证券代码：300993 证券简称：玉马科技 公告编号：2025-052 山东玉马遮阳科技股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 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。 山东玉马遮阳科技股份有限公司（以下简称 "公司"）为提高公司资金使用效率， 分别于2025年4月25日召开第三届董事会第二次会议及第三届监事会第二次会议、2025年 5月23日召开2024年度股东大会，审议通过了《关于使用闲置自有资金进行委托理财的 议案》，同意公司在授权期限内使用合计不超过人民币3亿元闲置自有资金进行委托理 财，上述额度在授权期限内可以滚动使用。具体内容详见公司于2025年4月26日在巨潮 资讯网发布的相关公告。 | 受托方 | 产品名称 | | 委托理财金额 | 起始日 | 到期日 | 产品类型 | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万元） | | | | 收益率 | | 富国基金管理有 | 富国产业债债券 | C | 1000 | 2025/9/3 | ...

Core Viewpoint - The recent surge in "horse-themed" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance [2][4]. Group 1: Stock Performance - As of September 3, 2023, several "horse-themed" stocks experienced significant price increases, with Feima International (002210.SZ) reaching the daily limit, and Yuma Technology (300993.SZ), Shenma Co., Ltd. (600810.SH), and Yema Battery (605378.SH) rising over 5% [3]. - The stocks listed include a variety of sectors such as environmental protection, electric power, textiles, and chemicals, indicating a broad industry representation [2][4]. Group 2: Market Dynamics - The current "horse" concept speculation is noted to have started nearly six months earlier than previous years, reflecting a shift in market sentiment [2]. - This type of trading is characterized by high market activity driven by liquidity and irrational emotions, rather than intrinsic value or solid fundamentals [4]. - Historical patterns show that similar speculative trading has occurred in the past, with stocks related to zodiac themes experiencing significant price movements [2][4].

Core Viewpoint - The recent surge in "Ma" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance [4][5]. Group 1: Stock Performance - On September 3, the A-share market experienced significant fluctuations, but "Ma" stocks saw notable increases, with Feima International (002210.SZ) hitting the daily limit, and Yuma Technology (300993.SZ), Shenma Co., Ltd. (600810.SH), and Yema Battery (605378.SH) rising over 5% [1]. - The performance of "Ma" stocks includes: - Feima International: +9.90% - Yuma Technology: +6.88% - Shenma Co., Ltd.: +5.89% - Yema Battery: +5.26% - Tianma New Materials (838971.BJ): +4.12% - Haima Automobile (000572.SZ): +2.48% [2]. Group 2: Market Trends - The current "Ma" concept speculation is noted to have started nearly six months earlier than previous years, indicating a shift in market behavior [3]. - The "Ma" stocks span various industries, including environmental protection, electric power, textiles, and chemicals, showing a lack of correlation among them [3]. Group 3: Market Analysis - According to economist Song Qinghui, the rise in "Ma" stocks is a typical case of thematic speculation, driven by irrational associations with the zodiac rather than solid company fundamentals [4][5]. - This type of trading reflects a market environment where liquidity and speculative sentiment dominate, similar to previous trends seen with stocks linked to popular themes like the metaverse or ChatGPT [5]. - The recurrence of such speculative behavior suggests that the A-share market remains a battleground for emotions and capital, with investors frequently switching between different themes when substantial positive news is lacking [5].

Core Viewpoint - The recent surge in "Ma" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance or outlook [2]. Group 1: Market Performance - On September 3, the A-share market experienced fluctuations, but "Ma" stocks showed significant upward movement [2]. - Notable stocks included Feima International (002210.SZ) hitting the daily limit, while Yuma Technology (300993.SZ), Shima Shares (600810.SH), and Yema Battery (605378.SH) rose over 5% [2]. - Other stocks such as Tianma New Materials (838971.BJ) and Haima Automobile (000572.SZ) also followed the upward trend [2]. Group 2: Expert Analysis - Economist Song Qinghui indicated that the rise in "Ma" stocks is a typical case of thematic speculation, not based on fundamental changes like earnings growth or increased orders [2]. - The trading activity reflects a highly active market sentiment, lacking a clear main theme [2].

Core Viewpoint - The recent surge in "Ma" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance or outlook [1]. Group 1: Market Performance - On September 3, the A-share market experienced fluctuations, but "Ma" stocks showed significant upward movement [1]. - Notable stocks included Feima International (002210.SZ) hitting the daily limit, while Yuma Technology (300993.SZ), Shenma Co., Ltd. (600810.SH), and Yema Battery (605378.SH) rose over 5% [1]. - Other stocks such as Tianma New Materials (838971.BJ) and Haima Automobile (000572.SZ) also followed the upward trend [1]. Group 2: Expert Analysis - Economist Song Qinghui indicated that the rise in "Ma" stocks is a typical case of thematic speculation, lacking support from fundamental factors like earnings growth, increased orders, or technological breakthroughs [1]. - This phenomenon reflects a highly active market sentiment, characterized by a lack of clear investment themes [1].

