Group 1 - The core point of the article is that Juguang Technology (688167.SH) announced a reduction in shareholding by its controlling shareholder and actual controller Liu Xingsheng's concerted actors [1] - A total of 868,821 shares were reduced through centralized bidding and/or block trading from September 4 to September 12, 2025 [1] - After the reduction, the combined shareholding ratio decreased from 16.70% to 15.73%, triggering a 1% threshold change in equity [1]

Core Viewpoint - The announcement from Juguang Technology (688167.SH) indicates a significant reduction in shareholding by its major shareholders, which may impact the company's stock performance and investor sentiment [1] Shareholding Changes - The controlling shareholder Liu Xingsheng and his concerted actions reduced their total shareholding from 16.70% to 15.73% after selling a total of 868,821 shares between September 4 and September 12, 2025 [1] - The reduction included 27,500 shares purchased by shareholder Li Xiaoning from the secondary market [1] - Post-reduction, Liu Xingsheng and other concerted parties hold a total of 14,135,450 shares in the company [1]

Core Viewpoint - The company, Juguang Technology (688167.SH), announced a significant reduction in shareholding by its major shareholders, which may impact the stock's market perception and investor confidence [1] Shareholding Changes - The company's controlling shareholder, Liu Xingsheng, along with several associated parties, reduced their total shareholding by 868,821 shares from September 4 to September 12, 2025 [1] - The reduction included 27,500 shares purchased by shareholder Li Xiaoning from the secondary market [1] - Following the reduction, Liu Xingsheng and the associated parties hold a total of 14,135,450 shares, decreasing their combined holding percentage from 16.70% to 15.73%, marking a change that touches the 1% threshold [1]

证券代码：688167 证券简称：炬光科技 公告编号：2025-069 西安炬光科技股份有限公司 关于控股股东、实际行动人及其一致行动人 权益变动触及 1%刻度的提示性公告 公司控股股东、实际控制人刘兴胜及其一致行动人宋涛、侯栋、延绥斌、李小宁、 田野、宁波宁炬创业投资合伙企业（有限合伙）、宁波新炬创业投资合伙企业（有限合 伙）、宁波吉辰创业投资合伙企业（有限合伙）保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 1、身份类别 | |  | 控股股东/实际控制人及其一致行动人 | | --- | --- | --- | | | □ | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □ | 合并口径第一大股东及其一致行动人（仅适 | | | | 用于无控股股东、实际控制人） | | | □ | 其他______________（请注明） | 2、信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | ...

Core Viewpoint - The announcement indicates a reduction in shareholding by the controlling shareholder and associated parties of Juguang Technology (688167.SH), which may impact investor sentiment and market perception of the company [1] Group 1: Shareholding Changes - The controlling shareholder Liu Xingsheng and his concerted actions reduced their holdings by a total of 868,821 shares from September 4 to September 12, 2025 [1] - Post-reduction, the total shareholding percentage decreased from 16.70% to 15.73%, indicating a significant change in ownership structure [1] - The equity change triggered a 1% threshold, which is noteworthy for regulatory and market implications [1]

Core Insights - On September 12, 2025, Juguang Technology executed a block trade of 545,900 shares, amounting to 74.11 million yuan, which represented 3.38% of the total trading volume for the day [1] - The average transaction price was 135.76 yuan, reflecting a discount of 14.08% compared to the market closing price of 158 yuan [1] - The highest transaction price recorded was 154.84 yuan, while the lowest was 134.81 yuan [1] Trading Details - The block trade included multiple transactions with varying prices, with the highest being 154.84 yuan and the lowest at 134.81 yuan [2] - Significant volumes were traded at the lower price point of 134.81 yuan, with multiple institutional buyers participating [2] - The trading activity indicates a notable interest from institutional investors, particularly through specific brokerage firms [2]

Group 1 - The semiconductor sector experienced a significant rally on September 12, with notable stock price increases [1] - Chipone Technology saw its stock price rise over 14%, reaching a new high [1] - Other companies such as Demingli, Yangjie Technology, Jiangbolong, Purun Technology, Liyang Chip, and Juguang Technology also experienced stock price increases [1]

Group 1 - The semiconductor sector experienced a significant rally at the beginning of trading, with notable gains in various companies [1] - Chipone Technology saw its stock price increase by over 10%, reaching a new high [1] - Other companies such as Demingli, Yangjie Technology, Jiangbolong, Purun Technology, Liyang Chip, and Juguang Technology also experienced upward movement in their stock prices [1]

