1月29日，长阳科技涨5.04%，截至发稿，报20.00元/股，成交3.37亿元，换手率6.28%，总市值57.48亿 元。 资料显示，宁波长阳科技股份有限公司位于浙江省宁波市江北区庆丰路999号，成立日期2010年11月16 日，上市日期2019年11月6日，公司主营业务涉及反射膜、背板基膜、光学基膜及其它特种功能膜的研 发、生产和销售。主营业务收入构成为：反射膜71.84%，其他(补充)10.66%，其他9.50%，光学基膜 8.01%。 从基金十大重仓股角度 海富通中证2000增强策略ETF（159553）成立日期2024年3月27日，最新规模4102.25万。今年以来收益 9.56%，同类排名1788/5551；近一年收益68.5%，同类排名586/4285；成立以来收益101.31%。 海富通中证2000增强策略ETF（159553）基金经理为李自悟。 截至发稿，李自悟累计任职时间2年350天，现任基金资产总规模4.76亿元，任职期间最佳基金回报 103.16%， 任职期间最差基金回报-21.29%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现 ...

Core Viewpoint - Changyang Technology is a leading global enterprise in optical reflective films, with a strong market share and investment value due to its comprehensive technology in the reflective film industry [1] Group 1: Business Overview - Established on November 16, 2010, and listed on the Shanghai Stock Exchange on November 6, 2019, Changyang Technology is based in Ningbo, Zhejiang Province [1] - The company specializes in the research, production, and sales of reflective films, backplane base films, optical base films, and other special functional films, operating within the electronic-optical optoelectronics-panel sector [1] Group 2: Financial Performance - For Q3 2025, Changyang Technology reported a revenue of 809 million yuan, ranking 28th among 38 companies in the industry, while the top company, BOE Technology Group, achieved 154.55 billion yuan in revenue [2] - The net profit for the same period was -5.34 million yuan, placing the company 26th in the industry, with the leading company, BOE Technology Group, reporting a net profit of 4.40 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 38.15%, lower than the previous year's 39.64% and below the industry average of 45.77%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 30.58%, an increase from 23.92% in the previous year and above the industry average of 14.89%, reflecting strong profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 50.56% to 22,600, while the average number of circulating A-shares held per account decreased by 33.58% to 12,700 [5]

Core Insights - Longyang Technology reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 809 million yuan, down 19.38% year-on-year, and a net profit attributable to shareholders of -5.34 million yuan, down 128.82% year-on-year [1][2] Financial Performance - The company reported a basic earnings per share of -0.02 yuan and a weighted average return on equity of -0.26% [2] - As of October 28, the price-to-earnings ratio (TTM) was approximately -109.23, the price-to-book ratio (LF) was about 2.89, and the price-to-sales ratio (TTM) was around 4.95 [2] - Gross margin for the first three quarters was 30.58%, an increase of 6.66 percentage points year-on-year, while the net margin was -0.66%, a decrease of 2.51 percentage points year-on-year [2] - In Q3 2025, the gross margin improved to 32.57%, up 9.83 percentage points year-on-year and 3.49 percentage points quarter-on-quarter, with a net margin of 1.13%, an increase of 0.72 percentage points year-on-year and 9.92 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 192 million yuan, an increase of 16.05 million yuan year-on-year, with an expense ratio of 23.73%, up 6.20 percentage points year-on-year [2] - Sales expenses increased by 10.28%, management expenses rose by 20.61%, while research and development expenses decreased by 6.84% and financial expenses decreased by 2.71% [2] Company Overview - Longyang Technology, established on November 16, 2010, and listed on November 6, 2019, is located in Ningbo, Zhejiang Province [3] - The company specializes in the research, production, and sales of reflective films, backplane base films, optical base films, and other special functional films [3] - The revenue composition includes reflective films (71.84%), other (supplementary) (10.66%), other (9.50%), and optical base films (8.01%) [3] - Longyang Technology is classified under the electronic-optical optoelectronics-panel industry and is associated with concepts such as optics, DeepSeek, Huawei, MLED, and small-cap stocks [3]

