Market Overview - The packaging and printing sector experienced a decline of 0.41% on January 28, with Jinjia Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Yutong Technology (002831) saw a significant increase of 5.79%, closing at 28.50 with a trading volume of 109,500 shares and a turnover of 306 million yuan [1] - Shunhao Co., Ltd. (002565) rose by 2.65%, closing at 17.82 with a trading volume of 1.6316 million shares and a turnover of 2.836 billion yuan [1] - Jinjia Co., Ltd. (002191) experienced a notable decline of 9.50%, closing at 4.00 with a trading volume of 1.0317 million shares and a turnover of 420 million yuan [2] Capital Flow Analysis - The packaging and printing sector saw a net outflow of 240 million yuan from institutional investors, while retail investors contributed a net inflow of 222 million yuan [2][3] - Shunhao Co., Ltd. had a net inflow of 47.75 million yuan from institutional investors, while retail investors contributed a net inflow of 53.23 million yuan [3] - Baosteel Packaging (601968) recorded a net inflow of 20.18 million yuan from institutional investors, but faced a net outflow of 18.77 million yuan from retail investors [3]

Core Viewpoint - The company, Jinjia Co., Ltd. (002191), is forecasting a significant net profit loss for the year 2025, indicating a severe decline in financial performance compared to the previous year [1] Financial Performance Summary - The expected net profit loss for 2025 is projected to be between 5.04 billion yuan and 2.52 billion yuan, representing a year-on-year decline of 450% to 800% [1] - The net profit loss, excluding non-recurring gains and losses, is anticipated to be between 6.26 billion yuan and 3.13 billion yuan, reflecting a year-on-year decrease of 550% to 1000% [1]

Group 1 - The company expects a negative net profit for the fiscal year 2025, covering the period from January 1, 2025, to December 31, 2025 [1] - The financial data related to this earnings forecast has not been audited by the accounting firm, but preliminary discussions have taken place without major disagreements [1] - The decline in performance is attributed to adjustments in customer structure, leading to lower business volume and significant decreases in revenue and profit for certain subsidiaries [1] Group 2 - The company anticipates a total impairment provision for goodwill and long-term equity investments, as well as bad debt provisions for accounts receivable, amounting to approximately between 488 million and 791 million yuan [1] - The specific amounts for the impairment provisions will be determined after evaluation and auditing by qualified assessment and auditing institutions [2] - The provision for bad debts may be adjusted based on subsequent collection situations [2]

Group 1 - The company, Jingjia Co., Ltd. (002191.SZ), has disclosed its performance forecast for the year 2025, expecting a net loss attributable to shareholders of between 252 million yuan and 504 million yuan [1] - The net loss after deducting non-recurring gains and losses is projected to be between 313 million yuan and 626 million yuan [1]

Core Viewpoint - The company, Jingjia Co., Ltd. (002191.SZ), expects a significant decline in net profit for the year 2025, projecting a loss between 504 million to 252 million yuan, representing a decrease of 450% to 800% compared to the previous year [1] Financial Performance - The projected net profit attributable to shareholders is expected to be between -504 million to -252 million yuan, indicating a drastic decline of 450% to 800% year-on-year [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -626 million to -313 million yuan, reflecting a decrease of 550% to 1000% compared to the same period last year [1] Reasons for Performance Change - The decline in performance is attributed to adjustments in customer structure, leading to lower business volume for certain subsidiaries, which resulted in a significant drop in revenue and profit [1] - Some affiliated enterprises experienced a downturn in operating performance due to changes in the industry environment, with future revenue and net profit expected to decrease substantially compared to previous forecasts [1] - The company has reported overdue accounts receivable in its trading business, which has further impacted financial performance [1] Impairment Provisions - The company plans to recognize impairment provisions for goodwill and long-term equity investments, as well as provisions for bad debts on accounts receivable, with a total estimated amount between 488 million to 791 million yuan [1]

