Core Viewpoint - The company, Kangliyuan, is transforming from a traditional manufacturing enterprise into a technology service-oriented company, focusing on innovation and high-quality development in the sports industry, aligning with national policies to promote sports consumption and development [2][7]. Group 1: Company Transformation and Vision - Kangliyuan aims to evolve its equipment into immersive experiences and its factory into an ecosystem, reflecting a commitment to a "second entrepreneurship" in response to the national "14th Five-Year Plan" [2]. - The company is dedicated to continuous innovation, with R&D expenses accounting for 3.3% of total revenue in the first three quarters of 2025, despite market pressures [3]. Group 2: Product Innovation and Market Strategy - The introduction of smart fitness equipment, such as an intelligent treadmill that acts as a "personal fitness coach," showcases the company's focus on integrating technology with fitness solutions [3]. - Kangliyuan is developing safety features for its smart strength training equipment to address safety concerns associated with traditional weight machines, enhancing user experience and product safety [3]. Group 3: Intellectual Property and Global Expansion - The company holds 242 national patents, including 9 invention patents, and is working towards national-level certification for its testing center, emphasizing its commitment to innovation and quality [4]. - A new manufacturing facility in Malaysia is set to begin operations by the end of the year, aimed at serving Southeast Asia and Australia, thereby enhancing supply chain resilience and market reach [4]. Group 4: Business Model Evolution - Kangliyuan is shifting from selling equipment to providing comprehensive solutions, creating a "scene-data-R&D" cycle that opens new growth opportunities [5]. - The "Smart Fitness Management System" allows companies to track employee fitness data, enhancing the value proposition of fitness solutions beyond mere equipment sales [5]. Group 5: Corporate Governance and Brand Development - Post-IPO, Kangliyuan emphasizes strict governance and transparency, with a focus on long-term development rather than short-term stock price fluctuations [6]. - The company is enhancing its brand presence through strategic marketing initiatives, aiming to strengthen its brand recognition among consumers [6]. Group 6: Industry Outlook - The government aims for the sports industry to exceed 7 trillion yuan by 2030, positioning Kangliyuan to become a globally recognized sports technology enterprise [7].

Group 1 - The entertainment products sector saw a slight increase of 0.04% on December 30, with Yingpais leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Notable gainers in the entertainment products sector included Meipais, which rose by 7.74% to a closing price of 28.13, and Hailun Piano, which increased by 5.47% to 16.20 [1] Group 2 - The entertainment products sector experienced a net inflow of 18.26 million yuan from main funds, while retail investors saw a net outflow of 7.48 million yuan [2] - The top stocks by main fund inflow included Yingpais with 40.83 million yuan and Hailun Piano with 10.02 million yuan [3] - Conversely, stocks like Shifeng Culture and Tongda Chuangzhi experienced declines of 2.51% and 2.20%, respectively [2]

东海证券股份有限公司 关于江苏康力源体育科技股份有限公司 2025 年度定期现场检查报告 | 保荐人名称：东海证券股份有限公司 被保荐公司简称：康力源 | | --- | | 保荐代表人姓名：张兴初 联系电话：021-20333529 | | 保荐代表人姓名：王青松 联系电话：021-20333529 | | 现场检查人员姓名：张兴初、张群弢 | | 现场检查对应期间：2025年度 | | 现场检查时间：2025.11.11-2025.11.30 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：核查公司会议文件、公司治理制度等文件，并核查会议召开通知、记录、 | | 签名册等文件，对会议召集程序、出席会议人员的资格、召集人资格、表决程序等事项进 | | 行核查。公司分别于2025年11月4日召开第二届董事会第十八次会议及2025年11月21日召 | | 开2025年第二次临时股东大会，决议取消监事会。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | 3.股东会、董事会会议记录是否完 ...

