Core Viewpoint - The performance of Jinjia Co., Ltd. has been declining, with its controlling shareholder facing potential judicial enforcement of shares, which may impact the company's stability and governance structure [1][5][10]. Financial Performance - Jinjia Co., Ltd. has experienced a continuous decline in revenue and net profit over the past two and a half years, with revenue figures of 51.89 billion, 39.45 billion, and 28.57 billion from 2022 to 2024, reflecting a year-on-year change of 2.40%, -23.96%, and -27.58% respectively [7][8]. - The net profit has also decreased for three consecutive years, with figures of 1.97 billion, 1.18 billion, and 719.85 million, showing year-on-year changes of -80.64%, -40.03%, and -39.19% [8][9]. - In the first half of 2025, the company reported revenue of 12.39 billion, a decline of 16.56% year-on-year, and a net profit of 1.22 billion, down 32.54% year-on-year [8][9]. Shareholder Control and Legal Issues - The controlling shareholder, Shenzhen Jinjia Venture Capital Co., Ltd. (Jinjia Chuangtou), may face judicial enforcement of 58.4 million shares, which represents 12.61% of its holdings and 4.02% of the total share capital of Jinjia Co., Ltd. [1][3]. - If the judicial enforcement is fully executed, Jinjia Chuangtou's shareholding could decrease from 463 million shares to 405 million shares, reducing its total shareholding percentage from 31.90% to 27.88% [5]. - Jinjia Chuangtou and its concerted parties have been involved in 15 major lawsuits in the past twelve months, with a total amount in dispute reaching 4.01 billion [10][11]. Business Segments - Jinjia Co., Ltd. operates in three main business segments: premium paper packaging, new materials, and new tobacco products [6]. - The revenue from the premium paper packaging segment decreased by 36.70% year-on-year, while the new materials segment saw a decline of 24.91%. Conversely, the new tobacco segment experienced a significant increase in revenue of 157.67% year-on-year [9].

Core Viewpoint - Shenzhen Jinjia Group Co., Ltd. (hereinafter referred to as "the company" or "Jinjia Shares") is facing potential forced execution of shares held by its controlling shareholder, Shenzhen Jinjia Venture Investment Co., Ltd. (hereinafter referred to as "Jinjia Venture" or "controlling shareholder") due to legal disputes, which may impact the company's stock structure but will not change its control or governance structure [1][3][4] Group 1 - The controlling shareholder, Jinjia Venture, holds a total of 58.4 million shares of Jinjia Shares, accounting for 12.61% of its total shares [1] - A court ruling has determined that 43.4 million shares held by Jinjia Venture will be auctioned to settle debts, with the initial auction price set at 70% of the average closing price over the last 20 trading days [2] - Additionally, 15 million shares are subject to a separate court ruling for auction due to another legal obligation, accounting for 1.03% of the company's total shares [2][3] Group 2 - The company emphasizes that the forced execution of shares will not lead to a change in control or significantly impact its governance and ongoing operations [3][4] - The total number of shares will decrease from 463,089,709 to 404,689,709, with the controlling shareholder's stake dropping from 31.90% to a lower percentage [3]

证券简称：劲嘉股份 证券代码：002191 公告编号：2025-068 深圳劲嘉集团股份有限公司 关于控股股东所持部分股份可能被司法强制执行的提示性公告 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。 特别提示： 深圳劲嘉集团股份有限公司（以下简称"公司"或"劲嘉股份"）控股股东深圳 市劲嘉创业投资有限公司（以下简称"劲嘉创投"或"控股股东"）所持合计 5,840 万股劲嘉股份股票（占其所持公司股份比例为 12.61%，占公司总股本比例为 4.02%）可能被司法强制执行。本次司法强制执行事项可能将导致劲嘉创投减少 上述股份，但不会导致公司实际控制权发生变化，不会对公司的治理结构和经营 情况产生直接的重大影响。最终司法处置方式和结果尚存在不确定性。敬请广大 投资者理性投资，注意投资风险。 2025 年 9 月 2 日，公司收到劲嘉创投的通知，其收到广东省深圳市南山区 人民法院（以下简称"法院"）作出的《执行裁定书》（〔2025〕粤 0305 执 12444 号）、《参考价定价结果通知书》（〔2025〕粤 0305 执 12444 号）以及《执行 裁定书》（〔2025〕 ...

