Core Viewpoint - The recent acquisition of shares in Ningbo Zhongbai by Jindi Commercial through judicial auction raises questions about the future control and stability of the company, especially with the upcoming auction of the largest shareholder's shares on November 22 [2][9]. Shareholding Changes - Jindi Commercial acquired 18,884,000 shares of Ningbo Zhongbai, representing 8.42% of the total share capital, through a judicial auction, increasing its total holdings to 29,565,700 shares or 13.18% [3][4]. - Prior to the auction, Jindi Commercial held 10,681,700 shares, which was 4.76% of the total shares [4]. Acquisition Details - The shares were acquired at a total price of 270 million yuan, translating to approximately 14.3 yuan per share, which is significantly lower than the current market price of 17.48 yuan [4][5]. - Jindi Commercial's share acquisition began in July 2025, with a total of 1,068,170 shares purchased at prices ranging from 12.18 to 17.10 yuan per share [6][7]. Future Plans and Market Implications - Jindi Commercial has stated that it currently has no plans to increase its holdings but does not rule out the possibility of future purchases or sales within the next twelve months [9]. - The upcoming auction of the largest shareholder's shares will likely influence the control dynamics of Ningbo Zhongbai, with Jindi Commercial's position becoming increasingly significant [9][10]. Company Background - Ningbo Zhongbai is a major retail company in Ningbo, with over 70 years of history, operating a large department store in the city's commercial center [10].

Core Viewpoint - The report outlines the equity changes of Ningbo Zhongbai Co., Ltd. as disclosed by Hangzhou Jindi Commercial Management Co., Ltd., confirming the acquisition of 18,884,000 shares through a judicial auction for a total of 270 million yuan [1][4][5]. Group 1: Equity Change Details - The equity change does not require approval from relevant authorities and is based solely on the information provided in the report [2]. - The acquisition was made through a public auction conducted by the Qingdao Intermediate People's Court, with the shares representing 8.42% of the total share capital of Ningbo Zhongbai [4]. - The shares were successfully transferred to Hangzhou Jindi Commercial Management Co., Ltd. following the court's execution ruling, and the ownership was officially registered [5]. Group 2: Disclosure Obligations - The report confirms that there are no other undisclosed changes in the equity holdings of the disclosing party in Ningbo Zhongbai [1][3]. - Hangzhou Jindi Commercial Management Co., Ltd. has committed to the accuracy and completeness of the report, accepting legal responsibility for any misrepresentation [2][7]. - The disclosing party has not engaged in selling shares of Ningbo Zhongbai in the past six months, having only purchased a total of 10.68 million shares [5]. Group 3: Future Plans - As of the report's signing date, there are no immediate plans for further increasing or decreasing the shareholding in Ningbo Zhongbai within the next 12 months, although such actions are not ruled out [4].

上市公司名称： 宁波中百股份有限公司 股票上市地点： 上海证券交易所 股票简称： 宁波中百 股票代码： 600857 宁波中百股份有限公司 简式权益变动报告书 签署日期：二〇二五年十一月 1 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与 格式准则第 15 号—权益变动报告书》及其他相关法律、法规、部门规章及规范 性文件的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在宁波中百股份有限公司（以下简称"宁波中 百"）中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在宁波中百中拥有权益的股份。 四、本次权益变动无需经过相关主管部门批准、不附加其他生效条件。 五、本次权益变动是根据本报告书所载明的资料进行的，除信息披露义务人 外，没有委托或者授权任何其他机构或人员提供未在本报告书中列载的信息和对 本报告做出任 ...

Core Viewpoint - Hangzhou Jindi Commercial Management Co., Ltd. acquired 18.884 million shares of Ningbo Zhongbai through judicial auction, representing 8.42% of the company's total share capital [1] - After the auction, Jindi Commercial holds a total of 29.5657 million shares, which is 13.18% of the total share capital of Ningbo Zhongbai [1] Summary by Category - **Acquisition Details** - Jindi Commercial acquired 18.884 million shares through judicial auction [1] - This acquisition increased Jindi Commercial's total holdings to 29.5657 million shares [1] - **Ownership Structure** - Post-acquisition, Jindi Commercial's ownership in Ningbo Zhongbai is 13.18% of the total share capital [1] - Prior to the auction, Jindi Commercial held 4.3% of the total share capital [1]

证券代码：600857 证券简称：宁波中百 公告编号：2025-030 宁波中百股份有限公司 关于公司持股5%以上股东所持股份被司法拍卖完成 暨权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次被司法拍卖的标的为宁波中百股份有限公司（以下简称"宁波中百"、"公 司"）股东竺仁宝持有公司 18,884,000 股（均为无限售条件流通股），占其 所持公司股份的 100%，占公司总股本的 8.42%。 公司收到山东省青岛市中级人民法院（以下简称"青岛中院"）执行裁定书 【（2022）鲁 02 执 924 号之三十八】，裁定公司 18,884,000 股无限售流通股 股票的所有权归买受人所有。上述财产的所有权自该裁定送达买受人时起转 移，买受人可持该裁定到登记机构办理相关股票登记过户手续。解除公司 18,884,000 股无限售流通股股票的冻结措施。 公司原持股 5%以上股东竺仁宝先生持有公司 18,884,000 股无限售流通股被 司法拍卖且已完成过户登记手续，竺仁宝先生不再持有本公司股份。杭 ...

