合兴包装：夏平及其一致行动人持股比例已降至5.51%

Core Viewpoint - The shareholding ratio of major shareholder Xia Ping and his concerted parties in Hexing Packaging has decreased due to the conversion of convertible bonds and share reduction, resulting in a significant change in ownership structure [1] Shareholding Changes - From August 13 to August 16, 2025, the shareholding ratio of Xia Ping and his concerted parties was diluted from 8.9812% to 8.9117% due to the conversion of "Hexing Convertible Bonds" [1] - Between August 19 and November 14, 2025, these shareholders reduced their holdings by a total of 41,309,764 shares, which represents 3.4045% of the company's total share capital [1] - Overall, the combined shareholding of Xia Ping and his concerted parties decreased from 8.9812% to 5.5072%, with the number of shares held dropping from 108,133,521 to 66,823,757 [1] Control Structure - The changes in shareholding have been completed and will not result in a change of control for the company [1]