Core Viewpoint - Tianshan Electronics experienced a stock price increase of 5.65%, reaching 29.00 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 3.78%, resulting in a total market capitalization of 5.749 billion CNY [1] Company Overview - Tianshan Electronics, established on August 26, 2005, and listed on November 1, 2022, is located in the Qianhai Kexing Science Park, Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, design, production, and sales of customized liquid crystal displays and display modules in the professional display sector [1] Revenue Composition - The revenue composition of Tianshan Electronics is as follows: - Color LCD display modules - non-entrusted processing: 58.97% - Monochrome LCD display modules: 22.39% - Monochrome LCD displays: 10.62% - Color LCD display modules - entrusted processing: 4.96% - Touch screens: 1.73% - Material sales and other businesses: 1.33% [1] Shareholder Information - Among the top ten circulating shareholders of Tianshan Electronics, a fund under the Fortune Fund ranks first, specifically the Fortune Innovation Technology Mixed A (002692), which entered the top ten in Q3 with 1.5001 million shares, accounting for 1.18% of circulating shares [2] - The fund has achieved a year-to-date return of 102.54%, ranking 39 out of 8145 in its category, and a one-year return of 83.19%, ranking 81 out of 8059 [2] - The fund manager, Luo Qing, has been in position for 3 years and 259 days, with a total asset scale of 5.29 billion CNY during his tenure [2]

Core Viewpoint - Tianshan Electronics, established in 2005 and listed on the Shenzhen Stock Exchange in 2022, specializes in customized display solutions in the professional display sector, holding a significant position in the market [1] Financial Performance - For Q3 2025, Tianshan Electronics reported revenue of 1.338 billion yuan, ranking 22nd among 38 companies in the industry, while the top company, BOE Technology Group, achieved revenue of 154.548 billion yuan [2] - The net profit for the same period was 113 million yuan, placing the company 11th in the industry, with the leading company, BOE, reporting a net profit of 4.405 billion yuan [2] Financial Ratios - As of Q3 2025, Tianshan Electronics had a debt-to-asset ratio of 34.48%, an increase from 24.18% year-on-year, which is lower than the industry average of 45.77% [3] - The gross profit margin was 20.25%, down from 21.39% year-on-year, but still above the industry average of 14.89% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 48.29% to 24,500, while the average number of circulating A-shares held per shareholder decreased by 32.28% to 5,200.26 [5] - Notably, a new major shareholder, Fortune Innovation Technology Mixed A, entered the top ten shareholders with 1.5001 million shares [5] Business Highlights - The company is diversifying its product offerings, extending from monochrome LCD products to color screens, with certain products like the 25H1 color LCD display module contributing to revenue [5] - Tianshan Electronics is focusing on complex modules and automotive electronic smart terminals, having made progress in R&D and collaborations with leading automotive companies [5] - The company is strategically investing in the ASIC and enterprise-level storage module market to build a comprehensive supply chain [5][6] Future Projections - Forecasts for net profit from 2025 to 2027 are 160 million, 240 million, and 361 million yuan, respectively, with a "buy" rating suggested [5] - Revenue projections for the same period are 1.978 billion, 2.546 billion, and 2.893 billion yuan, respectively, maintaining a "buy" rating [6]

Core Viewpoint - Akita Micro (300939) is primarily engaged in the research, design, production, and sales of liquid crystal display and touch control products, indicating a strong focus on technology and innovation in the display sector [1] Company Overview - The main products of the company include monochrome liquid crystal displays, monochrome liquid crystal display modules, color liquid crystal display modules, and capacitive touch screens [1] - These products are utilized in various applications such as industrial control and automation, Internet of Things (IoT) and smart living, healthcare, and automotive electronics [1]

Core Insights - Junchen Technology's stock increased by 1.47% on October 28, with a trading volume of 56.16 million yuan [1] - The company reported a net financing outflow of 797.78 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of October 28, the total margin balance for Junchen Technology was 65.30 million yuan, representing 2.01% of its market capitalization [1] Financing and Margin Data - On October 28, Junchen Technology had a financing purchase of 4.11 million yuan and a financing repayment of 12.08 million yuan [1] - The current financing balance of 65.30 million yuan is above the 60th percentile of the past year, indicating a relatively high level of financing [1] - There were no short sales or repayments on the same day, with the short balance also at zero, placing it in the 90th percentile of the past year [1] Company Performance - As of October 20, the number of shareholders for Junchen Technology was 8,053, a decrease of 4.95% from the previous period [2] - The average number of circulating shares per shareholder increased by 5.20% to 12,619 shares [2] - For the period from January to September 2025, the company achieved a revenue of 687 million yuan, a year-on-year increase of 13.89%, and a net profit of 78.80 million yuan, up 0.88% year-on-year [2] Dividend and Shareholding Information - Junchen Technology has distributed a total of 135 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] - As of September 30, 2025, the fifth largest circulating shareholder is Baodao Growth Zhihang Stock A, holding 828,200 shares, an increase of 550,600 shares from the previous period [3] - The seventh largest circulating shareholder is Dacheng CSI 360 Internet+ Index A, holding 520,900 shares, with a slight increase of 6,020 shares [3]

