Core Viewpoint - The controlling shareholder and actual controller of Hengbao Co., Ltd., Qian Jing, plans to reduce his stake in the company by up to 21.25 million shares, accounting for 3% of the total share capital, from January 28, 2026, to April 27, 2026, due to personal investment and financial arrangement needs [1] Share Reduction Plan - Qian Jing intends to reduce his holdings through centralized bidding and block trading, with a maximum of 7.08 million shares (1% of total share capital) through centralized bidding and 14.17 million shares (2% of total share capital) through block trading [1] Stock Performance - As of February 11, 2026, Hengbao's stock price is reported at 18.46 yuan per share, with a total market capitalization of 13.076 billion yuan, reflecting a cumulative decline of 14.58% in stock price since the beginning of the year [1] Financial Performance - For the first three quarters of 2025, the company's operating revenue is 614 million yuan, representing a year-on-year decrease of 10.0%, while the net profit attributable to shareholders is 37.3 million yuan, down 59.2% year-on-year [1]

Group 1 - Zhongke Shuguang, based in Beijing, is a leading enterprise in high-performance computing, cloud computing, and big data, with a comprehensive self-developed technology system in computing infrastructure [1][29] - The company collaborates with top research institutions to develop quantum computing supporting technologies and has launched dedicated computing infrastructure for quantum computing [1][29] - Future prospects include becoming a core service provider for quantum computing industrialization, leveraging national computing network construction and quantum technology policies [1][29] Group 2 - iFlytek, located in Hefei, is a leader in intelligent voice and AI, focusing on the integration of quantum computing and AI applications [2][30] - The company aims to optimize AI model training efficiency using quantum computing's parallel processing advantages and explores quantum algorithms in various fields [2][30] - Future developments may lead to differentiated advantages in quantum intelligent interaction and optimization algorithms [2][30] Group 3 - Hengtong Optic-Electric, based in Suzhou, is a global leader in optical communication and energy interconnection, with a significant market share in quantum communication [3][31] - The company has developed quantum key distribution (QKD) equipment and has a market share of over 40% in quantum optical cables [3][31] - Future strategies include enhancing core devices and exploring the integration of quantum communication with marine communication [3][31] Group 4 - Aerospace Electronics, located in Beijing, is a core enterprise in aerospace electronic information, focusing on quantum sensing and navigation technologies [4][32] - The company develops high-precision aerospace sensors based on quantum effects and supports the construction of space-based quantum communication networks [4][32] - Future advancements may position the company as a key supplier in aerospace quantum technology applications [4][32] Group 5 - Zhongtian Technology, based in Nantong, specializes in optical cables and renewable energy, focusing on the infrastructure for quantum key distribution networks [5][34] - The company collaborates with other quantum technology firms to provide supporting equipment for quantum communication systems [5][34] - Future efforts may include the development of specialized optical devices and solutions for quantum communication [5][34] Group 6 - Huagong Technology, located in Wuhan, is a leader in laser processing and optoelectronic devices, focusing on core optical devices needed for quantum communication [6][35] - The company aims to become a key supplier of quantum communication components and explore quantum sensing technology applications [6][35] - Future developments may enhance the company's position in the quantum communication market [6][35] Group 7 - China West Electric, based in Xi'an, focuses on quantum sensing technology applications in power systems, developing high-precision monitoring sensors [7][36] - The company aims to enhance the stability and intelligence of power systems through quantum sensing technology [7][36] - Future strategies may solidify the company's core advantages in quantum monitoring and precision measurement [7][36] Group 8 - AVIC Optoelectronics, located in Luoyang, specializes in high-precision connectors and optoelectronic components for quantum communication and computing [8][37] - The company aims to support the miniaturization and integration of quantum devices through its advanced manufacturing capabilities [8][37] - Future developments may expand the company's role in the quantum technology supply chain [8][37] Group 9 - Southern Power Grid Digital, based in Guangzhou, focuses on digital power grid solutions and quantum key distribution technology in power systems [9][38] - The company aims to establish a quantum security protection