[Financial Summary](index=1&type=section&id=Financial%20Summary) [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) The Group's total revenue increased **7.0%** to **HKD 972 million**, with profit attributable to shareholders up **10.6%** to **HKD 618 million**, and basic EPS at **36.39 HK cents** Key Financial Indicators | Indicator | 2025 | 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 972 million | HKD 909 million | +7.0% | | Profit before Tax | HKD 677 million | HKD 605 million | +12.0% | | Profit for the Year | HKD 618 million | HKD 559 million | +10.6% | | Basic Earnings Per Share | 36.39 HK cents | 32.93 HK cents | +10.5% | [Consolidated Statement of Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue growth was driven by a swing from net loss to net gain in other income, turning a **HKD 19.97 million** loss into a **HKD 43.84 million** gain, boosting operating profit **3.0%** to **HKD 891 million** - Net other income/(loss) significantly improved, swinging from a **HKD 19.97 million** loss in the prior year to a **HKD 43.84 million** gain this year, primarily due to increased realized and unrealized gains from financial assets at fair value through profit or loss[2](index=2&type=chunk)[20](index=20&type=chunk) - Operating expenses significantly increased, with staff costs growing **15.4%** year-over-year to **HKD 161 million** and other operating expenses rising **51.1%** to **HKD 248 million**[2](index=2&type=chunk)[21](index=21&type=chunk) - Finance costs decreased **17.8%** year-over-year to **HKD 214 million**, helping to alleviate expense pressure[3](index=3&type=chunk)[21](index=21&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets reached **HKD 7.691 billion**, total liabilities **HKD 6.189 billion**, and net assets grew **4.0%** to **HKD 1.502 billion**, reflecting business expansion Key Financial Position Indicators | Indicator (as of March 31) | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,690,628 | 7,078,456 | +8.7% | | Total Liabilities | 6,188,827 | 5,634,181 | +9.9% | | Net Assets | 1,501,801 | 1,444,275 | +4.0% | | Accounts Receivable | 7,012,365 | 6,349,686 | +10.4% | | Bank Loans | 4,370,000 | 3,775,000 | +15.8% | [Segment Analysis](index=7&type=section&id=Segment%20Analysis) [Segment Results](index=7&type=section&id=Segment%20Results) The Securities Brokerage segment was the core growth driver, with significant revenue and EBIT increases, offsetting declines in Commodities and Futures Brokerage - The Group is primarily managed and reported across three segments: Securities Brokerage, Commodities and Futures Brokerage, and Precious Metals Trading[11](index=11&type=chunk)[13](index=13&type=chunk) Segment Performance Overview | Reportable Segment (HKD thousand) | 2025 | 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Securities Brokerage | 778,195 | 700,500 | +11.1% | | Commodities and Futures Brokerage | 189,674 | 201,710 | -6.0% | | Precious Metals Trading | 4,191 | 6,284 | -33.3% | | **EBIT** | | | | | Securities Brokerage | 783,081 | 725,705 | +7.9% | | Commodities and Futures Brokerage | 92,906 | 123,562 | -24.8% | | Precious Metals Trading | 1,589 | 3,783 | -58.0% | [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Market Review and Operating Results](index=21&type=section&id=Market%20Review%20and%20Operating%20Results) Despite a weak Hong Kong economy, the financial market rebounded in H2 2024, driven by US rate cut expectations, national policies, and AI-fueled 'Southbound Capital', leading to the Group's double-digit growth - Hong Kong's economy faced challenges, but the stock market strongly rebounded in the second half of 2024, driven by interest rate cut expectations, national rescue policies, and the AI boom, leading to a significant increase in trading volume[39](index=39&type=chunk)[40](index=40&type=chunk) - The Group adopted a proactive business approach, actively performing in both US and Hong Kong stock markets, driving performance and client growth[41](index=41&type=chunk) Operating Performance Summary | Operating Results | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 972.3 million | HKD 908.8 million | +7.0% | | Profit After Tax Attributable