（文章来源：证券日报） 证券日报网讯 2月26日，欧福蛋业发布2025年年度业绩快报公告称，公司2025年实现营业收入 905219834.31元，同比下降0.13%；归属于上市公司股东的净利润86074199.50元，同比增长88.76%。 ...

Core Viewpoint - The strategic collaboration between Beiqi Heavy Truck, Jiangsu Tongxingbao Intelligent Transportation Technology, and Huochezhijia marks the first comprehensive integration of pre-installed ETC products in the commercial vehicle sector, aiming to advance the logistics industry towards standardization, digitalization, and greening [1][2]. Group 1: Strategic Collaboration - The partnership aims to promote the large-scale implementation of pre-installed ETC systems and the construction of a smart logistics ecosystem [1][3]. - The collaboration is seen as a key breakthrough in resource complementarity and industrial synergy, enhancing the overall efficiency of the freight industry [1][2]. Group 2: Technological Integration - The pre-installed model integrates ETC devices deeply into the vehicle production process, allowing for immediate activation upon vehicle delivery, thus achieving "factory-to-road" functionality [2][4]. - The implementation of pre-installed ETC has resulted in a 97% increase in traffic efficiency and an average annual time saving of over 40 hours per vehicle, significantly reducing operational costs [2][4]. Group 3: Industry Transformation - The heavy truck industry is shifting from a focus on product performance to a competitive landscape centered around the entire ecosystem [2][4]. - The collaboration supports the digital transformation of the logistics industry by enhancing data collaboration across production, passage, and capacity management [3][4]. Group 4: Environmental Impact - The pre-installed ETC model not only improves traffic efficiency but also contributes to carbon reduction by minimizing unnecessary driving and optimizing route planning [4]. - The initiative aligns with national goals for high-quality transportation development and modern multi-modal logistics systems [3][4].

Core Viewpoint - The strategic collaboration among Beiqi Heavy Truck, Jiangsu Tongxingbao, and Huochezhijia aims to promote the large-scale implementation of pre-installed ETC systems in commercial vehicles and the construction of a smart logistics ecosystem, marking a significant breakthrough in industry integration [1][2][3] Group 1: Strategic Collaboration - The partnership represents the first full-chain integration of pre-installed ETC products, covering production, issuance, and operation [1] - The collaboration is seen as a key breakthrough in resource complementarity and industrial synergy, focusing on the coordination of "people, vehicles, goods, and roads" [1][2] Group 2: Technological Innovation - The pre-installed ETC model achieves a disruptive upgrade by integrating ETC devices with vehicle systems during the manufacturing process, allowing for one-click activation upon vehicle delivery [1] - Data shows that trucks equipped with pre-installed ETC have improved passage efficiency by 97%, saving over 40 hours of travel time annually per vehicle, thus significantly reducing operational costs and enhancing transportation efficiency [1][3] Group 3: Industry Transformation - The heavy truck industry is shifting from competition based solely on product performance to competition based on the entire ecosystem, with Beiqi Heavy Truck transitioning from a "product provider" to a "value ecosystem builder" [2] - The collaboration aims to accelerate the large-scale adoption of pre-installed ETC systems and expand various scenarios for "ETC + freight," including energy services, insurance finance, and route optimization [2][3] Group 4: Environmental Impact - The pre-installed ETC model not only enhances passage efficiency but also contributes to carbon reduction by minimizing unnecessary driving and optimizing route planning [3] - The integration of data and collaborative mechanisms behind the model provides a market-oriented practice example for the digital transformation of the logistics industry [3] Group 5: Market Development - The signing ceremony marked the delivery of the 2,550th Beijing Heavy Truck "Dream Chaser" model equipped with pre-installed ETC, indicating that the product has achieved large-scale production and market operation [4]

