Group 1 - The core point of the article is that Ruimaotong (SH 600180) held its sixth meeting of the ninth board of directors on October 28, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, Ruimaotong's revenue composition was as follows: coal direct transportation and coal blending and processing sales accounted for 77.9%, non-coal bulk accounted for 11.02%, agricultural product processing accounted for 10.9%, and industrial internet platform services accounted for 0.19% [1] - As of the report date, Ruimaotong's market capitalization was 5.2 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

Group 1 - The company 瑞茂通 announced the release of part of its pledged shares held by 郑州瑞茂通 and 上海豫辉 [1] - 郑州瑞茂通 holds approximately 554 million shares of 瑞茂通, accounting for 51.02% of the total share capital of about 1.08 billion shares [1] - The total number of pledged shares by 郑州瑞茂通 is approximately 424 million, which represents 76.55% of its holdings and 39.06% of the total share capital [1] Group 2 - 郑州瑞茂通 and its concerted actions hold a total of approximately 688 million shares, which is 63.35% of the total share capital [1] - The cumulative pledged shares by 郑州瑞茂通 and its concerted actions amount to about 545 million, representing 79.14% of their total holdings [1] - For the first half of 2025, 瑞茂通's revenue composition is as follows: coal direct transportation and processing sales account for 77.9%, non-coal bulk accounts for 11.02%, agricultural product processing accounts for 10.9%, and industrial internet platform services account for 0.19% [1] Group 3 - The current market capitalization of 瑞茂通 is 5.1 billion [2]

Core Insights - The revenue composition of Ruimaotong for the year 2024 is primarily from coal direct transportation and coal blending and processing sales, which account for 76.92% of total revenue [1] - Non-coal bulk commodities contribute 17.39% to the revenue, while agricultural product processing and industrial internet platform services account for 5.54% and 0.15% respectively [1] Shareholding and Pledge Information - Zhengzhou Ruimaotong Supply Chain Co., Ltd. holds approximately 554 million shares of Ruimaotong Supply Chain Management Co., Ltd., representing 51.02% of the total share capital of about 1.088 billion shares [3] - The total number of pledged shares by Zhengzhou Ruimaotong is approximately 424 million, which is 76.55% of its holdings and 39.06% of the company's total share capital [3] - Together with its concerted parties, Zhengzhou Ruimaotong holds about 688 million shares, accounting for 63.35% of the total share capital [3] - The cumulative pledged shares by Zhengzhou Ruimaotong and its concerted parties amount to approximately 545 million, representing 79.14% of their total holdings [3]