Core Viewpoint - Since 2025, leading dairy companies Yili and Mengniu have both conducted significant share buybacks, with amounts exceeding 1.5 billion RMB each. The overall dairy industry is facing pressure due to oversupply and weakened demand, leading to declining profits for more than half of the companies in 2024 [1][10]. Industry Summary - The dairy industry in China has 28 listed companies in A and H shares, with over half experiencing a decline in both revenue and net profit in 2024 due to market conditions [1]. - In 2024, the top three dairy companies by revenue were Yili, Mengniu, and Bright Dairy, with total revenues of 1157.8 billion RMB, 886.75 billion RMB, and 242.78 billion RMB respectively, all showing a decline of over 8% year-on-year [4][6]. - The revenue of Yili decreased by 8.24% due to reduced sales volume and lower prices, while Mengniu's revenue fell by 10.1%, with its liquid milk segment dropping by 10.97% [4][8]. Company Performance - In 2024, nine dairy companies reported losses, accounting for over 30% of the sector, with Modern Dairy leading with a loss of 1.417 billion RMB. Modern Dairy also issued a profit warning, expecting a net loss of between 800 million to 1 billion RMB for the first half of 2025 [7]. - Among the 19 listed dairy companies, over 60% saw a decline in revenue in 2024, with 15 companies experiencing a drop in both revenue and profit [8]. - Bright Dairy's total revenue decreased by 8.33% to 242.78 billion RMB, with a net profit decline of 25.36% to 72.2 million RMB in 2024 [8]. Growth and Recovery - Seven dairy companies, including China Feihe, Beingmate, and Ausnutria, reported year-on-year growth in both revenue and net profit in 2024, indicating pockets of resilience within the sector [2][9]. - Beingmate achieved a revenue of 2.773 billion RMB in 2024, marking a growth of 9.7%, and a net profit increase of 116.92% [9]. Share Buyback Activities - Mengniu announced a share buyback plan worth up to 2 billion HKD, with 28.824 million shares repurchased at a cost of 454 million HKD as of July 2, 2025 [10][12]. - Yili completed a share buyback of approximately 40.54 million shares, representing 0.6368% of its total share capital, with a total expenditure of about 1.007 billion RMB [13][14]. - Beingmate also disclosed a share buyback plan with a budget of 150 million to 300 million RMB, although no shares had been repurchased as of June 30, 2025 [15].

Market Ecology Overview - Since 2015, the A-share market has undergone significant changes, with increased stock buybacks, rising dividend amounts, decreased net reductions by major shareholders, and intensified delisting efforts, leading to a healthier market ecology and improved investor confidence [1][2][3] Stock Buybacks - Stock buybacks have transitioned from being a minority practice to a normalized strategy among listed companies, with the total buyback amount exceeding 160 billion yuan in 2024, marking a historical high [2][3] - The number of companies implementing buybacks surged to over 2,100 in 2024, reflecting enhanced market liquidity and improved corporate governance [3] - The proportion of buybacks for equity incentives decreased from 89.74% in 2015 to 71.34% in 2024, while the number of companies engaging in market value management buybacks increased significantly [3] Dividends - Cash dividends have become a key indicator of market health, with total cash dividends reaching nearly 2.4 trillion yuan in 2024, a historical high, and the number of companies distributing dividends increasing to approximately 3,761 [5][6] - The frequency of dividend distributions has also risen, with over 300 companies announcing third-quarter cash dividend plans in 2024 [5] - The overall dividend payout ratio reached 45.04% in 2024, the highest since 2015, indicating a shift towards a more investment-oriented market [6][7] Shareholder Reduction Behavior - The reduction of major shareholders' stakes has been further regulated, with net reductions dropping to 85.9 billion yuan in 2024, the lowest level since 2015 [9][10] - The number of companies announcing reductions fell to 1,689 in 2024, the lowest since 2019, while the frequency of industry capital increasing its stakes has risen [9] - Regulatory measures have linked shareholder reductions to dividends and stock prices, effectively stabilizing the capital market [10] Delisting Mechanism - The delisting mechanism has evolved, with the number of delisted companies reaching a historical high of 52 in 2024, reflecting stricter quality requirements beyond financial metrics [10][11] - Regulatory policies have been enhanced to enforce delisting standards, promoting the exit of low-quality companies from the market [10][11] - The focus on delisting has shifted to include violations of laws and regulations, with ongoing scrutiny even after companies have been delisted [11]

