Core Viewpoint - The company plans to issue shares to acquire a 75% stake in Baiyin Huaxin held by Guangdong Huaxin, with the asset valuation and transaction price yet to be determined as of the signing date of the proposal [1] Group 1: Acquisition Details - The target company primarily engages in hazardous waste disposal and resource recycling, operating as an environmental protection enterprise [1] - The company has a certified disposal capacity of 75.5 million tons per year, with hazardous waste sources including mining, smelting, and power generation industries [1] - Following the transaction, Baiyin Huaxin will become a subsidiary of the company, enhancing its service offerings to clients in the non-ferrous mining sector [1] Group 2: Strategic Implications - The acquisition aims to create new business growth points by covering various production stages from upstream mining to downstream hazardous waste disposal [1] - The company intends to leverage its advantages in client reserves within the non-ferrous metal sector to strengthen business synergy and improve overall profitability [1]

图源：智通财经 智通财经记者 | 尹靖霏 临近年末，微特减速电机厂商奕帆传动（原名江南奕帆，）实控人的减持动作引发市场关注。 | 股东名称 | 減持方式 | 減持期间 | 减持股数(股) | 减持均价(元/股) | 单次减持金额(万元) | 占总 | | --- | --- | --- | --- | --- | --- | --- | | 刘锦成 | 集中竞价交易 | 2025.08.04 ~ 08.07 | 612,860 | 45.19 | 2,769.51 | 0.787 | | | 大宗交易 | 2025.08.07 | 60,000 | 40.66 | 243.96 | 0.077 | | | 集中竞价交易 | 2025.08.25 ~ 08.27 | 164,988 | 46.75 | 771.33 | 0.212 | | | 大宗交易 | 2025.08.28 ~ 09.30 | 1,200,400 | 37.15 | 4,459.49 | 1.543 | | 合计 | 1 | - | 2,038,248 | 40.45 | 8,244.29 | 2.62 | 数据来源：公司公告 智通财经编制 ...

Core Viewpoint - The competition between JD.com and Alibaba has shifted to the food delivery market, with both companies aiming to capture a share of the growing user base in this sector [1][12]. Group 1: Market Dynamics - JD.com has identified the food delivery market, which has 300 million daily users, as a new growth opportunity amidst declining e-commerce profitability, leading to a 50% increase in user activity on its app over six months [3][12]. - Alibaba, having previously invested heavily in Ele.me, is now responding to JD.com's move by launching "Taobao Flash Delivery" to regain lost market share [5][10]. Group 2: Business Strategies - JD.com operates its own delivery team, managing logistics internally, which has led to some operational challenges but maintains control over the service quality [6]. - In contrast, Alibaba leverages its extensive resources, including Alipay and Cainiao logistics, to potentially create a more effective integration of Ele.me and Taobao, which could outperform JD.com [8][10]. Group 3: Competitive Landscape - The resurgence of Alibaba in the food delivery market has resulted in exponential growth in its delivery business, with daily active users reaching several million, which could significantly boost its e-commerce operations [10]. - Meituan, previously a strong player in the food delivery space, faces challenges as it lacks an e-commerce counterpart to compete effectively against the two giants [10][12]. Group 4: Consumer Impact - The competition is expected to benefit consumers through increased subsidies and discounts as both companies strive to attract customers, leading to a more favorable pricing environment [12]. - However, consumers are advised to be cautious about over-relying on discounts and promotions, as the focus should remain on convenience rather than excessive coupon usage [14][16].