Core Viewpoint - The company TeFa Service has experienced a series of shareholder sell-offs, with three reduction plans in the past six months, totaling a maximum reduction of 7%, while its stock price has declined by 11.93% year-to-date, underperforming both the market and industry indices [1] Financial Performance - Despite the ongoing share reductions by three major shareholders, TeFa Service has maintained a growth trajectory in its operating revenue [1] - The growth rate of net profit is significantly lower compared to the high operating revenue growth [1] - The company's operating cash flow has weakened, with a net cash flow from operating activities dropping from -3.04 million in the same period of 2024 to -51.25 million [1] - The -51.25 million net cash flow from operating activities marks the lowest value for the company since its listing [1] - The decline in operating cash flow is attributed to an increase in funds tied up in accounts receivable this year [1]

Core Viewpoint - The company TeFa Service has been experiencing a series of shareholder sell-offs, with three reduction plans announced in the past six months, totaling a maximum reduction of 7% of its shares, while its stock price has declined by 11.93% this year, underperforming compared to market indices and facing challenges in revenue growth and cash flow [1][5][7]. Group 1: Shareholder Reduction Plans - TeFa Service has announced three shareholder reduction plans in the past six months, with the latest plan on October 21, 2025, involving shareholders Longxin Construction Group and Jiaxing Chuangze Investment, aiming to reduce up to 2% of the total share capital [2][4]. - The cumulative maximum reduction from the three plans has reached 7%, with the first plan disclosed on May 21, 2025, allowing shareholders to reduce up to 3% of the total share capital [2][3]. - The shareholders involved in the reductions include Yinkun Company, Longxin Construction, and Jiaxing Chuangze, with their respective shareholding sources being pre-IPO shares, judicial auction, and court rulings [3][4]. Group 2: Stock Performance and Market Context - TeFa Service's stock price has decreased by 11.93% this year, significantly lagging behind the Shanghai Composite Index, which rose by 16.77%, and the Shenzhen Component Index, which increased by 24.79% [5][6]. - The company’s revenue has shown growth, with reported revenues of 2.448 billion yuan, 2.864 billion yuan, and 1.393 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, but the growth rates have slowed down to 22.04%, 17.00%, and 3.59% [7]. - The net profit growth has been relatively low, with net profits of 120 million yuan, 122 million yuan, and 59 million yuan for the same periods, reflecting growth rates of 5.30%, 1.24%, and 2.69% [7]. Group 3: Industry Overview - The property management industry, where TeFa Service operates, is entering a stable development phase, with the market size projected to grow from 25.91 billion square meters in 2020 to 31.41 billion square meters by 2024, reflecting a compound annual growth rate of 4.9% [8]. - Despite the overall expansion in the property management sector, the industry is experiencing a slowdown in growth, influenced by the declining fundamentals of the real estate market, leading to increased differentiation among property management companies [8].

Core Viewpoint - The real estate service sector experienced a slight increase of 0.86% on October 22, with ST Mingcheng leading the gains, while the overall market indices showed a decline [1]. Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Individual Stock Performance - ST Mingcheng (600136) closed at 1.92, up 4.92% with a trading volume of 449,200 shares and a turnover of 85.91 million yuan - New Dazheng (002968) closed at 12.79, up 2.81% with a trading volume of 187,900 shares and a turnover of 241 million yuan - World Union (002285) closed at 2.44, up 2.52% with a trading volume of 583,500 shares and a turnover of 142 million yuan - Other notable stocks include Zhongtian Service (002188) at 6.23 (+1.96%), Ningbo Fuda (600724) at 5.35 (+1.33%), and China Merchants Jiyu (001914) at 11.36 (+0.71%) [1]. Capital Flow Analysis - The real estate service sector saw a net outflow of 67.74 million yuan from institutional investors, while retail investors contributed a net inflow of 52.23 million yuan [2]. - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2]. Detailed Capital Flow by Stock - New Dazheng (002968) had a net inflow of 9.62 million yuan from institutional investors, while it faced a net outflow of 11.98 million yuan from retail investors [3]. - China Merchants Jiyu (001914) experienced a net inflow of 4.76 million yuan from institutional investors, but also saw a net outflow of 5.71 million yuan from retail investors [3]. - ST Mingcheng (600136) had a minor net outflow of 110,600 yuan from institutional investors, with retail investors contributing a net inflow of 976,300 yuan [3].

