Core Viewpoint - The announcement indicates a significant change in the ownership structure of JiuLiang Co., with the transfer of shares leading to a new controlling shareholder and actual controller [1] Group 1: Share Transfer Details - On July 3, 2024, the China Securities Depository and Clearing Corporation issued a confirmation of share transfer, completing the registration of 18,266,853 shares (11.42% of total share capital) from Zhuo Chu Guang and Guo Shao Yan to Shiyan Zhongda Huixiang Enterprise Management Partnership [1] - Following this transfer, Zhongda Huixiang became the controlling shareholder of the company, with the Shiyan Municipal People's Government State-owned Assets Supervision and Administration Commission as the actual controller [1] - On September 2, 2024, Zhongda Huixiang completed the transfer of an additional 24,355,805 shares (15.22% of total share capital) from Zhuo Yikai and Zhuo Yihua, increasing its holding from 11.42% to 26.64% [1]

关于 湖北久量股份有限公司详式权益变动报告书 之持续督导总结报告 财务顾问 二零二五年十月 天风证券股份有限公司 释 义 | 除非另有说明，以下简称在本持续督导意见中的含义如下： | | --- | | | | 湖北久量股份有限公司（2025年7月29日，公司完成名称变更 | | --- | --- | --- | | 久量股份、上市公 司、公司 | 指 | 登记，公司名称由"广东久量股份有限公司"变更为"湖北 久量股份有限公司"，证券简称、证券代码等其他信息保持 | | | | 不变） | | 《详式权益变动报 | 指 | 公司于2024年5月13日公告的《广东久量股份有限公司详式权 | | 告书》 | | 益变动报告书》 | | 本持续督导意见 | 指 | 天风证券股份有限公司关于湖北久量股份有限公司详式权益 | | | | 变动报告书之持续督导总结报告 | | 信息披露义务人、 | 指 | 十堰中达汇享企业管理合伙企业（有限合伙） | | 收购人、中达汇享 | | | | 十堰市国资委 | 指 | 十堰市人民政府国有资产监督管理委员会 | | 本次权益变动 | 指 | 中达汇享协议受让卓楚光、郭少燕所持 ...

Core Points - The stock price of Jiuliang Co., Ltd. increased by 2.11% on October 28, reaching 30.05 CNY per share, with a market capitalization of 4.808 billion CNY [1] - The company has seen a year-to-date stock price increase of 30.82%, with a recent 5-day increase of 2.52% and a 20-day increase of 5.44%, but a 60-day decline of 16.48% [1] - Jiuliang Co., Ltd. reported a revenue of 226 million CNY for the first nine months of 2025, a year-on-year decrease of 28.82%, and a net profit loss of 47.5425 million CNY, a decrease of 203.37% [2] Financial Performance - The company has a total of 8,247 shareholders as of October 20, which is a decrease of 1.76% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.79% to 14,417 shares [2] - Cumulatively, Jiuliang Co., Ltd. has distributed 85.68 million CNY in dividends since its A-share listing, with 70 million CNY distributed over the past three years [3] Business Overview - Jiuliang Co., Ltd. specializes in the design, research and development, production, and sales of LED lighting products [1] - The company's revenue composition includes 51.06% from LED mobile lighting, 38.31% from small home appliances and others, and 10.63% from LED home lighting [1] - The company is classified under the electronic-optical optoelectronics-LED industry and is associated with concepts such as small-cap, outdoor camping, state-owned enterprise reform, home appliances, and the Belt and Road Initiative [1]

Core Insights - The optical and optoelectronic sector experienced a rise of 1.05% on October 24, with Chenfeng Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Chenfeng Technology (603685) closed at 21.12, up 10.00% with a trading volume of 86,700 shares and a turnover of 175 million yuan [1] - Dongtian Micro (301183) closed at 101.10, up 8.42% with a trading volume of 113,300 shares [1] - Tianshan Electronics (301379) closed at 31.67, up 6.70% with a trading volume of 199,600 shares [1] - Other notable performers include Sudavige (300331) up 5.48% and Huichuangda (300909) up 5.46% [1] Capital Flow - The optical and optoelectronic sector saw a net outflow of 466 million yuan from institutional investors and 155 million yuan from retail investors, while retail investors had a net inflow of 621 million yuan [2] - The capital flow data indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - Crystal Optoelectronics (002273) experienced a net outflow of 74.89 million yuan from institutional investors [3] - Wave Length Optoelectronics (301421) had a net inflow of 44.73 million yuan from institutional investors [3] - Sudavige (300331) saw a net inflow of 41.19 million yuan from institutional investors [3]

