远程股份：股东高比例持股与战略协同赋能，价值修复逻辑清晰

Core Viewpoint - In 2025, YuanCheng Co., Ltd. (002692) demonstrates significant investment value through its shareholder structure and strategic collaboration, with major shareholders holding over 28% and a low pledge ratio of 2.37% [1][2] Group 1: Shareholder Structure and Capital Operations - As of September 30, 2025, the top two circulating shareholders, Wuxi SuXin Industrial Optimization Adjustment Investment Partnership and Wuxi LianXin Asset Management, hold a combined stake exceeding 28%, indicating a stable equity structure [1] - The low equity pledge ratio of 2.37% reflects a stable shareholder background, providing long-term capital support and a consistent strategic direction for the company [1] - On November 4, 2025, the company announced that its targeted issuance project has entered the second round of inquiries from the Shenzhen Stock Exchange and the registration application stage with the China Securities Regulatory Commission, with funds raised to be used entirely for supplementing working capital [1] Group 2: Strategic Extension and Investor Relations - The wholly-owned subsidiary, YuanCheng Composite New Materials (Jiangsu) Co., Ltd., renamed "YuanCheng Composite Materials," focuses on the R&D and sales of bare conductors, next-generation carbon fiber conductors, and high-performance fiber composite materials, marking a strategic shift from traditional cable manufacturing to new materials [2] - The company actively engages in investor relations, participating in the Wuxi listed companies' investor reception day on October 30, 2025, and addressing market concerns through an earnings briefing on April 1, 2025, signaling a commitment to restoring investor trust [2] - The combination of stable shareholder holdings, strategic collaboration, and proactive investor communication provides multiple supports for value restoration [2]