system for critical power infrastructure [9][38] - Future initiatives may position the company as a benchmark in quantum security applications within the power industry [9][38] Group 10 - China Great Wall, located in Beijing, is a leader in self-controlled computing and information security, focusing on post-quantum cryptography [10][39] - The company develops solutions to ensure information system security in the quantum computing era [10][39] - Future advancements may enhance the company's offerings in quantum security solutions [10][39] Group 11 - Kehua Data, based in Xiamen, specializes in data center infrastructure and energy management, providing power solutions for quantum computing facilities [11][41] - The company aims to become a core supplier for quantum computing infrastructure as the industry grows [11][41] - Future developments may optimize energy solutions for quantum computing centers [11][41] Group 12 - State Grid Information Communication, located in Beijing, focuses on digital power and information communication, exploring quantum key distribution in power networks [12][42] - The company aims to enhance the security of power communication networks through quantum technology [12][42] - Future strategies may solidify the company's role in promoting quantum communication applications in the power sector [12][42] Group 13 - Tiantong Co., based in Haining, specializes in magnetic materials and sapphire crystals, focusing on high-performance sapphire substrates for quantum computing [13][43] - The company aims to become a key supplier of materials essential for quantum chip manufacturing [13][43] - Future developments may expand the application of quantum materials in various quantum devices [13][43] Group 14 - Shenzhou Information, a leader in financial technology, focuses on quantum key distribution in the financial sector [14][44] - The company aims to build a quantum security financial service system to protect financial data [14][44] - Future initiatives may enhance the integration of quantum technology in financial services [14][44] Group 15 - Qiming Star, located in Beijing, is a leader in network security, focusing on the development of post-quantum cryptography technologies [15][45] - The company aims to provide comprehensive network security solutions to protect against quantum computing threats [15][45] - Future advancements may position the company as a core service provider in post-quantum security [15][45] Group 16 - Electric Science Network Security, based in Chengdu, focuses on quantum security technologies, including quantum key distribution and post-quantum cryptography [16][47] - The company aims to become a key player in quantum security for critical information infrastructure [16][47] - Future developments may enhance the company's capabilities in quantum security solutions [16][47] Group 17 - Keda Guokai, located in Hefei, focuses on the intersection of quantum computing and big data, developing algorithms for quantum data processing [17][48] - The company aims to accelerate the industrialization of quantum computing technologies [17][48] - Future initiatives may open new growth opportunities in the intelligent software industry [17][48] Group 18 - Guangdong Measurement, based in Guangzhou, specializes in calibration and testing services for quantum technology products [18][49] - The company aims to ensure the measurement accuracy and stability of quantum devices [18][49] - Future developments may position the company as a core calibration service provider in the quantum technology sector [18][49] Group 19 - Dongxin Peace, located in Zhuhai, focuses on quantum key distribution technology for IoT security applications [19][50] - The company aims to enhance the security of IoT devices and data transmission through quantum technology [19][50] - Future initiatives may solidify the company's position in the quantum security market for IoT [19][50] Group 20 - Hengbao Co., based in Zhenjiang, specializes in smart cards and financial technology, focusing on quantum security in financial transactions [20][51] - The company aims to develop quantum secure payment systems to protect financial data [20][51] - Future developments may enhance the company's offerings in quantum security applications within the financial sector [20][51] Group 21 - Datang Telecom, located in Beijing, focuses on integrated circuit design and quantum communication chip development [21][52] - The company aims to support the miniaturization and integration of quantum devices through specialized chips [21][52] - Future advancements may position the company as a key supplier in the quantum chip market [21][52] Group 22 - Guomin Technology, based in Shenzhen, focuses on post-quantum cryptography for security chips in various industries [22][54] - The company aims to ensure the security of devices and data in the quantum computing era [22][54] - Future developments may enhance the company's capabilities in the quantum security chip market [22][54]

