Group 1 - The core viewpoint of the article is that Electric Alloy (300697.SZ) has shown significant growth in its financial performance for the first three quarters of 2025, with notable increases in both revenue and net profit [1] Group 2 - The company's operating revenue for the first three quarters reached 2.293 billion yuan, representing a year-on-year growth of 25.11% [1] - The net profit attributable to shareholders of the listed company was 127 million yuan, reflecting a year-on-year increase of 38.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 127 million yuan, with a year-on-year growth of 45.86% [1] - The basic earnings per share stood at 0.295 yuan [1]

Report Overview [Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This unaudited quarterly report's information disclosure is guaranteed by the board and senior management to be true, accurate, and complete, with financial information affirmed by key accounting personnel - This report is unaudited[2](index=2&type=chunk) - The Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[2](index=2&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial information to be true, accurate, and complete[2](index=2&type=chunk) I. Major Financial Data [I. Major Accounting Data and Financial Indicators](index=1&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved significant financial growth in Q3 2025 and year-to-date, with operating revenue up 43.08% this quarter and net profit attributable to parent up 78.44%, though net cash flow from operating activities decreased by 23.27% year-to-date Major Accounting Data and Financial Indicators | Indicator | Current Reporting Period (million CNY) | YoY Change in Current Reporting Period | Year-to-Date (million CNY) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 862.65 | 43.08% | 2,293.44 | 25.11% | | Net Profit Attributable to Shareholders of Listed Company | 45.10 | 78.44% | 127.44 | 38.45% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 44.71 | 111.04% | 127.32 | 45.86% | | Net Cash Flow from Operating Activities | -- | -- | 53.29 | -23.27% | | Basic Earnings Per Share (CNY/share) | 0.104 | 36.84% | 0.295 | 38.50% | | Diluted Earnings Per Share (CNY/share) | 0.104 | 36.84% | 0.295 | 38.50% | | Weighted Average Return on Net Assets | 3.78% | 1.46% | 10.58% | 2.04% | | **Period-End Indicator** | **End of Current Reporting Period (billion CNY)** | **End of Prior Year (billion CNY)** | **Change from Prior Year-End** | | | Total Assets | 2.21 | 1.84 | 20.41% | | | Total Equity Attributable to Shareholders of Listed Company | 1.23 | 1.12 | 9.19% | | [II. Non-Recurring Gains and Losses Items and Amounts](index=1&type=section&id=%28%E4%BA%8C%29%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company disclosed non-recurring gains and losses for the current period and year-to-date, primarily government grants, fair value changes of financial assets/liabilities, and other non-operating items, which collectively had a positive impact on net profit Non-Recurring Gains and Losses Items and Amounts | Item | Current Reporting Period Amount (thousand CNY) | Year-to-Date Amount (thousand CNY) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 0.00 | -7.43 | | Government Grants Recognized in Current Period P&L | 308.64 | 388.64 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | -16.69 | -33.42 | | Other Non-Operating Income and Expenses Excluding the Above | 170.28 | -211.45 | | Less: Income Tax Impact | 69.34 | 8.82 | | Impact on Minority Interests (After Tax) | -3.10 | 15.85 | | Total | 396.00 | 111.66 | [III. Changes and Reasons for Major Accounting Data and Financial Indicators](index=2&type=section&id=%28%E4%B8%89%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, significant changes occurred across the balance sheet, income statement, and cash flow statement, driven by increased bank deposits, commercial acceptance bills, raw material prepayments, construction in progress, bank acceptance bills, income tax payable, raw material price increases, and futures gains, alongside higher selling and R&D expenses, increased product sales, and substantial changes in investing and financing cash flows Major Balance Sheet Item Changes and Reasons | Balance Sheet Item | Period-End Balance (million CNY) | Period-Start Balance (million CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 339.80 | 241.08 | 40.95% | Primarily due to increased bank deposits | | Notes Receivable | 103.65 | 55.57 | 86.52% | Primarily due to increased commercial acceptance bills received | | Prepayments | 35.16 | 13.85 | 153.89% | Primarily due to increased prepayments for raw material purchases | | Construction in Progress | 14.61 | 7.79 | 87.52% | Primarily due to increased equipment and engineering procurement | | Notes Payable | 294.17 | 30.00 | 880.57% | Primarily due to increased bank acceptance bills issued | | Provisions | 26.91 | 14.54 | 85.06% | Primarily due to increased raw material prices | | Other Comprehensive Income | 48.14 | 12.48 | 285.60% | Primarily due to increased futures gains | Major Income Statement Item Changes and Reasons | Income Statement Item | Current Period Amount (million CNY) | Prior Year Period Amount (million CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 18.17 | 12.19 | 49.04% | Primarily due to increased testing fees | | R&D Expenses | 41.50 | 30.09 | 37.95% | Primarily due to increased R&D investment | | Credit Impairment Losses | -10.71 | -1.19 | -801.38% | Primarily due to increased accounts receivable | | Operating Profit | 146.19 | 107.64 | 35.82% | Primarily due to increased product sales | | Net Profit | 128.63 | 92.69 | 38.77% | Primarily due to increased product sales | Major Cash Flow Statement Item Changes and Reasons | Cash Flow Statement Item | Current Period Amount (million CNY) | Prior Year Period Amount (million CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | -18.31 | -5.87 | -211.94% | Primarily due to increased cash paid for fixed asset purchases | | Net Cash Flow from Financing Activities | 49.71 | -58.46 | 185.03% | Primarily due to increased bank borrowings | | Net Increase in Cash and Cash Equivalents | 85.08 | 5.65 | 1406.21% | Primarily due to increased cash flow from financing activities | II. Shareholder Information [I. Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=3&type=section&id=%28%E4%B8%80%29%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period end, the company had 40,484 common shareholders, with Chen Lijiao and Xiamen Quanxin Enterprise Management Co., Ltd. as major shareholders holding 31.25% and 29.99% respectively, noting some restricted shares and a change in concerted action relationships - The total number of common shareholders at the end of the reporting period was **40,484 accounts**[10](index=10&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (million shares) | Number of Restricted Shares Held (million shares) | | :--- | :--- | :--- | :--- | :--- | | Chen Lijiao | Domestic Natural Person | 31.25% | 135.20 | 101.40 | | Xiamen Quanxin Enterprise Management Co., Ltd. | State-Owned Legal Entity | 29.99% | 129.75 | 0 | | Jiangyin Qiuwei Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 4.44% | 19.19 | 0 | | Jiangyin Qiuwei Business Services Co., Ltd. | Domestic Non-State-Owned Legal Entity | 2.56% | 11.08 | 0 | | Shen Xiaqing | Domestic Natural Person | 0.24% | 1.05 | 0 | | MORGAN STANLEY & CO.INTERNATIONAL PLC. | Overseas Legal Entity | 0.22% | 0.96 | 0 | | Mao Xiangyang | Domestic Natural Person | 0.19% | 0.80 | 0 | | BARCLAYS BANK PLC | Overseas Legal Entity | 0.18% | 0.78 | 0 | | Li Baojiang | Domestic Natural Person | 0.16% | 0.71 | 0 | | Zhu Xiaoming | Domestic Natural Person | 0.15% | 0.66 | 0 | - Chen Lijiao and Feng Yuejun jointly hold 100% equity in Jiangyin Qiuwei Business Services Co., Ltd., forming a concerted action party. Jiangyin Qiuwei Management Consulting Partnership (Limited Partnership) terminated its concerted action relationship with Chen Lijiao on August 19, 2025[11](index=11&type=chunk)[12](index=12&type=chunk) [II. Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings](index=4&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%2010%20%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company has no preferred shareholders - The company has no preferred shareholders[12](index=12&type=chunk) [III. Changes in Restricted Shares](index=4&type=section&id=%28%E4%B8%89%29%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's restricted shares during the reporting period - There were no changes in the company's restricted shares during the reporting period[12](index=12&type=chunk) III. Other Significant Matters [III. Other Significant Matters](index=4&type=section&id=%E4%B8%89.%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no other significant matters to report during the reporting period - The company had no other significant matters during the reporting period[12](index=12&type=chunk) IV. Quarterly Financial Statements [1. Consolidated Balance Sheet](index=4&type=section&id=1.%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2025, total assets reached **2.21 billion CNY**, a 20.41% increase from the beginning of the period, with a robust asset-liability structure and ample liquidity Consolidated Balance Sheet (Summary) | Item | Period-End Balance (billion CNY) | Period-Start Balance (billion CNY) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 1.91 | 1.55 | | Total Non-Current Assets | 0.30 | 0.29 | | **Total Assets** | **2.21** | **1.84** | | **Liabilities** | | | | Total Current Liabilities | 0.95 | 0.70 | | Total Non-Current Liabilities | 0.03 | 0.02 | | **Total Liabilities** | **0.98** | **0.71** | | **Shareholders' Equity** | | | | Total Equity Attributable to Parent Company Shareholders | 1.23 | 1.12 | | Minority Interests (million CNY) | 3.98 | 2.79 | | **Total Shareholders' Equity** | **1.23** | **1.13** | | **Total Liabilities and Shareholders' Equity** | **2.21** | **1.84** | [2. Consolidated Income Statement from Year Start to End of Reporting Period](index=7&type=section&id=2.%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) As of September 30, 2025, year-to-date total operating revenue reached **2.29 billion CNY**, a 25.11% increase, with net profit attributable to parent company shareholders at **127.44 million CNY**, up 38.45%, indicating sustained profitability growth Consolidated Income Statement from Year Start to End of Reporting Period (Summary) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue (billion CNY) | 2.29 | 1.83 | | II. Total Operating Costs (billion CNY) | 2.14 | 1.72 | | III. Operating Profit (million CNY) | 146.19 | 107.64 | | IV. Total Profit (million CNY) | 145.98 | 108.95 | | V. Net Profit (million CNY) | 128.63 | 92.69 | | Net Profit Attributable to Parent Company Shareholders (million CNY) | 127.44 | 92.04 | | VI. Net Other Comprehensive Income After Tax (million CNY) | 35.65 | 26.02 | | VII. Total Comprehensive Income (million CNY) | 164.28 | 118.71 | | VIII. Earnings Per Share (Basic/Diluted) (CNY/share) | 0.295 | 0.213 | [3. Consolidated Cash Flow Statement from Year Start to End of Reporting Period](index=9&type=section&id=3.%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) As of September 30, 2025, year-to-date net cash flow from operating activities was **53.29 million CNY**, a 23.27% decrease, while net cash flow from financing activities turned into a **49.71 million CNY** inflow due to increased bank borrowings, resulting in a period-end cash and cash equivalents balance of **192.83 million CNY** Consolidated Cash Flow Statement from Year Start to End of Reporting Period (Summary) | Item | Current Period Amount (million CNY) | Prior Period Amount (million CNY) | | :--- | :--- | :--- | | I. Net Cash Flow from Operating Activities | 53.29 | 69.45 | | II. Net Cash Flow from Investing Activities | -18.31 | -5.87 | | III. Net Cash Flow from Financing Activities | 49.71 | -58.46 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0.40 | 0.53 | | V. Net Increase in Cash and Cash Equivalents | 85.08 | 5.65 | | VI. Period-End Cash and Cash Equivalents Balance | 192.83 | 100.73 | [II. Adjustments to Financial Statement Items at the Beginning of the First Year of Adopting New Accounting Standards from 2025](index=10&type=section&id=%28%E4%BA%8C%29%202025%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company did not adopt new accounting standards from 2025 and thus made no adjustments to financial statement items at the beginning of that year - The company did not adopt new accounting standards from 2025 and did not adjust related financial statement items at the beginning of the year[22](index=22&type=chunk) [III. Audit Report](index=11&type=section&id=%28%E4%B8%89%29%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's financial accounting report for the third quarter of 2025 is unaudited - The company's third-quarter financial accounting report is unaudited[23](index=23&type=chunk)

