Group 1: Company Overview and Investor Relations - The company held an online performance briefing on September 19, 2025, via the "Investor Relations Interactive Platform" [2] - Key executives present included the Chairman and General Manager, Mr. Wu Baoyu, and other senior management [3] Group 2: Research and Development Focus - The company allocates approximately 8% of its revenue to R&D, maintaining a leading position in the industry [3] - Future R&D will focus on AI computing center liquid cooling, humanoid robots, drones, and satellite communication technologies [4] - As of June 30, 2025, the company holds 44 authorized invention patents, 142 utility model patents, 1 design patent, and 20 software copyrights, all obtained through independent research [4] Group 3: Business Performance and Market Strategy - The company aims to enhance its international and domestic business capabilities to improve performance [4] - Plans include expanding into international markets, targeting major brands and unicorn clients in AI smart terminals and smart home appliances [6] - Domestic strategies involve collaboration with local companies to mitigate the impact of trade tensions and expand into sectors like robotics and new energy [4][9] Group 4: Challenges and Market Perception - The company acknowledges challenges in profitability and aims to improve through strategic market expansion [5] - The stock price has been under pressure due to various external factors, including international conditions and macroeconomic policies [7] - The company is committed to enhancing investor relations and communication to attract long-term value investors [6][8]

Core Viewpoint - Tongyi Co., Ltd. (300538.SZ) positions itself as a comprehensive solution provider for mid-to-high-end chemical and electronic materials, with a focus on integrated supply chains [1] Group 1: Company Overview - The company specializes in composite materials, which are widely applicable in various sectors including drones, new energy vehicles, semiconductors, military equipment, smart automation devices, photovoltaics, high-speed rail, medical devices, and bridge infrastructure [1] - Tongyi's products have been utilized in fields such as drones, new energy vehicles, aerospace, and smart wearables [1]

Company Overview - Jiahe Intelligent Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on October 17, 2013, and listed on October 18, 2019. The company primarily engages in the design, research and development, manufacturing, and sales of electroacoustic products, with headphones accounting for 99.31% of its main business revenue [1][2]. Financial Performance - As of June 30, 2025, Jiahe Intelligent reported a revenue of 1.005 billion yuan, a year-on-year decrease of 10.82%. The net profit attributable to the parent company was 25.1219 million yuan, down 38.12% year-on-year [2]. - The company has distributed a total of 223 million yuan in dividends since its A-share listing, with 146 million yuan distributed over the past three years [3]. Stock Performance - On September 19, Jiahe Intelligent's stock price fell by 2.03%, trading at 16.89 yuan per share, with a total market capitalization of 6.427 billion yuan. The stock has decreased by 13.79% year-to-date and 2.48% over the last five trading days [1]. - The stock's trading volume showed a net outflow of 26.6721 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 52,300, with an average of 7,119 circulating shares per person, a decrease of 0.30% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 791,600 shares, a decrease of 2.0647 million shares compared to the previous period [3]. Industry Context - Jiahe Intelligent operates within the electronic consumer products sector, specifically in the subcategory of consumer electronic components and assembly. The company is associated with various concepts, including drones, small-scale devices, star flash concepts, spatial computing, and artificial intelligence [1].

Core Viewpoint - Shanghai Hanxun's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 14.17%, indicating volatility in the market [1][2]. Group 1: Stock Performance - As of September 19, Shanghai Hanxun's stock price is 24.01 CNY per share, with a market capitalization of 15.077 billion CNY [1]. - The stock has seen a net outflow of 51.74 million CNY in principal funds, with significant selling pressure observed [1]. - Over the past five trading days, the stock has decreased by 5.10%, and over the past 20 days, it has declined by 9.57% [1]. Group 2: Financial Performance - For the first half of 2025, Shanghai Hanxun reported a revenue of 173 million CNY, reflecting a year-on-year growth of 63.34% [2]. - The company recorded a net loss attributable to shareholders of 28.64 million CNY, although this represents a 44.97% improvement compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 59.26 million CNY, with 8.80 million CNY distributed over the last three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders has increased to 57,300, with an average of 10,963 circulating shares per person [2]. - Major shareholders include Guotai Zhongzheng Military Industry ETF and Southern Zhongzheng 1000 ETF, with both increasing their holdings [2]. - New significant shareholders include Hong Kong Central Clearing Limited and Huaxia Zhongzheng 1000 ETF, indicating growing institutional interest [2].