Group 1 - Company Hengbao Co., Ltd. won a procurement project from China Construction Bank with a bid amount of 91.0059 million yuan [1][2] - In 2024, the company's operating revenue was 903 million yuan, with a revenue growth rate of -28.47% [2] - The net profit attributable to the parent company for 2024 was 95 million yuan, showing a net profit growth rate of -39.70% [2] Group 2 - In the first half of 2025, the company's operating revenue was 430 million yuan, with a revenue growth rate of -8.64% [2] - The net profit attributable to the parent company for the first half of 2025 was 35 million yuan, reflecting a net profit growth rate of -44.41% [2] - The company operates in the information technology industry, with main product types including integrated circuits, plastic packaging products, printed materials, and smart commercial equipment [2]

Group 1 - Company Hengbao Co., Ltd. (002104.SZ) won a procurement project from China Construction Bank Fujian Branch with a bid amount of 1.4217 million yuan [1] - In 2024, the company's operating revenue was 903 million yuan, reflecting a decrease of 28.47% year-on-year, while the net profit attributable to the parent company was 95 million yuan, down 39.70% [2][3] - For the first half of 2025, the company's operating revenue was 430 million yuan, showing a decline of 8.64%, and the net profit attributable to the parent company was 35 million yuan, a decrease of 44.41% [2][3] Group 2 - Hengbao Co., Ltd. operates in the information technology industry, with main product types including integrated circuits, plastic packaging products, printed materials and printing equipment, and smart commercial equipment [2][3] - The main business composition for 2024 was as follows: cards 80.33%, modules 18.43%, tickets 0.68%, and other businesses 0.56% [2][3]

Group 1 - Hengbao Co., Ltd. experienced a decline of 5.03% on January 13, with a stock price of 19.27 CNY per share and a trading volume of 1.068 billion CNY, resulting in a turnover rate of 9.06% and a total market capitalization of 13.65 billion CNY [1] - The company, established on September 24, 1996, and listed on January 10, 2007, specializes in the research, production, and sales of card products such as magnetic stripe cards and password cards, along with their related operating systems (COS) and ticket products [1] - The revenue composition of Hengbao Co., Ltd. is as follows: card products account for 78.19%, module products for 21.27%, ticket products for 0.31%, and other (supplementary) for 0.24% [1] Group 2 - Among the top ten circulating shareholders of Hengbao Co., Ltd., one fund from GF Fund Management, the GF Value Advantage Mixed Fund (008297), entered the top ten in the third quarter, holding 2.4966 million shares, which represents 0.42% of the circulating shares [2] - The GF Value Advantage Mixed Fund, established on March 2, 2020, has a current size of 1.483 billion CNY, with a year-to-date return of 7.97%, ranking 1604 out of 8836 in its category; it has a one-year loss of 2.95%, ranking 8065 out of 8091, and a cumulative return of 32.81% since inception [2] Group 3 - The fund manager of GF Value Advantage Mixed Fund is Wang Mingxu, who has been in the position for 7 years and 91 days, managing total assets of 8.26 billion CNY, with the best fund return during his tenure being 128.45% and the worst being -19.6% [3]

Core Viewpoint - Hengbao Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit year-on-year, indicating potential challenges in its business operations and market conditions [1][2]. Financial Performance - As of September 30, 2025, Hengbao Co., Ltd. reported a revenue of 614 million yuan, a year-on-year decrease of 9.99% [2]. - The net profit attributable to shareholders was 37.30 million yuan, reflecting a significant year-on-year decline of 59.19% [2]. - The company's stock price has decreased by 8.47% since the beginning of the year and has also dropped by 8.47% over the last five trading days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 230,500, a decrease of 1.62% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.65% to 2,602 shares [2]. Dividend Distribution - Hengbao Co., Ltd. has cumulatively distributed 714 million yuan in dividends since its A-share listing, with 14.9 million yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, the second-largest circulating shareholder is Huabao Zhongzheng Financial Technology Theme ETF, holding 9.22 million shares, an increase of 4.54 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the third-largest shareholder with 4.68 million shares, up by 173,650 shares [3]. - New shareholders include Guangfa Value Advantage Mixed Fund and Bosera Financial Technology ETF, holding 2.50 million and 1.91 million shares, respectively [3].

Market Overview - The Shanghai Composite Index rose by 0.05% on January 7, with 17 out of the 28 sectors experiencing gains. The top-performing sectors were the comprehensive and coal industries, with increases of 3.86% and 2.47% respectively. The communication sector also saw a rise of 1.24% [1] - In terms of capital flow, the main funds in the two markets experienced a net outflow of 54.336 billion yuan. Only four sectors saw net inflows, with the communication sector leading at 4.752 billion yuan, followed by the coal sector with a net inflow of 1.870 billion yuan [1] Communication Sector Performance - The communication sector increased by 1.24%, with a total net inflow of 4.752 billion yuan. Out of 124 stocks in this sector, 62 stocks rose, including 7 that hit the daily limit, while 62 stocks declined [2] - Among the stocks with net inflows, 57 stocks saw positive capital flow, with 17 stocks receiving over 100 million yuan. The top stock for net inflow was Tongyu Communication, which attracted 1.313 billion yuan, followed by Xinyi Sheng and Yongding Co., with net inflows of 613 million yuan and 554 million yuan respectively [2] - The communication sector also had stocks with significant net outflows, with 6 stocks experiencing outflows exceeding 100 million yuan. The stocks with the highest outflows included ZTE Corporation, Hengbao Co., and Sanwei Communication, with outflows of 434.5 million yuan, 270.8 million yuan, and 243.4 million yuan respectively [3] Capital Flow in Communication Sector - The top stocks in the communication sector by net inflow included: - Tongyu Communication: +10.01%, 32.34% turnover, 1.314 billion yuan inflow - Xinyi Sheng: +0.66%, 3.43% turnover, 613 million yuan inflow - Yongding Co.: +4.24%, 17.54% turnover, 554 million yuan inflow [2] - The stocks with the highest net outflows included: - ZTE Corporation: -0.89%, 3.30% turnover, -434.5 million yuan outflow - Hengbao Co.: -6.08%, 17.26% turnover, -270.8 million yuan outflow - Sanwei Communication: -2.60%, 16.96% turnover, -243.4 million yuan outflow [3]

