Group 1 - Jiarun Technology reported a revenue of approximately 203 million yuan for the first three quarters of 2025, representing a year-on-year increase of 4.22% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 9.57 million yuan, with basic earnings per share showing a loss of 0.07 yuan [1] - As of the report date, Jiarun Technology's market capitalization stood at 5.2 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector leading the market's transformation [2] - A new "slow bull" market pattern is emerging, indicating a potential shift in market dynamics [2]

Financial Performance - The company's revenue for Q3 2025 was ¥35,897,472.91, representing a decrease of 6.54% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥15,036,073.07, an increase in loss of 41.35% year-over-year[5]. - The basic earnings per share for the period was -¥0.12, reflecting a 40.00% increase in loss compared to the previous year[5]. - The net profit for the current period is a loss of CNY 10,778,210.21, an improvement compared to a loss of CNY 19,267,123.18 in the previous period, reflecting a reduction in losses of approximately 44.5%[21]. - The basic and diluted earnings per share for the current period are both CNY -0.07, an improvement from CNY -0.14 in the previous period[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,490,269,258.41, a decrease of 2.63% from the end of the previous year[5]. - Total current assets decreased from 1,258,415,556.20 RMB to 1,191,723,803.45 RMB, a decline of approximately 5.3%[16]. - Total liabilities amount to CNY 180,180,645.05, a decrease from CNY 209,991,434.57 in the previous period, showing a reduction of about 14.3%[20]. - The company’s total current liabilities are CNY 178,764,002.06, down from CNY 209,144,035.26, reflecting a decrease of about 14.5%[20]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥122,261,132.04, down 29.70% year-to-date[5]. - Cash generated from operating activities is CNY 170,172,001.71, significantly higher than CNY 109,461,023.91 in the previous period, indicating an increase of about 55.4%[22]. - Net cash flow from operating activities was -$122.26 million, compared to -$94.27 million in the previous period, indicating a decline in operational cash generation[23]. - The net increase in cash and cash equivalents was -$164.37 million, compared to -$150.71 million in the previous period, highlighting ongoing liquidity challenges[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,391[13]. - The largest shareholder, Wang Jin, holds 37.68% of the shares, totaling 48,671,700 shares[13]. - The top ten shareholders hold a combined 63.39% of the total shares[13]. Operating Costs and Expenses - Total operating revenue for the current period is CNY 202,762,406.25, an increase from CNY 194,548,387.88 in the previous period, representing a growth of approximately 6.2%[19]. - Total operating costs for the current period are CNY 202,953,594.16, down from CNY 204,577,290.42 in the previous period, indicating a decrease of about 0.8%[20]. - The company reported a decrease in research and development expenses to CNY 47,572,172.11 from CNY 48,781,696.55, a reduction of approximately 2.5%[20]. - Cash paid for employee compensation was $59.01 million, slightly up from $56.11 million in the previous period, indicating stable labor costs[23]. - Cash paid for taxes was $11.16 million, compared to $4.21 million in the previous period, reflecting an increase in tax obligations[23]. Investment Activities - The company reported a significant increase in prepayments, which rose by 249.92% to ¥13,703,322.13, primarily due to increased advance payments for project goods[9]. - Total cash inflow from investment activities was $201.07 million, down from $1.06 billion in the previous period, reflecting a significant decrease in investment returns[23]. - Cash outflow from investment activities totaled $236.23 million, compared to $1.10 billion in the previous period, showing a reduction in capital expenditures[23]. - Cash received from investment income was $1.07 million, significantly lower than $6.17 million in the previous period, indicating reduced investment performance[23]. - Cash received from other investment activities was $200 million, down from $1.05 billion in the previous period, suggesting a decline in investment activity[23]. Financial Expenses - The financial expenses decreased by 43.12% to -¥586,156.58, mainly due to reduced interest expenses[11]. - The income tax expense for the period was -¥984,973.39, a 71.86% increase compared to the previous year, primarily due to the absence of prior deductible losses[11]. - The company’s financial expenses showed a positive change, with a net income of CNY -586,156.58 compared to CNY -1,030,564.10 in the previous period, indicating an improvement[20]. Inventory and Receivables - Accounts receivable increased from 395,256,580.12 RMB to 422,297,382.77 RMB, an increase of approximately 6.5%[16]. - Inventory increased from 388,421,516.09 RMB to 441,643,621.03 RMB, an increase of approximately 13.7%[16]. - The company’s intangible assets increased by 66.37% to ¥16,604,404.33, mainly due to the acquisition of new software[9]. - The company experienced a 114.48% increase in contract liabilities, reaching ¥10,119,473.24, attributed to an increase in advance contract payments[9].

