Core Viewpoint - Jinlong Co., Ltd. is facing significant survival challenges due to high debt, continuous losses, and the freezing of shares held by its actual controller [2][3]. Group 1: Shareholding and Debt Situation - On June 3, Jinlong Co., Ltd. announced that 35,000,000 shares held by its controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., will be auctioned, representing 16.59% of the shares held by the shareholder and 3.91% of the total share capital of the company [1]. - As of February 2025, a total of 236 million shares have been frozen, accounting for 52.63% of the total shares held by the controlling shareholder and 26.34% of the company's total shares [1]. - The freezing of shares is primarily due to overdue debts and litigation amounting to approximately 2.06 billion yuan [1]. Group 2: Financial Performance and Restructuring Efforts - Jinlong Co., Ltd. initiated a major asset restructuring in June 2024 to sell 67.78% of its stake in Zhongshan Securities to recover funds and alleviate debt, but the transaction was terminated in May 2025 due to regulatory issues [2]. - Zhongshan Securities is a key profit source for Jinlong Co., Ltd., with a net profit increase of 287.66% to 171 million yuan in 2024, while Dongguan Securities also saw a 45.4% profit increase to 923 million yuan [2]. - From 2021 to 2024, Jinlong Co., Ltd. incurred cumulative losses of nearly 1 billion yuan, with a debt-to-asset ratio reaching a five-year high of 81.09% in 2024 [2]. Group 3: Industry Context and Future Outlook - The challenges faced by Jinlong Co., Ltd. reflect the survival crisis of small and medium-sized securities firms, characterized by diminishing license value and ineffective capital operations [3]. - The company is exploring a transition into the computing power sector, but there has been no significant progress, raising doubts about the feasibility of this strategy due to a lack of technical expertise and financial support [3]. - Short-term relief may come from the potential approval of the sale of a 20% stake in Dongguan Securities, but long-term survival will require a departure from reliance on financial leverage [3].

证券代码：000712 证券简称：锦龙股份 公告编号：2025-35 广东锦龙发展股份有限公司 关于股东股份被司法拍卖的提示性公告 二、风险提示及对公司的影响 1．本次拍卖尚处于公示阶段，后续可能涉及竞拍、流拍、缴款、 法院裁定、股权变更过户等环节，最终拍卖结果尚存在不确定性。 2．根据相关监管规定要求，本次司法拍卖的股份在过户后的 6 个月内不可以交易。 3．本次拍卖预计不会对公司的经营管理产生重大影响。 4．若本次拍卖股份最终全部成交并完成过户，新世纪公司仍将 持有公司股份 176,000,000 股，占公司总股本的 19.64%。新世纪公 司仍为公司控股股东，杨志茂先生仍为公司实际控制人，公司控股股 东和实际控制人不会发生变化。 5．公司将根据相关事项的进展情况，及时履行信息披露义务。 公司郑重提醒广大投资者：《证券时报》、《中国证券报》、《上海 证券报》和巨潮资讯网（http://www.cninfo.com.cn）为公司选定的 信息披露媒体。公司所有信息均以在上述媒体披露的信息为准，请广 大投资者理性投资，注意风险。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈 ...

Financial Highlights - As of the end of April, Dongguan's total loans reached 1.9959 trillion yuan, a year-on-year increase of 2.5%, making it the top city in Guangdong province for loan growth [1][2] - The total deposits in Dongguan amounted to 2.8537 trillion yuan, reflecting a year-on-year growth of 6.6% [1][2] - Small and micro enterprise loans in Dongguan reached 424.6 billion yuan, up 17.4% year-on-year, maintaining the highest scale among cities in Guangdong [2] Corporate Developments - Seven high-growth enterprises from Dongguan successfully listed on the Guangdong Equity Exchange, marking their entry into the capital market [3] - Qunshang Co. faced a court ruling where 13.46 million shares were transferred to China Orient Asset Management after failed auctions [4] - Shanghai Industrial Holdings announced the sale of 19.47% of its stake in Guangdong Yufeng Environmental Power, with a book value of approximately 2.386 billion HKD [5] - Jinlong Co. terminated the sale of its stake in Zhongshan Securities to avoid potential regulatory issues, while continuing the sale of its shares in Dongguan Securities [6] - Dongguan Holdings completed the transfer of a 22.2069% stake in Dongguan Trust for 1.428 billion yuan, recovering all transfer payments [7] - Zhongsheng Pharmaceutical received approval for its innovative flu drug, Anladiwei, which is expected to enhance its market competitiveness [9] - Xiangxin Technology announced plans for several executives to reduce their shareholdings due to personal financial needs, despite a revenue increase in the first quarter [10]

