Core Viewpoint - The article highlights the increasing trend of stock buybacks among A-share listed companies, with over 40% of buyback plans aimed at complete or partial cancellation, indicating a shift towards "cancellation-type buybacks" as a common practice in the market [1][5]. Group 1: Buyback Trends and Amounts - As of December 9, over 1500 billion yuan has been spent on stock buybacks in 2023, with leading companies like Midea Group, Kweichow Moutai, and CATL leading the way [2][5]. - Midea Group's buyback reached 10 billion yuan, making it the only "billion-level" buyback in A-shares this year, with 70% of the repurchased shares intended for cancellation [2][5]. - A total of 1303 companies have announced 1502 stock buyback plans this year, with 637 plans aimed at cancellation, representing 42.41% of the total, an increase from 38.33% in 2024 [5]. Group 2: Motivations Behind Buybacks - Companies are responding to policy incentives and are likely to receive more tax benefits or financial support, which encourages the normalization of cancellation-type buybacks [1][4]. - The buyback activity is seen as a signal of confidence in future operations, especially when stock prices are perceived as undervalued, potentially leading to positive market reactions [4][6]. Group 3: Implications for Market and Company Value - The practice of stock buybacks is aimed at enhancing company value and market competitiveness amidst global economic uncertainties [6]. - Buybacks can improve earnings per share (EPS) and attract long-term capital, providing stable funding for company growth [6][7]. - Companies must balance shareholder returns with maintaining a robust capital structure to avoid excessive cash flow pressure while optimizing financial health [7].

（原标题：超1500亿元 四成以上为注销！A股年内回购大数据出炉） 在政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积 极性越来越高。 据数据统计，截至12月9日，年内发布股票回购计划的方案中，四成以上的回购目的为全部注销或部分 注销，较2024年的比例进一步提升。 今年以来，龙头公司回购股份积极性较高，带动回购实施金额超过1500亿元。数据显示，A股上市公司 年内已累计回购1507.95亿元。其中，美的集团以100亿元回购金额居首；接下来为贵州茅台、宁德时 代，分别回购60亿元和43.86亿元。此外，牧原股份、徐工机械、海康威视、通威股份等公司的回购金 额不低于20亿元，三安光电、三一重工、顺丰控股等多家公司的回购金额在10亿元以上。 对于今年以来，龙头公司积极回购股份的情况，排排网财富研究总监刘有华认为，一方面上市公司回购 股份，积极响应了新"国九条"等政策引导，借助专项贷款等支持降低回购成本；另一方面，当公司股价 被低估，回购股份传递了对未来经营的信心，并可能带来股价积极反应。 回购注销占比提升至40%以上 近年来，监管层大力倡导上市公司采用"注销式回购"等方式回 ...

在政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积 极性越来越高。 据同花顺（300033）iFinD数据统计，截至12月9日，年内发布股票回购计划的方案中，四成以上的回购 目的为全部注销或部分注销，较2024年的比例进一步提升。 受访人士指出，政策红利持续释放，监管层强化投资者保护，未来或出台更多税收优惠或资金支持政 策，推动注销式回购常态化。目前，部分公司的估值仍处于低位，企业回购仍有动力，企业通过回购注 销向投资者传递"股价被低估"的信号，形成价值发现的良性循环。 年内回购金额超1500亿元 12月8日晚，美的集团（000333）发布公告称，截至2025年12月8日，公司累计回购股份数量约为1.35亿 股，占公司总股本的1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股，支付的总金额约为 100亿元（不含交易费用）。综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购 方案实施完毕。 回购注销占比提升至40%以上 近年来，监管层大力倡导上市公司采用"注销式回购"等方式回报投资者，A股上市公司也积极响应，纷 纷将回购的股份进行注销 ...

在 政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积极性越来越高。 12月8日晚，美的集团发布公告称，截至2025年12月8日，公司累计回购股份数量约为1.35亿股，占公司总股本的1.76%，最高成交价为83.11元/股，最低成交价为 69.91元/股，支付的总金额约为100亿元（不含交易费用）。综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购方案实施完毕。 据同花顺 iFinD数据统计，截至1 2 月 9日，年内发布股票回购计划的方案中，四成以上的回购目的为全部注销或部分注销，较2 024 年的比例进一步提升。 值得一提的是，此次回购金额是A股今年唯一的"百亿级"回购。 美的集团表示，根据本次回购方案，回购股份70%及以上将用于注销并减少注册资本。公司本次累 计回购股份1.35亿股，其中9500万股将予以依法注销减少注册资本，注销股份占注销前总股本比例为1.24%。 受访人士指出，政策红利持续释放，监管层强化投资者保护，未来或出台更多税收优惠或资金支持政策，推动注销式回购常态化。目前，部分公司的估值仍处于低 位，企业回购仍有动力，企业通过回购注销向 ...

