Source: e Company Official WeChat
With the concentrated release of third-quarter reports, the intensity of institutional research significantly increased last week (October 27-31). As of October 31, 18:00, a total of 418 listed companies disclosed records of institutional investor research.
Among them, 35 companies received visits from over a hundred institutions, with Zhaoyi Innovation, Jinpan Technology, and Lens Technology hosting over 200 institutional visits. Companies such as Kaiying Network, Zhongkuang Resources, Kaili Medical, Gigabyte, Crystal Optoelectronics, Shanghai Jahwa, and Ruoyu Chen received visits from more than 150 institutions, with institutions focusing on inquiries regarding the reasons for third-quarter performance changes, business progress, and industry outlook.
From the perspective of profitability, nearly 60% of the companies that were researched achieved positive returns. The top three stocks in terms of price increase were Ruilite, Tianji Shares, and Dazhong Mining, which achieved four consecutive boards, two consecutive boards, and three consecutive boards, with increases of 46.59%, 41.85%, and 33.29%, respectively. Additionally, stocks such as Hunan Yuneng, Bojie Shares, Chutian Technology, Zhongtung High-tech, Fangyuan Shares, Xinde New Materials, and Puris also saw increases of over 20%.
Zhaoyi Innovation: Product Price Increase Trend
Zhaoyi Innovation (603986), a leading storage chip company with a market value exceeding 140 billion yuan, received 276 institutional visits last week. According to the third-quarter report, Zhaoyi Innovation achieved an operating income of 2.681 billion yuan in the third quarter, a year-on-year increase of 31.40%; net profit reached 508 million yuan, a year-on-year increase of 61.13%. During the research, institutions inquired about the business progress of Zhaoyi Innovation’s NOR Flash products and DRAM products, as well as the capacity planning for storage products next year.
Zhaoyi Innovation stated that there is currently a price increase trend for small and medium-capacity NOR Flash products. The overall capacity of NOR Flash is interconnected, where high-capacity products have a higher single-unit value and consume a large amount of capacity. When supply becomes tight, high-capacity products will see price increases earlier, which will gradually transmit to small and medium-capacity products. It is expected that NOR Flash prices will maintain a moderate upward trend throughout next year.
The company also pointed out that niche DRAM has been in a state of continuous shortage since the second half of this year. If end customers do not have complete raw material supplies, it will impact their product stocking and production. The company will actively accelerate product research and development and the launch of new products, and work closely with SOC partners for product certification and introduction. The production cuts or reductions by leading industry manufacturers for niche DRAM products have resulted in a significant capacity gap, and the price increase trend is expected to continue into the fourth quarter of this year and maintain a relatively high price level throughout next year.
“Regarding storage product capacity, the main wafer fabs in the country are currently operating at full capacity and facing supply tightness, including the capacity partners for the company’s niche DRAM, which have limited capacity elasticity. For DRAM products, there will also be a process of production line conversion next year, and it is expected that capacity will stabilize with a slight increase. The specific situation will depend on the pace of production line conversion next year, as well as the launch of the company’s new DRAM products and the pace of customer introduction,” said a senior executive of Zhaoyi Innovation.
Jinpan Technology: Expanding Layout in AIDC Field
Jinpan Technology received 254 institutional visits last week. The company is a global supplier of power equipment, mainly engaged in the research, production, and sales of transformers and energy storage devices. The financial report shows that Jinpan Technology’s operating income in the third quarter was 2.040 billion yuan, an increase of 8.38% year-on-year; net profit attributable to the parent company was 221 million yuan, an increase of 21.71% year-on-year.
Regarding the main drivers of business development this year, Jinpan Technology stated that with the accelerated advancement of global artificial intelligence processes, the demand for computing power continues to surge, driving the construction of AI computing power centers (AIDC) into a period of rapid development. The company is seizing market opportunities and fully expanding its business layout in the AIDC field. In the first three quarters of 2025, Jinpan Technology achieved sales revenue of 974 million yuan in the AIDC and IDC data center fields, a year-on-year increase of 337.47%, becoming an important driver of performance growth. Additionally, its new energy and other business segments also maintained steady growth.
