Core Points - The company, Chizhou Port Holdings, has been recognized as a high-tech enterprise by the relevant authorities in Anhui Province, effective from November 24, 2025 [1] - The qualification as a high-tech enterprise is valid for three years, allowing the company to benefit from tax incentives [1] - From 2025 to 2027, Chizhou Port Holdings will pay corporate income tax at a reduced rate of 15% for three consecutive fiscal years [1]

Core Viewpoint - The company, Chizhou Port Yanhang Holding Group Co., Ltd., a subsidiary of Yuanhang Port (85,02), has been recognized as a high-tech enterprise, which will allow it to benefit from tax incentives for three consecutive fiscal years [1] Group 1 - The recognition was announced by the National High-tech Enterprise Recognition Management Work Leading Group Office on November 24, 2025 [1] - The qualification as a high-tech enterprise is valid for three years [1] - Chizhou Port Holding will pay corporate income tax at a rate of 15% from 2025 to 2027, benefiting from national tax policies for high-tech enterprises [1]

根據全國高新技術企業認定管理工作領導小組辦公室於二零二五年十一月二十四 日發佈的5對安徽省認定機構2025年認定報備的第一批高新技術企業進行備案的 公告4，池州港遠航控股集團有限公司（「池州港控股」）（ 本公司之間接擁有72 %權 益的附屬公司 ）被認定為高新技術企業。資格有效期為三年。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：8502） 自願性公告 認定為高新技術企業 本公告乃由遠航港口發展有限公司（「本公司」）自願作出。 – 1 – 於 本 公 告 日 期 ， 執 行 董 事 為 桂 四 海 先 生 及 黃 學 良 先 生 ； 非 執 行 董 事 為 張 惠 峰 女 士；以及獨立非執行董事為聶睿先生、張詩敏先生及鄭彥斌先生。 本公告的資料乃遵照香港聯合交易所有限公司（「聯交所」）GEM證券上市規則而刊 載，旨在提供有關本公司的資料 ...

Core Viewpoint - Tutu Precision Hardware Technology Co., Ltd. (Tutu Co.) has shifted its focus to the Beijing Stock Exchange after terminating its main board IPO, with plans to list on the New Third Board in 2024. The company has faced scrutiny from regulators regarding its business structure and financial metrics, raising concerns about its reliance on major clients and the adequacy of its R&D investments [1][10]. Group 1: Company Structure and Shareholding - Tutu Co. has a typical family-owned structure, with key shareholders holding a combined 81.3% of the shares. Major clients, including the home furnishing leader Sophia, also hold stakes in the company, which raises questions about the independence of business operations [3][4]. - The company has received various accolades, including being recognized as a national high-tech enterprise and a specialized and innovative small and medium-sized enterprise in Guangdong [1]. Group 2: Financial Performance - Tutu Co.'s revenue increased from 695 million to 909 million, with a net profit slightly above 100 million, although there was a slight decline in net profit in the first half of 2025 [4]. - The company has a stable order flow due to long-term partnerships with major clients, which helps mitigate revenue volatility [5]. Group 3: R&D and Innovation - Tutu Co. claims to focus on R&D, with R&D expenses reported at 23.35 million, 30.29 million, and 36.80 million for 2022, 2023, and 2024 respectively, indicating a slight increase in R&D intensity but only marginally above the minimum threshold for high-tech enterprises [6][8]. - The company has approximately 200 R&D personnel, representing about 10% of its workforce, but the educational qualifications of the team are below industry averages, with only 5.9% holding degrees [7][9]. Group 4: Market Position and Future Outlook - Tutu Co. is positioned in a competitive market with significant reliance on a few large clients, which could pose risks if market conditions change [5][10]. - The company aims to leverage its high-tech status and client relationships to achieve growth, but it must improve its R&D and governance to exceed current performance levels [10].