Core Viewpoint - Qisheng Technology's major shareholders and executives have successfully completed their share reduction plans, cashing out over 150 million yuan, despite a significant decline in net profit in Q3 2025. The company's stock price has shown strong performance, with a maximum increase of 75% within the year [1][6]. Group 1: Share Reduction Details - The controlling shareholder, Jiaxing Zhihai Investment Management Co., reduced its holdings by 4.922 million shares, accounting for 1.39% of the total share capital, while the actual controller and chairman, Tang Guohai, reduced his holdings by 3.45 million shares, accounting for 0.98% of the total share capital [1][2]. - The cash-out amounts from the share reductions were approximately 93.58 million yuan for Zhihai Investment and 62.81 million yuan for Tang Guohai, with their remaining shareholding ratios at 22.30% and 16.53%, respectively [2][4]. Group 2: Financial Performance - In Q3 2025, Qisheng Technology reported a revenue of 764 million yuan, a year-on-year increase of 0.10%, but a net profit of 41.33 million yuan, representing a year-on-year decline of 37.41% [5]. - The decline in net profit was attributed to reduced investment income and increased support for overseas customers, although specific details were not provided [5]. Group 3: Stock Performance and Buyback - The stock price of Qisheng Technology reached a new high of 19.51 yuan on October 9, 2025, coinciding with the announcement of the share reduction plan, and subsequently saw a peak of 21.91 yuan on November 14, 2025 [6][8]. - A significant factor contributing to the strong stock performance was the buyback and cancellation of shares, with 5.4976 million shares canceled on June 27, 2025, representing 1.53% of the total share capital prior to the cancellation [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for listed companies to enhance their awareness of returning value to investors through cash dividends and share buybacks, indicating a shift towards optimizing the use of repurchased shares [1] Group 1: Current State of Share Buybacks - The scale of share buybacks in the A-share market has been increasing, with 431 buyback plans announced by August 6 this year, of which 79 plans (18.33%) were for cancellation to reduce registered capital, while 298 plans (69.14%) were for equity incentives or employee stock ownership plans [1] Group 2: Recommendations for Policy Improvement - It is recommended to clarify that only share buybacks for cancellation should be considered equivalent to cash dividends, as per the 2024 regulations, to prevent misuse of funds for equity incentives that do not benefit investors directly [2] - Strengthening regulatory policies and information disclosure requirements is essential, particularly for buybacks intended for equity incentives, to ensure transparency and prevent potential dilution of earnings per share [3] Group 3: Governance and Shareholder Rights - Incorporating buyback cancellation metrics into corporate governance evaluation systems is suggested, with indicators such as the proportion of shares repurchased for cancellation and the impact on earnings per share [3] - Enhancing the voting rights of minority shareholders is crucial, especially regarding significant equity incentive plans, to ensure alignment with the interests of the majority of small shareholders [4] Group 4: Market Constraints and Supervision - Encouraging market forces, such as analysts and media, to scrutinize the actual use of repurchased shares can create pressure for companies to make prudent decisions regarding the allocation of buyback funds [4] - The ultimate use of repurchased shares serves as a test of a company's commitment to shareholder returns and capital allocation wisdom, with a preference for cancellation over equity incentives reflecting respect for investors [4]

