Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares, as part of a planned divestment strategy [1][2]. Group 1: Shareholding Changes - Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, with the reduction occurring between November 24 and December 1, 2025 [1]. - Alibaba Network had previously announced a plan to reduce its holdings by up to 12.549 million shares, representing a maximum of 3% of the total share capital [1]. Group 2: Financial Performance of Aojie Technology - For the first three quarters of the year, Aojie Technology reported revenue of 2.88 billion yuan, reflecting a year-on-year growth of 13.42% [2]. - The company recorded a net loss attributable to shareholders of 327 million yuan during the same period [2]. Group 3: Alibaba's Strategic Focus - Alibaba's CEO stated that the company is in an investment phase, focusing on building AI technology and infrastructure platforms, as well as integrating life services with e-commerce to create long-term strategic value [2]. - The company reported a 34% year-on-year revenue growth in its cloud intelligence group, driven by strong demand for AI, with AI-related product revenue achieving triple-digit growth for the ninth consecutive quarter [2].

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through various trading methods [1][4]. Summary by Sections Shareholding Changes - On December 1, Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, decreasing its stake from 13.99% to 12.69% [1]. - Alibaba's total share reduction amounts to 11,490,500 shares, with 1,058,500 shares remaining available for sale [5]. Company Performance - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42%. However, the company recorded a net loss of 327 million yuan [5]. - Aojie Technology specializes in wireless communication and large-scale chip platforms, with capabilities in developing cellular baseband chips and IoT chips [5]. Alibaba's Financial Results - Alibaba Group reported a revenue of 247.795 billion yuan for the second quarter of fiscal year 2026, with a year-on-year growth of 15% after excluding the impact of sold businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, driven by strong demand for AI-related products [6].

Core Viewpoint - Alibaba (China) Network Technology Co., Ltd. will reduce its stake in Aojie Technology (688220.SH) from 13.99% to 12.69% through centralized bidding and block trading between November 24 and December 1, 2025, involving 5.439 million shares [1][2]. Company Overview - Aojie Technology focuses on the research, design, and technological innovation of wireless communication chips, with cellular baseband technology as its core [3]. - Alibaba is the largest shareholder of Aojie Technology [3]. Shareholder Changes - The reduction in shareholding by Alibaba does not trigger a mandatory bid and will not lead to a change in the actual controller of the company, nor will it significantly impact the company's governance structure or ongoing operations [2]. - After the reduction, Alibaba will hold 53,066,925 shares, representing a decrease of 9.30% [4]. Stock Performance - Aojie Technology's stock price closed at 92.18 yuan, with a total market capitalization of 38.6 billion yuan, and has seen an increase of over 70% this year [4][5].

智通财经APP讯，翱捷科技(688220.SH)发布公告，公司于2025年12月1日收到股东阿里巴巴(中国)网络 技术有限公司出具的《关于股东权益变动比例触及1%刻度的通知》，2025年11月24日至2025年12月1 日，阿里巴巴(中国)网络技术有限公司通过集中竞价及大宗交易方式减持公司股份543.9万股，占公司总 股本的比例由13.99%减少至12.69%。 ...

证券代码：688220 证券简称：翱捷科技 公告编号：2025-039 翱捷科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 一、 信息披露义务人及其一致行动人的基本信息 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 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 阿里巴巴（中国）网 | □ | 控股股东/实控人的一致 | √91330100716105852F | | 络技术有限公司 | 行动人 | | □ 不适用 | | | √ | 其他直接持股股东 | | 3.一致行动人信息 上述信息披露义务人无一致行动人。 阿里巴巴（中国）网络技术有限公司保证向本公司提供的信 ...

翱捷科技12月1日公告称，股东阿里巴巴（中国）网络技术有限公司于2025年11月24日至12月1日通过集 中竞价及大宗交易方式减持公司股份543.9万股，占公司总股本的比例由13.99%减少至12.69%，权益变 动触及1%刻度。本次权益变动属于股东主动减持，不触及要约收购，不会导致公司实际控制人发生变 化，不会对公司治理结构及持续经营产生重大影响。 ...

格隆汇12月1日丨翱捷科技(688220.SH)公布，于2025年12月1日收到股东阿里巴巴（中国）网络技术有 限公司出具的《关于股东权益变动比例触及1%刻度的通知》，2025年11月24日至2025年12月1日，阿里 巴巴（中国）网络技术有限公司通过集中竞价及大宗交易方式减持公司股份543.9万股，占公司总股本 的比例由13.99%减少至12.69%，权益变动触及1%刻度。 ...

Core Points - Aojie Technology (688220.SH) announced that Alibaba (China) Network Technology Co., Ltd. reduced its shareholding by 5,439,008 shares from November 24 to December 1, 2025, decreasing its ownership from 13.99% to 12.69% [1] - The reduction in shareholding is classified as a voluntary reduction by the shareholder and does not trigger a mandatory takeover bid [1] - This change in equity does not affect the actual control of the company, nor does it have a significant impact on the company's governance structure or ongoing operations [1]

格隆汇12月1日丨翱捷科技(688220.SH)公布，于2025年12月1日收到股东阿里巴巴（中国）网络技术有 限公司出具的《关于股东权益变动比例触及1%刻度的通知》，2025年11月24日至2025年12月1日，阿里 巴巴（中国）网络技术有限公司通过集中竞价及大宗交易方式减持公司股份543.9万股，占公司总股本 的比例由13.99%减少至12.69%，权益变动触及1%刻度。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]