Performance Highlights - Guomachine General reported a net profit of 585.16 million yuan for 2025, a year-on-year increase of 45.71% with total revenue of 899 million yuan, up 17.32% [5] - Tianshili achieved a net profit of 1.105 billion yuan, a 15.68% increase year-on-year, despite a revenue decline of 3.08% to 8.236 billion yuan [5] - Focus Technology's net profit rose by 11.73% to 504 million yuan, with total revenue reaching 1.92 billion yuan, up 15.06% [5] - Times Electric reported a net profit of 4.105 billion yuan, a 10.88% increase, with total revenue of 28.761 billion yuan, up 15.46% [5] - Tongxingbao's net profit increased by 5.51% to 221 million yuan, with total revenue of 1.068 billion yuan, up 19.24% [5] Capital Increase & Restructuring - Ruili Kemi is planning to issue shares to acquire a 16% stake in its subsidiary, with trading suspended from February 9 [6] - Longyun Co. intends to acquire a 58% stake in Yuheng Film and Television, with trading resuming on February 9 [6] - Yingwang Yingchuang is set to acquire 100% of Lianshi Legend, a smart marketing service provider [6] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [6] - Shanshan Co. signed a restructuring investment agreement with its controlling shareholder [6] Major Events - Aihuilong received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [9] - Tiansheng New Materials also received a notice of investigation for similar reasons [10] - Cloud Road Co. announced the lifting of the detention of its chairman and general manager [10] - TCL Zhonghuan's subsidiary signed a patent licensing agreement with Aiyu Co. for a total fee of 1.65 billion yuan [11] - Shenjian Co. reported that its aerospace business revenue is relatively small, accounting for less than 1% of total revenue [11] Investment Projects - Wantong Expressway plans to invest approximately 5.42 billion yuan in the renovation and expansion of the Lianhuo Expressway [15] - Zhixin Co. intends to invest up to 1.1 billion yuan in an automotive welding parts project [15] - Hangyu Technology plans to invest up to 1.05 million euros in a forging production base in Slovakia [15] - Dongtianwei is set to invest 400 million yuan in a global R&D center and manufacturing headquarters in South China [15] - Zhongguancun is planning to build a modern digital factory for traditional Chinese medicine in Jiamusi City [15] Stock Trading Updates - The stock of Cuihua Jewelry will be suspended for one day starting February 9 due to the freezing of its main bank accounts [4] - The stock of Longyun Co. will resume trading on February 9 after a suspension [23] - Ruili Kemi and Yongtai Technology will be suspended from trading starting February 9 [24]

格隆汇2月6日丨通行宝(301339.SZ)公布2025年度业绩快报，报告期内，公司实现营业收入10.68亿元， 同比增长19.24%。实现归属于上市公司股东的净利润2.21亿元，同比增长5.51%。2025年第四季度，公 司实现营业收入45,581.80万元，同比增长26.01%；实现归属于上市公司股东的净利润5,314.59万元，同 比增长24.81%。截至报告期末，公司总资产589,487.94万元，较期初增长6.70%；归属于上市公司股东 的所有者权益为275,306.98万元，较期初增长1.34%，主要为2025年5月实施2024年度分红方案，发放 13,264.76万元现金红利，2025年12月实施2025年中期分红方案，发放8,705万元现金红利，减少期末净 资产。公司财务状况良好。 ...

Financial Performance - Total revenue for 2025 reached CNY 106,777.79 million, a year-on-year increase of 19.24%[3] - Net profit attributable to shareholders was CNY 22,125.68 million, up 5.51% compared to the previous year[3] - Basic earnings per share rose to CNY 0.3883, reflecting a 5.52% increase year-on-year[3] - The net profit after excluding non-recurring gains and losses was CNY 21,648.26 million, an increase of 8.31% year-on-year[5] - The fourth quarter revenue was CNY 45,581.80 million, representing a 26.01% year-on-year growth[6] Revenue Sources - Revenue from smart traffic operation management systems grew by 38.82% to CNY 64,052.64 million, driven by supportive government policies[5] Assets and Equity - The company's total assets increased by 6.70% to CNY 589,487.94 million by the end of the reporting period[6] - The company's equity attributable to shareholders was CNY 275,306.98 million, a 1.34% increase from the beginning of the period[6] - The company's share capital increased by 40.00% to CNY 58,033.33 million due to capital reserve conversion[6] Expenses - The company incurred share-based payment expenses of CNY 3,042.50 million, impacting net profit calculations[5]

