Core Viewpoint - Zhang Xiaoqin has released a performance forecast for 2025, expecting a significant net profit increase of 91.67% to 171.53%, driven by strategic deepening, supply chain optimization, and e-commerce channel expansion [1][2]. Group 1: Performance and Business Operations - The company anticipates a net profit attributable to shareholders of between 48 million to 68 million yuan for 2025, reflecting a year-on-year growth of 91.67% to 171.53% [2]. - The growth is primarily attributed to the deepening of operational strategies, optimization of the supply chain, and expansion of e-commerce channels [2]. Group 2: Company Structure and Governance - Due to changes in shareholder structure, Zhang Xiaoqin Group is no longer classified as having a controlling shareholder, with the actual controller status changing to "no actual controller" [3]. - The current largest shareholder holds a 29.99% stake, which is close to the previous controlling shareholder's stake, indicating uncertainty in the equity structure [3]. Group 3: Capital Movements - A specific shareholder, Hangzhou Zhenquan Investment Partnership, plans to reduce its holdings by up to 0.32% of the total share capital, equivalent to approximately 477,200 shares, from February 10 to May 9, 2026, due to funding needs [4]. - This reduction plan may impact short-term market sentiment [4].

Core Viewpoint - Zhang Xiaoqin, known as the "first stock of scissors and knives" in A-shares, is experiencing a shift in its shareholder structure despite a projected significant increase in net profit for 2025, indicating ongoing challenges in retaining investor confidence [1][20]. Group 1: Financial Performance - Zhang Xiaoqin expects a net profit attributable to shareholders of approximately 48 million to 68 million yuan in 2025, representing a year-on-year growth of 91.67% to 171.53% [2][24]. - Despite the anticipated doubling of net profit, the company has struggled to retain shareholders, as evidenced by ongoing sell-offs by early investors and employee stock platforms [20][26]. Group 2: Shareholder Dynamics - Early shareholders and the employee stock platform, Zhenquan Investment, have been reducing their stakes, while external capital, Tuyuanchengxiang, along with its associated party, Rongquan Investment, has quietly increased its holdings, becoming the largest shareholder by early 2026 with a slight advantage of 0.9% [4][27]. - The company is currently in a state of "no controlling shareholder, no actual controller," leading to a power struggle regarding control [5][28]. Group 3: Governance Changes - The change in the largest shareholder has resulted in a new governance structure, with the board of directors now reflecting a balance of power between the two major shareholders, Zhang Xiaoqin Group and Tuyuanchengxiang [29][34]. - The new dynamics include the appointment of Wang Aoyan, the actual controller of Tuyuanchengxiang, as a non-independent director and general manager, indicating a shift in management and strategic direction [33][34].

Core Viewpoint - The company, Zhang Xiaoqin (301055.SZ), focuses on the design, research and development, production, and sales of modern hardware products for daily life, including categories such as knives and scissors, kitchen hardware, and home hardware [1] Group 1 - The company's main business does not currently involve substantial investments or research in the virtual reality (VR/AR) sector [1] - There are no commercial products related to VR/AR launched by the company [1]

