Core Viewpoint - The management team of Tianpu Co., Ltd. will be entirely composed of individuals from the shareholder entity Zhonghao Xinying, raising concerns about the independence of the company and its IPO plans [4][9]. Group 1: Management Changes - The new chairman of Tianpu Co., Ltd., Yang Gongyifan, is the actual controller and chairman of Zhonghao Xinying, with other executives also coming from Zhonghao Xinying [4]. - The financial director, Chen Jie Wen, has a background that includes roles as CFO at various companies, which has drawn particular attention [4]. Group 2: Regulatory Inquiry - The Shanghai Stock Exchange issued an inquiry letter regarding the reasonableness of the board's personnel arrangements and the potential impact on Zhonghao Xinying's independent IPO plans [9][12]. - The inquiry highlighted that Zhonghao Xinying had previously announced its intention to pursue an independent IPO, separate from Tianpu Co., Ltd., and questioned the implications of its key management personnel now holding positions at Tianpu [9][12]. Group 3: Responses to Inquiry - Tianpu Co., Ltd. responded to the inquiry, asserting that the management changes were legal and reasonable, and that the departure of Chen Jie Wen would not significantly impact Zhonghao Xinying's operations or IPO preparations [11][16]. - The company confirmed that both Chen Jie Wen and another executive, Kang Xiao, had left Zhonghao Xinying and had no other concurrent positions that would affect the independence of Tianpu Co., Ltd. [15][16].

Core Viewpoint - The A-share market has experienced a significant cooling after a month of rapid growth, influenced by regulatory measures aimed at enhancing market stability and preventing excessive speculation [1] Regulatory Measures - The China Securities Regulatory Commission (CSRC) emphasized the need for comprehensive market monitoring and timely counter-cyclical adjustments to maintain market stability [1] - The CSRC plans to strengthen trading and information disclosure regulations, focusing on preventing market manipulation and excessive speculation [3] Margin Requirement Adjustments - The minimum margin requirement for financing purchases has been raised from 80% to 100% for new financing contracts, marking the first increase in 10 years as the market approaches a critical index level [2] - This adjustment is part of a broader strategy to implement counter-cyclical regulation in the financing and securities market [2] Increased Regulatory Actions - The Shanghai Stock Exchange (SSE) reported taking self-regulatory measures against 365 instances of abnormal trading behavior in a single week, indicating a significant increase in regulatory scrutiny [4] - The Shenzhen Stock Exchange (SZSE) also intensified its regulatory actions, addressing 387 cases of abnormal trading behavior during the same period [5] Historical Context - The increase in regulatory measures follows a period of rapid market growth that began in mid-December 2025, with a notable rise in the number of abnormal trading cases being addressed by both exchanges [5]

Core Viewpoint - The market's expectations regarding Tianpu Co., Ltd. (605255.SH) may be disappointed as the company reiterates that there are no plans for asset injection, despite significant stock price increases driven by speculation about a reverse merger with AI chip company Zhonghao Xinying [1][4][7]. Group 1: Company Background and Ownership Changes - Tianpu Co., Ltd. underwent a change of control in August 2025, with Zhonghao Xinying acquiring a 68.29% stake, making Yang Gongyifan the actual controller of the company [5][6]. - The acquisition involved a three-step process, including share transfers and capital increases, with a total investment of 15.21 billion yuan [5]. - Following the acquisition, the board of directors was rapidly restructured, with most of the original management replaced by Zhonghao Xinying executives [1][5]. Group 2: Financial Performance - As of September 2025, Tianpu Co., Ltd. reported total assets of 865 million yuan and a low debt-to-asset ratio of 6.76% [3][8]. - The company experienced a decline in revenue and net profit for the first three quarters of 2025, with revenues of 230 million yuan and a net profit of 17.85 million yuan, both showing year-on-year decreases [3][14]. Group 3: Regulatory Scrutiny and Market Reactions - Tianpu Co., Ltd. has faced unprecedented regulatory scrutiny, including inquiries and investigations from the Shanghai Stock Exchange and the China Securities Regulatory Commission due to abnormal stock trading and potential information disclosure violations [2][12]. - The company has repeatedly stated that it will not change its main business and that Zhonghao Xinying will not pursue a reverse merger within three years, despite market skepticism [2][7][13]. Group 4: Strategic Implications - Analysts suggest that Yang Gongyifan's acquisition of Tianpu Co., Ltd. may represent a strategic move to provide new momentum for a traditional manufacturing company while offering a buffer for the core technology business [15]. - The future of Tianpu Co., Ltd. will depend on the development and strategic needs of the core technology business under Yang Gongyifan's leadership [15].

