2025.07. 02 本文字数：2249，阅读时长大约4分钟 作者 | 第一财经 王媛丽 累计涨幅超80%，一度触及25.92元的年内新高。刚刚结束的6月份，楚天龙（003040.SZ）上演 股价暴涨行情。 楚天龙此番大涨，与稳定币有关。5月30日，该公司在互动平台上否认涉及稳定币业务。然而，仅仅 数日后，该公司又在投资者调研纪要中改口，并明确提及稳定币布局，从而成为次轮暴涨的关键触发 点。 该公司5月30日在互动易平台明确表示，"国家政策禁止国内加密货币发行与流通，暂不涉及稳定币 相关业务"，并强调合规审慎开展各项业务。但仅数日后的6月5日和10日，该公司又在投资者调研 中转而高调宣称，"具备参与香港稳定币相关业务能力"，并提及"对稳定币相关底层技术、客户需求 及行业发展趋势保持了必要的技术储备和重点关注"。 这种前后不一致的表态，与股价暴涨时间点高度吻合，该公司在投资者调研纪要中明确提及稳定币布 局，也成为股价暴涨的关键触发点。6月5日调研后，6日、9日，该股连续两日涨停。6月10日调研 后，该股次日再度涨停。 由于"稳定币"概念近期遭市场热炒，逾10家公司（如御银股份）否认涉及相关业务，楚天龙却未再 ...

Core Viewpoint - The stock price of Chutianlong (003040.SZ) surged over 80%, reaching a year-high of 25.92 yuan, primarily driven by speculation around stablecoin business despite the company's traditional smart card business facing continuous decline [1][2][7]. Group 1: Stock Price Surge - In June, the A-share stablecoin index rose significantly, with Chutianlong's stock price increasing by 87.82%, influenced by global stablecoin regulatory developments [2][4]. - The company's stock price experienced a notable spike after it initially denied involvement in stablecoin business but later acknowledged its capabilities in this area during investor meetings [3][6]. Group 2: Shareholder Actions - During the stock price surge, the controlling shareholder's action group, Wenzhou Yima, reduced its holdings, cashing out over 85 million yuan, with plans for further reductions [1][5]. - The timing of the shareholder's reductions coincided with the stock price increases, raising questions about the company's market management motives [6]. Group 3: Business Fundamentals - Chutianlong's main business involves embedded security products, with a significant portion of revenue coming from traditional smart cards, which have been declining due to the trend towards cashless payments [2][7]. - The company's revenue and profit have been decreasing, with a projected drop in revenue from 17.19 billion yuan in 2022 to 10.49 billion yuan in 2024, and net profit shrinking from 1.66 billion yuan to 215.5 million yuan in the same period [7].

深圳市证通电子股份有限公司 证券简称：ST 证通 证券代码：002197 公告编号：2025-047 深圳市证通电子股份有限公司 第六届董事会第二十一次（临时）会议（现场与通讯表决相结合） 决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议审议通过《关于全资子公司退出参股金融机构的议案》 具体内容详见公司于 2025 年 7 月 2 日在《证券时报》《上海证券报》及巨 潮资讯网（www.cninfo.com.cn）上披露的《公司关于全资子公司退出参股金融机 构的公告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 备查文件: 特此公告。 深圳市证通电子股份有限公司董事会 二〇二五年七月二日 深圳市证通电子股份有限公司（以下简称"公司"）第六届董事会第二十一 次（临时）会议于 2025 年 7 月 1 日以现场与通讯表决相结合的方式，在深圳市 光明区同观路 3 号证通电子产业园二期 14 楼会议室召开。 召开本次会议的通知已于 2025 年 6 月 24 日以书面、电话、传真、电子邮件 等方式通知各位董事。本次会议由董事长曾胜强主持，会 ...

