涛涛车业 20251126 摘要 淘淘车业主要通过越南工厂生产并出口车辆至美国，泰国工厂预计 2026 年 Q1 投产，满产后年产能达 4 万台。美国工厂已有一条生产线运 行，计划 12 月增加第二条，团队近 400 人负责组装，效率逐步提升。 第二品牌"开口"旨在加密经销商网络，产品、价格及毛利与迪纳狗一 致，但外观和智能化有所提升。经销商多为年轻化新势力，已发展 50 多家，计划扩展至 80-100 家，自 2025 年 8 月起已出货 500 多台，仍 供不应求。 美国电动低速车市场需求增长超预期，主要面向中产家庭。本土品牌收 入增长明显，雅马哈油动车业务预计增长。淘淘车业凭借综合实力和产 能布局，在供应链和客户转移方面具备优势，有望超越竞争对手。 高尔夫球车毛利率高于公司平均水平，自有品牌占比超 70%。2025 年 Q3 公司整体毛利率为 42%，球车毛利率更高。两次涨价因越南关税和 生产成本增加，公司具备议价能力，预计未来球车净利润率和毛利率仍 能保持较高水平。 Q&A 淘淘车业在海外产能方面的进展和未来规划是怎样的？ 淘淘车业在海外产能方面取得了显著进展。越南工厂自 2025 年 7 月开始生产 ...

中国经济网北京11月26日讯 露笑科技（002617.SZ）昨日晚间披露《关于公司控股股东、实际控制 人及其一致行动人拟减持股份的预披露公告》。 根据公告，控股股东露笑集团有限公司（以下简称"露笑集团"）及其一致行动人凯信投资管理有限 公司—凯信露笑1号私募证券投资基金、凯信投资管理有限公司—凯信露笑2号私募证券投资基金、鲁小 均、李伯英、鲁永计划通过集中竞价、大宗交易方式合计减持公司股份不超过57,275,218股（即不超过 剔除公司回购专用账户股份后总股本的3%）。其中通过集中竞价交易方式进行减持的，在任意连续90 日内减持股份总数不超过公司总股本的1%；通过大宗交易方式进行减持的，在任意连续90日内减持股 份总数不超过公司总股本的2%。减持期间为自公告发布之日起15个交易日后的3个月内。 按上一交易日公司收盘价8.18元计算，露笑集团及其一致行动人拟减持套现合计约468,511,283.24 元。 截至公告披露日，露笑集团及其一致行动人合计持有公司股份261,010,732股，占剔除公司回购专用 账户股份后总股本的13.67%。露笑集团为控股股东，鲁小均为实际控制人，鲁永为实际控制人、董事 长，李伯英为 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 每天三分钟 公告很轻松 德明利：拟募资不超32亿元 用于固态硬盘、内存产品扩产项目等；上纬新材：选举彭志辉为公司董事 长；富森美：副总经理、董事会秘书张凤术被立案调查并实施留置措施；君亭酒店：控股股东筹划公司 控制权变更 26日起停牌…… 聚焦一：德明利：拟募资不超32亿元 用于固态硬盘、内存产品扩产项目等 公司计划向特定对象发行股票，发行对象不超过35名，且所有发行对象均以现金方式认购，发行数量不 超过6806.59万股(含本数)。募集资金总额不超过32亿元，将用于固态硬盘（SSD）扩产项目、内存产品 （DRAM）扩产项目、德明利智能存储管理及研发总部基地项目以及补充流动资金。 聚焦二：上纬新材：选举彭志辉为公司董事长 2025年11月25日，公司召开第四届董事会第一次会议，全体董事一致同意选举彭志辉担任公司第四届董 事会董事长，并选举产生第四届审计委员会、战略与可持续发展委员会、提名与薪酬考核委员会。 聚焦三：富森美：副总经理、董事会秘书张凤术被立案调查并实施留置措施 公司近日收到崇州市监察委员会签发的《立案通知书》和《留置通知书》，对公司副总经理、董事会 ...