Core Viewpoint - The recent surge in A-share market activity has led to regulatory scrutiny of several companies involved in popular concepts like commercial aerospace, brain-computer interfaces, and artificial intelligence due to issues with information disclosure and risk warnings [1][2]. Group 1: Companies Under Scrutiny - Five companies, including Hangxiao Steel Structure, Electric Science Digital, Yahui Long, Yingjixin, and Tianpu Co., have received warning letters or are under investigation for misleading disclosures related to trending market concepts [1][2]. - Tianpu Co. experienced a significant stock price increase of 16 times by 2025, raising concerns about its information disclosure practices [1]. Group 2: Specific Company Issues - Hangxiao Steel Structure failed to accurately disclose the impact of its involvement in a commercial aerospace project, with the contract amount accounting for less than 1% of its 2024 audited revenue [2]. - Electric Science Digital reported that its satellite communication and AI products had minimal sales impact, with 2025 orders amounting to approximately 0.1% of overall business [3]. - Yahui Long's announcement regarding a strategic partnership in brain-computer interfaces lacked clarity on the technical capabilities of its partner, leading to regulatory warnings [4][5]. - Yingjixin's disclosures about its brain-computer interface chip were found to be misleading regarding the product's market readiness and sales impact [6]. - Tianpu Co. did not clarify its connection to artificial intelligence despite establishing a subsidiary focused on related technologies, leading to regulatory action [7][8]. Group 3: Historical Context and Trends - Several of the companies involved have a history of information disclosure issues, with Hangxiao Steel Structure being notably linked to a major insider trading case [12][13]. - The information disclosure ratings of these companies have declined significantly, with Hangxiao Steel Structure dropping from B to C, Electric Science Digital from A to B, and Tianpu Co. from B to D [12].

Core Viewpoint - Tianpu Co., Ltd. has responded to the Shanghai Stock Exchange's inquiries regarding its governance structure, the impact of the independent IPO of Zhonghao Xinying, and the independence of its personnel, demonstrating a commitment to stable development and compliance in the capital market [1] Group 1: Management Transition - The actual controller of Tianpu Co., Ltd. has changed to Mr. Yang Gongyifan, with the core goal of ensuring stability in the governance structure and a smooth transition of control [2] - The new board includes Mr. Yang Gongyifan as chairman and a mix of independent directors with accounting and legal backgrounds, enhancing the governance team's professional structure [2] - The company has appointed Mr. Fan Jianhai as general manager, Mr. Chen Jiewen as deputy general manager and CFO, and Ms. Kang Xiao as board secretary, all of whom bring significant industry experience [2] Group 2: Business Stability - The personnel changes are aimed at "consolidating the fundamentals and enhancing governance," with no significant changes to the company's main business operations [3] - The company assures that its main business remains stable and that there are no major changes in the plans related to its core operations [3] Group 3: Zhonghao Xinying IPO - Tianpu Co., Ltd. confirms that Zhonghao Xinying's independent IPO plan remains unchanged, currently in the process of restructuring, with no plans for a backdoor listing in the next 36 months [4] - The departure of Ms. Kang Xiao and Mr. Chen Jiewen from Zhonghao Xinying is described as a normal career development move, and the core management team of Zhonghao Xinying remains stable [4] - The company has conducted a compliance review regarding the appointments of Kang Xiao and Chen Jiewen, confirming their complete separation from Zhonghao Xinying, ensuring no conflicts of interest [4] Group 4: Governance Monitoring - The company will closely monitor the progress of any investigations and assess their potential impact on the qualifications of directors and senior management [5] - If any disqualifying situations arise, the company will promptly initiate adjustment plans to maintain governance stability and fulfill disclosure obligations [5]

Core Viewpoint - Ningbo Tianpu Rubber Technology Co., Ltd. has responded to the Shanghai Stock Exchange's inquiries regarding changes in its board of directors and the impact of its subsidiary Zhonghao Xinying's independent IPO, emphasizing stability in governance and management continuity [1][2]. Group 1: Management Changes - The actual controller of Tianpu has changed to Mr. Yang Gongyifan, with a focus on ensuring stable governance and smooth control transition [1]. - The new board includes experienced members with diverse backgrounds, such as Mr. Yang as chairman and Mr. Fan Jianhai as general manager, aimed at maintaining operational stability and enhancing professional management [1][2]. - Key members from the previous management team remain in their positions to ensure continuity in operations and management [2]. Group 2: Business Operations - The main business of Tianpu, which focuses on high polymer fluid pipeline systems and sealing system components for automobiles, remains unchanged, aligning with previous commitments to business stability [2]. - The governance structure aims to consolidate the company's foundation while enhancing governance capabilities, which is crucial for the ongoing business operations [2]. Group 3: IPO and Independence - Zhonghao Xinying has initiated its independent IPO process, currently in the stage of restructuring, with no plans for a backdoor listing in the next 36 months, ensuring its capital path is independent of Tianpu [2][3]. - The departure of Ms. Kang Xiao and Mr. Chen Jiewen from Zhonghao Xinying to Tianpu is characterized as a normal career move, with no adverse impact on Zhonghao's IPO preparations [3]. - Tianpu has conducted a special review to confirm the independence of its operations and management, ensuring compliance with regulatory requirements [3][4].