Core Viewpoint - Tongxingbao (301339) closed at 14.66 yuan on February 3, 2026, with a 1.95% increase and a turnover rate of 2.45% [1] Trading Information Summary - On February 3, 2026, the net outflow of main funds was 193.8 thousand yuan, while retail investors saw a net inflow of 340.75 thousand yuan [1][1] - The trading volume was 41,200 hands, with a total transaction amount of 60 million yuan [1]

Core Viewpoint - Tongxingbao's stock price decreased by 0.41% on January 30, with a trading volume of 59.95 million yuan, indicating a decline in investor interest and activity [1]. Financing and Margin Trading - On January 30, Tongxingbao had a financing buy-in amount of 3.58 million yuan and a financing repayment of 7.77 million yuan, resulting in a net financing outflow of 4.20 million yuan [1]. - The total margin trading balance for Tongxingbao as of January 30 is 123 million yuan, which accounts for 4.97% of its market capitalization, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, there were no shares repaid on January 30, with 100 shares sold short, amounting to 1,469 yuan at the closing price [1]. - The securities lending balance is 503,900 yuan, which is above the 70th percentile of the past year, indicating a relatively high level of short selling activity [1]. Company Overview - Jiangsu Tongxingbao Smart Transportation Technology Co., Ltd. was established on November 2, 2016, and went public on September 9, 2022 [1]. - The company's main business includes smart transportation electronic toll collection (ETC) services, smart transportation operation management systems based on cloud technology, and related smart transportation services [1]. - The revenue composition of the main business is as follows: smart transportation electronic toll collection accounts for 50.59%, smart transportation operation management systems for 46.36%, and smart transportation ecological services for 3.05% [1]. Financial Performance - For the period from January to September 2025, Tongxingbao achieved an operating income of 612 million yuan, representing a year-on-year growth of 14.65% [2]. - The net profit attributable to the parent company for the same period was 168 million yuan, with a slight year-on-year increase of 0.60% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Tongxingbao is 19,200, a decrease of 5.97% from the previous period [2]. - The average number of circulating shares per shareholder is 8,765, an increase of 6.35% from the previous period [2]. - The total cash dividends distributed by Tongxingbao since its A-share listing amount to 411 million yuan [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.94 million shares, a decrease of 728,200 shares from the previous period [3]. - New entrants among the top ten shareholders include Southern CSI 1000 ETF and Taikang Quality Life Mixed A, holding 1.60 million shares and 1.35 million shares, respectively [3].

Core Viewpoint - The company, Tongxingbao (301339.SZ), has established a partnership with Tesla in the ETC automotive front-loading business, indicating a strategic move to capitalize on opportunities in the smart transportation sector [1]. Group 1 - The company is actively monitoring market dynamics to seize opportunities in the smart transportation field [1]. - The specific business impact of the partnership will depend on actual market conditions [1].

现场检查报告 华泰联合证券有限责任公司 关于江苏通行宝智慧交通科技股份有限公司 2025 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法律 法规的要求，华泰联合证券有限责任公司作为江苏通行宝智慧交通科技股份有限 公司（以下简称"通行宝"或"公司"）首次公开发行股票并在创业板上市的保 荐机构，于 2026 年 1 月 15 日对江苏通行宝智慧交通科技股份有限公司 2025 年 度有关情况进行了现场检查，报告如下： | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：通行宝 | | | | --- | --- | --- | --- | | 保荐代表人姓名：蒋坤杰 | 联系电话：025-83387757 | | | | 保荐代表人姓名：陈晓锋 | 联系电话：025-83387757 | | | | 现场检查人员姓名：蒋坤杰、钟超 | | | | | 年度 现场检查对应期间：2025 | | | | | 现场检查时间：2026 年 月 日 1 15 | | | | | 一、现场检查事项 现场 ...