Core Viewpoint - Qingyue Technology is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which may lead to significant penalties and potential delisting from the Shanghai Stock Exchange if found guilty [1]. Financial Performance - For the first three quarters of the previous year, Qingyue Technology reported total revenue of 476 million yuan, a year-on-year decrease of 13.64% [2]. - The company recorded a net loss attributable to shareholders of 43.35 million yuan, compared to a loss of 48.88 million yuan in the same period last year [2]. - In the third quarter alone, revenue was 147 million yuan, down 41.4% year-on-year, with net losses widening from 9.99 million yuan to 12.59 million yuan [2]. - The continuous losses are attributed to weak demand in the consumer electronics market and intensified competition, leading to declining product prices and increased inventory write-downs [2]. Regulatory Issues - Qingyue Technology has been issued a warning letter by the Jiangsu Securities Regulatory Bureau for three violations, including improper use of raised funds and undisclosed related-party transactions [3]. - The company is actively cooperating with the CSRC investigation and will provide monthly updates on the situation [1]. Market Reaction - Following the announcement of the investigation, Qingyue Technology's stock opened lower, dropping 2.31% to 5.91 yuan per share [3].

（来源：新安晚报） 转自：新安晚报 2025年安徽数字经济核心产业企业营收预计达1.3万亿元；规上工业企业100%启动数字化改造；全省智 算规模超4.8万P；日均使用"电子健康码"超50万次……12月26日上午，安徽省政府新闻办公室举行决 胜"十四五"奋进新征程系列主题新闻发布会，用一个个跳动的数字，展现数字安徽建设取得的显著成 效。 数字经济规模持续攀升 "十四五"期间，安徽数字经济规模持续攀升，2025年数字经济核心产业企业营收预计达到1.3万亿元， 首次突破万亿大关，年均增长12%。数字经济核心产业企业营收占规上企业收入比重跻身全国前10位， 集成电路、新型显示器件、人工智能等产业集群入选国家战略性新兴产业集群。 数据产权登记率先开展 安徽是全国首批国家数据要素综合试验区建设试点省份之一，在全国率先开展数据产权登记，助力数据 资产化价值化。目前已累计发放221张数据产权登记证书和11张数据产权质押凭证。制定22项数据流通 交易制度规则，建成智能网联汽车、人工智能等六大特色专区，上架1266款数据产品，累计完成交易 139笔。 在全国率先开展"数据券""算力券"试点，省市两级建立"政府补贴+市场运作"机制 ...

Core Insights - Anhui Province is accelerating its digital transformation as a pilot for the national data element comprehensive experimental zone, with the digital economy core industry revenue expected to exceed 1 trillion yuan for the first time during the 14th Five-Year Plan period, reaching an estimated 1.3 trillion yuan by 2025, with an average annual growth rate of 12% [1] Group 1 - The first domestic fifth-generation ultra-low power double-speed dynamic random-access memory has achieved mass production, and the "Zuchongzhi No. 3" quantum computing prototype leads globally [1] - Key core technology breakthroughs are being implemented, with the establishment of high-level research institutions such as data space and artificial intelligence research institutes to accelerate the output of digital technology innovation [1] - The digital core industry is focusing on extending, supplementing, and strengthening industrial chains, with over 2,200 enterprises gathered in strategic emerging industry clusters, including integrated circuits, new display devices, and artificial intelligence, expected to generate over 350 billion yuan in revenue by 2025, doubling from the end of the 13th Five-Year Plan [1] Group 2 - All industrial enterprises above designated size in Anhui have initiated digital transformation, while the province actively cultivates new models and formats such as live e-commerce and short video e-commerce, exploring new digital consumption scenarios [2] - The province's online retail sales are projected to grow from 300 billion yuan in 2021 to nearly 500 billion yuan by 2024, with an average annual growth rate of 16.9% [2] - The agricultural production informationization rate in Anhui has reached over 52%, ranking among the top in the country [2]

