Inner Mongolia OJing Science & Technology Co., Ltd. (001269)

Equity Research Report | Industry: PV Auxiliary Materials/Quartz Crucibles | Report Date: September 13, 2026 | Market data as of the September 11, 2026 close; research base date: September 12, 2026

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

OJing Technology remains in a recovery phase characterized by “revenue pressure, losses, but marginal improvement”: in 1H26, the company generated revenue of RMB 237 million, broadly flat year on year, and recorded a net loss attributable to shareholders of RMB 45.09 million, representing a 39.23% reduction in losses. Q2 revenue increased 27.1% year on year, while net cash flow from operating activities turned positive at RMB 31.19 million from a negative figure in the prior-year period. However, the company has not yet achieved profitability. Full-year 2025 revenue was RMB 484 million, down 48.83% year on year, while net loss attributable to shareholders was RMB 280 million and overall gross margin was only 4.24%.

The company’s principal businesses are quartz crucibles, silicon-material cleaning, and cutting-fluid treatment services. It operates in the intermediate segment of the PV auxiliary-materials industry, which is constrained upstream by high-purity quartz sand resources and characterized downstream by relatively high customer concentration. In 2023, shortages of high-purity quartz sand and pass-through pricing for crucibles drove revenue to RMB 3.129 billion and net profit attributable to shareholders to RMB 654 million. However, performance weakened rapidly in 2024–2025 as wafer prices fell, the industry destocked, and asset impairments were recognized. In 2025, processing services accounted for 63.67% of revenue and had a gross margin of 10.88%, while quartz products had a gross margin of -7.39%; the company’s core profit structure remains under significant pressure.

The company is advancing construction and customer validation of semiconductor-grade quartz crucibles. The semiconductor quartz crucible project is designed for annual production of 26,000 units, but project progress was only 19.32% as of end-2025, and it has not yet made a meaningful short-term contribution to earnings. In 1H26, quartz-product revenue increased 37.52% year on year, including a 34.99% increase in quartz-crucible revenue, indicating some improvement in the related business. However, the company recognized an additional impairment provision of RMB 27.9276 million during the period and remained loss-making overall.

As of September 11, 2026, the share price closed at RMB 18.88, below the MA5, MA10, MA20, and the Bollinger middle band. The short-term technical pattern was weak. RMB 18.65–18.75 represents a support observation zone, while RMB 19.30–19.55 is a concentrated resistance zone around the moving averages. As the company remains loss-making, its P/E ratio has no conventional reference value. Public information indicates a P/B ratio of approximately 5.7x. Institutional consensus earnings forecasts are limited and historical forecast deviations have been substantial, making valuation highly dependent on future earnings recovery.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Quartz crucible products: Arc-fused quartz crucibles for the Czochralski growth of monocrystalline silicon. They are used in the front-end monocrystalline-silicon ingot-pulling process to hold molten silicon and pull silicon ingots, and are key consumable components of PV/semiconductor monocrystalline furnaces (core product)
• Silicon-material cleaning services: A front-end process in which the company cleans (cleaning/crushing/screening) virgin polysilicon and monocrystalline silicon for customers before returning the materials for recycling and reuse
• Cutting-fluid treatment services: A downstream wafer-slicing process involving the online recovery, regeneration, and recycling of DW cooling cutting fluid after cutting

2.3 Position in the Upstream and Downstream Value Chain and Cost/Profit Structure

The company operates in the monocrystalline-silicon materials value chain, providing supporting products and services for monocrystalline-silicon ingot/wafer production and the recycling of auxiliary-material resources. Overall, it occupies an intermediate processing position in PV auxiliary materials: upstream, it is constrained by high-purity quartz-sand resources; downstream, it is highly tied to a single major customer, TCL Zhonghuan. The company has explicitly stated that it does not engage in the production or manufacture of semiconductor silicon ingots (investor-relations activity on 2026-09-10), nor does it engage in space-based PV business (Board Secretary response on 2026-01-09).

• The core raw material is high-purity quartz sand, the main cost item for quartz crucibles. Brokerage research disclosed that the “unit cost of quartz sand” for quartz crucibles in 2019/2020/2021 was RMB 1,225.83, RMB 1,247.16, and RMB 1,375.41 per unit, respectively, accounting for 78.47%, 71.59%, and 62.03% of crucible costs. Another broker estimated that high-purity quartz sand accounted for approximately 72% of crucible costs. These cost ratios were derived from brokerage estimates or reproduced IPO materials rather than the company’s latest announcement and should be checked against the original “composition of operating costs” disclosure in the annual report.
• Supply is highly concentrated: the three global suppliers of high-purity quartz sand are U.S.-based Unimin (now Sibelco/Unimin), Norway’s TQC, and China’s Quartz Corp. Inner-layer sand requires purity of 4N8 (>99.998%) and previously relied mainly on imports from Unimin/TQC, while outer- and middle-layer sand have largely been domestically substituted.
• Securing sand supplies: On 2024-02-26, the company announced a high-purity quartz-sand procurement agreement with Sibelco North America, with estimated aggregate purchases of USD 350 million (as relayed by multiple sources). It also has a high-purity quartz-sand procurement agreement with Quartz Corp. through the end of 2026 (source: Pacific Securities research).
• Bargaining position: The company is a price taker and resource-constrained buyer with respect to high-purity quartz sand. However, during the high-purity-sand shortage in 2022–2023, because sand accounted for only a very small proportion of wafer costs (brokerage estimates suggest crucibles accounted for approximately 1%–1.3% of wafer production costs and non-silicon costs approximately 10%), the company had strong pass-through and even excess pass-through capabilities. After 2024, the collapse in wafer prices reversed this pricing logic.
• Downstream customers are monocrystalline-silicon wafer manufacturers, with the industry characterized by a duopoly of TCL Zhonghuan and LONGi Green Energy.
• Customer concentration (source: the company’s 2023-11-22 convertible-bond-related announcement): sales to the largest customer, TCL Zhonghuan, as a percentage of revenue were 94.20% in 2020, 91.17% in 2021, 87.30% in 2022, and 90.53% in 1H23. This measure only extends through 1H23. No updated figures for 2024/2025 were identified; the latest annual report should be used for the latest concentration data. The original “combined sales percentage of the top five customers” disclosure in the FY2025 annual report was not obtained in this memorandum and remains unverified.
• Cooperation history: TCL Zhonghuan was one of OJing’s shareholders when the company was founded, and the two parties have maintained a long-term relationship of more than 10 years. Backing from Zhonghuan has also helped the company secure some high-purity quartz-sand capacity (source: research commentary reproduced by Xueqiu, not a company announcement; the “one of the shareholders” description should be treated cautiously).
• Other customers include Ningxia GCL, Grinm Semiconductor, JA Solar Technology Co., Ltd., and Norwegian Norsun, among others (source: company information relayed on the CLS individual-stock page). Customers for silicon-material cleaning and cutting-fluid treatment services are mainly TCL Zhonghuan.
• Bargaining position: The company has weak downstream bargaining power because of the downstream duopoly, as downstream customers tend to build their own supplier systems and certify and bind supporting suppliers over the long term. Cleaning and cutting-fluid services are priced through annual cost-plus negotiations (source: original text of the 2023-11-22 convertible-bond announcement). Overall, the company occupies an intermediate processing position constrained by sand resources upstream and a single major customer downstream.
• The present search did not identify original data for accounts receivable, accounts-receivable turnover days, receivables/revenue, receivables/net profit, advances, or accounts payable. This is a material data gap and should be supplemented directly from the FY2025 annual report disclosures on “accounts receivable,” “aging of accounts receivable,” and “accounts payable”; figures should not be filled in based on assumptions. The only operating cash-flow data obtained are net cash flow from operating activities of negative RMB 32.4150 million in 2025 versus positive RMB 83.5931 million in 2024, a year-on-year decline of 138.78% (source: the company’s 2025 entrusted-management report).
• Customer concentration: Sales to TCL Zhonghuan, the largest customer, accounted for 94.20% of revenue in 2020, 91.17% in 2021, 87.30% in 2022, and 90.53% in 1H23 (source: the company’s 2023-11-22 convertible-bond-related announcement, reproduced on Sina Finance). Limitation: this measure only extends through 1H23; no updated 2024/2025 figure was identified, and the original FY2025 annual-report disclosure on the combined sales percentage of the top five customers was not obtained and remains unverified. The latest annual report should be used when cited. Supplier concentration: global high-purity quartz-sand supply is highly concentrated among Unimin/Sibelco, Norway’s TQC, and Quartz Corp.; the company is highly dependent on imported inner-layer sand and has signed procurement agreements separately with Sibelco and Quartz Corp.

