Core Viewpoint - Jin Ying Co., Ltd. (600232) experienced a significant decline of 9.62% in stock price, with a trading volume of 3.69 billion yuan and a turnover rate of 13.69% on the day of reporting [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily price deviation of -11.07%, with a net sell-off of 43.47 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 84.89 million yuan, with buying amounting to 20.71 million yuan and selling at 64.18 million yuan, resulting in a net sell-off of 43.47 million yuan [2] - The largest buying brokerage was JPMorgan Securities (China) Co., Ltd. with a purchase of 4.81 million yuan, while the largest selling brokerage was CITIC Securities Co., Ltd. with a sale of 19.64 million yuan [2][3] Recent Performance - Over the past six months, the stock has appeared on the watchlist seven times, with an average price drop of 0.96% the day after being listed and an average decline of 13.83% over the following five days [2] - On the day of reporting, the stock saw a net outflow of 82.88 million yuan in principal funds, with large orders contributing to a net outflow of 44.42 million yuan and 38.46 million yuan respectively [2] Financial Results - For the first quarter, the company reported a revenue of 251 million yuan, reflecting a year-on-year growth of 7.20%, but a net loss of 4.17 million yuan [3] - The company projected a net loss for the first half of the year between 9.00 million yuan and 6.00 million yuan, indicating a year-on-year change of -124.44% to -116.29% [3]

Core Viewpoint - The industrial hemp sector has experienced significant adjustments, with companies like Jinying Co., Ltd. hitting the daily limit down, and other firms such as Hanyu Pharmaceutical, Fangsheng Pharmaceutical, and Bohai Chemical also facing declines [1] Company Summary - Jinying Co., Ltd. has reached the daily limit down, indicating a severe drop in stock price [1] - Hanyu Pharmaceutical, Fangsheng Pharmaceutical, and Bohai Chemical have followed suit with declines in their stock prices, reflecting a broader trend in the industrial hemp sector [1]

Market Performance - The specialized equipment sector increased by 1.41% on August 13, with Zhongyou Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Specialized Equipment Sector - Zhonglang Technology (688648) closed at 57.80, up 19.99% with a trading volume of 152,100 shares and a transaction value of 789 million [1] - Dongfang Precision (002611) closed at 18.98, up 10.03% with a trading volume of 2,311,500 shares and a transaction value of 4.214 billion [1] - Jack Shares (603337) closed at 51.76, up 10.01% with a trading volume of 63,700 shares and a transaction value of 320 million [1] - Other notable gainers include Yangtian Shares (603800), Hongya CNC (002833), and Zhongjian Technology (002779), all increasing by 10% [1] Market Capital Flow - The specialized equipment sector experienced a net outflow of 27.4968 million from institutional investors, while retail investors saw a net inflow of 726 million [2] - The overall market showed a mixed trend with significant outflows from speculative funds amounting to 699 million [2] Individual Stock Capital Flow - Dongfang Precision (002611) had a net inflow of 293 million from institutional investors, while it faced a net outflow of 91.9517 million from speculative funds [3] - Zhongjian Technology (002779) reported a net inflow of 243 million from institutional investors, with a significant outflow from speculative funds [3] - Other stocks like Hongya CNC (002833) and Wuchan Jinlun (002722) also showed varying capital flows, indicating diverse investor sentiment [3]

Market Performance - The specialized equipment sector increased by 1.42% on August 4, with Tianqi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers - Tianqi Co., Ltd. (002009) closed at 17.42, up 9.97% with a trading volume of 452,600 shares and a transaction value of 760 million [1] - Jinying Co., Ltd. (600232) also rose by 9.97% to close at 6.95, with a trading volume of 563,500 shares [1] - Other notable gainers include Kaige Precision Machinery (301338) up 9.34% and Zhongjian Technology (002779) up 7.83% [1] Top Losers - Zhonghua Equipment (600579) saw a decline of 9.18%, closing at 9.10 with a trading volume of 572,500 shares [2] - Shandong Molong (002490) decreased by 4.44% to close at 5.81, with a trading volume of 699,900 shares [2] - Other significant losers include Cixing Co., Ltd. (300307) down 4.04% and Standard Co. (600302) down 4.02% [2] Capital Flow - The specialized equipment sector experienced a net outflow of 10.72 million from institutional investors, while retail investors saw a net inflow of 37.8 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Tianqi Co., Ltd. had a net inflow of 17.7 million from institutional investors, but saw outflows from both retail and speculative investors [3] - Zhongjian Technology experienced a net inflow of 13.2 million from institutional investors, with significant outflows from retail investors [3] - Other stocks like Gaolan Co., Ltd. (300499) and Julu Intelligent (002031) also showed varying capital flows, indicating diverse investor behavior across the sector [3]