Group 1: Donghai Securities - Donghai Securities was fined 60 million yuan by the China Securities Regulatory Commission for significant omissions and false records in its advisory role for Jinzhou Chihang Group's major asset restructuring in 2015, which is 2.55 times its net profit for the previous year and over half of its net profit for the first half of this year [1] - The fine may hinder Donghai Securities' ongoing IPO process, which has been in progress since March 2022, as regulatory bodies may require comprehensive internal control rectifications [1] - The company has faced frequent violations and management changes, with its investment banking revenue dropping 56.6% year-on-year in the first half of 2025, posing further challenges to its operations and IPO progress [1] Group 2: Minsheng Bank - Minsheng Bank reported a revenue of 72.384 billion yuan for the first half of 2025, a year-on-year increase of 7.83%, with a net interest margin rising by 1 basis point to 1.39% [2] - The bank's non-performing loan ratio was 1.48% as of June 30, 2025, an increase of 0.01 percentage points from the end of the previous year, while the proportion of special mention loans rose to 2.72% [2] - Minsheng Bank plans to distribute a cash dividend of 1.36 yuan per 10 shares to its A and H shareholders [2] Group 3: Sanxiang Bank - Sanxiang Bank reported a net loss of 214 million yuan for the first time in its nine-year history, primarily due to macroeconomic downturns and rising credit risks among small and micro enterprises [3] - The bank's shift from relying on personal loans through internet platforms to developing self-operated businesses like tax票 loans has led to increased losses due to insufficient risk control [3] - Frequent management changes and the introduction of talent from internet giants aim to drive digital transformation, but the bank's ability to return to profitability remains uncertain [3] Group 4: Jingjia Co. - Jingjia Co. announced that its controlling shareholder is involved in a significant lawsuit related to a borrowing contract dispute, with the amount in question reaching 67.85 million yuan [4] - Over the past year, the controlling shareholder and related parties have been involved in 15 major lawsuits, with a total amount exceeding 4 billion yuan [4] - The company's revenue and net profit for the first half of 2025 decreased by 16.56% and 32.54% respectively, indicating financial pressure [4] Group 5: Xiamen International Bank - Xiamen International Bank reported a revenue of 6.462 billion yuan for the first half of 2025, a year-on-year increase of 11.19%, with a net profit of 1.03 billion yuan, up 5.93% [4] - The bank's total assets and liabilities were 1.153 trillion yuan and 1.064 trillion yuan respectively, with a net asset value of 88.891 billion yuan [4] Group 6: Wenzhou Bank - Wenzhou Bank's revenue reached 4.664 billion yuan for the first half of 2025, reflecting a year-on-year growth of 14.23%, while its net profit increased by 2.43% to 1.146 billion yuan [4] - The bank's total assets and liabilities were 508 billion yuan and 477 billion yuan respectively, with a net asset value of 31.396 billion yuan [4] Group 7: Qingdao Bank - Qingdao Bank reported a revenue of 7.662 billion yuan for the first half of 2025, a year-on-year increase of 7.5%, with a net profit of 3.152 billion yuan, up 16.25% [5] - The bank's total assets and liabilities were 743 billion yuan and 696 billion yuan respectively, with a net asset value of 47.084 billion yuan [5] Group 8: Agricultural Bank of China - Agricultural Bank of China signed a significant agreement with Volant Aviation for 10 confirmed orders and 110 intended orders of aircraft, totaling a value of 3 billion yuan [6] - This partnership is supported by a 1 billion yuan credit facility from the Shanghai branch of Agricultural Bank of China [6] Group 9: Jiutai Rural Commercial Bank - Jiutai Rural Commercial Bank expects a net loss of 898 million yuan for the first half of 2025, primarily due to increased asset impairment losses despite rising revenue [7] - The bank anticipates a full-year net loss between 1.7 billion and 1.9 billion yuan for 2024, driven by reduced interest income and cautious credit risk assessments [7] Group 10: CICC - CICC appointed Wang Shuguang as the new president after a 16-month vacancy, with the company reporting a 43.96% increase in revenue and a 94.35% increase in net profit for the first half of 2025 [8] - The investment banking revenue surged by 149.70%, significantly contributing to the overall performance [8]

