持股多年，剑南春突然大规模减持华西证券（002926.SZ）股份，原因何在？ 近日，华西证券发布《关于股东减持计划的预披露公告》表示，公司股东四川剑南春（集团）有限责任 公司（简称"剑南春"）计划在3个月内减持不超过2625万股公司股份，减持比例不超过总股本的1%，减 持方式为集中竞价、大宗交易方式。 时间回溯至2000年，彼时华西有限（华西证券前身）基于四川证券和四川证券交易中心重组基础上，吸 收其他投资者出资，共同组建的综合类证券公司。 若按照9月27日华西证券收盘价9.51元/股来计算，剑南春此次计划减持（不超）2625万股公司股份对应 的市值（不超）2.5亿元。对于减持的原因，公司仅表示"剑南春流动资金需求"。 来源于华西证券公告。 持股20多年，为何突然大规模减持？ 公开资料显示，剑南春持有华西证券1.78亿股公司股份，占公司总股本的6.79%。据南都湾财社记者了 解，剑南春持有华西证券的股份，主要来自华西证券IPO前取得的股份。 | 序号 | 股东名称 | | 出资额(万元) | | 出资比例 | | --- | --- | --- | --- | --- | --- | | | | 净资产出资 ...

Core Viewpoint - Sichuan Jian Nan Chun Group has undergone a significant change in its shareholding structure, with the Mianzhu State-owned Assets Administration Center acquiring approximately 14.51% of the shares, becoming the second-largest shareholder, marking the return of state capital after over 20 years [1][2][4] Shareholding Structure Changes - The registered capital of Jian Nan Chun Group increased from approximately 808 million to about 946 million, reflecting a growth of around 17% [2] - The largest shareholder, Sichuan Tongsheng Investment Co., Ltd., saw its shareholding drop from 74.1439% to 63.0619% [2][3] - Other shareholders also experienced changes in their holdings, with Sichuan Blue Sword Investment Management Co., Ltd. decreasing from 9.948% to 8.4611%, and Sichuan Fusi Information Consulting Co., Ltd. from 6.2175% to 5.2882% [2][3] Historical Context - Jian Nan Chun was originally a state-owned enterprise before its privatization in 2003, when it transitioned to a private company under the leadership of Qiao Tianming and other executives [4] - The company once thrived during the early 2000s but has since lost its competitive edge in the high-end liquor market, failing to capitalize on the premiumization trend [7][10] Financial Performance - Jian Nan Chun's revenue surpassed 10 billion in 2018 and reached 12 billion in 2019, with 2020 revenues reported at 10.226 billion and 11.180 billion in 2021 [7] - Despite entering the 10 billion revenue club, the company has struggled to maintain its market position against competitors like Moutai and Wuliangye [10] Future Outlook - The introduction of state capital is expected to enhance liquidity and provide backing for the company's development [11] - The company aims to achieve a sales target of 30 billion by the end of 2025, but this goal appears challenging given the current competitive landscape and internal management uncertainties following the shareholding changes [10][11]

| 股东信息 | 2天眼查 | | | --- | --- | --- | | 股东信息 6 | 历史股东信息 2 股权变更历程 5 | | | 四川同盛投资有限公司 | | | | 控股股东 存续 | | | | 股东类型 | 持股比例 | | | 亚亚法人 | 63.0619% 持股详情 | | | 认缴出资额 | 认缴出资日期 | | | 59625万元人民币 | 2012-03-30 | | | 实缴出资额 | 实缴出资日期 | | | 59625万元人民币 | 2012-03-30 | | | 首次持股日期 | | | | 2012-03-30 | | | | 发现财产线索 2490 条,预估价值 23.72 亿元 | | 详情 > | | 绵竹市国有资产事务中心 | | | | 正常 | | | | 股东类型 | 持股比例 | | | 事业法人 | 14.5066% 持股详情 | | | 认缴出资额 | 认缴出资日期 | | | 13716万元人民币 | 2025-09-08 | | | 首次持股日期 | | | | 2025-09-12 | | | | 友现财产线索 49 条,预估价值 445. ...