Group 1 - The core viewpoint of the news is that Guotai Fund's Guotai CSI All Share Securities Company ETF has increased its stake in Jinlong Co., and the fund has experienced a year-to-date return of -9.50%, ranking 3368 out of 3432 in its category [1][2]. Group 2 - The fund manager of Guotai CSI All Share Securities Company ETF is Ai Xiaojun, who has extensive experience in quantitative analysis and fund management, having worked in various roles since 2001 [3][4]. - The fund has shown a performance decline with a year-to-date return of -9.50%, and its quarterly performance is also negative at -7.31% [2]. - The fund's performance is compared to the average of its peers, which has a year-to-date return of 2.62%, indicating a significant underperformance [2].

Core Viewpoint - Jinlong Co. has decided to terminate the major asset restructuring plan to sell its 67.78% stake in Zhongshan Securities, citing concerns over potential loss of operational business and increased cash assets post-sale [2][6][9]. Company Overview - Jinlong Co.'s main business is in the securities sector, primarily through Zhongshan Securities, which contributes significantly to its revenue [3][9]. - As of 2024, Zhongshan Securities reported an operating income of 811 million yuan, a 76.40% increase year-on-year, and a net profit of 153 million yuan, up 237.61% from the previous year [3][11]. Financial Context - Jinlong Co. has been under financial pressure, leading to attempts to divest both Zhongshan Securities and Dongguan Securities [4][8]. - The company’s debt levels are high, and selling Zhongshan Securities could exacerbate its financial situation by leaving it with insufficient operational assets [6][9]. Recent Developments - The initial plan to sell Zhongshan Securities began in June 2024, with interest from potential buyers, but has now been halted [6][10]. - Jinlong Co. is also in the process of selling a 20% stake in Dongguan Securities for 2.272 billion yuan, which may help alleviate some of its debt pressure [7][8]. Business Performance - In 2024, Jinlong Co. reported total revenue of 663 million yuan, a 245.16% increase year-on-year, but still posted a net loss of 89.23 million yuan [9][11]. - The revenue breakdown shows that securities brokerage and investment business accounted for 42.76% and 52.08% of total income, respectively [9]. Future Outlook - Jinlong Co. plans to strengthen its control over Zhongshan Securities and improve its internal management and risk control mechanisms [12]. - The company is exploring new business strategies, including potential investments in computing power sectors, although no recent updates have been provided on these initiatives [9][12][13].

Core Viewpoint - Jindong Co., Ltd. has decided to abandon the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company primarily holding cash or lacking specific business operations, reflecting a strategic shift in its operations [2][3][5] Group 1: Strategic Decisions - The company initially planned to sell its stakes in Zhongshan Securities and Dongguan Securities to reduce debt and transition into the computing power sector, but has now reversed this decision [2][3] - The decision to halt the sale may indicate a cautious approach towards the computing power business and a potential return to its core securities operations [2][5] Group 2: Financial Challenges - Despite the abandonment of the sale, the company still faces significant debt issues, with a high debt-to-asset ratio consistently above 70% over the past decade [6][7] - The company's net profits have been negative during the reporting period, primarily due to substantial interest expenses from its large borrowings [6][7] Group 3: Asset and Equity Situation - The company holds a 67.78% stake in Zhongshan Securities and a 40% stake in Dongguan Securities, both of which contribute significantly to its profits [7] - The company has struggled to progress in selling its stake in Dongguan Securities, with the transaction still pending regulatory approval, leading to frozen shares due to unpaid debts [7][8]

5月19日晚，锦龙股份发布了一则公告称，决定终止出售其所持有的中山证券67.78%的股权。这也意味 着这场跨时近一年的重大重组案，按下了暂停键。 对于决定终止本次重组的原因，锦龙股份解释为"为防止公司在出售中山证券股权后可能出现主要资产 为现金或者无具体经营业务的情形"。 5月20日开盘，锦龙股份股价受终止出售消息影响下跌。截至5月21日收盘，报12.64元/股。 重组计划 一年内披露12期进展公告 股价多次因资产重组暴涨 时间拉回到一年前，2024年6月5日，锦龙股份召开第九届董事会第三十九次（临时）会议审议通过了 《关于拟公开预挂牌转让中山证券股权的议案》。 由此来看，锦龙股份似乎并未寻找到合适的经营方向来替代中山证券出售后的"业务空当"。 5月20日开盘，锦龙股份受终止出售消息影响股价下跌。截至5月21日收盘，报12.64元/股。 经营压力 频频陷入"借款纠纷"曾称向智能算力中心转型 在锦龙股份出售中山证券的背后，其面临的经营压力一直是重要的原因。 一方面锦龙股份的负债率持续高企。财报数据显示，2021年-2024年期间，锦龙股份的资产负债率分别 为74.86%、77.66%、77.17%、81.09% ...

