Core Insights - ST Jinggu's stock price has experienced a significant decline, with a cumulative drop of over 12% in closing prices over three consecutive trading days, triggering an abnormal fluctuation standard [1] - The company is planning to donate 51% equity of Boda Digital Technology and transfer 51% equity of Huiyin Wood Industry, but both actions face uncertainties [1] - In the first half of 2025, the company's revenue decreased by 45.03%, resulting in a net loss exceeding 120 million yuan [1] - Huiyin Wood Industry has ceased operations due to asset preservation issues, involving 31 civil loan preservation and litigation cases, with a total amount of approximately 212 million yuan [1] - The company also faces around 19 million yuan in inventory losses and risks related to the management of the assets to be donated and declining performance [1]

云南景谷林业股份有限公司 证券代码：600265 证券简称：ST 景谷 云南景谷林业股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年十月十三日 云南景谷林业股份有限公司 | | | | 会议须知 | | | 1 | | --- | --- | --- | --- | | 会议议程 | | | 2 | | 议案一 | 关于与控股股东签订《资产赠与协议》暨关联交易的议案 | | 3 | | 议案二 | 关于聘请公司 2025 年度财务报表及内部控制审计机构的议案 | | 11 | | 议案三 | 关于取消监事会、增加经营范围并修订《公司章程》的议案 | | 14 | | 议案四 | 关于修订《股东会议事规则》的议案 | | 15 | | 议案五 | 关于修订《董事会议事规则》的议案 | 16 | | | 议案六 | 关于修订《募集资金使用管理制度》的议案 | | 17 | | 议案七 | 关于修订《独立董事管理制度》的议案 | | 18 | | 议案八 | 关于修订《关联交易管理制度》的议案 | | 19 | | | 附件：《公司章程》（草案）修订对照表 | | 20 | 云南景谷林业股份有限公司 ...

Group 1 - The forestry sector experienced a decline of 0.78% on September 30, with ST Jinggu leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Key stocks in the forestry sector showed mixed performance, with Pingtan Development rising by 0.85% and ST Jinggu falling by 5.01% [1] Group 2 - The net outflow of main funds in the forestry sector was 9.21 million yuan, while retail investors saw a net inflow of 11.06 million yuan [1] - Detailed fund flow data indicated that Fujian Jinsen had a main fund inflow of 2.01 million yuan, but a net outflow from retail investors of 396,500 yuan [2] - ST Jinggu experienced a significant main fund outflow of 4.07 million yuan, with retail investors contributing a net inflow of 2.54 million yuan [2]

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

证券代码：600265 证券简称：ST 景谷 公告编号：2025-095 云南景谷林业股份有限公司 关于控股子公司涉及诉讼事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●案件所处的诉讼阶段：法院已立案受理，尚未开庭。 ●当事人所处的地位：云南景谷林业股份有限公司（以下简称"公司"或"景 谷林业"）及控股子公司唐县汇银木业有限公司（以下简称"汇银木业"）、汇 银木业原实际控制人崔会军、王兰存为被告。 ●涉案金额：公司及控股子公司汇银木业本次收到河北省正定县人民法院 （以下简称"正定法院"）送达的《民事起诉状》《应诉通知书》等相关法律文 书 1 份，涉案金额包括本金 6,000 万元及相应利息。 ●因涉及上述多项民间借贷纠纷等原因，目前汇银木业 9 个银行账户均被法 院冻结，现有的纤维板及刨花板 2 条生产线均已停产，无法预计汇银木业复工复 产时间，对公司生产经营将会造成不利影响。同时，根据公司 2025 年半年度报 告，公司 2025 年半年度经营业绩进一步下滑，持续经营能力存在较大不确定性。 ●是 ...