内部控制制度 二〇二五年十月 佳缘科技股份有限公司 内部控制制度 第一章 总则 佳缘科技股份有限公司 第一条 为加强和规范佳缘科技股份有限公司（以下简称"公司"）内部控 制，提高公司经营管理水平和风险防范能力，保障公司经营管理的安全性和财务 信息的可靠性，提高信息披露质量，依据《公司法》《证券法》《企业内部控制 基本规范》等法律法规及《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》和《公司章程》 的规定，制定本制度。 第二条 内部控制是由公司董事会、经营管理层和全体员工实施的、旨在 实现控制目标的过程。 第三条 内部控制的目标是合理保证公司经营管理合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进公司实现发展战略。 第四条 公司建立与实施内部控制，应当遵循下列原则： （一）全面性原则。内部控制应当贯穿决策、执行和监督全过程，覆盖公司 及其控股分子公司的各个业务和事项。 （二）重要性原则。内部控制应当在全面控制的基础上，关注重要业务事项 和高风险领域。 （三）制衡性原则。内部控制应当在治理结构、机构设置及权责分配、业务 流程等方 ...

Market Overview - The computer equipment sector declined by 0.89% on October 28, with Jia Yuan Technology leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Dahua Intelligent (002512) saw a significant increase of 9.98%, closing at 5.40 with a trading volume of 202.87 million shares and a turnover of 1.075 billion [1] - Zhilai Technology (300771) rose by 6.59%, closing at 13.91 with a trading volume of 36.23 million shares and a turnover of 510 million [1] - Aerospace Intelligent Equipment (300455) increased by 5.69%, closing at 22.48 with a trading volume of 94.65 million shares and a turnover of 2.116 billion [1] Underperformers - Jia Yuan Technology (301117) experienced a decline of 8.83%, closing at 39.94 with a trading volume of 130.8 million shares and a turnover of 533 million [2] - Sanwei Xinan (688489) fell by 6.43%, closing at 49.18 with a trading volume of 32.6 million shares and a turnover of 164 million [2] - Zhongwei Electronics (300270) decreased by 5.95%, closing at 10.74 with a trading volume of 307.1 million shares and a turnover of 334 million [2] Capital Flow - The computer equipment sector saw a net outflow of 1.989 billion from institutional investors, while retail investors had a net inflow of 1.796 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Huijin Co. (300368) had a net inflow of 61.25 million from institutional investors, while retail investors saw a net outflow of 20.22 million [3] - Newland (000997) experienced a net inflow of 48.95 million from institutional investors, with retail investors also seeing a small net inflow of 0.48 million [3] - ST Yingfit (002528) had a significant net inflow of 20.44 million from institutional investors, but retail investors faced a net outflow of 13.60 million [3]