Currently, the supply of overseas transformers is relatively tight. Jinpan Technology’s executives admitted that, on one hand, the demand for power equipment in overseas markets continues to grow, driving the demand for transformers to rise simultaneously; on the other hand, the price increase of key raw materials such as copper is also pushing up transformer prices. Jinpan Technology has fully promoted and achieved digital transformation in recent years, gaining advantages in production efficiency, delivery capability, and manufacturing cost control.
Lens Technology: Smooth Development of Robotics Business
Lens Technology received 226 institutional visits last week. The company achieved revenue of 20.702 billion yuan in the third quarter, a year-on-year increase of 19.25%; net profit attributable to the parent company was 1.700 billion yuan, a year-on-year increase of 12.62%. In recent years, Lens Technology has vigorously explored new business layouts and has built a vertically integrated platform in the robotics field, from core components to complete machine assembly. Institutions focused on the shipment volume and revenue scale of Lens Technology’s humanoid robot business this year.
In response, Lens Technology’s executives stated that the company entered the robotics field early and has successfully entered the supply chains of leading robotics companies in North America and domestically. It is expected that this year’s shipment volume of humanoid robots will reach several thousand units, and the shipment volume of quadruped robotic dogs will exceed ten thousand units, with revenue from the robotics business initially estimated to be several hundred million yuan. The company has now become one of the largest embodied intelligent hardware manufacturing platforms.
“Regarding North American customers, Lens Technology has a deep cooperation relationship with major North American clients for ten years and is their primary core supplier, holding a major share in intelligent cockpit modules. As the progress of humanoid robots for North American clients continues to advance, the head modules, joint modules, and dexterous hands developed by the company have been sampled multiple times, and the company is working closely with clients to develop more categories of structural components for product qualification and mass production bidding,” Lens Technology’s executives further stated.
Regarding the outlook for revenue and profit in the fourth quarter, Lens Technology expressed optimism due to the concentration of large customer orders and additional orders in the fourth quarter, and the company is confident in achieving high-quality growth for the entire year.
Additionally, Lens Technology is deeply cooperating with core AI hardware customers in North America, having started the development of AI server-related products since last year, planning to begin with the processing of chassis structural components (including rails, trays, etc.) and gradually expand into the assembly fields of liquid cooling modules and solid-state drives. Currently, major domestic and foreign server customers are simultaneously being developed, with chassis structural components already being shipped in bulk, and solid-state drive assembly is expected to pass customer verification soon, achieving scale production next year.
Kaiying Network: Multiple Short Dramas Launched
The well-known internet gaming company Kaiying Network received 199 institutional visits last week. The financial report shows that Kaiying Network achieved operating income of 1.497 billion yuan in the third quarter, a year-on-year increase of 9.08%; net profit attributable to the parent company was 633 million yuan, a year-on-year increase of 34.51%. Kaiying Network stated that the net profit attributable to the parent company increased by 46.66% quarter-on-quarter, mainly due to the significant contribution of the Legend Box and its brand area to the third-quarter performance.
Institutions inquired about the development of the Legend Box business, and Kaiying Network stated that the Legend Box contributed approximately 570 million yuan to the company’s operating income in the third quarter, with revenue from brand area entry services amounting to approximately 245 million yuan. In the future, the Legend Box will further integrate resources with multiple parties, enhancing the market presence of the Legend IP through traffic sharing, content co-creation, and ecosystem building, providing Legend Box users with a better gaming experience and community interaction.
Regarding the short drama dynamics, Kaiying Network stated that the short drama “Shangyuan Huan” under the sub-IP of “Seasons” has been launched, and the same-name short drama project of “Seasons” has also been fully initiated. On October 7, the company’s boutique short drama “Hot Blood Era” was launched on Tencent Video during the National Day holiday, which is a high-quality short drama set against the backdrop of the millennium, focusing on entrepreneurship and brotherhood.