Company Overview - Full Name: Lianyun Technology (Hangzhou) Co., Ltd [1] - Abbreviation: Lianyun Technology [1] - Stock Code: 688449.SH [1] - IPO Application Date: December 28, 2022 [1] - Listing Date: November 29, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: CITIC Securities [1] - Lead Underwriters: CITIC Securities [1] - Legal Advisor: JunHe LLP [1] - Audit Firm: Deloitte Huayong [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify undisclosed relationships with shareholders, clients, and suppliers; needed to enhance risk factor disclosures [2][3] - Regulatory Penalties: No penalties incurred [2] - Public Supervision: No deductions for public scrutiny [2] - Listing Cycle: 702 days, exceeding the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees totaled 60.875 million, with a commission rate of 5.41%, below the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 353.16% on the first day [4] - Three-Month Performance: Stock price rose by 406.58% within three months post-listing [5] - Issuance P/E Ratio: 166.67 times, significantly higher than the industry average of 57.27 times, representing 291.02% of the average [6] - Actual Fundraising: Expected to raise 1.612 billion, but actual funds raised were 1.125 billion, a decrease of 30.19% [7] Short-Term Performance - Revenue Growth: 2024 revenue increased by 13.55% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders grew by 126.04% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit increased by 41.92% year-on-year [8] - Subscription Rate: Abandonment rate was 0.08% [9] Overall Evaluation - Total Score: 72.5 points, classified as C-level [9] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, high issuance P/E ratio, significant reduction in actual fundraising, and low abandonment rate [9]

Group 1: Company Overview - Ousens Technology Co., Ltd. focuses on high-end testing equipment development and solutions in fields such as consumer electronics, semiconductor packaging, lithium batteries, and agricultural testing [2] - The company has developed core products like multifunctional integrated circuit boards and high-speed chip testing equipment, which are widely used in production lines [2] Group 2: New Product Launch - Ousens has launched a smart aquaculture information system to enhance the precision and intelligence of sea bass farming through IoT, AI, and big data technologies [1] - The system acts as a "data brain," enabling centralized, digital, and intelligent management of aquaculture, monitoring various water quality parameters and supporting automated feeding strategies [1] Group 3: Market Impact - The smart aquaculture system aims to reduce costs and increase efficiency for fishermen while transforming traditional fishing practices [1] - The system includes features like multi-level permission management, anomaly alerts, and integrated video monitoring to ensure farming safety [1]

证券日报网讯 9月18日晚间，皖通科技发布公告称，公司于2025年9月18日召开第六届董事会第三十七 次会议审议通过了《关于调整公司2025年限制性股票激励计划预留部分限制性股票授予价格的议案》。 根据《上市公司股权激励管理办法》《安徽皖通科技股份有限公司2025年限制性股票激励计划（草 案）》的规定和公司2025年第一次临时股东大会的授权，公司董事会同意对2025年限制性股票激励计划 预留部分限制性股票的授予价格进行调整，授予价格由3.63元/股调整为3.60元/股。 （编辑 任世碧） ...

Summary of Key Points Core Viewpoint - The company, Anhui Tong Technology, announced that its wholly-owned subsidiary, Tianjin Tianan Yihe Information Technology Co., Ltd., plans to apply for a comprehensive credit line of up to 5 million yuan from Beijing Bank Tianjin Branch to support its operational turnover needs. The company will provide guarantees for this credit line and assume joint liability for repayment upon maturity [1]. Financial Details - The comprehensive credit line is expected to be no more than 5 million yuan, with a term of one year [1]. - The total amount of guarantees provided by the company and its subsidiaries, including this new guarantee, is approximately 108 million yuan, which accounts for 6.27% of the company's most recent audited net assets [1]. - The total balance of guarantees provided by the company and its subsidiaries is 94.4 million yuan, representing 5.5% of the company's most recent audited net assets [1].