to Shareholders | HKD 617.6 million | HKD 558.5 million | +10.6% | | Earnings Per Share | 36.39 HK cents | 32.93 HK cents | +10.5% | [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) Total revenue grew **7.0%**, driven by a **49.3%** surge in securities brokerage commission and an **87.2%** increase in handling and clearing fees, despite a **13.4%** drop in margin financing interest income - Securities brokerage commission income surged **49.3%** year-over-year to **HKD 346 million**, primarily benefiting from a **72.1%** increase in HKEX total turnover[46](index=46&type=chunk)[47](index=47&type=chunk) - Margin financing interest income decreased **13.4%** year-over-year to **HKD 339 million**, due to lower interbank offered rates and a decline in average daily margin loan balances[46](index=46&type=chunk)[52](index=52&type=chunk) - Handling and clearing fee income increased **87.2%** year-over-year to **HKD 117 million**, mainly due to adjustments in global futures brokerage fee models, reclassifying some commission income to this category[46](index=46&type=chunk)[53](index=53&type=chunk) - Benefiting from a recovering IPO market, initial public offering brokerage commission income soared **320.0%** to **HKD 4.2 million**[46](index=46&type=chunk)[51](index=51&type=chunk) [Operating Expenses and Profit Margin](index=28&type=section&id=Operating%20Expenses%20and%20Profit%20Margin) Total operating expenses rose **8.1%** to **HKD 682 million**, with miscellaneous expenses up **206.3%**, yet net profit margin slightly increased from **61.5%** to **63.5%** due to revenue growth and lower finance costs Operating Expenses and Net Profit Margin | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Expenses | 682,390 | 631,174 | +8.1% | | Staff Costs | 160,847 | 139,415 | +15.4% | | Finance Costs | 213,599 | 259,855 | -17.8% | | Miscellaneous Expenses | 91,005 | 29,715 | +206.3% | | **Net Profit Margin** | **63.5%** | **61.5%** | **+2.0 p.p.** | [Proprietary Trading Performance](index=28&type=section&id=Proprietary%20Trading%20Performance) Proprietary trading significantly improved, recording a **HKD 39.9 million** investment gain versus a **HKD 15.1 million** loss last year, with the portfolio size shrinking from **HKD 51.6 million** to **HKD 1.1 million** - Investment gain from financial assets at fair value through profit or loss was **HKD 39.9 million**, reversing a **HKD 15.1 million** loss in the prior year[54](index=54&type=chunk) - As of March 31, 2025, the investment portfolio's carrying value significantly reduced to **HKD 1.1 million**, compared to **HKD 51.6 million** in the prior year[54](index=54&type=chunk) [Client Growth and Assets](index=25&type=section&id=Client%20Growth%20and%20Assets) The client base expanded with **24,517** net new accounts, total accounts growing **4.4%** to **587,072**, and client assets surging **27.9%** to approximately **HKD 64.2 billion** Client Growth and Asset Overview | Indicator (as of March 31) | 2025 | 2024 | Increase | | :--- | :--- | :--- | :--- | | New Accounts Opened (Net) | 24,517 | - | - | | Total Client Accounts | 587,072 | 562,555 | +4.4% | | Client Assets | Approx. HKD 64.2 billion | Approx. HKD 50.2 billion | +27.9% | [Business Outlook and Strategy](index=29&type=section&id=Business%20Outlook%20and%20Strategy) [Market Outlook](index=29&type=section&id=Market%20Outlook) Management expects market uncertainty from US trade policies but remains confident in Hong Kong's capital market, anticipating stable development driven by mainland China's economic support and deepening 'Connect' schemes - Anticipated US President Trump's tariff policies will bring global economic uncertainty, potentially impacting Hong Kong's trade and financial markets[57](index=57&type=chunk) - The Group firmly believes Hong Kong's economy and capital market will benefit and develop steadily, driven by the Chinese government's economic support policies and continuous 'Northbound Capital' inflow[58](index=58&type=chunk)[59](index=59&type=chunk) [Group Strategy](index=31&type=section&id=Group%20Strategy) The Group's strategy includes digitalizing trading services, optimizing apps, expanding global