Core Insights - The shareholding structure of Ningbo Zhongbai (600857.SH), controlled by the Xu Xiang family, is undergoing significant changes due to a recent judicial auction of shares held by the third-largest shareholder, Zhu Renbao, which were acquired by Hangzhou Jindi Commercial Management Co., Ltd. for a total of 270 million yuan [1][2] Shareholding Changes - Zhu Renbao's 18.884 million shares were auctioned on the Taobao judicial auction platform, with the auction taking place from October 20 to October 21, 2025, starting at a price based on 90% of the average closing price over the previous 20 trading days [1] - Following the auction, Ningbo Zhongbai's stock price plummeted, hitting the daily limit down to 15.42 yuan per share within 10 minutes [2] - The largest shareholder of Ningbo Zhongbai is Tibet Zetian Investment Development Co., Ltd., holding 15.78% of the shares, which is associated with the Xu Xiang family [2] Potential Control Changes - The shares held by Tibet Zetian are also subject to judicial auction, with 35.4053 million shares registered for auction as per a court ruling received on December 25, 2024 [2] - If Tibet Zetian's shares enter the auction process, the new buyer could significantly influence the control of Ningbo Zhongbai, as Hangzhou Jindi's recent acquisition gives it an 8.42% stake, bringing it closer to the first two shareholders [2] Company Background - Hangzhou Jindi Commercial Management Co., Ltd. is part of Jindi United Holding Group Co., Ltd., which has diversified operations including overseas oil and gas fields, petrochemical trading, domestic natural gas, real estate development, and industrial investment [2]

宁波中百(600857)今日跌停，全天换手率7.90%，成交额2.79亿元，振幅11.67%。龙虎榜数据显示，营 业部席位合计净卖出3478.86万元。 8月26日公司发布的半年报数据显示，上半年公司共实现营业收入2.89亿元，同比下降41.94%，实现净 利润1763.56万元，同比增长194.13%。（数据宝） 宁波中百10月21日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券股份有限公司总部 | 927.13 | | | 买二 | 中信证券股份有限公司上海分公司 | 639.92 | | | 买三 | 中泰证券股份有限公司杭州滨和路证券营业部 | 478.10 | | | 买四 | 中国银河证券股份有限公司杭州长乐路证券营业部 | 370.14 | | | 买五 | 中信证券股份有限公司深圳滨海大道证券营业部 | 311.58 | | | 卖一 | 中信证券股份有限公司北京紫竹院路证券营业部 | | 1423.43 | | 卖二 | 中信建投证券股份有限 ...

Core Viewpoint - Ningbo Zhongbai's major shareholder, Zhu Renbao, has had 18.884 million shares put up for judicial auction due to a court ruling related to a market manipulation case involving Xu Xiang, with the auction concluding on October 21 at a price significantly below the market value [2][10]. Group 1: Auction Details - The auction for Zhu Renbao's shares was held on October 20, with a total of 18.884 million shares being auctioned, representing 8.42% of Ningbo Zhongbai's total share capital [2]. - The shares were sold for 270 million yuan, equating to 14.3 yuan per share, which is over 15% lower than the closing price of 17.13 yuan on the auction day [4][10]. - Only three bidders participated in the auction, with two actively bidding, indicating a lack of competitive interest [3][4]. Group 2: Company Background and Implications - Zhu Renbao is identified as the third-largest shareholder of Ningbo Zhongbai, and his shares were under judicial freeze due to a criminal case that has now entered the execution phase [2][10]. - The winning bidder, Hangzhou Jindi Commercial Management Co., Ltd., acquired the shares, which is controlled by Lu Sikan, who also has interests in the real estate sector [10][11]. - The real estate market is currently experiencing a downturn, yet Hangzhou Jindi has shown willingness to invest heavily, as evidenced by their recent acquisition of a prime land parcel in Hangzhou for 5.45 million yuan per square meter, reflecting a 21% premium [10].

