一家上市公司的资本运作正在引发市场对其"低买高卖"的质疑。 创益通主营精密连接器、连接线、精密结构件等互连产品。2025年半年度报告显示，公司实现营业收入 3.29亿元，同比增长16.39%，但归属于上市公司股东的净利润仍亏损81.42万元。这已是公司连续多年 业绩疲软。 定增价格与减持价格的对比是问题的核心。根据规定，上市公司非公开发行股票应当满足发行价格不低 于定价基准日前二十个交易日公司股票均价的80%。 市场关注的是，创益通是否可能通过定增前的股价打压，实现低发行价，从而让参与定增的投资者获得 套利空间？一些大股东希望以较低的价格认购定增股票，会在定增之前打压股价，即股东大量抛售股 票，降低股票价格。 创益通本次定增价格尚未确定，若定增价格明显低于市价，且与前期减持价格存在较大差距，则可能构 成实质上的"低买高卖"。 2025年，创益通进入多事之秋。一边是实际控制人张建明大幅减持套现，一边是公司推出1.28亿元定增 方案。这种矛盾的资本运作背后，究竟隐藏着怎样的逻辑？ 创益通的资本运作呈现出一幅矛盾画面。2025年5月19日，公司实际控制人张建明及一致行动人通过协 议转让方式减持1728.6万股，占总 ...

Company Overview - Shenzhen Chuangyitong Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 25, 2003. The company went public on May 20, 2021. Its main business involves research, design, and precision manufacturing, providing precision connectors, connecting wires, and precision structural components as a national high-tech enterprise [2]. Business Segmentation - The revenue composition of Chuangyitong is as follows: 58.42% from consumer electronics interconnect products and components, 22.68% from data storage interconnect products and components, 12.63% from new energy precision connectors and structural components, 2.86% from other products, 2.20% from communication connector products and components, and 1.21% from other categories [2]. Financial Performance - For the first half of 2025, Chuangyitong achieved operating revenue of 329 million yuan, representing a year-on-year growth of 16.39%. The net profit attributable to the parent company was -814,200 yuan, showing a year-on-year increase of 66.51% [2]. Stock Performance - As of September 29, Chuangyitong's stock price increased by 2.07% to 39.45 yuan per share, with a total market capitalization of 5.681 billion yuan. The stock has risen 90.95% year-to-date, but has seen a decline of 3.90% over the last five trading days and 3.43% over the last 20 days [1]. Trading Activity - The net outflow of main funds was 5.1162 million yuan, with significant selling activity amounting to 1.1381 million yuan from large orders, which accounted for 25.79% of total trading. The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 21, where it recorded a net purchase of 119 million yuan [1]. Dividend Distribution - Since its A-share listing, Chuangyitong has distributed a total of 46.62 million yuan in dividends, with 11.52 million yuan distributed over the past three years [3].

Company Overview - Shenzhen Chuangyitong Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 25, 2003. The company went public on May 20, 2021. Its main business involves research, design, and precision manufacturing, providing precision connectors, connection wires, and precision structural components as a national high-tech enterprise [2] - The revenue composition of Chuangyitong's main business includes 58.42% from consumer electronics interconnection products and components, 22.68% from data storage interconnection products and components, 12.63% from new energy precision connectors and structural components, 2.86% from other (supplementary) products, 2.20% from communication connectors and components, and 1.21% from others [2] - The company belongs to the Shenwan industry classification of Electronics - Other Electronics II - Other Electronics III, and is associated with concepts such as margin financing, specialized and innovative enterprises, drones, Xiaomi concept, and Huawei concept [2] Financial Performance - As of September 19, the number of shareholders of Chuangyitong is 10,500, a decrease of 0.51% from the previous period, with an average of 8,794 circulating shares per person, an increase of 0.52% [2] - For the first half of 2025, Chuangyitong achieved operating revenue of 329 million yuan, a year-on-year increase of 16.39%, while the net profit attributable to the parent company was -814,200 yuan, a year-on-year increase of 66.51% [2] Stock Performance - On September 24, Chuangyitong's stock rose by 2.03%, closing at 40.79 yuan per share, with a trading volume of 109 million yuan and a turnover rate of 2.94%, resulting in a total market value of 5.874 billion yuan [1] - Year-to-date, Chuangyitong's stock price has increased by 97.43%, with a decline of 2.04% over the last five trading days, a decline of 5.14% over the last 20 days, and an increase of 36.56% over the last 60 days [1] - Chuangyitong has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 21, where the net buying on that day was 119 million yuan, accounting for 34.54% of the total trading volume [1] Dividend Information - Since its A-share listing, Chuangyitong has distributed a total of 46.62 million yuan in dividends, with 11.52 million yuan distributed over the past three years [3]

维峰电子（广东）股份有限公司 证券代码：301328 证券简称：维峰电子 编号：2025-010 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 电话会议 其他（2025 年广东辖区上市公司投资者集体接待日活动） 参与单位名称 及人员姓名 线上参与 2025 年广东辖区上市公司投资者集体接待日活动的投资 者 会议时间 2025 年 9 月 19 日 15:30~17:00 会议地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 网络远程的方式召开业绩说明会 上市公司接待 人员姓名 董事长、总经理：李文化先生；财务总监：戴喜燕女士；董事会秘 书：刘雨田女士 投资者关系 活动主要内容 介绍 交流的主要问题与回复： 提问 1：现在 ai 人工智能时代贵公司为什么没有加大通信领 域数据中心的研发，给公司新的增长曲线，拥抱 ai 大时代？贵公 司昆山厂什么时间可以正式投产？ 答：尊敬的投资者，您好！公司高度重视 AI 产业变革带来的 发展机遇，将紧密跟进行业发展趋势，持续加强高性能连接技术的 研发和技术储备。公司昆山基地建设目前按 ...

