Core Insights - The report indicates that as of October 28, 2025, a total of 13 institutional investors hold shares in Royal Technology (603181.SH), with a combined holding of 178 million shares, representing 30.20% of the total share capital [1] - The top ten institutional investors account for a combined holding ratio of 30.13%, which has decreased by 5.72 percentage points compared to the previous quarter [1] Institutional Investors - The top institutional investors include Zhejiang Royal Holdings Group Co., Ltd., Shaoxing Shiron Baosheng Investment Management Partnership, and several mutual funds [1] - The number of public funds that increased their holdings this period is two, while four public funds reduced their holdings, with a decrease ratio of 0.62% [2] - A total of 55 public funds did not disclose their holdings this period, including notable funds like Guotai Junan Value Advantage Flexible Allocation Mixed A and Southern Alpha Mixed A [2] Pension Funds - One pension fund, the Basic Pension Insurance Fund 15011 Combination, reduced its holdings by 2.0% compared to the previous quarter [2]

Group 1 - Crown Holdings (605088.SH) reported its Q3 2025 results on October 25, 2025, with a total of 8 institutional investors disclosing their holdings, amounting to 42.4879 million shares, which represents 20.95% of the total share capital [1] - The institutional investors include ALPHA HOLDING VENTURES LIMITED, NEW FORTUNE INTERNATIONAL GROUP LTD., and several mutual funds, with the total institutional holding percentage decreasing by 3.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there were 3 public funds that increased their holdings compared to the previous period, with an increase rate of 0.61% [2] - A total of 118 public funds did not disclose their holdings in this period, including funds like Yongying Advanced Manufacturing Select Mixed Fund A and Invesco Great Wall Core Selection Mixed Fund A [2]

Core Viewpoint - The appointment of Jiang Ying as the new Secretary of the Board at Luoxin Pharmaceutical marks a trend of fund managers transitioning into corporate governance roles, highlighting the increasing intersection between investment management and corporate leadership [1]. Company Summary - Luoxin Pharmaceutical announced the resignation of its Secretary of the Board, Han Fengsheng, due to job relocation, and appointed Jiang Ying, a former fund manager, as the new Secretary [1]. - Jiang Ying has a strong educational background with dual degrees in Science and Economics from Peking University, a Master's in Management from Peking University, and a Master's in Finance from the University of Hong Kong [2]. - Jiang Ying has four years of experience managing public funds, overseeing three fund products, including Guotai Jinniu Innovation Growth Mixed Fund, Guotai Science and Technology Innovation Board Two-Year Open Mixed Fund, and Guotai Small and Medium Cap Growth Mixed Fund [3]. Fund Management Performance - The funds managed by Jiang Ying have shown poor performance during her tenure, with returns of -7.01% for Guotai Jinniu Innovation Growth, -12.48% for Guotai Science and Technology Innovation Board Two-Year Open, and -34.28% for Guotai Small and Medium Cap Growth [4]. - The peak management scale reached 2.59 billion yuan in Q1 2022, but it has since declined, with Jiang Ying set to leave her last fund on December 24, 2024, for personal reasons [4]. Compensation and Future Outlook - The previous Secretary of the Board, Han Fengsheng, had an annual salary of 845,700 yuan, raising questions about Jiang Ying's future performance and compensation [5].