Group 1 - The core point of the news is that Qingyue Technology's stock has experienced a decline, with a drop of 1.16% on December 30, bringing the share price to 5.94 yuan, and a total market value of 2.673 billion yuan [1] - Qingyue Technology has seen a cumulative decline of 2.12% over the past three days, indicating a downward trend in its stock performance [1] - The company specializes in the research, production, and sales of small and medium-sized display panels, with its main revenue sources being electronic paper modules (70.01%), PMOLED (18.36%), and AMOLED (3.85%) [1] Group 2 - Among the top shareholders of Qingyue Technology, Minsheng Jia Yin Fund's "Minsheng Jia Yin Sustained Growth Mixed A" has increased its holdings by 695,900 shares, now holding a total of 3.1959 million shares, which represents 1.34% of the circulating shares [2] - The fund has reported a year-to-date return of 32.25% and a one-year return of 27.81%, ranking 2819 out of 8087 and 3148 out of 8085 respectively [2] - The fund manager, Fan Mingyue, has been in position for 345 days, with the best fund return during this period being 34.02% [2]

每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 曾健辉） 每经AI快讯，清越科技（SH 688496，收盘价：6.1元）12月22日晚间发布公告称，公司第二届第二十二 次董事会会议于2025年12月19日在公司会议室以现场和线上相结合的方式召开。会议审议了《关于2026 年度银行授信额度预计的议案》等文件。 2024年1至12月份，清越科技的营业收入构成为：电子纸模组占比70.01%，PMOLED占比18.36%， AMOLED占比3.85%，其他业务占比3.61%，硅基OLED占比1.69%。 截至发稿，清越科技市值为27亿元。 ...

今年8月，清越科技曾因募集资金使用违规、财务核算不规范、关联交易未披露等问题，收到江苏证监 局警示函。11月，公司披露收到证监会《立案告知书》，理由为"涉嫌定期报告等财务数据虚假记载"。 若最终认定构成重大违法，公司股票可能被实施强制退市。 为提升市场信心，11月4日，清越科技董事长、实际控制人高裕弟提议以自有资金回购1000万至2000万 元股份，用于股权激励或员工持股计划。 业内人士指出，立案调查期间，上市公司实控人以个人资产为公司"背书"，撤回可能受影响的回购提 议，转而用承担赔偿的方式为投资者兜底，一定程度上体现其主动维护投资者利益的决心和信心。 清越科技主要从事OLED等新型显示器件的研发、生产和销售，凭借在有机光电子器件和技术领域的长 期积累，公司以PMOLED技术起步，逐步形成了以PMOLED、电子纸模组与硅基OLED微显示器三大业 务为主的产品架构与业务格局，产品主要应用于智能家居、医疗健康、车载工控、消费电子、穿戴显 示、商超零售、近眼显示等领域。(齐和宁) 清越科技(688496)12月12日公告，公司近期收到证监会出具的立案告知书，因公司涉嫌定期报告等财务 数据虚假记载，证监会决定对公司 ...

清越科技（688496）实控人撤回了股份回购提议。 12月12日晚，清越科技公告，公司董事长、总经理、实际控制人高裕弟基于公司目前正处于被立案调查 这一情况，为主动维护投资者合法权益，决定撤回股份回购提议。 今年10月31日，清越科技公告收到证监会出具的《立案告知书》，因公司涉嫌定期报告等财务数据虚假 记载，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对 公司立案。 公告披露后，清越科技于11月3日跌停，11月4日继续大跌。 12月12日，清越科技在公告中披露，高裕弟决定撤回股份回购提议的同时，向公司董事会提交了《关于 撤回股份回购提议并自愿承担未来上市公司一定范围民事赔偿额的承诺》。 清越科技表示，结合《中华人民共和国证券法》《最高人民法院关于审理证券市场虚假陈述侵权民事赔 偿案件的若干规定》等法律法规及司法解释，公司存在因定期报告等财务数据虚假记载而被投资者提起 民事诉讼、进而产生民事赔偿责任的风险。 高裕弟承诺并自愿承担未来上市公司可能产生的一定范围的民事赔偿额。若公司因前述立案调查涉及的 信息披露违规行为被投资者提起民事诉讼的赔偿要求，且被人民法院判决确定承担民事 ...

