down 53.8% year-on-year, but up 31.2% month-on-month. Cumulative installations for the first nine months were 240.27GW, up 49.3% year-on-year [2][12]. Exports - PV component exports in September were valued at 199.8 billion yuan, a 39.0% increase year-on-year, but a 4.7% decrease month-on-month. Cumulative exports for January to September were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports in September totaled 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative exports for the first nine months reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. Power Generation - Solar power generation in September was 464.8 billion kilowatt-hours, reflecting a 21.1% year-on-year increase and accounting for 5.63% of the total national power generation [4][39]. Investment Recommendations - The report recommends focusing on companies in various sectors: new technology (Aixu Co., Longi Green Energy), supply side (Daqo New Energy, Flat Glass Group), energy storage (Sungrow Power Supply, DeYuan Co.), electricity market (Langxin Group), domestic substitution (Quartz Co.), and overseas expansion (Hengdian East Magnetic, Bowei Alloy) [4][43].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights the recent market performance of the power equipment and new energy industry over the past year, indicating a stable outlook amidst ongoing developments in technology and policy [1]. - It emphasizes the importance of multi-energy integration, including wind, solar, water, and nuclear energy, as outlined in the "14th Five-Year Plan" [4]. - The report notes that the National Energy Administration has set key tasks for the "14th Five-Year" period, focusing on expanding new energy supply, promoting integrated development, and enhancing consumption levels [3]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2]. Price Tracking - The report provides price tracking for various components in the industry: - Polysilicon prices remain stable at 52.0 CNY/kg for dense materials and 50.0 CNY/kg for granular silicon [5]. - Silicon wafer prices are stable, with 182-183.75mm N-type wafers priced at 1.35 CNY/piece and 210mm N-type wafers at 1.70 CNY/piece [6]. - Battery cell prices show a slight decrease for 182-183.75mm N-type cells to 0.310 CNY/W, while 210mm N-type cells remain stable [6]. - Module prices are stable across various types, with 182*182-210mm TOPCon double-glass modules priced at 0.693 CNY/W [7]. Investment Suggestions - The report recommends focusing on specific sectors: - BC new technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side direction: Daqian Energy, Fulete - Light storage direction: Sungrow Power Supply, Deye Co., Ltd. - Power market direction: Langxin Group - Domestic substitution direction: Quartz Co., Ltd. - Overseas layout direction: Hengdian East Magnet, Bowei Alloy [8].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 2.446 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.38%, and a net profit attributable to shareholders of 106 million yuan, down 33.95% year-on-year [1]. - The company has focused on its core business by divesting non-core operations, which has led to a significant decrease in revenue from its internet television segment, down approximately 30% [1]. - The dual strategy of "Energy Digitalization + Energy Internet" aims to focus on high-growth areas such as smart grids, charging aggregation, and electricity trading, which are expected to drive new revenue and profit growth [1][4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 904 million yuan and a net profit of 77 million yuan [1]. - The forecast for revenue and net profit shows a recovery trend, with expected revenues of 5.044 billion yuan in 2025, 6.184 billion yuan in 2026, and 7.756 billion yuan in 2027, reflecting growth rates of 12.6%, 22.6%, and 25.4% respectively [5][11]. Strategic Focus - The company is enhancing its market presence in the energy digitalization sector and increasing R&D investments, particularly in AI applications for new power systems [2]. - The self-developed AI energy model has achieved global recognition, contributing to rapid growth in business scale, with transaction volumes on the life payment platform increasing by over 8% year-on-year [2]. Digital Asset Ecosystem - The company is collaborating with Ant Group to establish a new digital asset ecosystem in the energy sector, leveraging blockchain technology to improve asset management and valuation processes [3]. - The partnership aims to create a comprehensive service platform that covers asset on-chain, data aggregation, asset management, and pricing [3]. Future Outlook - The company is expected to see significant growth in earnings per share (EPS), projected at 0.46 yuan in 2025, 0.77 yuan in 2026, and 0.92 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 39, 23, and 20 [4][5].

