Core Viewpoint - The company, Asia Optical (002952), is focusing on customized liquid crystal displays and electronic paper display modules, with a strong emphasis on market segmentation and technological innovation to meet diverse customer needs [1][2]. Group 1: Business Overview - Asia Optical specializes in the research, design, production, and sales of customized optical display products, including monochrome LCDs, TFT LCDs, capacitive touch screen modules, and electronic paper display modules [1]. - The company adopts a customized strategy targeting niche markets, engaging deeply in product development alongside clients to adapt to market changes [1]. Group 2: Electronic Paper Business - The electronic paper segment is in an expansion phase, with projected revenue growth of 142.84% year-on-year in 2024 and 103.01% in the first half of 2025, expected to account for 48.63% of total revenue [2]. - The company has four production lines for electronic paper in Vietnam that are already in mass production, with two additional lines recently launched, currently in the ramp-up phase [2]. Group 3: Operational Efficiency and Cost Management - The company is focused on reducing operational costs and improving profitability through scale effects and product structure optimization, despite current high costs due to ramp-up operations and industry competition [2]. - A diversified supplier system is established to mitigate risks associated with key raw material price fluctuations and supply chain disruptions [3]. - The company utilizes an SAP system for comprehensive information management across procurement, production, and inventory, enhancing procurement planning and inventory turnover efficiency [3].

Core Viewpoint - The stock of Tianma Microelectronics Co., Ltd. (深天马A) has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 22.34 billion yuan. The company has shown a modest year-to-date stock price increase of 0.66% but has faced declines over various short-term periods [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 26.66 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders was 313 million yuan, marking a significant increase of 166.25% compared to the previous year [2]. Shareholder Information - As of November 10, 2025, the number of shareholders for 深天马A reached 72,700, an increase of 1.08% from the previous period. The average number of circulating shares per shareholder decreased by 1.07% to 33,805 shares [2]. Dividend Distribution - Since its listing, 深天马A has cumulatively distributed dividends amounting to 1.43 billion yuan. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 110 million shares, which is an increase of 55 million shares from the previous period [3].

Core Points - The stock price of Qingyue Technology increased by 2.19% on November 13, reaching 7.01 CNY per share, with a total market capitalization of 3.155 billion CNY [1] - Year-to-date, the stock has declined by 18.20%, but has seen a recent increase of 3.39% over the last five trading days [2] - The company has reported a revenue of 476 million CNY for the first nine months of 2025, a year-on-year decrease of 13.64%, while the net profit attributable to shareholders was -43.35 million CNY, an increase of 11.30% year-on-year [3] Company Overview - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and was listed on December 28, 2022 [2] - The company specializes in the research, production, and sales of small and medium-sized display panels, focusing on providing customized display system solutions [2] - The revenue composition includes: electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 12.49% to 7,053, while the average circulating shares per person increased by 14.28% to 33,736 shares [3] - The company has distributed a total of 29.7 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Minsheng Jia Yin Continuous Growth Mixed Fund and Penghua Preferred Growth Mixed Fund, with new entries from several other funds [4]

机构持仓方面，截止2025年9月30日，深天马A十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1.10亿股，相比上期增加5500.05万股。 深天马A所属申万行业为：电子-光学光电子-面板。所属概念板块包括：电子纸、MLED、全面屏、折 叠屏、虚拟现实等。 截至10月31日，深天马A股东户数7.19万，较上期减少2.06%；人均流通股34169股，较上期增加 2.11%。2025年1月-9月，深天马A实现营业收入266.63亿元，同比增长11.03%；归母净利润3.13亿元， 同比增长166.25%。 分红方面，深天马AA股上市后累计派现14.29亿元。近三年，累计派现0.00元。 11月12日，深天马A盘中下跌2.05%，截至11:29，报9.55元/股，成交1.18亿元，换手率0.50%，总市值 234.71亿元。 资金流向方面，主力资金净流出944.91万元，特大单买入0.00元，占比0.00%，卖出559.53万元，占比 4.76%；大单买入1845.69万元，占比15.69%，卖出2231.07万元，占比18.97%。 深天马A今年以来股价涨5.76%，近5个交易日跌4.40%，近2 ...