Core Viewpoint - The forestry sector experienced a decline of 0.77% on September 29, with ST Jinggu leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.9% and the Shenzhen Component Index increasing by 2.05% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3862.53, up by 0.9% [1] - The Shenzhen Component Index closed at 13479.43, up by 2.05% [1] Group 2: Forestry Sector Stocks - Pingtan Development (000592) closed at 3.52, with an increase of 0.86% and a trading volume of 1.5953 million shares, totaling a transaction value of 553 million yuan [1] - Yong'an Forestry (000663) closed at 6.54, up by 0.46% with a trading volume of 51,500 shares, totaling a transaction value of 33.4 million yuan [1] - Fujian Jinsen (002679) closed at 10.57, down by 0.28% with a trading volume of 63,600 shares, totaling a transaction value of 66.54 million yuan [1] - ST Jinggu (600265) closed at 25.37, down by 4.98% with a trading volume of 15,800 shares, totaling a transaction value of 40.36 million yuan [1] Group 3: Fund Flow Analysis - The forestry sector saw a net outflow of 50.9768 million yuan from main funds, while retail funds experienced a net inflow of 23.6368 million yuan [1] - Main fund inflows and outflows for key stocks include: - ST Jinggu: Main fund outflow of 0.5579 million yuan, retail inflow of 1.7964 million yuan [2] - Fujian Jinsen: Main fund outflow of 0.9662 million yuan, retail inflow of 5.3526 million yuan [2] - Yong'an Forestry: Main fund outflow of 2.4662 million yuan, retail inflow of 0.8443 million yuan [2] - Pingtan Development: Main fund outflow of 48.1023 million yuan, retail inflow of 15.6436 million yuan [2]

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu by transferring 51% of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to the listed company without any payment or obligations, while also offering a loan of 60 million yuan to improve liquidity [1][2]. Group 1: Historical Issues - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 90% of its revenue, is facing severe financial distress, with all nine bank accounts frozen and production lines halted due to multiple legal disputes totaling 146 million yuan, representing 153.31% of the company's net assets [2]. - To mitigate the debt and operational risks associated with Huiyin Wood Industry, Chow Tai Fook Investment is acquiring 51% of its shares and will cover any losses incurred by ST Jinggu related to this subsidiary [2]. Group 2: Current Financial Situation - ST Jinggu is in a precarious financial position, needing to increase its main business revenue to avoid delisting risks, especially after the divestment of Huiyin Wood Industry [2]. - Chow Tai Fook Investment's injection of computing assets aims to establish a dual business model of "computing power + forestry" to enhance ST Jinggu's revenue base [2]. Group 3: Future Prospects - The newly injected asset, Boda Digital Technology, was established on April 28 this year with a registered capital of 300 million yuan and is currently fully owned by Chow Tai Fook Investment [2]. - Boda Digital Technology has generated revenue of 640.61 million yuan and a net profit of 220.07 million yuan from May to July, with a net asset value of 197 million yuan as of the end of July [3][4]. - The company operates 135 computing power devices, primarily leased to a single client under a 60-month contract, indicating a need for further client diversification and operational capacity [4].

Core Viewpoint - ST Jinggu is undergoing a significant transformation supported by its controlling shareholder, Chow Tai Fook Investment, focusing on a shift towards computing power and digitalization [1][2]. Group 1: Shareholder Support and Asset Transfer - Chow Tai Fook Investment plans to donate 51% of its stake in Shanghai Boda Digital Technology Co., Ltd. to ST Jinggu at no cost, indicating strong shareholder backing and confidence in the company's transformation [1][4]. - The donated asset, Boda Digital, is a profitable company with nearly 200 million yuan in net assets, showcasing the strength of Chow Tai Fook Investment [1][4]. - The transfer of Boda Digital's stake will improve ST Jinggu's financial performance by including it in the consolidated financial statements [4]. Group 2: Business Strategy and Risk Management - ST Jinggu's traditional business, primarily in engineered wood products, faces challenges such as market restructuring, economic fluctuations, and stricter environmental regulations [3]. - To mitigate risks, Chow Tai Fook Investment plans to divest ST Jinggu's risk-laden asset, Tai County Huiyin Wood Industry Co., Ltd., by acquiring its 51% stake for cash [1][7]. - The divestment is a response to significant issues at Huiyin Wood, including a 19 million yuan inventory loss and numerous legal disputes totaling approximately 150 million yuan [7]. Group 3: Digital Transformation and Future Prospects - The integration of Boda Digital's computing power services aligns with Chow Tai Fook's broader digital transformation strategy, which aims to enhance operational efficiency and decision-making [8][9]. - The Chinese intelligent computing market is projected to grow significantly, reaching approximately 200 billion yuan by 2025, providing ample opportunity for ST Jinggu's transformation [10]. - The collaboration between ST Jinggu's traditional forestry operations and new computing power services could lead to improved efficiency and competitiveness in the market [9][10].