Core Viewpoint - The stock price of Qutian Micro has shown fluctuations, with a year-to-date increase of 8.25% and a recent decline over the past five days by 2.91% [2] Company Overview - Qutian Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, established on November 5, 2004, and listed on January 28, 2021 [2] - The company primarily engages in the research, design, production, and sales of LCD display and touch control products [2] - The revenue composition includes capacitive touch screens (31.70%), monochrome LCD modules (19.91%), color LCD modules (19.28%), monochrome displays (16.90%), and others (12.21%) [2] Financial Performance - For the period from January to June 2025, Qutian Micro achieved a revenue of 631 million yuan, representing a year-on-year growth of 21.37%, while the net profit attributable to shareholders decreased by 5.78% to 51.26 million yuan [2] - Since its A-share listing, Qutian Micro has distributed a total of 231 million yuan in dividends, with 143 million yuan distributed over the past three years [3] Shareholder Information - As of September 19, 2025, the number of shareholders for Qutian Micro was 18,400, a decrease of 3.86% from the previous period, with an average of 6,508 circulating shares per person, an increase of 4.02% [2] - As of June 30, 2025, the top ten circulating shareholders included a new shareholder, Dazheng Zhongzheng 360 Internet + Index A, holding 505,400 shares [3] Market Activity - On October 9, Qutian Micro's stock rose by 2.01%, reaching 35.08 yuan per share, with a trading volume of 32.48 million yuan and a turnover rate of 0.78%, resulting in a total market capitalization of 4.21 billion yuan [1] - The net inflow of main funds was 338,100 yuan, with significant buying and selling activities recorded [1]

Core Viewpoint - The company is focusing on differentiated, customized, and diversified display module products, with a strong emphasis on complex modules and automotive electronic terminals for future growth [1][2][4]. Group 1: Product Offerings - The company started with black and white LCD products and has expanded to color screens, automotive displays, and complex modules, with revenue contributions of 64% from color LCD modules, 22% from monochrome LCD modules, 11% from displays, and 3% from touch screens [1]. - The company provides customized services to high-quality clients across various industries, including smart home, smart finance terminals, communication equipment, industrial control, energy, healthcare, automotive electronics, and consumer electronics [1]. Group 2: Financial Performance - The company has shown steady growth, with a 5-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [2]. - The average product price increased from 9.7 to 14.6 yuan per unit from 2021 to 2024, reflecting a CAGR of 14% [2]. Group 3: Future Growth Areas - The company is focusing on complex modules and automotive electronic terminals, having made progress in developing smart serial display modules and variable light rearview mirror modules [2]. - The ASIC market is expected to grow rapidly due to the increasing demand for AI applications, with major companies like Google, Intel, and Amazon leading the way [3]. - The enterprise SSD market is projected to reach $39.6 billion globally and $9.1 billion in China by 2029, driven by trends in AI, data centers, and cloud storage [3]. Group 4: Strategic Partnerships - The company is collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise storage modules, focusing on chip research and development, module manufacturing, and application implementation [4]. - Tianlianxin is responsible for developing ASIC chips and enterprise storage products, while Xincun Technology focuses on PCM chip design and manufacturing [4].

Core Viewpoint - Jun Cheng Technology experienced a decline of 1.87% in stock price on September 25, with a trading volume of 34.87 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On September 25, Jun Cheng Technology had a financing buy-in amount of 4.77 million yuan, with a net financing buy of 3.04 million yuan after 1.73 million yuan in financing repayments [1]. - The total financing and securities balance reached 72.05 million yuan, accounting for 2.29% of the circulating market value, which is above the 70th percentile of the past year, indicating a high level of financing activity [1]. - There were no securities sold or repaid on the same day, with a securities balance of 0.00 yuan, placing it in the 90th percentile of the past year, suggesting a lack of short-selling activity [1]. Company Performance - As of September 19, the number of shareholders for Jun Cheng Technology was 8,770, a slight decrease of 0.10%, while the average circulating shares per person increased by 0.10% to 11,587 shares [2]. - For the first half of 2025, Jun Cheng Technology reported a revenue of 461 million yuan, reflecting a year-on-year growth of 13.38%, and a net profit attributable to shareholders of 54.17 million yuan, which is a 0.69% increase year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Jun Cheng Technology has distributed a total of 135 million yuan in dividends, with 113 million yuan distributed over the past three years [3]. - As of June 30, 2025, the second-largest circulating shareholder is the Da Cheng CSI 360 Internet + Index A, holding 514,900 shares, an increase of 46,100 shares from the previous period [3]. - The fifth-largest circulating shareholder is the Bo Dao Growth Intelligent Navigation Stock A, holding 277,600 shares, which is an increase of 61,600 shares compared to the previous period [3].

