Core Viewpoint - Lenovo Holdings has reduced its stake in Lakala, indicating a trend of ongoing divestment by major shareholders, which may impact investor sentiment and company control dynamics [2] Group 1: Shareholder Actions - Lenovo Holdings has reduced its stake in Lakala by 8.0781 million shares, representing a 1.03% decrease, bringing its ownership down from 25% to 23.97% [2] - This reduction aligns with Lenovo's previously disclosed divestment plan and does not lead to a change in company control [2] - Another shareholder, Sun Haoran, has also been reducing his stake, having sold 7.8808 million shares at an average price of 28.7 yuan, totaling 226 million yuan [2] Group 2: Stock Performance - Lakala's stock price peaked at 35.97 yuan per share on June 26, 2025, but has since entered a downward trend, closing at 23.93 yuan on September 24, 2025, a decline of 33.47% from its peak [2] - The stock has experienced five consecutive days of decline leading up to the latest closing price [2] Group 3: Company Performance - Lakala has faced a slowdown in growth since 2020, with significant financial challenges, including a reported operating expense of 1.396 billion yuan in 2022 due to the "jump code" incident, compared to just 19.97 million yuan the previous year [4] - In 2022, Lakala reported a net loss of 1.437 billion yuan, with a non-recurring net profit loss of approximately 121 million yuan [4] - For 2024, the company reported operating revenue of 5.762 billion yuan, a year-on-year decrease of 2.98%, and a net profit of 351 million yuan, down 23.26% [4] - In the first half of 2025, Lakala's operating revenue was 2.65 billion yuan, a decline of 11.1%, and the net profit was 230 million yuan, down 45.3% [4] Group 4: International Expansion - In response to domestic performance pressures, Lakala is actively seeking growth in overseas markets, with significant increases in cross-border and foreign card business [5] - The company served over 160,000 clients in its cross-border payment business, a year-on-year increase of 70.4%, with transaction amounts reaching 37.1 billion yuan, up 73.5% [5] - The number of cities covered by foreign card transactions increased by nearly 20%, with active merchants growing by 72% and transaction amounts increasing by 2.1 times compared to the previous year [5]

Core Viewpoint - The stock of Digital Video Technology Co., Ltd. has shown a mixed performance in recent trading sessions, with a year-to-date increase of 10.37% and a notable rise in net profit for the first half of 2025, indicating strong financial growth [1][2]. Financial Performance - As of September 10, 2025, Digital Video Technology reported a revenue of 265 million yuan for the first half of the year, representing a year-on-year growth of 24.66% [2]. - The net profit attributable to shareholders reached 16.7 million yuan, marking a significant increase of 2747.64% compared to the previous year [2]. Stock Market Activity - On September 25, the stock price increased by 2.05%, reaching 5.96 yuan per share, with a total market capitalization of 8.499 billion yuan [1]. - The trading volume was 81.19 million yuan, with a turnover rate of 1.07% [1]. - The stock has experienced a 0.51% increase over the last five trading days, but a decline of 5.99% over the past 20 days [1]. Shareholder Information - As of September 10, the number of shareholders stood at 80,000, with an average of 16,018 circulating shares per person [2]. - The company has distributed a total of 370 million yuan in dividends since its A-share listing, with 42.83 million yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Southern CSI 1000 ETF, which increased its holdings by 2.49 million shares to 13.176 million shares [3]. - Hong Kong Central Clearing Limited also increased its holdings by 139.73 million shares, totaling 12.5634 million shares [3].

CoGoLinks结行国际相关负责人表示：新加坡作为全球金融中心之一和东南亚的重要门户，拥有成熟的 金融基础设施和严格、透明的监管环境。在新加坡大型支付机构牌照的布局，是CoGoLinks结行国际海 外合规能力建设成果的重要体现，也标志着我们的业务能力向着国际化的服务标准再次迈进。 9月22日，跨境贸易数字化解决方案的赋能者、专业的全球化跨境支付服务平台CoGoLinks结行国际正 式宣布，其境外主体正式获得新加坡金融管理局原则性批复，准许其推进大型支付机构牌照(Major Payment Institution，简称"MPI牌照")的筹备工作。 "下一步，我们将以新加坡做为国际化进程中的核心点之一，围绕合规资质构建覆盖东南亚的数字化支 付服务网络。未来，我们会继续立足中国、放眼世界，通过更多国家和地区的牌照布局与创新产品服 务，一方面陪同中国企业结伴出海，另一方面还会把服务范围延伸至海外国家和地区的本土原生企业， 将来自中国的数字科技力量推向世界。"CoGoLinks结行国际相关负责人说道。 近年来，随着跨境电商新业态的加速演进，我国的产业出海形态也在悄然发生着改变：众多中国企业纷 纷加深国际化布局，以在海 ...

