诺安多策略混合A（320016）基金经理为孔宪政。 从南华仪器十大流通股东角度 数据显示，诺安基金旗下1只基金位居南华仪器十大流通股东。诺安多策略混合A（320016）三季度新 进十大流通股东，持有股数94.34万股，占流通股的比例为1.08%。根据测算，今日浮盈赚取约64.15万 元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益74.3%，同类排 名206/8199；近一年收益64.98%，同类排名342/8131；成立以来收益236.4%。 12月1日，南华仪器涨5.05%，截至发稿，报14.14元/股，成交2580.83万元，换手率2.11%，总市值19.03 亿元。 资料显示，佛山市南华仪器股份有限公司位于广东省佛山市南海区桂城街道科泓路1号，成立日期1996 年4月24日，上市日期2015年1月23日，公司主营业务涉及从事机动车检测设备及系统(包括机动车排放 物检测系统、机动车安全检测系统、机动车排放物检测仪器、机动车安全检测仪器)的研发、生产和销 售与环境监测设备及系统(包括CEMS烟气排放连续监测设备、VOCs挥发性有机物在线监测设备、 VOC ...

Core Viewpoint - Nanhua Instrument experienced a 5.06% increase in stock price, reaching 14.12 CNY per share, with a total market capitalization of 1.9 billion CNY as of October 30 [1] Company Overview - Nanhua Instrument Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on April 24, 1996. It was listed on January 23, 2015 [1] - The company specializes in the research, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems [1] - The revenue composition of the company includes: 93.29% from motor vehicle testing equipment and systems, 2.73% from environmental testing equipment and systems, 2.52% from urban and rural digital comprehensive solutions, and 1.46% from vehicle management industry networked software [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) has entered the top ten circulating shareholders of Nanhua Instrument, holding 943,400 shares, which is 1.08% of the circulating shares [2] - The fund has achieved a year-to-date return of 67.93%, ranking 480 out of 8,152 in its category, and a one-year return of 77.49%, ranking 301 out of 8,038 [2] Fund Manager Performance - The fund manager, Kong Xianzheng, has a tenure of 4 years and 339 days, with a total fund asset size of 5.608 billion CNY and a best return of 85.03% during his tenure [3] - Wang Haichang, another fund manager, has a tenure of 3 years and 101 days, managing assets of 3.427 billion CNY, with a best return of 72.01% during his tenure [3]

Core Insights - Nanhua Instrument reported a revenue of 110 million yuan for the first three quarters of 2025, representing a year-on-year increase of 63.60% [1] - The company recorded a net profit attributable to shareholders of -180,000 yuan, a decline of 100.97% year-on-year [1] - The basic earnings per share stood at -0.00 yuan [2] Financial Performance - The gross profit margin for the first three quarters of 2025 was 42.61%, an increase of 3.01 percentage points year-on-year [2] - The net profit margin was -1.82%, a decrease of 29.35 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 37.64%, up 0.55 percentage points year-on-year but down 6.18 percentage points quarter-on-quarter [2] - The net profit margin for Q3 2025 was 1.76%, an increase of 10.50 percentage points year-on-year but a decrease of 3.26 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 49.28 million yuan, an increase of 13.43 million yuan year-on-year [2] - The expense ratio was 44.82%, down 8.52 percentage points from the same period last year [2] - Sales expenses increased by 36.25%, management expenses by 31.50%, R&D expenses by 39.14%, and financial expenses by 74.83% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,100, a decrease of 1,004 or 8.31% from the end of the previous half [3] - The average market value of shares held per shareholder increased from 139,300 yuan to 158,600 yuan, a growth of 13.85% [3] Company Overview - Nanhua Instrument, established on April 24, 1996, and listed on January 23, 2015, is located in Nanhai District, Foshan, Guangdong Province [3] - The company specializes in the R&D, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems [3] - The revenue composition includes 93.29% from motor vehicle testing equipment, 2.73% from environmental monitoring equipment, 2.52% from urban digital solutions, and 1.46% from vehicle management software [3] - The company belongs to the machinery and equipment industry, specifically in general equipment and instrumentation [3]

Core Viewpoint - Nanhua Instrument has shown a positive stock performance with a year-to-date increase of 13.16% and a recent uptick in trading activity, indicating potential investor interest and market confidence [2][3]. Company Overview - Nanhua Instrument Co., Ltd. was established on April 24, 1996, and listed on January 23, 2015. The company is located in the Nanhai District of Foshan, Guangdong Province [2]. - The main business involves the research, development, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems [2]. - The revenue composition is as follows: motor vehicle testing equipment and systems account for 93.29%, environmental testing equipment and systems for 2.73%, urban digital comprehensive solutions for 2.52%, and vehicle management industry network software for 1.46% [2]. Financial Performance - As of June 30, 2025, Nanhua Instrument reported a revenue of 63.22 million yuan, representing a year-on-year growth of 71.85%. However, the net profit attributable to shareholders was -1.15 million yuan, a decrease of 105.42% compared to the previous period [3]. - The company has distributed a total of 227 million yuan in dividends since its A-share listing, with 10.76 million yuan distributed over the past three years [4]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.24% to 12,100, while the average circulating shares per person increased by 5.53% to 7,243 shares [3]. - Among the top ten circulating shareholders, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is the sixth largest, holding 1.55 million shares as a new shareholder [4].

