Market Overview - The Shanghai Composite Index closed at 3889.50 points, down 0.19%, while the Shenzhen Component Index closed at 13231.47 points, down 0.93% [1] - The ChiNext Index fell by 1.11%, but the Sci-Tech Innovation 50 Index rose by 1.40% [1] - Among the tradable A-shares, 1684 stocks rose (31.05%), while 3634 stocks fell, and 106 stocks remained flat [1] Stock Performance - A total of 73 stocks hit the daily limit up, while 10 stocks hit the limit down [1] - The leading sectors for limit-up stocks included non-ferrous metals, electronics, and machinery, with 10, 9, and 6 stocks respectively [1] - Notably, *ST Dongyi has achieved five consecutive limit-up days, the highest among all stocks [1] Top Limit-Up Stocks - Baogang Co. (600010) had the highest limit-up order volume with 33,128.20 thousand shares and a closing price of 2.79 yuan, totaling a limit-up fund of 92.43 million yuan [1] - Northern Rare Earth (600111) and Zhichun Technology (603690) followed with limit-up orders of 1,442.79 thousand shares and 1,389.28 thousand shares, respectively [1] - The highest limit-up fund amounts were seen in Baogang Co. (924.27 million yuan), Northern Rare Earth (833.25 million yuan), and Zhichun Technology (510.56 million yuan) [1] Industry Insights - The non-ferrous metals sector showed strong performance with multiple stocks hitting the limit up, indicating potential investor interest [1] - The electronics sector also demonstrated resilience with several stocks achieving significant trading volumes and price increases [1] - The machinery sector had notable activity, with several companies experiencing increased trading interest and price movements [1]

Core Viewpoint - The semiconductor sector is experiencing a rebound, with several companies reaching new highs and significant price increases [1] Company Performance - Ruvi Optoelectronics reached an intraday high [1] - Zhichun Technology hit the daily limit up [1] - Fuchuang Precision increased by over 10% [1] - Other companies such as Jinghe Integration, Jiangfeng Electronics, Aojie Technology, and Canxin Co. also saw price increases [1]

Group 1 - New Kai Lai concept stocks opened high, with Zhi Chun Technology reaching the daily limit, New Lai Materials up 10%, and Aopu Optoelectronics up 6% [1] - The second Bay Area Semiconductor Industry Ecosystem Expo will be held from October 15 to 17, 2025, at the Shenzhen Convention and Exhibition Center [1] - Shenzhen's Development and Reform Commission Director Guo Ziping announced that Shenzhen semiconductor company New Kai Lai will showcase at the "Bay Chip Expo" [1]

Core Insights - The semiconductor sector experienced a significant decline of 5.62% on October 10, with Aojie Technology leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Semiconductor Sector Performance - Notable gainers included: - Zhichun Technology (603690) with a closing price of 33.41, up 6.88% [1] - Yangjie Technology (300373) at 74.05, up 5.59% [1] - Yake Technology (002409) at 84.94, up 4.70% [1] - Major decliners included: - Biji Technology (688220) at 98.50, down 12.85% [2] - Dongxin Co., Ltd. (688110) at 95.50, down 12.63% [2] - Huazhao Company (688347) at 113.10, down 11.88% [2] Capital Flow Analysis - The semiconductor sector saw a net outflow of 21.57 billion yuan from institutional investors, while retail investors had a net inflow of 10.31 billion yuan [2] - Key stocks with significant capital flow included: - Yake Technology (002409) with a net inflow of 1.79 million yuan from institutional investors [3] - Zhichun Technology (603690) with a net inflow of 1.22 billion yuan from institutional investors [3] - Zhenlei Technology (688270) with a net inflow of 1.02 billion yuan from institutional investors [3]

Group 1 - The company, Zhichun Technology, announced a share buyback plan, having repurchased approximately 3.2 million shares, which accounts for 0.83% of its total share capital [1] - The highest purchase price for the shares was 25.85 CNY per share, while the lowest was 23.5 CNY per share, with a total expenditure of 80.0216 million CNY [1] - As of the announcement, Zhichun Technology's market capitalization stands at 12 billion CNY [1]

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： | 回购方案首次披露日 | 2024/10/29 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2024 28 10 | 10 | 月 | 日~2025 | 年 | 月 | 27 | 日 | | 预计回购金额 | 8,000万元~16,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 3,202,480股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.83% | | | | | | | | | 累计已回购金额 | 8,002.16万元 | | | | | | | | | 实际回购价格区间 | 23.50元/股~2 ...