Summary of Key Points Core Viewpoint - The article highlights the recent stock buyback and reduction activities of various A-share listed companies, indicating potential shifts in investor sentiment and company strategies in the market [1]. Group 1: Stock Buyback Activities - Changhong Huayi: Some directors and senior management plan to increase their shareholding in the company [2]. - Pianzihuang: The controlling shareholder has obtained a special loan commitment for a buyback of up to 450 million yuan [2]. - Gaweida: The board proposes a share repurchase plan amounting to 30 million to 35 million yuan [2]. - Changan Automobile: Plans to repurchase shares worth between 1 billion to 2 billion yuan [2]. Group 2: Stock Reduction Activities - Shengke Communication: Recently, the National Integrated Circuit Industry Investment Fund reduced its stake by 0.6% of the total share capital [2]. - Furi Technology: Shareholders plan to reduce their holdings by up to 2% of the total share capital [2]. - Pulit: Shareholders Zhou Wu and executive Li Hong plan to collectively reduce their holdings by up to 0.57% [2]. - Nankuang Group: The executive vice president plans to reduce his stake by up to 1% [2]. - Qinda Environmental Protection: Shareholder Binglun Environment plans to reduce holdings by up to 3% [2]. - Fuchuang Precision: Shareholder Guotou Chuangyi plans to reduce holdings by up to 3% [2]. - Shuangqiang Technology: Director Zhou Zhaocheng plans to reduce holdings by up to 0.32% [2]. - Debi Group: The controlling shareholder plans to reduce holdings by up to 1.92% [2]. - Jinpu Garden: Shareholders plan to reduce their stakes by 1% each [2]. - Kangsi Te: Shareholders plan to reduce their holdings [2]. - Guangda Jiabao: Shareholders plan to reduce their holdings by up to 1% [2]. - Baogang Jin: Director Yuan Xiaofeng plans to reduce holdings by up to 0.0923% [2]. - ST Lutong: Shareholders plan to reduce their holdings by up to 3.33% [2]. - Zhang Xiaoqin: Shareholder plans to reduce holdings by up to 0.31% [2]. - Yuxing Co.: Shareholder Huang Shiliu plans to reduce holdings by up to 0.22% [2]. - Guai Bao Pet: Shareholders plan to reduce their holdings by up to 1.90% [2]. - Kaipu Biological: Shareholder plans to reduce holdings by up to 3% [2]. - Jiangshan Oupai: Shareholder Wang Zhong plans to reduce holdings by up to 3% [2]. - Fuguang Co.: Shareholder plans to reduce holdings by up to 3% [2].

Group 1 - Zhang Xiaoqin announced on February 4 that a specific shareholder, Hangzhou Zhenquan Investment Partnership (Limited Partnership), plans to reduce its holdings in the company by up to approximately 480,000 shares, which represents 0.31% of the company's total share capital (0.32% when excluding repurchased shares) [1][1][1] - The share reduction will be conducted through centralized bidding transactions within three months starting from three trading days after the announcement [1][1][1]

Core Viewpoint - Zhang Xiaoqin (301055.SZ) announced that a specific shareholder, Hangzhou Zhenquan Investment Partnership (Limited Partnership), plans to reduce its holdings in the company by up to 477,200 shares, representing 0.31% of the total share capital of the company [1] Summary by Categories Shareholder Actions - Hangzhou Zhenquan Investment Partnership intends to reduce its stake through centralized bidding transactions [1] - The reduction will not exceed 477,200 shares, which is 0.31% of the company's total share capital and 0.32% when excluding repurchased shares [1] - The reduction period is set to begin three trading days after the announcement and will last for three months, subject to legal and regulatory restrictions [1]

证券代码：301055 证券简称：张小泉 公告编号：2026-006 张小泉股份有限公司 关于特定股东减持股份的预披露公告 | 股东名称 | 持股数量（股） | 占公司总股本比例 | 占剔除回购股份后公司总股本比例 | | --- | --- | --- | --- | | 臻泉投资 | 477,200 | 0.31% | 0.32% | 注：截至本公告披露日，公司总股本为 156,000,000 股，公司已回购股份数量为 4,572,324 股，剔除本公司回购专用证券账户中的股份数量后总股本为 151,427,676 股。 二、本次减持计划的主要内容 1、减持原因：臻泉投资是公司首次公开发行股票上市前的员工持股平台， 本次减持原因系合伙人自身资金需求。 2、减持股份来源：公司首次公开发行前已发行的股份 特定股东杭州臻泉投资合伙企业（有限合伙）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。 特别提示： 持有本公司股份 477,200 股（占剔除回购股份后公司总股本的 0.32%）的特 定股东杭州臻泉投资合伙 ...

