Group 1 - The core viewpoint of the article highlights the financial performance of Zhishang Technology, indicating a mixed result in revenue and profit metrics for the first three quarters of 2025 [2] Group 2 - The company's operating revenue for the first three quarters of 2025 reached 749,208,450.93 yuan, representing a year-on-year growth of 3.24% [2] - The net profit attributable to shareholders of the listed company was 163,219,495.34 yuan, showing a significant year-on-year increase of 173.36% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1,856,071.61 yuan, reflecting a year-on-year decline of 103.42% [2]

Core Insights - The core viewpoint of the article highlights the strategic focus of Hengyang Data in the intelligent computing sector, particularly in AI computing centers, cloud computing data centers, and edge computing infrastructure [2] Group 1: Intelligent Computing Business - Hengyang Data is concentrating on AI computing centers, cloud computing data centers, and edge computing core infrastructure [2] - The main products include AI computing cluster DPU products, AI integrated machines/DPI integrated machines, and AI computing cluster switches, which provide efficient and reliable computing solutions for clients [2] - The intelligent computing business is becoming a core profit growth point for Hengyang Data, driven by policy incentives and market demand [2] Group 2: Data Processing Business - In the data processing sector, Hengyang Data's offerings are applied in network visualization data centers, with key products including data processing equipment and data analysis application platforms [2] - The company provides comprehensive integrated solutions based on its product system, catering to various industry needs [2] - Hengyang Data's data application products and integrated solutions have successfully achieved sales in multiple countries and regions, including Southeast Asia, the Middle East, and Africa [2]

Group 1 - The core viewpoint of the article highlights that Zhishang Technology is advancing its MPC (Metal PIC Coupler) product, which offers high-density optical connection solutions for emerging onboard and co-packaged applications [2] - The MPC product is specifically designed for fiber direct-connected chips, significantly reducing transmission loss and enhancing system efficiency [2] - Currently, the company's MPC-related products have passed customer certification and are in the NPI (New Product Introduction) stage, with plans to introduce an automated production line for small-scale production by mid-next year [2]

（文章来源：证券日报） 证券日报网12月11日讯致尚科技在12月11日回答调研者提问时表示，恒扬数据AI算力集群DPU产品主要 为基于FPGA（现场可编程逻辑门阵列）芯片自研的异构计算加速卡、智能加速卡、AINIC（AI智能网 卡）等，主要产品形态为包含嵌入式软件的硬件设备。恒扬数据可将客户的业务逻辑以及相对低效率的 软件算法转化为基于FPGA路线实现的高性能、多并发、低功耗的计算硬件单元，结合恒扬数据成熟的 硬件架构设计、PCB设计、仿真、测试等能力，最终形成高可靠、高性能、深度适配业务需求的DPU产 品。恒扬数据DPU产品主要应用于云计算集群和AI算力集群等场景，能够帮助核心芯片分担专项计算 任务、网络及存储等工作负载，使核心芯片专注AI训练、模型推理等关键计算任务，从而提升系统整 体效率。 ...

Core Viewpoint - Zhishang Technology stated that the MPC solution provides high-density optical connection solutions for emerging onboard and co-packaged applications, with specific terminal application details to be confirmed by official customer announcements [2] Group 1 - The MPC solution is designed for high-density optical connections [2] - The application of the MPC solution is targeted at new onboard and co-packaged applications [2] - Customers will provide official announcements regarding specific terminal applications [2]

Core Viewpoint - The company, Zhishang Technology, is focusing on the production of optical communication products, particularly fiber optic connectors, and is committed to enhancing its R&D and production capabilities to meet the growing demand in the data center sector [2] Group 1: Product Offerings - The company currently produces a range of optical communication products, including MTP/MPO fiber optic jumpers, high-density fiber optic jumpers, fiber optic array components, and conventional fiber optic jumpers [2] Group 2: Market Trends and Strategy - The acceleration of data center construction and the increasing demand for computing power are driving the rapid technological iteration of optical communication products [2] - The company plans to continuously upgrade its solutions in line with industry technological advancements and customer needs [2] - There will be a steady increase in production capacity based on market demand, aimed at improving overall operational efficiency [2]