Group 1 - The home goods sector increased by 0.07% on August 28, with Longzhu Technology leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Longzhu Technology's stock price rose by 11.56% to 14.57, with a trading volume of 127,500 shares and a transaction value of 178 million yuan [1] Group 2 - The home goods sector saw a net outflow of 79.73 million yuan from main funds, while retail investors contributed a net inflow of 147 million yuan [2] - The stock prices of several companies in the home goods sector experienced declines, with Yuma Technology falling by 6.36% to 16.48 and Tianan New Materials down by 4.90% to 10.49 [2] - The trading volume and transaction values for various companies in the sector varied, with notable declines in stocks like ST Yazhen and Zhang Xiaoqin [2]

Group 1 - The core viewpoint of the news is that Yuma Technology has shown significant trading activity and financial performance, with a notable increase in financing and shareholder numbers [1][2]. Group 2 - On August 26, Yuma Technology's stock rose by 5.32%, with a trading volume of 539 million yuan. The financing buy-in amount for the day was 68.63 million yuan, while the net financing buy-in was 36.47 million yuan [1]. - As of August 26, the total financing and securities lending balance for Yuma Technology was 219 million yuan, accounting for 3.91% of its market capitalization, indicating a high level of financing activity [1]. - The company has a diverse revenue structure, with functional shading materials contributing to its main business income: sunlight fabric (33.60%), shading fabric (30.46%), adjustable light fabric (22.15%), and others (13.78%) [1]. Group 3 - As of June 30, the number of shareholders for Yuma Technology reached 19,100, an increase of 91.37% compared to the previous period. However, the average number of circulating shares per person decreased by 47.85% [2]. - For the first half of 2025, Yuma Technology reported a revenue of 364 million yuan, a year-on-year increase of 0.89%, while the net profit attributable to shareholders decreased by 14.13% to 74.09 million yuan [2]. - Since its A-share listing, Yuma Technology has distributed a total of 184 million yuan in dividends, with 157 million yuan distributed over the past three years [2].

Summary of Yuma Technology Conference Call Company Overview - **Company**: Yuma Technology - **Industry**: Technology and Manufacturing Key Points and Arguments 1. **Financial Performance**: In the first half of 2025, Yuma Technology's net profit decreased by 14% year-on-year, primarily due to reciprocal tariffs, stock incentive costs, and a decline in foreign exchange gains. However, excluding these factors, net profit remained stable compared to the previous year [2][4][5] 2. **Tariff Impact and Pricing Strategy**: To cope with the 55% tariffs between China and the US, Yuma Technology raised prices by 5%-10% and shared tariff costs with customers, maintaining an export gross margin of around 45% [2][5][15] 3. **Market Recovery**: Orders from the US market have recovered to about 90% of normal levels, but customer confidence remains affected by policy uncertainties. A clearer tariff policy is expected to boost demand in the second half of the year [2][6][20] 4. **Regional Market Performance**: The European market grew by 2%, the US by 1%, while the Asian market saw a slight decline. South America and Australia experienced growth, with the company actively exploring overseas markets [2][7] 5. **Inventory Growth**: Inventory levels increased due to tariff impacts on shipments to the US, new product development, and stocking needs for overseas subsidiaries. Customer inventory remains stable at two to three months [2][12][21] 6. **Overseas Manufacturing Plans**: Yuma Technology is considering establishing overseas manufacturing facilities in locations such as Vietnam, Egypt, Indonesia, and South Korea, contingent on stable tariff policies [2][9][10] 7. **Domestic Market Position**: The company holds a low market share in the domestic market, focusing on mid-to-high-end products and avoiding price competition. Customers prefer high-quality products, which supports the company's pricing strategy [2][11] 8. **Cross-Border E-commerce**: The company's cross-border e-commerce business is currently small but aims to expand by leveraging third-party platforms and adapting to market demands [2][16] 9. **New Product Development**: The product development cycle typically spans two to four years, with the company launching 20-30 new products annually based on design trends and customer requests [2][17] 10. **Sales Distribution**: Revenue distribution by region includes approximately 28%-29% from domestic sales, 43% from Asia, 21% from North America, 11% from South America, and 3% from Australia. The US market shows higher profitability compared to domestic sales [2][23] Additional Important Insights - **Customer Inventory Levels**: Customers maintain stable inventory levels, typically two to three months, to account for production and shipping times [21] - **Market Outlook**: The company aims to achieve revenue and performance growth for the full year 2025, although challenges remain due to market conditions [25] - **Tariff Policy Effects**: Changes in tariff policies have influenced order rhythms, with customers delaying decisions until policies are clarified [20]

Group 1 - The home goods sector increased by 0.36% on August 26, with Zhang Xiaoqin leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Zhang Xiaoqin's stock price rose by 10.98% to 23.66, with a trading volume of 95,800 shares and a transaction value of 221 million yuan [1] Group 2 - The home goods sector experienced a net outflow of 50.02 million yuan from institutional investors, while retail investors saw a net inflow of 44.88 million yuan [2] - The top gainers in the home goods sector included Jia Lian Technology, which rose by 6.41% to 21.25, and Yu Ma Technology, which increased by 5.32% to 18.20 [1][2] - The overall trading volume for the home goods sector was significant, with individual stocks like Yu Ma Technology achieving a transaction value of 539 million yuan [1] Group 3 - The main net inflows for individual stocks were led by Gongniu Group with 116 million yuan, while Yu Ma Technology had a net inflow of 83.6 million yuan [3] - The net outflow for retail investors was notable in stocks like Gongniu Group and Jia Lian Technology, indicating a mixed sentiment among different investor types [3] - The overall market sentiment in the home goods sector appears to be cautious, with significant net outflows from institutional investors [2][3]

Group 1 - The core viewpoint is that Yuma Technology (300993.SZ) remains optimistic about the growth of the European market despite indirect impacts from the US tariff policy [1] - The company has reported stable growth in orders from the European market [1] - Yuma Technology plans to continue expanding its efforts in the European market in the future [1]