financial products, and integrating online/offline marketing with FinTech to enhance efficiency and consolidate market leadership - Committed to promoting the digitalization and intelligence of client trading services, continuously investing in and improving online trading apps[60](index=60&type=chunk)[61](index=61&type=chunk) - Continuously exploring more global financial products to meet investors' growing interest in worldwide investments[60](index=60&type=chunk) - Maintaining an offline service network, including 13 branches and the 'Bright Smart Education Vehicle', and organizing investor education activities to enhance client service quality and financial literacy[62](index=62&type=chunk) [Cybersecurity](index=32&type=section&id=Cybersecurity) The Group prioritizes cybersecurity, investing heavily to enhance trading system efficiency, capacity, and security through data center relocation, ultra-high-pressure testing, and external security audits - Computer hub equipment systems have been relocated to HKEX's central machine room to enhance system stability[63](index=63&type=chunk) - Regularly conducting simulation stress tests at five times HKEX's peak trading volume and engaging external experts for cybersecurity audits to ensure robust and reliable systems[63](index=63&type=chunk)[64](index=64&type=chunk) [Financial Condition and Risk Management](index=34&type=section&id=Financial%20Condition%20and%20Risk%20Management) [Capital Structure and Liquidity](index=34&type=section&id=Capital%20Structure%20and%20Liquidity) The Group maintains a robust financial position with **HKD 477 million** in cash, a **1.2x** current ratio, and a **291.0%** debt-to-equity ratio, with all licensed subsidiaries complying with liquidity requirements Capital Structure and Liquidity Indicators | Indicator (as of March 31, 2025) | Amount | Comparison (2024) | | :--- | :--- | :--- | | Cash and Bank Balances | HKD 476.6 million | HKD 441.3 million | | Bank Borrowings | HKD 4.37 billion | HKD 3.775 billion | | Debt-to-Equity Ratio | 291.0% | 261.4% | | Current Ratio | 1.2x | 1.2x | - The Group ensures all licensed subsidiaries comply with liquidity requirements under the Securities and Futures (Financial Resources) Rules[69](index=69&type=chunk) [Risk Management](index=36&type=section&id=Risk%20Management) The Group employs a comprehensive risk management framework, managing credit risk via client assessments and collateral, interest rate risk through rate adjustments, and foreign exchange risk via spot transactions - Credit Risk: Primarily from amounts due from clients, brokers, and clearing houses, managed through strict credit policies, collateral requirements, and daily monitoring[76](index=76&type=chunk) - Interest Rate Risk: Major financial assets and liabilities bear floating interest rates, with the Group managing potential adverse impacts on net interest income by adjusting client rates[80](index=80&type=chunk) - Foreign Exchange Risk: Primarily from non-HKD/USD financial instruments, with net exposure maintained at acceptable levels through spot foreign exchange transactions[81](index=81&type=chunk) - Price Risk: Primarily from listed equity investments, futures contracts, and accounts receivable measured at collateral fair value, managed by regularly monitoring investment portfolio performance[82](index=82&type=chunk)[83](index=83&type=chunk) [Shareholder Returns and Corporate Governance](index=38&type=section&id=Shareholder%20Returns%20and%20Corporate%20Governance) [Dividend Policy](index=38&type=section&id=Dividend%20Policy) The Board resolved not to recommend a final dividend for the year ended March 31, 2025, while the previous fiscal year's final dividend of **HKD 0.33** per share was paid during the current year - The Board does not recommend a final dividend for the year ended March 31, 2025[29](index=29&type=chunk)[84](index=84&type=chunk) - During the current year, the final dividend for the 2024 fiscal year, totaling **HKD 560 million**, was paid[30](index=30&type=chunk) [Corporate Governance](index=38&type=section&id=Corporate%20Governance) The Group confirms compliance with the Corporate Governance Code, with full-year results reviewed by the Audit Committee and financial figures reconciled by KPMG - The Board is satisfied that the Company has complied with the code provisions of the Corporate Governance Code throughout the year[87](index=87&type=chunk) - The full-year results have been reviewed by the Company's Audit Committee, comprising four independent non-executive directors[89](index=89&type=chunk)

