Group 1 - The core viewpoint of the news is that Tianyi Ma's stock has shown significant growth this year, with a year-to-date increase of 117.53%, despite recent declines in the short term [1][2] - As of November 7, Tianyi Ma's stock price reached 60.80 CNY per share, with a total market capitalization of 4.065 billion CNY [1] - The company operates in the IT services sector, focusing on information system integration, software development, and technology services, with its main revenue sources being information equipment sales (33.17%) and software development (27.51%) [1][2] Group 2 - For the period from January to September 2025, Tianyi Ma reported a revenue of 228 million CNY, representing a year-on-year growth of 46.62%, and a net profit attributable to shareholders of 4.19 million CNY, which is a 119.80% increase [2] - The company has distributed a total of 30.744 million CNY in dividends since its A-share listing, with 11.8996 million CNY distributed over the past three years [3]

Core Insights - Tianyi Ma's stock price decreased by 0.68% on November 6, with a trading volume of 131 million yuan [1] - The company reported a significant increase in revenue and net profit for the first nine months of 2025, with revenue reaching 228 million yuan, a year-on-year growth of 46.62%, and a net profit of 4.19 million yuan, up 119.80% [2] Financing and Margin Trading - On November 6, Tianyi Ma had a financing buy-in amount of 13.12 million yuan and a financing repayment of 12.89 million yuan, resulting in a net financing buy of 231,000 yuan [1] - The total margin trading balance for Tianyi Ma as of November 6 was 239 million yuan, accounting for 6.08% of its market capitalization, which is above the 90th percentile of the past year [1] Shareholder Information - As of September 30, the number of shareholders for Tianyi Ma was 9,434, a decrease of 6.52% from the previous period, while the average circulating shares per person increased by 6.97% to 5,244 shares [2] Business Performance - Tianyi Ma's main business segments include information equipment sales (33.17%), software development and technical services (27.51%), computing power services (20.65%), information system integration services (8.58%), new energy power (6.00%), and information system operation and maintenance services (4.06%) [1] - Cumulatively, Tianyi Ma has distributed 30.74 million yuan in dividends since its A-share listing, with 11.90 million yuan distributed over the past three years [3]

Group 1 - The financial technology sector experienced a decline at the beginning of trading, with Tianyi Ma dropping by 3.54% [1] - Jiuqi Software saw a decrease of 2.85% [1] - Kaipuyun fell by 2.68% [1]

