Core Viewpoint - The successful completion of the share transfer from Hongdou Group to Jiangsu Suhao Holdings marks a significant milestone in the mixed-ownership reform of state-owned enterprises, demonstrating a new model of "national and private enterprises advancing together" [1][8]. Group 1: Mixed-Ownership Reform - The transaction involved Hongdou Group transferring 389 million shares at a price of 5.44 yuan per share, totaling 2.118 billion yuan, resulting in Suhao Holdings becoming the controlling shareholder of Tongyong Shares with a 24.5% stake [3]. - This reform breaks the traditional model of private enterprises holding shares in state-owned enterprises, allowing provincial state capital to lead the operation of a private listed company [3][8]. - The management team of Tongyong Shares remains unchanged post-reform, ensuring the continuity of market sensitivity from the private sector [3]. Group 2: Company Performance and Strategy - Tongyong Shares, established in 2002 and listed in 2016, specializes in tire research, production, and sales, with a strong international presence in over 100 countries [5]. - The company reported a revenue of 6.958 billion yuan for 2024, a year-on-year increase of 37.39%, and a net profit of 374 million yuan, up 72.81% [5]. - The establishment of production bases in China, Thailand, and Cambodia supports its "dual circulation" strategy, enhancing its global supply chain capabilities [5][6]. Group 3: Implications for Industry and Economy - The mixed-ownership reform is seen as a model for deepening state-owned enterprise reform in Jiangsu, providing a solution to the "state advances while private sector retreats" debate [8]. - The collaboration between Hongdou Group and Suhao Holdings exemplifies the operational feasibility of the "win-win" philosophy, creating a responsibility loop that benefits shareholders, employees, and society [8]. - This reform is expected to inject new momentum into the high-quality development of Jiangsu and China's economy, positioning Tongyong Shares for accelerated growth towards its goal of reaching 10 billion yuan in revenue [8].