Group 1 - The core viewpoint of the news is that Changyang Technology has shown significant stock performance and financial metrics, with a notable increase in stock price and trading volume [1][2] - As of September 18, Changyang Technology's stock price increased by 62.79% year-to-date, with a recent trading volume of 2.80 billion yuan and a market capitalization of 6.877 billion yuan [1] - The company has a diverse revenue structure, with reflective films accounting for 71.84% of its main business income, followed by other segments [1] Group 2 - Changyang Technology operates in the electronic industry, specifically in optical optoelectronics and panel sectors, and is involved in various concept sectors including lithium batteries and new materials [2] - As of June 30, the number of shareholders increased by 18.14% to 15,000, while the average circulating shares per person decreased by 15.19% [2] - For the first half of 2025, the company reported a revenue of 525 million yuan, a year-on-year decrease of 18.81%, and a net profit loss of 8.5473 million yuan, a decrease of 150.11% [2] Group 3 - Since its A-share listing, Changyang Technology has distributed a total of 130 million yuan in dividends, with 28.3175 million yuan distributed in the last three years [3]

Company Overview - Changyang Technology Co., Ltd. is located in Ningbo, Zhejiang Province, established on November 16, 2010, and listed on November 6, 2019. The company specializes in the research, production, and sales of reflective films, backplane base films, optical base films, and other special functional films [1][2]. Financial Performance - As of June 30, Changyang Technology reported a revenue of 525 million yuan for the first half of 2025, a year-on-year decrease of 18.81%. The net profit attributable to the parent company was -8.55 million yuan, reflecting a significant year-on-year decline of 150.11% [2]. - The company has distributed a total of 130 million yuan in dividends since its A-share listing, with cumulative distributions of 28.32 million yuan over the past three years [3]. Stock Performance - On September 16, Changyang Technology's stock price decreased by 2.02%, trading at 22.27 yuan per share, with a total market capitalization of 6.4 billion yuan. The stock has seen a year-to-date increase of 51.50%, but a decline of 5.03% over the last five trading days [1]. - The stock has experienced significant trading activity, with a net outflow of 46.5 million yuan in principal funds on September 16, and a notable presence on the "Dragon and Tiger List" with a net buy of 160 million yuan on March 31 [1]. Shareholder Information - As of June 30, the number of shareholders for Changyang Technology was 15,000, an increase of 18.14% from the previous period. The average number of circulating shares per shareholder was 19,148, which decreased by 15.19% [2]. Industry Context - Changyang Technology operates within the electronic industry, specifically in the optical optoelectronics and panel sectors. The company is associated with concepts such as lithium batteries, solid-state batteries, photovoltaic glass, energy storage, and solar energy [2].

Core Viewpoint - The company, Ningbo Changyang Technology Co., Ltd., is under continuous supervision by Huazhong Securities as part of its stock issuance and listing process, which will last from November 8, 2023, to December 31, 2025 [1]. Continuous Supervision - Huazhong Securities has established and effectively implemented a continuous supervision work system and has signed a sponsorship agreement with Changyang Technology, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervision includes daily communication, regular visits, on-site inspections, and due diligence to ensure compliance with laws and regulations [2]. - Any violations or breaches of commitments by the company or related parties must be reported to the Shanghai Stock Exchange within five working days [2]. Internal Control and Governance - The company is required to establish and effectively implement internal control systems, including financial management, accounting, and internal audit systems [4]. - Huazhong Securities has verified that Changyang Technology's internal control systems comply with relevant regulations and are effectively executed [4]. - The company must also establish a sound information disclosure system, ensuring that all submitted documents do not contain false records or misleading statements [4]. Financial Performance - For the first half of 2025, the company reported a net profit attributable to shareholders of -8.55 million yuan, a decrease of 150.11% year-on-year, primarily due to increased financial expenses and impairment losses on fixed assets [6][13]. - The company's operating income for the first half of 2025 was 647.03 million yuan, down 18.81% from the previous year [13]. - The basic earnings per share for the first half of 2025 was -0.03 yuan, reflecting a 150% decline compared to the previous year [13]. Core Competitiveness - The company has accumulated significant technological advantages in the development and production of special functional films, achieving domestic leading levels in core technologies [14]. - The company has a strong research and development focus, with a total of 452 patent applications, including 417 invention patents [16]. - The company emphasizes quality control, having established a comprehensive quality management system that meets international standards [19]. Research and Development - The company invested 29.44 million yuan in R&D in the first half of 2025, accounting for 5.60% of its operating income [20]. - The company has successfully developed various products, including reflective films and optical base films, which have achieved international leading quality [21]. - The company is also advancing projects related to CPI films, aiming to break the monopoly of foreign companies in this area [22]. Use of Raised Funds - As of June 30, 2025, the company has managed its raised funds in compliance with relevant regulations, with a remaining balance of 29.14 million yuan [22].