Core Viewpoint - Ningbo Zhongbai (600857) announced that its former shareholder Zhu Renbao, who held over 5% of the company's shares, has had 18.884 million unrestricted circulating shares judicially auctioned and the transfer registration has been completed, resulting in Zhu Renbao no longer holding any shares in the company [1] Group 1 - Zhu Renbao's 18.884 million shares represent 8.42% of the company's total share capital [1] - Hangzhou Jindi Commercial Management Co., Ltd. acquired these shares through judicial auction and now holds a total of 29.5657 million shares, which accounts for 13.18% of the company's total share capital [1]

Group 1 - Triangle Defense signed a gas turbine project development and framework order agreement with Siemens Energy [1] - The development agreement allows Triangle Defense to qualify for supplying specific items to Siemens Energy, detailing technical prerequisites and standards [1] - Triangle Defense specializes in the research, production, and sales of forged products in aviation, aerospace, and shipping industries [1] Group 2 - Aerospace Hongtu was suspended from military procurement for three years due to alleged violations during a procurement activity [2] - The suspension will last from July 6, 2024, to July 6, 2027, affecting the company's participation in military material procurement [2] - Aerospace Hongtu focuses on satellite operations and data collection [3] Group 3 - Kaili Medical's executives purchased a total of 460,000 shares, investing approximately 13.15 million yuan [4] - The average purchase prices were 28.70 yuan and 28.53 yuan per share [4] - Kaili Medical is engaged in the research, production, and sales of medical diagnostic and treatment equipment [5] Group 4 - Muyuan Foods reported a 22.28% year-on-year decline in sales revenue from live pigs in October, totaling 10.33 billion yuan [6] - The average selling price of live pigs decreased by 32.73% year-on-year to 11.55 yuan per kilogram [6] - Muyuan Foods is involved in pig farming and slaughtering [7] Group 5 - Niuwei Co. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming for full ownership [8] - Niuwei Co. specializes in the research, manufacturing, and sales of industrial valves [9] Group 6 - Jinlong Automobile reported a 14.71% year-on-year decline in bus sales in October, with 4,121 units sold [10] - Jinlong Automobile focuses on the production and sales of bus products [10] Group 7 - ST Tianshan reported a 242.54% year-on-year increase in sales revenue from live livestock in October, totaling 13.35 million yuan [11] - The company sold 1,367 head of livestock, marking a significant increase compared to previous periods [11] - ST Tianshan is involved in the breeding and sales of cattle and dairy products [12] Group 8 - Ningbo Port expects a 12.4% year-on-year increase in container throughput in October, reaching 4.56 million TEUs [13] - The total cargo throughput is projected to be 99.6 million tons, a 5.3% increase year-on-year [13] - Ningbo Port engages in port handling and logistics services [13] Group 9 - Amcare Pharma received approval for supplementary drug applications and clinical trials for its products [14] - The company is focused on new drug development and utilizes a MAH model for production [14] Group 10 - Lude Environment plans to change its stock name to "Lude Technology" while keeping its full name and stock code unchanged [15] - The company specializes in waste treatment and resource utilization technologies [15] Group 11 - Hualan Co. plans to increase its stake in the company by investing between 30 million and 60 million yuan [16] - The maximum purchase price is set at 58.08 yuan per share [16] - Hualan Co. focuses on the development and sales of packaging materials for injectable drugs [16] Group 12 - Caina Co. is using 140 million yuan of idle funds to purchase structured deposits from a bank, with expected annual yields between 0.70% and 1.85% [17] - Caina Co. specializes in the research, production, and sales of injection and laboratory consumables [17] Group 13 - Zhenghong Technology reported a 52.80% year-on-year decrease in sales revenue from live pigs in October, totaling 4.32 million yuan [18] - The company sold 400 head of pigs, marking a significant decline compared to previous periods [18] - Zhenghong Technology is involved in feed production and pig farming [18] Group 14 - Caida Securities received approval from the CSRC to issue bonds totaling up to 6 billion yuan [19] - The company is engaged in securities brokerage, investment banking, and asset management [19] Group 15 - Jiayuan Technology signed a copper foil supply framework agreement with CATL, establishing a long-term partnership [20] - The agreement includes collaboration in the supply and production of materials for new battery technologies [20] Group 16 - Haikong Group announced the resignation of its general manager due to personal career planning [21] - The company is involved in automotive passenger transport and related services [21] Group 17 - Beizhi Technology's application to acquire 100% of Suzhou Suike Intelligent Technology has been accepted by the Shanghai Stock Exchange [22] - The company specializes in intelligent logistics systems and equipment [22] Group 18 - Yikang Pharma's subsidiary received approval for clinical trials of a new injection for chronic hepatitis B [23] - The company focuses on the production and sales of raw and formulated pharmaceutical products [23] Group 19 - Hengyuan Coal Power plans to acquire 100% of two coal companies for 440 million yuan [24] - The acquisition includes assuming debts totaling 1.137 billion yuan [24] - Hengyuan Coal Power is involved in coal mining and sales [24] Group 20 - Yangpu Medical announced the cancellation of a production arrangement for a medical device [25] - The company specializes in precision medical and testing services [25] Group 21 - Kailong High-Tech plans to establish a 195 million yuan industry fund focusing on unlisted companies [26] - The company is involved in air pollution control and new energy management systems [26] Group 22 - Yingli Co. received approval for its application to acquire a majority stake in a company [27] - The company specializes in precision electronic components and related manufacturing [27] Group 23 - Tianyi Medical's arterial-venous puncture device received EU MDR certification, valid until January 2028 [28] - The company focuses on medical devices for blood purification and care [28] Group 24 - Chuangyuan Co. appointed a new president, effective until the end of the current board term [29] - The company specializes in the design and production of paper products [29] Group 25 - Shanghai Laishi's new indication for a drug received clinical trial approval [30] - The company focuses on the production and sales of blood products [30] Group 26 - Fengmao Co. plans to issue convertible bonds to raise up to 520 million yuan for expansion and working capital [31] - The company specializes in precision rubber components [31] Group 27 - Yinuo Si's shareholder plans to transfer 3% of the company's shares through an inquiry process [32] - The company provides comprehensive R&D services in the biopharmaceutical sector [32] Group 28 - Phoenix Shipping plans to use up to 50 million yuan of idle funds for cash management [33] - The company is involved in dry bulk shipping and logistics services [33] Group 29 - Xingyuan Zhuomei received a notification to supply magnesium alloy components worth 2.021 billion yuan to a new energy vehicle manufacturer [34] - The project is expected to start mass production in the third quarter of 2026 [34] Group 30 - Landai Technology's subsidiary plans to sell electric drive assembly assets for 110 million yuan [35] - The company specializes in power transmission and display technology [35] Group 31 - Yuexiu Capital plans to distribute a cash dividend of 0.90 yuan per share [36] - The company is involved in asset management and private equity [36] Group 32 - Northeast Securities plans to distribute a cash dividend of 1.00 yuan per share, totaling 234 million yuan [37] - The company focuses on wealth management and investment banking [37] Group 33 - Jinguang Electric won a bid for a project from the State Grid worth 21.7976 million yuan [38] - The company specializes in the research and manufacturing of power distribution equipment [39] Group 34 - Huarong Co. plans to repurchase shares worth between 40 million and 125 million yuan [40] - The company focuses on the production and sales of explosion-proof electrical equipment [40] Group 35 - Baiyang Pharma signed a distribution agreement for a blood product, gaining exclusive rights in specific markets [41] - The company specializes in the development and commercialization of medical innovations [41] Group 36 - Li Qun Co.'s director plans to reduce his stake by up to 71,000 shares due to personal financial needs [42] - The company is involved in retail and logistics services [42] Group 37 - Su Li Co.'s shareholder plans to reduce his stake by up to 0.48% of the company's shares [43] - The company specializes in the production and sales of fine chemical products [43] Group 38 - Shenzhen Ruijie obtained a commitment letter for a stock repurchase loan of up to 15.3 million yuan [44] - The company provides project management and evaluation services [44] Group 39 - Fudan Zhangjiang's shareholder plans to reduce his stake by up to 1% of the company's shares [45] - The company focuses on biopharmaceutical research and development [45] Group 40 - Ningbo Zhongbai's shareholder plans to reduce his stake by up to 1% of the company's shares [46] - The company is involved in retail and wholesale operations [46] Group 41 - Jingyi Co. announced a change in control due to a judicial auction of shares [47] - The company specializes in copper processing and digital carbon services [47] Group 42 - Luoping Zinc Electric's subsidiary obtained a new safety production license for mining operations [48] - The company focuses on hydropower and mining activities [48]