Core Viewpoint - The recent rise in copper prices is a concern for companies, but Electric Alloy (300697.SZ) has a pricing model that mitigates the impact of raw material price fluctuations on its operating performance [2]. Group 1: Company Response - Electric Alloy's pricing model is based on "raw material price + processing fee," which helps in managing costs effectively [2]. - The company utilizes copper futures on the Shanghai Futures Exchange for hedging, which reduces the risk associated with raw material price volatility [2].

Core Viewpoint - The stock of Electric Alloy has experienced significant fluctuations, with a year-to-date increase of 87.09%, but a recent decline of 1.27% over the past five trading days [1] Group 1: Stock Performance - As of October 14, Electric Alloy's stock price was 17.89 CNY per share, with a market capitalization of 7.74 billion CNY [1] - The stock has seen a trading volume of 2.29 billion CNY, with a turnover rate of 3.77% [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on September 12, where it recorded a net purchase of 112 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Electric Alloy achieved a revenue of 1.43 billion CNY, representing a year-on-year growth of 16.31% [2] - The net profit attributable to the parent company for the same period was 82.33 million CNY, reflecting a year-on-year increase of 23.31% [2] - Cumulatively, the company has distributed 451 million CNY in dividends since its A-share listing, with 186 million CNY distributed over the past three years [3] Group 3: Business Overview - Electric Alloy, established on June 12, 1985, and listed on September 7, 2017, is located in Jiangyin City, Jiangsu Province [1] - The company's main business involves the research, production, and sales of copper and copper alloy products, with revenue composition as follows: 66.21% from copper busbar products, 29.90% from electrified railway contact network products, 3.29% from high-voltage connectors for new energy vehicles, and 0.60% from other sources [1]