公司最新披露的公告显示，谢乾于10月13日至10月29日期间通过集中竞价及大宗交易方式减持公司股份88.97万股，减持后持有公司股份4677.82万股，与 其一致行动人宜兴中恒企业管理有限公司合计持有公司股份4845.7万股，占公司总股本的比例由40.74%减少至40.00%。 目前，公司控股股东、实际控制人减持计划尚未实施完毕。 据悉，谢乾已于去年10月减持了3%股份。 11月20日晚，卓易信息公告，公司正在筹划发行境外股份（H股）并在香港联合交易所有限公司上市事宜。 公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，此次H股上市不会导致公司控股股东和实际控制人发生变化。 资料显示，公司主营业务主要为政企客户、中小软件企业及软件开发人员提供集成化开发工具（IDE）产品及服务、为CPU和计算设备厂商提供云计算设 备核心固件（BIOS、BMC）产品和服务，以及为政企客户提供端到端的云产品及云服务。 需要注意的是，今年9月，卓易信息披露了控股股东、实际控制人谢乾减持股份计划。 根据公告，因自身资金需求，谢乾拟通过集中竞价和大宗交易相结合的方式减持不超过363.43万股公司股份，占公司股份 ...

Core Viewpoint - The company, Yuanjie Technology, plans to accelerate its international strategy and enhance its brand image by issuing H-shares and listing on the Hong Kong Stock Exchange [1][3]. Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [1]. - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering all processes from chip design to wafer manufacturing and testing, with multiple self-controlled production lines [1]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [2]. - In the third quarter of 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 207.31% and a quarter-on-quarter increase of 47.90%, with a net profit of approximately 59.64 million yuan [2]. - The growth in revenue is attributed to the increasing volume of CW silicon optical source products in the data center market and a significant rise in the high-margin data center segment [2]. Group 3: Future Outlook - The company is enhancing equipment investments and expects production capacity to gradually increase from the end of this year to next year [2]. - The telecommunications market is cyclical, but with the implementation of 50GPON technology, significant changes in demand are anticipated in the coming years, and the company is actively preparing to support this industry development [2]. Group 4: H-Share Listing Preparation - The board of directors has authorized the management to initiate preparations for the H-share listing, with a timeframe of 12 months from the board's approval [3]. - The company plans to discuss the specific progress of the H-share listing with relevant intermediaries and must obtain approvals from regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [3]. - The success of the H-share listing is subject to uncertainties related to the approval processes [3].

责任编辑：小浪快报 根据喜娜AI异动分析，龙迅股份涨停原因可能如下，业绩增长+研发驱动+H股上市： 1、龙迅股份2025 年三季度营收同比增长27.23%，净利润增长66.20%，扣非净利增78.58%，核心财务指标表现亮眼，展 现出强劲的业绩增长态势。公司持续加大研发投入，2025H1研发费用5706万元，同比增长22.87%，还 新增26项知识产权，研发驱动特征明显。 2、公司积极推进H股上市战略布局，这有助于拓展国际融资 渠道，提升公司的国际影响力和竞争力。此外，公司完成62.3万股股票归属的股权激励计划，覆盖125 名核心员工，能有效激励员工积极性，提升公司凝聚力。 3、从行业来看，高速混合信号芯片市场需求 旺盛，龙迅股份专注于该领域，产品包括高清视频桥接及处理芯片、高速信号传输芯片，应用于显示 器、汽车电子等领域，具有较好的市场前景。东方财富数据显示，2025年11月18日半导体板块资金呈现 一定流入，同板块部分个股也有较好表现，形成板块联动效应。 4、技术面上，若该股MACD指标形成 金叉，且股价突破重要压力位等技术形态，会吸引更多技术派投资者关注。同花顺资金监控显示，当日 超大单资金呈现净流入状 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant decline in revenue for the first three quarters of 2025, with total revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -3.553 billion yuan, with a basic earnings per share of -1.08 yuan [1][2] - The gross margin showed signs of recovery, with the third quarter sales gross margin at -0.88%, an improvement from -0.95% in the second quarter and -6.7% in the first quarter, indicating a reduction in unit product loss pressure [1] - The company has maintained positive operating cash flow for 15 consecutive years, with a net cash flow from operating activities of 4.695 billion yuan as of the end of September, and cash reserves of 24.242 billion yuan, enhancing its risk resilience [2] - The company has launched an employee stock incentive plan covering 1,974 core employees, accounting for 4.89% of the total share capital, which is expected to stimulate the core team's vitality [2] - The company is accelerating its H-share listing process to broaden international financing channels, reflecting its strategic foresight in capital operations [2] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 36.809 billion yuan, with a projected revenue of 46.309 billion yuan for the full year, representing a year-on-year decline of 34% [3] - The net profit forecast for 2025 is -4.673 billion yuan, with expected recoveries in 2026 and 2027 to 2.855 billion yuan and 3.887 billion yuan, respectively [3] - The earnings per share (EPS) is projected to be -1.41 yuan for 2025, with a recovery to 0.86 yuan in 2026 and 1.17 yuan in 2027 [3] - The company’s return on equity (ROE) is expected to be -20.6% in 2025, improving to 11.2% in 2026 and 13.2% in 2027 [3]