Core Viewpoint - The company is forecasting a net loss for the first half of 2025, with expected losses ranging from 6 million to 9 million yuan, indicating a significant decline compared to the previous year's performance [1][2]. Financial Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -6 million and -9 million yuan [2]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -6.5 million and -9.5 million yuan [3]. Previous Year Comparison - In the same period last year, the net profit attributable to shareholders was 36.8263 million yuan, and the net profit after excluding non-recurring gains and losses was 32.9181 million yuan [4]. Earnings Per Share - The earnings per share for the previous year was reported at 0.101 yuan [5]. Reasons for Expected Loss - The company's revenue and profitability from its plastic and textile machinery businesses are expected to remain stable in the first half of 2025. However, the lithium battery new materials business has not shown significant improvement and remains unprofitable [6]. - The textile business, which constitutes a significant portion of the company's revenue, saw a recovery in product prices and gross margins starting mid-June 2025, but overall pricing and margins in the second quarter remained low, contributing to the anticipated losses [6].

[Zhejiang Jinying Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E6%B5%99%E6%B1%9F%E9%87%91%E9%B9%B0%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) The company expects to turn from profit to loss in H1 2025, primarily due to its textile business [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company projects a net loss for H1 2025, with both reported and adjusted net profits anticipated negative 2025 Semi-Annual Performance Forecast | Metric | Projected Amount (CNY) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -6 million to -9 million | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -6.5 million to -9.5 million | [Operating Performance and Financial Status in the Same Period Last Year](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In the first half of 2024, the company reported positive net profit and earnings per share 2024 Semi-Annual Performance Review | Metric | Amount (CNY) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 36.8263 million | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 32.9181 million | | Earnings Per Share | 0.101 | [Primary Reasons for Current Period's Expected Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The expected loss stems from the underperforming textile business, with other segments stable or unprofitable - The primary reason for the loss in the first half of 2025 is the high-proportion textile business, whose product prices and gross margins remained **low** overall in the second quarter[9](index=9&type=chunk) - Revenue and profitability of the plastic machinery and textile machinery businesses remained largely **stable**[9](index=9&type=chunk) - The lithium battery new materials business showed no significant change compared to the same period last year and has not yet achieved **profitability**[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited financial assessment, subject to uncertainty - This performance forecast is a preliminary calculation by the company's financial department and has not yet been audited by a certified public accountant[10](index=10&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Preliminary forecast data are disclosed; final accurate financial data will be in the official semi-annual report - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[11](index=11&type=chunk)

Core Viewpoint - The company, Jin Ying Co., Ltd. (stock code: 600232), is expected to report a net loss attributable to shareholders of the parent company ranging from -6 million to -9 million yuan for the first half of 2025, indicating a decline compared to the same period last year [1] Financial Performance - The anticipated net profit after deducting non-recurring gains and losses for the first half of 2025 is projected to be between -6.5 million and -9.5 million yuan [1] - The revenue and profitability of the company's plastic machinery and textile machinery businesses are expected to remain stable in the first half of 2025 [1] Business Segments - The lithium battery new materials business has not shown significant changes compared to the same period last year and has yet to achieve profitability [1] - The textile business, which constitutes a significant portion of the company's main business revenue, saw a recovery in product prices and gross margin levels starting mid-June 2025; however, the overall product prices and gross margin levels in the second quarter remained low, which is a primary reason for the company's losses in the first half of 2025 [1]

