Core Viewpoint - The company has decided to terminate its project in Vietnam due to a breach of contract by the land lessor, which has significantly impacted critical operations such as equipment installation and hiring [1] Group 1: Project Termination - The company announced the termination of its project to produce 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing in Vietnam due to the land lessor's unilateral delay in issuing the land use rights certificate [1] - The project was still in the early land leasing stage, with no financial investment made, and both parties have agreed to terminate the agreement without pursuing any compensation [1] - The total investment for the project was planned at 180 million yuan, with a construction period of two years, aimed at expanding production capacity in Vietnam and enhancing profitability [1] Group 2: Current Operations and Capacity - The company stated that the termination of this project will not significantly adversely affect its existing operations, as current production capacity in domestic and other bases in Vietnam can meet current order demands [1] - The company has established production bases in Vietnam, including Hai Phong, Hung Yen, Thanh Hoa, and Nam Dinh, with overall operations running well [2] - However, the existing production capacity in Vietnam is gradually reaching saturation, with the current sock production capacity being approximately 30% in China and 70% in Vietnam [2] Group 3: Expansion Plans - In December 2025, the company announced two significant investment plans, including a project in Egypt with an investment of 818 million yuan to produce 180 million pairs of socks and other products, expected to start construction in June 2026 [3] - Additionally, the company plans to invest 350 million yuan in an intelligent manufacturing factory for socks in Zhejiang, which will incorporate advanced equipment and systems to achieve an annual production capacity of 100 million pairs of high-end socks [3]

Core Viewpoint - Recently, Jian Sheng Group announced a share buyback plan, indicating strong confidence from executives and major shareholders despite the stock price remaining in a fluctuating range between 5 and 12 yuan since 2018 [1][10]. Buyback Plan - Jian Sheng Group plans to repurchase shares with a total fund of up to 300 million yuan, with a minimum of 150 million yuan, and a maximum repurchase price of 14.69 yuan per share [2]. - The proposed repurchase will reduce the registered capital, with the number of shares to be repurchased estimated between 10,211,028 and 20,422,056, accounting for approximately 2.98% to 5.96% of the total share capital [3][2]. - The funding for the buyback will come from the company's own funds and a loan from CITIC Bank amounting to 270 million yuan [2]. Executive Confidence - In the first half of this year, senior management and supervisors of Jian Sheng Group collectively increased their holdings, acquiring a total of 127,500 shares for 1.0575 million yuan [5]. - Executives and major shareholders have committed to not selling their shares in the short term, indicating confidence in the company's future [5][6]. Financial Performance - Jian Sheng Group's revenue has shown consistent growth, increasing from 1.577 billion yuan in 2018 to 2.574 billion yuan in 2024 [7]. - The company experienced a significant loss of 528 million yuan in 2020 due to goodwill impairment, but net profit has been on the rise, reaching 325 million yuan in 2024 [7]. Dividend Policy - Jian Sheng Group has been a high dividend payer, distributing over 500 million yuan in total dividends from 2022 to 2024, with an average annual dividend exceeding 160 million yuan [8]. - The company's dividend yield over the last 12 months stands at 5.27%, with a mid-year cash dividend of 86.8467 million yuan already distributed in 2025 [8]. Stock Price Performance - Despite the company's solid financial performance and shareholder returns, the stock price has remained in a low range, fluctuating between 5 and 12 yuan since 2018, with a peak of 30.53 yuan in 2017 [10]. - As of October 15, 2025, the closing price was 10.35 yuan, significantly below the maximum buyback price of 14.69 yuan [2].

Group 1 - Hewei Electric achieved a net profit of 243 million yuan in the first half of 2025, a year-on-year increase of 56.79% [1] - The company reported a revenue of 1.884 billion yuan, representing a year-on-year growth of 36.39% [1] - Hewei Electric specializes in the sales of wind power converters and photovoltaic inverters, along with related services [1] Group 2 - Jidian Co. received approval for a 1507.93 MW wind power project, increasing its approved project capacity to 1607.93 MW, over 10% of last year's total installed capacity [2] - The company focuses on the research, production, and sales of thermal power, hydropower, and renewable energy [2] Group 3 - Nanya New Materials reported a net profit of 87.19 million yuan in the first half of 2025, a year-on-year increase of 57.69% [2] - The company achieved a revenue of 2.305 billion yuan, reflecting a year-on-year growth of 43.06% [2] - Nanya specializes in the design, research, production, and sales of copper-clad laminates and bonding sheets [2] Group 4 - Rongzhi Rixin reported a net profit of 14.24 million yuan in the first half of 2025, a significant year-on-year increase of 2063.42% [2] - The company achieved a revenue of 256 million yuan, representing a year-on-year growth of 16.55% [2] - Rongzhi Rixin provides intelligent operation and maintenance solutions for industrial equipment [3] Group 5 - Jiasheng Group reported a net profit of 142 million yuan in the first half of 2025, a year-on-year decrease of 14.46% [4] - The company achieved a revenue of 1.171 billion yuan, showing a slight year-on-year growth of 0.19% [4] - Jiasheng specializes in the production and manufacturing of knitted sportswear [4] Group 6 - Lidong Group's subsidiary received project approvals for aluminum alloy wheels from international automotive manufacturers, with expected sales of approximately 1.643 billion yuan over the project duration [5][6] - The company focuses on the research, manufacturing, and sales of aluminum alloys and related products [6] Group 7 - Jianglong Shipbuilding won a bid for a 78.55 million yuan infrastructure project in the marine economic development zone [7] - The project has a duration of 540 days and involves the design, research, production, and sales of various types of boats [7] Group 8 - Liyuan Information reported a net profit of 96.13 million yuan in the first half of 2025, a year-on-year increase of 65.79% [31] - The company achieved a revenue of 4.034 billion yuan, reflecting a year-on-year growth of 17.46% [31] - Liyuan specializes in the distribution of electronic components and the development of smart grid products [31] Group 9 - Baijie Shenzhou reported a net profit of 450 million yuan in the first half of 2025, reversing a loss of 287.7 million yuan from the previous year [32] - The company achieved total revenue of 17.518 billion yuan, a year-on-year increase of 46% [32] - Baijie Shenzhou focuses on the research, development, production, and commercialization of innovative drugs [32] Group 10 - Xianhe Co. plans to invest 11 billion yuan in a new integrated high-performance paper-based material project [34] - The project will include the construction of production lines for bamboo pulp and high-performance paper-based materials [34] Group 11 - Zhongchuan Technology's subsidiary plans to invest approximately 5.712 billion yuan in a 1.3 million kilowatt wind power project [35] - The company specializes in wind turbine manufacturing and related engineering services [35] Group 12 - Source Technology received a purchase order worth 1.415 billion yuan for high-power laser chips [20] - The company focuses on the research, design, production, and sales of optical chips [21]