Company Overview - Akita Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on November 5, 2004. The company went public on January 28, 2021. Its main business involves the research, design, production, and sales of LCD display and touch control products [1]. Business Composition - The revenue composition of Akita Microelectronics is as follows: capacitive touch screens account for 31.70%, monochrome LCD modules for 19.91%, color LCD modules for 19.28%, monochrome LCD displays for 16.90%, and other supplementary products for 12.21% [1]. Stock Performance - As of September 17, Akita Microelectronics' stock price increased by 5.22%, reaching 37.66 CNY per share, with a trading volume of 67.30 million CNY and a turnover rate of 1.51%. The total market capitalization is 4.519 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Akita Microelectronics, a fund under Great Wall Fund ranks first. The Great Wall CSI 360 Internet + Index A (002236) entered the top ten circulating shareholders in the second quarter, holding 505,400 shares, which is 0.42% of the circulating shares. The estimated floating profit today is approximately 945,100 CNY [2]. Fund Performance - The Great Wall CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are 36.66%, ranking 1130 out of 4222 in its category. Over the past year, the return is 96%, ranking 587 out of 3804, and since inception, the return is 222.31% [2]. Fund Manager - The fund manager of Great Wall CSI 360 Internet + Index A (002236) is Xia Gao, who has a cumulative tenure of 10 years and 289 days. The total asset scale of the fund is 2.26 billion CNY, with the best fund return during the tenure being 217.4% and the worst being -71.74% [3].

Group 1 - Tianshan Electronics experienced a stock price increase of 5.04%, reaching 25.62 CNY per share, with a trading volume of 132 million CNY and a turnover rate of 4.20%, resulting in a total market capitalization of 5.062 billion CNY [1] - The company, established on August 26, 2005, and listed on November 1, 2022, specializes in the research, design, production, and sales of customized liquid crystal displays and display modules [1] - The main revenue composition of Tianshan Electronics includes: color liquid crystal display modules - non-entrusted processing (58.97%), monochrome liquid crystal display modules (22.39%), monochrome liquid crystal displays (10.62%), color liquid crystal display modules - entrusted processing (4.96%), touch screens (1.73%), and material sales and other businesses (1.33%) [1] Group 2 - Xingsheng Global Fund has a fund that ranks among the top ten circulating shareholders of Tianshan Electronics, with the Xingsheng Trend Investment Mixed Fund (LOF) (163402) newly entering the top ten in the second quarter, holding 1.9998 million shares, accounting for 1.58% of circulating shares [2] - The Xingsheng Trend Investment Mixed Fund (LOF) has a total scale of 12.787 billion CNY and has achieved a year-to-date return of 11.36%, ranking 5638 out of 8174 in its category, with a one-year return of 31.27%, ranking 5004 out of 7981 [2]

Company Overview - Akita Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, established on November 5, 2004, and listed on January 28, 2021. The company primarily engages in the research, design, production, and sales of LCD display and touch control products [1]. Business Composition - The main business revenue composition is as follows: capacitive touch screens account for 31.70%, monochrome LCD modules 19.91%, color LCD modules 19.28%, monochrome LCD displays 16.90%, and others 12.21% [1]. Stock Performance - As of September 2, the stock price of Akita Microelectronics decreased by 5.29%, trading at 36.38 yuan per share, with a transaction volume of 82.89 million yuan and a turnover rate of 1.87%. The total market capitalization is 4.366 billion yuan [1]. Major Shareholders - Among the top ten circulating shareholders of Akita Microelectronics, a fund under Da Cheng Fund ranks first. The Da Cheng CSI 360 Internet + Index A (002236) entered the top ten circulating shareholders in the second quarter, holding 505,400 shares, which represents 0.42% of the circulating shares. The estimated floating loss today is approximately 1.026 million yuan [2]. Fund Performance - The Da Cheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million yuan. Year-to-date returns are 35.65%, ranking 1064 out of 4222 in its category; the one-year return is 86.08%, ranking 596 out of 3781; and since inception, the return is 219.94% [2]. Fund Management - The fund manager of Da Cheng CSI 360 Internet + Index A (002236) is Xia Gao, who has a cumulative tenure of 10 years and 274 days. The total asset scale of the fund is 2.26 billion yuan, with the best fund return during the tenure being 219.94% and the worst being -71.74% [3].