Core Viewpoint - Feikai Materials experienced a stock price decline of 2.08% on November 11, with a current price of 22.56 CNY per share and a total market capitalization of 12.79 billion CNY [1] Financial Performance - For the period from January to September 2025, Feikai Materials reported a revenue of 2.342 billion CNY, representing a year-on-year growth of 7.88%, and a net profit attributable to shareholders of 291 million CNY, which is a 41.34% increase compared to the previous year [2] Stock and Shareholder Information - As of October 31, 2025, the number of shareholders for Feikai Materials increased to 67,200, up by 4.43%, while the average circulating shares per person decreased by 4.25% to 8,390 shares [2] - Since its A-share listing, Feikai Materials has distributed a total of 341 million CNY in dividends, with 159 million CNY distributed over the past three years [3] Market Activity - On November 11, the net outflow of main funds was 32.29 million CNY, with significant selling pressure observed, as large orders sold 63.01 million CNY worth of shares, accounting for 26.49% of total transactions [1] - The stock has seen a year-to-date increase of 44.11%, but has declined by 0.27% over the last five trading days and 8.81% over the last 20 days [1] Business Overview - Feikai Materials, established on April 26, 2002, and listed on October 9, 2014, specializes in the research, production, and sales of new materials, particularly ultraviolet curing materials [1] - The company's revenue composition includes display materials (52.32%), semiconductor materials (24.51%), and ultraviolet curing materials (22.78%) [1]

Core Viewpoint - Heli Tai's stock price has shown significant growth this year, with a year-to-date increase of 37.24%, despite recent fluctuations in trading volume and net capital flow [1][2]. Group 1: Stock Performance - As of November 10, Heli Tai's stock price rose by 2.18% to 3.28 CNY per share, with a trading volume of 3.33 billion CNY and a turnover rate of 1.83% [1]. - The company has experienced a net capital outflow of 241.77 thousand CNY, with large orders accounting for 14.81% of total buy orders and 17.67% of total sell orders [1]. - Over the past 60 days, the stock price has increased by 32.26%, while it has remained flat over the last 5 trading days [1]. Group 2: Company Overview - Heli Tai Technology Co., Ltd. was established on April 30, 2003, and went public on February 20, 2008. The company specializes in various display modules and components, including full-screen modules, touch screen modules, and 5G-related materials [2]. - The company's revenue composition includes 86.62% from electronic paper display products, 11.90% from general display products, and 0.68% from optical sensing products [2]. - As of September 30, the number of shareholders increased to 230,100, with an average of 24,683 circulating shares per person, a decrease of 51.78% from the previous period [2]. Group 3: Financial Performance - For the first nine months of 2025, Heli Tai reported a revenue of 1.259 billion CNY, reflecting a year-on-year growth of 23.84%, and a net profit attributable to shareholders of 17.81 million CNY, up 101.45% year-on-year [2]. - The company has distributed a total of 609 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited emerged as a new major shareholder, holding 41.919 million shares [3].

Core Viewpoint - Qingyue Technology's stock has experienced significant declines this year, with a 21.70% drop year-to-date and a 30.32% decline over the past 60 days, indicating potential challenges in the market [2][3]. Company Overview - Qingyue Technology, established on December 30, 2010, and listed on December 28, 2022, is located in Kunshan, Jiangsu Province. The company specializes in the research, production, and sales of small and medium-sized display panels, focusing on personalized display system solutions [2]. - The company's revenue composition includes: electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2]. Financial Performance - For the period from January to September 2025, Qingyue Technology reported a revenue of 476 million yuan, a year-on-year decrease of 13.64%. The net profit attributable to the parent company was -43.35 million yuan, reflecting a year-on-year increase of 11.30% [3]. - As of September 30, 2025, the company had a total of 7,053 shareholders, a decrease of 12.49% from the previous period, while the average circulating shares per person increased by 14.28% [3]. Stock Market Activity - On November 6, Qingyue Technology's stock rose by 2.13%, reaching 6.71 yuan per share, with a trading volume of 97.1 million yuan and a turnover rate of 6.13%. The total market capitalization stood at 3.02 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 3, where it recorded a net buy of -3.29 million yuan [2]. Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included several institutional investors, with Minsheng Jia Yin Continuous Growth Mixed A being the fourth largest shareholder, increasing its holdings by 695,900 shares [4].