Core Viewpoint - Recent capital operations by Zhimingda, particularly the significant share reduction by major shareholders and the proposed private placement plan, have become a focal point of investor discussion [1][2]. Group 1: Capital Operations - Zhimingda announced a plan to raise no more than 213 million yuan through a private placement for the development and industrialization of unmanned equipment and commercial aerospace embedded computers, as well as to supplement working capital [1]. - Major shareholders, including the actual controller Wang Yong and the investment partnership Qiongcheng Zhiwei, have been frequently reducing their holdings since 2024, with Qiongcheng Zhiwei reducing 1.1189 million shares and cashing out approximately 25.6 million yuan by September 30, 2024 [1]. - Wang Yong plans to transfer 5.03 million shares, representing 10.22% of his holdings and 3.00% of the total share capital, which could yield approximately 148 million yuan based on the closing price on the announcement date [2]. Group 2: Financial Performance - In 2024, Zhimingda reported operating revenue of 438 million yuan, a year-on-year decrease of 33.95%, and a net profit attributable to shareholders of 19.45 million yuan, down 79.79% year-on-year [2]. - For the first quarter of 2025, Zhimingda achieved operating revenue of 80.69 million yuan, a year-on-year increase of 64.69%, and a net profit of 8.32 million yuan, marking a turnaround from a loss in the previous year [3].

Core Viewpoint - The A-share market has seen significant declines in the first half of the year, with seven out of the top ten worst-performing stocks entering the delisting preparation period, highlighting the challenges faced by companies in the retail and other sectors [1][2]. Group 1: Company-Specific Insights - Renrenle (人人乐) has experienced a nearly 95% decline in stock price, with a current market capitalization of less than 150 million yuan [1]. - Renrenle, once a leading player in the retail sector with nearly 150 stores and peak revenues exceeding 12.9 billion yuan in 2012, has faced continuous losses since its first loss post-IPO in 2012 [1]. - As of 2023, Renrenle's audited net assets were -387 million yuan, worsening to -404 million yuan in 2024, triggering delisting risk warnings [1]. Group 2: Market Performance Overview - The top ten worst-performing stocks in the A-share market for the first half of the year include Renrenle, with a decline of 94.72%, followed by other companies such as Gongzhi (工智退) and Tuisu Pengbo (退市鵬博) with declines of 93.25% and 92.86% respectively [3]. - Excluding stocks that have entered the delisting preparation period and ST stocks, the next worst performers include Tianmao Group (天茂集团) with a 41.33% decline and Zhongbai Group (中百集团) with a 40.52% decline [4]. - The solar equipment sector is notably represented in the list of poor performers, indicating a broader downturn in the industry [5].

Core Viewpoint - Chengdu Zhimingda Electronics Co., Ltd. has convened the sixth special meeting of the third board of directors to approve the proposal for a simplified procedure for issuing shares to specific investors, confirming compliance with relevant laws and regulations [1][2][8]. Summary by Sections Meeting Overview - The meeting was held on June 30, 2025, with all three independent directors present, and the procedures followed legal requirements [1]. Approval of Stock Issuance - The independent directors approved the proposal confirming the company's eligibility to issue shares through a simplified procedure to specific investors [2][8]. - The stock to be issued is ordinary shares (A-shares) with a par value of RMB [2]. Issuance Details - The issuance will occur within ten working days after the China Securities Regulatory Commission (CSRC) registration decision [2]. - The target investors include up to 35 specific institutional and individual investors, including qualified foreign institutional investors [2][3]. Pricing and Quantity - The pricing will be based on the average trading price over the 20 trading days prior to the pricing date, with a minimum price set at 80% of this average [3][4]. - The total number of shares issued will not exceed 30% of the company's total shares before the issuance, with a fundraising cap of RMB 300 million [5][6]. Fundraising Purpose - The total amount to be raised is RMB 21,340,000, which will be used for projects including embedded computer research and development for unmanned equipment and commercial aerospace [6][7]. Lock-up Period - Shares acquired by investors will have a lock-up period of six months post-issuance, in compliance with regulatory requirements [5][6]. Future Plans and Reports - The company has prepared various reports, including feasibility studies and analyses related to the stock issuance, confirming alignment with legal and regulatory standards [9][10][11]. - A three-year dividend return plan for shareholders from 2025 to 2027 has also been established to enhance transparency and investor returns [12][13]. Previous Fund Usage - The company has reported on the usage of previously raised funds, ensuring compliance with relevant regulations [14].

