Core Insights - Zhenyou Technology (688418) reported a closing price of 30.85 yuan as of October 31, 2025, down 3.5% from the previous week, with a market capitalization of 5.94 billion yuan [1] Shareholder Changes - As of September 30, 2025, the number of shareholders for Zhenyou Technology was 12,100, a decrease of 175 shareholders or 1.43% from June 30, 2025. The average shareholding per account increased from 15,700 shares to 16,000 shares, with an average market value of 474,400 yuan [2] Performance Disclosure - For the first three quarters of 2025, Zhenyou Technology reported a main revenue of 509 million yuan, a year-on-year decrease of 11.78%. The net profit attributable to shareholders was -47.1851 million yuan, down 384.14% year-on-year. The net profit excluding non-recurring items was -61.7649 million yuan, a decline of 27,120.79% [3] - In Q3 2025, revenue was 159 million yuan, down 21.08% year-on-year. The net profit attributable to shareholders for the quarter was 409,000 yuan, a decrease of 95.39% year-on-year. The net profit excluding non-recurring items was -7.0916 million yuan, down 10,103.29% [3] - The company reported a debt ratio of 44.63%, a gross profit margin of 45.32%, and R&D expenditure accounted for 25.04% of revenue [3] Company Announcements - On March 2, 2024, the company disclosed a purchase and sales contract for a national satellite communication project worth 112 million USD (excluding tax), with no payments received as of the report date [4] - On April 15, 2025, Zhenyou Technology signed a framework agreement for a national backbone optical fiber broadband network project in the Democratic Republic of the Congo, with a total budget of 1.5 billion USD (excluding tax), currently in funding discussions [4] - On August 1, 2025, Ningbo Zhenyou Enterprise Management Partnership (Limited Partnership) signed an agreement to transfer 9.63 million shares (5.00% of total shares) to Shenzhen Century Zhiyuan Private Securities Fund at a price of 22.13 yuan per share, totaling 213 million yuan, with the transfer not yet completed [4] - On June 12, 2025, the company's board approved a private placement plan to issue up to 48.1387 million shares to no more than 35 specific investors, raising no more than 1.069 billion yuan, pending approval from the Shanghai Stock Exchange and registration with the CSRC, with uncertainties involved [4][5]