Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Group 1 - The core point of the news is that Zhongqi Co., Ltd. experienced a 5% drop in stock price, closing at 6.27 CNY per share, with a trading volume of 147 million CNY and a turnover rate of 6.73%, resulting in a total market capitalization of 2.991 billion CNY [1] - Zhongqi Co., Ltd. is primarily engaged in the development, production, and sales of pesticides and intermediates, with its main revenue sources being pesticide raw materials (71.00%), pesticide formulations (11.57%), trading income (10.92%), pesticide intermediates (5.45%), and others (1.05%) [1] Group 2 - Among the top ten circulating shareholders of Zhongqi Co., Ltd., the Jin Yuan Shun An Fund has a new entry with the Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685), holding 2.083 million shares, which accounts for 0.61% of the circulating shares [2] - The Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) has a total scale of 1.35 billion CNY, with a year-to-date return of 37.6%, ranking 1755 out of 8154 in its category, and a one-year return of 45.71%, ranking 890 out of 8025 [2]

Core Insights - 中旗股份 (300575.SZ) reported its Q3 2025 results, revealing that as of October 23, 2025, six institutional investors held a total of 16.8793 million A-shares, accounting for 3.54% of the total share capital, with an increase of 0.52 percentage points from the previous quarter [1] Institutional Holdings - The institutional investors include various entities such as China Foreign Economic and Trade Trust Co., Ltd., Guotai Junan Securities, and others, collectively increasing their holdings [1] - One new public fund was disclosed this period, while 11 public funds were not disclosed compared to the previous quarter, indicating a shift in public fund participation [1] Social Security Fund - The social security fund saw a slight increase in holdings, specifically from Guotai Fund Management Co., Ltd. - Social Security Fund 421 Combination [2] Foreign Investment - There were no new disclosures from foreign institutions this quarter, with Barclays Bank PLC being the only foreign entity not reported in the current period [3]

Core Insights - The company Zhongqi Co., Ltd. (300575.SZ) reported its Q3 2025 results, showing a revenue of 1.872 billion yuan, representing a year-on-year growth of 5.23% [1] - The net loss attributable to shareholders was 138 million yuan, with a net loss of 142 million yuan after excluding non-recurring gains and losses [1] - The basic loss per share was 0.29 yuan [1]

Core Viewpoint - Zhongqi Co., Ltd. reported a revenue of 1.872 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.23% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 138 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 142 million yuan [1] - The basic loss per share was 0.29 yuan [1]

Core Viewpoint - Zhongqi Co., Ltd. reported a year-on-year increase in revenue for the first three quarters, but a significant decline in net profit [1] Financial Performance - The company's operating revenue for the first three quarters reached 1,872,023,277.44 yuan, representing a year-on-year increase of 5.23% [1] - The net profit attributable to shareholders of the listed company was -138,465,084.73 yuan, showing a year-on-year decrease of 622.16% [1] Shareholder Changes - Among the top ten circulating shareholders, Guotai Fund - Shanghai Bank - Guotai Preferred Allocation Collective Asset Management Plan has been newly added as a circulating shareholder [1]