Company Overview - Zhishang Technology (SZ 301486) announced that on December 11, 2025, it will accept an investor survey conducted by Southern Fund, with the company's board secretary Chen Liyu and securities representative Fang Jiaqi participating in the reception and addressing investor inquiries [1] Financial Performance - For the year 2024, Zhishang Technology's revenue composition is as follows: 78.78% from the manufacturing of computers, communications, and other electronic equipment, while other sectors account for 21.22% [1] - As of the report date, Zhishang Technology has a market capitalization of 13.3 billion yuan [1]

Financial Performance - In the first three quarters of 2025, the company's operating revenue reached ¥749,208,450.93, representing a year-on-year increase of 3.24% [2] - The net profit attributable to shareholders was ¥163,219,495.34, showing a significant year-on-year growth of 173.36% [2] - The net profit after deducting non-recurring gains and losses was -¥1,856,071.61, indicating a decline of 103.42% compared to the previous year [3] Product Development in Optical Communication - The main optical communication products currently in mass production include MTP/MPO fiber jumpers, high-density fiber jumpers, fiber array components, and conventional fiber jumpers [4] - The company plans to enhance R&D investment and improve technical capabilities to maintain competitiveness in the optical communication sector [4] MPC Product and Applications - MPC (Metal PIC Coupler) provides high-density optical connection solutions for emerging onboard and co-packaged applications, designed to reduce transmission loss and enhance system efficiency [5] - MPC-related products have passed customer certification and are currently in the NPI stage, with small-scale production expected to begin mid-next year [5][6] Production Base in Vietnam - The production base in Vietnam has commenced operations, with an expected output value of ¥500 million by next year [7] - The company plans to invest part of the raised funds into building an intelligent manufacturing base in Vietnam, projected to achieve an output value of ¥700 million upon full production [7] - Once all production bases in Vietnam are fully operational, the total expected output value will reach ¥1.2 billion [7] Acquisition Progress - The company is in the process of acquiring Hengyang Data, with updates provided in response to the Shenzhen Stock Exchange's inquiries [8] - The acquisition involves a commitment to achieve a cumulative net profit of no less than ¥300 million over three years, with annual targets of ¥90 million, ¥100 million, and ¥110 million for 2025, 2026, and 2027 respectively [12] Future Growth Points - Hengyang Data's focus on AI computing centers, cloud computing data centers, and edge computing infrastructure is expected to drive future growth [10] - The data processing business is also expanding, with products aimed at network visualization and comprehensive solutions successfully sold in Southeast Asia, the Middle East, and Africa [11]

Group 1 - The consumer electronics sector experienced a decline of 2.58% on December 11, with ZTE leading the drop [1] - The Shanghai Composite Index closed at 3873.32, down 0.7%, while the Shenzhen Component Index closed at 13147.39, down 1.27% [1] - A detailed table of individual stock performance within the consumer electronics sector is provided [1] Group 2 - The net outflow of main funds from the consumer electronics sector was 4.089 billion yuan, while speculative funds saw a net inflow of 377 million yuan and retail investors had a net inflow of 3.712 billion yuan [2] - A detailed table of fund flows for individual stocks in the consumer electronics sector is included [2]

New Stock Listings - Baiaosaitu (688796) listed at an issue price of 26.68 on December 10, 2025[1] - Quanyin Gaoke (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - Tiangong Co. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - ST Guangdao (920680) enters the delisting arrangement period starting December 11, 2025[1] - ST Suwu (600200) has 13 trading days remaining until the last trading day[1] Market Volatility - Hai Xin Food (002702) reported severe abnormal fluctuations[1] - Anji Food (603696) and other companies are under observation for abnormal trading activities[2] Additional Announcements - Multiple companies including Dongbai Group (600693) and Nanjing Business Travel (600250) have recent announcements linked to their stock codes[1] - Various companies are linked to announcements regarding abnormal fluctuations and trading activities[3]