Company Overview - Shenzhen Chuangyitong Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 25, 2003. The company went public on May 20, 2021. Its main business involves research, design, and precision manufacturing, providing precision connectors, cables, and precision structural components as a national high-tech enterprise [2] - The revenue composition of Chuangyitong's main business includes: 58.42% from consumer electronics interconnect products and components, 22.68% from data storage interconnect products and components, 12.63% from new energy precision connectors and structural components, 2.86% from other products, 2.20% from communication connectors and components, and 1.21% from other categories [2] - The company belongs to the Shenwan industry classification of Electronics - Other Electronics II - Other Electronics III, and is associated with concepts such as margin trading, storage concepts, Xiaomi concepts, specialized and innovative enterprises, and Huawei concepts [2] Financial Performance - As of September 10, 2023, Chuangyitong had 10,600 shareholders, a decrease of 19.33% from the previous period, with an average of 8,714 circulating shares per person, an increase of 23.96% [2] - For the first half of 2025, Chuangyitong achieved operating revenue of 329 million yuan, a year-on-year increase of 16.39%, while the net profit attributable to the parent company was -814,200 yuan, a year-on-year increase of 66.51% [2] Stock Performance - On September 19, 2023, Chuangyitong's stock price fell by 2.01%, closing at 39.52 yuan per share, with a trading volume of 44.826 million yuan and a turnover rate of 1.21%, resulting in a total market capitalization of 5.691 billion yuan [1] - Year-to-date, Chuangyitong's stock price has increased by 91.29%, with a 1.23% increase over the last five trading days, a 4.00% increase over the last 20 days, and a 36.42% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 21, where it recorded a net purchase of 119 million yuan, accounting for 34.54% of the total trading volume [1] Dividend Information - Since its A-share listing, Chuangyitong has distributed a total of 46.62 million yuan in dividends, with 11.52 million yuan distributed over the past three years [3]

每经AI快讯，有投资者在投资者互动平台提问：贵公司在汽车智能驾驶，人形机器人AI数据中心有什 么产品应用，有什么核心技术和竞争力吗？ 维峰电子（301328.SZ）9月16日在投资者互动平台表示，公司在汽车智能驾驶领域主要提供车规级高可 靠性连接器，适配于智能驾驶域控制器、视觉感知等关键模块，核心解决高速信号传输与严苛环境下的 稳定性问题；在人形机器人领域，公司精密连接器可覆盖关节驱动、动力传输及视觉感知模块，通过抗 振动、抗电磁干扰设计满足高动态场景需求；在数据中心领域，公司部分产品已用于服务器电源控制， 同时公司也在持续积极进行相关产品技术储备，以支撑服务器高频数据传输需求。三大业务的技术竞争 力均基于公司工业级连接器领域积淀的精密加工能力、高频高速仿真技术及全场景验证体系，具备跨行 业技术迁移与快速客户响应优势。 （记者 王晓波） ...

Core Viewpoint - The company plans to issue shares through a simplified procedure to specific targets in 2025, which may dilute immediate returns for shareholders, and has outlined measures to mitigate this impact [1][2][5]. Financial Impact of Share Issuance - The total share capital before the issuance is 144 million shares, with a maximum estimated issuance of 4,281,509 shares [3]. - The projected net profit for 2025 is 19.68 million yuan, with a non-recurring profit of 16.72 million yuan [3]. - Under three scenarios (holding steady, increasing by 20%, and decreasing by 20%), the diluted earnings per share (EPS) will be affected as follows: - Scenario 1 (steady): Basic EPS before issuance is 0.1367 yuan, diluted EPS after issuance is 0.1327 yuan [4]. - Scenario 2 (20% increase): Basic EPS after issuance is 0.1640 yuan, diluted EPS is 0.1593 yuan [4]. - Scenario 3 (20% decrease): Basic EPS after issuance is 0.1093 yuan, diluted EPS is 0.1062 yuan [4]. Necessity and Reasonableness of the Issuance - The funds raised will be invested in projects that enhance the company's core competitiveness and sustainable development [5][6]. - The projects are aligned with the company's existing business, focusing on precision connectors and components, particularly in the growing renewable energy sector [6][7]. Measures to Mitigate Dilution of Immediate Returns - The company will enhance its main business operations to improve sustainable profitability [10]. - It will expedite the construction of fundraising projects to achieve expected benefits quickly [10][11]. - The company will manage the raised funds efficiently to ensure they are used effectively [11]. - It will optimize the investment return mechanism to strengthen investor returns [11][12]. - The company will continuously improve its governance structure to provide institutional support for development [12]. Commitments from Management - The board of directors and senior management have committed to ensuring the implementation of measures to mitigate the dilution of immediate returns [13][14]. - The controlling shareholder has also made commitments regarding the fulfillment of these measures [14][15].

