| | ☐ 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 | 新闻发布会 路演活动 ☐ ☐ | | 类别 | | | | 现场参观 ☐ | | | 其他（请文字说明其他活动内容） ☐ | | 参与单位名称及 | 线上参与天利科技（300399）2025年 | | 人员姓名 | 半年度业绩说明会的全体投资者 | | 时间 | 2025年8月26日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn）网络互动 | | 上市公司接待人员 | 独立董事 赵贺春先生 | | | 独立董事 张骏先生 | | 姓名 | 财务总监兼董事会秘书 顾兰芳女士 | | | 1.公司国企改革选择主营业务70%是作为筹集耐心资本支持新质生产力 | | | 发展的保险业务，这个方向无疑是非常正确的选择，但我看见公司把长期耐 | | | 心资本没有去投早投好新质生产力的行动，而是买银行理财产品，这是不是 | | | 极大浪费了公司国企改革的时代发展宝贵时间和机遇。请问下半年开始，公 | | | 司主营业务如何加强科 ...

Core Viewpoint - Shenzhen Yinzhijie Technology Co., Ltd. reported a continued decline in both revenue and net profit for the first half of 2025, marking a challenging period for the company [1] Financial Performance - The company achieved operating revenue of 358 million yuan, a year-on-year decrease of 15.88% [1] - The net profit attributable to shareholders was a loss of 53.48 million yuan, down 6.91% year-on-year [1] - The company has recorded losses for four consecutive years from 2021 to 2024, with net profits of -283 million yuan, -122 million yuan, -117 million yuan, and -129 million yuan respectively [1] Business Segment Analysis - The financial information technology segment generated revenue of 24.42 million yuan, a significant decline of 42.41% year-on-year [1] - The mobile information service segment faced competitive pressure, resulting in revenue of 145 million yuan, down 30.54% year-on-year [1] - E-commerce services emerged as a bright spot, with subsidiary Anying Zhixuan reporting revenue of 188 million yuan, an increase of 8.14% year-on-year [1] Strategic Investments - Huadao Credit contributed revenue of 30.02 million yuan and a net profit of 1.88 million yuan [1] - Dongya Qianhai Securities reported a net loss of 39.23 million yuan, negatively impacting the company's investment income by 10.24 million yuan [1] Future Strategy - The company plans to enhance cost efficiency and accelerate business transformation across its three main business segments [2] - There will be a focus on developing innovative financial information services and strengthening talent acquisition and incentive mechanisms to improve profitability [2]

Core Viewpoint - Shanghai Chuangxing Resource Development Co., Ltd. has faced significant challenges in its construction decoration business, with a reported revenue decline of 46.97% in 2024, primarily due to reliance on related party transactions and issues with accounts receivable from these clients [1][3][10]. Group 1: Construction Decoration Business - The company's construction decoration business generated revenue of 64.59 million yuan in 2024, accounting for 77% of total revenue, with a notable year-on-year decline [1][3]. - Accounts receivable from related parties, including Yunnan Longjie Tourism Development Co., Ltd. and Shanghai Zhenlong Real Estate Development Co., Ltd., amounted to 164 million yuan and 137 million yuan respectively, with significant provisions for bad debts [1][3][6]. - The company has reported ongoing litigation involving some related party clients, raising concerns about their creditworthiness and the recoverability of receivables [1][3][5]. Group 2: Accounts Receivable and Bad Debt Provisions - The company has made provisions for bad debts totaling 70 million yuan and 61 million yuan for the respective related parties, indicating a cautious approach to credit risk management [1][3][6]. - Cash flow issues have been reported for major clients, with Shanghai Zhenlong's revenue at 26.5 million yuan for 2024 and Yunnan Longjie facing tight cash flow due to long-term project investments [4][5][9]. - The company has actively communicated with clients regarding payment schedules, recovering approximately 22 million yuan in the first quarter of 2025 and 11 million yuan in the second quarter [6][9]. Group 3: Mobile Information Services Business - The mobile information services business achieved revenue of 19.42 million yuan in 2024, a significant increase from 8.52 million yuan in 2023, indicating growth in this segment [13][19]. - The company utilizes a net revenue recognition method for this business, with a focus on providing various SMS application services [13][14]. - There are concerns regarding overdue receivables from clients, particularly Guangzhou Green Collar Cultural Communication Co., Ltd., which has delayed payments due to cash flow issues [14][15]. Group 4: Other Equity Investments - The company holds a 20% stake in Shanghai Zhenlong Real Estate Development Co., Ltd., with an investment value of 173 million yuan, but has not recognized any dividend income due to the company's negative retained earnings [19][21]. - The lack of dividend distribution is attributed to Shanghai Zhenlong's negative retained earnings of 494 million yuan, which does not meet the conditions for profit distribution [21][22]. - The company employs valuation techniques to assess the fair value of its equity investments, using the asset-based approach due to the absence of an active market for these investments [22][29]. Group 5: Performance Compensation - The company has not met performance commitments related to its construction decoration business, with a revenue target of 100 million yuan and a net profit target of zero for the years 2022 to 2024 [33][34]. - The third phase of the equity transfer payment from the buyer remains unpaid, raising concerns about the buyer's financial stability and ability to fulfill payment obligations [34][35]. - Ongoing discussions are in place to address the performance compensation and ensure the protection of the company's and minority shareholders' interests [35].

