Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]

Group 1 - The core point of the news is that Tianma Technology announced the early release of part of the pledged shares by its controlling shareholder, Fujian Tianma Investment Development Co., Ltd., which holds 12.19% of the company's total shares [2] - The number of shares released from pledge is 6,000,000, accounting for 9.78% of the shares held by Tianma Investment and 1.19% of the total shares of the company [2] - After the release, Tianma Investment has a total of 19,000,000 pledged shares, which is 30.96% of its holdings and 3.77% of the company's total shares [2] Group 2 - As of the announcement date, the controlling shareholder and actual controller, Chen Qingtang, along with his concerted actors, hold a total of 163,368,164 shares, representing 32.46% of the total shares [2] - After the release of the pledged shares, the total number of pledged shares by the controlling shareholder and his concerted actors is 75,298,272, which is 46.09% of their total holdings and 14.96% of the company's total shares [2] - Tianma Investment stated that there are no plans for further pledging of shares in the near future after this release [2] Group 3 - Tianma Technology was established on December 13, 2005, with a registered capital of 502.34 million RMB, and its main business includes smart aquaculture, food processing, and modern agricultural fisheries [3] - The company has 120 subsidiaries and employs approximately 2,100 people, with Chen Qingtang serving as the chairman and actual controller [3] - The projected revenues for 2024 and the second quarter of 2025 are 5.854 billion RMB and 1.496 billion RMB, respectively, with year-on-year growth rates of -16.34% and 9.88% [3] Group 4 - The net profit attributable to the parent company for the same periods is projected to be 26.03 million RMB and 17.30 million RMB, with year-on-year growth rates of 113.88% and 162.56% [3] - The company's asset-liability ratios for the same periods are 68.63%, 69.81%, and 69.62% [3]

截至本公告日，公司控股股东、实际控制人陈庆堂先生及其一致行动人 合计持有公司股份 163,368,164 股，占公司总股本的 32.46%。本次股份解除质 押后，公司控股股东、实际控制人及其一致行动人累计质押的股份数量为 75,298,272 股，占其合计持有公司股份数量的 46.09%，占公司总股本的 14.96%。 近日，公司收到控股股东、实际控制人之一致行动人天马投资的通知，获 悉其将质押给长城证券股份有限公司的 6,000,000 股股份办理了提前解除质押手 续，具体情况如下： 本次解除质押后，天马投资近期不存在后续再质押的计划。 证券代码：603668 证券简称：天马科技 公告编号：2025-066 福建天马科技集团股份有限公司 关于控股股东、实际控制人之一致行动人部分股份 提前解除质押的公告 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： 福建天马科技集团股份有限公司（以下简称"公司"）控股股东、实际 控制人之一致行动人福建天马投资发展有限公司（以下简称"天马投资"）持 有公司股份 61,373,4 ...

证券代码：603668 证券简称：天马科技 公告编号：2025-067 福建天马科技集团股份有限公司 关于公司对外担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 福建天马科技集团股份有限公司 | | | --- | --- | --- | --- | | | | （以下简称"公司"或"本公司"） | | | | | 全资子公司 | | | 担保对象一 | 本次担保金额 | 36,500.00 万元 | | | | 实际为其提供的担保余额 | 128,784.59 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担保对象二 | 被担保人名称 | 公司控股子公司 | | | | 本次担保金额 | 万元 2,000.00 | | | | 实际为其提供的担保余额 | 85,802.08 万元 | | | | 是否在前期预计 ...

Core Viewpoint - A total of 9 A-share stocks have had their financing and securities lending collateral ratios adjusted to zero due to high static price-to-earnings (PE) ratios, indicating a significant tightening in leverage for these stocks [1][5]. Financing and Securities Lending Adjustments - The financing and securities lending collateral ratio for Zhongxin International (688981.SH) was adjusted from 0.7 to 0, and for Baiwei Storage (688525.SH) from 0.5 to 0 [1]. - Other stocks affected include Ruisheng Intelligent (688215.SH), Manster (301325.SZ), Yongding Co. (600105.SH), and others, with their collateral ratios also set to zero by multiple brokerages [1][4]. Static PE Ratios - The static PE ratios for the affected stocks are notably high, with several exceeding 300, which is the threshold for collateral ratio adjustments to zero [4][5]. - For instance, Yongding Co. had a static PE ratio of 302.5663, while Zhongxin International had a ratio of 303.0659 [4]. Market Impact - The adjustment of collateral ratios to zero means that these stocks can no longer be used as collateral for margin trading, potentially impacting trading strategies for investors [6]. - Despite the adjustments, existing positions for investors are not immediately affected, but new positions cannot be opened until the collateral ratios are revised [6]. Market Activity - The margin trading market remains active, with a balance consistently above 2.2 trillion yuan since September, indicating strong investor interest [6][7]. - Recent trading activity has shown a preference for sectors such as non-ferrous metals and home appliances, while sectors like electronics and pharmaceuticals have seen net selling [7].