Group 1: Cash and Cash Flow - The company reported a cash balance of 278 million yuan at the end of the period, with restricted cash amounting to 56.76 million yuan, primarily for pledged deposits [1][2] - The interest income for the period was 664,000 yuan, representing 0.24% of the cash balance, indicating a low yield on cash [1][2] - The average interest rate for cash deposits was 0.29% for the year, with a significant impact from the fluctuations in deposit rates [4][5] Group 2: Inventory - The company's inventory value at the end of the period was 701 million yuan, accounting for 38.80% of total assets, reflecting a year-on-year increase of 17.17% [6][10] - The company recognized inventory impairment losses of 41.65 million yuan, a substantial increase from 1.98 million yuan in the previous year, which was a major factor in the decline of the company's performance [6][10] - The inventory turnover days increased from 188 days in 2023 to 219 days in 2024, primarily due to reduced sales in the fourth quarter to mitigate losses from declining product prices [13][15] Group 3: Business Segments - The textile segment, primarily focused on linen textiles, saw a significant increase in inventory, with a year-end balance of 469.99 million yuan, up from 332.12 million yuan in 2023, reflecting a 97.35% change [10][15] - The machinery segment, including textile machinery and injection molding machines, experienced a decline in inventory value, with a total of 117.57 million yuan, down from 135.14 million yuan, a decrease of 5.60% [10][15] - The company maintains a stable customer base in the linen textile industry, with a high market share, which supports its inventory levels [10][11]

Core Viewpoint - Zhejiang Jinying Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on issues related to cash funds and inventory management [1][2]. Group 1: Cash Funds - The company reported a cash balance of 278 million yuan at the end of the period, with restricted cash amounting to 56.76 million yuan, primarily for pledged deposits [1]. - The interest income for the period was 664,000 yuan, representing 0.24% of the cash balance, indicating a low yield on funds [1]. - The company provided detailed disclosures on cash fund storage, including amounts, account types, interest rates, and restrictions [2][3]. Group 2: Inventory Management - The company’s inventory at the end of the period was valued at 701 million yuan, accounting for 38.80% of total assets, with a year-on-year increase of 17.17% [6]. - The company recognized inventory impairment losses of 41.65 million yuan, significantly higher than the previous year's 1.98 million yuan, which was a major factor in the decline of the company's performance [6]. - The company provided a breakdown of inventory by business segment, detailing types, quantities, aging, and impairment provisions [8][9]. Group 3: Inventory Turnover and Market Conditions - The average inventory turnover days increased from 188 days in 2023 to 219 days in 2024, primarily due to a slowdown in sales and increased inventory levels in the textile segment [13][14]. - The company’s inventory growth is justified by its sales scale and the need to maintain sufficient raw materials for production, given the long procurement times for imported materials [14][15]. - The company has stable long-term relationships with major customers, with an order backlog of 193 million yuan at the end of 2024 [15].

Core Viewpoint - Jin Ying Co., Ltd. (600232.SH) reported a decline in revenue and net profit for 2024, alongside a low yield on cash assets, prompting regulatory inquiries regarding potential restrictions on cash funds [6][2]. Financial Performance - In 2024, Jin Ying Co. achieved operating revenue of 1.308 billion yuan, a year-on-year decrease of 4.52% [6]. - The net profit attributable to shareholders was 22.3548 million yuan, down 36.73% compared to the previous year [6]. - For the first quarter of 2025, the company reported operating revenue of 251 million yuan, reflecting a year-on-year growth of 7.2%, but a net loss of 4.1705 million yuan [7]. Cash Management - As of the end of the reporting period, the company had cash and cash equivalents of 278 million yuan, with restricted cash amounting to 56.76 million yuan, primarily for pledged guarantees [2]. - The average cash balance for 2024 was reported at 231.805 million yuan, with most funds held in demand deposits [3]. - The interest income for the period was 664,000 yuan, representing only 0.24% of the cash balance, indicating a low yield on cash assets [2][3]. Regulatory Inquiry - Jin Ying Co. was required to self-examine and clarify whether there were any other potential restrictions on cash funds, including whether pledged cash was used to guarantee the controlling shareholder or other related parties [3][4]. - The company confirmed that there were no other potential restrictions on cash funds and that no cash was pledged for guarantees or used by other parties [4]. Business Overview - Jin Ying Co. primarily engages in the research, development, manufacturing, and sales of complete sets of machinery for hemp, wool, and silk textiles [5].