Core Viewpoint - YN Technology experienced a 5.02% decline in stock price, closing at 62.76 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 9.808 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - Dachen Fund has a significant holding in YN Technology through its Dachen Fengxiang Return Mixed A Fund (009653), which held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 45,200 CNY [2] - Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date return is 5.23%, ranking 6703 out of 8140 in its category; the one-year return is 6.95%, ranking 6415 out of 8057; and the return since inception is 17.05% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 287 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 263.92% and the worst being -71.74% [3]

Core Insights - YN Technology's stock increased by 5.09% to 68.70 CNY per share, with a trading volume of 211 million CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 10.736 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - Dachen Fund has a significant holding in YN Technology through its Dachen Fengxiang Return Mixed A Fund (009653), which held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit from this position is approximately 45,300 CNY [2] - Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 5.25%, ranking 6826 out of 8213 in its category; the one-year return is 6.76%, ranking 6326 out of 8130; and since inception, the return is 17.07% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 286 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 263.92% and the worst being -71.74% [3]

Group 1 - The core viewpoint of the news is the performance and financial status of YN Technology, which saw a stock price increase of 6.45% to 65.66 CNY per share, with a total market capitalization of 10.261 billion CNY [1] - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, with its main revenue sources being micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [1] Group 2 - From the perspective of fund holdings, Dachen Fund has a significant position in YN Technology, with its Dachen Fengxiang Return Mixed A Fund holding 13,600 shares, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding [2] - The Dachen Fengxiang Return Mixed A Fund has a total scale of 36.7892 million CNY and has achieved a year-to-date return of 5.17%, ranking 6924 out of 8140 in its category [2]

Core Points - The stock price of YN Technology decreased by 2.03% on November 10, trading at 57.30 CNY per share with a market capitalization of 8.955 billion CNY [1] - The company has seen an 18.38% increase in stock price year-to-date, with a 25.22% increase over the past 60 days [1] Financial Performance - For the period from January to September 2025, YN Technology reported a revenue of 943 million CNY, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million CNY, down 55.52% year-on-year [2] - The company has distributed a total of 349 million CNY in dividends since its A-share listing [3] Shareholder Information - As of September 30, YN Technology had 12,800 shareholders, an increase of 10.86% from the previous period, with an average of 12,199 circulating shares per shareholder, a decrease of 9.80% [2] Business Overview - YN Technology, established on March 24, 2010, and listed on June 8, 2022, specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [1] - The company's revenue composition includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Industry Classification - YN Technology is classified under the Shenwan industry as part of the electric equipment sector, specifically in photovoltaic equipment and inverters [1] - The company is associated with concepts such as photovoltaic glass, energy storage, solar energy, inverters, and margin financing [1]

Core Viewpoint - YN Technology's stock rose by 5.34% on November 5, reaching a price of 57.19 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 8.938 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - According to data from major funds, Dachen Fund has a significant holding in YN Technology. The Dachen Fengxiang Return Mixed A Fund (009653) held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit for today is approximately 39,400 CNY [2] - The Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 4.76%, ranking 6802 out of 8150 in its category; the one-year return is 7.1%, ranking 6246 out of 8043; and since inception, the return is 16.52% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 274 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 251.69% and the worst being -71.74% [3]

Core Insights - YN Technology reported a significant decline in revenue and profit for the first three quarters of 2025, with revenue at 943 million yuan, down 38.48% year-on-year, and net profit at 66.48 million yuan, down 55.52% [1][2] Financial Performance - The company's basic earnings per share for the reporting period was 0.43 yuan, with a weighted average return on equity of 1.83% [2] - The price-to-earnings ratio (TTM) is approximately 66.59 times, the price-to-book ratio (LF) is about 2.37 times, and the price-to-sales ratio (TTM) is around 5.74 times [2] - Gross margin for the first three quarters was 27.48%, a decrease of 5.09 percentage points year-on-year, while net margin was 5.50%, down 4.62 percentage points from the previous year [2] - In Q3 2025, the gross margin was 27.87%, a year-on-year decrease of 0.43 percentage points but an increase of 7.28 percentage points quarter-on-quarter; net margin was -5.92%, down 17.00 percentage points year-on-year and down 16.08 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for Q3 2025 were 165 million yuan, a decrease of 78.20 million yuan year-on-year; the expense ratio was 17.45%, an increase of 1.62 percentage points year-on-year [2] - Sales expenses decreased by 4.96% year-on-year, while management expenses increased by 12.99% and R&D expenses increased by 3.32%; financial expenses saw a dramatic decrease of 2803.45% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 12,800, an increase of 1,255 households or 10.86% from the end of the previous half [2] - The average market value of shares held per household increased from 581,200 yuan at the end of the previous half to 728,900 yuan, a growth of 25.43% [2] Company Overview - YN Technology, established on March 24, 2010, and listed on June 8, 2022, is located in Jiaxing, Zhejiang Province, specializing in the R&D, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [3] - The main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [3] - The company belongs to the power equipment industry, specifically photovoltaic equipment and inverters, and is associated with concepts such as photovoltaic glass, solar energy, specialized and innovative enterprises, margin financing, and energy storage [3]