Core Insights - The global oral tobacco market is projected to reach $11.232 billion in 2024, reflecting a year-on-year growth of 57.57%, and is expected to grow to $25.148 billion by 2028, with a CAGR of 22.32% from 2024 to 2028 [1][2] - The North American and European markets are experiencing high growth rates, while the Asian and African markets are in early stages, indicating significant potential for rapid development in emerging markets [1][2] - The FDA's approval of flavored oral tobacco products is anticipated to act as a catalyst for market growth, potentially increasing the overall market ceiling [1][4] Market Overview - The retail market for oral tobacco is highly concentrated, with Philip Morris International, British American Tobacco, and Altria Group holding market shares of 41.1%, 24.6%, and 13.8% respectively, totaling 79.5% of the market [2] - In 2024, the North American oral tobacco market is expected to reach $8.775 billion, growing by 58.30% year-on-year, while the European market is projected to reach $2.415 billion, with a year-on-year growth of 56.12% [1][2] Company Performance - Philip Morris International's ZYN nicotine pouch sales are projected to be 644 million boxes in 2024, a year-on-year increase of 52.93%, with U.S. sales accounting for 581 million boxes, up 51.49% [2] - British American Tobacco's oral tobacco sales, including brands like Velo and Grizzly, are expected to reach 8.3 billion pouches in 2024, reflecting a year-on-year growth of 55%, with U.S. sales surging by 234% [2] Regulatory Developments - The FDA has authorized the sale of 20 ZYN nicotine pouch products, which are deemed to have lower harmful components compared to traditional cigarettes and most smokeless tobacco products, aligning with public health standards [4] - The approval of flavored products is expected to enhance market growth and expand the market's potential [4] Industry Opportunities - Jin Cheng Pharmaceutical is increasing its production capacity to 200 tons per year, focusing on high-purity nicotine for new tobacco products, which positions the company to benefit from the expanding oral tobacco market [5][6] - The company has received various certifications, including FDA PMTA approval, which enhances its competitive edge in the market [6] Investment Recommendations - Companies to watch in the oral tobacco supply chain include Jin Cheng Pharmaceutical (300233.SZ) and Run Du Co., Ltd. (002923.SZ) [7]

Group 1 - The latest stock price of Jinjia Co., Ltd. is 4.62 yuan, with an increase of 0.03 yuan, representing a rise of 0.65% compared to the previous trading day [1] - The stock reached a maximum of 4.71 yuan and a minimum of 4.35 yuan during the trading session, with a volatility of 7.84% [1] - The total trading volume for the day was 1.3228 million hands, with a transaction amount of 602 million yuan, resulting in a turnover rate of 9.18% [1] Group 2 - Jinjia Co., Ltd. specializes in the research, production, and sales of packaging printing products, including cigarette labels, color boxes, and laser films [1] - The company is located in Shenzhen, Guangdong Province, and operates within the packaging materials industry [1] Group 3 - On August 26, Jinjia Co., Ltd. experienced a rapid rebound in the morning session, with a rise of over 2% within five minutes [1] - As of 9:35 AM, the stock price was reported at 4.51 yuan, with a transaction amount of 136 million yuan and a turnover rate of 2.13% [1] Group 4 - In terms of capital flow, Jinjia Co., Ltd. saw a net inflow of 21.536 million yuan from main funds on that day, accounting for 0.32% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds reached 109 million yuan, representing 1.64% of the circulating market value [1]

证券简称：劲嘉股份 证券代码：002191 公告编号：2025-067 深圳劲嘉集团股份有限公司 关于公司控股股东及实际控制人新增诉讼的公告 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。 特别提示： 1、案件所处的诉讼阶段：案件处于一审阶段，尚未开庭审理。 2、控股股东及实际控制人所处的当事人地位：案件中控股股东及实际控制 人为被告。 3、涉案金额：案件涉案金额为 6,784.59 万元及相关费用。 4、对上市公司损益产生的影响：对公司本期及期后损益无直接影响。 一、本次案件的基本情况 2025 年 8 月 25 日，深圳劲嘉集团股份有限公司（以下简称"公司"或"劲嘉股 份"）收到控股股东深圳市劲嘉创业投资有限公司（以下简称"劲嘉创投"或"控股 股东"，持有公司股份占公司总股本的 31.90%）的书面通知，劲嘉创投收到了广 东省深圳市南山区人民法院传票（〔2025〕粤 0305 民初 48696 号），现将有关 情况公告如下： 1、诉讼当事人 原告：渤海银行股份有限公司深圳前海分行 圳劲嘉投资控股有限公司、深圳永丰田科技有限公司也未按约定承担相应的担保 责任。 3 ...