Financial Performance - The company's revenue for Q3 2025 was ¥541,144,998.36, representing a decrease of 5.99% compared to the same period last year[5] - The net profit attributable to shareholders was -¥77,925,734.56, a decline of 374.58% year-on-year[5] - The basic earnings per share were -¥0.16, reflecting a decrease of 300.00% compared to the previous year[5] - Total operating revenue for the current period reached ¥1,872,023,277.44, an increase of 5.22% compared to ¥1,779,062,759.26 in the previous period[19] - Net profit for the current period was a loss of ¥140,766,671.14, compared to a profit of ¥24,996,417.09 in the previous period[21] - The company's total liabilities increased to ¥2,646,845,107.31, up from ¥2,188,500,688.78 in the previous period[20] - Total equity decreased to ¥2,076,348,497.58 from ¥2,223,757,281.03 in the previous period[20] - The company reported a basic and diluted earnings per share of -0.29, down from 0.06 in the previous period[21] Cash Flow - The company reported a net cash flow from operating activities of -¥34,360,102.51, a decrease of 121.54% compared to the previous year[9] - Cash flow from financing activities increased significantly by 385.21% to ¥288,270,407.96, primarily due to an increase in short-term loans[10] - Cash flow from operating activities was ¥1,527,322,021.16, an increase from ¥1,403,079,496.61 in the previous period[23] - Net cash flow from operating activities was negative at -34,360,102.51, compared to a positive 159,492,919.66 in the previous period[24] - Total cash inflow from financing activities was 893,171,719.44, up from 601,198,397.10 in the prior period[24] - Cash flow from financing activities netted 288,270,407.96, a significant increase from 59,411,076.71[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,723,193,604.89, an increase of 7.05% from the end of the previous year[5] - Total current assets amount to ¥2,140,687,550.77, an increase from ¥1,806,689,010.03[16] - Total non-current assets are ¥2,582,506,054.12, slightly decreased from ¥2,605,568,959.78[16] - The company's total equity attributable to shareholders decreased by 6.98% to ¥1,974,087,339.81 compared to the end of the previous year[5] - The company’s total liabilities increased to ¥2,646,845,107.31, up from ¥2,188,500,688.78 in the previous period[20] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 20,532[12] - The largest shareholder, Wu Yaojun, holds 28.49% of shares, totaling 135,915,312 shares, with 38,500,000 shares pledged[12] - The company has a total of 33,978,828 unrestricted shares held by Wu Yaojun[13] - The company has not disclosed any significant changes in shareholder relationships or actions regarding financing and securities lending[13] Operational Efficiency - The company experienced a 35.05% increase in short-term borrowings, totaling ¥769,617,468.29, attributed to increased accounts receivable and inventory[9] - Total operating costs increased to ¥1,997,728,525.67, up 15.03% from ¥1,737,054,857.01 in the previous period[20] - Research and development expenses rose to ¥66,925,630.75, compared to ¥55,588,103.09 in the previous period, reflecting a focus on innovation[20] - The company reported a significant increase in financial expenses by 603.15% to ¥29,471,921.07, mainly due to exchange rate fluctuations and increased interest expenses[9] - The company’s cash flow from operating activities decreased significantly, indicating potential challenges in operational efficiency[24] Inventory and Receivables - Accounts receivable stand at ¥504,784,379.37, up from ¥473,952,010.55[16] - Inventory is reported at ¥613,331,695.95, an increase from ¥522,293,104.35[16]

中旗股份公告，第三季度营收为5.41亿元，下降5.99%；净利润亏损7792.57万元，下降374.58%。前三 季度营收为18.72亿元，增长5.23%；净利润亏损1.38亿元，下降622.16%。 ...

Core Insights - The fungicide industry is experiencing rapid growth in China, driven by increasing public health awareness and environmental policies, with the market size projected to grow from 23.67 billion yuan in 2019 to 40.5 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.34% [2][10] - The demand for environmentally friendly and biological fungicides is expected to rise significantly, particularly in the agricultural sector, which is the primary consumer market for fungicides [2][10] Industry Overview - Fungicides, also known as biocides, are chemical agents that effectively control or kill microorganisms such as bacteria, fungi, and algae [3] - The classification of fungicides can be based on application fields (industrial and agricultural), raw materials (inorganic, organic sulfur, organic phosphorus, etc.), usage methods (protective and therapeutic), and conduction characteristics (systemic and non-systemic) [3][8] Industry Policies - The Chinese fungicide industry is at a critical juncture influenced by policy changes and market transformations, with recent regulations aimed at promoting green and efficient fungicide production [5][7] - Key policies include the restriction of high-toxicity and high-residue pesticide production, as outlined in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)" [5][7] Industry Chain - The fungicide industry chain consists of upstream raw materials and production equipment, midstream research and manufacturing, and downstream applications in agriculture, forestry protection, urban greening, industrial corrosion prevention, and medical disinfection [8][10] Current Market Status - The global fungicide market is steadily expanding, with a projected market size of 19.704 billion USD in 2024, reflecting a year-on-year growth of 3.15% [10] - The growth is driven by the need for agricultural yield enhancement, public health protection, and food safety assurance, with expectations for the market to reach 22.942 billion USD by 2028 [10]

北京浩天律师事务所 关于江苏中旗科技股份有限公司 2025 年度第一次临时股东会的律师见证法律意见书 中国·北京 二〇二五年十月 北京市朝阳区东三环中路5号财富金融中心3、11、12层（100020） 电话：+86 10 6502 8888 传真：+86 10 6502 8866 www.hylandslaw.com 北京浩天律师事务所 关于江苏中旗科技股份有限公司 2025 年度第一次临时股东会的律师见证法律意见书 致：江苏中旗科技股份有限公司 北京浩天律师事务所（以下简称"本所"）接受江苏中旗科技股份有限公司（以 下简称"公司"）的委托，指派本所律师对公司 2025 年度第一次临时股东会（以下 简称"本次股东会"）进行法律见证，并根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司股东会规则》、《深圳证券交易所创业板股票上市规 则（2024 年修订）》等现行法律、法规、规范性文件及《江苏中旗科技股份有限公 司章程》（以下简称"公司章程"）的有关规定出具本法律意见书。 本所律师声明： 1. 本所律师仅就本次股东会的召集、召开程序，出席会议人员的资格、召集人 资格，会议的表决程序、表决结果的合 ...