每经AI快讯，合合信息9月18日晚间发布首次公开发行部分限售股及部分战略配售限售股上市流通公告 称，本次上市流通的限售股为公司首次公开发行的部分限售股及部分首发战略配售限售股（包含因公司 实施2024年年度权益分派，以资本公积金向全体股东每10股转增4股的限售股），限售股股东数量为23 名，限售期为自公司股票上市之日起12个月，该部分限售股股东对应的限售股股份数量为68,670,244 股，占公司股本总数的49.05%。其中，首发限售股份数量为63,070,245股，占公司股本总数的比例为 45.05%，股东数量为19名；首发战略配售股份数量为5,599,999股，占公司股本总数的比例为4.00%，股 东数量为4名。 （记者 王晓波） 本次解除限售并申请上市流通的股份数量为68,670,244股，现锁定期即将届满，将于2025年9月26日起上 市流通。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 ...

| 权益类证券大宗交易(协议交易) | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | 卖方营业部 | | 2025-09-18 | 300857 | 协创数据 | 134.08 | 7.70 | 1,032.42 中国银河证券股份 | 中国银河证券股份 | | | | | | | 有限公司北京苏州 | 有限公司北京苏州 | | | | | | | 街证卷壹业部 | 街示卷型业部 | 9月18日，协创数据大宗交易成交7.7万股，成交额1032.42万元，占当日总成交额的0.23%，成交价 134.08元，较市场收盘价163.01元折价17.75%。 ...

Core Viewpoint - Zhongke Tongda (688038.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The company achieved operating revenue of 82.88 million yuan, a year-on-year decrease of 51.96% [1] - The net profit attributable to shareholders was -849,800 yuan, a year-on-year decrease of 112.14% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.98 million yuan, a year-on-year decrease of 130.87% [1] - The net cash flow from operating activities was 29.49 million yuan, compared to -48.58 million yuan in the same period last year [1] Historical Financial Data - The net profit attributable to shareholders for the years 2022, 2023, and 2024 were -8.44 million yuan, -103 million yuan, and -18.10 million yuan respectively [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the same years were -19.33 million yuan, -108 million yuan, and -19.69 million yuan respectively [1] IPO and Fundraising - Zhongke Tongda was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 13, 2021, with an issuance of 29.09 million shares at a price of 8.60 yuan per share [1] - The total amount raised during the IPO was 250 million yuan, with a net amount of 199 million yuan after deducting issuance costs, which was 181 million yuan less than the original plan of 380 million yuan [2] - The total issuance costs amounted to 51.19 million yuan, with Haitong Securities receiving 32.47 million yuan as underwriting fees [2]

Core Viewpoint - The company focuses on virtual simulation education and training, leveraging digital and intelligent technologies to cultivate high-skilled talent across various sectors, including rail transportation and emergency safety [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 384 million yuan (+7.84%) and a net profit of 55 million yuan (+9.12%), marking three consecutive years of positive growth [2]. - In the first half of 2025, the company reported revenue of 102 million yuan, a decrease of 7.98% year-on-year, primarily due to extended project delivery cycles and increased depreciation costs [2]. - The company plans to achieve revenues of 418 million yuan, 480 million yuan, and 572 million yuan from 2025 to 2027, with corresponding net profits of 56 million yuan, 66 million yuan, and 79 million yuan [8]. Group 2: Strategic Initiatives - The company is implementing a "multi-faceted" development strategy, optimizing its business structure through technological collaboration and resource integration, with a focus on aircraft maintenance products and urban rail transit markets [2]. - The company has seen a significant increase in orders from metro clients, with a year-on-year growth of 253.37%, becoming a key driver of business growth [2]. - The company collaborates with the National Intelligent Connected Vehicle Innovation Center to explore new market opportunities [2]. Group 3: Technological Advancements - The company has developed a modular virtual simulation technology platform, JanVR, which supports rapid development and functionality expansion for various applications, including military simulations [4]. - The company’s military simulation business has established a comprehensive product matrix covering land, sea, and air forces, catering to diverse training needs [4]. - The company is advancing an AI vocational education platform aimed at providing personalized learning experiences and optimizing course offerings based on data analysis [6]. Group 4: International Collaboration - The company is a key player in the "Luban Workshop" initiative, which promotes international vocational education cooperation, having established 34 workshops in 30 countries since 2016 [5]. - The company has participated in building vocational training facilities in Laos and Thailand, enhancing its international presence in technical training [5]. - The company is set to support the upcoming World Skills Competition and the National Skills Competition, which are expected to enhance its market visibility and performance [7].

