Impact Analysis of the Proposed Up-to-3% Share Reduction by a Shareholder of Yinbang Co., Ltd. (300337.SZ)

Based on the obtained data and research, I will systematically analyze the impact of a shareholder’s proposed up-to-3% share reduction on a small-cap GEM (Growth Enterprise Market) stock.

• Shareholder Conducting Reduction
  : Huaibei Public Utility Asset Operation Co., Ltd. (a shareholder holding more than 5% of the company’s shares)
• Reduction Quantity
  : No more than 24,658,100 shares, accounting for
  3%
  of the total share capital
• Reduction Method
  : 1% via concentrated bidding transactions + 2% via block transactions
• Reduction Period
  : January 28, 2026 to April 27, 2026 (3 months)
• Reason for Reduction
  : Self-funded capital needs [0]

Indicator	Value	Assessment
Current Stock Price	RMB 17.45	Skyrocketed +7.72% today
Market Capitalization	RMB 14.34 billion	Mid-small cap on GEM
P/E Ratio (TTM)	1180.60x	Extremely High Valuation
P/B Ratio	8.18x	Relatively High
Gain in the Past Month	+54.29%	Short-term Skyrocketing
Gain in the Past 3 Months	+68.93%	Substantial Increase
5-Year Cumulative Gain	+205.60%	Long-term Strong Trend

• Trend Status
  : Uptrend (to be confirmed), today is a breakout day
• KDJ Indicator
  : K value 83.1,
  has entered the overbought zone
• Resistance Level
  : RMB 17.59 (today’s highest price has touched this level)
• Support Level
  : RMB 14.48

Based on financial analysis data [0]:

• 2024 Operating Revenue
  : RMB 5.352 billion (YoY growth of 20.10%)
• 2024 Net Profit Attributable to Parent Company
  : RMB 57.6901 million (YoY decrease of 10.54%)
• Asset-Liability Ratio
  : 71.66% (a significant increase from 61.19% in 2022)
• ROE (Return on Equity)
  : Only 0.71%,
  Weak Profitability
• Net Profit Margin
  : 0.20%,
  Extremely Low Profit Margin

: Revenue growth but profit decline, rising asset-liability ratio, deteriorating profitability.

Based on research data on GEM and STAR Market [1]:

• Average reduction ratio of major shareholders on GEM:
  1.48%
• Average reduction ratio of major shareholders on STAR Market:
  1.65%
• Yinbang Co., Ltd.'s 3% reduction is significantly higher than the market average

Based on research from CITIC Construction Investment Securities [2]:

Time Window	Relative Index Performance	Probability of Outperforming
1 Month After Announcement	Underperformed the CSI 300 Index by 24.5 percentage points	Only 37%
2 Months After Announcement	Underperformed the CSI 300 Index by 25.3 percentage points	Only 38%

For constituent stocks of the CSI 1000 (small-cap stocks), the average underperformance against the CSI 1000 Index is about 2-3 percentage points in the month after the reduction announcement [2].

Based on research from Haitong Securities [2]:

• Impact Cycle of Reduction News
  : Approximately
  14 calendar days
  (2 weeks)
• The excess returns of both share increase and reduction stock portfolios peak on the 14th day
• After two weeks
  , the impact of the reduction news
  diminishes significantly

Research indicates [1]:

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