Core Insights - Tianyi Ma (301178.SZ) released its Q3 2025 report on October 29, 2025, indicating a total of 3 institutional investors holding shares, amounting to 3.1482 million shares, which represents 4.71% of the total share capital [1] - The institutional holding ratio decreased by 5.91 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Nanjing Youzhi Investment Management Partnership (Limited Partnership), Nanjing Lesui Information Consulting Management Partnership (Limited Partnership), and Guangdong Tianyi Ma Information Industry Co., Ltd. - 2023 Employee Stock Ownership Plan [1] - The total institutional holding ratio stands at 4.71% [1] Public Funds - In this period, 12 public funds were not disclosed compared to the previous quarter, including notable funds such as Fidelity Renyuan Steady Three-Month Holding Mixed (FOF) A, Fidelity Low-Carbon Growth Mixed A, and others [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥82,040,451.96, representing a 24.19% increase year-over-year[5] - The net profit attributable to shareholders was a loss of ¥1,869,066.45, a decline of 80.19% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥2,531,844.41, down 73.92% year-over-year[5] - The company's basic earnings per share for the period was -¥0.0279, a decrease of 80.39% compared to the same period last year[5] - Operating revenue increased by 46.62% to ¥227,669,978.53, driven by increased computing power and sustainable income from photovoltaic projects[11] - Net profit improved by 123.52% to ¥5,831,032.16, attributed to higher operating revenue and project gross margins[11] - The net profit for the current period was ¥5,831,032.16, a turnaround from a net loss of ¥24,795,836.88 in the previous period[26] - The company reported a basic earnings per share of ¥0.0624, compared to a loss per share of ¥0.3187 in the previous period[26] - Diluted earnings per share for the current period is 0.0621, compared to -0.3198 in the previous period[27] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,503,033,959.41, reflecting a 12.69% increase from the end of the previous year[5] - The total assets at the end of the period amounted to ¥1,503,033,959.41, up from ¥1,333,766,753.86 at the beginning of the period, reflecting an increase of approximately 12.7%[24] - The total liabilities increased to ¥721,844,418.75 from ¥567,349,933.28, marking a rise of about 27.1%[24] - The company’s total equity attributable to shareholders increased by 1.67% to ¥770,918,381.65 compared to the end of the previous year[5] - The equity attributable to shareholders of the parent company rose to ¥770,918,381.65 from ¥758,250,167.43, showing an increase of approximately 1.9%[24] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥2,598,735.54, indicating a 97.45% decrease compared to the previous year[5] - Cash inflow from operating activities totaled 291,547,269.09 CNY, an increase from 181,415,683.53 CNY in the previous period[27] - Net cash flow from operating activities was -2,598,735.54 CNY, improving from -101,733,216.81 CNY in the previous period[27] - Cash outflow from investment activities was 440,879,232.03 CNY, compared to 315,765,204.93 CNY in the previous period[28] - Net cash flow from investment activities was -380,254,232.03 CNY, worsening from -8,921,831.80 CNY in the previous period[28] - Cash inflow from financing activities was 421,372,840.92 CNY, significantly higher than 107,088,908.03 CNY in the previous period[28] - Net cash flow from financing activities was 321,896,818.47 CNY, compared to 35,498,801.13 CNY in the previous period[28] - The ending balance of cash and cash equivalents was 210,728,158.86 CNY, up from 139,383,410.96 CNY in the previous period[28] Inventory and Borrowings - The company's inventory increased by 91.11% to ¥155,224,524.71, primarily due to ongoing projects not yet completed[9] - Short-term borrowings rose by 172.33% to ¥125,882,507.27, attributed to increased working capital for project construction[9] - Long-term borrowings surged to ¥214,932,351.78 from ¥31,937,786.17, indicating a significant increase of approximately 572.5%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,434, with the largest shareholder holding 28.72%[13] - The company repurchased 1,224,140 shares, accounting for 1.83% of the total share capital[14] - The company will repurchase and cancel 256,000 restricted shares due to unmet performance targets, which is 0.38% of the total share capital prior to cancellation[18] - The total number of restricted shares at the end of the period was 17,376,458, down from 23,509,944 at the beginning, reflecting a decrease of approximately 26%[17] Investments and Acquisitions - The company plans to acquire 100% equity of Guangdong Xingyun Kaiwu Technology Co., Ltd. through a combination of cash and stock, with 51% to be purchased in cash and 49% through stock issuance[19] Management and Governance - The company appointed a new board of directors and management team, with terms set for three years starting from the approval date[19] Accounting and Standards - The company did not undergo an audit for the third quarter financial report[29] - The company will implement new accounting standards starting from 2025[29]

Core Viewpoint - The recent surge in stocks related to the "horse" concept reflects a speculative trend driven by emotions, with significant risks involved. Long-term stock prices are expected to revert to their intrinsic value, and investors may miss out on genuinely promising assets by chasing such themes [3][9][10]. Group 1: Stock Performance - Since July, 29 stocks with "horse" in their names have shown a notable increase, with an average rise of 59.85% year-to-date, significantly outperforming the A-share market's average increase of 33.51% [4][5]. - Seven stocks have more than doubled in value this year, with Jinma Amusement leading at a 267% increase [5][6]. - In July alone, Jinma Amusement saw a rise of over 90%, while several other "horse" stocks also experienced substantial gains [5][6]. Group 2: Market Dynamics - The market capitalization of "horse" related stocks ranges from 3.5 billion to 37.6 billion yuan, with 13 companies exceeding 10 billion yuan in market value [6]. - Despite the impressive stock performance, many of these companies have reported declining revenues or losses, indicating a disparity in the underlying business fundamentals [6][7]. Group 3: Speculative Behavior - The phenomenon of "zodiac stock" speculation is characterized by irrational market behavior and information asymmetry, leading to a bubble-like environment where prices deviate from fundamental values [9][10]. - The rise of social media and financial self-media has amplified the emotional contagion effect, making simplistic narratives like "buying horse stocks in the year of the horse" more prevalent [10][11].

