Core Viewpoint - ST Jinggu (600265) announced that its subsidiary, Huiyin Wood Industry, has had its finished goods warehouse and all finished board goods within the warehouse seized, along with the freezing of its main bank accounts, which will adversely affect normal shipments and sales [1] Group 1 - The seized inventory accounts for approximately 70% of the company's total inventory, indicating a significant operational impact [1] - The company has not yet received any legal documents or court notifications regarding the case, leading to uncertainty about the impact on current and future profits [1] - If Huiyin Wood Industry is ultimately found liable, there is a risk of judicial disposal of related assets, which would negatively affect its operations [1]

Group 1 - The company ST Jinggu reported a significant decline in revenue, with a 44.97% year-on-year decrease to 103 million yuan in the first five months, resulting in a loss of 42.71 million yuan [1] - The company expressed a pessimistic outlook on the artificial board industry, predicting that the oversupply situation will only begin in 2024 and may intensify in 2025, leading to increased industry consolidation [1] - The audit firm issued a non-standard opinion on the company's financial report for 2024, citing significant adverse changes in the artificial board market and substantial cumulative losses, raising doubts about the company's ability to continue as a going concern [1] Group 2 - The company attributed its poor performance to a decline in demand from the real estate sector and a significant increase in industry capacity, leading to intensified market competition [2] - The company acknowledged the challenges and uncertainties posed by the deep adjustment in the industry and the intensified competition due to oversupply, which may threaten the survival of small and medium-sized enterprises [2] - The company plans to optimize its cost structure, adjust market positioning, enhance internal management, and explore strategic transformation to improve its business performance [2] Group 3 - In July 2018, Chow Tai Fook Investment, controlled by the Cheng family, invested over 1.2 billion yuan to take control of ST Jinggu, aiming to improve the company's asset quality and operational level [3] - Despite the investment, the company's operations have not improved, with non-standard audit opinions remaining common [3] - A planned capital increase of 300 million yuan by Chow Tai Fook Investment to alleviate the company's debt pressure was terminated in February of this year [3] Group 4 - The controlling family of the company, the Cheng family, is facing its own debt issues, with New World Development announcing delayed interest payments on some perpetual bonds and seeking refinancing for existing loans [4] - The company is reported to be in a liquidity crisis due to high leverage and significant debt burdens, exacerbated by market conditions [4]

Core Viewpoint - Yunnan Jinggu Forestry Co., Ltd. faces significant operational challenges due to declining demand in the artificial board industry, exacerbated by increased competition and a downturn in the real estate market, leading to substantial financial losses in 2024 [1][3][16]. Financial Performance - In 2024, the company reported a revenue of 447 million yuan, a year-on-year decrease of 24.20%, and a net profit of -73 million yuan, marking a shift from profit to loss [3][12]. - The company's gross profit margin fell to 1.74%, indicating severe profitability issues [3][12]. - The company’s net assets were reported at 80 million yuan, with cash reserves dwindling to 14 million yuan, and a debt-to-asset ratio of 75.44% [3][12]. Market Conditions - The artificial board market is experiencing a significant supply-demand imbalance, with a notable increase in production capacity leading to intensified competition [6][10][17]. - The real estate sector's downturn has directly impacted the demand for artificial boards, as these products are closely tied to the housing market [5][6][16]. - The company’s primary products, particleboard and fiberboard, are heavily influenced by the performance of the downstream furniture and home decoration industries, which are currently facing challenges [5][6][16]. Industry Dynamics - In 2024, the artificial board industry saw the largest annual increase in production capacity in history, with 48 new production lines adding 15.41 million cubic meters per year [10][11]. - The competitive landscape has shifted, with larger companies leveraging their financial strength to engage in price wars, further squeezing smaller players like Yunnan Jinggu [14][17]. - The company’s main customer, PIANO, has ceased orders due to its own operational challenges, reflecting broader market difficulties [9][15]. Strategic Responses - The company plans to optimize its cost structure, adjust market positioning, and enhance internal management to navigate the current downturn [18][19]. - A strategic shift towards customized products and improved production technology is being considered to regain market competitiveness [19][20]. - The company has decided not to renew its lease for production lines in the chemical forestry business, reallocating resources to more profitable segments [20][22].