10月21日晚，深圳国资系上市公司特发服务（300917.SZ）发布股东减持预披露公告，公司股东龙信建设集团有限 公司（下称"龙信建设"）与嘉兴创泽投资合伙企业（有限合伙）（下称"嘉兴创泽"）计划在未来3个月内合计减持 不超过338万股，占公司总股本的比例达2%，减持目的均为股东自身资金规划。 两大股东将减持不超过338万股，合计市值约1.45亿元 根据公告披露的核心信息，龙信建设目前持有特发服务约794万股股份，计划通过集中竞价或大宗交易方式减持不 超过169万股，占公司总股本的1%；嘉兴创泽持有约505万股股份，拟通过集中竞价方式减持不超过169万股，同 样占总股本的1%。截至减持计划披露日，两家股东合计持有特发服务1299.20万股股份，占公司总股本的7.69%， 均非公司控股股东或实际控制人。 从减持方式来看，龙信建设可选择集中竞价或大宗交易两种方式，而嘉兴创泽仅采用集中竞价方式。按照监管规 定，采用集中竞价交易方式的，减持期间为公告披露之日起15个交易日后的3个月内；采用大宗交易方式的，减持 期间为公告披露之日起3个交易日后的3个月内。 以10月21日42.93元/股的收盘价计算，两大股东此次拟减持 ...

Key Points - Huajian Group's controlling shareholder has no major asset restructuring or injection plans involving the company in the next 12 months [1] - China Jushi plans to invest a total of 951 million yuan in a cold repair and technical transformation project for a 200,000-ton glass fiber pool kiln drawing production line [1] - Zhongyan Dadi won a bid for a 76.9826 million yuan fluid solidification soil intensive procurement project [1] - Wantong Expressway intends to acquire 7% of Shandong Expressway for 3.019 billion yuan [1] - Hengsheng Electronics has repurchased 20.0788 million yuan of its own shares [1] - Dongshan Precision reported a net profit of 1.223 billion yuan for the first three quarters, a year-on-year increase of 14.61% [2] - China Telecom's net profit for the third quarter was 7.756 billion yuan, a year-on-year increase of 3.60% [2] - Ruijie Network reported a net profit of 680 million yuan for the first three quarters, a year-on-year increase of 65.26% [2] - Lihua Microelectronics' shareholder plans to reduce its stake by no more than 3% [2] - Jingu Co. has secured its first low-carbon wheel passenger vehicle OE project from a European local customer [3] - Jindi Co. signed a strategic cooperation framework agreement with Yingboer to promote the application of electric drive system assembly products [3]

Group 1: Shareholder Reductions - Lihe Micro plans to reduce its holdings by no more than 3% [1] - Yiyadi Holdings intends to reduce its stake by no more than 1% [1] - Tongji Technology plans to repurchase no more than 441.55 million shares [1] - Tuoshan Heavy Industry's actual controller plans to reduce holdings by no more than 2.82% [1] - Special Friend Service's Longxin Construction and Jiaxing Chuangze plan to collectively reduce holdings by no more than 2% [1] - Tongyuan Environment's Yuantong Investment plans to reduce holdings by no more than 3% [1] - Huaxiang Co., Ltd.'s controlling shareholder Huaxiang Industry plans to reduce holdings by no more than 3% [1] - Eastern Airlines Investment has cumulatively reduced 9.3975 million shares of Juneyao Airlines [1] - National Integrated Circuit Fund has cumulatively reduced 3.0197 million shares of Zhongjia Port [1] - Shanghai Electric has reduced 13.3333 million shares of Electric Wind Power [1] - Yingqi Management has reduced 799,500 shares of Dagang Holdings [1] - Shareholder Sequoia Capital has cumulatively reduced 1.1739% of Longxun Co., Ltd. [1] - Philips has cumulatively reduced 1.35% of Chuangye Huikang [1] Group 2: Financial Performance - Laimei Pharmaceutical reported a net loss of 45.917 million yuan in the first three quarters [1] - Chuangye Gaisi reported a net loss of 24.9295 million yuan in the first three quarters [1]

