证券代码：001298 证券简称：好上好 编号：2025-005 | | 特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | 业绩说明会 | | 类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | □其他 | | | | | 康卫荣 | 东方财富证券 | | | | 吕建新 | 亚威投资 | | | | 梁正芳 | 汇杰资本 | | | | 安佟亮 | 粤民投基金 | | | | 范尊武 | 涵崧基金 | | | | 林秋杏 | 涵崧基金 | | | 参与单位名称及 | 束佳黛 | 瑞业资产 | | | 人员姓名 | 刘靖 | 坚石资产 | | | | 陈建富 | 亿方富投资 | | | | 徐灵娥 | 前海骏杰 | | | | 孔庆华 | 前海骏杰 | | | | 李强 | 证金投资 | | | | 黄自成 | 图灵资产 | | | | 余礼冰 | 晓喆基金 | | | 时间 | 2025 年 11 | 月 28 日 | | | 地点 | 公司会议室 | | | | 上市公司接待人 | ...

Group 1: Company Overview - The company, Shenzhen Yingtang Intelligent Control Co., Ltd., focuses on electronic component distribution and has built a global multi-regional network covering various product categories including main chips, storage, RF, display drivers, power/amplifier devices, MEMS sensors, and passive components [2][3]. - The company has successfully introduced automotive display chip business into several leading screen manufacturers, with the first automotive-grade TDDI/DDIC entering mass production [2][3]. Group 2: Technology and R&D - The company is increasing R&D investment, with a 90.06% year-on-year growth in R&D expenses in the first three quarters, primarily focusing on display chip development [4]. - The company is preparing to acquire Guilin Guanglong Integrated and Shanghai Aojian Microelectronics to strengthen its layout in optical communication chips and analog integrated circuits [3]. Group 3: Product Development and Market Strategy - The company is developing laser scanning projection (LBS) technology, which offers advantages over traditional high-power light sources used in high-end vehicles, such as color, high resolution, and compact size [2][3]. - The OCS (Optical Circuit Switching) business is gradually increasing its revenue share, with plans to expand product series and ensure supply chain stability for larger-scale production [7][9]. Group 4: Production and Quality Assurance - The company has achieved mass production for OCS products with channel specifications of 32×32, 64×64, and 96×96, while preparing for the mass production of 128×128 channels expected in early to mid-2026 [10]. - The production yield for Guanglong Integrated's OCS chips is at a good industry level, with ongoing investments in process optimization and technology iteration to enhance competitiveness [8]. Group 5: Risks and Regulatory Compliance - There are risks associated with the asset purchase transaction, including potential delays or cancellations due to regulatory review processes [11]. - The company assures that the investor relations activities do not involve any undisclosed significant information [11].

Summary of Shenzhen Huaqiang Conference Call Company Overview - Shenzhen Huaqiang is benefiting from the sustained high growth of HiSilicon, its largest agency, which has achieved high double-digit growth for two consecutive years, significantly driving the company's performance, especially in a weak computing power demand environment [2][3][6] Key Points Industry and Market Dynamics - The company is actively expanding its diversified business lines, including mobile phones, medical, aesthetic medicine, and computing power, which, despite currently being small in scale, show significant growth potential and are expected to become important drivers of future performance [2][6] - In the first three quarters of 2025, Shenzhen Huaqiang's revenue grew by over 35% year-on-year, attributed to a stable income from a quality customer base and the company's long-term competitiveness [2][6] - The domestic semiconductor industry is rapidly developing, with the domestic product line accounting for nearly 60%, moving away from low-margin states to profitability [2][7] Financial Performance - The net profit for the third quarter of 2025 increased by nearly 40% year-on-year, driven by enhanced competitive strength, continuous high double-digit growth in HiSilicon's business, and rapid development in new agency lines [3][6] - The company has managed to maintain a relatively small decline in revenue and profit during industry downturns, with significant increases during recoveries [6] Product Pricing and Inventory - Prices for analog products, MCUs, and power devices have been declining since early 2022, with expectations that the rate of decline will further slow in 2024, indicating they are at a bottom range [9][11] - The memory market has not fully bottomed out, with price recovery contingent on clear demand resurgence. The fourth quarter of 2025 is expected to see price increases, continuing into the first quarter of 2026 [4][12] - As of the end of the third quarter, inventory was close to 2.1 billion, primarily consisting of customer orders, with a focus on reducing potential bad debts rather than product category structure [4][13] Strategic Partnerships and Future Outlook - Shenzhen Huaqiang is currently a partner of Ascend but has not yet become an agency due to Ascend's limited capacity and direct supply model. Future agency opportunities may arise as Ascend's ecosystem matures [5] - The company is strengthening collaborations with leading domestic companies, including Huawei and HiSilicon, while also expanding partnerships with other domestic chip manufacturers [5][6] - The company aims to maintain its leading position in the domestic electronic component distribution industry, with a revenue target beyond 30 billion, focusing on genuine profitability and risk reduction [18] M&A and Growth Strategy - Shenzhen Huaqiang is considering overseas acquisitions but prefers joint ventures or partnerships domestically. The company is also exploring new directions in the AI sector rather than simply acquiring competitors [17][18] Conclusion - Shenzhen Huaqiang is positioned for continued growth through strategic partnerships, diversification of its product lines, and a focus on maintaining competitive advantages in a rapidly evolving semiconductor market [2][6][18]