Core Viewpoint - Qingyue Technology is facing an unprecedented crisis due to an investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial reporting, leading to significant concerns about its financial health and future performance [1][16]. Financial Performance - Qingyue Technology reported a net profit of approximately -0.7 billion yuan for 2024, marking two consecutive years of losses [1]. - The company's 2023 annual report revealed a net profit of -1.18 billion yuan, a significant decline from a profit of 55.89 million yuan in the previous year [9]. - Revenue for 2023 was 6.61 billion yuan, a year-on-year decrease of 36.69%, with electronic paper module product revenue dropping by 34.47% [9][11]. Client Dependency and Risks - The company's largest client, Hanshuo Technology, accounted for over 99% of its electronic paper module business revenue, indicating a high dependency on a single customer [11]. - Hanshuo Technology began producing its own electronic paper modules in 2022, which has significantly reduced its procurement from Qingyue Technology [12][19]. - The strategic cooperation agreement between Qingyue Technology and Hanshuo Technology, which promised stable collaboration for 3-5 years, has been undermined by Hanshuo's self-sufficiency [6][7]. Regulatory Issues - Qingyue Technology received a notice from the CSRC regarding an investigation into potential false financial reporting, which could lead to severe penalties, including forced delisting [16][19]. - Prior to this, the company had already faced scrutiny from the Jiangsu Securities Regulatory Bureau for issues related to the use of raised funds and undisclosed related-party transactions [18]. IPO and Market Expectations - During its IPO, Qingyue Technology presented an overly optimistic view of its relationship with Hanshuo Technology, claiming a long-term stable partnership without acknowledging the risks posed by Hanshuo's self-built production lines [2][6]. - The initial projections of stable cooperation have proven to be inaccurate, as evidenced by the rapid decline in sales and profitability following the IPO [7][9].

Group 1 - The core viewpoint of the news is that Qingyue Technology's stock has increased by 5.03%, reaching a price of 7.31 yuan per share, with a total market capitalization of 3.29 billion yuan [1] - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and specializes in the research, production, and sales of small and medium-sized display panels [1] - The company's main business revenue composition includes: electronic paper modules 70.01%, PMOLED 18.36%, AMOLED 3.85%, and other segments such as silicon-based OLED 1.69%, CTP 1.67%, TFT-LCD 0.64%, and CTP+OLED 0.17% [1] Group 2 - Among the top circulating shareholders of Qingyue Technology, Penghua Fund's Penghua Preferred Growth Mixed A (010488) has entered the top ten, holding 2.1654 million shares, accounting for 0.91% of the circulating shares [2] - The fund has achieved a year-to-date return of 38.64%, ranking 2103 out of 8140 in its category, and a one-year return of 29.35%, ranking 2304 out of 8056 [2] - The fund manager, Jiang Xin, has a tenure of 9 years and 146 days, with the fund's total asset size at 5.648 billion yuan and a best return of 136.96% during his tenure [3]

Core Points - The stock price of Qingyue Technology increased by 2.19% on November 13, reaching 7.01 CNY per share, with a total market capitalization of 3.155 billion CNY [1] - Year-to-date, the stock has declined by 18.20%, but has seen a recent increase of 3.39% over the last five trading days [2] - The company has reported a revenue of 476 million CNY for the first nine months of 2025, a year-on-year decrease of 13.64%, while the net profit attributable to shareholders was -43.35 million CNY, an increase of 11.30% year-on-year [3] Company Overview - Qingyue Technology, established on December 30, 2010, is located in Kunshan, Jiangsu Province, and was listed on December 28, 2022 [2] - The company specializes in the research, production, and sales of small and medium-sized display panels, focusing on providing customized display system solutions [2] - The revenue composition includes: electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 12.49% to 7,053, while the average circulating shares per person increased by 14.28% to 33,736 shares [3] - The company has distributed a total of 29.7 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Minsheng Jia Yin Continuous Growth Mixed Fund and Penghua Preferred Growth Mixed Fund, with new entries from several other funds [4]