Core Viewpoint - The industrial metal sector experienced a decline of 2.05% on October 10, with significant losses in certain stocks, particularly Jingyi Co., which fell by 9.37% [1][2]. Market Performance - The Shanghai Composite Index closed at 3897.03, down 0.94% - The Shenzhen Component Index closed at 13355.42, down 2.7% [1]. Stock Performance - Notable gainers in the industrial metal sector included: - Pengxin Resources: Closed at 7.99, up 10.06% with a trading volume of 2.11 million shares and a turnover of 1.62 billion - Baiyin Nonferrous: Closed at 5.08, up 9.96% with a trading volume of 2.60 million shares and a turnover of 1.29 billion - Jiangxi Copper: Closed at 42.10, up 7.84% with a trading volume of 1.80 million shares and a turnover of 7.53 billion [1]. - Significant decliners included: - Jingyi Co.: Closed at 14.71, down 9.37% with a trading volume of 768,600 shares and a turnover of 1.18 billion - Jincheng Mining: Closed at 68.08, down 9.08% with a trading volume of 177,300 shares and a turnover of 1.24 billion - Electric Alloy: Closed at 18.26, down 7.82% with a trading volume of 385,300 shares and a turnover of 722 million [2]. Capital Flow - The industrial metal sector saw a net outflow of 6.639 billion from main funds, while retail funds experienced a net inflow of 5.439 billion [2][3]. - The capital flow for specific stocks showed: - Baiyin Nonferrous: Main funds net inflow of 177 million, retail funds net outflow of 878.88 million - Pengxin Resources: Main funds net inflow of 170 million, retail funds net outflow of 636.48 million [3].

Group 1 - The company operates in the copper rolling processing industry [1] - The company aims to focus on its core business development and continuously optimize its business structure [1] - The company is committed to enhancing its core competitiveness to achieve long-term and stable growth [1]

江阴电工合金股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日召开 了 2025 年第一次临时股东会，审议通过了《关于修改<公司章程>的议案》，鉴 于公司 2024 年年度权益分派实施后，公司总股本由 33,280 万股变更为 43,264 万股，注册资本相应变更。同时根据《中华人民共和国公司法》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（2025 年修订）、 《上市公司章程指引》（2025 年修订）等有关规定，为进一步完善公司治理结 构并结合公司实际情况，公司将不再设置监事会，监事会的职权由董事会审计委 员会行使。具体内容详见公司刊载于中国证监会指定信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 公司近日办理了相关工商变更、备案登记手续，并取得了无锡市数据局换发 的《营业执照》，具体的变更登记事项如下： | 变更登记事项 | 变更前内容 | 变更后内容 | | --- | --- | --- | | 注册资本 | 万元整 33,280 | 万元整 43,264 | 除上述变更事项外，公司营业执照其他登记事项未发生变 ...

Core Points - Jiangyin Electrical Alloy Co., Ltd. has increased its registered capital from approximately 330 million RMB to about 430 million RMB, representing a 30% increase [1][3]. Company Information - Jiangyin Electrical Alloy Co., Ltd. was established in June 1985 and is currently led by legal representative Feng Yuejun [1][2]. - The company operates in the non-ferrous metal smelting and rolling processing industry, with a business scope that includes the sale of machinery and electronic products [2][3]. - The company has a registered capital of 432.64 million RMB and is classified as a publicly listed company [2][3]. Shareholding Structure - The major shareholders include: - Chen Lijiao, holding 31.25% of shares - Xiamen Quanxin Enterprise Management Co., Ltd., holding 29.99% of shares - Jiangyin Qiuwai Management Consulting Partnership, holding 4.44% of shares [3]. Recent Changes - The registered capital change was officially recorded on September 25, 2025, reflecting the increase from 332.8 million RMB to 432.64 million RMB [4].

天眼查工商信息显示，9月25日，电工合金（300697）发生工商变更，注册资本由约3.3亿人民币增至约 4.3亿人民币，增幅30%。 江阴电工合金股份有限公司成立于1985年6月，法定代表人为冯岳军，经营范围包括机械设备、电子产 品的销售等，由陈力皎、厦门全信企业管理有限公司等共同持股。 ...

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]