每经AI快讯，香农芯创（SZ 300475，收盘价：131.21元）11月25日晚间发布公告称，持有香农芯创科 技股份有限公司股份88万股（占公司总股本比例为0.189%）的董事、总经理李小红先生计划于本公告 披露之日起15个交易日之后的1个月内通过集中竞价方式减持公司股份不超过22万股(占公司总股本的 0.047%)。 持有公司股份8万股（占公司总股本比例为0.017%）的董事会秘书曾柏林先生计划于本公告披露之日起 15个交易日之后的1个月内通过集中竞价方式减持公司股份不超过2万股(占公司总股本的0.004%))。 持有公司股份12万股（占公司总股本比例为0.026%）的董事、副总经理、财务总监苏泽晶先生计划于 本公告披露之日起15个交易日之后的1个月内通过集中竞价方式减持公司股份不超过3万股(占公司总股 本的0.006%)。 截至发稿，香农芯创市值为610亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 胡玲） 2024年1至12月份，香农芯创的营业收入构成为：电子元器件分销占比97.15%， ...

Group 1 - The company Shenzhen Zhongdian Port Technology Co., Ltd. has announced the issuance of its first phase of ultra-short-term financing bonds for the year 2025, which was approved by the board and shareholders [1][2] - The registered amount for the ultra-short-term financing bonds is RMB 2 billion, with a registration validity of 2 years from the date of the acceptance notice issued by the China Interbank Market Dealers Association [2] - The company has completed the issuance of the first phase of ultra-short-term financing bonds for 2025, and relevant documents have been published on the China Money website and the Shanghai Clearing House website [2]

Core Viewpoint - The company focuses on electronic component distribution and does not engage in manufacturing [2] Group 1: Business Focus - The company is an authorized distributor for leading brands such as Changxin, Kioxia, Zhaoyi, Phison, and DeYi Micro [2] - The company has a stable supply capability for storage products [2] Group 2: Customer Base - The customer base includes sectors such as servers, mobile phones, and various consumer IoT applications [2]

Core Viewpoint - The stock of Shangluo Electronics experienced a decline of 6.77% on November 21, with a trading volume of 461 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On November 21, Shangluo Electronics had a financing buy-in amount of 44.30 million yuan, while the financing repayment was 75.30 million yuan, resulting in a net financing outflow of 30.99 million yuan [1]. - The total financing and securities balance for Shangluo Electronics reached 480 million yuan, accounting for 5.83% of its market capitalization, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - There were no shares sold or repaid in the securities lending market on the same day, with the securities lending balance also at zero, reflecting a lack of short-selling interest [1]. Company Performance - As of November 10, the number of shareholders for Shangluo Electronics was 47,900, a decrease of 2.31% from the previous period, while the average circulating shares per person increased by 2.36% to 10,268 shares [2]. - For the period from January to September 2025, Shangluo Electronics reported a revenue of 6.189 billion yuan, representing a year-on-year growth of 32.80%, and a net profit attributable to shareholders of 141 million yuan, which is a significant increase of 164.32% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Shangluo Electronics has distributed a total of 80.82 million yuan in dividends, with 29.58 million yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 3.90 million shares, an increase of 2.47 million shares from the previous period [3].