Core Viewpoint - The usage of the Federal Reserve's overnight reverse repurchase agreement (RRP) increased to $218.30 billion on July 7, up from $214.66 billion on July 3 [1] Group 1 - The RRP usage on July 7 was $218.30 billion [1] - The previous trading day's RRP usage on July 3 was $214.66 billion [1]

Group 1 - The company plans to repurchase its A-shares using a special loan and its own funds, with a total repurchase amount between RMB 200 million and RMB 300 million, and a maximum repurchase price of RMB 7.95 per share [2][4] - The repurchased shares will be used for employee stock ownership plans or equity incentives at an appropriate time in the future [2] - The repurchase period is set for six months from the date the board approves the repurchase plan [2] Group 2 - The 2024 dividend distribution plan involves a cash dividend of RMB 0.02 per share, based on a total share capital of 1,225,391,401 shares after excluding repurchased shares [4] - The record date for the dividend distribution is July 14, 2025, and the ex-dividend date is July 15, 2025 [4] - The total cash dividend amount is RMB 24,673,930, which will be distributed among the total shares [4] Group 3 - Following the dividend distribution, the maximum repurchase price will be adjusted from RMB 7.95 to RMB 7.93 per share [5] - The estimated number of shares to be repurchased is not more than 37,831,021 shares, which represents approximately 2.04% of the current total share capital [5] - The actual number of repurchased shares will be determined upon completion of the repurchase [5] Group 4 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations in a timely manner [6]

Core Viewpoint - Shenzhen Invt Electric Co., Ltd. announced a share repurchase plan aimed at implementing equity incentives or employee stock ownership plans, with a total repurchase fund of no less than RMB 60 million and no more than RMB 100 million, at a maximum price of RMB 8 per share [1] Summary by Sections Share Repurchase Plan - The company plans to repurchase shares using its own funds through centralized bidding on the Shenzhen Stock Exchange, with a total fund of RMB 60 million to RMB 100 million [1] - The repurchase price was adjusted from RMB 8 per share to RMB 7.94 per share due to the implementation of the 2023 annual equity distribution [2] - The maximum repurchase price was later increased to RMB 13.80 per share and the implementation period was extended by 9 months [2] Implementation Status - As of July 4, 2025, the company had repurchased 9,894,300 shares, accounting for 1.22% of the total share capital, with a total transaction amount of RMB 62,014,923 [3] - The repurchase was conducted at a minimum price of RMB 5.38 per share and a maximum price of RMB 7.92 per share [3] Compliance and Impact - The repurchase plan complies with relevant regulations and will not significantly impact the company's financial, operational, or debt repayment capabilities [4] - The repurchased shares will be used for equity incentive plans or employee stock ownership plans, and if not transferred within three years, the untransferred shares will be canceled [6] Future Arrangements - The repurchased shares will be stored in a dedicated securities account and will not enjoy voting rights or profit distribution during the holding period [7] - The board will make timely disclosures regarding any changes based on company development and market conditions [7]