Core Viewpoint - Tianpu Co., Ltd. has responded to the Shanghai Stock Exchange's inquiries regarding the stability of its governance structure, the impact of Zhonghao Xinying's independent IPO, and the independence of the listed company's personnel [1] Group 1: Personnel Changes - The actual controller of Tianpu Co., Ltd. has changed to Yang Gongyi Fan, with the core goal of ensuring stable governance and smooth control transition [2] - The new board includes Chairman Yang Gongyi Fan and non-independent directors Li Chenling and Kang Xiao, complemented by independent directors with accounting and legal backgrounds, forming a diverse governance team [2] - The company has appointed Fan Jianhai, who has extensive experience in the automotive parts industry, as General Manager, and Chen Jie Wen, with experience as CFO at Fosun Hive, as Deputy General Manager and CFO [2] Group 2: Business Stability - The personnel arrangements aim to "consolidate the fundamentals and enhance governance," with no significant changes to the company's main business [3] - The company assures that the plans for its main business have not undergone major changes [3] Group 3: Zhonghao Xinying's IPO - Tianpu Co., Ltd. confirmed that Zhonghao Xinying has initiated its independent IPO process, currently in the shareholding reform stage, with no plans for a backdoor listing in the next 36 months [4] - Key management at Zhonghao Xinying remains stable, with General Manager Yang Gongyi Fan continuing to oversee daily operations, and the selection process for a new Secretary and CFO is underway [4] - The departure of Kang Xiao and Chen Jie Wen from Zhonghao Xinying is characterized as a normal career development move, and their exit does not constitute a "significant adverse change" affecting the IPO [4] Group 4: Governance and Compliance - The company will closely monitor the progress of any investigations and assess their potential impact on the qualifications of directors and senior management [5] - If any disqualifying situations arise, the company will promptly initiate adjustment plans to maintain governance stability and fulfill information disclosure obligations [5]

高管调整被问询 上交所问询函提到，前期天普股份多次披露公告称，中昊芯英没有在未来12个月内改变上市公司主营业务或者对上市公司主营业务做出重大调整的明确计 划，无资产注入计划。 大牛股天普股份（ 605255）高管变动被问询。 1月16日晚，天普股份披露对上交所问询函的回复。此前，公司于1月14日晚公告，公司收到上交所问询函，上交所在问询函中关注了多方面的问题。 当天，天普股份公告，公司董事会完成换届选举并聘任高级管理人员。收购方中昊芯英相关人员当选公司董事、高级管理人员。其中，杨龚轶凡当选为公 司董事长，李琛龄、康啸当选为公司董事，陈捷闻被聘任为公司副总经理及财务总监、康啸被聘任为公司董事会秘书。 近期，天普股份股价剧烈波动。1月16日，天普股份盘中一度跌停，尾盘拉升，收盘跌幅为6.88%。 天普股份披露，截至公司董事会聘任当日，为确保上市公司控制权稳定及平稳过渡，康啸及陈捷闻已经从中昊芯英离职，入职天普股份为其正常的职业发 展选择。 目前，中昊芯英正在通过内部考察选拔、结合外部招聘的方式，积极考虑选聘中昊芯英新任董事会秘书及财务总监，因此前述中昊芯英原相关管理人员自 中昊芯英离职不会对其日常经营及IPO筹备 ...

证券代码：605255 证券简称：天普股份 公告编号：2026-009 宁波市天普橡胶科技股份有限公司 关于对上海证券交易所问询函回复的公告 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。 宁波市天普橡胶科技股份有限公司（以下简称"公司"、"天普股份"）于 2026 年 1 月 14 日收到上海证券交易所出具的《关于对宁波市天普橡胶科技股份 有限公司董事、高级管理人员换届事项的问询函》（上证公函【2026】0054 号） （以下简称"《问询函》"），公司及相关方、公司董事会提名委员会就《问询 函》所提出的问题进行了认真核查，现回复如下： 一、前期你公司多次披露公告称，中昊芯英没有在未来 12 个月内改变上市 公司主营业务或者对上市公司主营业务做出重大调整的明确计划，无资产注入 计划。但本次当选相关人员除总经理范建海外，均无天普股份原有汽车零部件 业务相关履历。 请相关方充分说明本次换届涉及人员安排的主要考虑，对上市公司原有业 务的经营管理规划，相关人员是否具备任职能力；相关安排是否有利于上市公 司主营业务发展，是否符合上市公司 ...

Core Viewpoint - The company is committed to maintaining the stability of its existing management team while preparing for the appointment of new directors to enhance financial management, compliance governance, and information disclosure for sustainable development [1] Group 1: Company Operations - The company will continue to advance its main business operations and development without significant changes to its core activities [1] - The primary products include high polymer fluid pipeline systems and sealing system components for automotive applications, mainly used in traditional oil vehicle manufacturing [1] Group 2: Shareholder Developments - The shareholder Zhonghao Xinying has initiated the process for an independent initial public offering (IPO) and is currently in the shareholding reform stage, having engaged relevant intermediary institutions [1] - There are no plans or arrangements for Zhonghao Xinying to pursue a backdoor listing through the company within the next 36 months [1]