Core Viewpoint - Shenzhen Zecheng Electronics Co., Ltd. (stock code: 920821.BJ) reported a slight increase in revenue for 2025, but a significant decline in net profit, attributed to strategic adjustments by major clients and changes in product structure [1][2]. Financial Performance - The company expects to achieve approximately CNY 394 million in revenue for 2025, reflecting a year-on-year increase of 0.57% [1]. - The net profit attributable to shareholders is projected to be around CNY 17.68 million, representing a year-on-year decrease of 31.51% [1]. Reasons for Performance Changes - The modest revenue growth is primarily due to strategic adjustments by key clients in the second half of the year, leading to lower-than-expected product deliveries [1]. - The decline in net profit is attributed to pressure on gross margin and increased costs related to establishing an overseas production base [1]. - The company emphasized a 16.33% year-on-year increase in R&D expenses, focusing on enhancing technical reserves and talent development [1]. Business Development - Zecheng Electronics is recognized as a national-level "specialized and innovative" small giant enterprise, established in 2003 and listed on the Beijing Stock Exchange in July 2022 [2]. - The company has become a supplier for numerous Fortune 500 companies, focusing on customized intelligent control module products [2]. - In the domestic market, the company has seen steady growth in the AI glasses sector, with plans to explore other smart wearable product categories in the future [2]. Revenue Trends - Since 2024, the company maintained a double-digit year-on-year revenue growth for six consecutive quarters, although the growth rate narrowed to 9.47% by the end of the third quarter of 2025 [2].

（文章来源：证券日报） 证券日报网讯 2月24日，则成电子发布2025年年度业绩快报公告称，公司2025年实现营业收入 393946109.12元，同比增长0.57%；归属于上市公司股东的净利润17681996.83元，同比下降31.51%。 ...

Market Overview - The component sector experienced a decline of 0.49% on December 2, with Zicheng Electronics leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the component sector included: - Hongxin Electronics (300657) with a closing price of 29.24, up 3.95% [1] - Kexiang Co., Ltd. (300903) with a closing price of 20.88, up 2.96% [1] - Gaohua Technology (688539) with a closing price of 38.29, up 1.73% [1] - Major decliners included: - Zicheng Electronics (920821) with a closing price of 28.52, down 4.52% [2] - Huazheng New Materials (603186) with a closing price of 43.25, down 3.48% [2] - Fangzheng Technology (600601) with a closing price of 11.96, down 3.16% [2] Capital Flow - The component sector saw a net inflow of 305 million yuan from institutional investors, while retail investors experienced a net outflow of 415 million yuan [2] - The main stocks with significant capital inflow included: - Shenghong Technology (300476) with a net inflow of 266.6 million yuan [3] - Shengyi Technology (688183) with a net inflow of 2.19 billion yuan [3] - Hongxin Electronics (300657) with a net inflow of 98.26 million yuan [3]

Core Viewpoint - The company is facing short-term performance pressure due to international trade fluctuations and industry cycle adjustments, but it is building long-term core competitiveness through global capacity layout, technology upgrades, and deepening quality tracks [1][2]. Financial Performance - In Q3 2025, the company's revenue was 91.61 million, a year-on-year decrease of 17.45%, and the net profit attributable to the parent company was 3.404 million, down 67.35%, with a notable decline in consumer electronics orders [2][4]. Strategic Initiatives - The company is establishing production capacity in Southeast Asia to address overseas clients' supply chain stability concerns, with plans to set up subsidiaries in Vietnam and Thailand [2][4]. - A supply chain management center has been established to optimize efficiency across procurement, logistics, and inventory management, addressing raw material procurement challenges [4]. Client Strategy - The company is focusing on a major client strategy, optimizing its client structure, and reducing reliance on single large clients while developing direct cooperation with high-quality clients [4][6]. - The company anticipates that new major clients will enter the top five list in the next 1-2 years, providing sustained growth momentum [4][6]. Core Business and Technology - The company integrates flexible circuit board (FPC) manufacturing with electronic assembly (SMT/SIP) capabilities, enhancing customer stickiness through a one-stop solution [5][8]. - The AI glasses segment is highlighted as a key business area, with the company becoming a core supplier for a major client and expanding its customer base [6][8]. Market Opportunities - The CCS integrated bus market is expected to grow significantly due to the expansion of the new energy vehicle industry, with the company already achieving mass production and securing orders from a major client [6][8]. - The medical electronics sector is projected to experience explosive growth, with the company focusing on customized FPC manufacturing and expanding into medical instruments [7][8]. Conclusion - The company is constructing a unique competitive barrier through its core manufacturing capabilities, which allows it to match technological demands with manufacturing strength, positioning itself for a new growth cycle as it overcomes short-term performance pressures [8].