Core Viewpoint - Nantian Information has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a significant decline in net profit [1][2]. Financial Performance - As of June 30, 2025, Nantian Information reported a revenue of 4.58 billion yuan, representing a year-on-year growth of 16.75% [2]. - The company experienced a net loss of 5.00 million yuan, a decrease of 119.72% compared to the previous period [2]. - The stock price increased by 10.34% year-to-date but has seen a decline of 2.65% over the last five trading days and 8.25% over the last 20 days [1]. Shareholder Information - The number of shareholders increased by 15.66% to 75,500 as of June 30, 2025, while the average number of circulating shares per person decreased by 13.53% to 5,153 shares [2]. - The company has distributed a total of 469 million yuan in dividends since its A-share listing, with 102 million yuan distributed in the last three years [3]. Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 2.93 million shares, a decrease of 1.16 million shares from the previous period [3]. - Huabao Zhongzheng Financial Technology Theme ETF is the fourth-largest circulating shareholder, holding 2.33 million shares, an increase of 62,100 shares from the previous period [3]. Business Overview - Nantian Information, established on December 21, 1998, and listed on October 14, 1999, is based in Kunming, Yunnan Province [1]. - The company's main business segments include IT product sales and industrial internet (47.59%), integrated solutions (31.41%), software development and services (19.63%), smart channel solutions (1.02%), and others (0.36%) [1].

Company Overview - New Morning Technology Co., Ltd. is located in Haidian District, Beijing, and was established on January 24, 1998. The company went public on September 20, 2016. Its main business involves application software development and providing corresponding information technology solutions and services based on its self-developed New Morning Exchange Platform [2] - The revenue composition of New Morning Technology includes: software development 45.46%, system integration 38.48%, and professional technical services 16.06% [2] - The company belongs to the Shenwan industry classification of computer-software development-vertical application software and is involved in sectors such as cross-border payment, digital currency, financial technology, and data elements [2] Financial Performance - As of June 30, 2025, New Morning Technology reported a revenue of 460 million yuan, representing a year-on-year growth of 9.28%. However, the net profit attributable to the parent company was -12.99 million yuan, with a year-on-year increase of 9.25% [2] - The company has distributed a total of 98.81 million yuan in dividends since its A-share listing, with 10.18 million yuan distributed over the past three years [3] Stock Performance - On September 24, New Morning Technology's stock price increased by 2.06%, reaching 20.84 yuan per share, with a trading volume of 117 million yuan and a turnover rate of 2.32%. The total market capitalization is 6.222 billion yuan [1] - Year-to-date, the stock price has risen by 1.46%, but it has decreased by 4.14% over the last five trading days, 11.32% over the last 20 days, and 7.54% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 23, where it recorded a net purchase of 33.447 million yuan [1]

Core Viewpoint - The stock of Qiming Star has shown fluctuations with a recent increase of 2.11%, but has experienced a decline of 1.90% year-to-date and 8.27% over the past 20 days, indicating potential volatility in its market performance [1][2]. Financial Performance - For the first half of 2025, Qiming Star reported a revenue of 1.133 billion yuan, reflecting a year-on-year decrease of 28.03%. However, the net profit attributable to shareholders was -93.35 million yuan, which represents a significant year-on-year increase of 48.78% [2]. - Cumulatively, since its A-share listing, Qiming Star has distributed a total of 886 million yuan in dividends, with 518 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Qiming Star increased to 95,200, up by 5.45% from the previous period. The average number of circulating shares per shareholder decreased by 5.17% to 7,615 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 20.8171 million shares, a decrease of 17.1301 million shares from the previous period. Other notable shareholders include Southern CSI 500 ETF and E Fund CSI Artificial Intelligence Theme ETF, which increased their holdings [3]. Business Overview - Qiming Star, established on June 24, 1996, and listed on June 23, 2010, specializes in the research, production, and sales of information security products and services. Its main revenue sources are security products (56.68%) and security operations and services (42.36%) [1]. - The company operates within the computer software development sector and is involved in various concept sectors including electronic ID, cross-border payments, military-civil integration, digital currency, and data elements [1].