Core Insights - The stock price of Feikai Materials increased by 2.02% on November 6, reaching 23.21 CNY per share, with a total market capitalization of 13.159 billion CNY [1] - The company has seen a year-to-date stock price increase of 47.88%, but has experienced a decline of 1.65% over the last five trading days and 10.66% over the last twenty days [1] - For the period from January to September 2025, Feikai Materials reported a revenue of 2.342 billion CNY, representing a year-on-year growth of 7.88%, and a net profit of 291 million CNY, which is a 41.34% increase compared to the previous year [2] Financial Performance - The company has distributed a total of 341 million CNY in dividends since its A-share listing, with 159 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 4.12% to 64,400, while the average number of tradable shares per person increased by 4.30% to 8,762 shares [2][3] Business Overview - Feikai Materials specializes in the research, production, and sales of new materials, particularly ultraviolet curing materials, with its main revenue sources being display materials (52.32%), semiconductor materials (24.51%), and ultraviolet curing materials (22.78%) [1] - The company operates within the electronic chemicals sector and is involved in various concept sectors including photoresists, specialized and innovative enterprises, electronic paper, OLED, and advanced packaging [1]

Core Points - Hanwang Technology's stock price decreased by 2.01% on November 5, reaching 22.89 CNY per share, with a market capitalization of 5.596 billion CNY [1] - The company reported a revenue of 1.26 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 9.85%, while the net profit attributable to shareholders was -91.18 million CNY, a decrease of 21.55% year-on-year [2] Financial Performance - Year-to-date stock price change is an increase of 1.02%, with a decline of 0.09% over the last five trading days, 7.18% over the last twenty days, and 15.22% over the last sixty days [1] - As of September 30, 2025, the number of shareholders increased by 7.17% to 60,100, while the average circulating shares per person decreased by 6.69% to 3,452 shares [2] Business Overview - Hanwang Technology specializes in intelligent interaction products, focusing on pattern recognition, with revenue composition as follows: smart pen interaction 58.89%, AI terminals 28.70%, multimodal big data business 10.89%, and other supplementary services 1.35% [1] - The company is categorized under the software development industry, specifically in vertical application software, and is associated with concepts such as electronic paper, Huawei Harmony, Huawei Kunpeng, online education, and data elements [1] Shareholder Information - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder with 14.0361 million shares, a decrease of 7.717 million shares from the previous period [2] - The Dachen Zhongzheng 360 Internet + Index A has exited the list of the top ten circulating shareholders [2]

Core Viewpoint - TCL Technology's stock price has experienced a decline of 14.66% year-to-date, with a recent drop of 2.07% on November 4, 2023, indicating potential market concerns regarding its performance and investor sentiment [1]. Financial Performance - For the period from January to September 2025, TCL Technology reported a revenue of 136.065 billion yuan, reflecting a year-on-year growth of 10.50%. The net profit attributable to shareholders reached 3.047 billion yuan, showing a significant increase of 99.75% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for TCL Technology was 671,100, a decrease of 2.22% from the previous period. The average number of circulating shares per shareholder increased by 2.27% to 26,965 shares [2]. Dividend Distribution - Since its A-share listing, TCL Technology has distributed a total of 14.683 billion yuan in dividends, with 2.491 billion yuan distributed over the last three years [3]. Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 949.5 million shares, an increase of 91.0236 million shares from the previous period. Other significant shareholders include China Securities Finance Corporation and various ETFs, with changes in their holdings noted [3].