Core Viewpoint - Shenzhen Shenlei Technology Co., Ltd. aims to acquire controlling stake in the listed company Online and Offline one year after withdrawing its IPO application, indicating a strategic shift towards "reverse listing" through asset integration [1][5][6] Group 1: Acquisition Details - Shenlei Technology plans to purchase 10.7062 million shares of Online and Offline, representing 13.32% of the total share capital, for a total consideration of 466 million yuan, or 43.55 yuan per share [3][4] - Following the transaction, Shenlei Technology will become the controlling shareholder, with Xia Jun and Li Wei as the actual controllers of Online and Offline [1][4] - The sellers will relinquish voting rights for 32.1186 million shares, accounting for 39.96% of the total share capital [4] Group 2: Financial Performance - Online and Offline's net profit for 2024, excluding non-recurring gains and losses, is projected at 4.2342 million yuan, marking a decline of approximately 95% over four consecutive years [2][7] - The company reported revenues of 11.02 billion yuan in 2020, but revenues have since fluctuated, with 2024 expected to show a revenue of 11.36 billion yuan, down 23.37% from the previous year [7][8] - The performance of the mobile information service segment has been particularly affected, with a revenue drop of 29.36% in 2024 [8] Group 3: Future Commitments - The parties involved have agreed that the existing business of Online and Offline will gradually transition to a wholly-owned subsidiary, with revenue commitments of at least 1 billion yuan and net profit of at least 20 million yuan for 2025 and 2026 [1][8] - The original controlling shareholders will assist in recovering 90% of the unrecognized book value of current assets by June 30, 2027 [8]

Group 1: Stock Market Activity - On the day, 23 stocks were listed on the institutional trading leaderboard, with 12 seeing net purchases and 11 experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were Guoxuan High-Tech (3.97 billion), Zhinan Zhen (1.31 billion), and Dazhihui (65.62 million) [1][2] - Guoxuan High-Tech saw a price increase of 8.16%, Zhinan Zhen increased by 20.00%, and Dazhihui rose by 10.03% [2] Group 2: Financial Services and Technology - The financial information service provider Zhinan Zhen is changing its subsidiary name from Wangxin Securities to Maigao Securities [2] - The recent approval of virtual asset trading services by Guotai Junan International Holdings reflects a significant shift in the financial services landscape, with the stock experiencing a near 200% increase [3] - The new financial technology opportunities in Hong Kong, including the stablecoin legislation, indicate a proactive approach towards fintech innovation [4] Group 3: Military Industry - Beifang Changlong specializes in military vehicle interior systems, ammunition equipment, and communication equipment [5] - Wanlima serves as a supplier for the logistics support units of the People's Liberation Army and the armed police [5] - A significant military parade featuring domestically produced main battle equipment is scheduled for September 3 in Beijing [5]