Core Viewpoint - Zhongke Soft's stock price has shown fluctuations, with a recent increase of 2.08% on September 24, 2023, reaching 20.10 CNY per share, while the company has experienced a year-to-date decline of 5.68% [1] Financial Performance - For the first half of 2025, Zhongke Soft reported a revenue of 2.853 billion CNY, reflecting a year-on-year growth of 1.21%, while the net profit attributable to shareholders decreased by 43.36% to 107 million CNY [2] - Since its A-share listing, Zhongke Soft has distributed a total of 1.728 billion CNY in dividends, with 977 million CNY distributed over the past three years [3] Shareholder Information - As of August 29, 2025, the number of shareholders for Zhongke Soft increased to 66,600, with an average of 12,477 circulating shares per shareholder, a decrease of 2.11% from the previous period [2] - The top ten circulating shareholders include Southern CSI 500 ETF, which holds 8.6218 million shares, an increase of 1.185 million shares compared to the previous period [3] Market Activity - On September 24, 2023, Zhongke Soft's trading volume reached 147 million CNY, with a turnover rate of 0.89% and a total market capitalization of 16.704 billion CNY [1] - The net inflow of main funds was 7.0088 million CNY, with significant buying and selling activity observed [1] Business Overview - Zhongke Soft, established on May 30, 1996, and listed on September 9, 2019, is primarily engaged in computer software development, sales, and services [1] - The company's revenue composition includes 71.83% from software development and services, 26.63% from system integration and services, 1.29% from software products, and 0.26% from other sources [1] Industry Classification - Zhongke Soft is classified under the computer-software development sector, specifically in vertical application software, and is associated with concepts such as cross-border payment, digital currency, financial technology, smart governance, and blockchain [1]

Company Overview - Beijing Advanced Communication Technology Co., Ltd. is located in Haidian District, Beijing, and was established on October 31, 2000. The company went public on September 13, 2016. Its main business involves providing IT solutions and services primarily for commercial banks, including software solutions, IT infrastructure construction, and IT operation and maintenance services [2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.38 billion yuan, representing a year-on-year growth of 33.06%. The net profit attributable to shareholders was 62.60 million yuan, showing a significant increase of 694.25% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 173 million yuan in dividends, with 78.28 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 24, the company's stock price increased by 2.03% to 15.59 yuan per share, with a trading volume of 129 million yuan and a turnover rate of 2.16%. The total market capitalization stands at 6.704 billion yuan [1]. - Year-to-date, the company's stock price has risen by 15.21%, but it has seen a decline of 1.89% over the last five trading days and a 7.75% drop over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on January 3, where it recorded a net buy of -8.58 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,300, up by 9.43% from the previous period. The average number of circulating shares per person decreased by 1.33% to 6,628 shares [2]. - Among the top ten circulating shareholders, the Huabao Zhongzheng Financial Technology Theme ETF holds 3.6043 million shares, an increase of 861,000 shares compared to the previous period [3].

Core Viewpoint - The launch of the UnionPay "Jinxiu Zhonghua" debit card in Frankfurt marks a significant step in enhancing cross-border payment services for individuals traveling to China, reflecting the growing economic and cultural ties between China and Germany [1][3]. Group 1: Product Launch and Features - The "Jinxiu Zhonghua" debit card is the first of its kind to be issued in Europe, providing seamless payment experiences for both local and cross-border transactions [1]. - The card offers substantial benefits for users, including cashback of 1% on everyday purchases, with special promotional periods allowing cashback to reach up to 10% [1]. - Holders of the card can enjoy various privileges, including discounts at airports, cultural and artistic events, popular tourist attractions, and Chinese cuisine, enhancing the overall user experience [1]. Group 2: Strategic Importance and Future Plans - As the only Chinese bank in Germany offering personal banking services, the Bank of China Frankfurt branch aims to provide high-quality, convenient, and secure financial services to overseas clients [3]. - The bank is committed to supporting major national strategies and enhancing financial cooperation between China and Germany, contributing to the facilitation of cross-border payments and the internationalization of the Renminbi [3].

Core Viewpoint - The launch of the "Bank of China - UnionPay" Jinxiu China debit card in Frankfurt marks a significant step in enhancing cross-border payment convenience for key demographics, promoting the internationalization of the Renminbi, and spreading Chinese culture and image in Europe [1][2]. Group 1: Product Launch and Features - The "Bank of China - UnionPay" Jinxiu China debit card is designed to cater to business travelers, tourists, local residents, overseas Chinese, Chinese-funded enterprises, and students, providing convenient, safe, and cost-effective cross-border payment services [1]. - This product is the first of its kind to be introduced in Europe, aiming to improve payment convenience for those traveling to China [2]. Group 2: Market Trends and Demand - There is a growing trend among German consumers to use debit cards for high-value and frequent transactions, driven by the increase in cross-border payments and e-commerce demand [1]. - The expansion of China's visa-free travel policies is leading to a stronger willingness among foreign nationals to visit China and a rising demand for Renminbi payments [1]. Group 3: Strategic Importance - The Bank of China Frankfurt branch is the only Chinese bank in Germany authorized to conduct both corporate and personal business, as well as being a local Renminbi clearing bank, which positions it uniquely to enhance cross-border financial services [2]. - The collaboration with UnionPay leverages the global network advantages of UnionPay, further facilitating overseas consumption and travel for customers [1].