单一控股地位强化，天风证券控股股东持股比例已达28.33%

Core Viewpoint - The termination of the "Joint Action Agreement" between Hubei Hongtai Group and Wuhan State-owned Capital Investment Operation Group does not affect the shareholding stability and governance structure of Tianfeng Securities, as Hubei Hongtai Group has increased its stake to 28.33% [1][2][6]. Group 1: Shareholding Changes - Hubei Hongtai Group's stake in Tianfeng Securities has increased to 28.33% as of 2024, surpassing both its previous holding and the combined holding with Wuhan State-owned Capital [2][9]. - The "Joint Action Agreement" initially allowed Hubei Hongtai Group and Wuhan State-owned Capital to collectively hold 22.62% of Tianfeng Securities, ending the situation of no controlling shareholder [6][10]. - Following the termination of the agreement, the shareholding rights of the related shareholders will no longer be combined, but their individual shareholdings remain unchanged [6][8]. Group 2: Financial Performance and Liquidity Issues - As of the end of Q3 2025, Tianfeng Securities' net stable funding ratio was 106.78%, falling below the regulatory warning line of 120%, raising concerns about liquidity [2][12]. - To address liquidity challenges, Tianfeng Securities has implemented several measures, including extending a 40 billion yuan subordinated debt and reducing its interest rate from 5% to 4% [12][10]. - The company has also issued three short-term financing bonds totaling 70 billion yuan to enhance its financing capabilities [14]. Group 3: Corporate Governance and Strategic Development - Since Hubei Hongtai Group took effective control of Tianfeng Securities in February 2023, the company has undergone systematic reforms aimed at establishing a modern corporate governance structure [15]. - In the first nine months of 2025, Tianfeng Securities reported a revenue of 21.12 billion yuan, a year-on-year increase of 57.53%, and achieved a net profit of 1.53 billion yuan, marking a turnaround from losses [15]. - Tianfeng Securities is focusing on high-quality development and has signed cooperation agreements with 22 local banking institutions to optimize its financial capital layout [16].