Core Viewpoint - ST Jinggu announced the transfer of its 51% stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., due to the deteriorating operational status and significant financial risks associated with Huiyin Wood [2][3][5] Group 1: Financial Impact and Risks - Huiyin Wood is a core asset for ST Jinggu, contributing 87.02% of the company's revenue in 2024, and its sale will drastically reduce the company's operational scale, potentially triggering delisting risk under Shanghai Stock Exchange rules [2][3] - The company reported a loss of approximately 969 million yuan due to a 19 million yuan inventory write-off, which was caused by the former actual controller circumventing internal controls [3][4][5] - Huiyin Wood is involved in 12 lawsuits with a total amount of approximately 95.15 million yuan, which equals 100.05% of ST Jinggu's audited net assets, indicating a severe financial strain [5][8] Group 2: Historical Context and Management Issues - Zhou Dafu Investment has invested 2.325 billion yuan in ST Jinggu over seven years, but the company has faced continuous financial difficulties, including a net asset decline of 11.28% in 2022 [2][11][12] - The acquisition of Huiyin Wood was initially seen as a lifeline, with ST Jinggu reporting a revenue increase of 420.98% in 2023, but the company failed to meet performance commitments in 2024, resulting in a significant loss [12][13] - The original controllers of Huiyin Wood failed to disclose significant debt obligations during the acquisition process, raising questions about the adequacy of due diligence conducted by ST Jinggu [7][9][10] Group 3: Future Outlook - The company faces challenges in recovering from the financial fallout of Huiyin Wood's operational failures and legal issues, with ongoing investigations and potential liabilities looming [5][14] - The home furnishing industry, which Huiyin Wood operates in, is expected to face both opportunities and risks due to its dependence on the real estate market, which may impact future performance [10]

证券之星消息，8月26日林业板块较上一交易日上涨0.36%，平潭发展领涨。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。林业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000592 | 平潭发展 | 3.52 | 4.45% | 291.96万 | 10.22 Z | | 600265 | ST景谷 | 22.45 | -2.43% | 1.16万 | 2595.01万 | | 002679 | 福建金森 | 10.18 | -3.14% | 21.42万 | 2.22亿 | | 000663 | 永安林业 | 7.01 | -3.84% | 42.46万 | 3.01亿 | 从资金流向上来看，当日林业板块主力资金净流出2889.14万元，游资资金净流入5570.42万元，散户资金 净流出2681.27万元。林业板块个股资金流向见下表： | 代码 | | | 名称 | | | | | --- | --- | --- ...

证券代码：600265 证券简称：ST 景谷 公告编号：2025-071 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"）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：汇银木业本次收到河北省唐县人民法院（以下简称"唐县法院"） 和河北省顺平县人民法院（以下简称"顺平法院"）送达的《民事起诉状》《应诉 通知书》等相关法律文书 10 份，其中唐县法院 9 份，顺平法院 1 份，共涉 10 起案件，合计涉案金额包括本金 4,320 万元及相应利息。 ●是否会对上市公司损益产生负面影响：本次诉讼案件尚未开庭审理，诉讼 的结果尚存在不确定性，对公司本期利润及期后利润的影响具有不确定性，最终 影响以法院判决为准。 ●截至本公告日，公司控股子公司汇银木业涉及财产保全及诉讼事项累计 18 ...

Group 1 - The forestry sector increased by 1.54% on August 25, with Yong'an Forestry leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Key stocks in the forestry sector showed varied performance, with Yong'an Forestry closing at 7.29, up 4.14%, and ST Jinggu down 1.24% at 23.01 [1] Group 2 - The net inflow of main funds in the forestry sector was 78.30 million yuan, while retail funds saw a net inflow of 10.63 million yuan [1] - Pingtan Development had a significant main fund inflow of 48.35 million yuan, despite a net outflow from retail funds of 11.79 million yuan [2] - Fujian Jinsen experienced a main fund inflow of 17.28 million yuan, with a net outflow from retail funds of 11.79 million yuan [2]

