融券方面，碧兴物联10月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 10月30日，碧兴物联（维权）跌1.80%，成交额2024.49万元。两融数据显示，当日碧兴物联获融资买入 额61.60万元，融资偿还227.99万元，融资净买入-166.39万元。截至10月30日，碧兴物联融资融券余额 合计1872.38万元。 融资方面，碧兴物联当日融资买入61.60万元。当前融资余额1872.38万元，占流通市值的1.78%，融资 余额低于近一年10%分位水平，处于低位。 截至9月30日，碧兴物联股东户数4182.00，较上期增加5.87%；人均流通股11202股，较上期减少 3.53%。2025年1月-9月，碧兴物联实现营业收入1.85亿元，同比增长13.11%；归母净利润-4031.59万 元，同比减少255.27%。 分红方面，碧兴物联A股上市后累计派现706.67万元。 责任编辑：小浪快报 资料显示，碧兴物联科技(深圳)股份有限公司位于广东省深圳市宝安区西乡街道龙腾社区汇智研发中心 C座15-1 ...

Core Insights - Bixing Wulian experienced a decline of 1.97% on September 23, with a trading volume of 21.2251 million yuan [1] - The company reported a financing net buy of -50,600 yuan on the same day, indicating a higher level of financing activity compared to the past year [1] Financing Overview - On September 23, Bixing Wulian had a financing buy of 2.1336 million yuan, with a total financing balance of 29.3882 million yuan, representing 3.00% of its market capitalization [1] - The financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] Securities Lending Overview - On September 23, there were no shares repaid or sold in the securities lending market, with a total lending balance of 0 yuan, which is at the 90th percentile level over the past year [1] Company Profile - Bixing Wulian Technology (Shenzhen) Co., Ltd. was established on January 18, 2012, and went public on August 9, 2023 [2] - The company's main business includes smart environmental monitoring and public safety big data, with revenue composition as follows: digital ecology (environmental monitoring operation services) 63.28%, digital ecology (environmental monitoring instruments and systems) 29.44%, digital public security (mobile access network data collection and analysis system) 2.69%, digital agriculture 2.51%, digital water conservancy/water affairs 2.06%, and others 0.02% [2] Financial Performance - For the first half of 2025, Bixing Wulian achieved a revenue of 111 million yuan, representing a year-on-year growth of 11.16%, while the net profit attributable to the parent company was -23.9132 million yuan, a decrease of 298.20% year-on-year [2] - The company has distributed a total of 7.0667 million yuan in dividends since its A-share listing [3]

Group 1 - The core viewpoint of the news is the performance and market position of Bixing IoT, which experienced a decline in stock price and has a significant market capitalization [1] - Bixing IoT's main business areas include smart environmental monitoring and public safety big data, with revenue contributions from various segments such as digital ecology and digital water management [1] - The company was established on January 18, 2012, and went public on August 9, 2023, with a current stock price of 22.66 CNY per share and a total market value of 1.779 billion CNY [1] Group 2 - The fund "Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiation A" holds a significant position in Bixing IoT, ranking as the eighth largest holding in the fund [2] - As of the latest report, the fund has a total asset size of 29.0192 million CNY and has achieved a year-to-date return of 57.52% [2] - The fund manager, Lin Muchen, has been in charge for 2 years and 124 days, with the best fund return during this period being 56.91% [3]

Core Viewpoint - The company reported a revenue of 329 million yuan in 2024, a year-on-year decrease of 5.91%, and a net profit loss of 39 million yuan, a decline of 264.92%, primarily due to weakened industry demand, project delays, and the nurturing period of new businesses [2][3]. Financial Performance - Revenue for 2024 was 329,358,434.20 yuan, down from 350,043,672.31 yuan in 2023, reflecting a decrease of 5.91% [4][7]. - The net profit attributable to shareholders was -38,546,083.85 yuan, compared to a profit of 23,371,981.23 yuan in the previous year, marking a decline of 264.92% [4][5]. - The net profit after excluding non-recurring gains and losses fell by 601.42% [5]. - Operating cash flow turned positive at 188,267,936.18 yuan, a significant improvement from a negative cash flow of -251,313,462.47 yuan in the previous year [6][7]. Cost and Expense Analysis - Operating costs increased to 249,312,245.26 yuan, up 4.52% from the previous year [7]. - Research and development expenses rose by 25.41% to 41,617,857.26 yuan, reflecting increased investment in R&D [7][12]. - Management expenses increased by 5.50% due to the hiring of senior management personnel [7][10]. - Financial expenses decreased significantly due to increased returns from idle funds invested in bank financial products [7][11]. Business Segment Performance - The digital ecological sector, which includes environmental monitoring instruments and systems, saw a revenue decline of 5.90% [14]. - The digital agriculture and digital water management sectors are still in their nurturing phase, contributing to higher costs and lower revenues [8][14]. - The company’s main products include water quality monitoring instruments, gas monitoring instruments, and environmental monitoring big data systems [13]. Regional Performance - Revenue from the Northeast region increased by 54.33%, while the North China region saw a decrease of 7.09% [15]. - The East China region experienced a significant drop in revenue by 73.55% [15]. Sales Model Analysis - Direct sales revenue increased by 11.18%, while indirect sales revenue decreased by 31.13% [15].

