Core Viewpoint - Industrial Fulian plans to reduce its stake in Dingjie Smart by up to 8.0947 million shares, accounting for no more than 2.98% of the total share capital, citing funding planning as the reason for the reduction [4][11][20]. Group 1: Shareholding and Reduction Plan - Industrial Fulian, the largest shareholder of Dingjie Smart with a 14.73% stake, intends to implement the share reduction from December 1, 2025, over a period of three months [4][12][16]. - The estimated market value of the shares to be reduced is approximately 399 million yuan, based on Dingjie Smart's closing price of 49.31 yuan per share on November 7, 2025 [12][10]. - This is the first time Industrial Fulian has disclosed a reduction plan since acquiring shares in Dingjie Smart in July 2020 [6][4]. Group 2: Financial Performance - Industrial Fulian's net profit attributable to shareholders increased by 48.52% year-on-year to 22.487 billion yuan in the first three quarters of 2025 [20][21]. - Dingjie Smart's revenue for the first three quarters of 2025 grew by 2.40% year-on-year to 51.088 million yuan, while its net profit attributable to shareholders decreased by 18.61% [23][24]. - Industrial Fulian's cash flow from operating activities was negative 4.141 billion yuan, a decline of 199.73% year-on-year, primarily due to increased inventory to meet strong customer demand in the AI server market [20][21].