OJing Technology operates in the intermediate PV auxiliary-materials segment, constrained upstream by high-purity quartz-sand resources and highly tied downstream to a single major customer, TCL Zhonghuan. It is neither a high-margin upstream company controlling quartz-mineral resources nor a downstream company with brand premiums, but rather a highly cyclical processing and consumables supplier. Historically, its earnings elasticity has mainly come from its ability to pass through crucible-price increases. Further gross-margin improvement depends on lower high-purity-sand costs and a higher proportion of large-size and semiconductor-grade high-margin products—the latter being a strategic direction for the company—rather than simple scale expansion. The lesson of 2024–2025 was that “scale expanded, prices collapsed, and impairments consumed profits.”

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Sources include formal announcements reproduced by Securities Star, Economic Observer, China Securities Journal/CNINFO, Investing.com, MarketScreener, and other platforms. In 1H26, non-GAAP net profit attributable to shareholders was also RMB -49.0689 million, representing a 36.12% reduction in losses; gross margin was 9.91%, the debt-to-asset ratio was 56.16%, net cash flow from operating activities was positive at RMB 31.19 million for the first time, and total non-recurring gains and losses were RMB 3.9785 million, approximately 8.82% of the loss. Quartz-product revenue was RMB 99.78 million, +37.52%, including quartz-crucible revenue of RMB 95.15 million, +34.99%. In Q1 2026, non-GAAP net profit was RMB -12.8091 million, net cash flow from operating activities was RMB -99.1225 million, basic EPS was RMB -0.0565, total assets at period-end were RMB 1.761 billion (-5.08% from the prior year-end), and net assets attributable to shareholders were RMB 762 million. Basic EPS in 2025 was RMB -1.4542 and diluted EPS was RMB -1.2478; gross margin was approximately 4.24%, diluted ROE approximately -40.86%, and the summary announcement for the 2025 annual report was dated 2026-04-25. Data cutoff: the latest financial report is the 2026 interim report, covering the period ended 2026-06-30 and disclosed around 2026-08-31.

The company remains loss-making. 1H26 revenue of RMB 237 million was broadly flat (-0.67%), while the net loss attributable to shareholders was RMB 45.09 million, a 39% reduction in losses year on year. Q2 revenue increased 27% year on year, and operating cash flow turned positive for the first time. Historical results have been highly volatile: 2023 was the peak of the high-purity-quartz-sand shortage benefit; in 2024, the PV downturn and substantial impairments produced a loss of RMB 536 million; and in 2025, the loss narrowed to RMB 279.8 million but remained substantial.

