琏升科技（300051）(300051.SZ)公告，公司董事会审议通过了《关于终止增值电信业务经营许可证部 分业务的议案》，公司拟根据相关规定注销所持有增值电信业务经营许可证中部分业务种类。 ...

智通财经APP讯，琏升科技(300051.SZ)公告，公司董事会审议通过了《关于终止增值电信业务经营许可 证部分业务的议案》，公司拟根据相关规定注销所持有增值电信业务经营许可证中部分业务种类。 ...

格隆汇11月25日丨琏升科技(300051.SZ)公布，公司拟根据相关规定注销所持有增值电信业务经营许可 证中部分业务种类，该事项尚需提交公司2025年第七次临时股东会审议。1、向中华人民共和国工业和 信息化部申请注销公司所持《中华人民共和国增值电信业务经营许可证》（经营许可证编号：A1.B1- 20070139）中获准经营的"通过转售方式提供的蜂窝移动通信业务；互联网数据中心业务；互联网接入 服务业务"；2、向福建省通信管理局申请注销公司所持《中华人民共和国增值电信业务经营许可证》 （经营许可证编号：闽B2-20180134）中获准经营的"信息服务业务（仅限互联网信息服务）"。 ...

Group 1 - The core point of the news is that Tonghuashun's stock price has dropped by 5%, with a current price of 367.84 CNY per share and a total market capitalization of 197.75 billion CNY [1] - Tonghuashun, established on August 24, 2001, and listed on December 25, 2009, provides software products, system maintenance services, financial data services, and investment analysis tools for individual investors [1] - The company's revenue composition includes 48.33% from value-added telecommunications services, 36.01% from advertising and internet promotion services, 9.43% from fund sales and other businesses, and 6.22% from software sales and maintenance [1] Group 2 - In the third quarter, the Invesco Great Wall Fund reduced its holdings in Tonghuashun by 52,600 shares, now holding 290,300 shares, which represents 1.78% of the fund's net value [2] - The Invesco Great Wall Entrepreneur Board 50 ETF has a total scale of 6.046 billion CNY and has achieved a year-to-date return of 65.69%, ranking 331 out of 4216 in its category [2] - The fund manager, Wang Yang, has a tenure of 12 years and 51 days, with a best return of 142.7% during his management, while Zhang Xiaonan has a tenure of 10 years and 68 days, with a best return of 146.05% [3]

Core Viewpoint - The stock price of Tonghuashun has increased by 5.22% on October 29, reaching 386.13 CNY per share, with a total market capitalization of 207.58 billion CNY, indicating a cumulative increase of 4.55% over the past four days [1] Company Overview - Zhejiang Hexin Tonghuashun Network Information Co., Ltd. was established on August 24, 2001, and listed on December 25, 2009. The company provides software products, system maintenance services, financial data services, and investment analysis tools for individual investors [1] - The revenue composition of the company includes: 48.33% from value-added telecommunications services, 36.01% from advertising and internet promotion services, 9.43% from fund sales and other businesses, and 6.22% from software sales and maintenance [1] Fund Holdings - Ping An Fund holds a significant position in Tonghuashun through its fund, Ping An Xinli Mixed A (003626), which has 3,200 shares, accounting for 4.47% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 56.93%, ranking 770 out of 8,155 in its category, and a one-year return of 61.34%, ranking 539 out of 8,031 [2] - The fund manager, Wang Hua, has been in charge for 4 years and 44 days, with a total asset scale of 714 million CNY, achieving a best return of 60.82% during his tenure [2]

Group 1 - The company currently holds value-added telecommunications business operation licenses [2] - The cloud computing power service related business has been approved by the industry regulatory authority [2]

Core Viewpoint - The stock price of Tonghuashun has shown significant growth this year, with a notable increase in both revenue and net profit, indicating strong financial performance and investor interest [2][3]. Financial Performance - As of September 30, 2025, Tonghuashun achieved a revenue of 3.261 billion yuan, representing a year-on-year growth of 39.67% [2]. - The net profit attributable to shareholders reached 1.206 billion yuan, marking an impressive year-on-year increase of 85.29% [2]. Stock Market Activity - On October 28, Tonghuashun's stock price rose by 2.01%, reaching 369.38 yuan per share, with a trading volume of 2.859 billion yuan and a turnover rate of 2.86% [1]. - The stock has increased by 29.88% year-to-date, with a 4.78% rise over the last five trading days [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 4.81% to 82,600, while the average circulating shares per person increased by 5.05% to 3,336 shares [2]. - The company has distributed a total of 7.991 billion yuan in dividends since its A-share listing, with 4.193 billion yuan distributed in the last three years [3]. Major Shareholders - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 14.6293 million shares, an increase of 2.3322 million shares from the previous period [3]. - China Securities Finance Corporation remains stable as the sixth-largest shareholder with 5.8875 million shares [3].

