GONGNIU(SH:603195) Chang Jiang Shang Bao·2025-10-12 23:30Core Viewpoint - The actual controller of Bull Group, Ruan Xueping, plans to reduce his holdings by up to 36.17 million shares, representing no more than 2% of the company's total share capital, due to personal funding needs [1][2][12]. Group 1: Shareholding and Financial Actions - Ruan Xueping has previously reduced his holdings in July 2023, cashing out over 1.6 billion yuan [3][11]. - Since its listing on February 6, 2020, Bull Group has distributed approximately 12.8 billion yuan in cash dividends, with Ruan Xueping receiving over 5.2 billion yuan [4][13]. - Cumulatively, Ruan Xueping has cashed out nearly 7 billion yuan from the company through dividends and share reductions [5][13]. Group 2: Company Performance and Market Position - Bull Group has faced operational pressure, with revenue and net profit both declining in the first half of 2025, marking the first decline since 2021 [14][15]. - The company's revenue decreased by 2.6% to 8.168 billion yuan, and net profit fell by 8% to 2.060 billion yuan in the first half of 2025 [15]. - The decline in revenue is attributed to decreases in the two main business segments: electrical connection and smart electrical lighting, which together contribute approximately 95% of the company's revenue [15]. Group 3: Future Outlook and Challenges - The company has reduced its R&D investment by over 20%, which may impact its future innovation capabilities [15][16]. - Despite a strong market presence and expansion into new business areas, the company is unlikely to return to its peak market valuation in the short term, with its market capitalization having decreased by over 74 billion yuan since its peak [17].