Core Viewpoint - Hengbao Co., Ltd. has shown a significant stock price increase of 5.08% on September 17, reaching a price of 26.28 CNY per share, with a trading volume of 1.715 billion CNY and a turnover rate of 11.07%, resulting in a total market capitalization of 18.615 billion CNY [1] Company Overview - Hengbao Co., Ltd. is located in the Hongtang Industrial Zone of Danyang City, Jiangsu Province, and was established on September 24, 1996. The company was listed on January 10, 2007. Its main business involves the research, development, production, and sales of card products such as magnetic stripe cards and password cards, as well as related operating systems (COS) and ticket products [1] - The revenue composition of Hengbao Co., Ltd. is as follows: card products account for 78.19%, module products for 21.27%, ticket products for 0.31%, and other supplementary products for 0.24% [1] Fund Holdings - From the perspective of major fund holdings, one fund under Ping An Asset Management has a significant position in Hengbao Co., Ltd. The Ping An CSI 2000 Enhanced Strategy ETF (159556) held 5,700 shares in the second quarter, representing 0.4% of the fund's net asset value, making it the second-largest holding [2] - The Ping An CSI 2000 Enhanced Strategy ETF (159556) was established on December 27, 2023, with a latest scale of 28.7267 million CNY. Year-to-date, it has achieved a return of 29.16%, ranking 1,638 out of 4,222 in its category; over the past year, it has returned 73.3%, ranking 1,204 out of 3,804; and since inception, it has returned 19.32% [2] - The fund managers of the Ping An CSI 2000 Enhanced Strategy ETF are Yu Yao and Li Yan. Yu Yao has a tenure of 3 years and 319 days, managing assets totaling 131 million CNY, with the best fund return during this period being 17.72% and the worst being -20.06%. Li Yan has a tenure of 1 year and 268 days, managing assets of 12.611 billion CNY, with the best return of 66.31% and the worst of 14.52% during his tenure [2]

Group 1 - Hengbao Co., Ltd. experienced a stock price increase of 5.42% on September 1, reaching 27.63 CNY per share, with a trading volume of 955 million CNY and a turnover rate of 5.88%, resulting in a total market capitalization of 19.571 billion CNY [1] - The company, established on September 24, 1996, and listed on January 10, 2007, specializes in the research, production, and sales of card products such as magnetic stripe cards and password cards, along with their related operating systems (COS) and ticket products [1] - The revenue composition of Hengbao Co., Ltd. is as follows: card products account for 78.19%, module products for 21.27%, ticket products for 0.31%, and other supplementary products for 0.24% [1] Group 2 - Southern Fund has a significant holding in Hengbao Co., Ltd., with its Southern CSI 2000 ETF (159531) holding 49,800 shares, representing 0.18% of the fund's net value, making it the sixth-largest holding [2] - The Southern CSI 2000 ETF (159531) was established on September 7, 2023, with a latest scale of 539 million CNY, achieving a year-to-date return of 33.4%, ranking 1090 out of 4222 in its category; over the past year, it has returned 81.7%, ranking 758 out of 3779 [2] - The fund manager, Li Jialiang, has a tenure of 9 years and 30 days, managing assets totaling 5.328 billion CNY, with the best fund return during his tenure being 144.86% and the worst being -29.58% [2]

Group 1 - The core point of the news is that Hengbao Co., Ltd. experienced a 5.03% drop in stock price, closing at 25.70 yuan per share, with a trading volume of 729 million yuan and a turnover rate of 4.69%, resulting in a total market capitalization of 18.204 billion yuan [1] - Hengbao Co., Ltd. is located in Danyang, Jiangsu Province, and was established on September 24, 1996, with its listing date on January 10, 2007. The company's main business involves the research, development, production, and sales of card products such as magnetic stripe cards and password cards, as well as related operating systems (COS) and ticket products [1] - The revenue composition of Hengbao Co., Ltd. is as follows: card products account for 78.19%, module products for 21.27%, ticket products for 0.31%, and other supplementary products for 0.24% [1] Group 2 - From the perspective of major fund holdings, data shows that Ping An Fund has one fund heavily invested in Hengbao Co., Ltd. The Ping An CSI 2000 Enhanced Strategy ETF (159556) held 5,700 shares in the second quarter, accounting for 0.4% of the fund's net value, making it the second-largest holding [2] - The Ping An CSI 2000 Enhanced Strategy ETF (159556) was established on December 27, 2023, with a latest scale of 28.7267 million yuan. Year-to-date, it has achieved a return of 27.17%, ranking 1304 out of 4222 in its category; over the past year, it has returned 68.45%, ranking 1011 out of 3776; and since inception, it has returned 17.48% [2] - The fund managers of the Ping An CSI 2000 Enhanced Strategy ETF are Yu Yao and Li Yan. Yu Yao has a cumulative tenure of 3 years and 299 days, with a total fund asset scale of 131 million yuan, achieving a best return of 17.48% and a worst return of -20.06% during his tenure. Li Yan has a cumulative tenure of 1 year and 248 days, managing assets totaling 12.611 billion yuan, with a best return of 47.74% and a worst return of 11.99% during his tenure [2]

Financial Overview - The total assets of the company at the end of the first half of 2025 amounted to CNY 2,375,886,103.33, a decrease from CNY 2,421,098,165.88 at the beginning of the period, reflecting a decline of approximately 1.87% [1][2] - Total liabilities decreased to CNY 233,869,980.58 from CNY 272,157,264.81, indicating a reduction of about 13.99% [2][4] - The total equity attributable to the owners of the parent company was CNY 2,142,016,122.75, slightly down from CNY 2,148,940,901.07, a decrease of approximately 0.32% [2][4] Income Statement Highlights - The total operating revenue for the first half of 2025 was CNY 430,168,327.97, down from CNY 470,836,407.25 in the same period of 2024, representing a decline of about 8.6% [4][5] - Total operating costs were CNY 413,636,805.42, which is relatively stable compared to CNY 414,835,184.58 in the previous year [4][5] - The net profit for the first half of 2025 was CNY 44,528,465.79, a decrease from CNY 64,898,315.56 in the same period of 2024, indicating a decline of approximately 31.3% [5][6] Cash Flow Analysis - The net cash flow from operating activities was CNY 33,967,708.96, a significant improvement compared to a negative cash flow of CNY -5,976,873.63 in the first half of 2024 [7][8] - Cash flow from investing activities showed a net outflow of CNY -24,937,697.14, compared to a positive inflow of CNY 55,374,091.76 in the previous year [7][8] - The net cash flow from financing activities was CNY -52,426,002.76, a decrease from CNY 127,812,777.36 in the same period of 2024 [7][8] Balance Sheet Details - Current assets totaled CNY 1,824,201,522.77, down from CNY 1,942,275,157.70 at the beginning of the period, reflecting a decrease of approximately 6.09% [1][2] - Non-current assets increased to CNY 551,684,580.56 from CNY 478,823,008.18, indicating a growth of about 15.2% [1][2] - The company's cash and cash equivalents at the end of the period were CNY 558,124,064.58, compared to CNY 284,790,406.19 at the end of the previous year, showing a significant increase [7][8]