Core Viewpoint - Hangcha Group's stock has experienced fluctuations, with a year-to-date increase of 55.15% but a recent decline in the last five trading days by 6.09% [1] Financial Performance - For the period from January to September 2025, Hangcha Group achieved a revenue of 13.972 billion yuan, representing a year-on-year growth of 9.73% [2] - The net profit attributable to shareholders for the same period was 1.753 billion yuan, reflecting an increase of 11.43% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hangcha Group increased to 18,300, up by 5.78% from the previous period [2] - The average number of tradable shares per shareholder decreased by 5.46% to 71,379 shares [2] Dividend Distribution - Since its A-share listing, Hangcha Group has distributed a total of 2.964 billion yuan in dividends, with 1.497 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 36.8853 million shares, a decrease of 16.8952 million shares from the previous period [3] - Southern CSI 500 ETF ranked as the seventh-largest circulating shareholder with 7.6244 million shares, down by 123,400 shares [3] - Ruiyuan Growth Value Mixed A became a new shareholder, holding 6.6161 million shares, ranking as the tenth-largest circulating shareholder [3]

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and intelligent industrial vehicles, benefiting from trends in green, digital, and intelligent development in the industry [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company is set to be listed on December 24, 2024, with its main business involving electric forklifts and other industrial vehicles [7]. - The company's revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - As of September 30, the company had 18,200 shareholders, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8]. Market Position and Trends - The company has a significant overseas revenue share of 51.63%, benefiting from the depreciation of the RMB [3]. - The company is positioned within the machinery equipment sector, specifically in engineering machinery, and is associated with concepts such as new industrialization, robotics, and smart logistics [7]. Stock Performance - On November 6, the stock price of Zhongli shares increased by 0.73%, with a trading volume of 65.661 million yuan and a turnover rate of 3.20%, leading to a total market capitalization of 15.976 billion yuan [1].

Core Viewpoint - Rongsheng Development's stock price has shown a slight decline this year, but recent trading indicates some recovery in the short term, with significant trading activity noted in the past few weeks [2]. Group 1: Stock Performance - As of November 6, Rongsheng Development's stock price was 1.64 CNY per share, down 2.38% during the day, with a total market capitalization of 7.131 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.61%, but it has increased by 4.46% over the last five trading days, 1.23% over the last 20 days, and 16.31% over the last 60 days [2]. Group 2: Trading Activity - On November 6, the net outflow of main funds was 9.1504 million CNY, with large orders showing a buy of 43.1866 million CNY and a sell of 56.5878 million CNY [1]. - Rongsheng Development has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on September 18, where the net buy was 18.4697 million CNY [2]. Group 3: Financial Performance - For the period from January to September 2025, Rongsheng Development reported a revenue of 20.389 billion CNY, a year-on-year decrease of 29.31%, and a net profit attributable to shareholders of -3.098 billion CNY, a decrease of 117.44% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 11.837 billion CNY since its A-share listing [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 12.64% to 144,600, with an average of 27,046 shares held per shareholder, a decrease of 11.22% [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 56.5081 million shares, an increase of 28.0768 million shares from the previous period [3].

Core Viewpoint - Eastern Airlines Logistics has shown a slight increase in stock price recently, but overall performance in terms of revenue and profit has declined year-on-year [1][2]. Company Overview - Eastern Airlines Logistics, established on August 23, 2004, and listed on June 9, 2021, is based in Changning District, Shanghai. The company specializes in air express, ground comprehensive services, and integrated logistics solutions [1]. - The revenue composition of the company is as follows: Integrated logistics solutions 46.66%, air express 41.77%, ground comprehensive services 11.44%, and others 0.14% [1]. Financial Performance - For the period from January to September 2025, Eastern Airlines Logistics reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%. The net profit attributable to the parent company was 2.001 billion yuan, down 3.19% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 2.726 billion yuan in dividends, with 1.630 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Eastern Airlines Logistics was 39,500, a decrease of 26.75% from the previous period. The average circulating shares per person increased by 36.52% to 23,935 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 10.085 million shares, which decreased by 6.9774 million shares compared to the previous period [3].