3.2 Earnings Forecasts

The forecast update date for CITIC Securities (Leng Wei and Sun Mingxin) was 2025-05-26, based on the earnings-forecast details of Securities Star. Its 2025E EPS of RMB 0.07 has been disproved by actual 2025 EPS of RMB -1.45; the forecast set was overly optimistic, and its 2026E/2027E figures should be treated cautiously. Simply Wall St relies on a single analyst, was last updated on 2026-07-06, and uses EPS data through 2026-06-30. It forecasts a three-year average annual revenue growth rate of approximately 17.4%, average annual EPS growth of approximately 89.5%, and ROE of approximately 4.2% in three years. It reflects only one institution, and its 2027 earnings forecast is below its 2026 forecast, raising questions about internal consistency. MarketScreener consensus estimates (2025E/2026E/2027E revenue of RMB 799 million/RMB 851 million/RMB 947 million and net profit of RMB 14 million/RMB 38 million/RMB 48 million) diverge substantially from actual 2025 revenue of RMB 484 million and are therefore marked as unreliable and not adopted. The 2026E EPS of RMB 4.57, net profit of RMB 878 million, and revenue of RMB 5.392 billion shown by Chaguwang, Viscount, and Securities Star are actually an old consensus from June 2024 (Viscount update date: 2024-06-26), are severely outdated, and should not be used. The Guojin Securities new-energy team assigned a target market capitalization of RMB 7–10 billion on 2026-08-05, based on a social-media research memorandum rather than a formal research report and appearing in only one source. The Eastmoney industry-comparison page shows “--” for 2026E/2027E/2028E EPS and revenue growth, indicating that mainstream data terminals currently have virtually no valid institutional consensus coverage. Earnings forecasts are the largest uncertainty in this section. The company’s historical forecast accuracy has been extremely poor: in 2023–2024, several brokers forecast 2024 net profit of RMB 480 million–RMB 1.23 billion, versus actual net loss of RMB 536 million. Forecasts for all future years should therefore be regarded as highly uncertain.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the share price was approximately RMB 18.92 (down approximately 2.87% on the day; prior close RMB 19.48; intraday low RMB 18.64; approximately RMB 19.92 at the September 9, 2026 close). Total market capitalization was RMB 3.640 billion (RMB 3.833 billion on September 9 and RMB 3.735 billion according to aastocks on September 7). Total and free-float shares were both 192 million. The P/B ratio was approximately 5.69x on September 11 (5.99x on September 9). The TTM P/E ratio was negative: CLS/Baidu showed approximately -14.52x TTM P/E and approximately -13.01x static P/E, while stcn showed a dynamic P/E of -40.37x. Differences in methodology and denominators are substantial, so these figures are for reference only. TTM P/S was approximately 7.54x according to Eastmoney, based on the 2026 interim-report data. Per-share net assets were RMB 3.56 according to aastocks on September 7, which may be outdated; based on net assets attributable to shareholders of RMB 762 million at the end of Q1 2026 divided by 192 million shares, the implied figure is approximately RMB 3.97 per share. The cumulative price change since the beginning of 2026 was approximately -21.43% according to Eastmoney, based on the interim-report reference point. There is a slight inconsistency in the P/B calculation: reversing market capitalization/PB implies net assets of approximately RMB 640 million, which does not fully match net assets attributable to shareholders of RMB 762 million at the end of Q1 2026, possibly because of differences in the P/B benchmark, including whether minority interests are included and which reporting period is used. Eastmoney, stcn, and CLS report different dynamic P/E values (-42.5x/-40.37x versus static -13.01x). Since the company is loss-making, P/E has limited reference value. Overall, the company has no positive P/E, a P/B ratio of approximately 5.7x, thin institutional coverage, and consensus forecasts that are mostly outdated or single-source, limiting the usefulness of valuation references.

4. Recent News and Announcements

4.1 Confirmation of Company Identity: 001269 Is OJing Technology, Primarily Engaged in Quartz Crucibles and Silicon-Material Supporting Services

Code 001269 corresponds to OJing Technology (Inner Mongolia OJing Science & Technology Co., Ltd.), listed on the Main Board of the Shenzhen Stock Exchange on 2022-09-30, with its registered office in Saihan District, Hohhot, Inner Mongolia. The company also issued the convertible bond “OJing Convertible Bond” (bond code 127098). Its principal businesses are quartz crucibles, silicon-material cleaning services, and cutting-fluid treatment services supporting the PV/semiconductor monocrystalline-silicon materials value chain. Sources: the company’s 2025 annual-report summary (cnfin.com/epaper.zqrb.cn, 2026-04-25) and the Shenzhen Stock Exchange announcement page (szse.cn). Note: the company has explicitly stated in investor relations that it “does not engage in the production or manufacture of semiconductor silicon ingots” (Gelonhui/JRj, 2026-09-10), which differs from descriptions of “monocrystalline-silicon ingot production” on certain third-party pages. The company’s own wording should prevail.

4.2 2026 Interim-Report Announcement Group (Disclosed on 2026-08-29)

The 22nd meeting of the fourth Board of Directors was held on 2026-08-28, followed by concentrated disclosure of a series of announcements on 2026-08-29: 1) the 2026 interim report and summary (Announcement No. 2026-059): revenue of RMB 237,021,588.54 (approximately RMB 237 million), -0.67% year on year versus RMB 238,616,245.10 in the prior-year period; net profit attributable to shareholders of RMB -45,090,345.02 (approximately RMB -45.09 million), an improvement of 39.23% versus RMB -74,198,708.31 in the prior-year period; non-GAAP net profit attributable to shareholders of RMB -49,068,876.69, an improvement of 36.12%; basic EPS of RMB -0.2343; weighted-average ROE of -6.01%; net cash flow from operating activities of RMB 31,192,770.59 versus RMB -57,723,472.44 in the prior-year period, an improvement of 154.04%; total assets at period-end of RMB 1,659,981,547.09, down 10.53% from the prior year-end; net assets attributable to shareholders of RMB 727,725,452.35, down 5.83%; 23,366 ordinary shareholders at period-end; and the largest shareholder, Yuyao Hengxing Pipe Industry Co., Ltd., holding 31.83%, or 61,240,856 shares. 2) The announcement on provisions for asset impairments (2026-061): total impairment provisions of RMB 27.9276 million as of 2026-06-30, comprising inventory write-down losses of RMB 29.4418 million and a reversal of RMB 1.5142 million in bad-debt losses on accounts receivable/other receivables; the provisions reduced total profit in the interim consolidated statements by RMB 27.9276 million and were unaudited. 3) The announcement on factoring of accounts receivable (2026-062): non-recourse factoring of accounts receivable with an authorized aggregate limit of no more than RMB 220 million, including existing facilities, for 12 months from the date of Board approval. 4) The announcement on the 2026 interim-results presentation, scheduled for 15:00–16:00 on 2026-09-09 via “Value Online,” with attendees including General Manager An Xutao, Board Secretary Liu Min, and CFO Huo Yanan. Sources: data.eastmoney.com/notices/detail/001269/AN202608280006758542.html; vipwt1.cfi.net.cn/p20260829001458.html; data.eastmoney.com/notices/detail/001269/AN202608281828647537; nbd.com.cn (2026-08-29); and relevant cnfin.com announcement pages. The interim report disclosed on 2026-08-29 also stated that no cash dividend, stock dividend, or capitalization issue would be made for the 2026 interim period.

