Core Viewpoint - Hongrida (301285.SZ) reported a revenue of 693 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 7.61% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 18.70 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 24.51 million yuan [1] - The basic loss per share was 0.09 yuan [1]

Financial Performance - The company's revenue for Q3 2025 was CNY 255,467,419.86, representing a year-on-year increase of 0.26% and a year-to-date increase of 7.61%[5] - The net profit attributable to shareholders was CNY -11,558,551.09, a decrease of 185.68% compared to the same period last year, and a year-to-date decrease of 163.25%[5] - The basic and diluted earnings per share were both CNY -0.06, reflecting a decline of 185.71% year-on-year and 164.29% year-to-date[5] - Total profit decreased by 221.66% to -¥29,195,664.24, largely due to the addition of new subsidiaries[11] - The company reported a net profit of -20,372,420.37 yuan, compared to a net profit of 29,507,945.16 yuan in the previous period, indicating a significant decline in profitability[21] - Operating profit was recorded at -30,357,484.18 yuan, a decrease from the previous operating profit of 24,182,567.69 yuan[21] - The total comprehensive income for the period was -18,082,732.61 yuan, compared to 28,257,555.24 yuan in the previous period[22] - Basic and diluted earnings per share were both -0.09 yuan, down from 0.14 yuan in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,109,548,233.15, an increase of 4.96% compared to the end of the previous year[5] - Total assets increased to ¥2,109,548,233.15 from ¥2,009,782,688.44, reflecting a growth of 4.9%[18] - Total liabilities rose to ¥1,090,218,661.92 from ¥984,317,505.36, an increase of 10.7%[19] - The company's non-current assets totaled ¥1,010,791,714.46, up from ¥926,398,903.98, indicating an increase of 9.1%[18] Cash Flow - The cash flow from operating activities showed a significant decline, with a net cash flow of CNY 6,476,247.84, down 85.90% year-to-date[5] - Cash flow from operating activities decreased by 85.90% to ¥6,476,247.84, attributed to increased salary payments and expenses[11] - Cash flow from operating activities showed a net increase of 6,476,247.84 yuan, a decrease from 45,927,015.83 yuan in the previous period[25] - The company generated cash inflow from investment activities totaling 1,102,985,496.75 yuan, compared to 1,080,479,833.21 yuan in the prior period[25] - Cash flow from financing activities resulted in a net increase of 28,052,004.04 yuan, up from 15,637,797.32 yuan in the previous period[25] Inventory and Receivables - The company's inventory increased by 43.59% to CNY 236,852,459.17, attributed to increased orders from subsidiaries[10] - Inventory levels rose significantly to ¥236,852,459.17 from ¥164,953,185.98, marking a 43.5% increase[17] - The company reported a significant increase in receivables financing, which rose by 386.81% to CNY 45,556,512.77, due to the settlement of goods via bills[10] - Accounts receivable decreased slightly to ¥262,050,792.72 from ¥267,670,341.11, a decline of 2.5%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,434[13] - The largest shareholder, Wang Yutian, holds 44.90% of the shares, with a total of 92,799,243 shares pledged[14] Government Support and Other Income - The company received government subsidies amounting to CNY 811,768.91 during the reporting period, contributing to its financial performance[6] - Other income decreased by 35.08% to ¥5,630,632.70, mainly due to a reduction in subsidies related to daily activities[11] Management and Operational Costs - Management expenses increased by 39.91% to ¥71,339,709.81, primarily due to salary growth from new subsidiaries and increased depreciation[11] - Total operating costs amounted to ¥719,543,638.15, up from ¥628,455,227.60, reflecting a rise of 14.5%[20] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies, although specific figures were not disclosed in the call[20]

Core Viewpoint - The emergence of the "deep earth economy" concept in the A-share market has led to a surge in various sectors including oil and gas, mining, engineering machinery, and infrastructure, attracting significant investor attention [1] Company Responses - 博盈特焊: The company's anti-corrosion and wear-resistant welding technology can be applied to oil pipelines and other components requiring such technology in deep earth oil and gas transportation [1] - 梅安森: The company's products and related technologies are primarily used for intelligent and safe production in various underground mining spaces. The company is actively developing mining robots for autonomous inspections in underground spaces, with steady progress in related R&D [1] - 北路智控: The company provides intelligent mining-related hardware and software products and solutions. It will continue to align with national policies in the "deep earth economy" sector and actively seize related development opportunities [1] - 中交设计: The company leads the China Communications Construction Group's deep earth future industry, forming an innovative consortium for deep underground space utilization, focusing on geological exploration, ultra-deep shaft construction, and other technical R&D, achieving significant results [1] - 地铁设计: The company is engaged in surveying, design, planning consulting, and engineering contracting in rail transit, municipal, and civil construction fields, participating in multiple urban underground space development projects [1] - 苏盐井神: The company is currently focused on key projects related to deep earth development, including the Zhangxing gas storage facility (Phase I), a joint venture with Jiangsu Guoxin Group for the 600MW gas storage project, and a salt cavern small molecule gas storage center project [1]

