四会富仕（300852.SZ）12月4日在投资者互动平台表示，公司主营业务为PCB的研发生产与销售，部分 PCB产品应用于通信领域。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司有高端光通信收发模块的研发、设计、封装、测 试和销售等技术和业务布局吗？公司可以为云数据中心客户提供高速光模块吗？公司有为电信设备商客 户提供5G前传、中传和回传光模块以及为城域网、骨干网和核心网传输光模块等应用领域提供高端综 合解决方案吗？ ...

Core Viewpoint - The company Zhongji Xuchuang has announced plans to initiate the process for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its international strategy and financing capabilities, following a significant increase in its stock price and market capitalization this year [1][2]. Group 1: Company Developments - On November 10, the company held a board meeting where it approved the proposal to start preparations for the H-share issuance and listing [1]. - The company’s stock price reached 468.05 yuan per share, with a total market capitalization exceeding 520 billion yuan, reflecting a year-to-date increase of over 280% [1]. - The board has authorized the management to begin the preparatory work for the H-share listing, with a timeframe of 12 months from the approval date [1]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of approximately 25.005 billion yuan, a year-on-year increase of 44.43%, and a net profit of about 7.132 billion yuan, up 90.05% year-on-year [2]. - The growth in revenue and profit is attributed to increased sales of high-end optical modules driven by the expansion of computing infrastructure and capital expenditures [2]. Group 3: Industry Outlook - The optical module industry is experiencing rapid growth due to rising demand from overseas clients, particularly in AI data centers, with clear demand guidance for 2025-2026 [3]. - The company has seen a continuous increase in orders for 800G modules since the first quarter, with expectations for sustained growth in shipments [3]. - The company is preparing for large-scale orders of 1.6T modules, with significant customer deployments anticipated in the coming quarters [3].

Group 1 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its overseas financing capabilities and improve corporate governance and competitiveness [3] - The company reported a revenue of 25.005 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.43% [3] - The net profit attributable to shareholders for the same period was 7.132 billion yuan, showing a significant year-on-year growth of 90.05% [3] Group 2 - The company's total assets reached approximately 39.726 billion yuan, up from 28.866 billion yuan at the end of the previous year [4] - The net profit attributable to shareholders for the current reporting period was 3.137 billion yuan, reflecting a 124.98% increase compared to the same period last year [4] - The company's stock closed at 468.05 yuan, with a market capitalization of about 520.59 billion yuan as of November 11 [4][5]

Core Viewpoint - Yushu Technology is actively preparing for its IPO on the Sci-Tech Innovation Board, with plans to submit application materials between October and December 2025, marking a significant milestone for the company and the broader robotics industry in China [3][4]. Company Overview - Yushu Technology, established in August 2016 and headquartered in Hangzhou, specializes in high-performance quadruped robots, humanoid robots, and dexterous robotic arms, positioning itself as a globally recognized civil robotics enterprise [5]. Product Line - The company offers a range of products including: - Consumer-grade quadruped robots (Go1, Go2, A1) designed for home companionship and education [6]. - Industrial-grade quadruped robots (B1, B2) suitable for inspections and emergency rescue [6]. - General-purpose humanoid robots (H1, G1) aimed at developers for further customization [6]. - Derivative consumer products like the PUMP fitness pump [6]. Supply Chain and Partnerships - Yushu Technology has established deep collaborations with various suppliers, including: - Zhongdali De, a key supplier of precision reducers and motors, holding a 10% stake in Yushu Technology [10]. - Changsheng Bearings, providing self-lubricating bearings for humanoid robots [11][13]. - Best, a supplier of high-precision components for both Yushu Technology and Tesla robots [14][16]. - Other notable suppliers include Jiangsu Leili, providing brushless motors and gearboxes [39], and Jinfa Technology, supplying high-performance materials [29][31]. Market Context - The robotics industry is witnessing significant growth, with 75 listed companies reporting a total revenue of 582.1 billion and a profit of 30.1 billion in the first half of 2025, indicating a competitive landscape between traditional giants and AI newcomers [60].

Core Viewpoint - The major shareholder of Zhongji Xuchuang plans to reduce its stake in the company amid a significant increase in stock price, raising concerns about potential market reactions and future performance [1][2][3]. Shareholder Actions - The controlling shareholder, Shandong Zhongji Investment Holding Co., intends to sell up to 5.5 million shares, representing 0.49% of the total share capital, within three months due to personal funding needs [1][2]. - The controlling shareholder currently holds approximately 127 million shares, accounting for 11.42% of the total share capital [2]. - Other shareholders, including the son of the actual controller, have also been actively reducing their stakes, with significant amounts cashed out in recent months [6]. Stock Performance - Since the beginning of 2025, Zhongji Xuchuang's stock price has surged over 236.31%, reaching a closing price of 413.70 yuan per share on September 26, 2025 [3][4]. - The stock has experienced a remarkable increase of 520.24% from a low of 66.70 yuan per share in April 2025 [4]. Market Context - The optical module market is experiencing rapid growth, driven by strong demand from AI applications and cloud service providers [8]. - Major tech companies are expected to increase their capital expenditures significantly, indicating a robust market environment for optical modules [8]. - The global market for optical modules is projected to grow at a compound annual growth rate of 22% from 2024 to 2029 [8]. Company Performance - Zhongji Xuchuang has shown impressive revenue growth, with operating income increasing from 96.42 billion yuan in 2022 to 238.62 billion yuan in 2024, and net profit rising from 12.24 billion yuan to 51.71 billion yuan during the same period [9]. - In the first half of 2025, the company achieved operating income and net profit of 147.89 billion yuan and 39.95 billion yuan, respectively, reflecting year-on-year growth of 36.95% and 69.40% [9]. - The company continues to invest heavily in research and development, with expenditures increasing from 7.92 billion yuan in 2022 to 13.33 billion yuan in 2024 [9].

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]