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Core Viewpoint - The company faced a significant downturn after announcing the termination of a 3.69 billion yuan computing power service agreement, leading to a sharp decline in stock price and triggering regulatory scrutiny [2][3]. Shareholder Structure - The top ten circulating shareholders hold a total of 549 million shares, accounting for 27.49% of circulating shares, a decrease of 18.78 million shares from the previous period [1]. - Notable shareholders include Hainan Haikong Industrial Investment Co., Ltd. with 275 million shares (13.78%), and the Social Security Fund's 414 combination, which newly acquired 11.1 million shares [1]. Stock Performance - Following the announcement on September 30, 2025, the stock price plummeted, hitting a low of 6.66 yuan, representing a nearly 40% drop from the Social Security Fund's entry price of around 11 yuan [2]. - The stock experienced three consecutive trading halts, reflecting severe market panic and selling pressure [2]. Financial Health - The company's debt-to-asset ratio stands at 73.77%, indicating ongoing pressure on its main business profitability [3]. Market Dynamics - During the third quarter, there was a notable increase in trading volume, likely due to significant share exchanges among shareholders, including the Social Security Fund [4]. - However, as the stock price declined in October, trading volume sharply decreased, indicating that previous investors were unable to exit their positions [4]. Broader Market Context - As of mid-December 2025, at least 29 stocks heavily held by the Social Security Fund saw declines exceeding 20% for the year, highlighting a broader trend of underperformance in traditional sectors compared to technology stocks [6]. - The Social Security Fund's strategy has shifted towards sectors like machinery, pharmaceuticals, and chemicals, while also increasing exposure to high-growth areas [7]. Historical Context - The company's situation is not an isolated incident for the Social Security Fund, which has faced significant losses in past investments due to various scandals and market shifts [9]. - A recent case involving a leading electrical company also saw substantial losses for Social Security Fund holdings, emphasizing the risks associated with traditional sectors amid changing market dynamics [10]. Recent Developments - By December 2025, the company's stock price began to rebound, benefiting from renewed interest in the Hainan sector [11].