Core Viewpoint - Jiarun Technology's stock increased by 1.29% on October 27, with a trading volume of 564 million yuan, indicating strong market interest and activity [1] Financing Summary - On October 27, Jiarun Technology had a financing purchase amount of 52.61 million yuan and a net financing purchase of 2.90 million yuan, with a total financing and securities balance of 203 million yuan [1] - The current financing balance of 203 million yuan accounts for 3.60% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - There were no short sales or repayments on the same day, with the short selling balance also at zero, reflecting a lack of bearish sentiment in the market [1] Company Overview - Jiarun Technology, established on August 30, 1994, and listed on January 17, 2022, specializes in intelligent information system engineering for construction, transportation, public safety, and healthcare [1] - The company's revenue composition includes 66.14% from integrated information solutions, 31.39% from network information security products, 1.83% from technical services, and 0.63% from other sources [1] Financial Performance - For the first half of 2025, Jiarun Technology reported a revenue of 167 million yuan, a year-on-year increase of 6.87%, while the net profit attributable to shareholders decreased by 29.69% to 5.47 million yuan [2] - The company has distributed a total of 52.59 million yuan in dividends since its A-share listing, with 15.68 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 30.05% to 13,800, with an average of 5,756 circulating shares per person, up by 7.65% [2] - Notable institutional shareholders include Guangfa Jufeng Mixed A and Dacheng Zhongzheng 360 Internet + Index A, with significant increases in their holdings [3]

Market Overview - On October 24, the computer equipment sector rose by 2.05%, led by Aerospace Intelligence [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 - Aerospace Intelligence (300455) saw a closing price of 19.76 with a significant increase of 19.98% and a trading volume of 311,100 shares, amounting to a transaction value of 614 million [1] - Weihong Co., Ltd. (300508) closed at 31.98, up 12.61%, with a trading volume of 94,300 shares [1] - Dahua Intelligent (002512) closed at 4.46, up 10.12%, with a trading volume of 672,500 shares [1] - Other notable performers include Langke Technology (300042) with an 8.93% increase and a closing price of 33.18, and Jiayuan Technology (301117) with a 7.96% increase and a closing price of 43.25 [1] Capital Flow - The computer equipment sector experienced a net inflow of 1.494 billion in main funds, while retail funds saw a net outflow of 575 million [2] - The main funds' net inflow for Zhongke Shuguang (603019) was 914 million, accounting for 12.96% of the total, while retail funds had a net outflow of 578 million [3] - Dahua Intelligent (002512) had a main fund net inflow of 139 million, representing 46.50% of the total, with retail funds experiencing a net outflow of 64.93 million [3]

Market Overview - On October 22, the computer equipment sector rose by 0.56%, led by Jiayuan Technology, while the Shanghai Composite Index closed at 3913.76, down 0.07% [1] - The Shenzhen Component Index closed at 12996.61, down 0.62% [1] Top Performers - Jiayuan Technology (301117) closed at 41.00, up 6.14% with a trading volume of 126,000 shares and a transaction value of 500 million yuan [1] - Hikvision (002415) closed at 33.47, up 2.73% with a trading volume of 1,003,200 shares and a transaction value of 3.305 billion yuan [1] - Chunzhong Technology (603516) closed at 158.50, up 2.72% with a trading volume of 92,800 shares and a transaction value of 1.467 billion yuan [1] Underperformers - MicroPort Scientific (920198) closed at 12.19, down 7.16% with a trading volume of 311,000 shares and a transaction value of 417 million yuan [2] - Tongyou Technology (300302) closed at 21.25, down 3.85% with a trading volume of 577,600 shares and a transaction value of 1.215 billion yuan [2] - Huijin Co., Ltd. (300368) closed at 18.61, down 3.07% with a trading volume of 760,700 shares and a transaction value of 1.425 billion yuan [2] Capital Flow - The computer equipment sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net outflow of 133 million yuan [2][3] - Major stocks like Zhongke Shuguang (603019) had a net inflow of 404 million yuan from institutional investors, while Hikvision (002415) saw a net outflow of 784 million yuan from retail investors [3]

