Group 1 - The core point of the news is that Meichang Co., Ltd. experienced a stock price increase of 5.07%, reaching 16.58 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 11.139 billion CNY [1] - Meichang Co., Ltd. is located in the Yangling Demonstration Zone, Shaanxi Province, and was established on July 7, 2015, with its listing date on August 24, 2020. The company specializes in the research, production, and sales of diamond wire for electroplating [1] - The main business revenue composition of Meichang Co., Ltd. includes 86.52% from diamond wire and 13.48% from tungsten wire waste recycling and comprehensive utilization [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has a significant position in Meichang Co., Ltd. The Nuoan Flexible Allocation Mixed Fund (320006) held 1 million shares in the second quarter, accounting for 3.1% of the fund's net value, ranking as the tenth largest holding [2] - The Nuoan Flexible Allocation Mixed Fund (320006) was established on May 20, 2008, with a latest scale of 656 million CNY. Year-to-date, it has achieved a return of 29.9%, ranking 2280 out of 8234 in its category; over the past year, it has returned 21.9%, ranking 4009 out of 8095; and since inception, it has returned 445.99% [2] - The fund manager of Nuoan Flexible Allocation Mixed Fund (320006) is Liu Xiaofei, who has been in the position for 2 years and 344 days, with the total asset scale currently at 715 million CNY. During his tenure, the best fund return was 29.2%, while the worst was 16.97% [2]

Core Viewpoint - Meichang Co., Ltd. has experienced fluctuations in stock performance and financial metrics, indicating potential investment opportunities and challenges in the context of its market position and operational results [1][2]. Group 1: Stock Performance - On September 17, Meichang's stock rose by 2.07%, reaching 17.25 CNY per share, with a trading volume of 77.70 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 11.589 billion CNY [1]. - Year-to-date, Meichang's stock price has increased by 24.13%, with a recent decline of 1.65% over the last five trading days, a 12.89% increase over the last 20 days, and a 27.01% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Meichang reported a revenue of 1.008 billion CNY, reflecting a year-on-year decrease of 32.11%, while the net profit attributable to shareholders was 84.66 million CNY, down 69.30% year-on-year [2]. - Since its A-share listing, Meichang has distributed a total of 1.224 billion CNY in dividends, with 624 million CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, Meichang had 19,500 shareholders, a decrease of 7.38% from the previous period, with an average of 15,436 circulating shares per shareholder, an increase of 34.52% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 6.2079 million shares, an increase of 2.1079 million shares from the previous period, while the Guangfu ETF and Southern CSI 1000 ETF have seen changes in their holdings [2].

Core Viewpoint - Meichang Co., Ltd. has experienced a decline in stock price and financial performance, with significant drops in revenue and net profit in the first half of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of June 30, 2025, Meichang Co., Ltd. reported a revenue of 1.008 billion yuan, a year-on-year decrease of 32.11% [2]. - The net profit attributable to shareholders was 84.66 million yuan, reflecting a significant year-on-year decline of 69.30% [2]. - The company's stock price has increased by 22.11% year-to-date, but it has seen a decline of 9.64% over the past five trading days [1]. Shareholder Information - The number of shareholders decreased by 7.38% to 19,500 as of June 30, 2025, while the average number of circulating shares per person increased by 34.52% to 15,436 shares [2]. - The company has distributed a total of 1.224 billion yuan in dividends since its A-share listing, with 624 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 6.2079 million shares, an increase of 2.1079 million shares from the previous period [3]. - The top ten circulating shareholders have seen changes, with some funds exiting the list while others have increased their holdings [3].

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