Market Overview - The Shanghai Composite Index closed at 3888.00 points, above the six-month moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 16993.57 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 46 A-shares have surpassed the six-month moving average today, with notable stocks including Shuguang Co., Zhengdan Co., and Dongbai Group, showing divergence rates of 4.78%, 4.68%, and 2.88% respectively [1] - Stocks with smaller divergence rates that have just crossed the six-month moving average include Jinjiang Hotels, Mingchen Health, and Spring Airlines [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - Shuguang Co. (600303) with a price increase of 6.23%, turnover rate of 9.78%, six-month line at 3.74 yuan, latest price at 3.92 yuan, and a divergence rate of 4.78% [1] - Zhengdan Co. (300641) with a price increase of 6.11%, turnover rate of 6.57%, six-month line at 24.40 yuan, latest price at 25.54 yuan, and a divergence rate of 4.68% [1] - Dongbai Group (600693) with a price increase of 3.53%, turnover rate of 5.38%, six-month line at 6.27 yuan, latest price at 6.45 yuan, and a divergence rate of 2.88% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tianbang Food (002124) with a price increase of 3.30%, turnover rate of 4.80%, six-month line at 3.05 yuan, latest price at 3.13 yuan, and a divergence rate of 2.74% [1] - *ST Haiyuan (002529) with a price increase of 5.06%, turnover rate of 1.38%, six-month line at 6.68 yuan, latest price at 6.85 yuan, and a divergence rate of 2.53% [1] - Senqilin (002984) with a price increase of 4.22%, turnover rate of 4.06%, six-month line at 20.00 yuan, latest price at 20.48 yuan, and a divergence rate of 2.43% [1]

Group 1 - The controlling shareholder, Hexing Enterprise Co., Ltd., reduced its stake in Zhengdan Co., Ltd. by 4.9 million shares, accounting for 0.9324% of the total share capital [1] - After the reduction, Hexing Enterprise holds 12.362 million shares, representing 23.5223% of the total share capital [1] - The reduction plan has been completed in compliance with relevant laws and regulations, and will not lead to a change in the control of the listed company [1]

证券代码：300641 证券简称：正丹股份 公告编号：2025-042 江苏正丹化学工业股份有限公司 关于控股股东减持计划实施完成的公告 公司控股股东禾杏企业有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏正丹化学工业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 16 日在巨潮资讯网（http://www.cninfo.com.cn ）披露了《关于控股股东减持 股份的预披露公告》（公告编号：2025-024），公司控股股东禾杏企业有限公司 (以下简称"禾杏企业")计划在自公告披露之日起十五个交易日后的 3 个月内，以 集中竞价或大宗交易方式合计减持本公司股份不超过 4,900,000 股，占公司总股 本的比例不超过 0.9324%（计算相关比例时总股本已剔除回购专用账户中的股份 数量，下同）。 公司于近日收到控股股东禾杏企业出具的《关于股份减持计划实施完成的告 知函》，禾杏企业于 2025 年 6 月 10 日至 2025 年 8 月 25 日期间，通过集中竞价 交易方式 ...

Core Viewpoint - The case of insider trading involving Song Jinliu, a retired executive of Zhengdan Co., highlights significant challenges in managing sensitive information during performance forecast periods, revealing a "golden window" for insider trading due to a time lag between information formation and public disclosure [1][2][8]. Group 1: Insider Trading Case Details - Song Jinliu illegally profited over 2.4 million yuan from insider trading by buying shares of Zhengdan Co. during a sensitive period before the company announced its quarterly performance forecast [3][4]. - The stock price of Zhengdan Co. surged nearly 12 times from 2.75 yuan per share to 35.6 yuan per share within four months, with a significant increase occurring after the sensitive information period [1][3]. - The Anhui Securities Regulatory Bureau imposed a total penalty of approximately 10.23 million yuan on Song Jinliu, which includes the confiscation of illegal gains and fines [3][4]. Group 2: Regulatory Insights and Challenges - The case underscores the need for stricter management of sensitive information, particularly regarding former executives and consultants who may still have access to insider information [7][8]. - Regulatory bodies have intensified efforts to combat insider trading, with insider trading cases constituting about 40% of the administrative penalties issued since 2025 [2][9]. - The complexities of managing insider information during performance forecast periods include determining the timing of information formation and controlling the range of informed individuals [8][10]. Group 3: Recommendations for Companies - Companies are advised to implement comprehensive information isolation systems to prevent the unauthorized flow and use of sensitive information [8]. - Establishing confidentiality agreements with all personnel who may access insider information, including former employees and consultants, is crucial [8]. - Continuous monitoring of trading behaviors and establishing prohibited trading periods are recommended to enhance compliance and prevent insider trading [8][10].

