Core Viewpoint - The announcement reveals that the chairman and a major shareholder of Xianying Technology plan to reduce their holdings in the company due to personal funding needs, with a total potential reduction of up to 2,917,080 shares, representing 3% of the total share capital [1] Group 1: Shareholding and Reduction Plans - Chairman Xiao Jie holds 13,231,800 shares, accounting for 13.61% of the total share capital, while Nanjing Qiying holds 10,800,000 shares, representing 11.11% [2] - The planned reduction includes a maximum of 972,360 shares through centralized bidding and 1,944,720 shares through block trading, with adjustments based on any changes in the total share capital during the reduction period [1] Group 2: Financial Performance - Xianying Technology reported revenues of 687 million yuan, 682 million yuan, and 873 million yuan for the years 2022 to 2024, with net profits of 72.9 million yuan, 20.7 million yuan, and 8.1 million yuan respectively [2] - In Q1 2025, the company achieved revenues of 167 million yuan, a year-on-year decrease of 3.40%, while net profit increased significantly by 689.47% to 4.97 million yuan [2] Group 3: Company Background - Xianying Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 22, 2021, with an initial public offering of 13.51 million shares at a price of 47.58 yuan per share [3] - The total funds raised from the IPO amounted to 643 million yuan, with a net amount of 583 million yuan after deducting issuance costs, exceeding the original plan by 232 million yuan [4]

证券研究报告·公司深度报告 2025 年 6 月 11 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级： 当前价格: | 增持（首次） 31.05元 | | | --- | --- | --- | | 目标期限: | 12 | 个月 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 152.04 | | 股股本(百万股) A | 152.04 | | --- | --- | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 46.11 | | 12 个月最高/最低(元) | 58.38/23.53 | | 第一大股东 | 王雪根 | | 第一大股东持股比例(%) | 34.94 | | 上证综指/沪深 300 | 3384.10/3877.56 | 数据来源：聚源 注：2025 年 6 月 5 日数据 % 1 个月 3 个月 12 个月 相对收益 -2.33 -18.09 - 绝对收益 5.44 -16.98 - 数据来源：聚源 注：相对收益与北证 50 相比 ...

中国经济网北京6月6日讯 显盈科技（301067）(301067.SZ)昨晚披露了关于终止向不特定对象发行可转 换公司债券并撤回申请文件的公告。 显盈科技于2025年6月5日召开第三届董事会第二十六次会议、第三届监事会第二十四次会议，审议通过 了《关于终止向不特定对象发行可转换公司债券并撤回申请文件的议案》，同意公司终止向不特定对象 发行可转换公司债券（以下简称"本次发行"）并向深交所申请撤回相关申请文件。 对于终止本次发行事项并撤回申请文件的主要原因，显盈科技表示，自公司本次向不特定对象发行可转 换公司债券预案公布以来，公司与相关中介机构一直积极推进本次向不特定对象发行可转换公司债券事 项的各项工作。综合考虑当前内外部环境变化、公司整体发展规划等因素，经与相关各方深入沟通后， 公司决定终止本次向不特定对象发行可转换公司债券事项并向深交所申请撤回相关申请文件。 显盈科技称，公司终止本次发行事项是综合考虑外部宏观环境的变化、自身实际情况等诸多因素，经审 慎分析、研究与沟通后作出的决策。公司目前各项业务经营正常，财务状况良好，公司终止本次向不特 定对象发行可转换公司债券事项并撤回申请文件，不会对公司正常经营造成重 ...

Financial Performance Summary - In 2024, the total revenue of Xiangying Technology reached 873 million yuan, representing a year-on-year increase of 27.95% [1][2] - The net profit attributable to shareholders decreased to 8.06 million yuan, down 61.06% compared to the previous year [1][2] - The net profit after deducting non-recurring gains and losses was 2.10 million yuan, a decline of 88.21% year-on-year [1][2] - The net cash flow from operating activities was 27.53 million yuan, showing a slight increase of 4.02% [1][2] Quarterly Performance Overview - In Q1 2025, the total revenue was 16.66 million yuan, a decrease of 3.40% year-on-year [3] - The net profit attributable to shareholders surged to 4.97 million yuan, an increase of 689.47% compared to the same period last year [3] - The net profit after deducting non-recurring gains and losses was 500.51 thousand yuan, recovering from a loss of 2.38 million yuan in the previous year [3] - The net cash flow from operating activities reached 11.49 million yuan, up 41.98% year-on-year [3] Asset and Equity Status - As of the end of 2024, total assets amounted to 1.36 billion yuan, an increase of 10.11% from the previous year [2] - The net assets attributable to shareholders were 843.64 million yuan, a slight decrease of 1.01% [2] - By the end of Q1 2025, total assets decreased to 1.16 billion yuan, down 14.35% from the end of 2024 [3] IPO and Fundraising Information - Xiangying Technology raised a total of 643 million yuan during its IPO, with a net amount of 583 million yuan after deducting issuance costs [4] - The company initially planned to raise 350 million yuan, but the final net amount exceeded the original plan by 232 million yuan [4] - The funds raised are intended for expansion projects and working capital [4] Convertible Bond Issuance - On September 10, 2024, Xiangying Technology announced plans to issue convertible bonds with a total amount not exceeding 270 million yuan [5] - The proceeds from the bond issuance will be allocated to the construction of a production base in Vietnam, a research and development center, and to supplement working capital [5]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 1.824 billion yuan, a year-on-year increase of 42.0%, and a net profit attributable to the parent company of 150 million yuan, up 47.2% year-on-year. This growth is attributed to the successful implementation of a globalization strategy and the positive sales impact of new product launches [1][2]. Revenue Growth and Product Matrix - Q1 2025 revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product introductions. The company enhanced its product matrix through increased R&D investment, launching new products such as high-power GaN fast chargers, second-generation NAS cloud storage products, and TWS headphones [2][3]. - At the CES event in January 2025, the company showcased new products including AI NAS and Nexode 500W GaN chargers, which are expected to contribute significantly to revenue growth in the current year [2]. Profitability and Financial Metrics - In Q1 2025, the company's gross profit margin was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin increased by 0.3 percentage points year-on-year to 8.2% [3]. - The company reported financial expenses of -7.813 million yuan in Q1 2025, compared to -0.512 million yuan in Q1 2024, primarily due to foreign exchange gains from currency fluctuations [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 672 million yuan, 859 million yuan, and 1.081 billion yuan for 2025-2027, with corresponding EPS of 1.62, 2.07, and 2.60 yuan. The acceleration of the globalization strategy and the expansion of product categories are expected to enhance revenue and profit growth [4]. - As of April 28, the average PE ratio for comparable companies in 2025 is projected to be 29 times. The company is assigned a target PE of 40 times for 2025, corresponding to a target price of 64.80 yuan, maintaining a "buy" rating [4].