证券代码：301287 证券简称：康力源 公告编号：2025-059 江苏康力源体育科技股份有限公司 1. 名称：江苏康力源体育科技股份有限公司 2. 统一社会信用代码：913203827035957410 3. 类型：股份有限公司（上市） 4. 法定代表人：衡墩建 5. 经营范围：文具、文教办公用品、实验分析仪器、教学专用仪器、乐器 及零件、工艺品、体育用品及器材、健身器材、运动防护用具、玩具、露天 娱乐场所游乐设备、游艺用品及室内游艺器材、电动机、电风扇、照明器具、 自行车、非机动三轮车、家具、门窗、服装、鞋帽、电疗仪器制造、销售； 软件开发、信息系统集成服务、信息技术咨询服务；厨房、卫生间用具及日 用杂货、灯具、装饰品、图书、报刊、音像制品及电子出版物、计算机、软 件及辅助设备、通讯及广播电视设备（不含无线电发射设备）电子产品批发、 零售；黄金饰品加工、销售；本企业自产的健身器材、电风扇、电动机出口； 本企业生产、科研所需的原铺材料、机械设备、仪器仪表及零配件进口。（依 法须经批准的项目，经相关部门批准后方可开展经营活动） 一般项目：技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；体育保障 ...

2、培训方式：现场授课与自学相结合的方式 关于江苏康力源体育科技股份有限公司 2025 年度持续督导培训情况报告 东海证券股份有限公司（以下简称"保荐人"）作为江苏康力源体育科技 股份有限公司（以下简称"康力源"、"公司"）首次公开发行股票并在创业 板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号——保 荐业务》的要求，对康力源进行了 2025 年度持续督导培训，现将培训情况报告 如下： 一、本次持续督导培训的基本情况 1、培训时间：2025 年 11 月 21 日 东海证券股份有限公司 保荐代表人(签名): 王青松 3、培训地点：公司会议室 4、培训对象：公司的控股股东、实际控制人、董事、高级管理人员、中层 以上管理人员等相关人员 二、培训内容 三、培训结论 本次培训得到了康力源的积极配合，全体参与培训人员对上市公司股东及 其董监高减持规定、对外担保及上市公司信息披露等监管规定进行了认真学习， 加深了对注册制下创业板上市公司规范运作要求的认识，进一步理解了上市公 司信息披露真实、准确、完整、及时的重要性，本次培训达到了预期目标，取 得了良好效果。 （以下无正文） (以下无正文,为《东海证 ...

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 8, there are 913 stocks with a circulating market value below 3 billion yuan, and 371 of these have a circulating market value below 2 billion yuan [1] - A total of 1,632 stocks have a total market value below 5 billion yuan, with 519 stocks having a total market value below 3 billion yuan [1] Market Data Summary - The three stocks with the smallest circulating market values are: - Kuntai Co., Ltd. at 664 million yuan - Yangzhou Jinqiao at 701 million yuan - Kangliyuan at 711 million yuan [1] - The three stocks with the smallest total market values are: - *ST Changyao at 739 million yuan - *ST Aowei at 874 million yuan - Delisted Suwu at 881 million yuan [1] Stock Performance Overview - Selected stocks with circulating market values below 2 billion yuan include: - Kuntai Co., Ltd. with a PE ratio of 48.29 [1] - Yangzhou Jinqiao with a PE ratio of 24.48 [1] - Kangliyuan with a PE ratio of 36.79 [1] - Other notable stocks include: - *ST Changyao with a total market value of 739 million yuan and no PE ratio [1] - *ST Aowei with a total market value of 874 million yuan and no PE ratio [1] Additional Stock Listings - Other stocks with circulating market values around 800 million to 900 million yuan include: - Zairun New Energy at 789 million yuan with a PE ratio of 44.70 [1] - Lanyu Co., Ltd. at 791 million yuan with a PE ratio of 49.95 [1] - Chenyi Intelligent at 804 million yuan with a PE ratio of 98.83 [1]