Core Viewpoint - The controlling shareholder and actual controller of Hengbao Co., Ltd. (002104.SZ), Qian Jing, plans to reduce his shareholding by up to 21,250,174 shares, representing no more than 3% of the company's total share capital, through centralized bidding and block trading over a three-month period from January 28, 2026, to April 27, 2026 [1][2]. Group 1: Shareholding Reduction Details - Qian Jing's planned reduction includes a maximum of 7,083,391 shares (1% of total share capital) through centralized bidding and 14,166,783 shares (2% of total share capital) through block trading within any consecutive 90-day period [1]. - The total cash amount from the planned reduction is approximately 440,728,608.76 yuan, based on the last trading day's closing price of 20.74 yuan per share [2]. Group 2: Current Shareholding Status - As of the announcement date, Qian Jing holds 134,214,678 shares, accounting for 18.95% of the total share capital of 708,339,154 shares as of December 31, 2025 [2]. - Qian Jing initially held 144 million shares, which was 20.33% of the total share capital, and has cumulatively reduced his holdings by 9,710,400 shares since April 3, 2025, realizing approximately 101 million yuan [2]. Group 3: Impact on Company Governance - The share reduction is characterized as a normal behavior of the shareholder and is not expected to have a significant adverse impact on the company's governance, equity structure, or future operations, nor will it lead to a change in the control of the listed company [2].

Group 1 - The core point of the article is that Hengbao Co., Ltd. (002104.SZ) experienced a decline of 6.27%, closing at 19.44 yuan, with a total market capitalization of 13.77 billion yuan [1] - The controlling shareholder and actual controller, Qian Jing, holds 134 million shares, accounting for 18.95% of the company [1] - Qian Jing plans to reduce his holdings by up to 21.25 million shares, not exceeding 3% of the total share capital, between January 28, 2026, and April 27, 2026 [1] Group 2 - The planned reduction includes a maximum of 7.08 million shares through centralized bidding, representing 1% of the total shares, and up to 14.17 million shares through block trading, representing 2% [1] - As of January 6, the closing price of Hengbao shares was 20.74 yuan, giving a total market capitalization of 14.24 billion yuan [1] - If calculated at the closing stock price, Qian Jing could potentially cash out approximately 440 million yuan from this round of share reduction [1]

Core Viewpoint - The controlling shareholder and actual controller of Hengbao Co., Ltd., Qian Jing, plans to reduce his stake in the company by up to 21.25 million shares, representing 3% of the total share capital, due to personal investment and financial arrangement needs [1][3]. Group 1: Shareholding and Reduction Plan - Qian Jing intends to reduce his holdings through centralized bidding and block trading, with a maximum of 7.08 million shares (1% of total share capital) through centralized bidding and 14.17 million shares (2% of total share capital) through block trading [1]. - As of January 6, Qian Jing holds 134 million shares, accounting for 18.95% of the total share capital, down from an initial holding of 144 million shares (20.33%) [3]. Group 2: Financial Performance - For the first three quarters of 2025, Hengbao Co., Ltd. reported a revenue of 614 million yuan, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 37.3 million yuan, down 59.2% [4]. - In the third quarter of 2025, the company’s revenue was 184 million yuan, a decline of 13.0%, with a net profit of 194 thousand yuan, down 93.0% [5]. Group 3: Company Overview and Management - Hengbao Co., Ltd. specializes in providing comprehensive solutions including security equipment, payment security, identity and privacy protection, mobile payment solutions, cloud authentication access services, smart device remote management, digital services, data security, and blockchain technology [4]. - Qian Jing's annual salary is reported to be only 56,000 yuan, while the total compensation for seven directors and senior management is 4.03 million yuan, averaging 731,000 yuan [3].