Core Insights - The collaboration between SF Express and Qianqianba aims to enhance campus meal delivery efficiency through the use of unmanned vehicles, addressing peak demand during lunch and dinner times [2][4] - SF Express has over 800 unmanned delivery vehicles in operation, indicating a significant investment in last-mile delivery solutions [2][3] - The partnership creates a closed-loop service from online ordering to offline delivery, utilizing a dedicated platform and unmanned vehicles to streamline the process [2][3] Delivery Process - The delivery process involves a three-stage relay system where riders handle the pickup and delivery, while unmanned vehicles transport meals between designated points [3] - The unmanned vehicles have a capacity of 5.5 cubic meters, allowing for efficient bulk delivery during peak times, and are designed to operate in adverse weather conditions [3] - The vehicles utilize intelligent path planning and rapid response capabilities to navigate complex campus environments, significantly improving delivery efficiency [3] Market Expansion - SF Express is actively commercializing unmanned delivery technology, focusing on last-mile logistics and exploring applications in instant retail [4] - The partnership with Qianqianba expands the "unmanned vehicle + rider" model, showcasing the infrastructure value of SF Express in various delivery scenarios [4] - The company aims to replicate this model in more campuses and other enclosed or semi-enclosed areas, indicating a strategy for broader market penetration [4]

Core Insights - Soft Control Co., Ltd. has seen a stock price increase of 8.38% year-to-date, with a recent 2.09% rise on November 5, 2023, reaching a price of 8.79 CNY per share [1] - The company reported a revenue of 5.65 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 15.82%, while the net profit attributable to shareholders decreased by 11.75% to 303 million CNY [2] - The company has a market capitalization of 8.963 billion CNY and operates primarily in the rubber industry, focusing on software and information technology solutions for tire manufacturers [1] Financial Performance - For the period from January to September 2025, Soft Control achieved a revenue of 56.50 billion CNY, which is a 15.82% increase compared to the previous year [2] - The net profit attributable to shareholders for the same period was 3.03 billion CNY, showing a decline of 11.75% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 5.27 billion CNY, with 2.99 billion CNY distributed over the last three years [3] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders decreased by 5.08% to 70,000, while the average number of circulating shares per person increased by 5.37% to 14,168 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 24.72 million shares, an increase of 436,000 shares from the previous period [3] - New institutional shareholders include Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, holding 9.32 million and 5.54 million shares, respectively [3] Business Overview - Soft Control specializes in the development and innovation of software and information technology equipment for the rubber industry, providing integrated intelligent solutions for tire companies [1] - The company's main revenue sources are rubber equipment systems (64.52%) and rubber new materials (34.82%), with a minor contribution from other areas (0.66%) [1] - The company is categorized under the mechanical equipment industry, specifically in specialized equipment, and is involved in various sectors including domestic software, industrial software, intellectual property, smart logistics, and tire pressure monitoring [1]

Core Viewpoint - Lanjian Intelligent (688557.SH) has signed a business contract with Ninebot (Zhuhai) Technology Co., Ltd. for a total amount of 138 million yuan (including tax), which is expected to positively impact Lanjian's performance in 2026 [1] Company Overview - Lanjian Intelligent was established in February 2001 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in December 2020. The company is based in Jinan, Shandong Province, and focuses on the research, design, production, sales, and service of intelligent logistics systems centered around smart logistics robots [3] - The company's revenue model includes sales of automated warehousing logistics systems, automated operation services based on these systems, after-sales maintenance services, and technical consulting services [3] Financial Performance - In the first three quarters of this year, Lanjian Intelligent achieved total revenue of 1.131 billion yuan, a year-on-year increase of 35.68%. The net profit attributable to shareholders was 93.75 million yuan, up 47.54% year-on-year. However, the net cash flow from operating activities decreased by 45.82% to 13.93 million yuan [3] Ninebot Technology Overview - Ninebot Technology was established in May 2024 with a registered capital of 500 million yuan, located in Doumen District, Zhuhai. Its main business includes technical services, wholesale and retail of motorcycles and parts, sales of electric bicycles, and battery sales [3] - Ninebot Technology is a wholly-owned subsidiary of Nainbo (Beijing) Technology Co., Ltd. [3] Nainbo Company Overview - Nainbo is an operator of smart short-distance transportation devices, having launched several product series including Windrunner, Ninebot, and Ninebot One. The company received joint investment from Xiaomi Technology, Sequoia Capital, Shunwei Capital, and Huashan Capital in April 2015 [4] Ninebot Company Overview - Ninebot Company (Segway-Ninebot) is an overseas registered company headquartered in Beijing, offering products such as smart electric balance scooters, electric scooters, and service robots. It operates under the Ninebot and Segway brands, with a presence in over 100 countries and regions globally [5] Financial Performance of Ninebot Company - Ninebot Company was listed on the Sci-Tech Innovation Board in October 2020 and is recognized as the first company in China with a VIE structure and CDR issuance. The company reported a revenue of 6.65 billion yuan in the third quarter of 2025, a year-on-year increase of 56.82%, with a net profit of 550 million yuan, up 45.86% year-on-year. For the first three quarters, the company achieved a revenue of 18.39 billion yuan, a 68.63% increase year-on-year, and a net profit of 1.787 billion yuan, up 84.31% year-on-year [7] - The electric two-wheeler segment remains the most prominent business area for Ninebot Company, with sales of 1.4867 million units in the third quarter, generating revenue of 4.454 billion yuan, a year-on-year increase of approximately 72% [7]

