每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 每经AI快讯，速达股份（SZ 001277，收盘价：38.84元）12月8日晚间发布公告称，公司第四届第十四 次董事会会议于2025年12月8日以通讯的方式召开。会议审议了《关于修订 <公司章程> 的议案》等文 件。 2025年1至6月份，速达股份的营业收入构成为：维修与再制造占比42.21%，备品配件供应管理占比 23.83%，流体连接件占比15.27%，二手设备租售占比11.77%，全寿命周期专业化总包占比6.33%。 截至发稿，速达股份市值为30亿元。 （记者 王晓波） ...

Group 1 - The stock of SuDa Co., Ltd. fell by 4.66% on November 17, with a trading volume of 273 million yuan [1] - On the same day, the financing buy amount for SuDa was 36.06 million yuan, while the financing repayment was 22.88 million yuan, resulting in a net financing buy of 13.17 million yuan [1] - As of November 17, the total financing and securities lending balance for SuDa was 82.44 million yuan, which accounts for 4.19% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - SuDa Co., Ltd. is located in Zhengzhou, Henan Province, and was established on July 7, 2009, with its listing date set for September 3, 2024 [2] - The company's main business revolves around hydraulic supports for coal mining equipment, providing services such as repair and remanufacturing, spare parts supply management, and second-hand equipment rental and sales [2] - The revenue composition of SuDa includes: repair and remanufacturing (42.21%), spare parts supply management (23.83%), fluid connection products (15.27%), second-hand equipment rental and sales (11.77%), specialized total package services (6.33%), and others (0.59%) [2] Group 3 - As of November 10, the number of shareholders for SuDa was 9,572, with an average of 4,741 circulating shares per person, showing no change from the previous period [2] - For the period from January to September 2025, SuDa reported an operating income of 724 million yuan, a year-on-year decrease of 14.52%, and a net profit attributable to the parent company of 75.34 million yuan, down 32.89% year-on-year [2] Group 4 - SuDa Co., Ltd. has distributed a total of 42.10 million yuan in dividends since its A-share listing [3]

Group 1 - The financial director and board secretary of Suda Co., Ltd. plans to reduce his shareholding by up to approximately 130,000 shares, which accounts for 0.17% of the company's total share capital, within a period of 90 natural days starting from November 5, 2025 [1] - As of the report, Suda Co., Ltd. has a market capitalization of 2.9 billion yuan [1] - The revenue composition for Suda Co., Ltd. from January to June 2025 is as follows: 42.21% from repair and remanufacturing, 23.83% from spare parts supply management, 15.27% from fluid connectors, 11.77% from second-hand equipment leasing and sales, and 6.33% from full lifecycle specialized contracting [1]

Group 1 - The core viewpoint of the news is that Su Da Co., Ltd. experienced a decline in stock price and trading volume, with significant financing activities indicating a high level of market interest despite recent financial performance challenges [1][2]. Group 2 - On October 13, Su Da Co., Ltd. saw a stock price drop of 1.43%, with a trading volume of 32.29 million yuan. The financing buy-in amount was 2.73 million yuan, while the financing repayment was 3.37 million yuan, resulting in a net financing buy of -0.64 million yuan [1]. - As of October 13, the total financing and securities balance for Su Da Co., Ltd. was 58.67 million yuan, accounting for 3.30% of the circulating market value, which is above the 70th percentile level over the past year, indicating a high position [1]. - The company has not engaged in any short selling activities on October 13, with a short selling amount of 0.00 yuan and a short selling balance of 0.00 yuan, placing it in the 90th percentile level over the past year, also indicating a high position [1]. Group 3 - Su Da Co., Ltd. is primarily engaged in the hydraulic support for coal mining equipment, providing services such as maintenance and remanufacturing, spare parts supply management, and second-hand equipment rental and sales. The revenue composition includes 42.21% from maintenance and remanufacturing, 23.83% from spare parts supply management, 15.27% from fluid connection products, 11.77% from second-hand equipment rental and sales, and 6.33% from specialized contracting services [2]. - As of September 30, the number of shareholders for Su Da Co., Ltd. was 9,137, a decrease of 1.94% from the previous period, with an average of 4,966 circulating shares per person, an increase of 1.98% [2]. - For the first half of 2025, Su Da Co., Ltd. reported a revenue of 503 million yuan, a year-on-year decrease of 11.74%, and a net profit attributable to shareholders of 40.35 million yuan, a year-on-year decrease of 48.87% [2]. Group 4 - Since its A-share listing, Su Da Co., Ltd. has distributed a total of 42.10 million yuan in dividends [3].

