Core Viewpoint - The announcement of a planned share reduction by a significant shareholder of Xidamen raises questions about the identity of the shareholders and discrepancies in reported shareholdings [1][4]. Group 1: Shareholder Information - The shareholder Liu Xiaohua, who plans to reduce shares, holds 102,000 shares, while the sixth largest shareholder Liu Xiaohua in the 2025 semi-annual report holds 1,480,500 shares, with 990,500 shares purchased this year [2][3]. - Liu Xiaohua is likely the same person as the one mentioned in the reduction announcement, as he is identified as the brother of the actual controller Liu Qinghua [4]. Group 2: Financial Performance - In the first half of 2025, Xidamen reported revenue of 419 million yuan, a year-on-year increase of 14.51%, and a net profit of 55.8046 million yuan, a mere 1.45% increase [7]. - The company's sales net profit margin decreased to 13.31% from 15.03% in the same period last year, while sales expenses surged to 92.6517 million yuan from 59.1307 million yuan [7]. - Despite the decline in sales net profit margin, the company reported an increase in net profit margin, which raises questions about the accuracy of the financial disclosures [1][7]. Group 3: Market Position and Growth - Xidamen has established itself as a leader in the functional shading materials sector, with products exported to over 70 countries [5][6]. - The company has experienced stable growth since its listing, with revenue increasing from 354 million yuan in 2020 to 817 million yuan in 2024, while net profit rose from 77.8387 million yuan to 122 million yuan in the same period [6]. - The rapid increase in sales expenses, which grew over tenfold from 11.7877 million yuan to 142 million yuan from 2020 to 2024, is a significant factor in the slower growth of net profit compared to revenue [6].