Core Points - The company has repurchased a total of 3.2025 million shares, representing 0.83% of its total share capital [1] - The total amount spent on the share repurchase is 80.0216 million yuan [1] - The actual repurchase price range is between 23.5 yuan per share and 25.85 yuan per share [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] - The total repurchase fund is set to be no less than 80 million yuan and no more than 160 million yuan [1]

Core Viewpoint - The major shareholders of Zhichun Technology (603690.SH) have completed a share reduction plan, resulting in a decrease in their combined ownership from 29.77% to 27.42% [1][2]. Share Reduction Details - Shareholder Jiang Yuan plans to reduce up to 6,000,000 shares (1.5640% of total shares) through block trading and centralized bidding, while shareholder Lu Longying plans to reduce up to 3,000,000 shares (0.7820% of total shares) [1]. - As of September 29, 2025, Jiang Yuan has reduced a total of 6,000,000 shares, comprising 829,940 shares through centralized bidding (0.2163%) and 5,170,000 shares through block trading (1.3476%) [1][2]. - Lu Longying has reduced 2,999,979 shares through centralized bidding (0.7820%) [2]. Financial Impact - The total cash raised from the share reductions by Jiang Yuan and Lu Longying amounts to approximately 258 million yuan [2]. - Jiang Yuan's total reduction amount from September 25 to September 29, 2025, is 169,937,052.20 yuan, while Lu Longying's is 87,858,586.74 yuan [2]. Shareholder Background - Jiang Yuan is the actual controller of Zhichun Technology, with an initial holding of 76,003,200 shares (36.54% of total shares) [3]. - Lu Longying, Jiang Yuan's mother, initially held 27,861,600 shares (13.40% of total shares) [3]. Cumulative Reduction History - Jiang Yuan has cumulatively reduced 5,201,000 shares since November 18, 2020, raising approximately 156 million yuan [3][4]. - Lu Longying has cumulatively reduced 17,444,600 shares since February 18, 2020, raising approximately 846 million yuan [4][5]. - The total cash raised by both shareholders from their reductions amounts to approximately 1 billion yuan [5].

Core Points - The controlling shareholder of Zhichun Technology, Jiang Yuan, and his associate, Lu Longying, have completed their share reduction plan, which involved a total reduction of approximately 8,000,000 shares, affecting their combined ownership from 29.77% to 27.42% [1][2] - The total cash raised from the share reduction by Jiang Yuan and Lu Longying amounted to approximately 258 million yuan [2] - The share reduction does not trigger a mandatory tender offer and will not lead to changes in the company's controlling shareholder or actual controller [2] Summary by Sections Share Reduction Plan - Jiang Yuan planned to reduce his holdings by up to 6,000,000 shares (1.5640% of total shares) and Lu Longying by up to 3,000,000 shares (0.7820% of total shares) [1] - As of September 29, 2025, Jiang Yuan had reduced his holdings by a total of 6,000,000 shares, while Lu Longying reduced his holdings by 2,999,979 shares [2] Financial Impact - Jiang Yuan's total cash raised from the reduction was approximately 169.94 million yuan, while Lu Longying raised about 87.86 million yuan, totaling around 258 million yuan [2] - The average reduction price per share and the total number of shares reduced during the period were detailed, indicating significant cash inflow for both shareholders [4][5] Ownership Structure - The controlling shareholders are identified as Jiang Yuan, Lu Longying, and the partnership entity Qiongqing Shangchun Technology Industry Investment Partnership [3] - Jiang Yuan initially held 76,003,200 shares (36.54% of total shares) and has cumulatively reduced his holdings by 5,201,000 shares since November 2020, raising approximately 156 million yuan [3][4] - Lu Longying initially held 27,861,600 shares (13.40% of total shares) and has cumulatively reduced his holdings by 17,444,600 shares, raising approximately 846 million yuan [4][5]

Core Viewpoint - Shanghai Zhichun Clean System Technology Co., Ltd. disclosed the shareholding changes of its controlling shareholders and their concerted actors, indicating a reduction in shareholding [1] Shareholding Situation Before Reduction - Before the reduction, controlling shareholder Jiang Yuan held 86,499,648 non-restricted shares, accounting for 22.5468% of the total share capital; controlling shareholder Lu Longying held 12,500,355 non-restricted shares, accounting for 3.2583%; and controlling shareholder Qiongqing Cheng Shangchun Technology Industry Investment Partnership (Limited Partnership) held 15,200,640 non-restricted shares, accounting for 3.9622%. Together, they held 114,200,643 non-restricted shares, accounting for 29.7673% of the total share capital [2] Reduction Plan and Implementation Results - On September 4, 2025, the company announced that Jiang Yuan planned to reduce her holdings by up to 6,000,000 shares (not exceeding 1.5640% of total share capital) and Lu Longying planned to reduce her holdings by up to 3,000,000 shares (not exceeding 0.7820% of total share capital). As of September 29, 2025, Jiang Yuan had reduced her holdings by 829,940 shares through centralized bidding and 5,170,000 shares through block trading, totaling 169,937,052.20 yuan. Lu Longying reduced her holdings by 2,999,979 shares, totaling 87,858,586.74 yuan [3][4] Changes in Equity - From September 26 to September 29, 2025, Jiang Yuan reduced her holdings by 202,100 shares through centralized bidding and 1,530,000 shares through block trading. Lu Longying reduced her holdings by 2,999,979 shares. The combined shareholding of Jiang Yuan, Lu Longying, and Qiongqing Cheng Shangchun decreased from 28.65% to 27.42%, reaching the 1% threshold for equity change. This reduction does not trigger a mandatory bid and will not change the company's controlling shareholder or actual controller, nor will it have a significant impact on the company's governance structure and ongoing operations [4]