中审众环会计师事务所（特殊普通合伙） 武汉市中北路 166 号长江产业大厦 17-18 楼 邮政编码：430077 Zhongshenzhonghuan Certified Public Accountants LLP 17-18/F,Yangtze River lndustry Building, No.166 Zhongbei Road, Wuhan,430077 电话 Tel：027-86791215 传真 Fax：027-85424329 关于云南景谷林业股份有限公司 2024 年年度报告的信息披露监管问询函回复 众环专字(2025)1600085 号 上海证券交易所： 中审众环会计师事务所（特殊普通合伙）（以下简称"本所"或"我们"）作为云南景谷林业股份 有限公司（以下简称"景谷林业"）2024 年度财务报表的审计机构，于 2025 年 4 月 28 日出具了众 环审字（2025）1600316 号带持续经营重大不确定性事项段的无保留意见审计报告。 近日，贵所出具了《关于云南景谷林业股份有限公司 2024 年年度报告的信息披露监管问询 函》（以下简称"问询函"），我们以对景谷林业相关财务报表执行的审 ...

证券代码：600265 证券简称：ST 景谷 公告编号：2025-051 云南景谷林业股份有限公司关于上海证券交易所 《关于云南景谷林业股份有限公司2024年年度报告的信 息披露监管问询函》的回复公告 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。 重要事项提示： ● 云南景谷林业股份有限公司（以下简称"公司"或"景谷林业"）2023 年 2 月以现金方式收购唐县汇银木业有限公司（以下简称"汇银木业"）51%股权，该交 易以收益法作为评估方法。为保护公司及全体股东利益，公司与汇银木业原实际控 制人崔会军、王兰存签订了相应的盈利预测补偿协议，对汇银木业 2023-2025 年进 行了业绩承诺与补偿安排。2023 年度，汇银木业业绩承诺指标完成。2024 年度，汇 银木业未完成业绩承诺指标，经年审会计师审定，汇银木业 2024 年度净利润为 -3,245.80 万元，公司应收业绩补偿款金额为 14,186.92 万元（以下简称"标的债 权"）。为化解上述标的债权的回收风险，降低公司的财务压力，公司与控股股东 周大福投资有限公司（以 ...

云南景谷林业股份有限公司 关于与控股股东签订《债权转让协议》暨关联交易 事项的进展公告 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。 一、基本情况 云南景谷林业股份有限公司（以下简称"公司"或"景谷林业"）于 2023 年 2 月 28 日以 27,030.00 万元现金收购崔会军、王兰存及其他股东合计持有的唐县汇 银木业有限公司（以下简称"汇银木业"）51%股权，成为汇银木业的控股股东。 证券代码：600265 证券简称：ST 景谷 公告编号：2025-050 根据公司与崔会军、王兰存签订的《盈利预测补偿协议》等交易文件约定， 本次交易的业绩承诺期为 2023 年、2024 年、2025 年三个年度，崔会军、王兰存 承诺汇银木业 2023 年、2024 年、2025 年的净利润分别为 4,353.00 万元、5,767.00 万元和 6,404.00 万元，2023 年至 2025 年三年累计承诺的净利润为 16,524.00 万 元。2023 年业绩承诺已经实现。2024 年，汇银木业未完成业绩承诺目标，经年 审会计师审 ...