Core Viewpoint - The company achieved a revenue of 3.26 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40%, and a net profit attributable to shareholders of 1.21 billion yuan, up 85% year-on-year. The growth in performance is primarily driven by increased activity in the capital markets and the continuous optimization of the core product matrix, which has boosted demand for financial information services and generated additional revenue from value-added services. Additionally, the company has increased online brand promotion, leading to growth in advertising and internet promotion service revenue [1][2]. Event - On October 22, 2025, the company disclosed its third-quarter financial report [1]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 3.26 billion yuan, a year-on-year growth of 39.7%, and a net profit attributable to shareholders of 1.21 billion yuan, reflecting an 85.3% increase. Cash flow from sales of goods and services reached 4.5 billion yuan, up 77.7% year-on-year. In the third quarter alone, revenue grew by 56.7% year-on-year to 1.48 billion yuan, with net profit increasing by 144.5% to 700 million yuan. Cash flow from sales increased by 85.3% to 1.77 billion yuan, and contract liabilities rose by 69.5% from the beginning of the year to 2.52 billion yuan, a year-on-year increase of 113.4% [2][3]. Profitability Analysis - The company's profit elasticity is significantly greater than its revenue elasticity, primarily due to improvements in costs and expenses. The gross profit margin for the first three quarters was approximately 89.0%, compared to 85.8% year-on-year. The selling expense ratio was 16.3% (down from 17.0% year-on-year), and the R&D expense ratio was 26.5% (down from 37.9% year-on-year). The core business model has low marginal costs for promotion, resulting in higher profit elasticity during periods of revenue growth, which reflects the company's competitive advantage [3]. Investment Outlook - The company has raised its full-year performance expectations due to strong growth in the third quarter and a healthy level of advance payments. The revenue forecasts for 2025 to 2027 are 6.18 billion yuan, 6.86 billion yuan, and 6.90 billion yuan, with year-on-year growth rates of 47.7%, 10.9%, and 0.6%, respectively, resulting in a three-year CAGR of 18.1%. The net profit forecasts for the same period are 3.20 billion yuan, 3.85 billion yuan, and 3.92 billion yuan, with year-on-year growth rates of 75.7%, 20.3%, and 1.8%, respectively, leading to a three-year CAGR of 21.1%. As of October 24, 2025, the company's dynamic PE valuation is 60.72 times, with a median PE of 53.25 times and an average of 64.15 times over the past three years, indicating a margin of safety in the current valuation. The company maintains a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in performance, with a revenue of 3.261 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 39.67%. The net profit attributable to the parent company reached 1.206 billion yuan, up 85.29% year-on-year, and the net profit excluding non-recurring items was 1.171 billion yuan, also up 85.50% year-on-year. The return on equity (ROE) stood at 16.10%, an increase of 6.60 percentage points year-on-year [5][13] Summary by Sections Financial Performance - In Q3 2025, the company achieved a single-quarter revenue of 1.481 billion yuan and a net profit of 704 million yuan, with quarter-on-quarter increases of 43.66% and 84.64%, respectively. Year-on-year, these figures represent growth of 56.72% and 144.50%. The significant improvement is attributed to enhanced performance in value-added telecommunications services and advertising, driven by a favorable market trading environment, with an average daily stock trading volume of 2.08 trillion yuan, up 208.89% year-on-year [14] Cost and Profitability - The company's operating costs in Q3 2025 were 125 million yuan, reflecting a year-on-year increase of 1.12%. Sales expenses rose to 195 million yuan, up 25.98% year-on-year. Despite the increase in sales expenses, the sales expense ratio, management expense ratio, and R&D expense ratio showed marginal declines, leading to improved gross and net profit margins of 91.55% and 47.54%, respectively, with net profit margin increasing by 10.55 percentage points quarter-on-quarter [15] Future Projections - The company is expected to maintain strong revenue growth, with projected revenues of 5.147 billion yuan, 5.625 billion yuan, and 6.098 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 22%, 9%, and 8%. The net profit attributable to the parent company is projected to be 2.211 billion yuan, 2.405 billion yuan, and 2.615 billion yuan for the same years, with growth rates of 21%, 9%, and 9% [16][17]

Group 1 - The core message emphasizes China's commitment to expanding high-level opening-up and creating a win-win cooperation landscape, focusing on steady institutional opening and maintaining a multilateral trade system [1] - The Chinese economy is showing resilience with an average GDP growth rate of 5.5% during the first four years of the 14th Five-Year Plan, providing vast opportunities for foreign enterprises [2][3] - Since the beginning of the 14th Five-Year Plan, China has attracted over $700 billion in foreign investment, surpassing its target six months ahead of schedule, with a notable increase in newly established foreign enterprises [3] Group 2 - The Ministry of Commerce has implemented practical measures to optimize the business environment, including reducing foreign investment restrictions and enhancing support for foreign enterprises [3][4] - High-tech industries have seen significant foreign investment growth, with actual foreign investment in sectors like e-commerce and pharmaceuticals increasing substantially [6] - Provinces like Guangdong and Shandong are leading efforts to attract foreign investment, with Guangdong reporting over 360,000 foreign-invested enterprises and Shandong eliminating restrictions in the manufacturing sector [6][7]