Core Viewpoint - The announcement of a share reduction plan by a major shareholder of Xintonglian (603022) indicates ongoing financial challenges and strategic shifts within the company, particularly following a failed restructuring effort [1] Group 1: Shareholder Actions - On November 7, Xintonglian announced that its major shareholder, Bibang Investment, plans to reduce its holdings by up to 6 million shares, representing no more than 3% of the total share capital, between November 28, 2025, and February 28, 2026 [1] - Bibang Investment currently holds 14.90 million shares, accounting for 7.45% of Xintonglian's total share capital [1] - Less than three months prior, Bibang Investment had already reduced its stake by 3% [1] Group 2: Historical Context - Since 2021, Bibang Investment has sold shares at a loss, having acquired 18.45% of the company for over 400 million yuan at a price of 11.34 yuan per share from the controlling shareholder [1] - The company has seen multiple instances of share reductions below the acquisition cost since 2022 [1] Group 3: Company Strategy and Market Position - The decision to sell shares is attributed to the shareholder's personal financial needs, and the company has not continued investments in intelligent data services following a failed restructuring [1]

Core Viewpoint - The second largest shareholder of Xintonglian, Wuhu Yuancheng Bifang Investment Center, has announced another share reduction plan, following a previous reduction of 3% of its holdings within three months. The investment center has been reducing its shares at prices below its acquisition cost since 2022, indicating potential concerns about the company's future performance and its strategic direction in the data intelligence service industry [1][14]. Shareholding Changes - Bifang Investment plans to reduce its holdings by up to 6 million shares, representing no more than 3% of the total share capital, from November 28, 2025, to February 28, 2026, due to funding needs [2][11]. - As of now, Bifang Investment holds 14,903,700 shares, accounting for 7.45% of Xintonglian's total share capital [12][13]. Historical Share Acquisition - Bifang Investment acquired 18.45% of Xintonglian's shares in September 2021 for over 400 million yuan at a price of 11.34 yuan per share [3][5]. - The shareholding peaked at 36,896,200 shares, which was later reduced through multiple transactions at prices lower than the acquisition cost [6][10]. Recent Financial Performance - Xintonglian's revenue for the years 2022 to 2024 was reported as 793 million yuan, 864 million yuan, and 876 million yuan, respectively, with net profits of 35.13 million yuan, 51.68 million yuan, and 49.84 million yuan [14]. - As of November 11, 2025, Xintonglian's closing price was 10.82 yuan, with a market capitalization of 2.164 billion yuan and a dynamic P/E ratio of 41.25 [14]. Strategic Concerns - Bifang Investment's decision to sell at a loss raises questions about the company's strategic direction, particularly in the data intelligence service sector, especially after a failed restructuring that halted further investments in this area [14].

Core Insights - The packaging and printing sector experienced a 1.01% increase on November 10, with Zhongrui Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Sector Performance - Zhongrui Co., Ltd. (002374) saw a closing price of 3.48, with a significant increase of 10.13% and a trading volume of 1.0281 million shares, amounting to a transaction value of 343 million yuan [1] - Jiyou Co., Ltd. (603429) also performed well, closing at 10.34 with a 10.00% increase and a trading volume of 299,900 shares, resulting in a transaction value of 299 million yuan [1] - Other notable performers included Jinghua Laser (603607) with a 5.88% increase, Xianggang Technology (663499) with a 3.35% increase, and Aori Co. (002701) with a 2.19% increase [1] Capital Flow - The packaging and printing sector saw a net inflow of 80.2079 million yuan from institutional investors, while retail investors experienced a net outflow of 120 million yuan [2] - The main stocks with significant capital inflow included Zhongrui Co. with a net inflow of 119 million yuan, and Jinghua Laser with a net inflow of 44.5035 million yuan [3] - Conversely, retail investors showed a net outflow from several stocks, including Shunhao Co. (002565) with a net outflow of 81.7314 million yuan [3]

Core Insights - The announcements highlight various corporate activities including project investments, contract wins, share buybacks, and changes in shareholding structures across multiple companies in different sectors. Company Announcements - *ST Baoying has no technological reserves related to the high-end optocoupler industry [1] - Yunnan Zhiye plans to establish a subsidiary for a high-quality gallium arsenide chip construction project [1] - Chongqing Construction has won a contract for the Jiangwan Project (Phase I) with a total value of 781 million yuan [1] - Su Da Weige intends to acquire 51% of Changzhou Weipu's shares [1] - Guoci Materials plans to repurchase shares worth between 100 million to 200 million yuan [1] Sales Data - Zhongtong Bus reported sales of 1,083 units in October, representing a year-on-year increase of 33.87% [2] - Dongfeng Motor's cumulative vehicle sales for the year reached 99,482 units, reflecting a year-on-year decrease of 21.43% [3] Shareholding Changes - Menguli plans to reduce its stake by up to 3% [1] - Xintonglian's Bifang Investment intends to reduce its holdings by up to 6 million shares [1] - Dali Kaipu's Panxin Investment plans to reduce its stake by up to 4.5% [1] Other Developments - Meng En Qidong received a product designation letter, estimating a total revenue of approximately 470 million yuan over its lifecycle [1] - Energy-saving Wind Power plans to raise no more than 3.6 billion yuan through a private placement for a 100,000-kilowatt wind power project in Akesai County [1]

