Core Viewpoint - The actual controller of Fulin Precision, An Zhifu, plans to reduce his stake by up to 17.1 million shares, representing 1% of the company's total share capital, citing "personal funding needs" as the reason for the reduction [1] Group 1: Shareholding and Financial Performance - An Zhifu has already reduced his holdings earlier this year by 6.79 million shares, amounting to approximately 86.56 million yuan [1] - As of the announcement date, An Zhifu holds 169 million shares, accounting for 9.90% of the total share capital, and after the reduction, his and his concerted parties' shareholding will decrease from 41.24% to 40.24% [1] - For the first three quarters of 2025, the company reported total revenue of 9.085 billion yuan, a year-on-year increase of 54.43%, but the net profit attributable to shareholders was only 325 million yuan, a growth of 4.63% [1] - In Q3, the company achieved revenue of 3.272 billion yuan, a year-on-year increase of 43.0%, but the net profit attributable to shareholders decreased by 15.83% [1] Group 2: Profitability and Cash Flow - The company's gross profit margin for the first three quarters was 11.23%, and the net profit margin was 3.98%, both showing a significant decline year-on-year [1] - The operating cash flow per share is only 0.07 yuan, a substantial decrease of 78.5% year-on-year, indicating low profit quality [2] Group 3: Balance Sheet and Debt - As of the end of Q3, accounts receivable reached 2.278 billion yuan, a year-on-year increase of 46.81%, nearly seven times the net profit attributable to shareholders [3] - The company’s cash and cash equivalents amounted to 2.219 billion yuan, a year-on-year increase of 103.72%, while interest-bearing debt rose by 45.41% to 1.868 billion yuan [3] - The debt-to-asset ratio stands at 63.65%, an increase of 10.36 percentage points year-on-year, exceeding the industry average of 51.96% [4] Group 4: Expansion Plans and Market Concerns - Despite the pressure on profitability, the company is actively pursuing capacity expansion, planning to raise up to 1.252 billion yuan through convertible bonds for projects related to electric drive systems and other components [5] - The contrast between the expansion plans and the actual controller's share reduction raises concerns about capital returns [6] - The company has experienced two years of losses since its listing, indicating a need for improved operational resilience [6]

Core Viewpoint - The actual controller of Fulin Precision (300432.SZ), An Zhifu, has reduced his shareholding by 6,788,900 shares, accounting for 0.40% of the company's total share capital, due to personal financial needs [1][2]. Group 1: Shareholding Changes - An Zhifu's shareholding reduction occurred between August 4 and August 5, 2025, resulting in a decrease in total shares held from 722,176,461 to 715,387,561, and the combined shareholding percentage of the controlling shareholder and his concerted actors dropped from 42.24% to 41.84% [2][3]. - The reduction in shareholding triggered a change that touched upon the 1% integer multiple threshold [2][3]. Group 2: Financial Impact - Based on the average stock price of 12.75 yuan on August 4 and 5, An Zhifu's share reduction resulted in a cash-out of approximately 86.5585 million yuan [2]. - The company plans to raise a total of 1.25163 billion yuan through the issuance of convertible bonds, with net proceeds intended for various projects, including electric drive systems for new energy vehicles and smart factory construction [3][5]. Group 3: Previous Fundraising Activities - The last fundraising activity by Fulin Precision occurred in 2022, where the company raised approximately 1.473 billion yuan through a private placement of shares [5].