Group 1 - Jiangbolong announced significant stock price fluctuations, stating that its fundamentals have not changed, with a static P/E ratio of 229.31 times, higher than industry peers [1] - BYD reported a third-quarter net profit of 7.823 billion yuan, a year-on-year decline of 32.6%, with revenue of 194.985 billion yuan, down 3.05% [1] Group 2 - Zijin Mining plans to repurchase and cancel 30,600 restricted shares due to the departure of an incentive target, with the total shares reducing from 26,577,573,940 to 26,577,543,340 [2] Group 3 - Wuliangye's third-quarter revenue was 8.174 billion yuan, down 52.66%, and net profit was 2.019 billion yuan, down 65.62% [3] - Air China intends to issue A-shares to raise no more than 20 billion yuan, with proceeds used for debt repayment and working capital [3] Group 4 - ST Yigou reported a third-quarter net profit of 24.637 million yuan, a decline of 95.78% [4] - Sinopec Capital's third-quarter net profit was 3.997 billion yuan, down 7.95% [5] Group 5 - VisiNova reported a third-quarter net loss of 561 million yuan [6][7] - Chengdu Huamei's third-quarter net profit was 26.8846 million yuan, up 83.21% [8] Group 6 - Longyuan Power's third-quarter net profit was 246 million yuan, down 46.46% [9] - Gaoxin Development's third-quarter net profit was 28.3466 million yuan, down 54.11% [9] Group 7 - China Power's third-quarter net profit was 288 million yuan, up 7.71% [11] - China Shipbuilding Defense's third-quarter net profit was 129 million yuan, up 218.53% [12] Group 8 - Bawei Storage's third-quarter net profit was 256 million yuan, up 563.77% [13] - Luxshare Precision's third-quarter net profit was 4.874 billion yuan, up 32.49% [14] Group 9 - China Electric Power plans to invest approximately 12.167 billion yuan in a pumped storage power station project in Yunnan [15] - Hainan Mining's third-quarter net profit was 31.8287 million yuan, down 77.84% [16] Group 10 - Hunan Silver's third-quarter net profit was 96.3611 million yuan, up 47.51% [18] - Huayin Power's third-quarter net profit was 150 million yuan, up 418.61% [19] Group 11 - Shunfeng Holdings adjusted its share repurchase plan to a total amount of no less than 1.5 billion yuan and no more than 3 billion yuan [23] Group 12 - ST Chenming reported a third-quarter net loss of 2.15 billion yuan, a decline of 191.02% [25] - China Merchants Heavy Industry's third-quarter net profit was 871 million yuan, down 67.52% [102]

Core Points - Zijin Mining announced the repurchase and cancellation of 30,600 restricted shares due to the departure of an incentive recipient [1] - The shares were previously frozen by the court and have recently been unfrozen, allowing the company to proceed with the repurchase [1] - The repurchase is expected to be completed by November 4, 2025, reducing the total number of shares from 26,577,573,940 to 26,577,543,340, with 765,000 restricted shares remaining [1]

Core Viewpoint - The recent financial report of Nearshore Protein (688137) indicates a significant increase in revenue but a substantial decline in net profit, highlighting challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 72.09 million yuan, a year-on-year increase of 20.85% compared to 59.65 million yuan in 2024 [1] - The net profit attributable to shareholders was -24.22 million yuan, representing a 172.0% decline from -8.91 million yuan in the previous year [1] - The gross profit margin improved to 64.47%, up 1.82% from 63.32% in 2024, while the net profit margin fell to -33.60%, a decrease of 125.07% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 32.55 million yuan, accounting for 45.15% of revenue, which is a 14.64% decrease year-on-year [1] - The company reported a significant drop in operating cash flow per share to -0.20 yuan, down 160.45% from 0.33 yuan in the previous year [1] Asset and Liability Management - Cash and cash equivalents decreased by 31.58% to 774 million yuan from 1.131 billion yuan [1] - Accounts receivable increased by 13.96% to 66.55 million yuan, indicating potential liquidity concerns [1] - Interest-bearing debt decreased by 32.24% to 11.99 million yuan, reflecting improved debt management [1] Investment and Market Sentiment - The company has a historical median ROIC of 6.33%, indicating average investment returns, with a notably poor performance in 2018 [3] - The company has faced three years of losses since its listing, suggesting a fragile business model [3] - The largest fund holding Nearshore Protein is Huashang Flexible Allocation Mixed A, with a recent net asset value increase of 2.3% [4]

Core Viewpoint - The legal opinion letter from Zhejiang Tian Ce Law Firm confirms that Zhongyuan Home Co., Ltd. has obtained the necessary approvals and authorizations for the repurchase and cancellation of certain restricted stocks under its 2024 stock incentive plan, in compliance with relevant laws and regulations [1][11]. Summary by Sections Approval and Authorization - The company has received approvals for the repurchase and cancellation of restricted stocks, including the draft of the 2024 stock incentive plan and related management measures [2][6]. - Related directors have recused themselves from voting on the relevant proposals [2][6]. Repurchase and Cancellation Details - The repurchase is due to four incentive objects leaving the company, which disqualifies them from the incentive plan [12]. - A total of 42,300 shares will be repurchased, with a repurchase price of 5.1615 yuan per share for the initial grant and 5.86 yuan per share for reserved grants [13]. - The total funds allocated for this repurchase amount to 228,810 yuan, sourced from the company's own funds [13]. Compliance and Conclusion - The legal opinion asserts that the reasons, quantities, prices, and funding sources for the repurchase align with the Company Law, Securities Law, and relevant regulations [11][12]. - The company is required to fulfill its information disclosure obligations and complete the necessary procedures for stock repurchase and capital reduction [14].