4.3 July 2026 Announcements: Interim Earnings Guidance, Guarantees, and Convertible-Bond Conversion

1) 2026 interim earnings guidance (2026-050, Board meeting on 2026-07-14, disclosed on 2026-07-15): estimated net loss attributable to shareholders of RMB 42 million–RMB 53 million versus a loss of RMB 74.1987 million in the prior-year period, representing a year-on-year improvement of 28.57%–43.40%; non-GAAP net loss of RMB 46 million–RMB 57 million; EPS of RMB -0.28 to RMB -0.22. Reasons included the adjustment in the PV industry and supply-demand mismatch, which kept the prices of the company’s main PV products and services at low levels, as well as continued R&D, project construction, and customer validation for semiconductor-grade quartz crucibles. The actual interim-report net loss attributable to shareholders of RMB 45.09 million was within the guidance range. 2) Announcement on guarantees provided by the company and its subsidiaries (2026-051): guarantees for comprehensive credit facilities applied for by Ningxia OJing, Ningxia Outong, Hohhot Outong, and OJing Technology from China Everbright Bank, with maximum amounts of RMB 40 million, RMB 30 million, RMB 50 million, and RMB 80 million, respectively; the 2025 shareholders’ meeting approved aggregate guarantee facilities of no more than RMB 730 million. 3) Announcement on the change of signing certified public accountant; announcement on the closure of certain proceeds accounts (2026-053, 2026-07-18); and announcement on the use of certain idle internal funds for cash management (2026-07-11). 4) 2026 Q2 convertible-bond conversion announcement (2026-047, 2026-07-02): the current conversion price of OJing Convertible Bond is RMB 42.00 per share, versus an initial RMB 45.91 after adjustments for dividends and other factors; conversion period from 2024-05-30 to 2029-11-23; issue size of RMB 470 million. Sources: data.eastmoney.com/notices/detail/127098/AN202607141826962286.html; vip.stock.finance.sina.com.cn; cnfin.com/announ/detail/index.html?id=836250585138.

4.4 January–March 2026 Announcements: Subsidiary Suspensions, 2025 Earnings Guidance, Shareholder Reduction, and Major Contract

1) Announcement on subsidiary production suspensions (2026-009, evening of 2026-01-23, disclosed on 2026-01-24): all production lines of wholly owned subsidiary Tianjin Ouchuan Environmental Protection Technology Co., Ltd. and certain production lines of Yixing Ouqing Environmental Protection Technology Co., Ltd. were suspended, primarily because of temporary supply-demand imbalance, intensified competition, and reduced downstream demand in the PV value chain. Whether to resume production will depend on market conditions. Tianjin Ouchuan generated revenue of RMB 53.0003 million and net loss of RMB 5.1180 million in 2024, and revenue of RMB 12.0720 million and net loss of RMB 33.7055 million in 2025; the 2025 data were unaudited. The suspended production lines of Yixing Ouqing generated revenue of RMB 7.3660 million and net loss of RMB 3.1885 million in 2024, and revenue of RMB 0.0064 million and net loss of RMB 0.4008 million in 2025; the figures were unaudited. Together, the two subsidiaries were expected to affect more than 10% of the company’s estimated 2025 net profit attributable to shareholders on an unaudited basis. 2) 2025 earnings guidance (2026-01-24, from Stockstar transaction alerts/news): estimated full-year 2025 net profit attributable to shareholders of approximately RMB -300 million to RMB -240 million, EPS of approximately RMB -1.56 to RMB -1.25, and non-GAAP net profit of approximately RMB -306 million to RMB -246 million, representing a “reduction in losses.” This information comes from a single aggregator and should be checked against the original CNINFO/SZSE announcement. 3) Shareholder reduction (single source, pending verification): Tianjin Wanzhao Huigu Real Estate Development Co., Ltd. reduced its holdings by 404,000 shares between 2026-01-26 and 2026-02-09, equivalent to 0.21% of free-float shares. Only one Stockstar source was identified and no second source was found. 4) Major contract (single source, pending verification): an amended agreement signed with Sibelco North America on 2026-03-03, with a contract value of USD 270 million. Only one Stockstar news item was identified and no second source was found. The amount is unusually large relative to the company’s scale, with interim revenue of approximately RMB 237 million, so differences in scope or contract term should be considered and the original announcement must be checked. 5) Institutional research visits from 2026-02-25 to 2026-02-27, including Caitong Fund and other investors, in targeted-investor research activities. Sources: data.eastmoney.com/notices/detail/127098/AN202601231818336783.html; Shanghai Securities News/Securities Times (2026-01-23); stock.quote.stockstar.com/info_001269.shtml.

4.5 December 2025 and Earlier Announcements: Shareholder Reduction Disclosure, Proceeds-Project Extension, Shareholders’ Meeting, and Guarantees

• 2025-12-06: advance disclosure of a reduction by a shareholder holding more than 5% of the company; announcement on re-evaluating and extending certain proceeds-funded projects; resolution of the 15th meeting of the fourth Board of Directors; and use of certain idle proceeds and internal funds for cash management. - 2025-12-22: the third extraordinary shareholders’ meeting of 2025, with resolution announcement on 2025-12-23. - 2025-12-20: announcement on guarantees provided for subsidiaries. Sources: the vip.stock.finance.sina.com.cn announcement details (2025-12-06, id=11675858); zhuoniugu.com/stock/notice/001269; data.eastmoney.com/gddh/detail/001269/222825.html.

4.6 April–May 2026 Announcements: 2025 Annual Report/2026 Q1 Report, Rating Watch, and Results Presentation

• 2026-04-24/25: disclosure of the 2025 annual report, with revenue of approximately RMB 484.3 million versus approximately RMB 946.53 million in the prior year, net loss of approximately RMB 279.8 million versus approximately RMB 535.97 million, and basic EPS of RMB -1.4542; and the 2026 Q1 report. The figures were cross-checked against MarketScreener’s S&P Capital IQ reproduction and the company’s annual-report summary; the company’s announcements/CNINFO should prevail for financial data. - China Chengxin Pengyuan issued an announcement “Regarding Its Attention to the 2025 Expected Losses and Subsidiary Production Suspensions of Inner Mongolia OJing Science & Technology Co., Ltd.” - 2026-05-20: 2025 annual shareholders’ meeting. - 2026-05-07: online presentation of the 2025 annual and 2026 Q1 results, attended by General Manager An Xutao and others. Sources: MarketScreener; Netease/Economic Observer (163.com/dy/article/KSEB71EJ0512B07B.html).

4.7 Data Uncertainty and Limitations

1) Timing: the latest announcement in this memorandum is dated 2026-08-29, the interim-report announcement group. Apart from the 2026-09-10 investor-relations response stating that the company “does not engage in semiconductor silicon-ingot production or manufacturing,” no formal September 2026 announcement was identified; subsequent September announcements may not be covered. 2) Single-source items pending verification: the amended USD 270 million agreement with Sibelco North America dated 2026-03-03 appears only on one Stockstar aggregator page and is unusually large relative to the company’s scale; it must be checked against the original announcement. The reduction of 404,000 shares by Tianjin Wanzhao Huigu in January/February 2026 appears only on Stockstar. The specific 2025 earnings-guidance range of RMB -300 million to RMB -240 million comes from a Stockstar aggregator and should be checked against the original CNINFO announcement. 3) Unaudited data: the subsidiary financial data relating to the production suspensions for January–December 2025 and the interim impairment provisions were preliminary calculations by the company’s finance department and unaudited. 4) Financial figures should be based on company announcements/CNINFO; MarketScreener figures are reproduced from S&P Capital IQ and are for cross-checking only. 5) Key source pages: SZSE announcements (szse.cn/disclosure/listed/notice/index.html?stock=001269), Eastmoney announcements (data.eastmoney.com/notices/stock/001269.html), and CNINFO (www.cninfo.com.cn).

