Core Viewpoint - The company Xingtong Co., Ltd. plans to reduce its share capital by a total of 15.75 million shares, accounting for 4.85% of its total share capital, due to personal financial needs of several shareholders, with an estimated cash amount exceeding 240 million yuan based on the stock price on July 9 [1][3]. Shareholder Information - Shareholder Wang Lianghua holds 16.8 million shares, representing 5.17% of the total share capital [2]. - Shareholder Hehai Chuangtou holds 30.24 million shares, representing 9.30% of the total share capital [2]. - Shareholder Chen Qinghong holds 370,000 shares, representing 0.11% of the total share capital, while his controlled entity, Shandong Riying Investment Co., Ltd., holds 4.984 million shares, representing 1.53% of the total share capital [2]. Reduction Plan Details - Wang Lianghua plans to reduce up to 4.2 million shares, accounting for 1.29% of the total share capital [3]. - Hehai Chuangtou plans to reduce up to 6.5 million shares, accounting for 2.00% of the total share capital [3]. - Chen Qinghong and his controlled entity plan to reduce a total of up to 5.05 million shares, accounting for 1.55% of the total share capital [3]. Business Overview - Xingtong Co., Ltd. primarily engages in the maritime transportation of global bulk liquid hazardous goods, including liquid chemicals, refined oil, and liquefied petroleum gas [3]. Financial Performance - For the year 2024, the company reported revenue of 1.51 billion yuan, a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 350 million yuan, a year-on-year increase of 38.9% [3]. - The company's net profit excluding non-recurring items was 338 million yuan, a year-on-year increase of 42.6%, with a net operating cash flow of 558 million yuan, a year-on-year increase of 7.0% [3]. - In the first quarter of 2025, the company reported revenue of 382 million yuan, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 73.77 million yuan, a year-on-year decrease of 4.8% [3]. - The net profit excluding non-recurring items for the first quarter of 2025 was 70.78 million yuan, a year-on-year decrease of 8.2%, with a net operating cash flow of 71.99 million yuan, a year-on-year decrease of 46.8% [3].

Core Viewpoint - Xingtong Co., Ltd. has completed its private placement after more than two years, but the fundraising amount has significantly decreased, with actual fundraising shrinking by approximately 44% [1][3]. Fundraising Details - The original plan was to raise 11.24 billion yuan, but the actual amount raised was 6.33 billion yuan, resulting in a net decrease of 4.91 billion yuan [1][3]. - The "LPG shipbuilding project" originally planned to use 175 million yuan but was adjusted to 0 yuan [1][3]. - The "stainless steel chemical shipbuilding project" had a total investment of 719 million yuan, with the planned fundraising amount adjusted from 649 million yuan to 453 million yuan [3]. Company Performance - In Q1 2025, the company reported revenue of 382 million yuan, a year-on-year decrease of 0.84%, and a net profit of 73.76 million yuan, down 4.75% year-on-year, marking the first decline in both revenue and profit since its listing [2][10][11]. - The gross margin for Q1 2025 fell to 31.95%, compared to 32.25% in the same period last year [11]. - The company has experienced a decline in performance after maintaining high-speed growth since its listing in March 2022 [8][10]. Shareholding Structure - The actual controller, Chen Qilong, subscribed for 3.5084 million shares, amounting to 50.1 million yuan, completing the subscription target "just in time" [1][5]. - Following the issuance, the shareholding ratio of the controlling shareholder and its concerted actors decreased from 34.56% to 30.86%, a reduction of 3.70% [5]. Market Position - As of the end of 2024, Xingtong Co., Ltd. operated 37 vessels, with a total carrying capacity of 429,500 deadweight tons, holding nearly 16% of the coastal inter-provincial liquid chemical transportation market [9]. - The company plans to launch at least 12 stainless steel chemical vessels from 2025 to 2027, which will enhance its international competitiveness and influence [9].