Company Overview - Zhongjing Electronics, established on December 22, 2000, and listed on May 6, 2011, is located in Huizhou, Guangdong Province. The company specializes in the research, production, sales, and service of printed circuit boards (PCBs) [1][2]. Financial Performance - For the first half of 2025, Zhongjing Electronics achieved operating revenue of 1.618 billion yuan, representing a year-on-year growth of 21.29%. The net profit attributable to shareholders was 18.2857 million yuan, showing a significant increase of 125.05% year-on-year [2]. - The company has distributed a total of 329 million yuan in dividends since its A-share listing, with 4.9095 million yuan distributed over the past three years [3]. Stock Performance - As of September 19, Zhongjing Electronics' stock price was 13.05 yuan per share, with a year-to-date increase of 65.19%. Over the last five trading days, the stock rose by 0.23%, but it has declined by 3.12% over the past 20 days and 5.23% over the past 60 days [1]. - The company has appeared on the trading leaderboard 14 times this year, with the most recent appearance on July 10, where it recorded a net buy of -118,900 yuan [1]. Shareholder Information - As of June 30, 2025, Zhongjing Electronics had 150,700 shareholders, an increase of 117.79% from the previous period. The average number of circulating shares per shareholder was 3,870, a decrease of 53.94% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 3.1727 million shares, an increase of 29.41% compared to the previous period [3]. Industry Context - Zhongjing Electronics operates within the electronic components sector, specifically in printed circuit boards, and is associated with various concept sectors including aerospace and military, drones, small-cap stocks, medical devices, and WiFi concepts [2].

Group 1 - The stock price of Runjian Co., Ltd. dropped by 2.01% on September 19, closing at 49.62 yuan per share, with a trading volume of 4.13 billion yuan and a market capitalization of 14.096 billion yuan [1] - Year-to-date, the stock price has increased by 48.16%, but it has seen a decline of 5.31% over the last five trading days and a slight decrease of 0.72% over the last 20 days [1] - Runjian Co., Ltd. has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on February 25, where it recorded a net purchase of 87.1036 million yuan [1] Group 2 - Runjian Co., Ltd. was established on January 3, 2003, and went public on March 1, 2018. Its main business includes communication network construction services, maintenance, and optimization [2] - The revenue composition of Runjian Co., Ltd. is as follows: communication network business 43.57%, energy network business 27.36%, information network business 21.90%, computing network business 7.10%, and others 0.07% [2] - As of August 8, 2025, the number of shareholders of Runjian Co., Ltd. was 47,200, an increase of 0.78% from the previous period, with an average of 4,465 circulating shares per shareholder, a decrease of 0.77% [2] Group 3 - Runjian Co., Ltd. has distributed a total of 323 million yuan in dividends since its A-share listing, with 165 million yuan distributed in the last three years [3] Group 4 - As of June 30, 2025, the top ten circulating shareholders of Runjian Co., Ltd. include several new institutional investors, such as GF Value Core Mixed Fund and GF Small Cap Growth Mixed Fund, which are now among the top shareholders [4] - The Hong Kong Central Clearing Limited has reduced its holdings by 195,650 shares compared to the previous period [4]

Company Overview - Guangqi Technology, established on July 18, 2001, and listed on November 3, 2011, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of next-generation metamaterials and advanced equipment [1]. - The main business revenue composition includes metamaterial products (99.23%), other (0.34%), metamaterial research and development (0.25%), and additional (0.18%) [1]. Financial Performance - For the first half of 2025, Guangqi Technology achieved operating revenue of 943 million yuan, representing a year-on-year growth of 10.70%. The net profit attributable to the parent company was 386 million yuan, with a year-on-year increase of 6.75% [2]. - Since its A-share listing, Guangqi Technology has distributed a total of 833 million yuan in dividends, with 792 million yuan distributed over the past three years [3]. Stock Market Activity - On September 19, Guangqi Technology's stock price fell by 2.02%, trading at 47.09 yuan per share, with a total market capitalization of 101.46 billion yuan [1]. - The stock has seen a decline of 1.49% year-to-date, with a 0.58% increase over the last five trading days, a 4.19% decrease over the last 20 days, and a 22.47% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 20, where it recorded a net purchase of 237 million yuan [1]. Shareholder Information - As of June 30, 2025, Guangqi Technology had 120,400 shareholders, a decrease of 0.78% from the previous period. The average number of circulating shares per person increased by 22.19% to 17,900 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 43.35 million shares, an increase of 1.99 million shares from the previous period. Shenyin Wanguo Securities Limited is a new entrant, holding 21.64 million shares [3].