Core Viewpoint - Shentong Express has experienced a decline in stock price recently, despite a significant increase in its stock price year-to-date, indicating potential volatility in the logistics sector [1][2]. Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. It was listed on September 8, 2010. The company primarily engages in domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1]. - The main revenue source for the company is express delivery services, accounting for 98.67% of total revenue, while other business activities contribute 1.33% [1]. Financial Performance - For the period from January to September 2025, Shentong Express reported a revenue of 38.57 billion yuan, representing a year-on-year growth of 15.17%. The net profit attributable to shareholders was 756 million yuan, reflecting a year-on-year increase of 15.81% [2]. - The company has distributed a total of 1.614 billion yuan in dividends since its A-share listing, with 131 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, Shentong Express's stock price was 15.17 yuan per share, with a market capitalization of 23.222 billion yuan. The stock has increased by 50.74% year-to-date but has seen a decline of 2.63% in the last five trading days and 15.25% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 25, where it recorded a net purchase of 14.1143 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shentong Express was 40,700, a decrease of 4.36% from the previous period. The average circulating shares per person increased by 2.81% to 36,082 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 31.0712 million shares, a decrease of 12.1407 million shares from the previous period [3].

Core Viewpoint - The stock of Sanyangma has shown significant growth this year, with an 80.16% increase, despite recent fluctuations in trading volume and net capital outflow [1][2]. Group 1: Stock Performance - On November 5, Sanyangma's stock rose by 2.07%, reaching a price of 49.85 CNY per share, with a trading volume of 1.27 billion CNY and a turnover rate of 7.43%, resulting in a total market capitalization of 4.265 billion CNY [1]. - Year-to-date, Sanyangma's stock price has increased by 80.16%, with a 10.34% rise over the last five trading days, 1.76% over the last 20 days, and 2.66% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Sanyangma reported a revenue of 1.172 billion CNY, reflecting a year-on-year growth of 44.60%. However, the net profit attributable to the parent company was -11.7939 million CNY, a decrease of 201.58% compared to the previous year [2]. - The company's main business revenue composition includes 60.54% from automotive logistics services, 36.66% from non-automotive logistics services, 1.60% from warehousing services, and 1.19% from other services [2]. Group 3: Shareholder Information - As of September 30, Sanyangma had 19,200 shareholders, a decrease of 4.61% from the previous period, with an average of 1,627 circulating shares per shareholder, which is an increase of 11.60% [2]. Group 4: Dividend Information - Since its A-share listing, Sanyangma has distributed a total of 57.6294 million CNY in dividends, with 25.6134 million CNY distributed over the past three years [3].

Core Viewpoint - The stock of Ningbo Zhongdali Intelligent Transmission Co., Ltd. has experienced fluctuations, with a year-to-date increase of 192.37% but a recent decline in the last five and twenty trading days [1] Company Overview - Ningbo Zhongdali Intelligent Transmission Co., Ltd. was established on August 28, 2006, and listed on August 29, 2017. The company specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields [2] - The main revenue composition includes: intelligent execution units (38.49%), reduction motors (37.00%), precision reducers (22.41%), other (1.30%), and accessories (0.80%) [2] - The company belongs to the machinery equipment industry, specifically general equipment and metal products, and is associated with concepts such as smart logistics, express delivery, humanoid robots, and reducers [2] Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 765 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to shareholders of 57.21 million yuan, a year-on-year increase of 0.48% [2] - Since its A-share listing, the company has distributed a total of 160 million yuan in dividends, with 61.98 million yuan distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 86,300, up by 51.99%, with an average of 2,276 circulating shares per person, a decrease of 34.21% [2] - The top ten circulating shareholders include several ETFs focused on robotics, with notable changes in holdings among these funds [3]