Core Viewpoint - The company, Jingjia Co., Ltd., has announced a significant decline in its expected net profit for the year 2025, projecting a loss between 503.90 million to 251.95 million yuan, representing a decrease of 450% to 800% compared to the previous year's profit of 71.99 million yuan [1] Financial Performance - The expected non-recurring net profit is projected to be between -626.43 million to -313.21 million yuan, a decline of 550% to 1000% from the previous year's figure of 69.60 million yuan [1] - The decline in performance is attributed to lower-than-expected business volume from certain subsidiaries, decreased performance from joint ventures, and overdue accounts receivable in trade operations [1] Impairment Provisions - The company anticipates recognizing impairment provisions ranging from 488 million to 791 million yuan [1]

Group 1 - The core viewpoint of the article indicates that Jingjia Co., Ltd. is expected to report a net profit loss of approximately 252 million to 504 million yuan for the year 2025, marking a significant shift from profit to loss compared to the previous year [1] - The basic earnings per share are projected to be between -0.35 yuan and -0.17 yuan, a decline from the previous year's earnings per share of 0.05 yuan [1] - The primary reasons for the performance change include adjustments in customer structure, leading to lower business volumes for some subsidiaries, resulting in a substantial decline in related revenue and profit [1] Group 2 - Some affiliated enterprises have also experienced a decline in operating performance due to changes in the industry environment, with future revenue and net profit expected to decrease significantly compared to previous forecasts [1]

三、业绩变动原因说明 证券简称：劲嘉股份 证券代码：002191 公告编号：2026-002 深圳劲嘉集团股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025 年 1 月 1 日－2025 年 12 月 31 日 2.预计的业绩：预计净利润为负值 2025 年度预计业绩情况： | 项 目 | | | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 比上年同期下降：450% | | ~ | 800% | 万元 7,198.52 | | | | -50,389.64 | 万元 | ~ -25,194.82 | | 万元 | | | | 扣除非经常性损 益后的净利润 | 比上年同期下降：550% | | | ~ | 1000% | 6,960.31 万元 | | | | -62,642.79 | 万元 | ~ -31,321.40 | | 万元 | | | | ...

Core Viewpoint - The report highlights a decline in the export value of China's printing and recording media copying industry, indicating potential challenges for companies in this sector [1]. Industry Summary - By December 2025, the export value of the printing and recording media copying industry in China is projected to be 5.19 billion yuan, reflecting a year-on-year decrease of 5.5% [1]. - The cumulative export value for the entire year of 2025 is expected to reach 59.96 billion yuan, which represents a year-on-year decline of 3.2% [1]. - A statistical chart from 2019 to 2025 illustrates the trends in export value for the printing and recording media copying industry [1]. Company Summary - Listed companies mentioned include Zhuhai Zhongfu (000659), Shaanxi Jinye (000812), Yongxin Co., Ltd. (002014), Donggang Co., Ltd. (002117), Jinjia Co., Ltd. (002191), Hexing Packaging (002228), Haishun New Materials (300501), Longlide (300883), Shanghai Ailu (301062), Xiyue Zhixing (301198), Jinghua Laser (603607), Dashengda (603687), Fangda New Materials (838163), Hujing Materials (870204), and Zhongrong Co., Ltd. (301223) [1].

（1） 上述司法拍卖的具体情况请关注京东网司法拍卖网络平台（http://sifa.jd.com）上 公示的相关信息。 证券简称：劲嘉股份 证券代码：002191 公告编号：2026-001 一、股东股份被司法拍卖的基本情况 深圳劲嘉集团股份有限公司 | 股 东 | 是否为控股 股东或第一 | 本次被司 法拍卖股 | 占其所 | 占公司 | 是否为 限售股 | 原 | | --- | --- | --- | --- | --- | --- | --- | | 名 | 大股东及其 | 份数量 | 持股份 | 总股本 | 及限售 | 司法拍卖时间 | | 称 | 一致行动人 | （股） | 比例 | 比例 | 类型 | | | 嘉 | | | | | | 10 | | 创 | 是 | 86,000,000 | 20.93% | 5.92% | 否 | 年 月 日 2 27 10 | | | | | | | | 时（延时的除 民法院 | | 投 | | | | | | 外） | | | 合计 | 86,000,000 | 20.93% | 5.92% | / | / / / | | | | | | | | 拍卖人 ...