GONGNIU(SH:603195) Zhong Guo Neng Yuan Wang·2025-10-26 02:20Core Insights - The recent stock repurchase of 250 million yuan by Bull Group was immediately followed by a significant share reduction plan by major shareholder Ruan Xueping, raising concerns in the capital market [1][2] - Ruan Xueping plans to reduce his holdings by up to 36.17 million shares, representing a maximum of 2% of the company's total shares, potentially cashing out approximately 1.65 billion yuan [2] - This marks Ruan Xueping's second large-scale reduction in two years, with a previous reduction in July 2023 where he cashed out 1.628 billion yuan [2] Stock Buyback and Market Performance - The company completed a share buyback of 5.036 million shares, accounting for 0.28% of the total shares, at an average price of 49.68 yuan per share, totaling 250 million yuan [3] - Despite the buyback, the company's stock price declined from a high of 51.22 yuan in June to a low of 43.74 yuan in September [4] Shareholder Structure - Ruan Xueping and his brother Ruan Liping collectively control 84.76% of Bull Group's shares, with Ruan Xueping holding 14.13% and Ruan Liping holding 16.13% [5] - The controlling shareholder, Liangji Industrial, holds 53.82% of the company, which is jointly controlled by the Ruan brothers [5] Financial Performance - Bull Group reported a 2.6% decline in revenue and an 8.0% drop in net profit for the first half of 2025, marking the first instance of dual declines in five years [7] - The core business segments of electrical connections and smart electrical lighting both experienced revenue declines, while the new energy segment grew by 33.52% but remains insufficient to support the overall business [7] - R&D expenditures decreased significantly by 21.56% to 286 million yuan, while management expenses increased by 27.98% to 391 million yuan [7] Market Capitalization and Stock Price Decline - The company's market capitalization has dropped from a peak of approximately 156.1 billion yuan in early 2021 to about 79.16 billion yuan, representing a loss of over 76.94 billion yuan and an 80% decline in stock price [8] - Bull Group is focusing on new business opportunities in AI and renewable energy, although specific revenue figures for these new ventures have not been disclosed [8]