Market Overview - The computer equipment sector increased by 2.14% on January 14, with Haohan Deep leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Top Performers - Haohan Deep (688292) closed at 37.24, up 20.01% with a trading volume of 244,700 shares and a transaction value of 853 million [1] - Jiayuan Technology (301117) closed at 84.48, up 20.00% with a trading volume of 325,700 shares and a transaction value of 2.592 billion [1] - Yinshe Technology (920190) closed at 32.90, up 12.10% with a trading volume of 152,800 shares and a transaction value of 501 million [1] Underperformers - Tiandi Digital (300743) closed at 21.71, down 6.78% with a trading volume of 158,200 shares and a transaction value of 355 million [2] - Entropy Technology (301330) closed at 44.77, down 3.78% with a trading volume of 253,200 shares and a transaction value of 1.164 billion [2] - Aerospace Intelligent Equipment (300455) closed at 33.40, down 2.88% with a trading volume of 790,800 shares and a transaction value of 2.698 billion [2] Capital Flow - The computer equipment sector saw a net inflow of 591 million from institutional investors, while retail investors contributed a net inflow of 563 million [2] - Speculative funds experienced a net outflow of 1.155 billion [2] Individual Stock Capital Flow - China Great Wall (000066) had a net inflow of 472 million from institutional investors, while retail investors saw a net outflow of 228 million [3] - Jiayuan Technology (301117) had a net inflow of 246 million from institutional investors, with a net outflow of 29.3 million from retail investors [3] - Hikvision (002415) recorded a net inflow of 214 million from institutional investors, while retail investors had a net outflow of 184 million [3]

Company Overview - Entropy Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on December 14, 2007, and listed on August 17, 2022. The company specializes in biometric recognition technology, providing smart entrance management, identity verification, and smart office products and solutions as a national high-tech enterprise [2]. Business Segmentation - The main business revenue composition includes: smart space products (36.99%), access control products (23.97%), other smart space products (13.03%), smart office products (9.18%), attendance products (5.59%), other smart office products (3.60%), digital identity authentication products (2.17%), smart commercial products (1.56%), card products (1.11%), biometric sensor products (0.81%), commercial products (0.77%), digital signage products (0.62%), other digital identity authentication products (0.25%), other products (0.20%), and other smart commercial products (0.17%) [2]. Financial Performance - As of September 30, 2025, the company achieved operating revenue of 1.401 billion yuan, a year-on-year decrease of 0.68%. The net profit attributable to the parent company was 128 million yuan, a year-on-year increase of 6.24% [3]. Shareholder Information - As of September 30, 2025, the number of shareholders was 20,300, a decrease of 8.40% from the previous period. The average circulating shares per person increased by 35.62% to 5,602 shares [3]. The company has distributed a total of 236 million yuan in dividends since its A-share listing [4]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder, holding 942,200 shares, a decrease of 164,800 shares from the previous period. Two funds, Baodao Growth Zhihang Stock A and Xin'ao Core Technology Mixed A, have exited the top ten circulating shareholders list [4].

Macro Economy - The Ministry of Industry and Information Technology (MIIT) issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to have over 450 influential platforms and more than 120 million industrial devices connected by 2028, with a platform penetration rate exceeding 55% [2] - MIIT held the 18th manufacturing enterprise symposium, emphasizing active participation in industry rule-making and self-regulation to promote a win-win environment and protect industry development [2] Investment News - On January 13, A-shares experienced a collective pullback, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64%. The total trading volume in Shanghai, Shenzhen, and Beijing reached 3.7 trillion, setting a new historical record [5] - The Hang Seng Index rose by 0.9%, with the Hang Seng Technology Index increasing by 0.11%. Pharmaceutical stocks performed well, with WuXi AppTec rising over 8% and WuXi Biologics nearly 6%. The H-share listing of Zhaoyi Innovation saw a peak increase of over 53% on its first day, closing with a 37.53% rise, valuing the company at 155.2 billion HKD [5] - As of January 12, the management scale of ETF products under Huaxia Fund officially surpassed 1 trillion RMB, reaching 1,016.424 billion RMB, making it the first domestic ETF manager to enter the "trillion club" [5] - Approximately 130 A-share listed companies have disclosed their 2025 performance forecasts, with around 70 companies expecting positive results, including profit increases and recoveries [5] - A total of 186 listed companies have been subject to concentrated research by public funds and brokerages, with the number of research instances reaching 220, indicating strong interest in popular stocks like Aipeng Medical and Entropy Technology [5] Company Movements - Guizhou Moutai is establishing a dynamic adjustment mechanism for retail prices based on market orientation, aiming for a "market-following, relatively stable" self-operated system [6] - The "Dead or Alive APP" will officially adopt the global brand name Demumu in its upcoming new version [7] - Alibaba Cloud has completed further strategic investment in ZStack, achieving a controlling stake, and plans to create a standardized and inclusive cloud-edge integrated solution [7] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University [7] - Huaxia Happiness expects a net loss of 16 billion to 24 billion RMB in 2025, with potential delisting risk warnings for its stock [8] - Zhongwen Online anticipates a net loss of 580 million to 700 million RMB in 2025, as its overseas short drama business is still in the investment phase [8] - Luxshare Precision has terminated its acquisition of the business asset package held by India's Wingtech [8]