Group 1 - The core point of the news is that YN Technology's stock price dropped by 5% to 53.73 CNY per share, with a total market capitalization of 8.397 billion CNY as of the report date [1] - YN Technology, established on March 24, 2010, specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [1] - The company's main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Group 2 - According to data, one fund from the Fuguo Fund has a significant holding in YN Technology, specifically the Fuguo SSE Index ETF Link A/B (100053), which held 400 shares in the second quarter, unchanged from the previous period [2] - The fund's current scale is 274 million CNY, with a year-to-date return of 17.95%, ranking 3010 out of 4218 in its category [2] - The fund has achieved a return of 91.2% since its inception [2]

Core Insights - YN Technology's stock price increased by 5.54% on September 30, reaching 59.80 CNY per share, with a total market capitalization of 9.345 billion CNY [1] - The company has experienced a continuous stock price increase for four consecutive days, with a cumulative growth of 6.93% during this period [1] Company Overview - YN Technology, established on March 24, 2010, is located in Jiaxing, Zhejiang Province, and was listed on June 8, 2022 [1] - The company's main business involves the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] Revenue Composition - The revenue breakdown of YN Technology is as follows: - Micro-inverters and energy communication products: 54.95% - Commercial and industrial energy storage systems: 29.14% - Intelligent control disconnectors: 8.94% - Others: 3.89% - Household energy storage products: 3.06% [1] Fund Holdings - Guorong Fund has a significant holding in YN Technology, with its fund Guorong Rongyin A (006009) being the ninth largest holding, accounting for 2.1% of the fund's net value [2] - In the second quarter, Guorong Rongyin A reduced its holdings by 2,372 shares, maintaining a total of 42,200 shares [2] Fund Performance - Guorong Rongyin A has generated a floating profit of approximately 132,400 CNY today, with a total floating profit of 154,700 CNY during the four-day stock price increase [2] - The fund was established on June 7, 2018, with a current scale of 7.7789 million CNY, and has reported a year-to-date return of 7.27% [2]

Group 1 - The core viewpoint of the news is that YN Technology has seen a stock price increase of 5.09%, reaching 58.44 CNY per share, with a total market capitalization of 9.133 billion CNY as of the report date [1] - YN Technology, established on March 24, 2010, specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [1] - The company's main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), intelligent control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Group 2 - According to data from the top ten holdings of funds, Guorong Fund has a significant position in YN Technology, with Guorong Rongyin A (006009) holding 42,200 shares, accounting for 2.1% of the fund's net value [2] - In the second quarter, Guorong Rongyin A reduced its holdings by 2,372 shares, and the estimated floating profit from this investment is approximately 119,300 CNY [2] - Guorong Rongyin A was established on June 7, 2018, with a current scale of 7.7789 million CNY, and has experienced a year-to-date loss of 0.43% [2]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In the first half of 2025, the company achieved a revenue of 651 million yuan, a year-on-year decrease of 27.54%. The net profit attributable to the parent company was 79 million yuan, down 9.88% year-on-year. In Q2 2025, the revenue was 461 million yuan, a year-on-year decline of 2.27%, but a quarter-on-quarter increase of 141.36%. The net profit for Q2 was 50 million yuan, showing a year-on-year growth of 4.96% and a quarter-on-quarter increase of 74.02% [2][4]. Financial Performance - The company's micro-inverter and energy communication products generated a revenue of 360 million yuan in H1 2025, down 42% year-on-year, primarily due to subdued demand in Europe. The commercial storage revenue was 190 million yuan, up 6% year-on-year, mainly contributed by Q2. The revenue from circuit breakers was 60 million yuan, down 24% year-on-year, affected by demand in the U.S. The household storage revenue was 20 million yuan, up 34% year-on-year [11]. - The overall gross margin decreased to 20.6% in Q2, a decline of 23 percentage points quarter-on-quarter, due to the increased proportion of low-margin commercial storage business [11]. - The company's expense ratio in Q2 was only 5.5%, a decrease of 17 percentage points quarter-on-quarter, marking the first drop below 10% since Q4 2022, attributed to revenue growth and increased foreign exchange gains [11]. - As of the end of Q2, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, indicating a strong cash position for business expansion [11]. Business Outlook - The company has established a product layout centered around micro-inverters, including micro-storage, household storage, and commercial storage. Recent demand for micro-inverters has been stable, with good gross margins, and there is significant potential for market penetration growth in the long term [11]. - The commercial storage business is steadily developing after last year's surge, with active expansion into overseas markets, including sales in Germany and Slovakia, which is expected to enhance profitability and contribute to performance growth [11].