Core Viewpoint - Juguang Technology has faced challenges in fully granting stock incentives due to performance issues, leading to the introduction of a new stock incentive plan that focuses on "human efficiency" and adjusted sales and management expense ratios as performance targets [1][2][3] Group 1: Stock Incentive Plan Details - The new incentive plan proposes to grant 3.6 million restricted stocks, accounting for approximately 4.01% of the company's total share capital [2] - A total of 94 individuals, representing about 10.35% of the company's workforce, will be the initial recipients of the stock grants, including foreign employees from Singapore, Germany, and Malaysia [2][3] - The grant price for the restricted stocks is set at no less than 120.80 yuan per share, with the current stock price at 144.96 yuan, indicating a slight discount [2] Group 2: Performance Assessment Metrics - The performance assessment for the new incentive plan will focus on "human efficiency," defined as the company's revenue divided by the average number of employees at the beginning and end of the year, with target values set for 2025, 2026, and 2027 [2][3] - The sales and management expense ratio, excluding the impact of stock payment expenses, will also be evaluated, with target values of 22.00%, 19.00%, and 16.00% for the same years [2][3] Group 3: Historical Context and Challenges - Previous stock incentive plans primarily focused on conventional metrics such as revenue and net profit, but these plans were not fully executed due to unmet performance targets [4] - In 2024, the company reported a net loss of 175 million yuan, which contributed to the failure of the previous incentive plan [5]

Core Viewpoint - On September 11, a total of 26 A-share listed companies disclosed their shareholding reduction plans, indicating a trend of insider selling in the market [1][2]. Group 1: Company Buybacks - Baicheng Pharmaceutical's controlling shareholder adjusted the upper limit of its buyback plan to no more than 80 yuan per share [2]. Group 2: Company Reductions - Notable companies with planned reductions include: - Zhenghai Magnetic Materials: Directors Gao Bo and Shi Bingqiang plan to reduce their holdings [2]. - Youkede: The actual controller intends to transfer 5.13% of the company's shares at 19.74 yuan per share [2]. - Xinjun Network: Shanghai Senxiao Investment Center reduced its holdings by 1.6271 million shares [2]. - Haige Communication: Shareholder Yang Haizhou plans to reduce holdings by up to 3.5 million shares [2]. - Mind Electronics: Shareholder New大陆 plans to reduce holdings by no more than 1.2% of the company's shares [2]. - Tuoer Si: Shareholder plans to reduce holdings by no more than 0.5% of the company's shares [2]. - Youfang Technology: Some directors and supervisors plan to reduce holdings by no more than 1.3185% of the company's shares [2]. - Juguang Technology: Shareholder Yan Suibin's reduction plan has been completed [2]. - Zhiyuan New Energy: Controlling shareholder's concerted actor Wang Ran plans to reduce holdings by no more than 3% of the company's shares [2]. - Huatai Medical: Vice Chairman Cheng Zhenghui reduced holdings by 2.8203 million shares between September 3 and September 11 [2]. - Shanhaishan: Shareholders Dajiankang and Director Ren Yingxiang plan to reduce holdings by up to 4.08% of the company's shares [2]. - Wanxun Control: Shareholder Zunwei Trading plans to reduce holdings by no more than 2.5 million shares [2]. - Maijie Technology: Shareholder Zhang Meirong plans to reduce holdings by no more than 1% of the company's shares [2]. - Yinghuate: Shareholder Xie Lichuang plans to reduce holdings by no more than 1% of the company's shares [2]. - Jinpu Garden: Shareholder plans to reduce holdings by no more than 4.58% of the company's shares [2]. - Wenzhou Hongfeng: Controlling shareholder Chen Xiao plans to reduce holdings by no more than 12.5 million shares [2]. - Futec Technology: Shareholder Changjiang Weilai Industrial Fund plans to reduce holdings by no more than 3% of the company's shares [2]. - Huahai Chengke: Shareholder Yang Senmao plans to reduce holdings by no more than 3% of the company's shares [2]. - Yizhiming: Actual controller and concerted actors plan to reduce holdings by no more than 7.27 million shares [2]. - Zhongke Environmental Protection: Shareholder plans to reduce holdings by 1.2% of the company's shares [2]. - Zhongwen Online: Shareholder plans to reduce holdings by no more than 2% of the company's shares [2]. - Bidetech: Director and Deputy General Manager He Ming plans to reduce holdings by no more than 0.0466% of the company's shares [2]. - Jihua Group: Director and Vice Chairman Yang Quanming plans to reduce holdings by no more than 0.3% of the company's shares [2]. - Shengke Communication: National Integrated Circuit Industry Investment Fund has reduced holdings by 4.1 million shares [2]. - Suqian Liansheng: Fangyuan Zhihui plans to reduce holdings by no more than 3% of the company's shares [2]. - Jifeng Co., Ltd.: Shareholder Yu Wanli plans to reduce holdings by no more than 2% of the company's total share capital [2].