Core Viewpoint - Jiarun Technology's stock increased by 5.05% to 40.58 CNY per share, with a trading volume of 423 million CNY and a turnover rate of 13.52%, resulting in a total market capitalization of 5.242 billion CNY [1] Company Overview - Jiarun Technology Co., Ltd. is located in Chengdu High-tech Zone, Sichuan Province, established on August 30, 1994, and listed on January 17, 2022 [1] - The company specializes in the research, design, manufacturing, and service of intelligent information systems in construction, transportation, public safety, and healthcare [1] - Revenue composition includes: 66.14% from integrated information solutions, 31.39% from network information security products, 1.83% from technical services, and 0.63% from other sources [1] Shareholder Information - The largest shareholder among Jiarun Technology's top circulating shareholders is a fund under Dacheng Fund, specifically the Dacheng CSI 360 Internet + Index A (002236), which entered the top shareholders in Q2 with 716,400 shares, accounting for 0.9% of circulating shares [2] - The fund has achieved a floating profit of approximately 1.3971 million CNY as of the latest report [2] - The Dacheng CSI 360 Internet + Index A fund was established on February 3, 2016, with a current scale of 698 million CNY, yielding 34.69% year-to-date and 47.46% over the past year [2]

Core Insights - The latest financing balance of the ChiNext market is 512.55 billion yuan, with a week-on-week increase of 2.18 billion yuan, indicating a positive trend in market financing activity [1] - On October 16, the ChiNext index rose by 0.38%, with a total margin balance of 514.18 billion yuan, reflecting a slight increase from the previous trading day [1] - Among the stocks with increased financing balances, 485 stocks saw growth, with 17 stocks experiencing an increase of over 10% [1][3] Financing Balance Growth - The stock with the highest increase in financing balance is Fute Technology, which saw a 67.60% increase, reaching 157.96 million yuan, and its stock price rose by 9.21% [1][3] - Other notable stocks with significant financing balance increases include Matrix Co. and Xinling Electric, with increases of 50.08% and 21.90%, respectively [1][3] - The average increase for stocks with over 10% growth in financing balance was 3.75%, with top performers including Shannon Chip Creation and Boyuan Co., which rose by 16.70% and 15.91% respectively [1][2] Financing Balance Decline - A total of 461 stocks experienced a decline in financing balance, with 38 stocks seeing a decrease of over 5% [4] - The stock with the largest decline in financing balance is Xinte Electric, which fell by 21.65% to 22.15 million yuan, while other significant declines were seen in Youan Design and Youyou Green Energy, with decreases of 20.34% and 14.82% respectively [4][5] - The overall trend indicates a mixed performance in the market, with both growth and decline in financing balances across various sectors [4][5]

Market Overview - The computer equipment sector experienced a decline of 1.11% on October 16, with Zhongwei Electronics leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the computer equipment sector included: - Xiling Information: closed at 25.50, up 20.00% with a trading volume of 317,300 shares and a turnover of 740 million [1] - Jiayuan Technology: closed at 38.96, up 6.45% with a trading volume of 156,800 shares and a turnover of 605 million [1] - Zhongrun Optics: closed at 37.05, up 5.32% with a trading volume of 58,600 shares and a turnover of 216 million [1] - Major decliners included: - Zhongwei Electronics: closed at 10.62, down 6.51% with a trading volume of 276,300 shares and a turnover of 295 million [2] - Yuyin Co.: closed at 7.77, down 5.13% with a trading volume of 875,400 shares and a turnover of 689 million [2] - Huijin Co.: closed at 17.83, down 4.29% with a trading volume of 853,200 shares and a turnover of 1.546 billion [2] Capital Flow - The computer equipment sector saw a net outflow of 1.658 billion from institutional investors, while retail investors had a net inflow of 989 million [2][3] - Key stocks with significant capital flow included: - Tongyou Technology: net inflow of 129 million from institutional investors, but a net outflow of 157 million from retail investors [3] - Xiling Information: net inflow of 102 million from institutional investors, with outflows from both retail and speculative investors [3] - Jiayuan Technology: net inflow of 54.6 million from institutional investors, but outflows from retail investors [3]