记者丨 肖夏 编辑丨高梦阳 曾为国企、经历改制的剑南春，重新"拥抱"了国资。 四川剑南春（集团）有限责任公司（下称剑南春集团）发生重要股权变动。 21世纪经济报道记者查询企业信息公示系统注意到，上周绵竹市国有资产事务中心出资1.3716 亿元，获得剑南春集团约14.51%股权，成为剑南春集团第二大股东，认缴出资日期是9月8 日，于9月12日完成变更，仅次于第一大股东四川同盛投资有限公司之后。经过这次增资，剑 南春集团的注册资本由8.08亿元人民币增至9.46亿元人民币。 | 变更事项 | 变更前内容 | 变更后内容 | 变更目期 | | --- | --- | --- | --- | | 投资人(股权)变更 | 四川福斯信息咨询有限公司 出资 5000万人民 0万人民币元;四川同盛投资有限公司 出资 596 | 四川福斯信息咨询有限公司 出资 5000万人民 | | | | 币元;成都鸿美投资有限责任公司 出资 5000万 | 币元;成都鸿美投资有限责任公司 出资 5000万 | | | | 人民币元;四川蓝剑投资管理有限公司 出资 800 | 人民币元;四川蓝剑投资管理有限公司 出资 800 | | | | ...

Core Viewpoint - The recent changes in Tangshan Guoxuan Battery Co., Ltd. indicate a strategic move to enhance its financial strength and market competitiveness through the introduction of a new shareholder and an increase in registered capital [1][3]. Group 1: Company Changes - Tangshan Guoxuan has undergone a business change, adding Chongqing International Trust Co., Ltd. as a new shareholder [1]. - The registered capital of Tangshan Guoxuan has increased from 1 billion RMB to approximately 1.21 billion RMB, representing a growth of about 21% [1]. Group 2: Shareholder Structure - The current shareholders of Tangshan Guoxuan include Hefei Guoxuan High-Tech Power Energy Co., Ltd. and Chongqing International Trust, holding 82.5084% and 17.4916% of shares, respectively [3]. Group 3: Market Implications - The addition of a new shareholder is expected to enhance Tangshan Guoxuan's financial capabilities, aiding in the expansion of production scale and improving market competitiveness [3]. - The capital increase is also anticipated to optimize the company's financial structure and reduce its debt ratio [3].

中金指出，上实资本为上海国资委旗下的主动基金管理平台，此次入股体现了国有资本对微创集团资产 的认可，后续有望助力公司核心业务拓展及潜在战略并购，并改善公司治理水平。此外，本次公司原有 重要股东We'Tron Capital Limited和管理层均增持股份，这意味着核心股东、管理团队与公司利益进一 步深度绑定。 消息面上，7月25日，微创医疗第一大股东大冢医疗器械将持有的20.70%股权中的15.71%出售给若干买 方，包括上海迈泰克7.31%(上海上实资本为执行事务合伙人，股权穿透为上海财政局、上海国资委 等)、We'Tron CapitalLimited7.31%和微创公司管理层旗下投资平台1.08%。大冢继续保留约5%持股。 微创医疗(00853)再涨超6%，近七个交易日累计涨幅超70%。截至发稿，涨2.11%，报14.52港元，成交 额2.66亿港元。 ...

中金指出，上实资本为上海国资委旗下的主动基金管理平台，此次入股体现了国有资本对微创集团资产 的认可，后续有望助力公司核心业务拓展及潜在战略并购，并改善公司治理水平。此外，本次公司原有 重要股东We'Tron Capital Limited和管理层均增持股份，这意味着核心股东、管理团队与公司利益进一 步深度绑定。 消息面上，7月25日 ，微创医疗第一大股东大冢医疗器械将持有的20.70%股权中的15.71%出售给若干买 方，包括上海迈泰克7.31%(上海上实资本为执行事务合伙人，股权穿透为上海财政局、上海国资委 等)、We'Tron CapitalLimited 7.31%和微创公司管理层旗下投资平台1.08%。大冢继续保留约5%持股。 微创医疗(00853)再涨超6%，近七个交易日累计涨幅超70%。截至发稿，涨2.11%，报14.52港元，成交 额2.66亿港元。 ...

