Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The main business revenue composition includes: micro-inverters and energy communication products (55.56%), commercial and industrial energy storage systems and services (30.63%), smart control circuit breakers (10.46%), household energy storage products (1.84%), and other (supplementary) (0.98%) [1] Stock Performance - On September 3, YN Technology's stock rose by 5.05%, reaching a price of 51.58 CNY per share, with a trading volume of 232 million CNY and a turnover rate of 2.95%. The total market capitalization is 8.061 billion CNY [1] Fund Holdings - According to data, one fund under the Fortune Fund has a significant holding in YN Technology. The Fortune SSE Index ETF Link A/B (100053) held 400 shares in the second quarter, unchanged from the previous period, accounting for 0.0002% of the circulating shares, ranking as the third-largest holding [2] - The fund has achieved a year-to-date return of 17.03%, ranking 2684 out of 4222 in its category, and a one-year return of 37.26%, ranking 2572 out of 3783 [2] Fund Manager Information - The fund managers for Fortune SSE Index ETF Link A/B (100053) are Wang Baohe and Fang Min. Wang Baohe has a cumulative tenure of 14 years and 189 days, with a total fund asset size of 9.06 billion CNY and a best fund return of 126% during his tenure [3] - Fang Min has a cumulative tenure of 10 years and 292 days, managing a total fund asset size of 25.209 billion CNY, with a best fund return of 161.79% during his tenure [3]

Group 1 - The core viewpoint of the news is that YN Technology's stock has seen a significant increase, with a rise of 5.05% to 51.58 CNY per share, and a total market capitalization of 8.061 billion CNY as of the report date [1] - YN Technology, established on March 24, 2010, specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems. The main revenue composition includes micro-inverters and energy communication products (55.56%), commercial and industrial energy storage systems and services (30.63%), smart control circuit breakers (10.46%), household energy storage products (1.84%), and other supplementary products (0.98%) [1] Group 2 - From the perspective of fund holdings, Guorong Fund has a significant position in YN Technology, with Guorong Rongyin A (006009) holding 42,200 shares, accounting for 2.1% of the fund's net value, making it the ninth largest holding. The fund has realized a floating profit of approximately 104,600 CNY as of the report date [2] - Guorong Rongyin A (006009) was established on June 7, 2018, with a latest scale of 7.7789 million CNY. The fund has a year-to-date return of 1.76% and a one-year return of 28.48%, ranking 4,791 out of 7,967 in its category [2]

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector and has shown positive market performance with a 2.77% increase in stock price on September 1, 2023, reaching a market capitalization of 7.883 billion yuan [1]. Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][3]. - The company has achieved significant milestones in its energy storage product lineup, with its single-phase household energy storage series entering mass production and being sold in European and American markets [2]. - YN Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and market share [2]. Financial Performance - As of the 2024 annual report, overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. - For the first half of 2025, YN Technology reported a revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.14 million yuan, down 9.88% year-on-year [7]. Market Activity - On September 1, 2023, the stock saw a trading volume of 172 million yuan with a turnover rate of 2.19% [1]. - The main capital inflow for the day was 6.4783 million yuan, indicating a slight increase in institutional investment over the past two days [4][5]. Technical Analysis - The average trading cost of the stock is 44.77 yuan, with the current price approaching a resistance level of 52.06 yuan, suggesting potential for upward movement if the resistance is broken [6].

Core Insights - YN Technology (688348) reported a net profit of approximately 79.14 million yuan for the first half of 2025, representing a year-on-year decline of 9.88% [1] - The company's operating revenue for the same period was about 651 million yuan, down 27.54% year-on-year [1] Company Overview - YN Technology focuses on the photovoltaic power generation and energy storage sectors, primarily engaged in the research and industrialization of component-level power electronics technology in distributed photovoltaic power generation systems, as well as household and commercial energy storage technologies [1] - The company provides comprehensive solutions for distributed photovoltaic + energy storage applications, centered around micro-inverters [1]

