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]

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]

Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].

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]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% over the next six months [10][13]. Core Views - The company has shown strong performance in its first half of 2025, achieving revenue of 124.5 billion yuan, a year-on-year increase of 20.18%, and a net profit attributable to shareholders of 6.644 billion yuan, up 23.13% year-on-year [4][8]. - The company is diversifying its product offerings beyond consumer electronics to include components and modules for telecommunications and automotive sectors, positioning itself as a technology-driven manufacturing enterprise [10][9]. - The company is expected to maintain its profitability forecasts, with projected net profits for 2025-2027 being 16.14 billion yuan, 19.20 billion yuan, and 22.64 billion yuan respectively, corresponding to P/E ratios of 19, 16, and 14 times [10][11]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a gross margin of 11.61% and a net margin of 5.86%, with a significant revenue contribution from consumer electronics, which accounted for 78.55% of total revenue [8]. - The company’s revenue is projected to grow from 231.9 billion yuan in 2023 to 408.8 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15% [7][11]. Business Segments - Revenue from various business segments in the first half of 2025 includes 97.8 billion yuan from consumer electronics, 4.89 billion yuan from computers, 8.66 billion yuan from automotive, and 11.1 billion yuan from telecommunications, reflecting growth rates of 14.32%, 11.66%, 82.07%, and 48.65% respectively [8]. - The company is leveraging its established relationships with key clients to enhance its product offerings and expand into new markets, particularly in AI and telecommunications [9]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on integrating new technologies and materials into its product lines, thereby enhancing its competitive edge in the market [10][9]. - The anticipated net profit for the third quarter of 2025 is projected to be between 4.246 billion yuan and 4.699 billion yuan, indicating a strong outlook for continued profitability [8].

Group 1 - The latest stock price of Luxshare Precision is 42.95 yuan, up 0.59% from the previous trading day [1] - The company opened at 43.38 yuan, reached a high of 44.29 yuan, and a low of 42.13 yuan, with a trading volume of 6.571 billion yuan and a fluctuation of 5.06% [1] - Luxshare Precision operates in the consumer electronics industry, headquartered in Shenzhen, Guangdong, focusing on the R&D, production, and sales of connectors, cables, motors, and wireless charging products [1] Group 2 - The company has recently submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, production base upgrades, technology R&D, and upstream and downstream mergers and acquisitions [1] - Luxshare Precision stated that the Hong Kong listing will assist in advancing its international strategic layout [1] Group 3 - Data shows that on August 25, Luxshare Precision experienced a net outflow of 499.8 million yuan in main funds, accounting for 0.16% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 71.2556 million yuan, representing 0.02% of its circulating market value [1]