Core Viewpoint - Shanghai Xintonglian Packaging Co., Ltd. is set to hold a Q3 2025 earnings presentation on November 17, 2025, to discuss its operational results and financial status with investors [2][3][4]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 17, 2025, from 13:00 to 14:00 [5]. - The event will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3]. - Investors can submit questions from November 10 to November 14, 2025, via the Roadshow Center website or through the company's email [6]. Group 2: Shareholder Reduction Plan - Major shareholder Wuhu Yuancheng Bifang Investment Center holds 14,903,700 shares, representing 7.45% of the total share capital [8]. - The shareholder plans to reduce its holdings by up to 6 million shares, not exceeding 3% of the total share capital, through centralized bidding or block trading within three months after the announcement [9]. - The reduction plan is subject to adjustments based on any changes in the company's share structure due to stock dividends, new share issuance, or other corporate actions [9].

大股东持股的基本情况 截至本公告披露之日止，上海新通联包装股份有限公司（以下简称"公司"） 股东芜湖远澈毕方投资中心（有限合伙）（以下简称"毕方投资"）持有公司股份 14,903,700 股，占公司总股本的 7.45%，该股份来源为毕方投资于 2021 年 9 月 23 日通过协议转让获得的股份。 证券代码：603022 证券简称：新通联 公告编号：2025-043 上海新通联包装股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 减持计划的主要内容 毕方投资因经营需要，拟通过集中竞价或大宗交易方式减持所持有的公司股 份，计划减持股份数量不超过 600 万股，即不超过公司总股本的 3%。自本公告 披露之日起 15 个交易日后的 3 个月内实施。在上述减持计划实施期间，公司发 生送红股、增发新股或配股、转增股本、股份回购等事项导致股东持股数量或公 司股份总数发生变更的，上述减持股份数量将相应进行调整。 | 股东名称 | 芜湖远澈毕方投资中心（有限合伙） | ...

Corporate Announcements - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, with Zhang holding 147,100 shares of A-shares [4] - Jiangbolong reported that its self-developed main control chip deployment exceeded 100 million units by the end of Q3, with ongoing rapid growth [5] - Asia-Pacific Pharmaceutical received a notice of disapproval for the consistency evaluation application of Diltiazem Hydrochloride Tablets, which will not significantly impact current performance [6] - Fuxiang Pharmaceutical successfully passed the FDA's cGMP inspection, marking the third successful inspection, enhancing its qualification for international market supply [7] - Biaobang Co. terminated its control change planning due to failure to reach consensus on core terms, leading to stock resumption [8] - Jingjin Equipment announced the release of its actual controller and chairman from detention, allowing normal operations [9] - Sand Membrane reported that part of its fundraising account was frozen, amounting to 11.74 million yuan, related to a contract dispute [10] - Renfu Pharmaceutical's subsidiary received approval for clinical trials of HWH217 tablets for treating pulmonary arterial hypertension [12] - Wanye Enterprises will change its stock name to "Xian Dao Ji Dian" effective November 12 [13] - Huahai Pharmaceutical's subsidiary passed the FDA inspection, ensuring compliance with international standards [14] Performance Metrics - Daqin Railway reported a cargo transport volume of 32.51 million tons in October, a decrease of 4.7% year-on-year [19] - Jingji Agriculture announced sales of 233,300 pigs in October, generating revenue of 317 million yuan [20] - Baiyun Airport reported a passenger throughput of 7.64 million in October, a year-on-year increase of 12.04% [21] - Dongfeng Motor's total vehicle production decreased by 23.4% year-on-year in October, with significant declines in commercial vehicle categories [22] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October [23][24] Shareholding Changes - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [25] - Tonghua Dongbao conducted its first share buyback, acquiring 0.01% of its shares for 1.29 million yuan [26] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [27] - Xili Technology announced multiple shareholders plan to reduce their stakes [28] Major Contracts - Dayu Water announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [29] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [30] - Longjian Co. won a bid for a 441 million yuan project for road construction in Heilongjiang [31] - Chongqing Construction's subsidiary won a bid for a 781 million yuan project in Chongqing [32]