Core Viewpoint - The company is undergoing a potential change in control, with its major shareholders and actual controllers planning to alter their stakes, leading to a temporary suspension of trading [2][3]. Company Overview - Wuxi Online and Offline Communication Information Technology Co., Ltd. was established in 2012, primarily engaged in mobile information services, including enterprise SMS and a small amount of data traffic business [4]. - The current major shareholders are Wang Kun, holding 34.68% of shares, and Men Qingjuan, holding 11.75% of shares, with a joint investment company holding an additional 7.1% [4]. Control Change Announcement - The company announced that discussions regarding the change of control are ongoing, and no agreements have been signed yet [6]. Regulatory Issues - The company recently received a warning letter from the Jiangsu Securities Regulatory Bureau for improper revenue recognition in its digital marketing business from 2022 to the third quarter of 2024, which led to inaccurate financial disclosures [8]. - The company corrected its revenue recognition method from "gross method" to "net method" in April 2024, affecting its reported revenue and costs but not impacting profit totals or cash flow [9]. Financial Performance - In the first quarter of 2025, the company reported a revenue of 193 million yuan, a year-on-year decrease of 43.59%, while the net profit attributable to shareholders increased by 359.14% to approximately 10.3 million yuan [9]. - As of June 19, the company's stock price was 45.2 yuan per share, down 3.73%, with a total market capitalization of 3.633 billion yuan [10].

Business Overview - The company primarily operates in two sectors: automotive parts and mobile information services [1][8]. - In the automotive parts sector, the company focuses on lightweight solutions for domestic and joint venture automotive brands, providing products such as safety structure assemblies and modular body welding assemblies [3][4]. Automotive Parts Business - The company has over 40 production bases across major automotive manufacturing regions in China [3]. - In 2024, the automotive parts business achieved significant milestones, including entering the supply chains of three well-known OEMs and receiving awards for excellence [2][3]. - The automotive industry in China is experiencing growth, with production and sales reaching 31.28 million and 31.43 million vehicles respectively in 2024, marking increases of 3.7% and 4.5% year-on-year [5]. Mobile Information Services - The company has established partnerships with several national banks and has attracted over 1,000 new clients in the cloud service sector [2][6]. - In 2024, the company sent over 100 billion messages, maintaining a leading position in the financial information service sector [7][8]. Market Trends and Opportunities - The Chinese automotive market is transitioning from a growth phase to maturity, with domestic brands capturing a market share of 65.2% in 2024, up 9.2 percentage points from the previous year [5]. - New energy vehicles (NEVs) saw production and sales of approximately 12.89 million units, reflecting year-on-year growth of 34.4% and 35.5%, with NEVs accounting for 40.9% of total new car sales [5]. Strategic Initiatives - The company plans to enhance its core automotive parts business by increasing resource investment and focusing on customer acquisition and product innovation [13][14]. - A stock repurchase plan was implemented from September 2023 to September 2024, utilizing nearly 550 million yuan to buy back 9.375 million shares, representing 7.99% of the total share capital [12][14]. - The company is actively exploring investment and acquisition opportunities in the automotive and robotics parts sectors to expand its market presence [13][14]. Future Outlook - The company aims to strengthen investor communication and achieve steady growth by focusing on its main businesses and exploring related industries [13][14]. - The implementation of a stock incentive plan is expected to align employee interests with company goals, fostering a motivated workforce [14].

Core Viewpoint - Company is focusing on its "Three Major and One Calculation" strategic layout to enhance its core business and explore new opportunities in the insurance and mobile information service sectors [2] Strategic Layout - The "Three Major and One Calculation" strategy involves extending the existing core business towards the front end of the industry chain, particularly in the insurance sector, emphasizing large insurance and health services [2] - Key projects for 2025 include online shopping malls, tumor rehabilitation management, and intelligent claims processing to enhance profitability [2] - In the mobile information sector, the company aims to improve core technical capabilities, refine management, and expand channel cooperation, leveraging 5G, big data, and cloud computing [2] Regulatory Compliance - The company acknowledges the significant impact of regulatory policies on its operations and emphasizes the importance of compliance as a fundamental aspect of its business strategy [3] - It plans to strengthen its compliance system and embed compliance awareness into every management aspect to mitigate operational risks [3] Dividend Policy - The company has proposed a cash dividend of 0.5 yuan per 10 shares for 2024, totaling 9.88 million yuan, which represents 104.18% of the average net profit over the last three years [4] - Future dividend policies will be aligned with business development plans to better serve shareholder interests [4] Innovation and Growth - The company is committed to the collaborative development of its core and innovative businesses, establishing new companies and teams to facilitate resource allocation for new business expansion [5] - It recognizes that innovation requires time and is focused on achieving breakthroughs while managing risks [5] Market Competition - The company is aware of the intense competition in the mobile information and insurance service sectors and has been integrating internal and external resources to enhance service capabilities [6] - It has maintained its market share despite increased competition through improved management and cost efficiency [6] Subsidiary Structure Optimization - The company has been optimizing its business structure by divesting certain subsidiaries and forming new companies as needed [7] - Future adjustments to the subsidiary structure may occur based on the main business's needs [7] Financial Performance - In 2024, the company reported revenue of 514 million yuan, a 15.6% increase, primarily driven by the insurance product business [10] - The net profit attributable to shareholders was 1.66 million yuan, a 95.68% decrease due to lower investment income from a subsidiary [10] - For Q1 2025, revenue reached 115 million yuan, a 12.91% increase, with net profit of 11.93 million yuan, a 351.23% increase due to asset disposals [10] Industry Outlook - The mobile information and insurance sectors are encouraged by national policies, presenting significant growth opportunities [13] - The company aims to adapt to industry changes and enhance its capabilities to achieve high-quality development [13]