Market Overview - The packaging and printing sector increased by 0.13% on August 25, with Jinjia Co., Ltd. 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 Performers - Jinjia Co., Ltd. (002191) closed at 4.59, up 10.07% with a trading volume of 948,800 shares and a transaction value of 425 million [1] - Xiangxinglong (833075) closed at 34.28, up 4.58% with a trading volume of 32,800 shares [1] - Wangzi New Materials (002735) closed at 16.32, up 3.95% with a trading volume of 463,500 shares [1] - Hongyu Packaging (837174) closed at 20.75, up 3.59% with a trading volume of 49,200 shares [1] Fund Flow Analysis - The packaging and printing sector experienced a net outflow of 64.67 million from institutional investors, while retail investors saw a net outflow of 33.80 million [2] - Speculative funds had a net inflow of 98.47 million [2] Individual Stock Fund Flow - Jinjia Co., Ltd. had a net inflow of 12.7 million from institutional investors, but a net outflow of 55.17 million from speculative funds and 71.94 million from retail investors [3] - Wangzi New Materials saw a net inflow of 43.03 million from institutional investors, with a net outflow of 59.53 million from retail investors [3] - Dongfeng Group (601515) had a net inflow of 18.64 million from institutional investors, while retail investors experienced a net outflow of 41.47 million [3]

Core Insights - The company reported a significant decline in both revenue and net profit for the first half of 2025, with total revenue at 1.239 billion yuan, down 16.56% year-on-year, and net profit at 122 million yuan, down 32.54% [1] - The company's gross margin decreased to 19.12%, a drop of 29.45% compared to the previous year, indicating challenges in maintaining profitability [1] - The accounts receivable situation is concerning, with accounts receivable amounting to 1.192 billion yuan, which is 1655.26% of the net profit, highlighting potential liquidity issues [4] Financial Performance - Total revenue for 2025 was 1.239 billion yuan, down from 1.484 billion yuan in 2024, reflecting a 16.56% decrease [1] - Net profit decreased from 181 million yuan in 2024 to 122 million yuan in 2025, a decline of 32.54% [1] - The company’s operating cash flow per share was -0.21 yuan, a decrease of 15.6% year-on-year, indicating cash flow challenges [1] Cost and Expenses - The total of selling, administrative, and financial expenses reached 147 million yuan, accounting for 11.9% of revenue, which is an increase of 11.1% year-on-year [1] - The net profit margin fell to 9.72%, down 22.86% from the previous year, reflecting increased costs relative to revenue [1] Asset and Liability Management - Cash and cash equivalents decreased significantly by 559.05%, primarily due to reduced financing activities [3] - The company’s short-term borrowings decreased by 57.71% as a result of repaying bank loans [3] - Accounts receivable increased by 24.65% to 1.192 billion yuan, raising concerns about the company's credit management [1][3] Investment and Returns - The company's return on invested capital (ROIC) was reported at 0.95%, indicating weak capital returns compared to historical averages [4] - The historical median ROIC over the past decade was 11.27%, suggesting that the current performance is significantly below historical norms [4] - The net profit margin for the previous year was only 2.79%, indicating low added value from products or services [4]

Group 1 - The core viewpoint of the article is that as of August 22, 2025, institutional investors hold a total of 529 million shares of Jinjia Co., accounting for 36.45% of the company's total share capital, with a slight decrease of 0.63 percentage points compared to the previous quarter [1] Group 2 - Six institutional investors have disclosed their holdings in Jinjia Co., including Shenzhen Jinjia Venture Capital Co., Xinjiang Century Yuntong Equity Investment Partnership, Hong Kong Central Clearing Limited, Fujian Lexiang Investment Co., Morgan Stanley & Co. International PLC, and Hongde Yuexiang One-Year Holding Period Mixed A [1] - One new public fund has been disclosed this period, which is Hongde Yuexiang One-Year Holding Period Mixed A, while two public funds, Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, were not disclosed in this period [1] - One social security fund, the National Social Security Fund 503 Portfolio, was not disclosed in this period compared to the previous quarter [1] - Foreign investment sentiment shows an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with an increase of 0.48% [1]