Group 1 - Oat Technology's stock price fell by 5.07% on October 14, reaching 28.65 CNY per share, with a total market capitalization of 4.176 billion CNY [1] - The company has experienced a continuous decline in stock price for three consecutive days, with a cumulative drop of 12.39% during this period [1] - Oat Technology, established on March 12, 2012, specializes in the research, design, production, and sales of industrial automation and intelligent testing equipment, with a focus on providing solutions for the electronic manufacturing industry [1] Group 2 - Huiquan Fund holds a significant position in Oat Technology, with its fund "Huiquan Xingzhi Future One-Year Holding Mixed A" maintaining 46,400 shares, representing 2.09% of the fund's net value [2] - The fund has incurred a floating loss of approximately 70,900 CNY today, with total losses of 198,000 CNY during the three-day decline [2] - The fund manager, Liang Yongqiang, has a tenure of 17 years, with the fund's best return during his management being 104.95% [2]

Core Viewpoint - Oat Technology experienced a decline of 5.02% on September 23, with a stock price of 30.87 CNY per share and a total market capitalization of 4.495 billion CNY [1] Company Overview - Shenzhen Oat Technology Co., Ltd. is located in the Guangming New District of Shenzhen, Guangdong Province, and was established on March 12, 2012. The company went public on June 8, 2020. Its main business involves research, design, production, sales, and related technical services of industrial automation and intelligent testing equipment in the smart manufacturing sector [1] - The revenue composition of the company includes: 66.46% from automated testing equipment, 21.06% from accessories and others, and 12.48% from testing fixtures [1] Shareholder Information - The top circulating shareholder of Oat Technology is the Guoshou Anbao Fund, which has a fund named Guoshou Anbao Smart Life Stock A (001672). In the second quarter, it entered the top ten circulating shareholders with 2.1888 million shares, accounting for 1.5% of circulating shares. The estimated floating loss today is approximately 3.5677 million CNY [2] - Guoshou Anbao Smart Life Stock A was established on September 1, 2015, with a latest scale of 1.828 billion CNY. Year-to-date returns are 41.75%, ranking 991 out of 4220 in its category; the one-year return is 97.38%, ranking 626 out of 3814; and since inception, the return is 232.83% [2] Fund Performance - The fund manager of Guoshou Anbao Smart Life Stock A is Zhang Qi, who has a cumulative tenure of 15 years and 82 days. The total asset scale of the fund is 2.317 billion CNY, with the best fund return during his tenure being 228.21% and the worst being -19.09% [3] - Another fund under Guoshou Anbao, Guoshou Anbao Yuyuan Mixed A (010205), held 68,000 shares of Oat Technology in the second quarter, accounting for 1.24% of the fund's net value. The estimated floating loss today is about 110,800 CNY [4] - Guoshou Anbao Yuyuan Mixed A was established on November 4, 2020, with a latest scale of 131 million CNY. Year-to-date returns are 27.26%, ranking 3395 out of 8172; the one-year return is 50.83%, ranking 3168 out of 7995; and since inception, the return is 34.32% [4] Fund Manager Information - The fund manager of Guoshou Anbao Yuyuan Mixed A is Yu Gang, who has a cumulative tenure of 1 year and 321 days. The total asset scale of the fund is 267 million CNY, with the best fund return during his tenure being 42.66% and the worst being 5% [5]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to relevant laws and regulations [3][4] - The company is established as a joint-stock limited company based on the net asset value of Shenzhen Qiangrui Electronics Co., Ltd. [3][4] - The company was approved to issue 18,471,700 shares of ordinary stock to the public on September 13, 2021, and listed on the Shenzhen Stock Exchange on November 10, 2021 [3][4] Company Information - The registered name of the company is Shenzhen Qiangrui Precision Technology Co., Ltd. with a registered capital of RMB 103,441,270 [4][5] - The company has two registered addresses in Shenzhen, Guangdong Province [4] - The company is a permanent limited liability company [4] Business Objectives and Scope - The company's business objectives include prioritizing quality, customer satisfaction, continuous improvement, and striving for excellence [5] - The business scope includes the sale of hardware molds, testing fixtures, non-standard equipment, and various automation products, among others [5][6] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [7][8] - The total number of shares issued by the company is 103,441,270, all of which are ordinary shares [8] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and supervision of the company's operations [12][13] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [16][38] - Shareholders who abuse their rights causing losses to the company or other shareholders are liable for compensation [16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring once a year [45] - Shareholders holding more than 10% of shares can request a temporary meeting [46][51] - The company must notify shareholders of meeting details at least 20 days in advance for annual meetings and 15 days for temporary meetings [56][57] Voting and Proposals - Shareholders can propose agenda items for meetings, and proposals must be within the scope of the shareholder meeting's authority [55] - The company must ensure that all proposals are fully disclosed in the meeting notice [58] - Voting can be conducted in person or through electronic means, ensuring accessibility for all shareholders [59][60]

Core Viewpoint - The "Apple concept" sector, particularly Chaoyang Technology, has experienced significant volatility due to changes in US-China tariff policies and promotional pricing strategies ahead of the "618" shopping festival, leading to increased investor scrutiny [1][6]. Company Summary - Chaoyang Technology reported a total revenue of 1.734 billion yuan in 2024, a year-on-year increase of 21.24%, while net profit decreased by 3.31% to 113 million yuan [2]. - The company's revenue breakdown shows that earphone products generated 1.22 billion yuan (70.36% of main business revenue), sound products contributed 236 million yuan (13.62%), and precision components accounted for 265 million yuan (15.27%) [2]. - Major clients include well-known brands such as A client, Samsung, and Xiaomi, with sales to the largest customer reaching 703 million yuan, representing 40.53% of total sales [2]. Institutional Investor Changes - There was a notable reduction in institutional investor holdings in Chaoyang Technology from the end of 2024 to the first quarter of 2025, with only four institutions remaining compared to thirteen previously [4][5]. - The largest institutional shareholder, Morgan Stanley, reduced its holdings from 357,200 shares to 225,200 shares, while other funds also decreased their stakes significantly [5]. Sector Performance - The "Apple concept" sector saw a rise prior to the recent downturn, influenced by tariff changes and promotional activities in the consumer market [6]. - Companies like Dongni Electronics and Yanmian Technology also faced challenges, with Dongni Electronics reporting a revenue of 1.981 billion yuan in 2024, a 7.86% increase, but a net profit of only 11.52 million yuan [8]. - Yanmian Technology's revenue heavily relies on the Apple supply chain, with 44.19% of its sales coming from its largest customer [9]. R&D and Future Outlook - Si Lin Jie, another player in the sector, achieved a revenue of 184.51 million yuan in 2024, a 10.09% increase, with a net profit growth of 69.99% [10]. - Despite the growth, Si Lin Jie reported a decrease in R&D investment from 52.08 million yuan to 49.24 million yuan, indicating potential concerns about future innovation capabilities [11].