Group 1 - Jiangsu Shentong (002438) disclosed that shareholder Ningbo Jiyuan Ruili Venture Capital Partnership (Limited Partnership) pledged a total of 10.08 million shares, accounting for 1.99% of the total share capital [1] - The details of the pledge include 6.72 million shares (8.13% of its holdings, 1.33% of total share capital) starting from August 27, 2025, and 3.36 million shares (4.06% of its holdings, 0.66% of total share capital) starting from August 28, 2025 [1] - As of the announcement date, Ningbo Jiyuan Ruili has pledged a total of 10.08 million shares, representing 12.19% of its total holdings, while another shareholder, Huzhou Fenglin Huoshan Equity Investment Partnership (Limited Partnership), has pledged 10.70 million shares, accounting for 42.16% of its holdings [1] Group 2 - Jiangsu Shentong reported a main revenue of 1.068 billion yuan for the first half of 2025, an increase of 1.52% year-on-year, and a net profit attributable to shareholders of 150 million yuan, up 4.72% year-on-year [3] - In Q2 2025, the company achieved a single-quarter main revenue of 491 million yuan, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of approximately 60.89 million yuan, up 1.61% year-on-year [3] - The company has a debt ratio of 40.37%, investment income of approximately 13.99 million yuan, financial expenses of approximately 8.31 million yuan, and a gross profit margin of 32.33% [3] Group 3 - Jiangsu Shentong primarily engages in the research, production, and sales of special valves and flanges used in metallurgical applications, nuclear power plants, and petrochemical industries [4] - The company also conducts project investment business related to dry dust removal systems and energy management through its subsidiary Ruifan Energy [4]

Core Viewpoint - Baichuan Co., Ltd. is experiencing a period of medium to high-speed development, with its actual controller and chairman Zheng Tiejiang recently returning to work after a brief investigation period [2][3]. Group 1: Company Leadership and Governance - Zheng Tiejiang was investigated and placed under detention on July 2, but returned to his position on July 20, indicating a swift resolution [2][3]. - The specific reasons for Zheng's investigation were not disclosed, but similar cases often relate to bribery or misconduct [3]. - Zheng Tiejiang and his wife Wang Yajuan hold a significant share of the company, with a pledge rate of 39.42%, and Zheng's individual pledge rate is 43.16% [2][10]. Group 2: Financial Performance - Baichuan's financial performance showed a decline in 2022 and 2023, with revenues of 4.131 billion and 4.112 billion respectively, marking decreases of 3.60% and 0.45% year-on-year [8]. - The net profit for 2022 was 136 million, which turned into a loss of 466 million in 2023, representing a decline of 39.81% and 443.20% respectively [8]. - In 2024, Baichuan reported a revenue of 5.556 billion, a 35.10% increase, and a net profit of 109 million, up 123.31% [8]. - For Q1 2025, the company achieved a revenue of 1.450 billion, a 23.07% increase, and a net profit of 42.22 million, up 17.88% [9]. Group 3: Financial Health and Debt Levels - The company's asset-liability ratio has been on the rise, reaching 80.22% by the end of 2024 and 81.32% in Q1 2025, marking historical highs [10]. - As of the end of 2024, Baichuan's audited net assets were 2.307 billion, with a loan balance of 7.205 billion [10]. - The company has indicated that the new borrowings are necessary for operational needs and are within the scope of normal business activities [10][11].

Core Viewpoint - The announcement details the share pledge and release situation of the controlling shareholder, Zhengzhou Ruimaotong Supply Chain Co., Ltd., and its impact on the company's financing and operational stability [1][2]. Group 1: Shareholding and Pledge Details - Zhengzhou Ruimaotong holds 554,443,265 shares in the company, accounting for 51.02% of the total share capital of 1,086,627,464 shares [1]. - A total of 424,400,000 shares have been pledged by Zhengzhou Ruimaotong, representing 76.55% of its holdings and 39.06% of the company's total share capital [1]. - The combined shareholding of Zhengzhou Ruimaotong and its concerted actions, including Shanghai Yuhui Investment Management Center and individuals Wan Yongxing and Liu Yi, totals 544,750,000 shares, with 79.14% of these shares pledged [1]. Group 2: Pledge Release and Financing - The recent share pledge by Zhengzhou Ruimaotong and Shanghai Yuhui is intended to provide credit enhancement for bank financing, with the company currently in good operational and financial condition, thus posing no risk of forced liquidation [2]. - A total of 22,900,000 shares were released from pledge, which is 25.65% of Shanghai Yuhui's holdings and 2.11% of the company's total share capital [2]. - The remaining pledged shares for Shanghai Yuhui amount to 66,200,000, which is 74.14% of its holdings and 6.09% of the company's total share capital [2]. Group 3: Financing Purpose and Impact - The pledged shares are primarily used to support bank financing for Zhengzhou Ruimaotong and its subsidiaries, enhancing the company's operational capabilities [5][6]. - The repayment sources for the financing will be the working capital of Zhengzhou Ruimaotong or its subsidiaries, indicating a focus on maintaining the company's operational stability [6].