Core Viewpoint - 隆鑫通用's stock has experienced fluctuations, with a year-to-date increase of 42.41% and a recent decline over the past 20 days, indicating volatility in its market performance [1] Company Overview - 隆鑫通用动力股份有限公司, established on June 8, 2007, and listed on August 10, 2012, is located in Chongqing and primarily engages in the production of motorcycles, engines, and general machinery [1] - The company's revenue composition includes motorcycles and engines (74.58%), general machinery products (22.41%), high-end components (1.26%), large commercial generator sets (1.03%), and others (0.72%) [1] Financial Performance - For the first half of 2025, 隆鑫通用 reported a revenue of 97.52 billion, reflecting a year-on-year growth of 27.21%, and a net profit attributable to shareholders of 10.74 billion, marking an increase of 82.26% [2] - Since its A-share listing, 隆鑫通用 has distributed a total of 36.05 billion in dividends, with 11.91 billion distributed over the past three years [3] Shareholder Information - As of June 30, 2025, 隆鑫通用 had 29,800 shareholders, a decrease of 1.16% from the previous period, with an average of 68,931 circulating shares per shareholder, an increase of 1.17% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 107 million shares, which decreased by 13.53 million shares compared to the previous period, and 广发创新升级混合 (002939), which is a new shareholder holding 15.53 million shares [3] Market Activity - On September 19, 隆鑫通用's stock price fell by 2.06% to 12.39 yuan per share, with a trading volume of 1.50 billion and a turnover rate of 0.58%, resulting in a total market capitalization of 254.43 billion [1] - The net outflow of main funds was 7.41 million, with significant buying and selling activity from large orders [1]

Company Overview - Shenhao Technology Co., Ltd. is located in Yuhang District, Hangzhou, Zhejiang Province, and was established on September 5, 2002. The company went public on July 24, 2020. Its main business involves the research, development, manufacturing, promotion, and application of intelligent robots and intelligent monitoring and testing equipment in the field of industrial equipment testing and fault diagnosis [2]. Financial Performance - As of June 30, 2025, Shenhao Technology achieved operating revenue of 70.18 million yuan, representing a year-on-year growth of 91.79%. However, the net profit attributable to the parent company was -71.50 million yuan, a decrease of 3.24% year-on-year [2]. - The company has distributed a total of 156 million yuan in dividends since its A-share listing, with 58.16 million yuan distributed over the past three years [3]. Stock Performance - As of September 19, 2023, Shenhao Technology's stock price decreased by 2.02%, trading at 24.20 yuan per share, with a total market capitalization of 3.56 billion yuan. The stock has declined by 3.51% year-to-date and by 0.66% over the past five trading days, while it has increased by 1.64% over the past 60 days [1][2]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on February 19 [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shenhao Technology was 24,500, an increase of 8.74% from the previous period. The average number of circulating shares per person was 4,509, a decrease of 8.04% [2]. - Notably, the Penghua Carbon Neutral Theme Mixed A fund has exited the list of the top ten circulating shareholders [3]. Business Segmentation - The revenue composition of Shenhao Technology is as follows: energy storage accounts for 52.32%, intelligent monitoring and control equipment for 29.15%, other supplementary services for 12.34%, and intelligent robots for 6.19% [2]. - The company is classified under the Shenwan industry category of electric power equipment, specifically in grid automation equipment, and is associated with concepts such as drones, small-cap stocks, marine economy, rail transit, and integrated machine concepts [2]. Market Activity - On September 19, 2023, the net outflow of main funds was 2.32 million yuan, with large single purchases amounting to 4.99 million yuan (13.50% of total transactions) and sales of 7.32 million yuan (19.77% of total transactions) [1].

Core Viewpoint - The stock of Beijing Ligong Navigation Control Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 41.10% but a recent decline in the last five, twenty, and sixty trading days [1][2]. Company Overview - Beijing Ligong Navigation was established on February 24, 2012, and went public on March 18, 2022. The company specializes in the research, development, production, and sales of inertial navigation systems and their core components [1]. - The main revenue sources for the company are product sales (99.63%), with minimal contributions from other services [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 35.76 million yuan, representing a year-on-year growth of 170.36%. However, it also recorded a net profit attributable to shareholders of -16.81 million yuan, which is a 45.06% increase in losses compared to the previous period [2]. - Cumulatively, the company has distributed 103 million yuan in dividends since its A-share listing, with 48.4 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 11.23% to 5,328, while the average number of circulating shares per person decreased by 10.10% to 6,854 shares [2]. - Notable institutional shareholders include Guotou Ruijin National Security Mixed A, which is the third-largest shareholder with 1.2991 million shares, and several new entrants among the top ten shareholders [3].