Group 1 - The company Hongrida announced a change in its continuous supervision and sponsorship representatives for its 2022 initial public offering on the ChiNext board, appointing Ms. Li Zhe and Mr. Xu Xin [1] - The continuous supervision period is set to last until December 31, 2025 [1]

证券代码：301285 证券简称：鸿日达 公告编号：2025-066 鸿日达科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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、 误导性陈述或重大遗漏。 鸿日达科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第二届董 事会第十六次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 同意在不影响募集资金投资项目建设和公司正常经营的前提下，公司及子公司使用不超 过人民币 2.9 亿元的闲置募集资金进行现金管理，使用期限自前次募集资金现金管理的 授权到期之日起 12 个月内有效，即 2025 年 11 月 3 日至 2026 年 11 月 2 日。在上述额 度的有效期内，资金可滚动使用，同时授权公司董事长在上述额度和期限范围内行使投 资决策权并签署相关文件，公司财务部门具体办理相关事宜。具体内容详见公司 2025 年 8 月 26 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用部分闲置募集资金 进行现金管理的公告》（公告编号：2025-060 ...

证券代码：301285 证券简称：鸿日达 公告编号：2025-065 鸿日达科技股份有限公司 关于更换持续督导保荐代表人的公告 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。 公司董事会对蔡晓涛先生在公司 2022 年首次公开发行并在创业板上市项目 以及持续督导期间所作出的贡献表示衷心感谢！ 特此公告。 鸿日达科技股份有限公司董事会 2025 年 10 月 17 日 附件：徐欣先生简历 徐欣：男，保荐代表人，东吴证券投资银行部业务总监，2011年开始从事投 资银行业务，曾负责或参与了中泰桥梁、东山精密、苏州科达、瑞可达、苏大维 格、华阳智能等IPO及再融资项目的承销保荐工作。 鸿日达科技股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日收到 公司保荐机构东吴证券股份有限公司（以下简称"东吴证券"）出具的《关于更 换持续督导保荐代表人的函》。东吴证券为公司 2022 年首次公开发行并在创业 板上市项目的保荐机构，原委派李喆女士、蔡晓涛先生担任公司持续督导工作的 保荐代表人，持续督导期至 2025 年 12 月 31 日。 蔡晓涛先生因工作变动， ...

Core Insights - Hongri Da's stock price decreased by 0.45% on October 10, with a trading volume of 202 million yuan. The company experienced a net financing outflow of 869.97 million yuan on the same day [1] Financing and Margin Trading - On October 10, Hongri Da had a financing buy-in amount of 15.52 million yuan, with a total financing balance of 324 million yuan, representing 8.50% of its market capitalization. This financing balance is above the 90th percentile of the past year, indicating a high level [1] - In terms of margin trading, there were no shares sold or repaid on October 10, with a margin balance of 0.00 yuan, also above the 80th percentile of the past year, indicating a high level [1] Company Overview - Hongri Da Technology Co., Ltd. is located in Kunshan, Suzhou, Jiangsu Province, and was established on June 27, 2003. The company was listed on September 28, 2022, and specializes in the research, production, and sales of precision connectors [1] - The main revenue composition of the company includes connectors (64.99%), institutional components (23.86%), and others (11.16%) [1] Financial Performance - As of June 30, the number of shareholders for Hongri Da was 8,366, a decrease of 4.67% from the previous period. The average circulating shares per person increased by 4.62% to 9,383 shares [2] - For the first half of 2025, Hongri Da reported a revenue of 438 million yuan, a year-on-year increase of 12.41%. However, the net profit attributable to the parent company was -7.14 million yuan, a decrease of 144.42% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Hongri Da has distributed a total of 34.52 million yuan in dividends [3] - As of June 30, 2025, Hongri Da's top ten circulating shareholders saw Hong Kong Central Clearing Limited exit from the list [3]