Core Viewpoint - Chengdu Zhimingda Electronics Co., Ltd. has established a three-year shareholder dividend return plan for 2025-2027, focusing on balancing company development and reasonable returns for shareholders while ensuring compliance with relevant laws and regulations [1][2]. Group 1: Factors Considered in the Plan - The company aims for long-term sustainable development, considering its actual situation, development goals, shareholder demands, and external financing environment [1]. - The plan emphasizes the importance of continuous and stable returns to investors, particularly small and medium shareholders [1]. Group 2: Principles of the Plan - The plan will comply with national laws and the company's articles of association while prioritizing investor returns [2]. - The company will implement a profit distribution system that balances shareholder returns with its funding needs [2]. - The profit distribution policy will maintain continuity and stability, considering the long-term interests of all shareholders [2]. Group 3: Specific Dividend Return Plan - The company will adopt an active profit distribution policy, ensuring that the distribution does not exceed distributable profits and does not harm the company's ongoing operations [2][3]. - Cash dividends will be prioritized, with a minimum of 10% of the distributable profits allocated for cash dividends each year, or at least 30% of the average annual distributable profits over the last three years [2][3]. - The board will consider industry characteristics, development stages, and significant capital expenditure when proposing differentiated cash dividend policies [3]. Group 4: Decision-Making Process - The profit distribution proposal will be drafted by the board and reviewed by independent directors before being submitted to the shareholders' meeting for approval [3][4]. - The company will provide online voting options for shareholders and actively communicate with them, especially small and medium shareholders, to gather their opinions [4]. Group 5: Policy Changes - Any adjustments to the profit distribution policy will prioritize shareholder protection and require detailed justification in proposals submitted to the shareholders' meeting [5]. - Changes to the policy must comply with relevant regulations and be approved by the board and the shareholders' meeting, with independent directors providing independent opinions [5].

Core Viewpoint - The company plans to issue shares to specific investors, which will dilute immediate returns but aims to enhance long-term financial performance and shareholder value [2][6][10] Financial Impact of the Share Issuance - The issuance will increase the total share capital and net asset scale, but short-term earnings per share (EPS) will be diluted due to the time lag in realizing economic benefits from the investment projects [2][6] - The total share capital will rise from 11,256.15 million shares to 17,583.38 million shares post-issuance, with the estimated issuance of 811.72 million shares [4][5] - Under various profit scenarios for 2025, the basic EPS is projected to decrease from 0.17 to 0.12 if profits remain flat, and further declines are expected if profits drop by 10% [5][6] Assumptions and Projections - The analysis is based on assumptions regarding net profit for 2025, which may remain flat, increase by 10%, or decrease by 10% compared to 2024 [3][5] - The company emphasizes that these assumptions do not constitute profit guarantees and should not be the sole basis for investment decisions [3][6] Relationship of Fundraising Projects to Existing Business - The fundraising projects are aligned with the company's focus on providing customized embedded modules and solutions, particularly in key national sectors [6][7] - The projects aim to enhance the company's research and production capabilities in high-reliability embedded computing, which is crucial for applications in advanced equipment like aircraft and missiles [7][8] Measures to Mitigate Dilution of Immediate Returns - The company will strengthen the management of raised funds to ensure compliance and effective use, aiming to enhance sustainable profitability [8][9] - It plans to expedite the implementation of fundraising projects to achieve expected benefits sooner, thereby reducing the risk of immediate return dilution [8][9] - The company will improve its governance structure to ensure efficient decision-making and protect shareholder interests [9][10] Commitments from Management and Major Shareholders - The board and senior management have committed to not transferring benefits unfairly and to link their compensation to the execution of measures to mitigate return dilution [10][11] - Major shareholders have also pledged to refrain from interfering in company operations and to uphold the interests of the company and its investors [10][11] Approval Process for the Issuance - The proposal for the share issuance and related measures has been approved by the company's board and will require further approval from the shareholders' meeting [11]