Core Viewpoint - The company emphasizes its commitment to monitoring market changes and adjusting its business strategies accordingly, with operational performance to be confirmed through official announcements [1] Group 1 - The company responded to investor inquiries on August 19, indicating that the market is dynamic [1] - The company will continuously pay attention to market changes [1] - The company will timely adjust its business strategies based on market conditions [1]

Group 1 - The company, Zhengdan Co., stated on August 19 that its product prices are dynamically adjusted according to market conditions, and it is recommended to refer to publicly available market pricing information [2]

Core Viewpoint - The case of insider trading involving former executives of Zhengdan Co., Ltd. has resulted in a total penalty of 10.23 million yuan, highlighting the regulatory crackdown on insider trading in 2025 [1][3][5]. Summary by Relevant Sections Insider Trading Case - The Anhui Securities Regulatory Bureau issued an administrative penalty against Song Jinliu for insider trading of Zhengdan Co., Ltd. stock, with a profit rate of 174% [3][4]. - Song Jinliu, a former vice president, was found to have traded 247,400 shares of Zhengdan Co. stock during the sensitive period, resulting in a profit of 2.4078 million yuan [4][5]. - The stock price of Zhengdan Co. increased from 4.5 yuan per share on April 3, 2024, to 8.5 yuan per share on April 15, 2024, marking an increase of 88.9% [5]. Regulatory Actions - The Anhui Securities Regulatory Bureau ordered Song Jinliu to dispose of illegally held shares and imposed fines totaling 7.8234 million yuan, including the confiscation of illegal gains [5]. - The regulatory body has been actively issuing penalties for insider trading, with multiple cases resulting in fines exceeding 10 million yuan [7][8]. Stock Performance - Zhengdan Co.'s stock price surged to a peak of 35.65 yuan per share on June 13, 2024, representing a nearly 12-fold increase from its lowest price of 2.75 yuan per share earlier in the year [6].

Core Viewpoint - The insider trading case involving Zhengdan Co., Ltd. (300641.SZ) has been revealed, with former vice president Song Jinliu profiting 2.4 million yuan from trading the company's shares based on insider information [1][2][9]. Group 1: Insider Trading Details - Song Jinliu, the former vice president, engaged in insider trading after traveling with the company's chairman, Cao Zhengguo, during which he received sensitive information about the company's financial performance [6][7]. - The insider information was disclosed on April 15, 2024, predicting a significant profit increase for the first quarter, which led to Song's trading activities starting on April 8, 2024 [7][9]. - Song's trading activities included buying 247,400 shares of Zhengdan Co. during the insider information sensitive period, resulting in a profit of approximately 2.4 million yuan [7][9]. Group 2: Company Performance - Zhengdan Co. became a notable stock in 2024, achieving a tenfold increase in share price, with the stock price rising from below 3 yuan to a peak of 36.67 yuan between February and June 2024 [11]. - In the first half of 2025, Zhengdan Co. reported a net profit of 630 million yuan, a year-on-year increase of 120.35%, despite a slowdown compared to the previous year's explosive growth [12]. - The company has been expanding its production capacity, including a 3.5 billion yuan investment in a project to upgrade TMA production, addressing market demand and enhancing its industry position [12]. Group 3: Regulatory Actions - The Anhui Securities Regulatory Bureau imposed a total penalty of 10.23 million yuan on Song Jinliu for his insider trading activities, including the confiscation of illegal gains and fines for suggesting others to trade [9][10]. - The regulatory body is investigating whether Chairman Cao Zhengguo should face penalties for potential information leakage, although the company claims that Song's actions were personal and not linked to Cao [10][11].

Group 1 - The core point of the article is that Mr. Cao Pei has submitted his resignation as a non-independent director of the fifth board of directors of Zhengdan Co., but will continue to serve as the deputy general manager [2] - The company held a staff representative meeting on August 18, 2025, where Mr. Cao Pei was elected as a representative director of the fifth board of directors, with his term lasting until the end of the current board's term [2]

www.grandall.com.cn 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层（210036） 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 Tel: 86-25-89660900 Fax: 86-25-89660966 在本法律意见书中，本所律师仅对本次会议的召集和召开程序、出席会议人 员的资格、召集人资格、会议表决程序和表决结果是否符合《公司法》《证券法》 《股东会规则》《网络投票实施细则》以及《公司章程》的规定发表意见，并不 对本次会议所审议的议案内容以及这些议案所表述的事实或数据的真实性、准确 性和完整性发表意见。公司已向本所律师确认及承诺，公司提交给本所律师的资 料(包括但不限于有关人员的身份证明、股票账户卡、授权委托书、营业执照等) 是真实、完整的，该等资料上的签字和/或印章均为真实，授权书均获得合法及 1 国浩律师（南京）事务所 关于 江苏正丹化学工业股份有限公司 2025 年第二次临时股东大会的法律意见书 致：江苏正丹化学工业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法 ...