Group 1 - The company, Yatong Precision Engineering (603190.SH), announced its intention to invest 10 million yuan as a limited partner in the fund Yongyue Yufeng [1] - Yongyue Yufeng is a single-project fund focused on investing in high-tech enterprises [1] - As of the announcement date, Yongyue Yufeng has completed its fundraising [1]

Group 1 - The company, Zhuhai Nante Metal Technology Co., Ltd., is primarily engaged in the research, production, and sales of precision mechanical components, with a focus on high-tech innovations [2] - The company has developed a complete production process from mold design, smelting, casting to precision machining, with applications in air conditioning compressor parts and automotive components [2] - As of the signing date of the prospectus, the chairman, Cai Heng, holds 54,458,574 shares, accounting for 48.82% of the total share capital before issuance, making him the controlling shareholder and actual controller of the company [2] Group 2 - The company plans to raise 286 million yuan for the second phase of the Anhui Zhongte high-end precision parts production base project and for expanding and enhancing R&D capabilities in Zhuhai [2] - The public offering aims to raise a total of 322 million yuan, with a net amount expected to be 284 million yuan after deducting issuance costs of 37.58 million yuan (excluding VAT) [2] - The stock is set to be issued at a price of 8.66 yuan per share, with an earnings per share (EPS) ratio of 13.60, referencing the general equipment manufacturing industry [1]

Group 1 - During the "14th Five-Year Plan" period, Guangxi has accelerated the cultivation of high-tech enterprises, increasing the number from over 2,800 at the end of 2020 to over 4,000 in the past two years [4] - High-tech enterprises are considered a crucial support for the construction of a modern economic system in China, with an average annual growth rate of 9.87% since 2018 in Guangxi [4] - The local government has implemented various measures to support high-tech enterprises, including expert training and one-on-one guidance for companies [6] Group 2 - Companies recognized as high-tech enterprises benefit from a reduced corporate income tax rate of 15% instead of 25%, along with priority in applying for technology projects and favorable settlement policies [7] - High-tech enterprises in Guangxi have received significant financial support, with 198 companies obtaining over 130 million yuan in funding by 2025 [8] - The government encourages increased R&D investment by providing subsidies for research expenses, with 1.85 billion yuan allocated for 2024 to support 1,662 enterprises [8] Group 3 - Guangxi has introduced policies to alleviate financing difficulties for high-tech and digital economy enterprises, allowing them to access special loans [9] - As of December 2024, Guangxi's high-tech enterprises hold 62,081 valid patents, including 16,036 invention patents, and have created over 527,000 jobs, including over 10,000 for recent graduates [10] - High-tech enterprises are recognized as the most active force in technological innovation in Guangxi, contributing to the region's high-quality development [10]

Core Viewpoint - Danah Biotechnology officially listed on the Beijing Stock Exchange, marking a significant milestone for the company specializing in early diagnosis of invasive fungal diseases and other pathogen detection products [1][4]. Company Overview - Founded in 2014, Danah Biotechnology focuses on the research, production, and sales of early diagnostic products for invasive fungal diseases and other pathogens, holding 91 domestic and international patents, 79 domestic registered products, and 102 CE certifications [5]. - The company has established five core technology platforms, creating a comprehensive automated, intelligent, and standardized product pipeline to meet diverse clinical testing and diagnostic needs [5]. Listing Details - The company issued 8 million new shares at a price of 17.10 yuan per share, opening at 93.70 yuan and reaching a high of 111.70 yuan on the first trading day, ultimately closing at 102.10 yuan, reflecting a 497.08% increase [4]. - The total trading volume was 67,900 hands, with a transaction value of 666.5 million yuan and a turnover rate of 94.25%, resulting in a total market capitalization of 5.655 billion yuan [4]. Future Plans - The net proceeds from the fundraising, after deducting issuance costs of 22.23 million yuan, are expected to be approximately 114.57 million yuan, which will be allocated to the headquarters construction project and new product development [8]. - The headquarters project in Tianjin has a total investment of 302 million yuan, with a construction period of 36 months and an approved capacity of 65.06 million tests [8]. - The new product development project aims to expand the product line based on existing technology platforms, focusing on research related to invasive fungal infections, respiratory pathogens, and gynecological infections, as well as the development of core raw materials and related detection equipment [8].

