Core Viewpoint - Xiangshan Co., Ltd. is adjusting the transfer price of its wholly-owned subsidiary, Xiangshan Electronics, to 360 million yuan due to a lack of interested buyers at the initial price of 400 million yuan, indicating challenges in divesting its non-core business [1][2]. Group 1: Company Strategy - The company plans to divest its 100% stake in Xiangshan Electronics to focus on its core automotive parts business, which has consistently accounted for over 80% of total revenue from 2022 to the first half of 2025 [2]. - The divestment is aimed at optimizing the company's asset structure and enhancing its competitiveness in the automotive parts sector, while also improving asset quality and reducing debt levels [2]. Group 2: Market Conditions - The weighing instrument business faces significant challenges due to low entry barriers and intense competition in the domestic market, compounded by external factors such as regional conflicts and tariff policies affecting international markets [2]. - The company acknowledges that fluctuations in international markets and changes in political and economic conditions could adversely impact its overseas revenue, particularly in the weighing instrument segment [1]. Group 3: Transaction Details - The adjusted transfer price for Xiangshan Electronics is set at 360 million yuan, reflecting a 10% decrease from the initial price, with the new public listing period scheduled from November 17 to November 21, 2025 [1]. - The transaction may involve potential related parties, as a consortium led by a company insider may participate in the bidding, necessitating board members to abstain from voting on the transaction [3].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Guangdong Xiangshan Weighing Instrument Group Co., Ltd. (Xiangshan Co.) for the third quarter of 2025, showcasing a modest revenue growth and a significant increase in net profit, alongside advancements in its automotive components and weighing instrument businesses [1][2]. Financial Performance - In the first three quarters of 2025, Xiangshan Co. achieved a revenue of 4.47 billion yuan, representing a year-on-year growth of 1.54% [1]. - The net profit attributable to shareholders for the same period was 90.54 million yuan, with the third quarter net profit reaching 37.56 million yuan, reflecting a quarter-on-quarter increase of 23.79% [1]. Business Segments - Xiangshan Co. operates in two main sectors: automotive components and weighing instruments. The automotive components segment focuses on smart cockpit parts and new energy charging and distribution systems, leveraging advanced manufacturing technologies [1]. - The weighing instruments segment includes a variety of products such as health scales, fat scales, baby scales, kitchen scales, electronic cash registers, and spring scales [1]. Market Dynamics - The automotive components business has seen a recovery in the domestic market, benefiting from a rebound in the passenger vehicle industry, with September production and sales surpassing 3 million units [2]. - The overseas subsidiaries are working on cost reduction and efficiency improvements while expanding their customer base, which is expected to enhance profitability [2]. Strategic Initiatives - Xiangshan Co. is focusing on the charging and distribution business as a key strategy to counter cyclical challenges, with products aligned with national policies and standards [2]. - The company has achieved CE and UL certifications for its products, enabling entry into the European and American markets, and is also venturing into the eVTOL charging sector [2]. Research and Development - In the first three quarters of 2025, Xiangshan Co. invested 325 million yuan in R&D, marking a year-on-year increase of 21.42% [3]. - The company aims to continue increasing R&D investments to explore new business growth points beyond the automotive and low-altitude economy sectors [3]. Financial Strategy - Xiangshan Co. is advancing a non-public offering to its controlling shareholder, aimed at consolidating control and optimizing its financial structure [3]. - The funds raised will enhance cash reserves, reduce the debt-to-asset ratio, and support capacity expansion, R&D investments, and global expansion efforts [3].

Core Viewpoint - Xiangshan Co., Ltd. has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance aimed at designated investors for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by Xiangshan Co., Ltd. are complete and has decided to accept the application [1] - The stock issuance is subject to further approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1]

Core Viewpoint - The company, Guangdong Xiangshan Weighing Group Co., Ltd., has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific issuance of shares for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by the company for the issuance of shares are complete and has decided to accept the application [1]

Core Points - The company, Xiangshan Co., Ltd. (002870.SZ), has received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by the company for the specific stock issuance are complete and has decided to accept the application [1]

