Group 1 - The core viewpoint of the news is that Aofei Data's stock has seen a significant increase of 5.39%, reaching a price of 19.74 CNY per share, with a trading volume of 664 million CNY and a turnover rate of 3.54%, resulting in a total market capitalization of 19.447 billion CNY [1] - Aofei Data, established on September 28, 2004, and listed on January 19, 2018, is primarily engaged in Internet Data Center (IDC) operations, with IDC services accounting for 82.18% of its revenue and other internet services making up 17.82% [1] Group 2 - Among Aofei Data's top ten circulating shareholders, Guangfa Fund's Guangfa CSI 1000 ETF (560010) has recently entered the list, holding 3.3248 million shares, which represents 0.34% of the circulating shares, with an estimated floating profit of approximately 3.3581 million CNY [2] - Guangfa CSI 1000 ETF, established on July 28, 2022, has a current scale of 35.303 billion CNY, with a year-to-date return of 27.06%, ranking 2019 out of 4216 in its category, and a one-year return of 16.69%, ranking 2367 out of 3951 [2]

Core Viewpoint - Aofei Data (300738.SZ) announced that its subsidiary, Guangdong Aofei New Energy Co., Ltd., has received an acceptance notice for its listing application on the National Equities Exchange and Quotations (NEEQ) [1] Group 1 - Aofei New Energy received the acceptance notice on November 12, 2025 [1] - The application documents submitted by Aofei New Energy met the relevant requirements for acceptance as per the NEEQ listing rules [1] - The acceptance notice is identified with the number GP2025110003 [1]

Core Viewpoint - The announcement indicates that Aofei Data's subsidiary, Aofei New Energy, has received an acceptance notice for its listing application on the National Equities Exchange and Quotations, marking a significant step towards its public listing [1] Group 1 - Aofei New Energy submitted its listing application documents on November 12, 2025 [1] - The application was reviewed and found to meet the relevant requirements for acceptance under the listing rules of the National Equities Exchange and Quotations [1] - The acceptance notice is identified with the number GP2025110003 [1]

Core Viewpoint - Aofei Data (300738.SZ) announced that its subsidiary, Guangdong Aofei New Energy Co., Ltd., has received an acceptance notice for its listing application from the National Equities Exchange and Quotations (NEEQ) [1] Group 1 - Aofei New Energy submitted its listing application documents, which have been reviewed and found to meet the relevant requirements for acceptance under the NEEQ listing rules [1] - The acceptance notice was issued on November 12, 2025, with the document number GP2025110003 [1]

Core Viewpoint - The announcement indicates that the subsidiary, Guangdong Aofei New Energy Co., Ltd., has received an acceptance notice for its listing application on the National Equities Exchange and Quotations (NEEQ) system, marking a significant step towards public trading [1] Group 1 - Aofei New Energy received the acceptance notice on November 12, 2025, with the document number GP2025110003 [1] - The listing application documents submitted by Aofei New Energy have been reviewed and found to meet the relevant requirements for acceptance under the NEEQ listing rules [1]

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于控股子公司在全国中小企业股份转让系统挂牌申请获 得受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）控股子公 司广东奥飞新能源股份有限公司（以下简称"奥飞新能源"）于 2025 年 11 月 12 日收到全国中小企业股份转让系统有限责任公司出具的《受理通知书》（编 号：GP2025110003），内容如下： 奥飞新能源报送的挂牌申请文件，经审查符合《全国中小企业股份转让系统 股票挂牌规则》中受理的相关要求，现予以受理。 本次奥飞新能源筹备并申请全国中小企业股份转让系统挂牌事项，尚需经全 国中小企业股份转让系统有限责任公司审核，申请结果和审核时间存在不确定性。 公司将根据相关法律法规的规定，及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 广东奥飞数据科技 ...

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company is projected to achieve revenues of RMB 2.58 billion, RMB 3.40 billion, and RMB 4.61 billion for the years 2025 to 2027, with corresponding EPS of RMB 0.21, RMB 0.32, and RMB 0.47 [4][9]. - The EBITDA is expected to be RMB 1.17 billion, RMB 1.55 billion, and RMB 2.02 billion for the same period [4][9]. - The target price is set at RMB 29.78, based on a 25x EV/EBITDA multiple for 2025, reflecting the company's superior EBITDA growth compared to peers [4][9]. Financial Summary - For the first three quarters of 2025, the company reported revenues of RMB 1.82 billion, a year-on-year increase of 15.33%, and a net profit attributable to shareholders of RMB 145 million, up 37.29% year-on-year [4][10]. - The gross profit margin (GPM) for the same period was 34.99%, an increase of 9.44 percentage points year-on-year [4][10]. - In Q3 2025, revenues reached RMB 676 million, representing a year-on-year growth of 29.86% and a quarter-on-quarter increase of 10.38% [10]. - The net profit attributable to shareholders in Q3 was RMB 58 million, up 90.36% year-on-year and 59.21% quarter-on-quarter, with a GPM of 37.55% [10]. Asset and Construction Insights - As of the end of Q3 2025, fixed assets increased by RMB 1.56 billion to RMB 9.44 billion, indicating continued asset delivery [10]. - The construction in progress remained high at RMB 1.78 billion, providing assurance for future growth [10].

Core Viewpoint - Aofei Data (300738) announced on November 12 that it and Moore Threads are shareholders of Superburn Semiconductor (Nanjing) Co., Ltd, but there is currently no direct business cooperation between Aofei Data and Moore Threads [1] Group 1 - Aofei Data and Moore Threads are both shareholders of Superburn Semiconductor (Nanjing) Co., Ltd [1] - There is no direct business collaboration between Aofei Data and Moore Threads at this time [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.5 CNY [6]. Core Insights - The company has demonstrated strong growth momentum in revenue and profit, with a 15.33% year-on-year increase in revenue to 1.824 billion CNY and a 37.29% increase in net profit to 145 million CNY for the first three quarters of 2025 [1]. - In Q3 alone, the company achieved a revenue of 676 million CNY, marking a 29.86% year-on-year growth and a 10.38% quarter-on-quarter growth, while net profit surged by 90.36% year-on-year to 58 million CNY [2]. - The gross margin for Q3 was reported at 37.55%, continuing an upward trend, attributed to improved cabinet delivery and overall utilization rates [3]. - The company has a robust asset base with fixed assets reaching 9.44 billion CNY and ongoing construction projects valued at 1.78 billion CNY, indicating strong expansion capabilities [4]. Financial Projections - The company is expected to see net profits of 200 million CNY, 288 million CNY, and 412 million CNY for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 96, 67, and 47 [5]. - Revenue projections for the years 2023 to 2027 are as follows: 1.335 billion CNY, 2.165 billion CNY, 2.478 billion CNY, 3.488 billion CNY, and 4.337 billion CNY, reflecting a growth rate of 21.63%, 62.18%, 14.47%, 40.76%, and 24.35% respectively [5].