Group 1 - The core point of the article is that Langxin Group announced a change in its continuous supervision financial advisor, with the original supervisor Zhao Liang being replaced by Wang Qin due to work adjustments [1] - The new continuous supervision supervisors for the transaction are Luan Chenghao and Wang Qin [1]

朗新科技集团股份有限公司 董事会 2025 年 10 月 31 日 关于变更持续督导财务顾问主办人的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 1 月，中信证券股份有限公司（以下简称"中信证券"）接受朗新 科技集团股份有限公司（以下简称"公司"或者"朗新集团"）委托，担任朗新 集团发行股份及支付现金购买邦道科技有限公司 10.00%股权（以下简称"本次 交易"）的独立财务顾问。本次交易已于 2025 年 2 月实施完毕，相关股权于 2025 年 2 月完成过户登记，具体内容详见公司于 2025 年 2 月 12 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于发行股份及支付现金购买资产之标的 资产过户完成的公告》（公告编号：2025-006）。根据有关规定，持续督导期 自本次交易实施完毕之日起应当不少于一个会计年度，即本次持续督导至 2026 年 12 月 31 日止。 近日，公司收到中信证券出具的《关于变更持续督导财务顾问主办人的函》， 中信证券原持续督导主办人赵亮先生因工作调整，不再负责公司持续督导工作 ...

Core Insights - Langxin Group's stock dropped by 5.03% on October 30, closing at 17.74 CNY per share, with a trading volume of 341 million CNY and a turnover rate of 1.83%, resulting in a total market capitalization of 19.164 billion CNY [1] Company Overview - Langxin Technology Group Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on May 7, 2003, with its listing date on August 1, 2017 [1] - The company's main business involves technology and services for information systems in the public utility sector, as well as home internet services, technology research and development, system construction, and business operations [1] - The revenue composition of the main business includes: platform operations 60.91%, software services 35.11%, and other businesses 3.98% [1] Fund Holdings - Xinhua Fund has one fund heavily invested in Langxin Group, specifically the Xinhua Industry Leader Theme Stock (011457), which held 52,500 shares in the third quarter, accounting for 1.87% of the fund's net value, making it the sixth-largest holding [2] - The fund has a current scale of 54.6941 million CNY, with a year-to-date return of 12.94%, ranking 3474 out of 4216 in its category; it has a one-year loss of 0.56%, ranking 3813 out of 3885, and a cumulative loss of 32.9% since inception [2] Fund Manager Performance - The fund managers of Xinhua Industry Leader Theme Stock include Lai Qingxin, Lin Zhi, and Zhang Dajiang, with varying tenures and performance records [3] - Lai Qingxin has a tenure of 8 years and 259 days, managing assets totaling 1.533 billion CNY, with the best return of 30.55% and the worst return of -25.09% during his tenure [3] - Lin Zhi has a tenure of 5 years and 296 days, managing assets of 715 million CNY, with the best return of 17.8% and the worst return of -5.55% [3] - Zhang Dajiang has a tenure of 2 years and 296 days, managing assets of 646 million CNY, with the best return of 28.73% and the worst return of -4.74% [3]

Group 1 - The core viewpoint of the news is that Langxin Group (300682.SZ) has reported its Q3 2025 results, highlighting significant institutional investor holdings and changes in share ownership [1] Group 2 - As of October 28, 2025, a total of 19 institutional investors hold shares in Langxin Group, with a combined holding of 512 million shares, representing 47.38% of the total share capital [1] - The top ten institutional investors account for 46.13% of the total shares, with a slight decrease of 0.27 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, five funds increased their holdings, with a total increase of 0.30% compared to the previous quarter [2] - One public fund, Guangfa Domestic Demand Growth Mixed A, reported a slight decrease in holdings [2] - Four new public funds were disclosed this period, while 156 funds were not disclosed compared to the previous quarter [2] Group 4 - In terms of foreign investment, one foreign fund, Yue Qi Capital Limited, reduced its holdings by 1.00% compared to the previous quarter [2] - One new foreign institution, Hong Kong Central Clearing Limited, was disclosed this period [2]