Core Viewpoint - Qingyue Technology's stock has experienced significant volatility, with a year-to-date decline of 20.54% and a recent drop of 2.01% on November 12, 2023, indicating potential concerns among investors [1][2]. Financial Performance - For the first nine months of 2025, Qingyue Technology reported a revenue of 476 million yuan, a year-on-year decrease of 13.64%, while the net profit attributable to shareholders was -43.35 million yuan, reflecting a growth of 11.30% compared to the previous period [3]. - The company has distributed a total of 29.7 million yuan in dividends since its A-share listing [4]. Stock Market Activity - The stock has seen a trading volume of 37.79 million yuan with a turnover rate of 2.30% as of November 12, 2023, and a net outflow of 1.13 million yuan in principal funds [1]. - Qingyue Technology has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 3, 2023, where it recorded a net buy of -3.29 million yuan [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 12.49% to 7,053, while the average circulating shares per person increased by 14.28% to 33,736 shares [3]. - Notable institutional shareholders include Minsheng Jia Yin Continuous Growth Mixed A and Penghua Preferred Growth Mixed A, with the latter being a new entrant among the top ten circulating shareholders [4]. Business Overview - Qingyue Technology, established on December 30, 2010, specializes in the research, production, and sales of small and medium-sized display panels, focusing on personalized display system solutions [2]. - The company's revenue composition includes electronic paper modules (70.01%), PMOLED (18.36%), AMOLED (3.85%), and other segments [2].

Core Viewpoint - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected financial data inflation in periodic reports, leading to significant stock price fluctuations [1][2]. Financial Performance - Before its IPO, Qingyue Technology showed steady revenue growth, with a revenue increase from 14.33% in 2020 to 50.4% in 2022. However, post-IPO, the revenue growth plummeted by 36.69% in 2023, marking the first loss in its history [2][3]. - The company's total revenue for 2023 is projected at 4.76 billion, a 13.64% decrease year-on-year, with a net loss of approximately 433.5 million [21][22]. Dependency on Han Shuo Technology - Post-IPO, Qingyue Technology became heavily reliant on Han Shuo Technology, with sales to Han Shuo increasing from 13.22% of total revenue in 2020 to 70.13% in 2022, followed by a decline in 2023 [4][6]. - Sales figures to Han Shuo from 2020 to 2024 were 0.66 billion, 2.58 billion, 7.12 billion, 4.64 billion, and 4.64 billion, respectively, indicating significant volatility [4]. Gross Margin Issues - The company's gross margin has seen drastic fluctuations, dropping from around 30% pre-IPO to as low as 3% post-IPO, with a slight recovery to 7.59% [6][7]. - The electronic paper module segment reported a gross margin of -7.25%, primarily linked to sales to Han Shuo Technology [7]. Tax Audit and Business Authenticity - Qingyue Technology's export trade business is under scrutiny due to a tax audit, questioning the authenticity of its operations. The audit covers the period from November 2020 to November 2023 [9][11]. - The company has received nearly 100 million in tax refunds during 2021 and 2022, coinciding with the peak sales growth to Han Shuo [11][13]. Stock Buyback Plan - In response to the investigation and stock price decline, the company's chairman proposed a share buyback plan amounting to 10 million to 20 million, citing confidence in the company's long-term value [19][22]. - The buyback comes as the lock-up period for major shareholders is nearing its end, raising concerns about potential stock dilution [22].

Group 1 - The core point of the article is that Qingyue Technology announced a share buyback proposal by its chairman and actual controller, Gao Yudi, with a total amount between RMB 10 million and RMB 20 million to be used for employee stock ownership plans or equity incentive plans [1] - The revenue composition for Qingyue Technology in 2024 is as follows: electronic paper modules account for 70.01%, PMOLED accounts for 18.36%, AMOLED accounts for 3.85%, other businesses account for 3.61%, and silicon-based OLED accounts for 1.69% [1] - As of the report, Qingyue Technology has a market capitalization of RMB 2.9 billion [1] Group 2 - The article highlights a significant increase in overseas orders for a certain industry, with a growth of 246%, covering over 50 countries and regions [1] - Entrepreneurs are warned about the risk of malicious competition extending overseas, as some are selling at a loss [1]