Core Viewpoint - Sichuan Changhong Electric Co., Ltd. plans to repurchase its shares through a centralized bidding method, with a total repurchase fund of no less than RMB 250 million and no more than RMB 500 million, aimed at enhancing investor confidence and optimizing corporate governance [1][2][4]. Summary by Sections Repurchase Plan Overview - Total repurchase amount: RMB 250 million to RMB 500 million [1][4]. - Source of funds: Company’s own funds and a special loan for stock repurchase [1][7]. - Purpose of repurchase: For equity incentives [1][4]. - Maximum repurchase price: Not exceeding RMB 14 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][7]. Implementation Details - Repurchase method: Centralized bidding trading method [2][4]. - Repurchase period: From June 26, 2025, to June 25, 2026 [4][6]. - Estimated number of shares to be repurchased: Between 17,857,143 and 35,714,286 shares, accounting for 0.39% to 0.77% of the total share capital [4][6]. Financial Impact - The repurchase funds will account for approximately 0.25% to 0.50% of the company's total assets and 1.71% to 3.41% of the net assets attributable to shareholders [8]. - The company believes that the repurchase will not adversely affect its ongoing operations or financial capabilities [8]. Governance and Compliance - The board of directors has authorized the management to handle the repurchase within the approved framework [11]. - There are no plans for share reduction by major shareholders or executives in the next three to six months [2][10]. Future Adjustments - If the company undergoes significant changes such as capital increases or stock dividends, the repurchase quantity and price will be adjusted accordingly [6][7]. - Unused repurchased shares will be canceled if not utilized within 36 months after the repurchase [12].

证券代码：688322 证券简称：奥比中光 公告编号：2025-060 奥比中光科技集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购方案首次披露日 2025/4/9 自公司第二届董事会第十二次会议通过回购方案之 回购方案实施期限 日起不超过 3 个月 预计回购金额 2,000万元~4,000万元 回购价格上限 97.00元/股 □减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 √为维护公司价值及股东权益 实际回购股数 403,622股 实际回购股数占总股本比例 0.10% 实际回购金额 2,002.708597万元 实际回购价格区间 41.63元/股~53.50元/股 一、回购审批情况和回购方案内容 奥比中光科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召 开第二届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司通过集中竞价交易方式回购已发行的部分人民币普通 股（A 股）股票，本次回购股份全部用 ...

Core Points - The company announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual equity distribution, changing it from 10.00 CNY per share to 9.89 CNY per share, and later to 12.00 CNY per share [2][3] - The adjusted maximum repurchase price is set at 11.92 CNY per share, effective from July 15, 2025, which is the date of the equity distribution [4] Summary by Sections Share Repurchase Plan - The company plans to use between 1 billion CNY and 2 billion CNY of its own funds to repurchase shares through centralized bidding, with the initial maximum repurchase price set at 10.00 CNY per share [1] - The repurchase period is set for 12 months from the date of the board's approval of the repurchase plan [1] Adjustment of Repurchase Price - The repurchase price was adjusted due to the annual profit distribution plan, which includes a cash dividend of 0.80 CNY per 10 shares [2][3] - The adjustment formula for the repurchase price considers the cash dividend and the change in circulating shares, resulting in a new maximum price of 11.92 CNY per share [3] Other Information - Other aspects of the share repurchase plan remain unchanged, and the company will comply with relevant regulations during the repurchase process [5]

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

编者按：高盛发布策略报告《奏响中国现金交响曲中的回报乐章，创纪录的现金回报有望进一步增长》指出，在 2024 年 4 月 《九项措施》出台后政策大力推动、保守的现金回报传统、强劲的现金流以及充足的现金储备等多重因素推动下，中国上市公 司在 2024 年向股东交付了前所未有的现金回报。展望未来，尽管不同的财务特征会影响回报方式的选择，但高盛预计 2025 年 总股息 / 回购将达到 3.0 万亿元 / 0.6 万亿元（同比增长 10%/35%）。另据其估计，国内机构对高收益股票的需求达 4 万亿元。 一、核心观点：现金回报创纪录且有望持续增长 2024 年，在中国 2024 年 4 月 "九项措施" 等政策推动、保守的现金回报传统、强劲现金流及充足现金储备支撑下，中国上市公 司向股东的现金回报达历史新高。展望 2025 年，尽管不同财务特征影响回报方式选择，预计总股息 / 回购将达 3.0 万亿元 / 0.6 万亿元，同比分别增长 10%/35%。 二、现金回报与增长投资的协同关系 企业分类与市场偏好：将 6700 余家中国上市公司分为 "旧中国"（传统行业）和 "新中国"（新经济行业）。 "旧中国" 公司：投 ...