Core Viewpoint - The company, through its wholly-owned subsidiary KSORKA Renewables Pte Ltd, has signed a joint venture letter of intent with Hungarian company Bölény Zrt and other partners to establish a joint venture aimed at advancing geothermal power projects in Hungary [1] Group 1: Joint Venture Details - The joint venture will focus on upgrading the existing geothermal power station in Hungary to increase its net power generation capacity to 6.5 MW [1] - The joint venture plans to develop, construct, and operate a geothermal power station with a total installed capacity of 104 MW, contingent on reservoir conditions [1] - Bölény is in the process of establishing a mixed fund with official backing, which will become a shareholder in the joint venture upon its formation [1] Group 2: Financial Structure - The registered capital for the proposed joint venture is set at 5 million Forints (approximately 107,500 RMB) [2] - KS ORKA will hold a 45% stake in the joint venture, while BEF (or Bölény) will also hold 45%, AAPRIL Kft will hold 4%, and individual foreign shareholders will collectively hold 6% [2]

证券代码：300257 证券简称：开山股份 公告编号：2025-045 开山集团股份有限公司 关于全资子公司KS ORKA与匈牙利合作伙伴 授权代表：Dániel Nagy 博士 公司注册号：01-10-143291 1、背景概况 近日，开山集团股份有限公司（以下简称"公司"）全资子公司 KS ORKA Renewables Pte Ltd（以下简称"KS ORKA"）与匈牙利公司 Bölény Zrt（以下简 称"Bölény"）等合作方共同签署了《合资意向书》，计划共同出资设立合资公 司，旨在共同推进匈牙利的地热发电项目。合资公司初期的主要业务涵盖以下内 容：一是对公司在匈牙利的现有地热电站进行升级，将其净发电功率提升至 6.5MW；二是开发、建设并运营总装机容量为 104MW 的地热电站（其最终规模 视储层条件是否满足该装机容量而定）。 在《合资意向书》签署之时，Bölény 正在筹建一个具有官方背景、专注于 能源领域的混合基金（以下简称"BEF"）。在 BEF 成立后，Bölény 将指定 BEF 成为合资公司的股东，并签署相关协议。与 Bölény、BEF 的合作，将为公司深 度拓展匈牙利乃至中东欧 ...

Core Points - Kaishan Holdings plans to reduce its stake in Kaishan Co., Ltd. by up to 9,936,350 shares, representing no more than 1% of the total share capital, within three months starting from December 12, 2025 [1] - The estimated cash proceeds from this reduction are approximately 152.22 million yuan based on the last closing price of 15.32 yuan per share [1] - As of the announcement date, Kaishan Holdings holds 566,162,342 shares, accounting for 56.98% of the total share capital [1] Shareholding History - Kaishan Holdings initially held 631 million shares, which was 63.49% of the total share capital [1] - Since July 12, 2021, Kaishan Holdings has cumulatively reduced its holdings by 64.73 million shares, realizing approximately 995 million yuan [1][2] - The shareholding percentage has decreased from 63.49% to 56.98% following multiple reductions [2][3] Regulatory Issues - In February 2021, the China Securities Regulatory Commission issued warning letters to key executives of Kaishan Co., Ltd. for inaccuracies in financial reporting and governance issues [4] - In November 2022, further warnings were issued due to failures in timely disclosure of related party transactions and improper use of raised funds [4]

Core Points - Kaishan Holdings (300257.8Z) experienced a significant decline, dropping 7.11% to a price of 14.23 yuan, marking a two-month low since September 22 [1] - The controlling shareholder, Kaishan Holdings Group Co., Ltd., plans to reduce its stake by up to 9.9364 million shares, which represents 1% of the company's total share capital [1] - The reason for the share reduction is to meet the company's operational needs and to support the funding arrangements for the construction of a green ammonia fertilizer project in Kenya [1] - The reduction period will commence fifteen trading days after the announcement and will last for three months [1]