人民财讯1月13日电，企查查APP显示，近日，熵基科技（301330）全资子公司厦门熵基科技有限公司 申请公布"情绪确定方法、装置、设备及可读存储介质"专利。专利摘要显示，本申请公开了一种情绪确 定方法、装置、设备及可读存储介质，该方法包括获取目标用户对应目标场景的脑波数据及情绪判断模 型；对所述脑波数据进行特征提取，得到用于表征脑部动态神经活动状态的多维度心情特征；基于所述 多维度心情特征及所述情绪判断模型，确定所述目标用户对应于所述目标场景的情绪属性；建立所述目 标场景与所述情绪属性的对应关系。可见，本申请可通过获取脑波数据与情绪判断模型，经特征提取、 情绪判断等步骤，建立目标场景与情绪属性间的对应关系，便于不同领域深入理解用户情绪，并以此为 基础为用户提供个性化服务以及心理健康干预。 ...

关于开立闲置募集资金现金管理专用结算账户的公告 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。 证券代码：301330 证券简称：熵基科技 公告编号：2026-003 熵基科技股份有限公司 为提高闲置募集资金使用效率，合理利用暂时闲置的募集资金，增加公司投 资收益和股东回报，熵基科技股份有限公司（以下简称"公司"）于 2025 年 9 月 10 日召开第三届董事会第二十次会议和第三届监事会第十九次会议，审议通 过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子公 司使用不超过人民币 80,000 万元（含本数）的部分暂时闲置募集资金（含超募 资金）进行现金管理，该使用额度及授权的有效期自公司董事会审议通过之日起 12 个月内有效，并在上述额度内滚动使用。具体内容详见公司于 2025 年 9 月 10 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于使用部分暂时闲置募 集资金进行现金管理的公告》（公告编号：2025-080）。 一、开立闲置募集资金现金管理专用结算账户的情况 3、相关工作人员的操作和监控风险。 （二 ...

Core Viewpoint - Guangdong Securities Regulatory Bureau issued a warning letter to Entropy Technology Co., Ltd. and its executives due to multiple violations found during an inspection, including inaccurate revenue recognition, inadequate bad debt provisions, miscalculation of R&D expenses, incorrect inventory impairment provisions, and inaccurate disclosure of related party transactions [1][2][3][4][5][6]. Group 1: Revenue Recognition Issues - Entropy Technology inaccurately recognized revenue by misaligning the periods for rebate provisions and corresponding sales, resulting in a cross-period revenue recognition of 36.95 thousand yuan for 2024 [1][2]. Group 2: Bad Debt Provisions - The company failed to adequately provision for bad debts, particularly for clients with significant credit risk, only using an aging method without individual assessments, which does not comply with accounting standards [1][2][3]. Group 3: R&D Expense Accounting - Entropy Technology included salaries of non-R&D personnel in R&D expenses without proper documentation of project hours, leading to inaccurate financial disclosures in the 2024 annual report [2][3][4]. Group 4: Inventory Impairment Provisions - The company used an inappropriate sales expense rate of 15% from a different subsidiary for inventory impairment testing, while the actual rate was 57%, resulting in overestimated net realizable value and inaccurate impairment provisions [2][3][4]. Group 5: Related Party Transaction Disclosure - The reported amount of related party transactions with ZKTECO SOLUTIONS INC. was inconsistent, with actual sales amounting to 18.91 million yuan, significantly higher than the disclosed 11.34 million yuan [3][4][5]. Group 6: Accountability of Executives - The chairman, general manager, financial director, and board secretary of Entropy Technology were held primarily responsible for the violations, with specific individuals accountable for different issues [3][4][5].