Core Viewpoint - The shareholders of Shenzhen TeFa Service Co., Ltd. plan to reduce their holdings, with specific details on the number of shares and the method of reduction outlined in the announcement [2][3][9]. Shareholder Reduction Plan - Shareholder Longxin Construction Group Co., Ltd. intends to reduce its holdings by up to 1,690,000 shares, representing no more than 1% of the company's total share capital [2][3]. - Shareholder Jiaxing Chuangze Investment Partnership (Limited Partnership) also plans to reduce its holdings by up to 1,690,000 shares, which is similarly capped at 1% of the total share capital [2][3]. - The reduction will occur through centralized bidding or block trading methods within a specified timeframe [3]. Reduction Details - The reduction period is set from November 12, 2025, to February 11, 2026, starting 15 trading days after the announcement [3]. - The selling price will be determined based on the market price at the time of the reduction [4]. Shareholder Commitments - Jiangsu Nantong Sanjian Group Co., Ltd. has made commitments regarding the non-transfer of shares for a specified period and under certain conditions [6][7]. - The commitments include not reducing shares during specific legal or regulatory investigations and adhering to the rules set by the Shenzhen Stock Exchange [6][7]. Compliance and Legal Framework - The reduction plan complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange's operational guidelines [9][10]. - The company will ensure that the shareholders adhere to legal requirements and fulfill their disclosure obligations during the reduction period [10].

Core Viewpoint - The announcement from TeFa Service indicates that two major shareholders plan to reduce their holdings in the company, which may impact the stock's performance and investor sentiment [2]. Shareholder Actions - Longxin Construction Group, holding 7,938,900 shares, plans to reduce its stake by up to 1,690,000 shares, representing no more than 1% of the total share capital [2]. - Jiaxing Chuangze Investment Partnership, holding 5,053,143 shares, also intends to reduce its holdings by up to 1,690,000 shares, equivalent to no more than 1% of the total share capital [2].

Core Insights - On October 21, no A-share listed companies disclosed any increase in shareholding, while 12 companies announced share reductions [1][3] Group 1: Company Reductions - Bona Film Group's stake held by Dongyang Alibaba has dropped below 5% [3] - Lihua Microelectronics' shareholder Lihua Science and Technology plans to reduce its stake by no more than 3% [3] - Jiekang Equipment's shareholder Qiaoshun Chang intends to reduce its stake by no more than 1% [3] - The controlling shareholder Xu Yangshun plans to reduce his stake by no more than 2.82% [3] - Yiatong's shareholder Chaya Tong Holdings plans to reduce its stake by no more than 1% [3] - Tongyuan Environment's shareholder Yuantong Investment plans to reduce its stake by no more than 3% [3] - Beijing Junzheng's shareholder Yitang Shengxin Semiconductor reduced its holdings by 4.8254 million shares from September 16 to October 20 [3] - Koweir's director Xu Wen plans to reduce his stake by no more than 0.0039% [3] - Teifa Service's shareholders Longxin Construction and Jiaxing Chuangze plan to collectively reduce their stakes by no more than 2% [3] - Xianggang Technology's shareholder Huang Wangniu plans to reduce his stake by no more than 2.68% [3] - Huaxiang Co., Ltd.'s controlling shareholder Huaxiang Industry plans to reduce its stake by no more than 3% [3] - The second-largest shareholder of Hengtian Shou, the Big Fund, reduced its holdings by 3.0197 million shares [3]

2.持有深圳市特发服务股份有限公司股份5,053,143股的股东嘉兴创泽投资合伙企业（有限合伙）（简 称"嘉兴创泽"）计划以集中竞价方式减持所持有公司股份不超过1,690,000股，即不超过公司总股本的 1%。 格隆汇10月21日丨特发服务(300917.SZ)公布，1.持有公司股份7,938,900股的股东龙信建设集团有限公司 （简称"龙信建设"）计划以集中竞价方式或大宗交易方式减持所持有公司股份不超过1,690,000股，即不 超过公司总股本的1%； ...