资料显示，恒宝股份有限公司位于江苏省丹阳市横塘工业区，成立日期1996年9月24日，上市日期2007 年1月10日，公司主营业务涉及磁条卡、密码卡等卡类产品及其相关操作系统(COS)和票证产品的研 发、生产和销售。主营业务收入构成为：制卡类78.19%，模块类21.27%，票证类0.31%，其他(补 充)0.24%。 恒宝股份所属申万行业为：通信-通信设备-通信终端及配件。所属概念板块包括：eSIM、电子支付、互 联金融、数字货币、移动支付等。 截至9月30日，恒宝股份股东户数23.05万，较上期减少1.62%；人均流通股2602股，较上期增加1.65%。 2025年1月-9月，恒宝股份实现营业收入6.14亿元，同比减少9.99%；归母净利润3729.75万元，同比减少 59.19%。 分红方面，恒宝股份A股上市后累计派现7.14亿元。近三年，累计派现1.49亿元。 11月25日，恒宝股份（维权）盘中上涨2.02%，截至10:27，报18.73元/股，成交1.98亿元，换手率 1.77%，总市值132.67亿元。 资金流向方面，主力资金净流入340.24万元，特大单买入319.34万元，占比1.61%，卖出5 ...

Core Viewpoint - Hengbao Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 217.96% but a recent decline of 8.25% over the past five trading days, indicating volatility in investor sentiment and market conditions [2]. Group 1: Stock Performance - As of November 4, Hengbao's stock price was 21.24 CNY per share, with a market capitalization of 15.045 billion CNY [1]. - The stock has been on the龙虎榜 (top trading list) 50 times this year, with the most recent appearance on October 28, where it recorded a net buy of -200 million CNY [2]. - The stock has seen a trading volume of 1.50 billion CNY on November 4, with a turnover rate of 1.17% [1]. Group 2: Financial Performance - For the period from January to September 2025, Hengbao reported a revenue of 614 million CNY, a year-on-year decrease of 9.99%, and a net profit attributable to shareholders of 37.2975 million CNY, down 59.19% year-on-year [2]. - The company's main business revenue composition includes card products (78.19%), module products (21.27%), and ticket products (0.31%) [2]. Group 3: Shareholder Information - As of September 30, 2025, Hengbao had 230,500 shareholders, a decrease of 1.62% from the previous period, with an average of 2,602 circulating shares per shareholder, an increase of 1.65% [2]. - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from several ETFs [3].

Core Viewpoint - Hengbao Co., Ltd. is a leading enterprise in the financial technology and IoT sectors in China, specializing in card products and related operating systems, with a strong technical foundation and extensive customer resources [1] Group 1: Business Performance - In Q3 2025, Hengbao achieved a revenue of 614 million yuan, ranking 19th among 29 companies in the industry, while the top company, Yiyuan Communication, reported revenue of 17.877 billion yuan [2] - The revenue composition includes card products generating 336 million yuan (78.19%), module products 91.49 million yuan (21.27%), ticket products 1.32 million yuan (0.31%), and other products 1.03 million yuan (0.24%) [2] - The net profit for the same period was 37.30 million yuan, placing the company 14th in the industry, with the leading company, Yiyuan Communication, reporting a net profit of 727 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hengbao's debt-to-asset ratio was 10.34%, up from 8.12% year-on-year, significantly lower than the industry average of 40.17%, indicating strong solvency and financial safety [3] - The gross profit margin for the period was 29.17%, down from 34.21% year-on-year, but still above the industry average of 26.55%, reflecting a competitive advantage in product profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.62% to 230,500, while the average number of circulating A-shares held per shareholder increased by 1.65% to 2,602.09 [5] - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF ranked second with 9.2151 million shares, an increase of 4.5389 million shares from the previous period [5]

Core Viewpoint - Hengbao Co., Ltd. experienced a 5.01% decline in stock price, closing at 20.11 CNY per share, with a trading volume of 834 million CNY and a turnover rate of 6.83%, resulting in a total market capitalization of 14.244 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 Huatai-PB holds a significant position in Hengbao Co., Ltd. The Zhongzheng 2000 fund (563300) held 272,900 shares in the second quarter, representing 0.27% of the fund's net asset value, ranking as the tenth largest holding. The estimated floating loss today is approximately 289,300 CNY [2]. - The Zhongzheng 2000 fund was established on September 6, 2023, with a latest scale of 1.984 billion CNY. Year-to-date returns are 27.85%, ranking 1711 out of 4218 in its category; one-year returns are 33.95%, ranking 1191 out of 3875; and since inception, returns are 29.86% [2]. - The fund managers, Liu Jun and Li Mu Yang, have cumulative management tenures of 16 years and 146 days, and 4 years and 292 days, respectively. Liu Jun manages assets totaling 466.972 billion CNY, with the best fund return during his tenure being 143.37% and the worst being -45.64%. Li Mu Yang manages assets of 21.183 billion CNY, with the best return of 140.75% and the worst of -43.44% during his tenure [2].

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]