Core Viewpoint - Shenzhen Zhecheng Electronics (920821.BJ) announced that a shareholder holding more than 5% intends to reduce its stake by up to 2% through a disclosure announcement [1] Group 1: Shareholder Reduction Plan - The shareholder, Shenzhen Haihuijucheng Investment Management Co., Ltd., plans to reduce its holdings by no more than 2,767,238 shares, representing 2% of the total share capital [1] - The reduction will occur within three months after the announcement, through centralized bidding or block trading [1] - As of the last trading day before the announcement on October 17, 2025, the stock closed at 26.71 yuan, estimating the reduction amount to be approximately 73.91 million yuan [1] Group 2: Company Background and Financials - Shenzhen Haihuijucheng Investment Management Co., Ltd. is an employee stock ownership platform and a concerted actor of the actual controller of Zhecheng Electronics [1] - The plan includes a reduction of shares held by directors and senior management through this employee stock ownership platform, not exceeding 25% of their total holdings [1] - Zhecheng Electronics was listed on the Beijing Stock Exchange on July 6, 2022, with an issuance price of 10.80 yuan per share, raising a total of 174.88 million yuan after the exercise of the over-allotment option [2]

证券代码：837821 证券简称：则成电子 公告编号：2025-112 深圳市则成电子股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权现金管理情况 （一）审议情况 公司于 2025 年 7 月 15 日召开第三届董事会第二十六次会议、第三届监事会 第十八次会议，审议通过了《关于使用部分闲置自有资金进行现金管理的议案》， 同意公司在不影响公司主营业务的正常开展并确保正常经营需求的前提下，拟使 用额度不超过人民币 1 亿元（按理财产品存续余额计）的闲置自有资金购买安全 性高、流动性好的理财产品（包括但不限于结构性存款、定期存款、大额存单、 协定存款、通知存款等）。使用期限自公司董事会审议通过之日起 12 个月内，在 上述额度和期限内，资金可以滚动使用。 公司于 2025 年 8 月 14 日召开第四届董事会第二次会议，审议通过了《关于 调整使用部分闲置自有资金进行现金管理额度的议案》，同意使用部分闲置自有 资金进行现金管理的额度从不超过 ...

证券代码：837821 证券简称：则成电子 公告编号：2025-111 深圳市则成电子股份有限公司 关于完成工商变更登记及公司章程备案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 连带法律责任。 一、基本情况 法定代表人：薛兴韩 注册资本：138,361,899 元人民币 住所：深圳市龙岗区南湾街道丹竹头社区康正路 48 号 5、6 号楼 6 号楼 102、 2 楼-4 楼 深圳市则成电子股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 2025 年第一次职工代表大会，审议通过《关于选举公司第四届董事会职工代表 董事的议案》，推选韩宏强先生为公司第四届董事会职工代表董事。公司于 2025 年 8 月 1 日召开 2025 年第一次临时股东会，审议通过《关于拟取消监事会、变 更注册资本并修订<公司章程>的议案》，并选举出第四届董事会非独立董事薛 兴韩先生、王道群先生、蔡巢先生、谢东海先生、魏斌先生，独立董事钟明霞女 士、王永海先生、崔成强先生。同日，公司召开第四届董事会第一次会议，选举 薛 ...

Group 1 - The Beijing Stock Exchange (BSE) announced the implementation of new stock codes for existing listed companies, set to take effect on October 9, 2025 [1] - A total of 248 existing stocks will switch to new codes, and the corresponding old-new code mapping can be found on the BSE's official website [1] - The BSE emphasized the importance of companies preparing adequately for the transition to minimize operational risks during the code switch [1]

深圳市则成电子股份有限公司 员工持股平台拟减持股份不超过 1%的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 注：深圳市惟实聚成投资合伙企业（有限合伙）为公司员工持股平台，系公司实 际控制人的一致行动人,但本次减持计划拟减持股份不包含公司控股股东、实际 控制人、董事、原监事及高级管理人员在员工持股平台间接持有的股份。 证券代码：837821 证券简称：则成电子 公告编号：2025-110 | | | | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 计划减持 | 持数量 | 减持 | 减持 | 减持价格 | 拟减持 | 拟减持 | | 称 | 数量 | 占总股 | 方式 | 期间 | 区间 | 股份来 | 原因 | | | （股） | 本比例 | | | | 源 | | | | | （%） | | | | | | | 深圳市 | 不高于 | 0.50% | 集中竞 | 自本 | 根据市场 | 认购公 | ...

证券代码：837821 证券简称：则成电子 公告编号：2025-109 深圳市则成电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 (券商策略会) 二、 投资者关系活动情况 活动时间：2025 年 9 月 2 日至 2025 年 9 月 4 日 上市公司接待人员：公司董事会秘书刘旭南先生 活动地点：上海浦东丽思卡尔顿酒店、上海浦东丽晶酒店、线上交流 三、 投资者关系活动主要内容 参会单位及人员：西部证券、申万宏源、国联民生、开源证券、兴业证券、 红塔证券、国投证券、东北证券、中泰证券、华鑫证券、国元证券、首创证券、 上汽金控、老虎基金、万柏基金、盈科汇金、长生人寿、浦银安盛基金、上海岙 夏投资、北京珺洲私募、上海荣疆投资、上海复胜资产管理、上海滦海啸阳私募 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 2：能否介绍公司光模 ...