一、本次重大资产重组的基本情况 公司拟以发行股份及支付现金的方式购买广东星云开物科技股 份有限公司（以下简称"星云开物"）100%股权，并募集配套资金。 本次交易完成后，星云开物将成为公司全资子公司，纳入公司合并 财务报表范围。 证券代码：301178 证券简称：天亿马 公告编号：2025-090 广东天亿马信息产业股份有限公司 关于重大资产重组事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1. 广东天亿马信息产业股份有限公司（以下简称"公司"） 于 2025 年 6 月 24 日披露的《广东天亿马信息产业股份有限公司发 行股份及支付现金购买资产并募集配套资金暨关联交易预案》（下 称"本次交易预案"）"重大风险提示"及"第七节 风险因素"中， 详细披露了本次交易可能存在的风险因素及尚需履行的其他程序， 敬请广大投资者注意投资风险。 2. 本次交易处于筹划阶段，尚需经公司董事会再次审议及公 司股东会审议通过，并经深圳证券交易所审核同意及中国证监会注 册后方可正式实施，存在未能通过有关决策、审批程序的风险。公 司将继续推进相关工作， ...

证券代码：301178 证券简称：天亿马 公告编号：2025-089 关于使用部分闲置募集资金（含超募资金）进行现金 管理到期赎回的公告 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。 广东天亿马信息产业股份有限公司（以下简称"公司""天亿马"） 于 2024 年 12 月 11 日召开第三届董事会第二十六次会议和第三届监 事会第二十四次会议，另于 2024 年 12 月 27 日召开 2024 年第四次临 时股东会，审议通过了《关于使用部分闲置募集资金（含超募资金） 进行现金管理的议案》，同意公司使用不超过人民币 1.8 亿元（含本 数）的闲置募集资金（含超募资金及进行现金管理后所产生的利息） 进行现金管理，用于投资安全性高、流动性好且投资期限不超过 12 个月的产品，使用期限为自股东会审议通过之日起 12 个月内。在上 述额度和期限范围内，资金可循环滚动使用。公司保荐机构五矿证券 有限公司发表了核查意见。具体内容详见公司披露于巨潮资讯网 （www.cninfo.com.cn）等法定信息披露媒体的相关公告。 广东天亿马信息产业股份有限公司 近日，公司近期部分 ...

Core Viewpoint - Tianyi Ma's stock price has shown significant growth this year, with a year-to-date increase of 137.21%, indicating strong market performance and investor interest [1][2]. Company Overview - Tianyi Ma, established on July 7, 1998, and listed on November 12, 2021, is located in Shantou, Guangdong Province. The company specializes in information system integration services, software development, technical services, information equipment sales, and system operation services [1]. - The revenue composition of Tianyi Ma includes: 33.17% from information equipment sales, 27.51% from software development and technical services, 20.65% from computing power services, 8.58% from system integration services, 6.00% from new energy power, 4.06% from system operation services, and 0.03% from other sources [1]. Financial Performance - For the first half of 2025, Tianyi Ma achieved operating revenue of 146 million yuan, representing a year-on-year growth of 63.24%. The net profit attributable to shareholders reached 6.06 million yuan, marking a significant increase of 151.66% [2]. - Since its A-share listing, Tianyi Ma has distributed a total of 30.74 million yuan in dividends, with 11.90 million yuan distributed over the past three years [3]. Market Activity - As of October 17, Tianyi Ma's stock price was 66.30 yuan per share, with a market capitalization of 4.43 billion yuan. The stock experienced a decline of 2.01% during the trading session [1]. - The stock has seen a trading volume of 75.07 million yuan, with a turnover rate of 2.24% [1]. - The company has a shareholder base of 10,100, which has increased by 4.40% compared to the previous period, with an average of 4,902 circulating shares per shareholder, up by 8.70% [2].

Core Points - The company announced a cooperation framework agreement with Guangdong Tianyi Ma Digital Energy Co., Nano Labs Ltd, and Spectra Digital Technology Group to create a Real World Asset (RWA) ecosystem focused on tokenizing high-quality photovoltaic new energy assets [1][2] - The framework agreement aims to integrate core capabilities in new energy technology, digital finance technology, and asset management to develop the RWA ecosystem [1] - The company will support the issuance of new energy asset RWAs, while Spectra Digital will take on core compliance responsibilities and coordinate resources to ensure orderly project execution [1] Strategic Alignment - The signing of the framework agreement aligns with the company's strategic plan to enter the RWA sector [2] - Through collaboration with partners, the company aims to enhance its expertise and project execution efficiency in the RWA field [2] - The board believes that potential cooperation will accelerate the company's participation in the digital asset and Web3 industries [2]