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu, including a 51% stake transfer of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to ST Jinggu without any payment or obligations, alongside a loan application of 60 million yuan to alleviate liquidity issues [2][3][4] Group 1: Historical Context - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 80-90% of its revenue, is currently facing operational challenges, with all nine bank accounts frozen and production lines halted due to multiple civil loan disputes [3][4] - The company has disclosed 26 legal cases with a total amount of 146 million yuan, representing 153.31% of the latest audited net assets attributable to shareholders [4] Group 2: Current Financial Situation - Chow Tai Fook Investment's actions aim to isolate Huiyin Wood Industry's debts and operational risks, while also committing to cover any actual losses incurred by ST Jinggu related to Huiyin Wood Industry until the completion of the stake transfer [4][5] - ST Jinggu is at risk of triggering delisting warnings due to a potential sharp decline in its main business scale after the divestment of Huiyin Wood Industry [4][5] Group 3: Future Prospects - Chow Tai Fook Investment is injecting computing power assets into ST Jinggu to establish a dual business model of "computing power + forestry," which is expected to enhance revenue generation [4][5] - Shanghai Boda Digital Technology Co., Ltd. was established on April 28 this year, with a registered capital of 300 million yuan, and will hold 51% of its shares post-transaction [5][6] Group 4: Financial Performance of Boda Digital - From May to July, Boda Digital reported revenues of 640.61 million yuan and a net profit of 220.07 million yuan, with a net asset value of 197 million yuan as of the end of July [5][6] - The company has signed a five-year contract with a single client, generating an average monthly revenue of over 600,000 yuan [6][7]

Core Points - Yunnan Jinggu Forestry Co., Ltd. has released its company charter for September 2025, detailing regulations for organization and operations to protect the rights of the company, shareholders, and creditors [1] - The company was established in 1999 with approval from the Yunnan provincial government and was listed on the Shanghai Stock Exchange in 2000, with a registered capital of 129.8 million yuan and a total of 129.8 million shares [1] Business Objectives and Scope - The company relies on technology to pursue high-quality, high-yield, efficient, and sustainable development, with a wide range of operations including import and export of forest chemical products, production, and manufacturing of engineered wood, and forest resource cultivation [2] - The company adheres to principles of openness, fairness, and justice in share issuance, with restrictions on financial assistance for acquiring shares and limitations on the transfer of shares held by directors and executives [2] - Capital can be increased or decreased through various methods, and share buybacks are allowed under specific circumstances, with strict decision-making procedures [2] - The company can implement stock incentive plans, which require special resolutions from the shareholders' meeting and legal opinions from law firms [2] Corporate Governance Structure - Shareholders have rights and obligations based on shareholding categories, with detailed regulations on the procedures for convening, proposing, notifying, and voting at shareholders' meetings [3] - The board of directors consists of seven members and is responsible for convening shareholders' meetings, executing resolutions, and determining business plans, with established rules for board meetings [3] - Independent directors must maintain independence and fulfill their duties, with the board having specialized committees for audit, strategy and investment, nomination, and remuneration [3] - The general manager and senior executives are appointed by the board and are subject to similar restrictions and obligations as directors [3] Financial, Profit Distribution, and Audit - The company has established a financial accounting system in accordance with regulations and discloses periodic reports [4] - Profit distribution policies include the order of reserve fund extraction and profit distribution, along with decision-making mechanisms and adjustment procedures [4] - An internal audit system is in place, with the internal audit institution reporting to the board and being supervised by the audit committee [4] - The shareholders' meeting decides on the hiring and dismissal of accounting firms [4] Other Important Matters - Notifications can be issued through various means, and specific media and websites are designated for announcements [4] - Clear regulations exist for company mergers, divisions, capital increases, reductions, dissolution, and liquidation [4] - Amendments to the charter require resolutions from the shareholders' meeting and must comply with approval and registration procedures [4]