Group 1 - The shareholder Yangzhong Xugong Industrial Investment Partnership plans to reduce its holdings in Suda Co., Ltd. by up to 760,000 shares (1% of total share capital) through centralized bidding and up to 1,520,000 shares (2% of total share capital) through block trading within 90 natural days starting from October 13, 2025 [1] - The company's board member and general manager, Liu Runping, intends to reduce his holdings by up to 130,000 shares (0.17% of total share capital) during the same period [1] - The vice president, Li Jing, plans to reduce his holdings by up to 37,500 shares (0.05% of total share capital) within the specified timeframe [1] Group 2 - Former vice president Liu Xinyang plans to reduce his holdings by up to 129,200 shares (0.17% of total share capital) within the same 90-day period [2] - Former vice president Dong Xiaobo intends to reduce his holdings by up to 37,500 shares (0.05% of total share capital) during the same timeframe [2] - For the first half of 2025, Suda Co., Ltd.'s revenue composition is as follows: 42.21% from repair and remanufacturing, 23.83% from spare parts supply management, 15.27% from fluid connection components, 11.77% from second-hand equipment rental and sales, and 6.33% from full lifecycle specialized contracting [2]

Core Insights - On September 11, Suda Co., Ltd. experienced a slight increase in stock price by 0.05%, with a trading volume of 34.24 million yuan [1] - The company reported a net financing outflow of 1.57 million yuan for the same day, with total financing and margin trading balance reaching 66.64 million yuan [1][2] Financing Overview - On September 11, Suda Co., Ltd. had a financing purchase amount of 3.15 million yuan, with a current financing balance of 66.64 million yuan, accounting for 3.46% of the circulating market value [2] - There were no shares sold or repaid in the margin trading segment on the same day, resulting in a margin balance of 0 yuan [2] Company Profile - Suda Co., Ltd. is located in Zhengzhou, Henan Province, and was established on July 7, 2009, with its listing date on September 3, 2024 [2] - The company's main business focuses on hydraulic supports for coal mining equipment, providing services such as maintenance, remanufacturing, spare parts supply management, and second-hand equipment rental and sales [2] - The revenue composition includes: maintenance and remanufacturing (42.21%), spare parts supply management (23.83%), fluid connection products (15.27%), second-hand equipment rental and sales (11.77%), specialized contracting services (6.33%), and others (0.59%) [2] Financial Performance - For the first half of 2025, Suda Co., Ltd. reported an operating income of 503 million yuan, a year-on-year decrease of 11.74%, and a net profit attributable to shareholders of 40.35 million yuan, down 48.87% year-on-year [3] - The number of shareholders increased by 4.88% to 9,387, with an average of 4,834 circulating shares per person, an increase of 127.74% [3] Dividend Information - Since its A-share listing, Suda Co., Ltd. has distributed a total of 42.10 million yuan in dividends [4]

Group 1 - The core viewpoint of the news is that SuDa Co., Ltd. has shown a slight increase in stock price and has engaged in financing activities, indicating investor interest despite a decline in revenue and profit [1][3]. - On September 10, SuDa Co., Ltd. had a financing buy amount of 373.97 million yuan, with a net financing buy of 36.57 million yuan, and a total financing and margin balance of 68.21 million yuan, which accounts for 3.55% of its market capitalization [1][2]. - The company specializes in hydraulic supports for coal mining, providing services such as maintenance, remanufacturing, spare parts supply management, and rental/sale of second-hand equipment [2]. Group 2 - As of August 29, the number of shareholders for SuDa Co., Ltd. increased to 8,950, up by 66.08%, while the average circulating shares per person decreased by 39.79% [3]. - For the first half of 2025, SuDa Co., Ltd. reported a revenue of 503 million yuan, a year-on-year decrease of 11.74%, and a net profit attributable to shareholders of 40.35 million yuan, down 48.87% year-on-year [3]. - Since its A-share listing, SuDa Co., Ltd. has distributed a total of 42.10 million yuan in dividends [4].

