Core Insights - Joyy Technology (喜悦智行) reported a revenue of 213 million yuan for the first half of 2025, marking a year-on-year increase of 23.42% [1] - The company experienced a net loss attributable to shareholders of 6.76 million yuan, compared to a profit of 9.39 million yuan in the same period last year [1] - For 2024, the company reported a revenue of 366 million yuan, a decline of 9.14% year-on-year, with a net loss of 11.84 million yuan compared to a profit of 36.12 million yuan in the previous year [1] Financial Performance - In the first half of 2025, the net cash flow from operating activities was -47.48 million yuan, worsening from -3.84 million yuan in the same period last year [1] - For 2024, the net cash flow from operating activities improved significantly to 94.63 million yuan, a year-on-year increase of 1,034.32% [1] IPO and Fundraising - Joyy Technology went public on December 2, 2021, with an initial public offering (IPO) of 25 million shares at a price of 21.76 yuan per share [1] - The total funds raised from the IPO amounted to 544 million yuan, with a net amount of 484 million yuan after deducting issuance costs [2] - The company planned to use the raised funds for projects including the construction of a green circular packaging facility and a research and development center [2] Dividend Distribution - For the 2022 fiscal year, the company announced a cash dividend of 2.00 yuan per 10 shares, totaling 26 million yuan, along with a capital reserve conversion of 3 shares for every 10 shares held, increasing the total share capital to 169 million shares [2] - In 2021, the company distributed a cash dividend of 3.00 yuan per 10 shares, totaling 30 million yuan, and also converted 3 shares for every 10 shares held, raising the total share capital to 130 million shares [3]

Group 1 - The core viewpoint of the news is that Joyful Intelligence experienced a decline in stock price and trading volume on September 25, with a net financing outflow, indicating potential investor caution [1] - On September 25, Joyful Intelligence's stock fell by 1.41%, with a trading volume of 35.13 million yuan. The financing buy-in was 7.27 million yuan, while the financing repayment was 7.66 million yuan, resulting in a net financing buy-in of -0.39 million yuan [1] - As of September 25, the total margin balance for Joyful Intelligence was 133 million yuan, with the financing balance accounting for 7.03% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Joyful Intelligence was 10,300, a decrease of 4.63% from the previous period, while the average circulating shares per person increased by 4.86% to 15,077 shares [2] - For the first half of 2025, Joyful Intelligence reported operating revenue of 213 million yuan, a year-on-year increase of 23.42%, but the net profit attributable to shareholders was -6.76 million yuan, a decrease of 172.01% compared to the previous year [2] - Since its A-share listing, Joyful Intelligence has distributed a total of 76.28 million yuan in dividends, with 46.28 million yuan distributed over the past three years [2]

Core Viewpoint - Joyson Electronics (301198.SZ) provides customized design, manufacturing, performance testing, leasing, logistics transportation, and warehousing management for recyclable packaging products across various industries including automotive, home appliances, fresh produce, and express logistics [1] Group 1 - The company serves a diverse range of industries with its supply chain services [1] - There is currently no involvement in China-Europe trade shipping business [1]

Group 1 - The core point of the news is that Joyy Technology's stock has experienced a decline, with a current price of 11.10 CNY per share and a market capitalization of 1.876 billion CNY [1] - As of September 23, the stock has increased by 1.65% year-to-date but has seen a decline of 8.49% over the past five trading days and 10.84% over the past 20 days [1] - Joyy Technology, established on February 3, 2005, specializes in the research, production, and sales of recyclable plastic packaging products, with main business revenue sources being product sales (50.78%) and leasing and operational services (48.05%) [1] - The company is categorized under the light industry manufacturing sector, specifically in packaging and printing, and is associated with concepts such as micro-cap stocks, small-cap stocks, express delivery, smart logistics, and automotive parts [1] Group 2 - As of June 30, the number of shareholders for Joyy Technology is 10,300, a decrease of 4.63% from the previous period, while the average circulating shares per person increased by 4.86% to 15,077 shares [1] - For the first half of 2025, Joyy Technology reported a revenue of 213 million CNY, representing a year-on-year growth of 23.42%, but the net profit attributable to shareholders was a loss of 6.7586 million CNY, a decrease of 172.01% year-on-year [1] - The company has distributed a total of 76.28 million CNY in dividends since its A-share listing, with 46.28 million CNY distributed over the past three years [2]

证券代码：301198 证券简称：喜悦智行 公告编号：2025-052 宁波喜悦智行科技股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 宁波喜悦智行科技股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日 召开第三届董事会第十六次会议和第三届监事会第十五次会议，于 2024 年 12 月 3 日召开 2024 年第二次临时股东大会，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建设和正常生 产经营的前提下使用不超过人民币 10,000 万元的暂时闲置募集资金进行现金管 理，择机购买满足安全性高、流动性好、期限不超过 12 个月的短期投资理财产 品，额度有效期限为股东大会审议通过之日起 12 个月内。在上述使用期限及额 度范围内，资金可循环滚动使用，并授权公司管理层在有效期内和额度范围内行 使决策权。具体内容详见公司于2024年11月16日在巨潮资讯网（www.cninfo.com） 披露的《关于使用闲置募集资金进行现金管理的公告》（公告编号：20 ...