Core Viewpoint - The company "Liangpinpuzi," known as the "first stock of high-end snacks," is seeking to sell its controlling stake after a series of unsuccessful self-rescue measures, including leadership changes, price reductions, and business transformations [4][14]. Group 1: Share Transfer and Ownership Changes - On July 17, Liangpinpuzi announced that its controlling shareholder, Ningbo Hanyi, plans to transfer 72.24 million shares (18.01% of total shares) to Changjiang Guomao at a price of 12.42 yuan per share, totaling 1.046 billion yuan [4][5]. - The second-largest shareholder, Dayong Limited, also intends to transfer 8.99% of its shares to Changjiang Guomao at a price of 12.34 yuan per share, amounting to 445 million yuan [5]. - If the transfer is successful, the Wuhan State-owned Assets Supervision and Administration Commission will become the largest shareholder with a 29.99% stake [5]. - However, the share transfer faces legal challenges, as Guangzhou Light Industry has filed a lawsuit against Ningbo Hanyi, seeking to freeze 19.89% of Liangpinpuzi's shares [6][7]. Group 2: Financial Performance and Challenges - Liangpinpuzi's revenue growth has significantly slowed, with revenues of 7.894 billion yuan, 9.324 billion yuan, and 9.44 billion yuan from 2020 to 2022 [15]. - The company has experienced a decline in capital investment, with major shareholders like Hillhouse Capital planning to reduce their stakes [15]. - Despite efforts to improve performance, including a major price reduction strategy, Liangpinpuzi's revenue is expected to decline by 11% in 2024, leading to a net loss of between 75 million yuan and 105 million yuan in the first half of 2025 [16][19]. Group 3: Strategic Shifts and Market Position - The company has undergone management changes, with the founder stepping down and a shift in business focus from snack foods to a broader range of food products [17]. - The competitive landscape for snack foods has changed, with a rise in low-cost bulk snack brands that are capturing market share from traditional high-end brands like Liangpinpuzi [36][38]. - Industry experts suggest that the company needs to enhance brand recognition and focus on high-quality products to remain competitive, as price competition alone may not suffice [40][41].

Core Viewpoint - The announcement indicates a significant change in the control of Liangpinpuzi, with the major shareholders transferring their stakes to Wuhan Changjiang International Trade Group, potentially altering the company's strategic direction and governance structure [2][4][5] Shareholder Changes - Ningbo Hanyi plans to transfer 72,239,880 shares, representing 18.01% of the total shares, while Liangpin Investment will transfer 11,970,120 shares, accounting for 2.99% of the total shares [4] - After the transfer, the combined shareholding of Ningbo Hanyi and Liangpin Investment will decrease from approximately 38.22% to 17.22%, moving the founding team from a controlling position to the second-largest shareholder [5] Financial Implications - The total amount involved in the share transfer is approximately 1.046 billion RMB [5] Legal Issues - Ningbo Hanyi has been notified of a lawsuit from Guangzhou Light Industry and Trade Group regarding the share transfer dispute, which includes a request for asset preservation [5] - As a result, 79,763.962 shares held by Ningbo Hanyi have been frozen, representing 56.46% of their holdings and 19.89% of Liangpinpuzi's total share capital, introducing uncertainty to the control transfer [5] Strategic Considerations - The introduction of state-owned assets from Wuhan may open new opportunities for Liangpinpuzi, but the company still faces challenges in quality competition and must address issues related to supply chain, costs, and distribution channels [5]

Core Viewpoint - The announcement indicates that several shareholders of Gaialun Electronics have signed a share transfer agreement with Shanghai Xinhua Investment Fund, transferring a total of 21.758893 million shares, which represents 5.00% of the company's total share capital, to the fund, which has a strong state-owned background [1][3]. Group 1: Share Transfer Details - The transfer involves multiple shareholders, including KLProTech H.K. Limited and several investment partnerships, with a total transfer price of 613 million yuan, equating to 28.16 yuan per share [2][3]. - After the transfer, the transferring parties will still hold a combined total of 165 million shares, representing 37.90% of Gaialun Electronics' total share capital [3]. Group 2: Strategic Implications - The entry of Shanghai Xinhua, a state-owned fund, is expected to provide financial support and policy advantages, which may enhance the development of Gaialun Electronics' core business in EDA (Electronic Design Automation) solutions [1][4]. - The investment is anticipated to improve the company's market position and facilitate mergers and acquisitions in the EDA sector, leveraging the advantages of state capital to support high R&D investments [4]. - The partnership is expected to strengthen the integration of domestic EDA tools with Shanghai's robust integrated circuit ecosystem, accelerating the development of domestic EDA tools [4].