Core Insights - Manbang Group reported a total revenue of 9.297 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 15.3% [1] - The net profit attributable to ordinary shareholders reached 3.42 billion yuan, with a year-on-year increase of 36.2% [1] - Value-added services, primarily credit solutions and insurance, generated revenue of 1.505 billion yuan in the first three quarters, up 14.54% year-on-year [1][2] Financial Performance - In Q3 alone, value-added services achieved revenue of 561 million yuan, reflecting a year-on-year growth of 16.88% [1] - The demand for credit solutions has been a significant driver of growth, with the outstanding balance of loans on the balance sheet totaling 4.996 billion yuan as of September 30, 2025, an increase of 18.95% from the beginning of the year [2] - The total non-performing loan rate stood at 2.2%, unchanged from the beginning of the year, while it was 1.41% at the end of 2020 [2] Business Overview - Manbang Group was established in November 2017 through the strategic merger of Jiangsu Manyun Software Technology Co., Ltd. and Guiyang Truck Helper Technology Co., Ltd. [2] - The company went public on the New York Stock Exchange in June 2021 [2] - Manbang primarily operates a freight matching service through its FTA platform, with credit solutions becoming an essential part of its revenue stream [2][4] Credit Solutions - Revenue from credit solutions has consistently accounted for over 10% of total revenue over the past five years [4] - The year-on-year growth rates for credit solutions revenue from 2022 to 2024 were 53.08%, 25.88%, and 33.83%, respectively [2] Financial Services - Manbang holds a small loan license through Guiyang Truck Helper Small Loan Co., Ltd., which was approved for operation in December 2016 [6] - The financial services offered include scenario loans and cash loans, with annual interest rates ranging from 8% to 24% [6] - The company also owns Tianjin Manyun Commercial Factoring Co., Ltd. and Guiyang Shan'en Insurance Brokerage Co., Ltd. [6]

Core Viewpoint - Guosheng Jin控 announced plans to dispose of up to 12.67 million shares of Qudian, representing approximately 7.87% of its holdings, to enhance asset efficiency and focus on core business development [1][2]. Summary by Sections Company Actions - Guosheng Jin控 plans to sell its stake in Qudian to improve asset utilization and concentrate resources on its main business [2][4]. - The decision was approved during the 51st meeting of the fourth board of directors on September 26, with authorization for the management to determine the timing, method, and price of the sale within 12 months [2][4]. Financial Implications - If Guosheng Jin控 fully liquidates its Qudian shares, it is expected to recover around RMB 400 million [1][2]. - As of March 31, Qudian reported total assets of RMB 12.464 billion, total liabilities of RMB 1.173 billion, net assets of RMB 11.291 billion, total revenue of RMB 216 million, and net profit of RMB 92 million for the year 2024 [3]. Historical Context - Guosheng Jin控 acquired a 5% stake in Beijing Happy Times Technology Development Co., which later led to the acquisition of shares in Qudian through a VIE structure [3]. - The initial investment in Qudian was part of a strategic shift in 2016, focusing on expanding into the financial services sector and exploring consumer finance [4][5]. Stakeholder Information - Other significant shareholders of Qudian include Luo Min, who holds 40.2% of the shares [3]. - The company emphasizes that the planned share disposal will not harm the interests of shareholders, particularly minority shareholders [4].