星标 ★ IPO日报 精彩文章第一时间推送 5月19日，广东锦龙发展股份有限公司（000712.SZ，下称"锦龙股份"）一纸公告宣告了历时近一年的重大资产重组计划终止。 公告第二天，锦龙股份股价微跌2.67%至12.75元/股，但较2024年6月出售计划公布次日8.22元/股的收盘价，累计上涨55.1%，市场情绪呈现分 化。 制图：佘诗婕 资产负债率高企 具体来看， 2024年6月5日，锦龙股份首次披露拟通过公开挂牌转让中山证券67.78%股权，构成重大资产重组。 彼时，公司同步推进的还有东莞证券20%股权转让计划，若两项交易完成，其证券资产将仅剩东莞证券20%股权。 2024年8月，东莞证券20%股权以22.72亿元对价转让给东莞金控的协议签署，但中山证券股权的出售却陷入僵局。尽管多家意向方参与尽调，但 始终未达成正式协议。 回顾锦龙股份此前的甩卖冲动，或源于公司岌岌可危的财务现状。 截至2024年12月31日，锦龙股份资产负债率高达81.09%，短期借款16.46亿元，长期借款42.72亿元。 而高负债导致利息支出巨大，2022年— 2024年，公司利息支出均超6.6亿元/年，其中，2024年均利息支出为 ...

子公司股权预挂牌仅半个月后竟终止，广东锦龙发展股份有限公司（以下简称"锦龙股份"）的"突然决策"引 发市场关注。5月19日，锦龙股份公告称，为防止公司在出售中山证券股权后可能出现主要资产为现金或者无 具体经营业务的情形，拟终止本次重组。值得一提的是，5月6日，上述股权才预挂牌。在终止筹划相关事项 的同时，锦龙股份也拟借款展期。年报数据显示，截至2024年末，锦龙股份的资产负债率高达81.09%，且归 母净利润也已连续四年亏损。有分析人士直言，上述原因更像是一种借口。"可能是出售过程中出现了问题， 或公司改变主意不想卖了。" 预挂牌半月后终止 5月19日，锦龙股份发布公告表示，为加快推进公司业务转型，并为公司向实体经济转型和拓展新质生产力创 造有利条件，此前公司拟转让所持有的中山证券全部67.78%股权，现公司决定终止本次重组。 对于终止筹划的原因，锦龙股份表示，此前已有意向受让方与公司进行接洽，且已有意向受让方对中山证券 开展了尽职调查。根据公司实际情况和《重组管理办法》相关规定，为防止公司在出售中山证券股权后可能 出现主要资产为现金或者无具体经营业务的情形，决定终止本次重组。 在上述消息公布后的首个交易日， ...

资金回笼计划终止的同时，还有10亿债务面临展期。 时隔近一年，锦龙股份（000712.SZ）转让中山证券股权宣告终止。 锦龙股份5月19日披露此事时解释，终止转让股权，是为了防止出售中山证券股权后，该公司可能出现主要资产为现金，或者无具体经营业务的情形。该公 司曾去年计划出清券商业务、跨界转型算力行业。但截至目前，向算力业务转型的计划，尚未取得实质性进展。 重组计划终止的同时，锦龙股份还面临沉重债务压力。该公司在公告中称，将寻求对一笔10亿元的借款进行展期。截至今年3月底，该公司资产负债率超过 80%。而截至去年底，该公司的逾期未偿债务就已超过7亿元。 转让券商股权按下"暂停键" 锦龙证券筹划转让中山证券的股权，目前已经接近一年。去年6月，该公司公告称，为加大资金回笼规模，加快业务转型，拟转让所持有的全部中山证券 67.78%股权。 期间，该公司多次披露重大资产重组进展。预挂牌后，已有意向受让方进行了接洽，部分意向受让方还对中山证券开展了尽调。该公司也聘请了独立财务顾 问、审计机构、评估机构等，就重组开展尽职调查、审计和评估等工作。 | | 2024 年 1-6 月 | | 2023 年度 | | | | - ...