Group 1 - Ant Group concept stocks in Hong Kong have shown strong performance, with Yunfeng Financial (00376.HK) rising nearly 10% [1] - Lion Group Holdings (02562.HK) increased by 6.4% [1] - Yaocai Securities (01428.HK) saw a rise of over 4% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況下於或向該司 法權區發佈、刊發或派發。 WEALTHINESS AND PROSPERITY HOLDING LIMITED BRIGHT SMART SECURITIES & COMMODITIES GROUP LIMITED （於開曼群島註冊成立之有限公司） 茲提述：(i)要約人及本公司於二零二五年四月二十五日刊發的聯合公告，其中 內容包括購股協議及要約（「該公告」）；及(ii)要約人及本公司於二零二五年五 月十六日刊發的聯合公告，內容有關延遲寄發有關要約的綜合文件（「延遲公 告」）。除非文義另有所指，本公告所用詞彙與該公告及延遲公告（如適用）所界 定者具有相同涵義。 耀才證券金融集團有限公司 （股份代號：1428） （於開曼群島註冊成立之有限公司） 聯合公告 有關 摩 ...

Market Overview - The Shanghai Composite Index is struggling to maintain the 3400-point level, with significant support from major financial institutions such as banks, brokerages, and insurance companies [1] - Market sentiment remains cautious, with trading volumes not keeping pace, leading to increased volatility and sector rotation among hot sectors like innovative drugs, CPO, IP economy, precious metals, rare earth permanent magnets, and automotive parts [1] Key News - Ant Group concept stocks surged in Hong Kong, with Yunfeng Financial rising by 100% at one point and closing up approximately 60%, following news that Ant Group plans to apply for stablecoin licenses in Singapore and Hong Kong [2] - The innovative drug sector continues to rise, with stock prices increasing while price-to-earnings ratios are decreasing, indicating a potential value reassessment as corporate earnings growth outpaces stock price increases [2][4] Precious Metals - Gold stocks in A-shares experienced a sudden surge, with Hengbang Co. and Chaohongji both hitting the daily limit, driven by heightened demand for gold as a safe haven amid escalating geopolitical tensions in the Middle East [4] - Platinum and silver have also seen significant price increases, with platinum rising nearly 40% this year, surpassing gold's performance, and silver reaching a 13-year high above $36 per ounce [4][5] Demand and Supply Dynamics - The demand structure for platinum shows that 40% is used in automotive catalysts, 25% in jewelry, 20% for industrial purposes, and 9% for investment [6] - Silver's demand structure indicates that industrial demand accounts for 58.5%, jewelry for 17.9%, investment for 16.4%, and other uses for the remainder [7] - The supply-demand gap for platinum is expected to widen, with the World Platinum Investment Council projecting the lowest total supply in five years by 2025, while investment demand is significantly increasing [8] - The global industrial demand for silver is anticipated to exceed 55% by the end of 2025, with a projected supply gap of 8,800 tons, driven by the energy revolution and technological advancements [8] Investment Implications - The rise of white metals like silver and platinum is expected to boost the precious metals sector, with companies involved in the silver and platinum supply chain likely to benefit from this trend [8]

BRIGHT SMART SECURITIES & COMMODITIES GROUP LIMITED 耀才證券金融集團有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 1428) 香港，二零二五年六月十二日 於本公告日期，董事會由執行董事葉茂林先生（主席）、許繹彬先生（行政總裁）、陳永誠 先生；以及獨立非執行董事余韌剛先生、司徒維新先生、凌國輝先生及黃婷婷小姐組成。 承董事會命 耀才證券金融集團有限公司 執行董事兼行政總裁 許繹彬 董事會會議召開日期 耀才證券金融集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於 二零二五年六月二十七日（星期五）召開董事會會議，藉以審議及通過（其中包括） 本公司及其附屬公司截至二零二五年三月三十一日止年度之全年業績及其發佈。 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況下於或向該司 法權區發佈、刊發或派發。 BRIGHT SMART SECURITIES & COMMODITIES GROUP LIMITED 耀才證券金融集團有限公司 （於開曼群島註冊成立之有限公司） 茲提述Wealthiness and Prosperity Holding Limited（「要約人」）及耀才證券金融集團 有限公司（「本公司」）於二零二五年四月二十五日就（其中包括）要約而刊發的 聯合公告（「聯合公告」）。除本公告另有界定者外，聯合公告所界定或採用的詞 彙與本公告所用者具有相同涵義。 本公司董事會（「董事會」）謹此宣佈，根據《證券及期貨條例》可進行第1類（證券 交易）及第6類（就機構融資提供意見）受規管活動之持牌法團新百利融資有限 公司已獲委任為獨立財務顧 ...