襟江带淮，坐望中原，安徽自古便是人文鼎盛之地、货殖四海之枢。承东启西，贯通南北，在一个个五 年蓝图的接笔挥毫间，这片热土完成了从积淀到腾飞的惊人跨越： ——战略性新兴产业产值占规上工业比重超43%，高技术制造业增加值占规上工业比重超16%，集成电 路、新型显示器件、人工智能、先进结构材料四大国家战略性新兴产业集群优秀率居全国第三位。 征程万里，风帆正满；继往开来，其命维新。"十五五"时期是我国基本实现社会主义现代化夯实基础、 全面发力的关键时期，亦是安徽夯实基础、全面发力、创先争优、跨越赶超的关键时期。在加快建 设"三地一区"的坚实基础上，奋勇"往前赶"的安徽，必将谱写更多令人瞩目的时代篇章。 近日，中国证券报调研团队深入江淮腹地，走访政府机构、探访创新高地、对话投资人士、调研重点企 业，探寻这片热土引领未来、制胜长远的动能与密码。 ▲▲ 详见深度调查A05 A08 ——全省地区生产总值从"十三五"末的3.87万亿元跃升至2024年的5.06万亿元，连续跨越4万亿、5万亿 元两个台阶，预计五年增量达到1.4万亿元； ——26个省重大新兴产业基地提质扩量，基地产值从"十三五"末的7500亿元提高至2024年的1 ...

Group 1 - The core viewpoint emphasizes the importance of stimulating corporate innovation and reinforcing the role of enterprises in technological innovation [1] - Dalian Longning Technology Co., Ltd. is identified as a specialized service provider for new display devices, particularly electronic paper, and is recognized as a national "little giant" enterprise [1] - The company has obtained over 20 invention and utility model patents, with its flexible display and true color electronic paper technology reaching an internationally leading level [1] - The products of Dalian Longning Technology are exported to more than 20 countries and regions, including the United States and Germany [1] Group 2 - The article features an image of the automated production line of Dalian Longning Technology Co., Ltd. [2]

Core Viewpoint - Yidu International Holdings (00259) experienced a significant decline in stock price, dropping over 22% in the afternoon trading session, with a current price of HKD 3.45 and a trading volume of HKD 23.7 million due to concerns surrounding its affiliate Suzhou Qingyue's financial reporting issues [1][1][1] Company Summary - Suzhou Qingyue, an affiliate of Yidu International Holdings, has received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) regarding suspected false records in its periodic financial reports [1][1][1] - The company holds approximately 28.08% equity in Suzhou Qingyue, which is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][1][1] - Suzhou Qingyue reported a loss attributable to shareholders of approximately RMB 13 million for the third quarter of 2025 and a total loss of about RMB 43 million for the first three quarters of 2025 [1][1][1] Industry Summary - Suzhou Qingyue, established in 2010, specializes in providing comprehensive solutions for IoT terminal displays, focusing on the research, production, and sales of new display devices such as OLEDs [1][1][1] - The company went public on the Sci-Tech Innovation Board in December 2022, indicating its growth and development within the technology sector [1][1][1]

Core Viewpoint - Qingyue Technology (688496) faces regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to financial reporting issues, leading to a significant drop in stock price on November 3, 2023 [2][3] Financial Performance - Qingyue Technology's financial performance has been declining since its IPO in 2022, with net profit turning negative in the following year and continuing losses into 2025 [2][9] - Revenue figures for 2022 to 2024 are approximately 1.044 billion, 661 million, and 753 million respectively, with corresponding net profits of approximately 55.89 million, -118 million, and -69.49 million [9] - For the first three quarters of 2025, the company reported revenue of about 476 million, a year-on-year decrease of 13.64%, and a net loss of approximately -43.35 million, indicating a reduction in losses but still not achieving profitability [9] Regulatory Issues - On November 1, 2023, Qingyue Technology received a "Notice of Case Filing" from the CSRC for suspected false reporting of financial data, which could lead to mandatory delisting if deemed a serious violation [3] - The company had previously received a warning letter from the Jiangsu Securities Regulatory Bureau for three main issues: improper use of raised funds, non-compliance in financial accounting for new product lines, and undisclosed related party transactions [4] Legal Matters - In March 2024, Qingyue Technology was involved in a contract fraud case linked to its subsidiary, which raised concerns about its operational integrity [5][6] - The company clarified its non-involvement in the decision-making process related to the fraud case, asserting that it had no direct business dealings with the parties involved [7] Market Reaction - Following the announcement of the regulatory investigation, there is a potential for significant stock price volatility as investors may react negatively, leading to concentrated sell-offs [3]