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

The September 11, 2026 closing price was RMB 18.88, below the MA5, MA10, MA20, and Bollinger middle band for a consecutive period. The stock also weakened continuously from September 9 to 11, indicating a weak short-term technical pattern. The price was close to the Bollinger lower band at approximately RMB 18.72 and the intraday low of RMB 18.65, making RMB 18.65–18.75 the first support observation zone. RSI6 of approximately 37 was weak but not extremely oversold and cannot confirm a reversal. Resistance exists around RMB 20. If the stock cannot reclaim the moving-average concentration zone of RMB 19.3–19.5, moving-average pressure may persist. A high-volume break below RMB 18.6–18.7 would shift attention to RMB 18.25–18.50. Current turnover value and turnover rate are both below the high-volatility levels of June–July 2026, indicating lower short-term trading activity and weaker turnover of the shareholder base.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on closing data, historical prices, and technical indicators as of September 11, 2026. It does not constitute investment advice or a definitive forecast of future prices.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high subjective weight, approximately 60%; a subjective heuristic based on current technical conditions and fund flows, not a statistical probability): observed price range of approximately RMB 18.65–19.45. Triggers include support near RMB 18.65–18.75, turnover value remaining within the recent normal range of approximately RMB 20 million–RMB 50 million, no significant industry negative news or unexpected company announcement, and insufficient volume after a rebound toward RMB 19.3–19.5. The more likely result would be weak consolidation around RMB 19 rather than a clear reversal.
• Weak downside movement (medium subjective weight; a subjective heuristic based on current technical conditions and fund flows, not a statistical probability): observed price range of approximately RMB 18.25–18.65. Triggers include a decisive close below RMB 18.6–18.65, a clear increase in daily turnover with a lower close, synchronized weakness in PV equipment, quartz materials, or related small-cap growth sectors, or a shift in main-fund flows from a five-day net inflow to consecutive net outflows. If RMB 18.6 fails, the stock may seek support around RMB 18.25–18.50. A decline on low turnover would suggest a slow grind lower, while a high-volume decline would warrant attention to concentrated selling pressure.
• Stronger rebound (low subjective weight, but not impossible; a subjective heuristic based on current technical conditions and fund flows, not a statistical probability): observed price range of approximately RMB 19.45–20.46. Triggers include reclaiming the RMB 19.45–19.55 moving-average concentration zone, daily turnover clearly exceeding recent normal levels, turnover rising above RMB 50 million for consecutive sessions with the closing price near the intraday high on up days, synchronized rebounds in the PV value chain or quartz-materials sector, and a further break above the RMB 19.9–20.0 round-number level. If price-volume conditions are satisfied, the RMB 20.2–20.46 prior local-high area may be monitored, but this is not the base case before volume confirmation.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, turnover value was approximately RMB 33.63 million and turnover rate approximately 0.9%. Turnover value over the past five trading days was approximately RMB 20.71 million–RMB 50.64 million, with turnover rates of approximately 0.56%–1.32%; recent normal turnover was mainly concentrated in the RMB 20 million–RMB 50 million range. Compared with the high-volatility period in June–July 2026, current trading activity has contracted significantly. On June 10, 2026, turnover value approached RMB 694 million and the turnover rate was approximately 12.09%. Shareholder-structure data as of June 30, 2026 were disclosed on August 29, 2026: the top 10 shareholders held approximately 71.71%, the top three held approximately 68.99%, and the top 10 included Fullgoal Enhanced Bond Fund, Fullgoal Dual-Interest Enhanced Bond Fund, Hong Kong Securities Clearing Company, GF Securities, Goldman Sachs International, and other institutional or institutional-channel accounts. Because the shareholder data are quarterly and lagged, they cannot fully represent the real-time shareholder structure in September 2026. High concentration means that the actually tradable float may be relatively limited. When turnover value declines and the turnover rate is low, order-book depth may be insufficient, creating greater potential price slippage for short-term trading. Current data are insufficient to determine whether a single institution is actively accumulating shares on a sustained basis.

If daily turnover value subsequently remains above RMB 50 million, the turnover rate reaches approximately 1.3% or higher, and the share price simultaneously reclaims RMB 19.45–19.55, this could be observed as a signal of improving short-term fund participation. If turnover expands while the share price remains below RMB 18.6, the pattern would be more consistent with high-volume distribution or risk release than effective fund inflows.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 18.65–18.75 first-support zone attracts buying interest; if broken, monitor RMB 18.25–18.50. This is a technical observation framework, not a trading instruction.
• Observe whether the RMB 19.30–19.55 moving-average resistance zone can be reclaimed and held; if the price approaches RMB 19.9–20.0, assess rebound validity together with volume. This is a technical observation framework, not a trading instruction.
• Observe whether daily turnover can remain above RMB 50 million, the turnover rate can reach approximately 1.3% or higher, and the price can simultaneously reclaim RMB 19.45–19.55. This is a price-volume observation framework, not a trading instruction.
• Observe the direction of the share price when volume expands: a high-volume rise toward the daily high and a high-volume decline below RMB 18.6 have different technical implications. This is a risk-identification framework, not a trading instruction.

The above scenarios are based on the September 11, 2026 closing data and historical price and technical-indicator calculations. Short-term share prices may also be affected by news, fund flows, the broader market, and other factors. Technical indicators are inherently lagging and limited. This does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Status

The industry comprises PV upstream auxiliary materials, including quartz crucibles and consumable components, as well as semiconductor-grade quartz crucibles as an import-substitution opportunity. It also extends to supporting processing services such as silicon-material cleaning and cutting-fluid treatment. Demand for quartz crucibles is highly correlated with downstream wafer and monocrystalline-silicon ingot capacity expansion and utilization rates. High-purity-sand shortages drove crucible volumes and prices higher in 2022–2023. From 2024, the collapse in wafer prices and industry destocking caused both crucible volumes and prices to decline, pushing the industry into a period of deep adjustment and capacity clearance.

