Core Insights - Desheng Technology (002908.SZ) released its Q3 2025 report on October 29, 2025, indicating a total institutional holding of 1.7456 million shares, representing 0.40% of the company's total equity [1] - The institutional holding ratio decreased by 0.34 percentage points compared to the previous quarter [1] Institutional Holdings - As of October 28, 2025, there is one institutional investor holding shares in Desheng Technology, which includes the Guangdong Desheng Technology Co., Ltd. - 2025 Employee Stock Ownership Plan [1] - The total institutional holding ratio stands at 0.40% [1] Public Fund Disclosure - In this reporting period, 28 public funds were disclosed, which were not reported in the previous quarter [1] - Notable funds include Xin'ao Core Technology Mixed A, China Merchants CSI 2000 Index Enhanced A, and others [1]

Core Insights - The article emphasizes that system development has evolved from being merely a "technical implementation tool" to a "business value carrier" in the context of digital transformation. Successful systems must align closely with business scenarios and address real pain points, serving as engines for business innovation rather than just advanced technology or complete functionality [1]. Group 1: Demand Transformation - Demand transformation serves as a bridge between "business needs" and "technical implementation," focusing on converting vague demands into clear, executable technical goals to avoid disconnection between development and needs [7]. - The process involves penetrating surface demands to uncover core pain points, ensuring that the system prioritizes essential functions rather than unnecessary modules [7]. - Establishing a "demand consensus" mechanism through review meetings and prototype demonstrations is crucial to align understanding between business and technical teams, managing changes strictly to balance business flexibility and development stability [7]. Group 2: Architecture Selection - Architecture selection should prioritize "business adaptability" over merely choosing the most advanced technology, ensuring that the architecture meets current needs and future expansion expectations [8]. - Different architectural patterns, such as monolithic for stable environments and microservices for rapidly growing scenarios, should be chosen based on business scale and growth expectations [8]. - The technology stack should consider compatibility, maturity, and team capabilities, favoring well-documented and community-supported technologies to reduce maintenance challenges [8]. Group 3: Development Collaboration - The development phase is critical for translating architectural design into actual systems, emphasizing "standardized collaboration" and "process control" to ensure efficiency and quality [13]. - Implementing coding standards and code review mechanisms enhances code readability and maintainability, preventing collaboration barriers due to individual coding habits [13]. - Iterative development models can improve delivery efficiency and responsiveness to needs, allowing for timely feedback and adjustments [13]. Group 4: Operations and Iteration - The operational phase is viewed as the starting point for "continuous value release," focusing on "stability assurance" and "ongoing optimization" to maximize system value [14]. - Establishing a "full-link monitoring and rapid response" mechanism is essential for tracking system performance and addressing issues promptly to avoid business disruptions [14]. - Continuous optimization based on data feedback and business needs is necessary to keep the system aligned with evolving business requirements [14]. Group 5: Overall Development Philosophy - Every aspect of system development at Youqipai must be judged by "business value," ensuring that demand transformation addresses core pain points, architecture selection supports business growth, development collaboration guarantees quality delivery, and operations continuously release value [21]. - The future of system development will increasingly emphasize the deep integration of business and technology, driven by value throughout the entire process to achieve the ultimate goal of technology empowering business [21].

Core Viewpoint - Haohan Deep (688292.SH) reported a decline in institutional ownership in its Q3 2025 report, indicating a potential shift in investor sentiment [1] Group 1: Institutional Investors - As of October 28, 2025, three institutional investors disclosed holdings in Haohan Deep, totaling 20.69 million shares, which represents 13.07% of the company's total equity [1] - The institutional ownership decreased by 1.52 percentage points compared to the previous quarter [1] Group 2: Public Funds - In this period, 47 public funds were not disclosed compared to the previous quarter, including notable funds such as GF Baifa 100 Index A, CSI 2000, Guoxin National Index New Star A, and E Fund Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF [1]

Core Insights - The company reported a revenue of 358 million yuan and a net profit attributable to shareholders of 4.4153 million yuan for the first three quarters of 2025, with a gross margin increase from 40.51% to 45.91% year-on-year, reflecting a 5.4 percentage point improvement [1][2] Financial Performance - Revenue for the first three quarters of 2025 reached 358 million yuan [1] - Net profit attributable to shareholders was 4.4153 million yuan [1] - Net profit excluding non-recurring gains and losses was 2.4264 million yuan [1] - Gross margin improved from 40.51% to 45.91%, a year-on-year increase of 5.4 percentage points [1] Business Strategy and Developments - The company has built a knowledge graph, document knowledge base, and model collaboration mechanism, completing the overall technical architecture for its intelligent application service platform [1] - The focus areas for future growth include employment and social security services, while medical and government services are identified as key operational breakthroughs [1] - In AI applications, the company has established a core AI technology foundation and completed the integration of general large models and self-developed model training [2] - The company is collaborating with partners to develop a "seamless medical payment platform" to optimize traditional IT architecture using core algorithm capabilities [2] - The company aims to solidify its position as a "social security card service provider" and maintain market leadership in the third-generation social security card [2] - The strategic layout emphasizes a service loop of "data + model + scenario," leveraging AI technology to empower core livelihood scenarios such as employment, medical care, and government services [2]