Core Viewpoint - YN Technology (688348) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year, raising concerns about its financial health and operational efficiency [1] Financial Performance - Total revenue for the first half of 2025 was 651 million yuan, a decrease of 27.54% year-on-year [1] - Net profit attributable to shareholders was 79.14 million yuan, down 9.88% year-on-year [1] - In Q2 2025, total revenue was 461 million yuan, a slight decline of 2.27% year-on-year, while net profit increased by 4.96% to 50.26 million yuan [1] - Gross margin fell to 27.3%, a decrease of 23.28% year-on-year, while net margin improved to 10.62%, an increase of 12.38% [1] - The company's receivables were notably high, with accounts receivable amounting to 298.49% of the latest annual net profit [1] Key Financial Metrics - Earnings per share (EPS) decreased by 8.93% to 0.51 yuan [1] - Operating cash flow per share dropped significantly by 86.31% to 0.29 yuan [1] - The company's net assets per share were 23.6 yuan, down 26.96% year-on-year [1] - Total liabilities decreased significantly, with interest-bearing debt down 67.72% to 219 million yuan [1] Changes in Financial Items - Cash and cash equivalents increased by 46.92% due to the maturity of financial products [3] - Trade receivables saw a dramatic increase of 810.87% due to the receipt of bank acceptance bills [3] - Long-term borrowings surged by 2661.94% to meet funding needs for solar projects [4] - The company experienced a significant increase in contract liabilities by 429.55%, attributed to pre-received payments [4] Operational Insights - The company's return on invested capital (ROIC) was low at 3.34%, indicating weak capital returns [4] - The average cash flow from operating activities over the past three years has been negative, raising concerns about liquidity [5] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [5] Market Position - The largest fund holding YN Technology is the Fortune Shanghai Stock Index ETF, with a current scale of 274 million yuan and a recent net value increase of 0.48% [6]

Group 1 - The core viewpoint of the article is that YN Technology (688348.SH) reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Group 2 - The company achieved total operating revenue of 651 million yuan in the first half of 2025, representing a year-on-year decrease of 27.54% [1] - The net profit attributable to shareholders of the parent company was 79.14 million yuan, down 9.88% year-on-year [1] - The basic earnings per share were reported at 0.51 yuan [1]

证券代码：688348 证券简称：昱能科技 公告编号：2025-031 昱能科技股份有限公司 二、监事会会议审议情况 经与会监事对本次会议议案进行审议，并表决通过以下事项： 监事会认为：公司 2025 年半年度报告及其摘要内容真实、准确、完整，无虚假记 载、误导性陈述或者重大遗漏，2025 年半年度报告及其摘要的编制、审核以及董事会的 审议程序符合法律法规、公司章程等相关规定，内容与格式符合相关规定，公允地反映 了公司 2025 年半年度的财务状况和经营成果等事项；公司 2025 年半年度报告及其摘要 编制过程中，未发现公司参与半年度报告编制和审议的人员有违反保密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn）的《2025 年半年度报告》和《2025 年半年度报告摘要》。 监事会认为：公司董事会根据《上海证券交易所科创板股票上市规则》《昱能科技 股份有限公司募集资金管理制度》等相关规定，编制了《昱能科技 2025 年半年度募集 资金存放与实际使用情况的专项报告》。该报告真实、客观的反映了公司 2025 年半年 度募集资 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-035 昱能科技股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年9月18日 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 18 日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 （一） 股东大会类型和届次 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 召开地点：浙江省嘉兴市南湖区凌公塘路 3535 号 （五） 网络投票的系统、起止日期和投票时间。 至2025 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-035 昱能科技股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 18 日 14 点 00 分 召开地点：浙江省嘉兴市南湖区凌公塘路 3535 号 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 18 日 至2025 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-031 昱能科技股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 昱能科技股份有限公司（以下简称"公司"）第二届监事会第十六次会议（以下简 称"会议"）通知于 2025 年 8 月 18 日以电子邮件方式发出，会议于 2025 年 8 月 29 日 在公司 5 楼会议室以现场方式召开。会议由监事会主席高虹主持，会议应到监事 3 人， 实到监事 3 人。本次会议的召集、召开以及参与表决监事人数符合《公司法》《公司章 程》《监事会议事规则》等有关法律、法规的规定。 二、监事会会议审议情况 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn）的《2025 年半年度报告》和《2025 年半年度报告摘要》。 2、审议通过《关于<2025 年半年度募集资金存放与使用情况的专项报告>的议案》 监事会认为：公司董事会根据《上海证券交易 ...