Company Overview - Chengdu Zhimingda Electronics Co., Ltd. focuses on providing customized embedded modules and solutions for key national sectors, emphasizing embedded technology research and development [1][2] - The company offers high-reliability embedded computers used in advanced equipment such as aircraft, missiles, satellites, and drones, providing comprehensive solutions for critical electronic systems [2] Fundraising and Investment Plan - The company plans to raise a total of 213.4 million yuan through a simplified procedure for issuing shares to specific targets, with all funds allocated to the "Embedded Computer R&D and Industrialization Project for Unmanned Equipment and Commercial Aerospace" [3][4] - The total investment for the project is estimated at 150.4 million yuan, aimed at enhancing production capacity and product quality in key national sectors [3][4] Project Necessity and Feasibility - The project is essential for accelerating new product development and seizing opportunities in emerging business areas, particularly in unmanned equipment and commercial aerospace [4][5] - The construction of dedicated production lines for unmanned equipment and commercial aerospace will improve manufacturing efficiency and meet aerospace-grade product quality control requirements [5][6] - The project will also enhance lean manufacturing and digital management capabilities, reducing costs and increasing overall competitiveness [6][7] Market Potential - The global military drone market is projected to grow from 16.5 billion USD in 2022 to 34.3 billion USD by 2025, with a compound annual growth rate of 27.6% [7][8] - The commercial aerospace sector is experiencing rapid growth, with a significant increase in satellite launches and deployments, indicating a robust market for the company's products [8][9] Technological and Client Advantages - The company has accumulated extensive experience in the embedded computer industry, particularly in areas such as low power consumption and high reliability, which supports the successful implementation of the project [9][10] - Established relationships with key clients in national defense sectors, including major state-owned enterprises, provide a solid foundation for market penetration and project success [10] Conclusion - The fundraising plan aligns with the company's strategic goals and is expected to enhance its technological innovation capabilities, thereby strengthening its market position and competitiveness in the embedded computing sector [12][13]

Fundraising Overview - The company raised a total of RMB 43,125.00 million by issuing 12.5 million shares at RMB 34.50 per share, with a net amount of RMB 38,182.62 million after deducting issuance costs of RMB 4,942.38 million [1][5] - As of May 31, 2025, the company has utilized RMB 37,747.18 million of the raised funds, with RMB 21,056.91 million invested in projects from April to December 2021 and RMB 5,687.29 million in 2022 [1][5] Fund Management - The company established a fundraising management system to ensure compliance with relevant laws and regulations, including the signing of a tripartite supervision agreement with the underwriter and banks [3][4] - The company changed its underwriter from CITIC Securities to Huatai United Securities, which took over the ongoing supervision responsibilities [4] Fund Usage and Adjustments - The actual investment amount of the embedded computer expansion project was RMB 16,182.62 million after adjustments, with a total of RMB 38,182.62 million allocated for fundraising projects [6][12] - The company has not changed the purpose of the raised funds, nor has it transferred or replaced any projects [7][12] Project Performance - The embedded computer expansion project was completed and put into use by September 2024, with a total investment of RMB 981.42 million transferred to permanent working capital after project completion [7][12] - The company reported that the R&D center's technical transformation project and working capital projects could not be individually assessed for benefits, but they are expected to enhance the company's core competitiveness [12][13] Compliance and Reporting - The company confirmed that the actual use of the raised funds aligns with the disclosures in periodic reports and other information [13] - The board of directors guarantees the authenticity, accuracy, and completeness of the report, assuming legal responsibility for any misrepresentation [13]