Core Insights - Baoming Technology reported a revenue of 999 million yuan for the first three quarters of 2025, a year-on-year decrease of 7.55% [1] - The company experienced a net profit attributable to shareholders of -5.02 million yuan, an increase of 93.16% year-on-year [1] - The basic earnings per share stood at -0.03 yuan [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was 15.21%, an increase of 6.20 percentage points year-on-year [2] - The net profit margin was -1.24%, which improved by 6.06 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 17.40%, up 8.90 percentage points year-on-year and 0.83 percentage points quarter-on-quarter [2] - The net profit margin for Q3 2025 was 1.52%, an increase of 9.73 percentage points year-on-year and 0.76 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 165 million yuan, a decrease of 11.09 million yuan year-on-year [2] - The expense ratio was 16.51%, up 0.22 percentage points from the previous year [2] - Sales expenses decreased by 12.38% year-on-year, while management expenses increased by 19.85% [2] - R&D expenses decreased by 25.02%, and financial expenses increased by 4.96% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 14,100, an increase of 1,912 or 15.68% from the end of the previous half [2] - The average market value per shareholder decreased from 950,200 yuan to 721,100 yuan, a decline of 24.11% [2] Company Overview - Baoming Technology, established on August 10, 2006, and listed on August 3, 2020, specializes in the R&D, design, production, and sales of LED backlight sources and capacitive touch screens [3] - The main business revenue composition includes LED backlight sources (71.43%), LCD panel deep processing (26.49%), and others [3] - The company belongs to the electronic-optical optoelectronics-LED industry and is associated with concepts such as virtual reality, Xiaomi concept, smart cockpit, augmented reality, and small-cap stocks [3]

Core Viewpoint - Akita Micro (300939) is primarily engaged in the research, design, production, and sales of liquid crystal display and touch control products, indicating a strong focus on technology and innovation in the display sector [1] Company Overview - The main products of the company include monochrome liquid crystal displays, monochrome liquid crystal display modules, color liquid crystal display modules, and capacitive touch screens [1] - These products are utilized in various applications such as industrial control and automation, Internet of Things (IoT) and smart living, healthcare, and automotive electronics [1]

Core Viewpoint - 莱宝高科 has shown stable revenue growth and is strategically investing in R&D to enhance its product offerings, particularly in the emerging market of color electronic paper displays, positioning itself for future growth opportunities [1][2][3]. Financial Performance - In the first three quarters of 2025, 莱宝高科 achieved operating revenue of 4.688 billion yuan, a year-on-year increase of 6.20% [1]. - The company reported a net profit attributable to shareholders of 231 million yuan, with total assets reaching 10.442 billion yuan, reflecting a 10.54% increase from the previous year [1]. R&D Investment - R&D expenses for the first three quarters of 2025 amounted to 224 million yuan, marking a 20.27% increase, primarily focused on new products, processes, and technologies [2]. - The company is developing the micro-cavity electronic paper display (MED) project, which includes a production line capable of producing displays ranging from 7.8 inches to 55 inches [2][4]. Market Outlook - The global market for color electronic paper displays is expected to expand significantly, with a projected market size of 72.3 billion USD by 2025 and a compound annual growth rate (CAGR) exceeding 50% [3]. - The introduction of various technologies, including micro-capsule and micro-cavity display technologies, is anticipated to drive the adoption of electronic paper displays across multiple applications [3]. Project Progress - The MED project is progressing according to plan, with equipment selection and international bidding for key imports underway, and initial equipment installations have begun [4]. - The company is preparing for the market launch of MED products in various sectors, including education and outdoor displays, enhancing its production capabilities [4]. Demand Drivers - The end of support for Windows 10 by Microsoft is expected to create a surge in PC replacement demand, contributing to growth in the PC market [5][6]. - The rise of AI PC products is anticipated to further stimulate demand in 2025, benefiting companies like 莱宝高科 that have established relationships with major global brands [6]. Future Prospects - As the MED project advances and begins production, 莱宝高科 is positioned to convert its technological and product advantages into actual production capacity, potentially leading to stable performance growth [7].