Group 1 - The stock of Suda Co., Ltd. dropped by 5.75% on August 22, with a trading volume of 202 million yuan [1] - On the same day, Suda Co. had a financing purchase amount of 22.29 million yuan and a net financing purchase of 4.80 million yuan, with a total financing balance of 84.72 million yuan, accounting for 10.07% of the circulating market value [1] - The company specializes in hydraulic supports for coal mining, providing comprehensive aftermarket services including maintenance, remanufacturing, and parts supply [1] Group 2 - As of August 20, the number of shareholders of Suda Co. increased by 14.93% to 5,389, while the average circulating shares per person decreased by 12.99% to 3,525 shares [2] - For the first quarter of 2025, Suda Co. reported a revenue of 16.7 million yuan, a year-on-year decrease of 40.37%, and a net profit attributable to shareholders of 11.02 million yuan, down 64.85% year-on-year [2] Group 3 - Since its A-share listing, Suda Co. has distributed a total of 42.10 million yuan in dividends [3]

Core Viewpoint - Suda Co., Ltd. has successfully entered the aftermarket for construction machinery through its fluid connection components business, establishing stable partnerships with leading clients in the industry [1] Group 1: Business Performance - The revenue from the shield tunneling machinery pipeline components business has shown steady growth, achieving approximately 28 million yuan in 2022, accounting for 2.6% of total revenue; in 2023 and 2024, the revenue is expected to exceed 60 million yuan, maintaining a stable revenue proportion of around 5.3% [1] - The subsidiary, Saifu Fluid, is projected to achieve approximately 200 million yuan in revenue in 2024, showcasing significant performance [2] Group 2: Strategic Plans - Suda Co., Ltd. plans to pursue two types of strategic mergers and acquisitions when the timing is right: integrating sales channels and production facilities for hydraulic fluid connection components to form a competitive industrial scale, and leveraging opportunities from the mixed ownership reform of state-owned enterprises to deepen its layout through joint ventures or acquisitions of existing repair centers [1] - The company is currently screening potential targets according to its established plan and will strictly fulfill information disclosure obligations regarding future progress [1] Group 3: Business Model - The company primarily acquires orders through bidding and competitive negotiations, with a pricing model that includes agreement pricing for single repair and remanufacturing services, as well as long-term contracts for ongoing cooperation [2] - A specialized service package has been introduced, bundling maintenance, parts supply, repair, and remanufacturing services, with billing based on the customer's coal output [2] - The second-hand equipment rental and sales business involves purchasing or leasing idle equipment, which is then repaired and technically modified before resale or rental, with transaction prices determined through bidding or competitive negotiations [2] Group 4: Competitive Advantage - Saifu Fluid has a significant technical advantage over competitors like Yingweike, with hydraulic system pipeline pressure levels generally reaching 30-40 MPa, much higher than the data center pipeline's sub-1 MPa; additionally, Saifu Fluid has the capability to design and produce stainless steel pipelines, aligning with material requirements in data center applications [2] - The stringent cleanliness standards in hydraulic systems have led Saifu Fluid to maintain higher levels of process control [2]

Company Overview - Zhengzhou Suda Industrial Machinery Service Co., Ltd. was established in July 2009 and listed on the Shenzhen Stock Exchange in September 2024 with a registered capital of 76 million yuan [2] - The company specializes in comprehensive aftermarket services for industrial machinery, focusing on hydraulic supports for coal mining equipment [2] - It employs over 800 staff and has a service network covering all major coal production bases in China [2] Business Performance - The company has seen steady growth in its shield tunneling machinery pipeline component business, with revenues of approximately 28 million yuan in 2022 (2.6% of total revenue), 60 million yuan in 2023 (5.3%), and projected 60 million yuan in 2024 (5.3%) [2] - The revenue for the subsidiary Saifu Fluid is expected to be around 200 million yuan in 2024 [7] Strategic Development - The company aims to enhance the quality of its repair and remanufacturing services, expand repair center layouts, and establish industry standards to increase market share [3] - Plans include developing a marketing strategy to explore new markets and improve market share among existing customers [3] - The company intends to expand its fluid connection business into non-coal industries such as engineering machinery and agriculture [3] Mergers and Acquisitions - The company is considering two types of acquisitions: restructuring hydraulic fluid connection channels and factories, and forming joint ventures with state-owned enterprises for remanufacturing centers [4] Market Dynamics - The company's profitability is linked to the coal industry's performance; demand for aftermarket services may be delayed during downturns but will rebound as market conditions improve [5][6] - The aftermarket service sector is a stable market as long as coal production continues [5] Service Model - The company utilizes a competitive bidding process for its services, with pricing based on agreements for repair, remanufacturing, and parts supply [14] - It has established six repair centers within 300-500 km of major coal production areas to ensure timely service delivery [15] Financial Insights - The gross margin for spare parts is high, with a complete supply chain and efficient inventory system in place [15] - The company is actively seeking suitable acquisition targets and will disclose any significant progress in accordance with regulations [16]