Core Viewpoint - The company has disclosed its quarterly report, ensuring the accuracy and completeness of the financial information, and has undergone changes in its corporate structure and governance [2][3][4]. Financial Data - The third-quarter financial report has not been audited [3][17]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the current reporting period [3]. Shareholder Information - The company received the "High-tech Enterprise Certificate" from relevant authorities, valid for three years, allowing it to enjoy a reduced corporate income tax rate of 15% [5]. - The company has completed changes in its business registration, extending its business duration to "perpetual" [6]. Corporate Governance - The company has undergone changes in its board of directors, including the resignation of independent directors and the election of new members [7][9][13]. - The company has completed the election of its eighth board of directors, consisting of six non-independent directors and three independent directors [13]. Subsidiary Management - The company has decided to dissolve a subsidiary to enhance operational efficiency [10][11]. - The company has established a new holding subsidiary and completed the necessary registration [11]. - The company has engaged in equity transfers involving its subsidiaries, including the acquisition of a 70% stake in Shenzhen Taiheng Optoelectronics Co., Ltd. for 17.5 million yuan [15].

Core Viewpoint - The financial performance of Hongban Technology has shown extreme volatility, with net profit fluctuating dramatically from 141 million in 2022 to 105 million in 2023, and then rebounding to 214 million in 2024, indicating a "V-shaped reversal" driven by aggressive pricing strategies and high customer concentration [1][2][3] Financial Performance - Net profit for 2022 was 141 million, dropped to 105 million in 2023, and increased to 214 million in 2024 [1] - The average selling price of HDI boards decreased by over 25% over two years, with a 19.94% drop in 2023 and a further 5.26% decline in 2024 [1] - Gross margin fell from 13.28% in 2022 to 11.04% in 2023, with a slight recovery to 13.98% in 2024 [1] Customer Concentration - The top five customers accounted for 36.71% of total revenue, indicating high dependency on major clients like OPPO and Flex [1] - Accounts receivable reached 873 million, representing 34% of revenue, with a higher bad debt provision compared to peers, posing a risk if major clients face financial difficulties [1] R&D Investment - The R&D expense ratio for 2024 was 4.63%, lower than the industry average of 4.92% [2] - 60% of the R&D personnel hold only a college diploma, raising concerns about the company's ability to innovate in a rapidly evolving PCB industry [2] Ownership and Related Transactions - The controlling shareholder, Ye Senran, holds 95.12% of the shares, with family ownership exceeding 71% post-IPO [3] - Cumulative dividends from 2022 to 2023 amounted to 138 million, with 95% benefiting the Ye family [3] - Related party transactions included nearly 10 million spent on renting and dining services, raising questions about the fairness of these transactions [3] Capacity Expansion and Market Strategy - The company plans to expand HDI board capacity by 1.2 million square meters, funded by 2 billion in raised capital, despite a current capacity utilization rate of only 88.51% [3] - The PCB industry is experiencing overcapacity, and the aggressive expansion strategy may lead to excess production without corresponding revenue growth [3] Business Model - The company focuses on producing HDI boards and rigid boards, primarily for consumer electronics, with mobile phone motherboards accounting for 60% of revenue [4] - Revenue growth relies on low-price bidding and economies of scale, with profit margins supported by cost control and tax incentives from its "high-tech enterprise" status [4] Competitive Advantages - Holds a 13% market share in the HDI board segment, supplying 154 million units to the top ten global smartphone brands in 2024 [4] - Established strong ties with major brands like OPPO and Vivo, achieving a 20% market share in mobile battery boards [4] - Plans to double HDI board production capacity post-fundraising to leverage scale for cost reduction [4]