Core Viewpoint - Qingyue Technology is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which may lead to mandatory delisting if found guilty [1] Financial Performance - For the first three quarters of the year, Qingyue Technology reported total revenue of 476 million yuan, a year-on-year decrease of 13.64% [3] - The company recorded a net loss attributable to shareholders of 43.35 million yuan, compared to a loss of 48.88 million yuan in the same period last year [3] - In Q3, revenue was 147 million yuan, down 41.4% year-on-year, with a net loss widening from 9.99 million yuan to 12.59 million yuan [3] Loss Trends - Qingyue Technology has been in a loss position for over two years, with projected net losses of 118 million yuan in 2023 and 69.49 million yuan in 2024 [4] - The primary reasons for continued losses include weak demand in the consumer electronics market and intensified competition, leading to declining product prices and increased inventory write-downs [4] Gross Margin Analysis - The gross margin for 2023 was only 3%, significantly lower than 18.35% in 2022 and 30.82% in 2020 [4] - The gross margin is expected to improve to 8.7% in 2024, but it remains below industry averages [5] Regulatory Issues - Qingyue Technology has faced multiple regulatory violations, including improper use of raised funds and non-compliance in financial accounting for new product lines [6][6] - The company failed to disclose related party transactions, which included a contract with a company controlled by a close relative of the actual controller [6]

Core Viewpoint - Qingyue Technology is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data in periodic reports [1][3]. Company Overview - Qingyue Technology primarily engages in the research, production, and sales of new display devices such as OLEDs, with a product structure focused on PMOLED, electronic paper modules, and silicon-based OLED micro-displays [8]. - The company's products are applied in various fields including smart home, healthcare, automotive control, consumer electronics, wearable displays, retail, and near-eye display XR [8]. Regulatory Issues - In August 2023, Qingyue Technology received a warning letter from the Jiangsu Securities Regulatory Bureau, citing three main issues: improper use of raised funds, non-standard financial accounting for CTP+OLED product trade, and undisclosed related party transactions [8]. - The CSRC's investigation could lead to significant legal consequences, including the possibility of mandatory delisting if major violations are confirmed [5]. Financial Performance - As of the third quarter of 2025, Qingyue Technology reported total revenue of 476 million CNY, a year-on-year decrease of 13.64% [9]. - The net profit attributable to the parent company was -43.35 million CNY, reflecting an increase in losses of 11.3% compared to the previous year [9]. - The company’s total costs for the same period were 538 million CNY, indicating a decline in operational performance [9]. Stock Market Information - As of October 31, 2023, Qingyue Technology's stock price was 8.94 CNY per share, with a total market capitalization of 4 billion CNY [10]. - The stock has experienced a 52-week high of 11.20 CNY and a low of 6.10 CNY, indicating volatility in its market performance [10].

Core Viewpoint - Qingyue Technology has received a warning letter from the Jiangsu Securities Regulatory Bureau due to multiple financial violations, raising concerns about its financial practices and performance since its IPO [1][2]. Financial Violations - The company misused raised funds by transferring them to a general settlement account for purchasing bank wealth management products in 2023 [1]. - Financial accounting for the CTP+OLED product trade business was not compliant, as the company incorrectly used the gross method instead of the net method, leading to a revenue and cost adjustment of 13.67 million yuan for Q3 2023 [1]. - An undisclosed related party transaction occurred with Zaozhuang Hongyuan Construction Engineering Company, controlled by the actual controller's relative, involving a payment of 3.63 million yuan, which was not reported in the 2023 semi-annual report [1]. Financial Performance - Qingyue Technology's revenue decreased significantly post-IPO, with reported revenues of 1.044 billion yuan in 2022, 661 million yuan in 2023, and an estimated 753 million yuan in 2024 [2]. - The company experienced a net profit decline, with net profits of 30 million yuan in 2022, a loss of 133 million yuan in 2023, and a projected loss of 78 million yuan in 2024 [2]. - The gross margin plummeted to 3% in 2023, improved to 8.7% in 2024, but remained below 2022's 18.35% and significantly lower than previous years [2]. Strategic Measures - The company is attempting to improve performance through market expansion and new customer development, alongside enhancing collection efforts and optimizing internal management to reduce expenses [3]. - Accounts receivable days have shown some improvement, with 61.53 days in 2022, 102 days in 2023, and 80.55 days in 2024, although still not back to 2022 levels [3]. - The first quarter of 2025 saw a revenue increase of 4.83% year-on-year to 171 million yuan, but the net loss expanded by 70% to 17 million yuan [3].