WENZHOU HONGFENG(SZ:300283) Zhong Guo Jing Ji Wang·2025-09-12 03:23Core Viewpoint - Wenzhou Hongfeng (300283.SZ) announced a share reduction plan by its controlling shareholder and actual controller, Chen Xiao, who intends to sell up to 12.5 million shares, accounting for 2.52% of the total share capital, to repay stock pledge debts and provide financial support to the company and its subsidiaries [1][2]. Summary by Relevant Sections Share Reduction Plan - Chen Xiao plans to reduce his holdings from October 13, 2025, to January 12, 2026, with a maximum of 4.9 million shares through centralized bidding and 7.6 million shares through block trading [1]. - The total number of shares held by Chen Xiao before the reduction is 168,636,292, which represents 33.93% of the company's total share capital [1]. Financial Implications - Based on the closing price of 7.87 yuan on September 11, 2025, the total cash Chen Xiao aims to realize from this reduction is approximately 98.375 million yuan [2]. - The reason for the share reduction includes repaying existing stock pledge debts and providing financial assistance to the company and its subsidiaries [2]. Historical Context - Chen Xiao has a history of share reductions, having initially held 45 million shares, which was 63.53% of the total share capital. Since May 28, 2015, he has cumulatively reduced his holdings by 31.6846 million shares, realizing approximately 330 million yuan [3]. - In the first half of 2025, Wenzhou Hongfeng reported revenue of 1.687 billion yuan, a year-on-year increase of 28.53%, but a net loss attributable to shareholders of 4 million yuan [5][6]. Recent Financial Performance - For the first half of 2025, the company reported a net cash flow from operating activities of -51 million yuan, compared to -45 million yuan in the same period last year [5]. - In 2024, the company achieved a revenue of 3.135 billion yuan, reflecting a year-on-year growth of 8.09%, but still reported a net loss of 74 million yuan [5].