Core Insights - Zhongdian Port's stock price decreased by 1.28% on November 20, with a trading volume of 498 million yuan [1] - The company reported a financing buy-in of 58.06 million yuan and a net financing buy of 1.94 million yuan on the same day [1] Financing Overview - As of November 20, the total financing and securities lending balance for Zhongdian Port was 608 million yuan, with a financing balance of 607 million yuan, accounting for 5.99% of the circulating market value [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On November 20, Zhongdian Port repaid 15,900 shares in securities lending, with no shares sold [1] - The remaining securities lending volume was 45,800 shares, with a balance of 1.06 million yuan, also above the 50th percentile of the past year [1] Company Profile - Shenzhen Zhongdian Port Technology Co., Ltd. was established on September 28, 2014, and listed on April 10, 2023 [2] - The company's main business includes electronic component distribution, design chain services, supply chain collaboration, and industrial data services [2] - Revenue composition includes processors (40.78%), memory (30.53%), others (16.09%), analog devices (8.74%), and RF and wireless connections (3.85%) [2] Financial Performance - For the period from January to September 2025, Zhongdian Port achieved a revenue of 50.598 billion yuan, representing a year-on-year growth of 33.29% [2] - The net profit attributable to the parent company was 258 million yuan, with a year-on-year increase of 73.06% [2] Shareholder Information - As of November 10, the number of shareholders for Zhongdian Port was 103,900, a decrease of 9.11% from the previous period [3] - The average circulating shares per person increased by 10.02% to 4,208 shares [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings noted [3]

Group 1: Financial Performance - The company's revenue for the first three quarters increased by 8.46% year-on-year, while net profit attributable to shareholders grew by 35.62% [2] - Key factors for growth include deepening cooperation with major product lines and clients, expanding market reach, and promoting both domestic and overseas product lines [3] - The "Huaqiang Science and Technology Innovation Plaza" project has maintained a high occupancy rate since its launch in 2024, contributing to steady performance [3] Group 2: Business Developments - The company is a major authorized distributor for HiSilicon, with significant revenue growth from HiSilicon products in 2024 and the first three quarters of 2025 [4] - As a "Gold Partner" of Ascend APN, the company has developed multiple applications based on Ascend chips, enhancing its role in the Ascend ecosystem [4] Group 3: Storage Business - The company is a leading distributor of electronic components, with a strong focus on storage products, achieving significant year-on-year growth in storage product shipments [5] Group 4: AI Business Initiatives - The company is actively involved in AI ecosystem development, promoting applications of Ascend AI in various sectors, including industrial inspection and autonomous mobile robots [6] - The company has completed private deployment of large models and is expanding testing capabilities, focusing on enhancing internal management and digital systems [7] - Future plans include expanding agency rights for AI-related chips and developing AI application solutions to optimize organizational efficiency [7] Group 5: Dividend Policy - The company has a long-standing commitment to returning value to investors, having consistently paid cash dividends for over a decade and implementing mid-year dividends for the past three years [7]

尊敬的投资者，您好！截至 2025 年 9 月 30 日，公司存货金额 为人民币 91.94 亿元。公司授权分销产品的价格是随行就市的价 格，市场价格变化最终会体现在采购和销售价格上。存储芯片涨价 对公司利润的具体影响，可后续关注公司对外披露的定期报告。 | 编号：2025-11 | | --- | | | □ 特定对象调研 □ 分析师会议 | | --- | --- | | | □ 媒体采访 □ 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | √ 其他（2025 年度深圳辖区上市公司投资者网上集体接待日活动） | | 参与单位名称及人员姓名 | 线上参与 2025 年度深圳辖区上市公司投资者网上集体接待日活动 | | | 的投资者 | | 时间 | 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人员姓名 | 董事会秘书 刘同刚 | | | 证券事务代表 谢日增 | | | 投资者提出的部分问题及公司回复情况 公 ...