证券代码：301198 证券简称：喜悦智行 公告编号：2025-051 | EEQ25007U | 2.65% | | --- | --- | | TCNB | | 截至本公告披露日，公司使用闲置募集资金进行现金管理未到期余额为人民 币 5,000 万元（含本次），未超过股东大会授权使用闲置募集资金进行现金管理 的额度人民币 10,000 万元。 三、备查文件 宁波喜悦智行科技股份有限公司 关于使用闲置募集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的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 宁波喜悦智行科技股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日 召开第三届董事会第十六次会议和第三届监事会第十五次会议，于 2024 年 12 月 3 日召开 2024 年第二次临时股东大会，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建设和正常生 产经营的前提下使用不超过人民币 10,000 万元的暂时闲置募集资金进行现金管 理，择机购买满足安全性高、流动性好、期限不超过 12 个月的短期投资理财产 品，额度 ...

Core Viewpoint - The stock of Joyful Intelligence (301198) closed at 11.68 yuan on September 5, 2025, reflecting a 2.55% increase with a turnover rate of 3.28% and a trading volume of 51,100 shares, amounting to a transaction value of 58.8497 million yuan [1]. Group 1: Stock Performance - Joyful Intelligence's stock price increased by 2.55% to 11.68 yuan as of September 5, 2025 [1]. - The turnover rate for the stock was recorded at 3.28% [1]. - The total trading volume reached 51,100 shares, with a total transaction value of 58.8497 million yuan [1]. Group 2: Shareholder Information - The company will disclose the total number of shareholders, including those with margin accounts, in its periodic reports as per the regulations of the China Securities Regulatory Commission and Shenzhen Stock Exchange [2]. Group 3: Capital Flow - On September 5, 2025, the net inflow of main funds into the stock was 6.5314 million yuan, indicating positive engagement from major investors [3]. - Retail investors experienced a net outflow of 5.4858 million yuan, while speculative funds saw a net outflow of 1.0456 million yuan [3].

Core Insights - The company reported a total revenue of 213 million yuan for the first half of 2025, a year-on-year increase of 23.42%, but a net loss of 6.76 million yuan, representing a decline of 172.01% compared to the previous year [1] - The second quarter revenue reached 119 million yuan, up 36.38% year-on-year, while the net loss for the same period was 3.91 million yuan, a staggering decline of 1817.84% [1] - The company's accounts receivable accounted for 65.31% of the total revenue, indicating a significant amount of outstanding payments [1] Financial Performance - Total revenue for 2024 was 172 million yuan, which increased to 213 million yuan in 2025, marking a growth of 23.42% [1] - The net profit for 2024 was 9.39 million yuan, which turned into a loss of 6.76 million yuan in 2025, a decline of 172.01% [1] - The gross margin decreased from 20.76% in 2024 to 13.16% in 2025, a drop of 36.62% [1] - The net margin shifted from 5.43% in 2024 to -3.19% in 2025, reflecting a decline of 158.74% [1] - The total of selling, administrative, and financial expenses was 28.44 million yuan, accounting for 13.36% of revenue, down 9.37% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased from 263 million yuan in 2024 to 76.48 million yuan in 2025, a decline of 70.90% [1] - Accounts receivable increased from 189 million yuan in 2024 to 239 million yuan in 2025, a rise of 26.41% [1] - The company reported a negative operating cash flow per share of -0.28 yuan, a significant decline of 1135.04% compared to -0.02 yuan in 2024 [1] Business Model and Investment Returns - The company's historical median ROIC since its listing is 12.8%, but the worst year was 2024 with a ROIC of -0.79%, indicating poor investment returns [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness and necessity of these expenditures [3] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 78.37% and average operating cash flow to current liabilities at 11.05% over the past three years [3]

Core Viewpoint - The stock price of Joyy Intelligent Technology has declined by 4.82% to 11.85 CNY, influenced by negative news regarding its actual controller's legal issues and a significant drop in net profit for the first half of the year [1] Company Summary - Joyy Intelligent Technology's main business involves the research, production, and sales of plastic products, which are applied in automotive, home appliance, and logistics sectors [1] - The company reported a net profit of -6.76 million CNY for the first half of the year, a decline from a profit of 9.39 million CNY in the same period last year [1] Market Activity - On August 27, the stock opened at 12.41 CNY, reached a high of 12.61 CNY, and a low of 11.80 CNY, with a trading volume of 59,600 shares and a total transaction value of 7.3 million CNY [1] - The main funds experienced a net outflow of 998,300 CNY on August 27, with a cumulative net outflow of 17.43 million CNY over the past five days [1] Legal Issues - The actual controller of the company, Luo Yinhao, was sentenced to three years and three months in prison for manipulating the securities market and fined 1 million CNY [1] - The company stated that this incident is a personal action of the shareholder and does not affect daily operations [1]

华安证券股份有限公司 （二）募集资金使用及结余情况 关于宁波喜悦智行科技股份有限公司 2025年半年度募集资金存放和使用情况的核查意见 华安证券股份有限公司（以下简称"华安证券"或"保荐机构"）作为宁 波喜悦智行科技股份有限公司（以下简称"喜悦智行"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据深圳证券交易所《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》及《深圳证券交 易所创业板上市公司自律监管指南第2号——公告格式》等相关法律法规和规 范性文件的要求，对喜悦智行2025年半年度募集资金存放与使用情况进行了核 查，核查情况如下： 一、募集资金的基本情况 （一）实际募集资金金额、资金到位时间 根据中国证券监督管理委员会《关于同意宁波喜悦智行科技股份有限公司 首次公开发行股票注册的批复》（证监许可[2021]3308号文），喜悦智行首次 公开发行人民币普通股（A股）2,500.00万股，每股发行价为21.76元/股，募集 资金总额为人民币54,400.00万元，根据有关规定扣除发行费用6,043.14万元 后，实际募集资金金额为48,356.86万元。该募集资金已于2021 ...