| | 中信银行 | 共赢智信汇率 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 鸿日达科 | 昆山高新 | 挂钩人民币结 | | 保本浮 | 2025 年 | 2025 年 | | 闲置募 | | 技股份有 | 技术产业 | 构性存款 | 2,500 | 动收益 | 7 月 1 | 9 月 29 | 10.79 | 集资金 | | 限公司 | 开发区支 | | | 型 | 日 | 日 | | | | | | A07842 期 | | | | | | | | | 行 | | | | | | | | | | 中信银行 | 共赢智信利率 | | | | | | | | 东台润田 | 昆山高新 | | | 保本浮 | 2025 年 | 2025 年 | | | | | | 挂钩人民币结 | | | | | | 闲置募 | | 精密科技 | 技术产业 | 构性存款 | 1,000 | 动收益 | 6 月 21 | 9 月 22 | 4.46 | 集资金 | | 有限公司 | 开发区支 | | | 型 | 日 | 日 | ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份, 美格智能, 中际旭创, 天孚通信, 鸿日达, 中国移动, 工业富联, 中国电信, 新亚电子, and 鼎通科技 [1][2][3] Core Insights - The OCS (Optical Circuit Switch) market is accelerating due to advancements in AI and is expected to see significant growth, with a projected market size increase from $72.78 million in 2020 to $366.47 million by 2024, reflecting a CAGR of 49.80% [2][16][35] - The quantum computing sector is experiencing rapid development, with significant investments from major tech companies, including a commitment of over £31 billion from Microsoft, Nvidia, Google, and OpenAI to enhance AI infrastructure and quantum technology in the UK [3][6][17] - The report highlights the potential for large-scale applications of OCS technology across various fields, driven by the increasing demand for high-speed, low-energy optical switching solutions [2][35] Summary by Sections OCS Market Insights - The OCS technology is positioned as a mainstream direction for next-generation switching technology, showcasing advantages such as high bandwidth capacity and low energy consumption [2][21] - The global OCS switch market is expected to reach $2,022.21 million by 2031, with a CAGR of 17.12% from 2025 to 2031 [16][32] - The report identifies key OCS technology solutions, including MEMS, digital liquid crystal (DLC), and direct beam steering (DBS) [24][27] Quantum Computing Developments - The quantum computing market is projected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a CAGR of 48.1% [19][51] - Significant advancements in quantum computing architecture have been achieved, including the development of the AshN instruction set architecture, which enhances operational efficiency and reduces error accumulation [18][37] - The report emphasizes the ongoing acceleration of quantum computing technology and its potential for diverse applications [19][51] Communication Industry Dynamics - The communication sector index increased by 0.52% during the week of September 15-19, 2025, outperforming the broader market [11][12] - Key recommended stocks in the communication sector include 中国移动, 中国电信, and 中际旭创, among others [20][8] - The report notes the competitive landscape in the OCS market, with major players like Google expected to dominate the market share [29][32]

Core Points - The company Hongrida (301285.SZ) reported a revenue of 438 million yuan for the first half of 2025, marking a year-on-year increase of 12.41% [1][2] - The net profit attributable to shareholders was -7.14 million yuan, a significant decline from 16.08 million yuan in the same period last year, representing a decrease of 144.42% [1][2] - The net profit after deducting non-recurring gains and losses was -12.14 million yuan, down from 12.87 million yuan year-on-year, indicating a decrease of 194.34% [1][2] - The net cash flow from operating activities was -101.83 million yuan, compared to -23.50 million yuan in the previous year, reflecting a decline of 333.25% [1][2] Financial Performance - For the year 2024, the company achieved a revenue of 830 million yuan, which is a 15.22% increase year-on-year [2] - The net profit attributable to shareholders for 2024 was -7.57 million yuan, down from 30.99 million yuan the previous year [2] - The net profit after deducting non-recurring gains and losses for 2024 was -9.01 million yuan, compared to 17.04 million yuan in the prior year [2] - The net cash flow from operating activities for 2024 was 38.16 million yuan, showing a decline of 56.17% year-on-year [2] IPO Information - Hongrida was listed on the Shenzhen Stock Exchange's ChiNext board on September 28, 2022, with an initial public offering of 51.67 million shares at a price of 14.60 yuan per share [3] - The total amount raised from the IPO was 754.38 million yuan, with a net amount of 675.83 million yuan, exceeding the original target by 193.30 million yuan [3] - The funds were intended for the production project of precision connectors in Kunshan and to supplement working capital [3] Issuance Costs - The total issuance costs for the IPO amounted to 78.55 million yuan, with underwriting and sponsorship fees accounting for 57.15 million yuan [4]