证券代码：603668 证券简称：天马科技 公告编号：2025-065 福建天马科技集团股份有限公司 关于 2024 年股票期权激励计划 2025 年第三季度 自主行权结果暨股份变动的公告 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： 本次行权股票数量：福建天马科技集团股份有限公司（以下简称"公司"） 2024年股票期权激励计划（以下简称"本次激励计划"）第一个行权期可行权股 票期权数量为386.32万份，实际可行权期间为2025年7月9日至2026年7月8日。 2025年第三季度，本次激励计划激励对象行权且完成股份过户登记808,022股， 占可行权股票期权总量的20.92%。截至2025年第三季度末，累计行权且完成股份 过户登记的股票期权数量为808,022股，占本次可行权股票期权总量的20.92%。 一、本次股票期权行权的决策程序及信息披露情况 1、2024 年 5 月 17 日，公司召开第四届董事会第三十六次会议和第四届监 事会第二十五次会议，审议通过了《关于<公司 2024 年股票期权激励计划（草案 ...

Core Insights - Tianma Technology's stock price increased by 2.06% on September 30, reaching 16.34 CNY per share, with a total market capitalization of 8.209 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.26%, with notable gains of 4.95% over the last five trading days and 17.72% over the last twenty days [1] Financial Performance - For the first half of 2025, Tianma Technology reported a revenue of 2.974 billion CNY, a year-on-year decrease of 1.18%, while the net profit attributable to shareholders was 60.217 million CNY, reflecting a year-on-year growth of 7.40% [2] - Cumulative cash dividends since the company's A-share listing amount to 103 million CNY, with 33.1775 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.41% to 17,100, with an average of 29,450 circulating shares per shareholder, a decrease of 2.35% [2] - The eighth largest circulating shareholder is Guotai Zhongzheng Livestock Breeding ETF, holding 5.0048 million shares, an increase of 872,700 shares compared to the previous period [3] Business Overview - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed [1] - The company's revenue composition includes 57.62% from livestock feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, and 0.36% from other sources [1]

Group 1 - The core viewpoint of the news is that Tianma Technology's stock has seen a significant increase, with a rise of 5.11% to 15.83 CNY per share, and a total market capitalization of 7.953 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, specializes in the research, production, and sales of special aquatic feed [1] - The revenue composition of Tianma Technology includes: 57.62% from livestock and poultry feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, 0.36% from other sources, and 0.12% from animal health products [1] Group 2 - The Guotai Fund's Guotai Zhongzheng Livestock Breeding ETF (159865) is among the top ten circulating shareholders of Tianma Technology, having increased its holdings by 872,700 shares in the second quarter, totaling 5,004,800 shares, which represents 1% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF has a current scale of 3.574 billion CNY, with a year-to-date return of 14.74% and a one-year return of 22.15% [2] Group 3 - The Guotai Zhongzheng 2000 ETF (561370) also holds a significant position in Tianma Technology, with 2,120 shares held in the second quarter, accounting for 0.29% of the fund's net value [4] - The Guotai Zhongzheng 2000 ETF has a current scale of 9.7484 million CNY, with a year-to-date return of 31.29% and a one-year return of 64.53% [4]

Group 1 - The core point of the news is that Tianma Technology's stock price has decreased by 5.17%, currently trading at 15.03 CNY per share, with a total market capitalization of 7.551 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed [1] - The revenue composition of Tianma Technology includes: 57.62% from livestock and poultry feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, 0.36% from other sources, and 0.12% from animal health products [1] Group 2 - According to data, Qianhai Kaiyuan Fund has a significant holding in Tianma Technology, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reducing its holdings by 671,600 shares, now holding 2.3333 million shares, which constitutes 7.5% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.9133 million CNY due to this reduction in holdings [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A fund was established on July 20, 2016, with a current size of 261 million CNY, and has achieved a year-to-date return of 12.97% [2]

Group 1 - The core point of the article is that Tianma Technology announced the pledge of shares by its controlling shareholder, which may impact the company's stock performance [1] - Tianma Investment, a concerted actor of the actual controller Chen Qingtang, holds 61,373,428 shares, accounting for 12.22% of the total share capital of the company [1] - A total of 25 million shares were pledged by Tianma Investment [1]