Strategic Layout - The company will continue to focus on the "Three Major and One Calculation" strategic layout, extending its core business towards the front end of the industry chain, particularly in the insurance and health sectors [2] - Key projects for 2025 include online shopping malls, tumor rehabilitation management, and intelligent claims, aimed at enhancing profitability [2] Compliance and Risk Management - The company recognizes the significant impact of regulatory policies on its main business and emphasizes compliance as a fundamental principle [3] - Plans to strengthen the compliance system and embed compliance awareness into all management processes to mitigate operational risks [3] Dividend Policy - The proposed cash dividend for 2024 is CNY 0.5 per 10 shares, totaling CNY 9.88 million, with cumulative dividends from 2022 to 2024 amounting to CNY 19.76 million, representing 104.18% of the average net profit over the last three years [3] Innovation and Business Development - The company is committed to the collaborative development of its core and innovative businesses, establishing new companies and teams to facilitate resource allocation [4] - Acknowledges that innovation requires time and is subject to uncertainties, but aims to accelerate commercialization while managing risks [4] Market Competition - The company is aware of the intense competition in the mobile information and insurance service sectors and has been integrating internal and external resources to enhance service capabilities [5] - Despite increased competition, the company's market share has not significantly declined [5] Financial Performance - In 2024, the company reported revenue of CNY 514 million, a year-on-year increase of 15.6%, primarily driven by the insurance product business [7] - The net profit attributable to shareholders was CNY 1.66 million, a decrease of 95.68%, mainly due to lower investment income from a subsidiary [7] - For Q1 2025, revenue reached CNY 115 million, up 12.91%, with net profit of CNY 11.93 million, a significant increase of 351.23% [7] Future Growth and Industry Outlook - The company aims to maintain stable development in its core business while adapting to industry trends and enhancing both hard and soft capabilities [8] - The mobile information and insurance sectors are expected to benefit from national policies promoting 5G, AI, and digital economy, presenting new opportunities and challenges [9] - The insurance industry is projected to have substantial growth potential, driven by its role in supporting the economy and technological innovation [9]

曾被贴上"6倍大妖股"、"减持收割机"等标签而迅速蹿红的银之杰（300085.SZ）昨日公布了其2024年财报，暴露了公司毫无核心竞争力的事实。 财报显示，公司去年营业收入8.63亿元，同比下降15.02%，归母净利润-1.29亿元，同比亏幅扩大。因此前重金收购的移动信息服务业务屡现亏损，对 外投资持续爆雷却难甩包袱，加之金融板块深陷巨亏，银之杰在过去四年间累计亏损已高达5.22亿元。 尽管公司多元化发展失利、深陷亏损泥潭，但仍挡不住大股东各种花式减持。颇为荒诞的是，去年实控人协议转让股份的举动，巧妙迎合了市场关于 借壳、重组预期的炒作，令银之杰完美演绎了一出股价绝地大反弹。 豪赌多元化失利 公开资料显示，银之杰成立于1998年10月，2010年5月在深圳证券交易所创业板上市。 2014年开始，银之杰通过频繁并购踏上多元化发展之路，并逐渐形成了金融信息化、移动信息服务、电子商务三大业务布局。在此之前，银之杰的主 业为金融信息化，营收占比一度曾达到100%。 截至目前，公司金融服务收入占比已降至11.49%，移动商务服务和电子商务营收占比分别达到56.37%、32.14%，成为公司的两大营收支柱。 | | | ...