Core Viewpoint - The company, Yunnan Jinggu Forestry Co., Ltd., is currently involved in multiple lawsuits related to its subsidiary, Tangxian Huiyin Wood Industry Co., Ltd., which may significantly impact its financial performance and operational capabilities [2][3][15]. Legal Proceedings - The lawsuits are at the stage where the court has accepted the cases but has not yet held hearings [2]. - The defendants include the company’s subsidiary Huiyin Wood, its former actual controllers Cui Huijun and Wang Lanchun, with a total claim amount of approximately 12.58 million yuan, including principal and interest [2][5]. - Huiyin Wood has a total of 15 legal cases involving asset preservation and litigation, with a cumulative claim amount of about 107.72 million yuan, which represents 113.27% of the company's latest audited net assets attributable to shareholders [3]. Financial Impact - The ongoing lawsuits have led to the freezing of all nine bank accounts of Huiyin Wood, resulting in the suspension of its production lines, which is expected to adversely affect the company's operations [3][4]. - The company anticipates a further decline in its operating performance for the first half of 2025, indicating significant uncertainty regarding its ongoing viability [3][4]. Debt and Recovery Efforts - The company has established a special team to verify the authenticity and completeness of the related borrowings and has engaged litigation lawyers to actively respond to the lawsuits [4][16]. - The company aims to minimize the impact of these legal matters on its financial standing and to pursue recovery from responsible parties [4][16]. Summary of Lawsuits - The lawsuits stem from private lending disputes involving the former actual controllers of Huiyin Wood, with claims including: - Case 1: Claim for 500,000 yuan plus interest [7][8]. - Case 2: Claim for 5 million yuan plus interest [9][10]. - Case 3: Claim for 7,076,498 yuan plus interest [11][12][13]. Company’s Response - The company is closely monitoring the situation and has committed to fulfilling its information disclosure obligations as required by regulations [16].

证券代码：600265 证券简称：ST 景谷 公告编号：2025-070 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"）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：汇银木业本次收到的河北省唐县人民法院（以下简称"唐县法 院"）送达的三份《民事起诉状》《应诉通知书》等相关法律文书涉三起案件， 合计涉案金额包括本金 1,257.65 万元及相应利息。 ●是否会对上市公司损益产生负面影响：本次诉讼案件尚未开庭审理，诉讼 的结果尚存在不确定性，对公司本期利润及期后利润的影响具有不确定性，最终 影响以法院判决为准。 ●截至本公告日，公司控股子公司汇银木业涉及财产保全及诉讼事项累计 15 项，涉案金额合计约为 10,772.42 万元（诉讼本金，不包括相应利息，最终以 收到的立案 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000592 | 平潭发展 | 3.32 | 3.11% | 275.54万 | 9.07 Z | | 600265 | ST景谷 | 23.30 | 2.55% | 1.38万 | 3201.24万 | | 000663 | 永安林业 | 7.00 | -0.28% | 9.36万 | 6580.41万 | | 002679 | 福建金森 | 10.22 | -0.49% | 15.47万 | 1.61亿 | 从资金流向上来看，当日林业板块主力资金净流出2504.54万元，游资资金净流出58.61万元，散户资金净 流入2563.16万元。林业板块个股资金流向见下表： 证券之星消息，8月22日林业板块较上一交易日上涨1.82%，平潭发展领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。林业板块个股涨跌见下表： | 代码 | 名称 ｜主力净流入（元） | | | | 主力净占比 游资净流入 (元 ...

Core Viewpoint - The company is facing significant operational and financial challenges due to legal issues affecting its major subsidiary, which has halted production and may lead to substantial revenue declines [1][2][3] Market Trading Risks - The company's stock price has experienced significant volatility, with a cumulative price increase exceeding 12% over three consecutive trading days, triggering abnormal fluctuation standards [1] - The stock reached its daily limit up on multiple occasions, indicating potential short-term risks of price correction [1] Major Asset Restructuring Risks - The company is in the preliminary stages of planning a major asset sale, which could drastically reduce its main business scale, as the subsidiary's revenue accounted for 87.02% of the company's audited revenue for the previous year [2] - The asset sale is still under discussion and has not yet resulted in a formal agreement, leading to significant uncertainty regarding the transaction [2] Legal and Financial Risks - The subsidiary is involved in 12 legal cases with a total claim amount of approximately 95.15 million yuan, which poses a risk to the company's net assets [2][3] - The subsidiary's production lines are currently shut down due to court-ordered asset preservation measures, leading to a halt in normal operations and a significant drop in sales revenue [3] Inventory Loss Risks - The subsidiary reported an inventory loss of approximately 19 million yuan due to unauthorized sales by a board member, which may result in a loss of about 9.69 million yuan attributable to the parent company [3] - The ongoing investigation by law enforcement may further complicate the recovery of lost assets [3] Financial Performance Risks - The company anticipates a substantial decline in its half-year financial performance, projecting a net loss of between 130 million yuan and 100.3 million yuan [3] - The company has faced negative net profits for three consecutive years, raising concerns about its ability to continue as a going concern [4]