6.2 Competitive Landscape

• Competitive structure: The quartz-crucible market is relatively concentrated. Leading suppliers include OJing Technology, Jiangyin Longyuan, and Ningxia Jinglong, all suppliers to TCL Zhonghuan/LONGi, as well as Jingsheng Mechanical & Electrical and Tianyi Shangjia.
• Market-share estimate: Pacific Securities estimated OJing’s market share at approximately 18%/19%/22% in 2021–2023. It also stated that among leading crucible manufacturers, including Jingsheng Mechanical & Electrical, Tianyi Shangjia, Jiangyin Longyuan, and Ningxia Jinglong, OJing’s capacity share before and after proceeds-funded expansion was approximately 30.83% and 29.43%, respectively. Both the market-share and capacity-share figures are single-broker estimates from 2023 and were not cross-verified through multiple sources. The industry position has changed substantially after industry clearance in 2024–2025; citations should identify them as “broker estimates, based on outdated timing.”
• Key industry variables: Supply and pricing of high-purity quartz sand from Unimin/Sibelco, TQC, and Quartz Corp.; utilization and capacity-expansion pace of the downstream duopoly of TCL Zhonghuan and LONGi Green Energy; and progress in import substitution for semiconductor-grade quartz crucibles.
• Capacity/resources and recent strategy: The semiconductor quartz crucible construction project has a total investment of RMB 117 million and planned annual capacity of 26,000 semiconductor quartz crucibles. Project progress was only 19.32% as of FY2025-end, indicating an early-stage and delayed project. The first phase of the Ningxia quartz-crucible project was 67.56% complete, has been completed, and surplus funds were permanently replenished as working capital. The industrial-silicon recycling project was 83.84% complete, but returns were below expectations, mainly because of low downstream utilization. Ningxia OJing reduced its registered capital by RMB 100.4090 million for the semiconductor quartz-crucible construction project (sources: Blue Whale Finance, 2026-04-25; The Paper, 2025-06-10 results presentation).

6.3 Major Competitors

OJing Technology’s differentiated positioning among comparable companies is “deep ties to a single leading customer, TCL Zhonghuan, combined with PV and semiconductor quartz crucibles and supporting silicon-material cleaning/cutting-fluid treatment services.” However, it does not control upstream high-purity quartz-sand resources—Quartz Corp. is vertically integrated and controls sand resources—and it lacks equipment-side synergies, unlike Jingsheng Mechanical & Electrical. In terms of earnings structure, OJing’s FY2025 overall gross margin was 4.24%, quartz-product gross margin was negative (-7.39%), and processing-service gross margin was 10.88%, placing it under pressure during the industry’s deep adjustment. Upstream sand-resource companies such as Quartz Corp. and equipment companies such as Jingsheng Mechanical & Electrical have different business structures and earnings drivers, so their gross margins should not be directly compared with OJing’s. Market-share and capacity-share figures of 18%/19%/22% and 30.83%/29.43% are all based on a single Pacific Securities estimate from 2023 and have not been cross-verified. The landscape changed materially after industry clearance in 2024–2025. Key financial data for each company in any formal comparison table should be verified separately against the latest annual reports.

7. Risk Factors

• Risk of continued pressure on quartz-crucible prices and demand: Quartz-crucible revenue fell 49.39% year on year in 2025 and product gross margin was -8.39%. If supply-demand mismatch, destocking, or low utilization persists in the wafer industry, the company’s core products may remain loss-making.
• Risk of excessive customer concentration: Sales to TCL Zhonghuan, the largest customer, accounted for 87.30%–94.20% of revenue throughout 2020 through 1H23. The latest concentration data for 2024–2025 have not been verified. If the core customer reduces purchases, adjusts its supplier system, or lowers procurement prices, the company’s revenue and profitability could be materially affected.
• High-purity quartz-sand supply and cost risk: High-purity quartz sand is the core raw material for quartz crucibles, and supply is concentrated among a small number of companies, including Sibelco, TQC, and Quartz Corp. The company is highly dependent on imported inner-layer sand. Any adverse change in sand supply, pricing, or execution of procurement agreements could compress quartz-crucible gross margins.
• Risk of continued losses and asset impairments: The company recorded a 2025 net loss attributable to shareholders of RMB 280 million, with overall gross margin of only 4.24%. It remained loss-making in 1H26, with a loss of RMB 45.09 million, and recognized impairment provisions of RMB 27.9276 million, including inventory write-down losses of RMB 29.4418 million. If product prices continue to decline or inventory absorption falls short of expectations, further impairments may occur.
• Risk that construction and commercialization of the semiconductor quartz-crucible project fall short of expectations: The project is designed for annual production of 26,000 units, but construction progress was only 19.32% as of end-2025. The company remains in the R&D, construction, and customer-validation stages. Delays, longer validation cycles, or insufficient volume ramp-up could prevent the project from offsetting the decline in the PV business in a timely manner.
• Subsidiary production suspension and business-integration risk: All production lines of Tianjin Ouchuan and some production lines of Yixing Ouqing have been suspended because of supply-demand imbalance, intensified competition, and reduced downstream demand in the PV value chain. The related subsidiaries recorded operating losses in 2025. If market recovery falls short of expectations, the suspensions could continue, reducing asset utilization and creating further impairment pressure.
• Cash-flow and financing risk: Net cash flow from operating activities was negative RMB 32.4150 million in 2025. Although it turned positive in 1H26, the company remained loss-making and also initiated non-recourse accounts-receivable factoring with a limit of no more than RMB 220 million, while providing guarantee facilities totaling no more than RMB 730 million for several subsidiaries and itself. If collections, operating cash flow, or financing conditions deteriorate, funding pressure could increase.
• Valuation and share-price volatility risk: As of September 11, 2026, the company still had no positive P/E and had a P/B ratio of approximately 5.7x. Institutional coverage is thin and existing earnings forecasts have previously diverged materially from actual results. The share price was also below multiple short-term moving averages. If support near RMB 18.6–18.7 fails, the technical pattern could weaken further. High concentration and low turnover could amplify price volatility.

8. Conclusion and Outlook

OJing Technology’s potential improvement may come from three areas: a recovery in PV value-chain demand and wafer utilization could drive demand for quartz crucibles and supporting services; the recovery of quartz-product revenue and positive operating cash flow in 1H26 indicate marginal improvement from 2025; and successful completion, customer validation, and volume ramp-up of the semiconductor-grade quartz-crucible project could improve the company’s product mix and earnings sources. However, the semiconductor project remains at a low level of construction progress, and the company has not yet demonstrated that it can generate stable incremental profits.