Core Viewpoint - Bixing Wulian's performance has drastically changed post-IPO, raising questions about the authenticity of its financial data and potential irregularities surrounding its listing [1][2][4] Group 1: Performance and Financial Data - Bixing Wulian reported a revenue of 329 million yuan in 2024, a decrease of 5.91% year-on-year, and a net loss of 38.54 million yuan, a decline of 264.92% [2] - The company experienced a significant performance drop after its IPO, with a net loss of 10.22 million yuan in Q1 2024, a decrease of 443.46% year-on-year [2] - The company has faced continuous regulatory inquiries since its listing, indicating concerns about the authenticity of its financial data [2][4] Group 2: IPO and Valuation Concerns - Bixing Wulian's IPO was marked by a significant valuation increase, with a registered capital increase from 53 million yuan to 58.89 million yuan, raising its valuation to approximately 900 million yuan [9][10] - The company’s financial performance prior to its IPO showed substantial growth, with revenue growth rates of 13.52% and 40.3% in 2020 and 2021, respectively [4] - There are discrepancies between Bixing Wulian's reported data and that of its industry peers, raising questions about the accuracy of its financial disclosures [7] Group 3: Customer Relationships and Transactions - Shanghai Koze became Bixing Wulian's largest customer in 2022, contributing 57.69 million yuan in sales, which accounted for 12.21% of total revenue [18] - There are concerns regarding the high performance bond ratios in contracts with Shanghai Koze, which exceed standard industry practices [24][25] - Bixing Wulian's relationship with former employees who now work for Shanghai Koze raises potential conflicts of interest and questions about the legitimacy of business dealings [20][21] Group 4: Regulatory and Compliance Issues - The company has faced criticism from regulators for its slow project progress and failure to disclose significant contracts in a timely manner [30] - Bixing Wulian's core investment projects have seen minimal progress, with completion rates of 0% and 6.57% for key initiatives as of the end of 2024 [30] - The company has been subject to public criticism and regulatory scrutiny due to its financial practices and governance issues [30]

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作 出投资决定。 碧兴物联科技（深圳）股份有限公司 BESCIENT TECHNOLOGIES CO., LTD. （深圳市宝安区新安街道兴东社区67区留仙三路1号润恒工业区厂房2栋301） 首次公开发行股票并在科创板上市 招股说明书 无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋 保荐机构（主承销商） 碧兴物联科技（深圳）股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作 出投资决定。 碧兴物联科技（深圳）股份有限公司 招股意向书 招股意向书 无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋 碧兴物联科技（深圳）股份有限公司 BESCIENT TECHNOLOGIES CO., LTD. （深圳市宝安区新安街道兴东社区 67 区留仙三路 1 号润恒工业区厂房 2 栋 301） 保荐机构（主承销商） 首次公开发行股票并在科创板上市 | 本次发行概况 | | --- | 声明 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次发行 19,630,000 股 | | | | | | 每股面值 | 人民币 元 1.00 | | | | | | 每股发行价格 | 人民币【】元 | | | | | | 预计发行日期 | 2023 年 | 7 | 月 | 31 | 日 | | ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作 出投资决定。 碧兴物联科技（深圳）股份有限公司 BESCIENT TECHNOLOGIES CO., LTD. （深圳市宝安区新安街道兴东社区 67 区留仙三路 1 号润恒工业区厂房 2 栋 301） 首次公开发行股票并在科创板上市 招股说明书 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） 无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋 碧兴物联科技（深圳）股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定 ...