Group 1 - Zhang Xiaoqin's stock price decreased by 1.06% on January 29, with a trading volume of 132 million yuan [1] - The financing buy-in amount for Zhang Xiaoqin on the same day was 14.17 million yuan, while the financing repayment was 10.86 million yuan, resulting in a net financing buy of 3.30 million yuan [1] - As of January 29, the total balance of margin trading for Zhang Xiaoqin was 74.13 million yuan, with a financing balance of 73.79 million yuan, accounting for 2.20% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2 - As of September 30, the number of shareholders for Zhang Xiaoqin was 7,262, a decrease of 7.63% compared to the previous period [2] - For the period from January to September 2025, Zhang Xiaoqin achieved an operating income of 726 million yuan, representing a year-on-year growth of 14.11%, and a net profit attributable to shareholders of 37.98 million yuan, up 120.78% year-on-year [2] - Since its A-share listing, Zhang Xiaoqin has distributed a total of 158 million yuan in dividends, with 79.89 million yuan distributed over the past three years [2]

Market Overview - The home goods sector experienced a decline of 0.5% on January 27, with Meike Home leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Performers in Home Goods Sector - Songjing Technology (603992) saw a closing price of 41.29, with an increase of 6.72% and a trading volume of 92,600 shares, totaling a transaction value of 3.74 billion [1] - ST Shengfu (603021) closed at 5.53, up 4.93%, with a trading volume of 109,600 shares and a transaction value of 59.41 million [1] - Haolaike (603898) closed at 17.27, up 4.54%, with a trading volume of 169,300 shares and a transaction value of 285 million [1] Underperformers in Home Goods Sector - Meike Home (600337) closed at 2.83, down 4.07%, with a trading volume of 659,100 shares and a transaction value of 186 million [2] - Dream Sky Home (603216) closed at 49.16, down 3.98%, with a trading volume of 77,800 shares [2] - Zhang Xiaoqin (301055) closed at 22.34, down 3.71%, with a trading volume of 39,200 shares and a transaction value of 87.96 million [2] Capital Flow Analysis - The home goods sector saw a net outflow of 304 million from institutional investors, while retail investors experienced a net inflow of 1.79 billion [2] - The top net inflows from retail investors included companies like Xidamen (605155) with a net inflow of 1.19 million [3] - Conversely, companies like ST Yazhen (603389) experienced a net outflow of 625,100 from institutional investors [3]

Core Viewpoint - Zhang Xiaoqin (301055) announced that shareholder Shanghai Tuyue Chengxiang Brand Management Partnership (Limited Partnership) will increase its stake in the company by 1.5 million shares between January 16 and January 20, 2026, making it the largest shareholder with a combined holding of 29.11% [1] Group 1: Shareholding Changes - Following the stake increase, the holding ratio of Tuyue Chengxiang and its concerted action party Rongquan Investment rose from 28.15% to 29.11%, and from 29% to 29.99% when excluding repurchased shares [1] - The change in shareholding resulted in the company's controlling shareholder shifting from Zhang Xiaoqin Group to no controlling shareholder, and the actual controllers changed from Zhang Guobiao, Zhang Zhangsheng, and Zhang Xincheng to no actual controller [1] Group 2: Funding Sources - The funding for the share purchase comes from self-raised funds, specifically a loan from Beijing Weilan Yongxu Technology Co., Ltd. to Tuyue Chengxiang, which will later convert into capital contributions [2] - The actual controller of Tuyue Chengxiang is Wang Aoyan, who also serves as a director and general manager of Zhang Xiaoqin, and has a background in various technology and management roles [2] Group 3: Financial Performance - Zhang Xiaoqin's net profit has declined for three consecutive years from 2022 to 2024, with a reported revenue of 908 million yuan in 2024, an increase of 11.87%, but a net profit of 25.04 million yuan, down 0.3% year-on-year [4] - In the latest performance report for the first three quarters of 2025, the company achieved a revenue of 726 million yuan, a year-on-year increase of 14.11%, and a net profit of 37.98 million yuan, up 120.78% [4] Group 4: Market Position - As of January 26, the stock price of Zhang Xiaoqin was 23.2 yuan per share, with a total market capitalization of 3.619 billion yuan [5]