实控人紧急“作废”2亿元减持，同花顺三家股东曾一年多套现20亿

Core Viewpoint - The actual controller of Tonghuashun, Yi Zheng, initially planned to reduce his holdings but later decided to terminate the plan amid market controversy and stock price fluctuations, which has sparked discussions among investors about the implications of such actions [1][4]. Group 1: Shareholding and Reduction Plans - Yi Zheng intended to reduce his holdings by up to 684,000 shares, valued at approximately 238 million yuan based on the closing price on September 9 [1][2]. - Another shareholder, Hangzhou Kaishun Technology Co., Ltd., planned to reduce up to 699,100 shares, with both reductions representing 0.13% of the total share capital of Tonghuashun [2]. - Yi Zheng's shares were acquired through a concentrated bidding increase on April 28, 2022, at an average price of 73.24 yuan per share, totaling approximately 50.1 million yuan [2]. Group 2: Stock Performance and Market Reaction - Since September 24 of last year, Tonghuashun's stock price has surged by 239.25%, rising from around 102 yuan to over 426 yuan [3][7]. - Following the announcement of the reduction plan, the stock price fell by 4.95% on September 8, indicating investor dissatisfaction with the perceived high-level selling [3][4]. - The company's market capitalization increased from approximately 617 billion yuan to over 1,870 billion yuan during this period [3][7]. Group 3: Financial Performance and Valuation Concerns - Despite the stock price increase, the company's net profit has shown a declining trend in 2022 and 2023, with a slight recovery only after the A-share market rally began last September [7]. - For the first half of this year, Tonghuashun reported revenue of 1.779 billion yuan, a year-on-year increase of 28.07%, and a net profit of 502 million yuan, up 38.29% [7]. - The current valuation of Tonghuashun, with a price-to-earnings ratio (TTM) of 95.3 times, is higher than the median of comparable companies in the software industry, raising concerns about sustainability [7][8].