Core Viewpoint - The latest financing balance of the ChiNext market is 528.402 billion yuan, with a week-on-week increase of 0.672 billion yuan, indicating a mixed performance among stocks, with 26 stocks seeing a financing balance increase of over 10% and 13 stocks experiencing a decline of over 10% [1][6]. Financing Balance Overview - As of December 5, the ChiNext index rose by 1.36%, with a total margin balance of 530.19 billion yuan, an increase of 0.692 billion yuan from the previous trading day [6]. - The financing balance reached 528.402 billion yuan, reflecting a week-on-week increase of 0.672 billion yuan, while the securities lending balance was 1.788 billion yuan, up by 20 million yuan [6][1]. Stocks with Increased Financing Balance - A total of 383 stocks in the ChiNext saw an increase in financing balance, with 26 stocks experiencing an increase of over 10%. The stock with the highest increase was International Composite Materials, with a financing balance of 527.348 million yuan, up by 61.37%, and a price increase of 20.03% [3][6]. - Other notable stocks with significant financing balance increases include Haichang New Materials (29.09%) and Slin Co., Ltd. (27.01%) [3][6]. Market Performance of Stocks - Among the stocks with a financing balance increase of over 10%, the average price increase on that day was 5.16%, with 21 stocks rising, including International Composite Materials and Focase Technology, which hit the daily limit [6][1]. - Stocks with notable price increases included Boying Special Welding (10.93%), Beijete (10.85%), and Haichang New Materials (7.94%) [6][1]. Stocks with Decreased Financing Balance - A total of 564 stocks experienced a decrease in financing balance, with 13 stocks seeing a decline of over 10%. The largest decrease was for Xinde New Materials, with a financing balance of 91.818 million yuan, down by 20.06% [4][10]. - Other stocks with significant declines included Kangli Source (-18.70%) and Zhaobiao Co., Ltd. (-16.11%) [4][10]. Capital Flow Analysis - On December 5, among the stocks with increased financing balance, 17 stocks saw net inflows of main funds, with the highest inflows in Zhinan Zhen (517 million yuan), International Composite Materials (472 million yuan), and Slin Co., Ltd. (86.465 million yuan) [2][7]. - Conversely, 9 stocks experienced net outflows, with the largest outflows in Gogo Technology (-126 million yuan), Huaren Health (-60.594 million yuan), and Haichang New Materials (-48.434 million yuan) [2][7].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 5, there are 932 stocks with a circulating market value below 3 billion yuan, and 376 of these have a circulating market value below 2 billion yuan [1] - A total of 1,653 stocks have a total market value below 5 billion yuan, with 530 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are Kuntai Co. at 663 million yuan, Kangliyuan at 689 million yuan, and Yangzhou Jinqian at 692 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 729 million yuan, *ST Suwu at 881 million yuan, and *ST Aowei at 905 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as automotive, light manufacturing, and textiles [1][2]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1][2] - As of December 4, there are 947 stocks with a circulating market value below 3 billion yuan, and 383 of these have a circulating market value below 2 billion yuan [1][2] - In terms of total market value, there are 1,677 stocks with a total market value below 5 billion yuan, with 550 stocks having a total market value below 3 billion yuan [1][2] Market Data - The three stocks with the smallest circulating market values are: - Kuntai Co., Ltd. at 644 million yuan - Kangliyuan at 676 million yuan - Yangzhou Jinqian at 691 million yuan [1][2] - The three stocks with the smallest total market values are: - *ST Changyao (rights protection) at 785 million yuan - *ST Suwu (rights protection) at 881 million yuan - *ST Aowei (rights protection) at 954 million yuan [1][2] Stock Listings Under 2 Billion Yuan - A selection of stocks with circulating market values below 2 billion yuan includes: - Kuntai Co., Ltd. (6.44 billion yuan, PE ratio 46.83, Automotive) - Kangliyuan (6.76 billion yuan, PE ratio 34.99, Light Industry Manufacturing) - Yangzhou Jinqian (6.91 billion yuan, PE ratio 24.13, Textile and Apparel) [1][2] - Other notable stocks include: - *ST Changyao (7.85 billion yuan, PE ratio not available, Pharmaceutical) - *ST Suwu (8.81 billion yuan, PE ratio not available, Pharmaceutical) [1][2]

Core Viewpoint - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Group 1: Market Overview - As of December 2, there are 911 stocks with a circulating market value below 3 billion yuan, and 359 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,638 stocks have a total market value below 5 billion yuan, with 516 stocks having a total market value below 3 billion yuan [1] Group 2: Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 662 million yuan - Kangliyuan: 688 million yuan [1] Group 3: Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Changyao: 750 million yuan - *ST Suwu: 881 million yuan [1] Group 4: Selected Stocks with Low Market Values - A selection of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: 189 million yuan, PE ratio: N/A, Industry: Construction Decoration - Kuntai Co., Ltd.: 662 million yuan, PE ratio: 48.15, Industry: Automotive - Kangliyuan: 688 million yuan, PE ratio: 35.62, Industry: Light Industry Manufacturing - Other notable stocks include: - *ST Changyao: 750 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology - *ST Suwu: 881 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology [1][2]