The key to future earnings recovery lies in whether quartz-crucible prices, sales volumes, and gross margins can improve sustainably; whether processing services can maintain reasonable profitability; and whether impairment pressure and cash-flow conditions can ease further. Because the company’s historical performance has been significantly affected by cycles and pricing, and because it remains highly dependent on downstream customers such as TCL Zhonghuan, future earnings forecasts are highly uncertain. Investors should therefore focus on core-business gross margin, quartz-product profitability, operating cash flow, inventory impairments, and semiconductor-project progress, rather than concluding that a profit turnaround is underway solely from year-on-year revenue improvement.

Data Sources

• OJing Technology: 2025 Annual Report Summary - Home >
• Inner Mongolia OJing Science & Technology Co., Ltd. 2025 Annual Report Summary - Article Search
• OJing Technology (sz001269)
• OJing Technology (001269.SZ): Does not engage in the production or manufacture of semiconductor silicon ingots
• OJing Technology Listed-Company Information - OJing Technology Listed-Company Information
• OJing Technology (001269.SZ): Does not engage in the production or manufacture of semiconductor silicon ingots
• OJing Technology (001269.SZ): Does not engage in the production or manufacture of semiconductor silicon ingots_9F Investment
• OJing Technology (001269.SZ): Does not engage in the production or manufacture of semiconductor silicon ingots_JRJ
• OJing Technology (001269)_Individual Stock Overview_Stock Price_Real-Time Market Data_Charts_News_Research_FinScope-AI Makes Investing Easier
• Market Reading: OJing Technology (001269) Secretary of the Board Provides Latest Response on January 9
• OJing Technology: 2025 Annual Report Summary-Securities Star - OJing Technology: 2025 Annual Report Summary
• OJing Technology - OJing Technology
• OJing Technology: Leading Quartz Crucible Company for Monocrystalline-Silicon Growth Lists on SZSE Main Board - Home > Flash > Finance
• OJing Technology (001269) - Company Profile
• OJing Technology (001269) Company Information - OJing Technology
• Introduction to Inner Mongolia OJing Science & Technology Co., Ltd._OJing Technology (001269) Company Introduction_Securities Star
• Revenue of RMB 484 Million! OJing Technology: Breaking Through in Quartz-Crucible Technology and Accelerating Semiconductor Expansion
• Revenue of RMB 484 Million! OJing Technology: Breaking Through in Quartz-Crucible Technology and Accelerating Semiconductor Expansion
• OJing Technology’s 2025 Net Loss Attributable to Shareholders Was RMB 280 Million; Accelerating Semiconductor Quartz-Crucible Expansion Under Pressure on PV Core Business_Blue Whale Finance
• Quartz Crucible Price Index_China Powder Information_Powder Material Price Index Platform
• OJing Technology: 2025 Annual Report-Securities Star - Processing services 308,356,891.52 63.67% 592,346,594.61 62.58% -47.94%
• OJing Technology Revenue Composition
• OJing Technology (001269)_Company Announcements_OJing Technology: 2025 Annual Report_Sina Finance - The company’s core members have long worked in the PV and semiconductor industries, with a highly professional management team
• OJing Technology: 25.28 -1.52% -0.39 001269 Sohu Securities - Recently Viewed
• OJing Technology - The company’s core members have long worked in the PV and semiconductor industries
• OJing Technology: Entrusted-Management Report of Inner Mongolia OJing Science & Technology Co., Ltd. (2025)-Securities Star - Fax: 0471-3252358
• Pacific Securities
• Raw-Material Supply Is the Key to Victory; Quartz Crucibles Face Major Opportunities
• USD 350 Million! OJing Technology Signs Major Quartz-Sand Procurement Order with Overseas Leader_Jigang New Energy
• USD 350 Million! OJing Technology Signs Major Procurement Order with Overseas Leader
• OJing Technology (001269): Raw-Material Supply Is the Key to Victory; Quartz Crucibles Face Major Opportunities_9F Investment
• USD 350 Million! OJing Technology Signs Major Procurement Order with Overseas Leader
• - January–August 2022 quartz imports were 20,800 tonnes, +26.01% YoY; average import price was 25,300 per tonne, +15.62% YoY
• High-Purity Quartz-Sand Prices Surge 50% in One Week; OJing Technology Hits Limit-Up Intraday
• High-Purity Quartz-Sand Prices Surge 50% in One Week; OJing Technology Hits Limit-Up Intraday_News_Procurement_Unimin
• First Coverage: OJing Technology: Quartz-Crucible Leader with Distinct Competitive Advantages
• OJing Technology 2024 Financial Results: Revenue Plunged 69.75%, Net Loss of RMB 536 Million
• Quartz Price Index_China Powder Information_Powder Material Price Index Platform
• Quartz Crucibles “Cannot Be Sold”? OJing Technology Loses RMB 500 Million
• Quartz Crucibles “Cannot Be Sold”? OJing Technology Loses RMB 500 Million_China Powder Quartz Industry Portal
• OJing Technology: Entrusted-Management Report for the 2024 Convertible Bond Issuance to Unspecified Investors - Processing, production, and sales; import/export business filed with commerce authorities
• Earnings Decline and Weak Share Price: OJing Technology’s Third-Largest Shareholder Still Proposes a Reduction
• Quartz-Crucible Volume and Prices Both Declined; OJing Technology Recorded a Net Loss of RMB 536 Million Last Year
• OJing Technology (001269): 2024 Board Work Report
• OJing Technology (001269) 2024 Annual Report In-Depth Analysis
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• OJing Technology: September 9, 2026 Investor-Relations Activity Record
• OJing Technology Reduced Losses in 1H26; Semiconductor Quartz-Crucible Business Awaits Volume Ramp-Up
• Stock Market Express: OJing Technology (001269) Main-Fund Net Selling of RMB 437,700 on September 10
• OJing Technology (001269) Financial Statements_Financial Overview_Financial Indicator Analysis_Investing.com
• OJing Technology: Revenue Reached RMB 113 Million in Q1 2026
• SZ:001269 Financials - Investing.com India - Inner Mongolia OJing Science & Technology Co Ltd (001269)
• OJing Technology: 2026 Q1 Report
• Inner Mongolia OJing Science & Technology Co., Ltd. Announces Financial Results for the Year Ended December 31, 2025
• OJing Technology (001269) Key Indicators_Financial Indicators and Analysis_Securities Star
• OJing Technology (001269) Financial Analysis