证券代码：600265 证券简称：ST 景谷 公告编号：2025-050 云南景谷林业股份有限公司 关于与控股股东签订《债权转让协议》暨关联交易 事项的进展公告 特此公告。 云南景谷林业股份有限公司董事会 一、基本情况 云南景谷林业股份有限公司（以下简称"公司"或"景谷林业"）于 2023 年 2 月 28 日以 27,030.00 万元现金收购崔会军、王兰存及其他股东合计持有的唐县汇 银木业有限公司（以下简称"汇银木业"）51%股权，成为汇银木业的控股股东。 二、业绩承诺与补偿背景 根据公司与崔会军、王兰存签订的《盈利预测补偿协议》等交易文件约定， 本次交易的业绩承诺期为 2023 年、2024 年、2025 年三个年度，崔会军、王兰存 承诺汇银木业 2023 年、2024 年、2025 年的净利润分别为 4,353.00 万元、5,767.00 万元和 6,404.00 万元，2023 年至 2025 年三年累计承诺的净利润为 16,524.00 万 元。2023 年业绩承诺已经实现。2024 年，汇银木业未完成业绩承诺目标，经年 审会计师审定，汇银木业 2024 年净利润为-3,245.80 万元，崔会 ...

Core Viewpoint - ST Jinggu's recent stock price surge is linked to the establishment of two wholly-owned subsidiaries, raising questions about the company's future business direction and potential for revenue generation [1][2]. Company Summary - ST Jinggu established two wholly-owned subsidiaries on June 19, 2023, including Dafu Cloud Technology Co., Ltd., which has a registered capital of 8 million yuan and a broad business scope including carbon reduction technologies and AI software development [1]. - The company reported a significant decline in overall operating performance, with a revenue of 447 million yuan in 2024, a decrease of 24.20% year-on-year, and a net loss of 72.87 million yuan [2]. - In the first quarter of 2025, ST Jinggu's total revenue was 62.60 million yuan, down 40.24% year-on-year, with a net loss of 16.24 million yuan [2]. Industry Summary - The engineered wood panel industry is entering a period of adjustment, with intensified competition and declining sales prices, which may further exacerbate the industry's challenges [3]. - The company has been placed under other risk warnings due to continuous negative net profits and uncertainties regarding its ability to continue as a going concern, as highlighted in the 2024 audit report [3].

Core Viewpoint - The company, Yunnan Jinggu Forestry Co., Ltd., is facing significant operational and financial challenges, including a substantial decline in revenue and net profit, leading to risk warnings for investors [1][2][3][4]. Group 1: Financial Performance - In the first quarter of 2025, the company reported total revenue of 62,596,342.63 yuan, representing a year-on-year decline of 40.24% [2][3]. - The net profit attributable to shareholders for the first quarter of 2025 was -16,243,878.25 yuan, and the net profit after deducting non-recurring gains and losses was -16,424,078.66 yuan [2][3]. Group 2: Operational Status - The company's production and operational order remains normal, with no significant changes in daily operations [1][3]. - The company primarily engages in the production of engineered wood products, forest chemical products, afforestation, and timber harvesting [1][3]. Group 3: Risk Warnings - The company has been placed under other risk warnings due to negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern [4]. - The stock has experienced significant price volatility, prompting the company to remind investors to be cautious and make rational investment decisions [1][2]. Group 4: Corporate Governance - The company has not identified any other major events that could significantly impact its stock price [5]. - During the period of stock price fluctuations, the company's directors, supervisors, senior management, and controlling shareholders have not engaged in buying or selling the company's stock [5].

证券代码：600265 证券简称：ST 景谷 公告编号：2025-049 云南景谷林业股份有限公司 关于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。 重要内容提示： ●二级市场交易风险：鉴于近期云南景谷林业股份有限公司（以下简称"公 司"）股票价格波动较大，公司股价可能存在短期涨幅较大后下跌的风险，敬请 广大投资者注意交易风险，理性决策，审慎投资。 ●生产经营风险：截至目前，公司生产经营秩序正常，日常经营活动未发生 重大变化，公司主要从事人造板产品、林化产品、营林造林、林木采伐等业务。 市场环境、行业政策等未发生重大变化，公司不存在应披露而未披露的重大事项。 ●业绩波动风险：公司已于 2025 年 4 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露《2025 年第一季度报告》，公司 2025 年第一季度营业 总收入 62,596,342.63 元，同比下滑 40.24%；2025 年第一季度归属于上市公司 股东的净利润为-16,243,878.25 元，归属于上市公司股东扣除非经 ...