Core Viewpoint - Liou Co., Ltd. (SZ002131) experienced a limit-up on October 31, 2025, with a price of 5.52 yuan, an increase of 8.37%, and a total market capitalization of 36.838 billion yuan, driven by investment income, H-share listing plans, and significant performance growth [1] Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 589 million yuan for Q3 2025, representing a year-on-year increase of 469.1%, indicating strong financial performance [1] - Operating cash flow turned positive in the first half of 2025, with a year-on-year growth of 215%, improving market confidence [1] Group 2: H-share Listing - Liou Co., Ltd. is actively advancing its H-share listing plan, having passed several related regulatory revisions, which is expected to broaden financing channels and enhance international influence [1] - The company is standardizing its governance by revising and improving multiple internal management systems to meet H-share listing requirements, which is anticipated to positively impact stock prices [1] Group 3: Market Dynamics - Recent market trends show heightened attention towards companies with overseas listing plans and performance growth, contributing to the stock's upward movement [1] - There was likely a significant inflow of funds into Liou Co., Ltd. on the day of the limit-up, which may have driven the stock price increase [1] - Technical factors, such as breaking through key resistance levels, could attract further investor interest [1]

Group 1 - Company plans to publicly issue H-shares and list on the Hong Kong Stock Exchange [1][4] - The board approved the appointment of Rongcheng (Hong Kong) CPA as the auditing firm for the H-share issuance [4] - The company aims to consider the interests of existing shareholders and market conditions when selecting the timing for the issuance within a 24-month period [5] Group 2 - For the first three quarters, the company reported revenue of approximately 1.457 billion yuan, a year-on-year increase of 29.13% [7] - The net profit attributable to shareholders for the same period was approximately 282 million yuan, reflecting a year-on-year growth of 63.94% [7] - The company announced a cash dividend distribution plan of 4 yuan per 10 shares, totaling 164 million yuan [5][7] Group 3 - The company's stock price experienced a significant fluctuation, with a cumulative increase of over 30% over three consecutive trading days [7] - Following the stock price volatility, the company confirmed that there were no significant changes in its operational situation or undisclosed major matters [7] - As of October 30, the stock price was reported at 129.76 yuan per share, with a market capitalization of 53.2 billion yuan [7]

Core Viewpoint - The company has experienced a significant stock price fluctuation, with a cumulative increase of over 30% in closing prices over three consecutive trading days, indicating abnormal trading activity [1] Company Situation - The company confirmed that there have been no significant changes in its operational situation or external business environment recently [1] - The company is planning to issue H-shares on the Hong Kong Stock Exchange, with the relevant proposal approved by the board on October 29, 2025 [1] - The proposal for H-share listing will be submitted for shareholder approval and requires regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange, introducing significant uncertainty regarding its final implementation [1] - Aside from the H-share listing, the company has no other major matters under planning [1]