Core Viewpoint - The construction of a liquid crystal display (LCD) and capacitive touch screen manufacturing base is progressing rapidly, with all three main buildings having been topped out. The project aims to enhance the regional electronic information industry's comprehensive supporting capabilities and promote the development of the upstream and downstream industrial chains [2][3]. Group 1: Project Overview - The LCD and capacitive touch screen manufacturing base covers an area of 22.9 acres, with a total construction area of approximately 50,000 square meters. It will consist of two factory buildings and one auxiliary building [3]. - The project will feature three production lines for LCDs and touch screens, 20 automatic PIN production lines, 20 COG module production lines, 10 backlight production lines, and SMT binding and assembly lines, with an expected annual production capacity of 20 million LCDs [3]. Group 2: Project Timeline and Impact - The project has officially entered the masonry construction phase, with plans to increase investment and complete all structural tasks by the end of the year, aiming for successful completion inspection by July next year [3]. - Once fully operational, the project is expected to significantly enhance the region's electronic information industry and stimulate the gathering of related industrial chains [3]. Group 3: Export Performance - In the first eight months of this year, Fujian Province's flat panel display module exports reached 15.01 billion yuan, representing a year-on-year increase of 14.7% [5]. - Notably, exports to ASEAN amounted to 5.08 billion yuan, up 34.9%, with Vietnam and Thailand seeing exports of 3.09 billion yuan and 1.5 billion yuan, reflecting year-on-year growth of 57.8% and 9%, respectively [5]. - Exports to Latin America reached 2.71 billion yuan, a significant year-on-year increase of 90.6%, with exports to Mexico alone totaling 2.04 billion yuan, marking a remarkable growth of 111.1% [5].

Core Viewpoint - Baoming Technology's stock has experienced a decline of 13.21% year-to-date, with significant trading activity and a recent net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Company Overview - Baoming Technology, established on August 10, 2006, and listed on August 3, 2020, specializes in the research, design, production, and sales of LED backlight sources and capacitive touch screens [1]. - The company's main revenue sources are LED backlight sources (71.43%), deep processing of LCD panels (26.49%), and other products (2.08%) [1]. Financial Performance - For the first half of 2025, Baoming Technology reported a revenue of 662 million yuan, a year-on-year decrease of 8.01%, and a net profit attributable to shareholders of -13 million yuan, an increase of 71.98% compared to the previous year [2]. - The company has distributed a total of 51.05 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of Baoming Technology's shareholders increased by 35.26% to 12,200, while the average number of circulating shares per person decreased by 25.53% to 12,958 shares [2]. - Among the top ten circulating shareholders, China Europe Alpha Mixed A (009776) holds 4.36 million shares, a decrease of 738,200 shares from the previous period [3].

Core Viewpoint - The stock price of Qutian Micro has shown fluctuations, with a year-to-date increase of 8.25% and a recent decline over the past five days by 2.91% [2] Company Overview - Qutian Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, established on November 5, 2004, and listed on January 28, 2021 [2] - The company primarily engages in the research, design, production, and sales of LCD display and touch control products [2] - The revenue composition includes capacitive touch screens (31.70%), monochrome LCD modules (19.91%), color LCD modules (19.28%), monochrome displays (16.90%), and others (12.21%) [2] Financial Performance - For the period from January to June 2025, Qutian Micro achieved a revenue of 631 million yuan, representing a year-on-year growth of 21.37%, while the net profit attributable to shareholders decreased by 5.78% to 51.26 million yuan [2] - Since its A-share listing, Qutian Micro has distributed a total of 231 million yuan in dividends, with 143 million yuan distributed over the past three years [3] Shareholder Information - As of September 19, 2025, the number of shareholders for Qutian Micro was 18,400, a decrease of 3.86% from the previous period, with an average of 6,508 circulating shares per person, an increase of 4.02% [2] - As of June 30, 2025, the top ten circulating shareholders included a new shareholder, Dazheng Zhongzheng 360 Internet + Index A, holding 505,400 shares [3] Market Activity - On October 9, Qutian Micro's stock rose by 2.01%, reaching 35.08 yuan per share, with a trading volume of 32.48 million yuan and a turnover rate of 0.78%, resulting in a total market capitalization of 4.21 billion yuan [1] - The net inflow of main funds was 338,100 yuan, with significant buying and selling activities recorded [1]

