Group 1 - The core point of the news is that Heimao Co., Ltd. experienced a decline in stock price by 5.13%, with the current share price at 10.55 yuan, a trading volume of 295 million yuan, and a turnover rate of 3.73%, resulting in a total market capitalization of 7.758 billion yuan [1] - Heimao Co., Ltd. is primarily engaged in the production and sales of carbon black, refined tar products, and white carbon black, with carbon black accounting for 75.93% of its main business revenue, refined tar products 13.13%, other products 8.51%, and white carbon black 2.43% [1] Group 2 - Among the top ten circulating shareholders of Heimao Co., Ltd., a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 29,700 shares in the third quarter, now holding 4.0392 million shares, which represents 0.55% of the circulating shares. The estimated floating loss today is approximately 2.3023 million yuan [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion yuan. Year-to-date returns are 27.78%, ranking 1837 out of 4212 in its category; the one-year return is 24.32%, ranking 1864 out of 3956; and since inception, the return is 13.08% [2]

Company Overview - Black Cat Holdings, established on July 12, 2001, and listed on September 15, 2006, is located in Jingdezhen, Jiangxi Province. The company primarily engages in the production and sales of carbon black, refined tar products, and white carbon black [1][2]. Financial Performance - For the first half of 2025, Black Cat Holdings reported a revenue of 4.296 billion yuan, a year-on-year decrease of 12.56%. The net profit attributable to shareholders was -115 million yuan, reflecting a significant year-on-year decline of 110.97% [2]. - The company has cumulatively distributed 753 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Performance - As of September 25, Black Cat Holdings' stock price was 11.42 yuan per share, with a market capitalization of 8.398 billion yuan. The stock has increased by 7.33% year-to-date, with a 7.13% rise over the last five trading days [1]. - The stock has seen a net outflow of 17.6971 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 10.60% to 38,900, with an average of 18,883 shares held per shareholder, a decrease of 9.51% [2]. - Notable institutional shareholders include Guotai Asset Management and South China Asset Management, with some new entrants in the top ten shareholders [3]. Industry Context - Black Cat Holdings operates within the basic chemical industry, specifically in the rubber and carbon black sectors. The company is associated with various concepts, including carbon black, small-cap stocks, coal chemical, tire manufacturing, and energy conservation and environmental protection [2].