Core Viewpoint - Xiangshan Co., Ltd. plans to publicly transfer 100% equity of its subsidiary Xiangshan Electronics for a base price of 400 million yuan to focus on its main business and optimize its asset structure [1][2]. Group 1: Transaction Details - The transfer of Xiangshan Electronics will be conducted through a public listing at the Zhuhai Property Rights Exchange, with a starting price of 400 million yuan [1]. - If the transaction is completed, Xiangshan Co. will no longer hold the weighing business and related assets, and Xiangshan Electronics will be excluded from the consolidated financial statements [1]. - The valuation of the shareholder's total equity is approximately 398.27 million yuan, with an appreciation rate of 48.10% [1]. Group 2: Business Focus and Strategy - Xiangshan Co.'s main business has shifted to automotive parts, which accounted for over 80% of total revenue from 2022 to the first half of 2025, making it the core unit of the company [2]. - The weighing business has limited market scale and faces intense competition, particularly in the domestic market, leading to compressed profit margins [2]. - The transaction aims to enhance the company's core competitiveness by optimizing asset structure and focusing on the automotive parts business, while also improving cash reserves and reducing debt [2]. Group 3: Employee and Governance Considerations - Post-transaction, Xiangshan Electronics will continue to fulfill its labor contracts with employees, avoiding issues related to employee layoffs or relocations [2]. - The transaction will be conducted as a public transfer, with potential involvement from related parties, necessitating board members to abstain from voting on the transaction [3]. - The company asserts that the pricing of the transaction is reasonable and compliant with review procedures, ensuring no benefits are improperly transferred to related parties [3].

Core Viewpoint - The company plans to transfer 100% equity of its wholly-owned subsidiary, Guangdong Xiangshan Electronic Technology Co., Ltd., through a public listing at the Zhuhai Property Exchange Center, with a starting price of 400 million yuan [1] Group 1 - The company will no longer hold the weighing business and related assets if the equity transfer is successfully completed [1] - The transaction aims to quickly recover investment returns and increase cash reserves, which will help optimize the company's asset structure and reduce the debt ratio [1] - Proceeds from the transaction will primarily be used for daily operations and debt reduction, facilitating the development of the company's automotive business [1]

Core Viewpoint - The company has initiated a share repurchase plan, with the aim of enhancing shareholder value and implementing employee stock ownership plans or equity incentive plans [2][4]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan on April 18, 2025, with a budget between RMB 60 million and RMB 120 million, and a maximum repurchase price of RMB 35 per share [2]. - Following the completion of the 2024 annual equity distribution, the maximum repurchase price was adjusted to RMB 34.90 per share starting May 6, 2025 [2]. - As of October 13, 2025, the company has repurchased a total of 1,763,100 shares, representing 1.33% of the total share capital, with a total expenditure of RMB 56,736,520 [3]. Group 2: Compliance and Regulations - The share repurchase activities are in compliance with relevant laws and regulations, including the Shenzhen Stock Exchange's self-regulatory guidelines [4][5]. - The company has adhered to specific trading restrictions during the repurchase period, ensuring that repurchases do not occur during significant price-impacting events or during restricted trading periods [6][7]. Group 3: Future Actions - The company plans to continue the share repurchase program based on market conditions and will fulfill its information disclosure obligations as required by law [8].

Group 1 - The company, Xiangshan Co., announced a share buyback of approximately 1.19 million shares, representing 0.9% of its total share capital, with a total expenditure of about 36.95 million yuan [1] - The highest and lowest prices for the repurchased shares were 34.85 yuan and 30.31 yuan per share, respectively [1] - As of the report date, the market capitalization of Xiangshan Co. is 4.7 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Xiangshan Co. was as follows: automotive parts manufacturing accounted for 84.78%, weighing equipment business for 14.53%, and other businesses for 0.69% [1]

Core Viewpoint - The major shareholder Zhao Yukun of Guangdong Xiangshan Weighing Group Co., Ltd. plans to reduce his shareholding through centralized bidding and block trading within a specified period, which may impact the company's stock performance and investor sentiment [1][2]. Shareholder Information - Zhao Yukun holds 20,940,000 shares, representing 15.85% of the company's total shares, and 15.99% when excluding the company's repurchase account [2]. Reduction Plan Details - The reduction plan allows for a maximum of 1,305,000 shares to be sold through centralized bidding (1% of total shares) and up to 2,610,000 shares through block trading (2% of total shares) within the period from September 29, 2025, to December 28, 2025 [1][2]. - The total reduction during the implementation period will not exceed 3% of the total shares, with adjustments made for any corporate actions such as dividends or stock splits [2]. Compliance and Commitments - The company confirms that the reduction plan complies with relevant regulations and does not violate any existing commitments [3][4]. - The company will continue to monitor the progress of the reduction plan and fulfill its information disclosure obligations as required [3].