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

Core Viewpoint - Ningbo Zhongbai's stock price has shown significant growth this year, with an increase of 83.33% year-to-date and notable gains in recent trading periods, indicating strong market interest and potential investment opportunities [1][3]. Group 1: Stock Performance - As of September 29, Ningbo Zhongbai's stock price rose by 2.03% to 17.05 CNY per share, with a trading volume of 92.63 million CNY and a turnover rate of 2.47%, resulting in a total market capitalization of 3.825 billion CNY [1]. - The stock has experienced a year-to-date increase of 83.33%, with a 15.67% rise over the last five trading days, a 27.91% increase over the last 20 days, and a 64.58% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 24 [1]. Group 2: Financial Performance - For the first half of 2025, Ningbo Zhongbai reported operating revenue of 289 million CNY, a year-on-year decrease of 41.94%, while the net profit attributable to shareholders increased by 194.13% to 17.64 million CNY [3]. - The company has distributed a total of 190 million CNY in dividends since its A-share listing, with cumulative distributions of 29.16 million CNY over the past three years [4]. Group 3: Company Overview - Ningbo Zhongbai, established on April 21, 1994, and listed on April 25, 1994, is located in Ningbo, Zhejiang Province. Its main business includes wholesale and retail of pre-packaged food, currency circulation, and retail of cigarettes and cigars [2]. - The company's revenue composition is primarily from merchandise sales, accounting for 99.94%, with rental income making up 0.06% [2]. - Ningbo Zhongbai is classified under the retail trade sector, specifically in general retail and department stores, and is associated with various concept sectors including Zhoushan Free Trade Zone and small-cap stocks [2].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumer sector experienced a decline across all segments, with notable drops in sectors such as home appliances, beauty care, food and beverage, textile and apparel, retail, and social services, with weekly declines of -0.66%, -2.25%, -2.49%, -2.59%, -4.32%, and -5.92% respectively [2] - The upcoming Mid-Autumn Festival and National Day holidays are expected to boost tourism, with significant increases in orders for cross-province travel, car rentals, and self-driving tours, with Ctrip reporting a 45% year-on-year increase in cross-province orders for the National Day period [2][14] - The home appliance export sector continues to face challenges, with a 3.6% year-on-year decline in the number of units exported in August 2025, although the decline rate has narrowed [2] Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive decline, with specific sectors like food and beverage and home appliances showing significant fluctuations in stock performance [2][12][13] Industry News and Key Company Announcements - The report highlights the launch of a global cruise service ecosystem by Zhongxin Tourism, which has seen a 130% increase in cruise orders this year [14] - The Ministry of Commerce and other departments issued guidelines to promote digital consumption, focusing on enhancing supply and fostering digital consumption enterprises [15] - Haier's air conditioning production base in Thailand has commenced operations, with an annual capacity of 6 million units [14] - Ctrip reported a 125% increase in orders from South Korean tourists visiting China in the first half of 2025 [14]

Core Viewpoint - Ningbo Zhongbai announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in the closing prices over three consecutive trading days from September 22 to September 24, 2025 [1] Company Summary - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there are no undisclosed significant matters [1]

股票交易异常波动公告 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个别及连带责任。 重要内容提示： 公司股票于 2025 年 9 月 22 日、9 月 23 日、9 月 24 日连续三个交易日内日收盘价 格涨幅偏离值累计超过 20%。根据《上海证券交易所股票上市规则》的有关规定属于股 票交易异常波动的情况。 二、公司关注并核实的相关情况 证券代码：600857 证券简称：宁波中百 编号：2025-024 宁波中百股份有限公司 经公司自查，公司未发现存在可能对公司股票交易价格产生重大影响的媒体报道 宁波中百股份有限公司（以下简称"公司"）股票交易价格于 2025 年 9 月 22 日、 9 月 23 日、9 月 24 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根 据《上海证券交易所股票上市规则》的有关规定属于股票交易异常波动的情况。 经公司自查，并向控股股东及实际控制人核实，确认不存在应披露而未披露的重 大事项。 公司提醒投资者注意投资风险，公司股价短期波动较大，敬请广大投资者注意二 级市场交易风险，理性决策，审慎投资。 ...

关于协助公司核实股票交易异常波动情况的回复 宁波中百股份有限公司: 我公司于 2025 年 9 月 24 日 15 点，收到贵公司发来的《关于股票交易异常 波动的问询函》,经公司自查，现将情况回复如下： 我公司作为你公司的控股股东,截至目前,不存在应披露而未披露的重大信 息，包括但不限于重大资产重组、发行股份、上市公司收购、债务重组、业务重 组、资产剥离和资产注入等重大事项。 特此声明。 西藏泽 ...

Core Viewpoint - Ningbo Zhongbai (600857.SH) announced that its stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating abnormal trading fluctuations [1] Company Summary - The company conducted a self-examination and confirmed that neither it nor its controlling shareholders and actual controllers have any undisclosed significant matters [1] - Shareholder Zhu Renbao's company shares are set to be auctioned judicially on October 20, 2025 [1]