Group 1 - The A-share market saw a strong performance in brain-computer interface concept stocks, with several companies approaching or hitting their daily limit up [1] - Notable gainers included Entropy Technology, which approached a 20% limit up, and Dao's Technology and Yingkang Life, both rising over 13% [1] - Other significant performers included Tom Cat, which increased by over 10%, and Yanshan Technology, which hit a 10% limit up [1] Group 2 - The table lists various companies with their respective stock codes, percentage increase, total market capitalization, and year-to-date performance [2] - Entropy Technology (301330) had a 19.40% increase, with a market cap of 11.7 billion and a year-to-date increase of 50.11% [2] - Dao's Technology (300409) rose by 13.91%, with a market cap of 25.9 billion and a year-to-date increase of 47.49% [2] - Yingkang Life (300143) increased by 13.01%, with a market cap of 10 billion and a year-to-date increase of 35.43% [2] - Other companies like Tom Cat (300459) and Yanshan Technology (002195) also showed significant gains, with year-to-date increases of 29.63% and 60.65% respectively [2]

Core Viewpoint - The A-share market has seen a strong performance in brain-computer interface concept stocks, with several companies approaching or hitting their daily price limits [1] Group 1: Stock Performance - Entropy Technology (熵基科技) approached a 20% daily limit increase, with a rise of 19.40% and a market capitalization of 11.7 billion [2] - Dao's Technology (道氏技术) increased by 13.91%, reaching a market cap of 25.9 billion [2] - Yingkang Life (盈康生命) rose by 13.01%, with a market cap of 10 billion [2] - Tom Cat (汤姆猫) saw a 10.19% increase, with a market cap of 20.9 billion [2] - Rock Mountain Technology (岩山科技) hit a 10% daily limit increase, with a market cap of 64.6 billion [2] - Three Seven Entertainment (三七互娱) approached a 10% daily limit increase, with a rise of 9.97% and a market cap of 66.4 billion [2] - Other notable performers include Aipeng Medical (爱朋医疗) at 9.99%, Lens Technology (蓝思科技) at 9.80%, and Nanjing Panda (南京熊猫) at 9.33% [2] Group 2: Year-to-Date Performance - Entropy Technology has a year-to-date increase of 50.11% [2] - Dao's Technology has risen 47.49% year-to-date [2] - Yingkang Life has a year-to-date increase of 35.43% [2] - Tom Cat has increased by 29.63% year-to-date [2] - Rock Mountain Technology has a significant year-to-date increase of 60.65% [2] - Aipeng Medical has a year-to-date increase of 54.31% [2] - Nanjing Panda has a remarkable year-to-date increase of 63.01% [2] - Other companies like Innovation Medical (创新医疗) and Keda Xunfei (科大讯飞) have year-to-date increases of 74.01% and 19.29%, respectively [2]

Core Insights - The brain-computer interface (BCI) concept is gaining traction, with companies like Dao's Technology, Entropy Technology, and Aipeng Medical seeing stock increases of over 10% [1] - The surge follows a significant performance by Yanshan Technology, which achieved five consecutive trading limits in six days [1] - The National Medical Products Administration (NMPA) has announced plans to publicly consult on two recommended industry standards for medical devices utilizing BCI technology [1] Company Performance - Dao's Technology, Entropy Technology, and Aipeng Medical experienced stock price increases exceeding 10% [1] - Yanshan Technology has shown remarkable stock performance with six days of trading, five of which hit the upper limit [1] - Companies such as Sanqi Interactive Entertainment and Nanjing Panda are approaching trading limits, indicating strong market interest [1] Industry Developments - The NMPA is working on two key standards: one for reliability verification methods for invasive medical devices using BCI technology, and another for design and application specifications for functional reconstruction [1] - The public consultation on these standards reflects a growing regulatory framework supporting the BCI industry [1]

1月9日晚间，熵基科技（301330）发布公告称，公司于近日收到中国证券监督管理委员会广东监管局出 具的警示函。《警示函》显示，公司存在五大违规问题，包括收入确认不准确，坏账准备计提不准确， 研发费用核算不准确，存货跌价准备计提不准确，关联交易披露不准确。针对以上问题，广东证监局决 定对熵基科技股份有限公司、车全宏、金海荣、王友武、郭艳波采取出具警示函的行政监管措施。 《警示函》显示，熵基科技存在以下违规问题：收入确认不准确。熵基科技对部分客户计提返利的期间 与对应销售期间不一致，导致2024年跨期确认收入36.95万元。 坏账准备计提不准确。熵基科技部分客户信用风险显著提升，应收账款减值迹象明显，且公司并未对该 部分客户进行投保，公司仅按账龄组合计提坏账准备，未对该部分客户进行单项计提坏账准备，公司对 该部分客户坏账计提不充分。 研发费用核算不准确。经查，熵基科技存在将法务部等非研发人员工资计入研发费用的情况，且上述人 员均未登记研发项目工时，导致公司研发费用列支不准确。 存货跌价准备计提不准确。经查，熵基科技子公司ZKTECOUSALLC实际销售费用率为57%，但在存货 跌价测试中参考另一子公司ZKTEC ...