Core Viewpoint - JiuLiang Co., Ltd. reported a significant decline in revenue and net profit for the first three quarters of 2023, indicating ongoing financial challenges for the company [1]. Financial Performance Summary - The company achieved operating revenue of 226 million yuan in the first three quarters of 2023, a year-on-year decrease of 28.82% [1][2]. - The net profit attributable to shareholders was -47.54 million yuan, reflecting a decline of 203.37% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was -42.17 million yuan, a decrease of 171.43% year-on-year [1][2]. - The net cash flow from operating activities was 24.32 million yuan, down 76.96% from the previous year [1][2]. Historical Financial Data - In 2022, 2023, and 2024, the company reported net profits attributable to shareholders after deducting non-recurring gains and losses of -27.14 million yuan, -6.51 million yuan, and -19.63 million yuan, respectively [2][3]. - The operating revenue for 2024 is projected to be 431.40 million yuan, a decrease of 9.35% from 2023 [3]. - The net profit attributable to shareholders for 2024 is expected to be 19.37 million yuan, a decline of 146.87% compared to 2023 [3]. Fundraising and Use of Proceeds - The company raised a total of 441.60 million yuan from its initial public offering, with a net amount of 392.12 million yuan after deducting issuance costs [4]. - The raised funds are allocated for the construction of LED lighting production bases, automated warehousing and logistics bases, and a research and development center, as well as for working capital and repaying bank loans [4].

Core Viewpoint - JiuLiang Co., Ltd. announced on October 23 that it conducted impairment testing on various assets as of September 30, 2025, resulting in a total impairment provision of 2,734,122.89 yuan [2] Summary by Category - **Impairment Testing** - The company performed impairment testing on its assets [2] - The testing was conducted for the period ending September 30, 2025 [2] - **Financial Impact** - The total impairment provision identified was 2,734,122.89 yuan [2]

Core Viewpoint - JiuLiang Co., Ltd. reported a significant decline in revenue and incurred net losses in 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 226 million yuan, representing a year-on-year decrease of 28.82% [1] - The net loss attributable to shareholders of the listed company was 47.54 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 42.17 million yuan [1] - The basic loss per share was 0.2971 yuan [1]

Core Points - The company announced a capital increase to its wholly-owned subsidiary, focusing on real estate assets valued at approximately 422.1 million yuan [2] Group 1 - The company held its 32nd meeting of the third board of directors on October 23, 2025 [2] - The capital increase will be based on an assessment date of August 31, 2025 [2] - The real estate located in Baiyun District, Guangzhou, will be evaluated at a value of 422.1 million yuan [2]

Core Points - Hubei Jiuliang Co., Ltd. announced the approval of its Q3 2025 report and a capital increase to its wholly-owned subsidiary through a board meeting held on October 23, 2025 [1][3][5] Group 1: Board Meeting Details - The board meeting was held on October 23, 2025, with all 7 directors present, including 1 in person and 5 via communication [2] - The meeting complied with the Company Law and the company's articles of association [2] Group 2: Q3 2025 Report Approval - The board approved the Q3 2025 report, confirming it accurately reflects the company's financial status and operational results without any false statements or omissions [3] - The approval was supported by the audit committee's prior review, with a unanimous vote of 7 in favor [3] Group 3: Capital Increase to Subsidiary - The company plans to increase capital to its wholly-owned subsidiary, Guangzhou Jiuliang Small Appliances Co., Ltd., using real estate valued at approximately 422 million yuan (about 4.22 billion yuan) [5] - The asset is free of any encumbrances, and the valuation is deemed fair [5] - The board authorized relevant personnel to handle the capital increase, ensuring compliance with regulations [5][6]

Core Insights - The company, Jiuliang Co., reported a significant decline in revenue and a net loss for the third quarter of the year [1] Financial Performance - The company's revenue for the first three quarters was 225,701,994.23 yuan, representing a year-on-year decrease of 28.82% [1] - The net profit attributable to shareholders of the listed company was -47,542,470.16 yuan [1] Shareholder Changes - Among the top ten circulating shareholders, new entrants include Qi Shaorong, Chen Chao, Liu Xiangying, and Liu Ruoxue [2]