Group 1 - China CRRC plans to spin off its subsidiary CRRC Qishuyan Locomotive Research Institute for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, marking a resurgence of "A-share spin-offs" in the A-share market since 2025, with nearly 30 companies pursuing similar plans [1][6] - The spin-off will not affect the equity structure of China CRRC, which will maintain control over CRRC Qishuyan [1][3] - The company aims to achieve business focus through this spin-off, concentrating on its core sectors such as railway equipment, urban rail and infrastructure, new industries, and modern services [2][3] Group 2 - CRRC Qishuyan, established in 1992, specializes in high-end equipment key components and system solutions, with products covering rail transit equipment, energy and engineering equipment, automotive parts, and intelligent manufacturing [4] - The unaudited financial data for CRRC Qishuyan indicates a projected net profit of 308 million yuan for 2024 [4] - The spin-off is expected to enhance CRRC Qishuyan's capital strength and business development capabilities, thereby improving its market competitiveness and overall profitability [3][4] Group 3 - The trend of spin-off listings is gaining momentum, with companies like Zhejiang Pharmaceutical and China Unicom also planning to spin off subsidiaries for independent listings to enhance their financing channels and overall competitiveness [6] - The "A-share spin-off" model is becoming a significant strategy for companies to expand their capital footprint and enhance the international influence of their subsidiaries [6][7]

Core Points - The company is Shandong Xinchao Energy Corporation Limited, established in 1988 and listed on the Shanghai Stock Exchange [2][3] - The registered capital of the company is RMB 6,800,495,825 [3] - The company's business scope includes oil and gas exploration, development, sales, and related technical consulting services [4] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [2] - The company is a permanent joint-stock company [3] Chapter 2: Business Objectives and Scope - The company's business objective is to prioritize human resources, innovate continuously, and achieve first-class standards in production scale, capital operation, talent cultivation, management, and economic benefits [4] - The business scope includes oil and gas exploration, sales, energy industry development, and various product sales [4] Chapter 3: Shares - The company's shares are in the form of stocks, with equal rights for each share of the same category [5] - The total number of ordinary shares issued by the company is 51.34 million, with a total issued share capital of 6,800,495,825 shares [5][6] Chapter 4: Shareholders and Shareholders' Meeting - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution [10] - Shareholders have rights to dividends, request meetings, supervise operations, and transfer shares [10][13] Chapter 5: Board of Directors - The board of directors is responsible for the company's operations and decision-making [15] - Independent directors are included in the board to ensure compliance and governance [15] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, and other specified personnel [4] Chapter 7: Financial Accounting System, Profit Distribution, and Audit - The company has established a financial accounting system and internal audit procedures [4] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements in accordance with legal and regulatory requirements [4] Chapter 9: Mergers, Divisions, Capital Increase, Decrease, Dissolution, and Liquidation - The company can merge, divide, increase or decrease capital, and dissolve according to legal procedures [4] Chapter 10: Amendment of Articles - The articles can be amended following the procedures outlined in the document [4] Chapter 11: Supplementary Provisions - The articles serve as a legally binding document for the company, shareholders, directors, and senior management [3][4]