Group 1 - Xiamen Port Development Co., Ltd. has established a joint venture named Xiamen Port Development Building Materials Supply Chain Co., Ltd. with a registered capital of 50 million yuan, where Xiamen Road and Bridge Building Materials Co., Ltd. holds 51% of the shares [1] - The main business of the new joint venture includes sales of cement products, non-metallic minerals and products, and metal materials [1] - The company has faced challenges in the building materials industry due to a prolonged downturn, with concrete prices declining since 2021 and extended payment cycles affecting business performance [2] Group 2 - The board of directors has decided to liquidate and deregister the joint venture due to its inability to meet expected operational results [2] - The liquidation process does not require approval from the shareholders' meeting and does not involve related party transactions or constitute a major asset restructuring [2]

Group 1 - Xiamen Port Development Co., Ltd. has established a joint venture named Xiamen Port Development Building Materials Supply Chain Co., Ltd. with a registered capital of 50 million yuan, where the company holds 51% of the shares [1] - The main business of the joint venture includes sales of cement products, non-metallic minerals and products, and metal materials [1] - The company’s subsidiary, Xiamen Port Trade Co., Ltd., acquired 51% of the joint venture's shares in December 2020 [1] Group 2 - The building materials industry has faced a downturn, with concrete prices continuously declining since 2021, leading to extended payment cycles and operational challenges for the joint venture [2] - Due to these difficulties, the company's board has decided to liquidate and deregister the joint venture, which does not require shareholder approval [2] - The liquidation does not involve related transactions and does not constitute a major asset restructuring as per relevant regulations [2]

Core Viewpoint - The controlling shareholder of Tianyin Electromechanical, Lanhai Ruixing, plans to reduce its stake for the first time since taking control six years ago, citing funding needs for business development [1][5]. Group 1: Shareholding Changes - Lanhai Ruixing intends to reduce its holdings by up to 12.75 million shares, representing 3% of the total share capital, with a portion through centralized bidding and the remainder via block trading [1]. - Following a share transfer in 2019, Lanhai Ruixing became the controlling shareholder with a 28.52% stake, while the previous controlling shareholder's stake decreased from 55% to 26.48% [1]. Group 2: Financial Performance - In 2022, Tianyin Electromechanical experienced a significant decline in net profit, down 92.15% year-on-year to 7.82 million yuan, attributed to decreased orders in its refrigerator compressor parts business and delays in project deliveries [3]. - The company reported a recovery in 2023, achieving total revenue of 1.041 billion yuan, a 24.07% increase year-on-year, and a net profit of 32.78 million yuan, up 319.10% [3]. - For 2024, the company expects total revenue of 1.048 billion yuan, a slight increase of 0.63%, and a net profit of 90.41 million yuan, reflecting a growth of 175.80% [3]. Group 3: Business Operations and Strategic Decisions - Tianyin Electromechanical has decided to liquidate its subsidiary, Gongda Leixin, due to operational difficulties, completing the deregistration process by June 20 [4]. - The company is considering share buyback options in response to stock price fluctuations, while management maintains that operational conditions are stable [4]. - The recent share reduction plans by both the controlling shareholder and the general manager are linked to funding needs and market conditions, with no change in control expected post-reduction [5].