Shareholder Reduction Plans - Zhongjing Technology's shareholder Longi Green Energy plans to reduce holdings by no more than 3.8764 million shares [1] - Guobo Electronics' shareholder China Electronics Technology Group plans to reduce holdings by no more than 2.00% [1] - Hongbai New Materials' shareholder Xinyu Baolong plans to reduce holdings by no more than 19.5 million shares [1] - Founder Securities' shareholder China Cinda plans to reduce holdings by no more than 82.321 million shares [1] - Ningbo Zhongbai's shareholder Zhang Jiangbo plans to reduce holdings by no more than 1% [1] - Suli Co., Ltd.'s shareholder Gusheng Investment plans to reduce holdings by no more than 900,000 shares [1] - Ruihua Tai's shareholder Hangke New Century plans to reduce holdings by no more than 180,000 shares [1] - Shenkong's shareholder More Liangzhao plans to reduce holdings by no more than 2% [1] Other Notable Events - Yao Yigou received a tax matter notification [1] - ST Lingnan is being prosecuted for alleged collusion in bidding [1]

Group 1 - The core point of the announcement is that Ningbo Zhongbai Co., Ltd. (referred to as "Ningbo Zhongbai") has disclosed a share reduction plan by a major shareholder due to personal funding needs and project investments [2][4]. - Shareholder Zhang Jiangbo holds 22,627,869 shares, accounting for 10.09% of the total share capital, and is not the controlling shareholder or actual controller of the company [2][4]. - The planned reduction involves a maximum of 2,240,000 shares, representing no more than 1% of the company's total shares, to be executed through centralized bidding within three months after the pre-disclosure announcement [2][4]. Group 2 - The reduction plan will be adjusted according to market price and any corporate actions such as dividends or stock splits during the reduction period, but the proportion of shares reduced will remain unchanged [2][4]. - There are no other arrangements by the relevant shareholders regarding the reduction plan, and no prior commitments have been made regarding shareholding ratios or reduction methods [3][4]. - The company will continue to monitor the share reduction situation and fulfill its information disclosure obligations as required by relevant regulations [5].

Core Insights - On November 4, six A-share listed companies disclosed share buybacks, including Huakai Yibai, Midea Group, and Ningde Times [1] - Seventeen A-share listed companies announced share reductions, including Yinghe Technology and Tianhe Solar [1] Buyback Summary - Huakai Yibai: Director Zhuang Junchao plans to buy back at least 30 million yuan worth of shares [2] - Midea Group: Has repurchased A-shares totaling 9.575 billion yuan [2] - Qingyue Technology: Actual controller Gao Yudi proposed a buyback of 10 million to 20 million yuan [2] - Shenzhen Ruijie: Obtained a commitment letter for a special loan for stock buyback [2] - Ningde Times: As of October 31, has repurchased 15.9908 million shares for a total amount of 4.386 billion yuan [2] - Huarong Co.: Plans to buy back shares worth 40 million to 125 million yuan [2] Reduction Summary - Yinghe Technology: Director Wang Jun plans to reduce holdings by no more than 2,700 shares [2] - Shenzhou Information: Shareholder Shen Chang Technology has completed the reduction of 9.5 million shares [2] - Tianhe Solar: Youze Venture Capital reduced holdings by 12.4749 million shares from September 5 to November 3 [2] - Hongbai New Materials: Shareholder Xinyu Baolong plans to reduce no more than 3% of shares [2] - Guobo Electronics: Shareholder Zhongdian Ke Guomi plans to reduce no more than 2% of shares [2] - Aorite: Shareholder Tiantai Boren plans to reduce no more than 0.25% of shares [2] - Yinuosi: Shareholder Zhangjiang Biomedical Base plans to transfer 4.2294 million shares, accounting for 3% of total equity [2] - Founder Securities: Third-largest shareholder China Cinda plans to reduce no more than 1% of shares [2] - Nine Company: Depository receipt holders plan to reduce no more than 0.04% of depository receipts [2] - Ningbo Zhongbai: Shareholder Zhang Jiangbo plans to reduce no more than 1% of shares [2] - Fudan Zhangjiang: Shareholder Yang Zongmeng plans to reduce no more than 1% of shares [2] - Liqun Co.: Director and executive Hu Peifeng plans to reduce no more than 0.08% of shares [2] - Suli Co.: Shareholder Jiesheng Investment plans to reduce no more than 0.48% of shares [2] - Shengkong Co.: Shareholder More Light plans to reduce no more than 2% of shares [2] - Ruihua Tai: Shareholder Hangke New Century plans to reduce no more than 1% of shares [2] - Shentong Technology: Directors Wang Huan and Zhou Baocong plan to reduce no more than 0.0473% of shares [2] - Huapei Niuwu: Shareholder Guoshou Chengda plans to reduce no more than 2% of shares [2]