Core Viewpoint - Baoming Technology's stock has experienced fluctuations, with a year-to-date decline of 9.74% and a recent increase of 4.61% over the last five trading days [1] Company Overview - Baoming Technology Co., Ltd. was established on August 10, 2006, and went public on August 3, 2020. The company specializes in the research, design, production, and sales of LED backlights and capacitive touch screens [2] - The main revenue sources for Baoming Technology are LED backlights (71.43%), deep processing of LCD panels (26.49%), other (1.47%), and composite copper foil (0.61%) [2] - The company is classified under the electronic-optical optoelectronics-LED industry and is involved in sectors such as drones, mid-cap stocks, smart cockpits, augmented reality, and smartphones [2] Financial Performance - As of June 30, 2025, Baoming Technology reported a revenue of 662 million yuan, a year-on-year decrease of 8.01%, and a net profit attributable to shareholders of -13 million yuan, an increase of 71.98% year-on-year [2] - The company has distributed a total of 51.05 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 35.26% to 12,200, while the average circulating shares per person decreased by 25.53% to 12,958 shares [2] - Among the top ten circulating shareholders, China Europe Alpha Mixed A (009776) holds 4.36 million shares, a decrease of 738,200 shares compared to the previous period [3]

Company Overview - Akita Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on November 5, 2004. The company went public on January 28, 2021. Its main business involves the research, design, production, and sales of LCD display and touch control products [1]. Business Composition - The revenue composition of Akita Microelectronics is as follows: capacitive touch screens account for 31.70%, monochrome LCD modules for 19.91%, color LCD modules for 19.28%, monochrome LCD displays for 16.90%, and other supplementary products for 12.21% [1]. Stock Performance - As of September 17, Akita Microelectronics' stock price increased by 5.22%, reaching 37.66 CNY per share, with a trading volume of 67.30 million CNY and a turnover rate of 1.51%. The total market capitalization is 4.519 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Akita Microelectronics, a fund under Great Wall Fund ranks first. The Great Wall CSI 360 Internet + Index A (002236) entered the top ten circulating shareholders in the second quarter, holding 505,400 shares, which is 0.42% of the circulating shares. The estimated floating profit today is approximately 945,100 CNY [2]. Fund Performance - The Great Wall CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are 36.66%, ranking 1130 out of 4222 in its category. Over the past year, the return is 96%, ranking 587 out of 3804, and since inception, the return is 222.31% [2]. Fund Manager - The fund manager of Great Wall CSI 360 Internet + Index A (002236) is Xia Gao, who has a cumulative tenure of 10 years and 289 days. The total asset scale of the fund is 2.26 billion CNY, with the best fund return during the tenure being 217.4% and the worst being -71.74% [3].

Core Viewpoint - The company plans to expand into new strategic areas, including radio frequency projects, through investments and acquisitions, while maintaining policies beneficial to investors [1] Company Overview - The company, Jingwei Huirong, specializes in the research, production, and sales of liquid crystal displays and touch display modules, as well as electromagnetic wires [1] - Main products include liquid crystal screens, liquid crystal display modules, capacitive touch screens, touch display modules (full lamination products), protective glass covers, aluminum wires, copper wires, and copper composite wires [1] - Products are primarily used in automotive displays, home electronics, medical devices, industrial control, and power sectors [1]

Company Overview - Akita Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, established on November 5, 2004, and listed on January 28, 2021. The company primarily engages in the research, design, production, and sales of LCD display and touch control products [1]. Business Composition - The main business revenue composition is as follows: capacitive touch screens account for 31.70%, monochrome LCD modules 19.91%, color LCD modules 19.28%, monochrome LCD displays 16.90%, and others 12.21% [1]. Stock Performance - As of September 2, the stock price of Akita Microelectronics decreased by 5.29%, trading at 36.38 yuan per share, with a transaction volume of 82.89 million yuan and a turnover rate of 1.87%. The total market capitalization is 4.366 billion yuan [1]. Major Shareholders - Among the top ten circulating shareholders of Akita Microelectronics, a fund under Da Cheng Fund ranks first. The Da Cheng CSI 360 Internet + Index A (002236) entered the top ten circulating shareholders in the second quarter, holding 505,400 shares, which represents 0.42% of the circulating shares. The estimated floating loss today is approximately 1.026 million yuan [2]. Fund Performance - The Da Cheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million yuan. Year-to-date returns are 35.65%, ranking 1064 out of 4222 in its category; the one-year return is 86.08%, ranking 596 out of 3781; and since inception, the return is 219.94% [2]. Fund Management - The fund manager of Da Cheng CSI 360 Internet + Index A (002236) is Xia Gao, who has a cumulative tenure of 10 years and 274 days. The total asset scale of the fund is 2.26 billion yuan, with the best fund return during the tenure being 219.94% and the worst being -71.74% [3].