Group 1 - The core viewpoint of the articles highlights the growth of Guangzhou's service industry, with a reported revenue increase of 8.7% year-on-year for the first half of the year [1] - Key sectors such as internet, software, and information technology services saw a revenue growth of 7.9%, while leasing and business services grew by 12.4% [1] - The cultural and sports industries also thrived, with cultural arts and sports sectors growing by 9.7% and 17.6% respectively [1] Group 2 - Guangzhou is focusing on cross-border economic needs, particularly in the healthcare sector, with initiatives like "Hong Kong-Macao Drug and Medical Device Access" facilitating faster access to urgently needed drugs and medical devices [1] - The city has introduced measures to enhance service consumption, including 23 specific initiatives and 107 tasks across various sectors such as commerce, culture, sports, and health [2] - The establishment of a world-class horse industry economic circle in collaboration with Hong Kong is also noteworthy, featuring a state-of-the-art training center and innovative cross-border transportation for horse racing [2]

Market Overview - On September 17, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3876.34 points, up 0.37%. The Shenzhen Component Index rose 1.16% to 13215.46 points, and the ChiNext Index increased by 1.95% to 3147.34 points. Despite the overall rise, more than 2700 stocks declined, with total trading volume reaching 2.38 trillion yuan, an increase of 35.3 billion yuan from the previous trading day [1][5] - The Hong Kong stock market opened high and continued to rise, with the Hang Seng Index gaining 1.78% or 469.88 points, closing at 26908.39 points. The total trading volume was 360.284 billion HKD, while the Hang Seng China Enterprises Index rose 2.24% to 9596.77 points, and the Hang Seng Tech Index surged 4.22% to 6334.24 points [1][5] - In the U.S., the Federal Reserve lowered interest rates by 25 basis points, leading to mixed results in the stock market. The Dow Jones Industrial Average rose by 260.42 points, or 0.57%, closing at 46018.32 points, while the Nasdaq fell by 72.63 points, or 0.33%, to 22261.33 points, and the S&P 500 decreased by 6.41 points, or 0.10%, to 6600.35 points [1][5] Fiscal Data - The Ministry of Finance reported that from January to August 2025, the national general public budget revenue reached 148198 billion yuan, a year-on-year increase of 0.3%. Tax revenue was 121085 billion yuan, showing a slight increase of 0.02%, while non-tax revenue was 27113 billion yuan, up 1.5%. Central government revenue was 64268 billion yuan, down 1.7%, while local government revenue increased by 1.8% to 83930 billion yuan [2][6] Consumer Initiatives - The Ministry of Commerce announced plans to conduct pilot projects for new consumption formats, models, and scenarios in approximately 50 cities. This initiative aims to enhance quality consumption supply, innovate diverse consumption scenarios, and better meet the varied consumption needs of the public, thereby supporting high-quality economic development [2][6] Financial Market Reforms - Hong Kong's Chief Executive, John Lee, proposed exploring the reduction of the stock settlement cycle to T+1 and promoting more overseas companies to list in Hong Kong. The government aims to assist mainland tech companies in financing and enhance financial support for national technological development [3][7] Automotive Industry Standards - The Ministry of Industry and Information Technology is seeking public input on mandatory national standards for intelligent connected vehicles, focusing on safety requirements for combined driving assistance systems. The proposed standards include comprehensive safety technical requirements and mechanisms for detecting driver disengagement, ensuring a robust safety framework for the industry [3][7]