Group 1: Mergers and Acquisitions Overview - During the period from August 15 to August 21, 2025, three listed companies announced new mergers and acquisitions: Zhenyang Development, Tongye Technology, and ST Jinggu, involving three M&A events across the basic chemicals, machinery equipment, and agriculture, forestry, animal husbandry, and fishery industries [1][9]. Group 2: Zhenyang Development - Zhenyang Development primarily engages in the research, production, and sales of chlor-alkali related products, with core products including chlor-alkali products, MIBK products, and PVC products. The chlor-alkali products are widely used in agriculture, electricity, petrochemicals, pharmaceuticals, metallurgy, new energy materials, light industry, textiles, and dyeing [2][10]. - In 2024, Zhenyang Development achieved a main business revenue of 2.898 billion yuan, representing a year-on-year growth of 37.06%, primarily driven by the production and sales of PVC products [2][10]. - The company is undergoing a stock swap merger with Zhejiang Huhangyong Expressway Co., Ltd., which plans to issue A-shares to Zhenyang Development's shareholders [2][10]. Group 3: Tongye Technology - Established in 2000, Tongye Technology specializes in the rail transit industry, with three core product lines: power products, intelligent control products, and motors and fans, covering various rail transit scenarios such as locomotives, subways, and high-speed trains [3][11]. - The company has a nationwide after-sales service network, providing regular maintenance and repair services to ensure the normal operation of equipment. It serves domestic clients like China Railway Corporation and China CRRC, while also exporting products to countries including Kazakhstan, Uzbekistan, Belarus, and South Africa [3][11]. - Tongye Technology plans to acquire 100% of Beijing Silingke Semiconductor Technology Co., Ltd. through a cash payment, aiming to enhance its overall layout and expand its scale and operational performance [3][11]. Group 4: ST Jinggu - ST Jinggu is primarily engaged in the manufacturing of engineered wood products, chemical products from forest resources, and forestry operations. Its engineered wood products include plywood, fiberboard, particleboard, and veneer, widely used in furniture manufacturing and construction [4][12]. - The company operates through self-procurement, production, and sales, utilizing both direct sales and distribution channels to meet diverse customer needs. Its forestry operations focus on land resource management through cooperative afforestation, timber harvesting, and sales [4][12]. - ST Jinggu plans to transfer 51% of its stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., in a cash transaction, aiming to divest underperforming assets and optimize its asset structure [4][12].

证券代码：600265 证券简称：ST 景谷 公告编号：2025-069 交易尚处于初步筹划阶段，交易方案仍在进一步论证和沟通中，相关交易事项 存在重大不确定性。 由于汇银木业 2024 年度收入占公司同期经审计营业收入的 87.02%，本次 出售完成后，公司主营业务规模将急剧下降，可能触发《上海证券交易所股票 上市规则》中关于"营业收入低于 3 亿元且净利润为负"的退市风险警示指标。 三、控股子公司民间借贷涉及多项财产保全及诉讼事项的风险 云南景谷林业股份有限公司 股票交易风险提示公告 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。 云南景谷林业股份有限公司（以下简称"公司"）近期股价波动较大，可能 存在市场情绪过热的情形。敬请广大投资者审慎理性决策，注意二级市场交易 风险。目前，因受到诉讼等相关事项影响，重要子公司唐县汇银木业有限公司 （以下简称"汇银木业"）已停工停产，无法预计复工复产时间，可能对公司经 营业绩存在较大影响。同时，根据公司 2025 年半年度业绩预告，预计公司 2025 年半年度经营业绩进一步下滑，持续经 ...