Core Insights - On November 6, 23 A-share listed companies disclosed shareholding reductions, while Guocera Materials announced a share repurchase plan of 100 million to 200 million yuan [1][2]. Summary of Share Repurchase and Reduction Share Repurchase - Guocera Materials plans to repurchase company shares worth between 100 million and 200 million yuan [2]. Share Reductions - Wenke Co., Ltd. plans to reduce its holdings by no more than 0.55% of the company's shares [2]. - Zhenhua Co., Ltd. saw three directors collectively reduce their holdings by 64,000 shares during a period of abnormal stock trading [2]. - Hubei Investment Company plans to reduce its holdings in Lijing Mico by no more than 0.77% [2]. - Executive Xu Jinzhu of Zhou Dashing plans to reduce his holdings by no more than 0.0117% [2]. - Panxin Investment intends to reduce its holdings in Dali Cap by no more than 4.5% [2]. - Director and executive Zou Peng of Wanli Stone plans to reduce his holdings by no more than 1.63% [2]. - Three executives of Gaomeng New Materials plan to collectively reduce their holdings by no more than 0.061% [2]. - Directors and executives of Feiliwa plan to collectively reduce their holdings by no more than 0.1187% [2]. - Specific shareholders and Huang Jian plan to collectively reduce their holdings in Bangyin Co. by no more than 2.82% [2]. - Shareholders and Feng Investment plan to reduce their holdings in New Light Pharmaceutical by no more than 3% [2]. - Vice General Manager Cui Rong of Online and Offline plans to reduce his holdings by no more than 0.03% [2]. - Shareholders Yao Xiaoqing and executives of Hongri Pharmaceutical plan to collectively reduce their holdings by no more than 1.576% [2]. - Beijing Yindi Investment and its concerted parties plan to collectively reduce their holdings in Mengguli by no more than 3% [2]. - Shareholders of Maituo Co. plan to reduce their holdings by no more than 0.86% [2]. - Wanze Investment plans to reduce its holdings in Huawei Technology by no more than 1.92% [2]. - Director Bi Songling of Shandong Heda plans to reduce his holdings by no more than 0.1017% [2]. - Shareholder Zhang Li of Chongde Technology cumulatively reduced 531,900 shares from October 24 to November 6 [2]. - Ruize Investment plans to reduce its holdings in Weiao Co. by no more than 3% [2]. - Jining Bochuang plans to reduce its holdings in New Fengguang by no more than 0.1978%, while Xu Lin plans to reduce by no more than 0.5354% [2]. - Shareholder Yili Group reduced its holdings in Sun Cable by 1.20% of the total share capital [2]. - A concerted party of a controlling shareholder of Liande Co. reduced 1,952,800 shares on November 5 [2]. - Shareholders plan to collectively reduce their holdings in Xili Technology by no more than 2.08% [2]. - Shareholder Bi Fang Investment plans to reduce its holdings in New Tonglian by no more than 3% [2].

Core Viewpoint - The announcement from Xintonglian indicates that shareholder Wuhu Yuancheng Bifang Investment Center plans to reduce its stake in the company by up to 6 million shares, representing a maximum of 3% of the total share capital [2] Group 1 - As of the announcement date, Bifang Investment holds 14,903,700 shares, accounting for 7.45% of the company's total share capital [2] - The planned reduction will be executed through centralized bidding or block trading methods [2] - The implementation period for the share reduction is set to be within three months after 15 trading days from the announcement date [2]

Corporate Governance - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, effective immediately [3] - Jiang Guiting, the actual controller and chairman of Jingjin Equipment, has had his detention lifted, allowing him to resume his duties [8] - Biao Bang Co. has terminated its plans for a change in control, with stock resuming trading [7] Industry Developments - Jiangbolong reported that its self-developed main control chip deployment has exceeded 100 million units, with rapid growth expected [4] - Asia Pacific Pharmaceutical received a notice of disapproval for its consistency evaluation application for a drug, which will not significantly impact its current performance [5] - Fuxiang Pharmaceutical successfully passed a cGMP inspection by the FDA, marking its third successful inspection [6] - Huahai Pharmaceutical's subsidiary passed an FDA inspection, enhancing its international market capabilities [13] Financial Performance - Daqin Railway reported a cargo transport volume of 32.51 million tons in October 2025, a year-on-year decrease of 4.7% [18] - Jingji Zhino achieved sales revenue of 317 million yuan from selling 233,300 pigs in October 2025 [19] - Baiyun Airport reported a passenger throughput of 7.64 million in October 2025, a year-on-year increase of 12.04% [20] - Dongfeng Motor's total vehicle production in October 2025 was 6,536 units, a year-on-year decrease of 23.40% [21] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October 2025 [22] Shareholder Actions - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [24] - Tonghua Dongbao conducted its first share buyback, acquiring 143,500 shares for 1.29 million yuan [25] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [26] Project Wins - Dayu Water-saving announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [28] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [29] - Longjian Co. won a project bid worth 441 million yuan for road construction in Heilongjiang [30] - Chongqing Construction's subsidiary won a project bid worth 781 million yuan for a residential project in Chongqing [31]