Core Viewpoint - Shenzhen Chuangyitong Technology Co., Ltd. plans to issue shares to specific investors to raise up to 128 million yuan to enhance its capital strength and market competitiveness, particularly in the precision connector sector for the growing new energy vehicle market [1][2][3]. Group 1: Background and Purpose of the Issuance - The connector industry is a key focus of national support, with policies promoting the development of electronic components, including connectors, which are essential for various sectors such as automotive and consumer electronics [2][3]. - The rapid growth of the new energy vehicle market in China, with sales increasing from 1.3673 million units in 2020 to 12.8659 million units in 2024, has created a strong demand for high-quality connectors [3][4]. - The issuance aims to enhance production capacity for new energy precision connectors and structural components, responding to the increasing market demand and improving the company's revenue and profitability [4][5]. Group 2: Financial Aspects of the Issuance - The total amount to be raised from the issuance is expected to be no more than 128 million yuan, with the funds allocated to projects that align with the company's strategic direction and market potential [1][7]. - The issuance will involve issuing A-shares with a par value of 1 yuan each, and the pricing will be based on the average trading price over the previous 20 trading days [6][10]. Group 3: Market and Competitive Landscape - The automotive connector market is evolving with the introduction of high-voltage fast charging technologies, which require connectors to meet stricter performance and reliability standards [4][6]. - The company has established a strong market presence and strategic partnerships with major clients in the new energy sector, enhancing its competitive edge [25][26]. Group 4: Risk Mitigation and Shareholder Protection - The company has outlined measures to mitigate the potential dilution of immediate returns for shareholders due to the issuance, including commitments from management to ensure the effectiveness of the investment projects [19][29]. - The issuance process has been structured to comply with relevant laws and regulations, ensuring fairness and transparency for all shareholders [18][17].

Company Overview - Shenzhen Chuangyitong Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 25, 2003. The company went public on May 20, 2021. Its main business involves research, design, and precision manufacturing, providing precision connectors, cables, and precision structural components as a national high-tech enterprise [2] - The revenue composition of the company's main business includes: 58.42% from consumer electronics interconnect products and components, 22.68% from data storage interconnect products and components, 12.63% from new energy precision connectors and structural components, 2.20% from communication connector products and components, and 1.21% from other sources [2] Financial Performance - For the period from January to June 2025, the company achieved an operating income of 329 million yuan, representing a year-on-year growth of 16.39%. The net profit attributable to the parent company was -814,200 yuan, showing a year-on-year increase of 66.51% [2] - Since its A-share listing, the company has distributed a total of 46.62 million yuan in dividends, with 11.52 million yuan distributed over the past three years [3] Market Activity - On August 26, the company's stock price fell by 3.00%, with a trading volume of 668 million yuan. The margin trading data indicated that the financing purchase amount was 95.998 million yuan, while the financing repayment was 65.6902 million yuan, resulting in a net financing purchase of 30.3077 million yuan. As of August 26, the total margin trading balance was 357 million yuan [1] - The current financing balance of 357 million yuan accounts for 5.85% of the circulating market value, exceeding the 90th percentile level over the past year, indicating a high level of financing [1]

Summary of Key Points Core Viewpoint The company intends to utilize part of its idle raised funds for cash management to enhance the efficiency of fund usage while ensuring that it does not affect the ongoing investment projects and normal operations of the company [4][6][7]. Group 1: Fundraising and Investment Projects - The company raised a total of RMB 671.83 million through its initial public offering, with a net amount of RMB 675.83 million after verification [1]. - As of June 30, 2025, the company has allocated funds to various projects, including the Kunshan Hanjing Precision Connector Production Project and the Automotive High-Frequency Signal Cable and Connector Project, with total investments of RMB 567.81 million and RMB 157.66 million respectively [2][3]. - The company has also approved changes to the use of raised funds, reallocating RMB 185.66 million from the Kunshan project to new projects, including the Semiconductor Metal Heat Sink Material Project [2][3]. Group 2: Cash Management Plan - The company plans to use up to RMB 290 million of idle raised funds for cash management, with a maximum investment period of 12 months for each financial product [4][5]. - The cash management aims to improve the efficiency of idle funds without impacting the ongoing investment projects or normal operations [4][6]. - The company will invest in low-risk financial products, such as structured deposits and government bond reverse repos, ensuring that these funds are not used for stock investments or other high-risk activities [4][5]. Group 3: Approval and Oversight - The board of directors and the supervisory board have approved the cash management plan, confirming that it will not harm the interests of shareholders or alter the intended use of raised funds [6][7]. - The sponsor institution has conducted a review and supports the cash management initiative, stating that it complies with relevant regulations and does not pose risks to investor interests [7][8].