Core Insights - On November 20, several companies disclosed their share repurchase and reduction plans, indicating varying levels of confidence in their stock performance [1] Group 1: Share Repurchase Plans - Eddie Precision plans to repurchase A-shares worth between 100 million to 200 million yuan [2] - Aviation Materials plans to repurchase shares worth between 50 million to 100 million yuan [2] - Changshu Bank's executives plan to increase their holdings by no less than 550,000 shares [2] Group 2: Share Reduction Plans - New Hongze's major shareholder reduced their holdings during a period of abnormal stock fluctuations [2] - General Electric's Singapore company plans to reduce its holdings by no more than 3% in China Xidian [2] - Senior management of Lifespring Pharmaceutical plans to reduce their holdings by no more than 0.0044% [2] - Shareholder Zhoushan Ruihao of Wan Feng plans to reduce holdings by no more than 1.75% [2] - Shareholders of Dongxin plan to collectively reduce holdings by no more than 0.71% [2] - Haigang Group, a shareholder of Hainan Mining, plans to reduce holdings by no more than 0.75% [2] - Actual controller Zhang Guifeng of Fulongma reduced 3.7812 million shares from November 19 to November 20 [2] - Shareholder Dongguan Kechuang Investment Group of Shengyi Electronics plans to reduce holdings by no more than 1% [2] - Shareholder Qinyi Partnership of Yayi Technology plans to reduce holdings by no more than 0.25% [2] - Controlling shareholder Yuansi Industrial of New City plans to reduce holdings by no more than 3% [2] - Controlling shareholder of Kaishan plans to reduce holdings by no more than 1% [2] - The largest shareholder of Tuo Jing Technology, the National Fund, plans to reduce holdings by no more than 3% [2] - Controlling shareholder Li Zheng of Wajinjiao plans to reduce holdings by no more than 3% [2] - Shareholder Shanxi Huaxin Hai of Baose plans to reduce holdings by no more than 1% [2] - Shareholders of Huaya Intelligent plan to collectively reduce holdings by 399.21 million shares, accounting for 2.98% of total share capital [2] - Directors and executives of Changxin Bochuang plan to collectively reduce holdings by no more than 0.05% [2] - Shareholders of Longxun plan to collectively reduce holdings by no more than 2.63% [2] - Some directors and executives of Fulede plan to collectively reduce holdings by no more than 0.0104% [2]

Core Viewpoint - Kaishan Holdings Group Co., Ltd. plans to reduce its shareholding in Kaishan Co., Ltd. by up to 9,936,350 shares, representing no more than 1% of the total share capital of the company [2] Summary by Sections - Shareholding Details - The controlling shareholder, Kaishan Holdings Group Co., Ltd., holds 566,162,342 shares, accounting for 56.98% of the total share capital of the company [2] - Reduction Plan - The planned reduction will take place within three months after the announcement, starting from December 12, 2025, through centralized bidding or block trading [2]

Group 1 - Moer Thread announced an issuance price of 114.28 CNY per share, with a total of 70 million shares to be publicly issued, aiming to raise 8 billion CNY, netting approximately 7.576 billion CNY after expenses [1] - EVE Energy signed a procurement framework agreement with Simo International for battery cells from 2026 to 2028, with the agreement effective until December 31, 2028, but does not specify a concrete amount [1] - Tuojing Technology's major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 3% through block trading from December 12, 2025, to March 11, 2026 [1] Group 2 - Shengyi Electronics announced that its shareholder, Dongguan Science and Technology Innovation Investment Group, plans to reduce its stake by up to 1% from December 12, 2025, to March 11, 2026, due to funding needs [2] - Deep Technology reported that it is a leading domestic high-end storage chip packaging and testing company, currently operating at full capacity in Shenzhen and Hefei, and is expanding based on customer demand [2] - Wengfeng Co. announced that its deputy general manager, Qin Guofen, is under investigation, but this matter is personal and will not significantly impact the company's operations [2] Group 3 - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology, has had its drug, Surulitinib, included in the breakthrough therapy designation for gastric cancer, with no other PD-1 monoclonal antibody approved for this indication globally [3] - Daye Co. is responding to the EU's anti-dumping investigation on Chinese lawnmowers, adjusting its overseas production structure and integrating resources to mitigate impacts [4]

Core Viewpoint - Kaishan Holdings Group Co., Ltd., the controlling shareholder of Kaishan Co., Ltd. (300257.SZ), plans to reduce its shareholding by up to 9,936,350 shares, representing no more than 1% of the company's total share capital, within three months starting from December 12, 2025 [1] Summary by Category - **Shareholding Reduction Plan** - The reduction will be executed through centralized bidding or block trading methods [1] - The announcement is effective from the date of publication, with a specific timeline for the reduction [1]

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 2024年1至12月份，开山股份的营业收入构成为：机械行业占比100.0%。 截至发稿，开山股份市值为152亿元。 每经AI快讯，开山股份（SZ 300257，收盘价：15.32元）11月20日晚间发布公告称，持有开山集团股份 有限公司约5.66亿股（占公司总股本的56.98%）股份的控股股东开山控股集团股份有限公司，计划自本 公告发布之日起十五个交易日后的3个月内以集中竞价方式或大宗交易方式减持公司股份合计不超过约 994万股。 （记者 曾健辉） ...

Core Points - The controlling shareholder of Kaishan Holdings Group Co., Ltd. plans to reduce its stake in Kaishan Co., Ltd. by up to 9.9364 million shares, which represents no more than 1% of the company's total share capital [1] Summary by Category - **Shareholder Actions** - The controlling shareholder intends to conduct the share reduction through centralized bidding or block trading within three months starting from December 12, 2025 [1]