Core Points - The China Securities Regulatory Commission (CSRC) has officially implemented revised regulations for major asset restructuring of listed companies, aiming to simplify review processes and enhance market-oriented mergers and acquisitions [1][2] - The new regulations introduce several first-time measures, including a simplified review process, adjustments to regulatory requirements for issuing shares to purchase assets, and a phased payment mechanism for share issuance [1][2] Group 1: Regulatory Changes - The new simplified review process allows for a "2+5+5" mechanism, where applications are accepted within 2 days, reviewed within 5 days, and registered within another 5 days, significantly improving transaction efficiency [1] - A phased payment mechanism for share issuance has been established, extending the registration decision validity period to 48 months [1] - The new rules increase regulatory tolerance regarding financial condition changes, industry competition, and related party transactions [1] Group 2: Market Activity - Since the introduction of the "M&A Six Guidelines," the scale and activity of the M&A market have significantly increased, with over 1,400 asset restructuring disclosures, including more than 160 major asset restructurings [2] - In 2023, listed companies have been more proactive in planning asset restructurings, with over 600 disclosures, a 1.4 times increase compared to the same period last year, and approximately 90 major asset restructurings, a 3.3 times increase [2] - The total amount of completed major asset restructuring transactions has exceeded 200 billion yuan, an 11.6 times increase compared to the same period last year [2] Group 3: Hong Kong Market - The Hong Kong IPO market has shown signs of recovery, with 21 companies listed as of May 14, 2024, raising a total of 23.472 billion HKD, a 40% increase year-on-year [3] - The introduction of the "Tech Company Fast Track" by the Hong Kong Securities and Futures Commission aims to facilitate the listing of technology and biotech companies, enhancing market competitiveness [3] - The easing of M&A policies is expected to benefit brokerage firms, providing more opportunities for financial advisory roles in M&A projects and potentially boosting other business lines [3] Group 4: Company Performance - Hong Kong Exchanges and Clearing Limited reported a revenue of 6.857 billion HKD in Q1 2025, a 32% year-on-year increase, with net profit rising by 37% [4] - Citic Securities achieved a revenue of 17.761 billion yuan in Q1 2025, ranking first in the industry with a 29.13% year-on-year growth [5] - CICC reported a revenue of 5.721 billion yuan in Q1 2025, with a significant year-on-year increase of 47.69% and a net profit growth of 64.85% [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況下於或向該司 法權區發佈、刊發或派發。 WEALTHINESS AND PROSPERITY HOLDING LIMITED BRIGHT SMART SECURITIES & COMMODITIES GROUP LIMITED （於開曼群島註冊成立之有限公司） 耀才證券金融集團有限公司 （股份代號：1428） （於開曼群島註冊成立之有限公司） 聯合公告 延遲寄發有關 摩根士丹利亞洲有限公司代表要約人提出有關本公司全部已發行 股份（要約人及要約人一致行動人士已擁有或同意將予收購的股份 除外）的潛在無條件強制性現金要約的 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 綜合文件 要約人的獨家財務顧問 – 1 – 茲提述要約人及本公司於二零二五年四月二十五日刊發的聯合公告（「該公告」）， 其中內容包括購股協議及要約。除非文義 ...

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]