Group 1 - The company currently holds value-added telecommunications business operation licenses [2] - The cloud computing power service related business has been approved by the industry regulatory authority [2]

Core Viewpoint - The company, Xiechuang Data (300857), has announced that it and its subsidiaries have obtained the value-added telecommunications business operation license, and the cloud computing service-related business has received approval from the industry regulatory authority [1] Group 1 - The company has acquired the necessary licenses for value-added telecommunications services [1] - The cloud computing service business has been approved by the relevant regulatory department [1]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][15] - The third quarter financial report has not been audited, and the company has provided key financial data and indicators for the period [3][5] - The company has reported a total asset impairment provision of 8.77 million yuan for the first three quarters of 2025, including credit impairment losses of 8.7571 million yuan and asset impairment losses of 15.6 thousand yuan [16][18] Group 2 - The seventh supervisory board meeting was held on October 28, 2025, and the meeting's resolutions were deemed legal and effective [8][9] - The supervisory board approved the third quarter report and confirmed that the report's preparation and review procedures were compliant with relevant laws and regulations [9][10] - The supervisory board also approved the proposal to cancel the supervisory board and amend the company's articles of association, which will be submitted to the shareholders' meeting for approval [11][13] Group 3 - The seventh board of directors meeting was held on October 28, 2025, and all resolutions passed were in accordance with legal requirements [21][22] - The board approved the third quarter report and confirmed its compliance with relevant regulations [22][23] - The board also approved the cancellation of the supervisory board and the revision of the company's articles of association, which will also be submitted to the shareholders' meeting for approval [24][25] Group 4 - The company plans to hold its first extraordinary general meeting of 2025 on November 20, 2025, to discuss various proposals [37][39] - The meeting will utilize a combination of on-site and online voting methods, with specific details provided for shareholders on how to participate [41][43] - The company has outlined the registration process for shareholders wishing to attend the meeting, including necessary documentation and deadlines [50][51]

Group 1: Shennong Group - The latest complete cost in September is 12.5 yuan/kg, with weaning cost at 269 yuan/head and PSY at 29.5 heads [1] - The company has improved disease prevention by enhancing air filtration hardware and management, leading to a decrease in mortality rates [1] - Capital expenditure for this year is planned to be within 1 billion yuan, with a target debt-to-asset ratio of below 40% [1] Group 2: Lihua Shares - The complete cost for yellow feather broilers in Q3 is approximately 11.4 yuan/kg, influenced by feed raw material costs and high temperatures [2] - The complete cost for the pig segment in Q3 is about 12.6 yuan/kg, decreasing to 12.3 yuan/kg in September, with a target of 12 yuan/kg by year-end [2] - The annual slaughter capacity for meat chickens is 150 million, with a target of 100 million for 2025 [2] Group 3: Daotong Technology - The company's comprehensive gross margin remains above 55% in the first three quarters of 2025, benefiting from new product launches and AI integration [3] - AI and software business are growing rapidly, with an increase in annual software fees due to high-end product releases [3] - The company plans to pursue H-share listing to deepen international layout [3] Group 4: Ruichuang Weina - Contract liabilities reached 320 million yuan in Q3 2025, a year-on-year increase of 54.72%, driven by strong domestic and international demand [4] - The company achieved record high revenue in Q3, with sufficient orders and gradually released production capacity [4] - The company is expanding its infrared technology applications into new fields such as robotics and consumer electronics [4] Group 5: Obsidian Light - Robotics is a key strategic focus for the company, providing comprehensive 3D vision sensor solutions for humanoid robots [5] - The company has completed over 10 chip tape-outs, covering various sensor and computing chips, establishing a complete technology loop [5] - In 2024, overseas revenue is projected to be 60.26 million yuan, with a gross margin of 62.32% [5]

Group 1 - The company Tongxingbao (SZ 301339) announced that its 19th meeting of the second board of directors was held on October 28, 2025, in both in-person and telecommunication formats [1] - The meeting reviewed the proposal regarding the company's mid-term dividend plan for 2025 [1] - For the first half of 2025, the company's revenue composition is entirely from the software and information technology services sector, accounting for 100.0% [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is leading the market's transformation, indicating the emergence of a "slow bull" market pattern [1]

Core Insights - The company reported a revenue of 353 million yuan for the first three quarters of 2025, representing a year-on-year growth of 60.27% [1] - The net loss attributable to shareholders was 19.21 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 24.92 million yuan [1] - The basic loss per share was 0.1685 yuan [1]