Core Viewpoint - Nanhua Instrument has experienced a decline in stock price, dropping 5.13% on September 23, with a total market value of 1.619 billion yuan and a cumulative drop of 5.44% over three consecutive days [1] Company Overview - Nanhua Instrument Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on April 24, 1996. The company was listed on January 23, 2015 [1] - The main business involves the research, development, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems. The revenue composition is as follows: 93.29% from motor vehicle testing equipment and systems, 2.73% from environmental testing equipment and systems, 2.52% from urban and rural digital comprehensive solutions, and 1.46% from vehicle management industry networked software [1] Shareholder Information - CITIC Prudential Fund has a presence among the top ten circulating shareholders of Nanhua Instrument, with its CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) newly entering the top ten in the second quarter, holding 1.5508 million shares, accounting for 1.77% of circulating shares. The estimated floating loss today is approximately 1.008 million yuan, with a total floating loss of 1.1321 million yuan over the three-day decline [2] - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.245 billion yuan. Year-to-date returns are 37.35%, ranking 2094 out of 8172 in its category; the one-year return is 75.25%, ranking 1493 out of 7995; and since inception, the return is 132.58% [2] Fund Manager Information - The fund managers of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) are Jiang Feng and Wang Ying. As of the report date, Jiang Feng has a cumulative tenure of 5 years and 164 days, with a total fund asset scale of 5.782 billion yuan, achieving a best fund return of 122.91% and a worst return of 2.26% during his tenure [3] - Wang Ying has a cumulative tenure of 8 years and 222 days, with a total fund asset scale of 6.176 billion yuan, achieving a best fund return of 52.38% and a worst return of -8.42% during her tenure [3]

Core Viewpoint - The company has successfully turned a profit by selling real estate, but it faces scrutiny from the Shenzhen Stock Exchange regarding its financial disclosures and the sustainability of its revenue growth [1][3]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 124 million yuan, an increase of 10.79% year-on-year, and a net profit attributable to shareholders of 14.77 million yuan, marking a reduction in losses by 455.96% [1]. - The company's main revenue sources include 116 million yuan from motor vehicle testing equipment, up 12.40% year-on-year, and 6.20 million yuan from environmental monitoring equipment, down 5.81% [1][2]. Group 2: Market Drivers - The increase in revenue and the turnaround to profitability are attributed to three main factors: heightened market demand for motor vehicle emission testing equipment due to regulatory focus, the release of new national standards for electric vehicle safety testing, and the sale of real estate assets [2]. - The company sold its property and land use rights in Foshan for 52.57 million yuan, which positively contributed to its profits [2]. Group 3: Regulatory Scrutiny - The Shenzhen Stock Exchange has raised questions about the company's net profit figures, noting that the net profit attributable to shareholders was 15 million yuan, while the net profit excluding non-recurring items was a loss of 16 million yuan, a decrease of 57.71% year-on-year [3]. - The exchange has requested the company to clarify its revenue growth prospects and the rationale behind its real estate transactions, including whether these transactions have commercial substance and if they involve related-party transactions to adjust profits [3]. Group 4: Strategic Developments - In 2024, the company acquired Guangzhou Jingu Intelligent Measurement Technology Co., Ltd. and Nanchang Weike Lian Information Technology Co., Ltd., enhancing its software development capabilities and expanding its business scale [4].

Core Viewpoint - The company is required to provide detailed explanations regarding its revenue recognition, cash flow trends, and the impact of recent asset sales on its financial performance, particularly focusing on the sustainability of its operations and compliance with regulatory guidelines. Group 1: Revenue and Profitability - The company must explain the growth prospects of its revenue, considering industry conditions, main business developments, and changes in market share, with a focus on whether there is a realistic possibility of revenue falling below 100 million [2] - The company reported a gross margin of 38.26% for its main business of vehicle inspection equipment, an increase of 0.87 percentage points, with revenue growth of 12.40% and cost growth of 10.84% [3] - The company needs to clarify the reasons for the rapid growth in production and sales of vehicle inspection equipment not aligning with revenue and gross margin increases [3] Group 2: Cash Flow Analysis - The company’s net cash flow from operating activities has decreased for three consecutive years, with figures of 29.39 million, 10.99 million, and 4.97 million respectively [4] - The company is required to explain the reasons for the continuous decline in cash flow and its inconsistency with revenue and net profit trends [5] - The company must assess whether the declining cash flow trend is likely to continue and outline any measures taken or planned to address this issue [5] Group 3: Asset Transactions - The company sold assets to a related party for 52.57 million, and it must detail the internal review process and disclosure obligations related to this transaction [6] - The company is required to explain the rationale and necessity of the asset sale, ensuring it has commercial substance and does not manipulate profits [6] - The company must provide information on the pricing basis and fairness of the transaction, as well as the impact of this sale on the 2024 net profit [7]