Core Viewpoint - The controlling shareholder of Jinwo Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to consolidate the shareholding of certain concerted actors, leading to inaccurate information disclosure [3][6]. Group 1: Shareholding Structure - Jinwo Co., Ltd. has multiple actual controllers, including Yang Wei, Zheng Licheng, Zhao Guoquan, Zheng Xiaojun, and Ye Jianyang, who have signed a concerted action agreement [4]. - The company’s employee stock ownership platform, Tongwo Investment, has significant investments from the actual controllers, with Zheng Licheng being the executive partner [4]. - As of the end of Q3 2024, the top shareholders include Zheng Licheng, Yang Wei, Zhao Guoquan, Zheng Xiaojun, and Ye Jianyang, with Tongwo Investment as the fifth largest shareholder [4]. Group 2: Shareholding Dilution - From April 20, 2023, to December 10, 2024, the shareholding of the controlling shareholders was diluted from 53.41% to 50.94% due to the conversion of convertible bonds, representing a dilution of 2.47% [5]. - By December 25, 2024, the shareholding further diluted to 49.53%, with a dilution of 1.41%, and by December 31, 2024, it reached 48.54%, with a dilution of 0.99% [6]. Group 3: Regulatory Warning - The warning letter indicated that the controlling shareholders and their concerted actions failed to consolidate the shareholding of Tongwo Investment and Qizhou Chengwei, resulting in inaccurate disclosures [6]. - This is the first warning letter received by Jinwo Co., Ltd. since its listing in 2021, and it does not affect the company's normal operations [3][4]. Group 4: Global Expansion - Jinwo Co., Ltd. is actively pursuing global expansion, with plans to establish a factory in Mexico, expected to begin operations in the first half of 2026 [8]. - The company aims to increase its market share through domestic customer development and global factory operations [8].