Core Viewpoint - The report highlights the current institutional ownership structure of Nanji E-commerce, indicating a slight decline in the proportion of shares held by the top institutional investors compared to the previous quarter [1]. Group 1: Institutional Ownership - As of August 27, 2025, a total of 21 institutional investors hold shares in Nanji E-commerce, with a combined holding of 335 million shares, representing 13.65% of the total share capital [1]. - The top ten institutional investors account for 13.37% of the total shares, with a decrease of 1.54 percentage points from the previous quarter [1]. Group 2: Public Fund Activity - One public fund, Shenwan Hongyuan New Economy Mixed Fund, increased its holdings, while two funds, Shenwan Hongyuan Le Xiang Mixed A and Chang'an Advantage Industry Mixed A, reduced their holdings [2]. - Four new public funds disclosed their holdings in this period, including Galaxy Service Mixed A and Galaxy Transformation Mixed A [2]. - Fifteen public funds that were previously disclosed did not report their holdings this quarter, including several Shenwan Hongyuan funds [2]. Group 3: Social Security Fund and Foreign Investment - One new social security fund, the National Social Security Fund 107 Portfolio, disclosed its holdings in Nanji E-commerce, while one fund, the National Social Security Fund 116 Portfolio, was not reported this quarter [2]. - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.39% compared to the previous quarter [2].