Group 1 - Zhongke Tongda's stock price dropped by 5.35% to 19.12 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 5.81%, resulting in a total market capitalization of 2.225 billion CNY [1] - The company, established on June 8, 2007, and listed on July 13, 2021, is located in Wuhan, Hubei Province, and specializes in providing information technology services for urban public safety management [1] - The revenue composition of Zhongke Tongda includes: 68.19% from information system development and construction, 17.21% from information system operation and maintenance, 8.87% from software development and sales, 5.67% from merchandise sales and others, and 0.06% from other sources [1] Group 2 - Dachen Fund's Dachen Zhongzheng 360 Internet + Index A (002236) is among the top ten circulating shareholders of Zhongke Tongda, having increased its holdings by 132,600 shares to a total of 1.075 million shares, representing 0.92% of the circulating shares [2] - The fund has a current scale of 698 million CNY and has achieved a year-to-date return of 36.51%, ranking 1126 out of 4218 in its category, with a one-year return of 48.71%, ranking 441 out of 3875 [2]

Core Viewpoint - Zhongke Tongda reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating financial distress and operational challenges [1][2]. Financial Performance - The company's revenue for the first three quarters was 108 million yuan, a year-on-year decrease of 51.91% [1]. - The net profit attributable to shareholders was -6.8741 million yuan, down 490.93% year-on-year [1]. - The non-recurring net profit attributable to shareholders was -9.0127 million yuan, a decline of 1059.84% year-on-year [1]. - Basic earnings per share were -0.06 yuan [1]. - The gross margin for the first three quarters was 22.55%, down 2.15 percentage points year-on-year, while the net margin was -6.48%, a decrease of 6.77 percentage points year-on-year [2]. Quarterly Analysis - In Q3 2025, the gross margin was 20.38%, down 1.64 percentage points year-on-year and down 4.33 percentage points quarter-on-quarter [2]. - The net margin for Q3 was -23.73%, a decline of 13.26 percentage points year-on-year and 11.93 percentage points quarter-on-quarter [2]. - Total expenses for the period were 60.0577 million yuan, a decrease of 8.7031 million yuan year-on-year, with an expense ratio of 55.45%, up 24.92 percentage points year-on-year [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 7,536, an increase of 814 (12.11%) from the end of the first half of the year [3]. - The average market value per shareholder increased from 274,700 yuan to 307,300 yuan, a growth of 11.85% [3]. Company Overview - Zhongke Tongda, established on June 8, 2007, and listed on July 13, 2021, is located in Wuhan, Hubei Province [3]. - The company specializes in providing information technology services for urban public safety management, with revenue sources including system development (68.19%), system operation (17.21%), software development and sales (8.87%), and other sales (5.67%) [3]. - The company is categorized under the software development industry, focusing on vertical application software, and is involved in sectors such as smart transportation, security, smart cities, and cloud computing [3].

Core Viewpoint - The company has decided to terminate the acquisition of assets and related fundraising due to the inability to reach an agreement on key terms with the counterparty, prioritizing the interests of the company and its shareholders [2][5]. Group 1: Termination of Transaction - On September 19, the company held meetings to approve the termination of the acquisition and related fundraising, and authorized management to handle the termination matters [4][5]. - The planned transaction involved acquiring 100% equity of Xinghe Power (Beihai) Technology Co., Ltd. from Shenzhen Xinghe Power Technology Co., Ltd. through a combination of share issuance and cash payment [5]. Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 82.88 million yuan, a year-on-year decrease of 51.96%, and a net profit attributable to shareholders of -0.8498 million yuan, a decline of 112.14% [6]. - The company experienced delays in project bidding, contract signing, and acceptance due to reduced industry investment and delayed customer demand, leading to lower-than-expected new project numbers and amounts [6]. Group 3: Market Position and Strategy - The company aims to expand from G-end clients to large B-end clients through the terminated transaction, enhancing its customer base and entering the higher value-added data operation sector [5]. - The company specializes in providing professional information technology services for public safety and social governance, focusing on urban public safety management systems [5]. Group 4: Stock Performance - As of September 19, the company's stock closed at 15.03 yuan per share, with a total market capitalization of approximately 1.75 billion yuan [7].