• Haitong International: Initiates Overweight Rating on OJing Technology, Target Price RMB 41.16
• OJing Technology (001269): Volume and Price Under Temporary Pressure; Awaiting Demand Recovery
• Research Report Table - CITIC Securities - July 6, 2026 - 10jqka
• OJing Technology Receives Haitong International “Outperform” Rating; Target Price Cut 43% to RMB 41.16 from RMB 72.10
• OJing Technology Outlook: 2023 High-Purity-Sand Shortage and Earnings Elasticity Release Growth Potential
• Research Report Indicator Update-Research Reports-Stock Channel-Securities Star
• Haitong International: Initiates Overweight Rating on OJing Technology, Target Price RMB 72.1
• Research Report
• China Post Securities Initiates Buy Rating on OJing Technology: PV Enters N-Type Era; Quartz Crucible Volumes and Profits Expected to Rise
• Guotai Junan-OJing Technology-001269-2023 Annual Report and 2024 Q1 Review: Volume and Price Under Temporary Pressure; Awaiting Demand Recovery-240509-Research Report-Company Research
• Inner Mongolia OJing Science & Technology (SZSE:001269) Stock Forecast & Analyst Predictions - Simply Wall St - NOT FOR DISTRIBUTION
• 001269 OJing Technology
• Inner Mongolia OJing Science & Technology Co., Ltd. (001269.SZ) DCF Valuation
• Earnings Forecasts - Stock Data - Data Center
• OJing Technology (001269) Earnings Forecast
• OJing Technology Outlook: PV Prosperity, Major-Customer Expansion, and Quartz-Sand Shortages Drive Growth
• Inner Mongolia OJing Science & Technology Co., Ltd.: Financial Data, Forecasts, Estimates and Expectations 001269 | MarketScreener Italy
• Guojin New Energy: Further Call on OJing Technology: Higher Semiconductor-Wafer Utilization and Domestic Substitution Drive Volume and Profit Growth
• rainstock - OJing Technology 001269 - Viscount Finance
• eCompany, the First Platform for Listed-Company Information
• OJing Technology (sz001269) Price Trend
• OJing Technology 19.92 0.05 (0.25%) Latest Price_Quote_Chart—Eastmoney
• OJing Technology (sz001269) Price Trend - OJing Technology (sz001269) 2026-09-09 15:49:36 (Beijing Time)
• OJing Technology (001269)_Individual Stock Overview_Stock Price_Real-Time Market Data_Charts_News_Research_FinScope-AI Makes Investing Easier
• OJing Technology (001269.SZ) - Quick Quote
• OJing Technology (001269.SZ)
• OJing Technology 18.92 (-2.87%)_Daily Trade Details_Sina Finance
• OJing Technology (001269.SZ)
• OJing Technology - OJing Technology
• OJing Technology (001269) Shareholders’ Meetings_Data Center_Eastmoney
• OJing Technology (001269) - Historical Shareholders’ Meeting Announcements
• Shenzhen Stock Exchange - Listed Company Announcements
• OJing Technology - 1.00 “Proposal on the 2025 Board Work Report” 2.00 “Proposal on the 2025 Financial Statements” 3.00 “Proposal on the 2025 Annual Report and Annual Report Summary” 4.00 “Proposal on the 2025 Profit Distribution Plan” 5.00 “Proposal on...”
• OJing Technology: Online Investor Research Session for the 2025 Annual and 2026 Q1 Results
• OJing Technology (001269) News
• OJing Technology 001269 Company Announcements
• Financial Results of Inner Mongolia OJing Science & Technology Co., Ltd. for the First Nine Months of 2025
• OJing Technology: Resolution of the 22nd Meeting of the Fourth Board of Directors
• OJing Technology: Announcement on the 2026 Interim Results Presentation
• OJing Technology: Announcement on Provision for Asset Impairments
• OJing Technology: 2026 Interim Report Summary
• OJing Technology
• OJing Technology: Impairment Provisions Reduced Total Profit in the 2026 Interim Consolidated Statements by RMB 27.9276 Million
• OJing Technology: Announcement on Factoring of Accounts Receivable
• OJing Technology: Resolution of the 22nd Meeting of the Fourth Board of Directors-Securities Star
• OJing Technology: Resolution of the 22nd Meeting of the Fourth Board of Directors
• [[Interim Report] OJing Technology (001269): 2026 Interim Report Summary](https://vipwt1.cfi.net.cn/p20260829001458.html#1)
• OJing Technology - OJing Technology
• OJing Technology Company Announcements
• OJing Technology: 2026 Interim Earnings Guidance
• OJing Technology (001269.SZ) Corporate Events-PC_HSF10 Information - Key Events
• OJing Technology (001269)
• OJing Technology Announcement Summary
• OJing Technology: Announcement on 2026 Q2 Convertible-Bond Conversion
• OJing Technology (001269)_Complete Announcements_CN Finance
• OJing Technology: Announcement on Closure of Certain Proceeds Accounts
• OJing Technology (001269) Transaction Alerts-Securities Star
• OJing Technology: Announcement on Subsidiary Production Suspension
• OJing Technology: Announcement on Subsidiary Production Suspension
• OJing Technology: Announcement on Subsidiary Production Suspension_Sina Finance
• OJing Technology: Summary of Announcement on Subsidiary Production Suspension
• OJing Technology: Tianjin Ouchuan and Certain Production Lines of Yixing Ouqing Suspend Production
• OJing Technology: Tianjin Ouchuan and Certain Production Lines of Yixing Ouqing Suspend Production
• OJing Technology: Tianjin Ouchuan and Certain Production Lines of Yixing Ouqing Suspend Production
• OJing Technology: Tianjin Ouchuan and Certain Production Lines of Yixing Ouqing Suspend Production
• Two OJing Technology Subsidiaries Suspend Production, Expected to Affect More Than 10% of 2025 Net Profit Attributable to Shareholders
• Two OJing Technology Subsidiaries Suspend Production, Expected to Affect More Than 10% of 2025 Net Profit Attributable to Shareholders
• OJing Technology (001269) Historical Stock Data: Historical Prices, Trends, and Charts_Investing.com
• OJing Technology (001269) Latest Developments_F10_10jqka
• OJing Technology (001269) P/E|Valuation|Fundamentals - Lixinger
• Inner Mongolia OJing Science Stock Price History - Investing.com
• OJing Technology (001269) Stock Price Trend Technical Analysis_Future Forecast_Buy/Sell Suggestions_Investing.com
• OJing Technology (001269) Fund Flows_Individual Stock Market Data_10jqka
• OJing Technology (001269) Shareholder Research_F10_10jqka

This report was automatically retrieved, compiled, and generated by AI based on publicly available information. Information is current through the September 11, 2026 market close; the research base date is September 12, 2026. Timing differences may exist. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.