Financial Performance - The company's net profit significantly declined due to increased depreciation and amortization from subsidiary projects, leading to a decrease in net profit attributable to shareholders by a substantial margin [4]. - The company reported a major drop in total profit and net profit year-on-year, consistent with industry trends, as the overall economic situation and downstream industry pressures remain significant [5]. - The company's operating revenue for 2024 reached ¥1,009,084,135.55, representing a 6.45% increase compared to ¥947,912,519.26 in 2023 [22]. - The net profit attributable to shareholders decreased by 64.34% to ¥5,652,342.69 in 2024 from ¥15,848,607.95 in 2023 [22]. - The net profit after deducting non-recurring gains and losses fell by 90.83% to ¥2,145,518.09 in 2024 compared to ¥23,390,725.93 in 2023 [22]. - Basic earnings per share decreased by 68.07% to ¥0.0121 in 2024 from ¥0.0379 in 2023 [22]. - The weighted average return on equity dropped to 0.33% in 2024 from 1.15% in 2023, reflecting a decline of 0.82% [22]. - The company reported a quarterly revenue of ¥301,081,436.29 in Q4 2024, marking a steady increase throughout the year [24]. - The net profit attributable to shareholders in Q4 2024 was negative at -¥3,173,881.58, indicating challenges in profitability during that quarter [24]. - The company achieved operating revenue of 100,908.41 million yuan, a year-on-year increase of 6.45% [63]. - The total profit amounted to 1,628.41 million yuan, a year-on-year decrease of 29.36% [63]. - Net profit attributable to shareholders was 565.23 million yuan, down 64.34% year-on-year [63]. Investment and R&D - The company plans to enhance its technical innovation and new product development capabilities while expanding its market share and industry position through an increasingly broad sales network [6]. - The company invested 42.07 million yuan in R&D, accounting for 4.17% of its total revenue, maintaining a stable R&D investment ratio [44]. - The company has successfully developed four new dye products, achieving quality standards and completing production process evaluations [43]. - The company is actively promoting the construction of an environmentally friendly high-end disperse dye project with an annual production capacity of 15,000 tons, which is expected to enhance its production capabilities [44]. - The company has focused on improving the wash fastness and color strength of its dyes, with active red 5B showing significant advancements in alkaline resistance for dyeing light colors [86]. - The company plans to establish a national-level R&D center to enhance product development and process optimization [119]. - The company has successfully developed and is moving towards mass production of several new dyes, including active brown RL and active yellow YY05, which are expected to reduce wastewater discharge significantly [86]. Market Trends and Challenges - The dye industry is expected to face considerable challenges in achieving stable operations by 2025, influenced by global geopolitical tensions and trade protectionism [5]. - The demand for dyes is expected to continue recovering, although the overall development of the dye industry remains uncertain due to external economic pressures [33]. - The ongoing geopolitical tensions and trade protectionism are expected to increase supply chain pressures and product demand fluctuations, impacting the company's future operations [41]. - The company is positioned to benefit from the ongoing green transformation in the dye industry, aligning with national policies on carbon neutrality [34]. Cash Flow and Financial Management - The cash flow from operating activities improved significantly, with a net inflow of ¥9,642,553.11 in 2024, a turnaround from a net outflow of ¥62,768,707.60 in 2023 [22]. - Operating cash inflow grew by 7.07% year-on-year, primarily due to a 6.50% increase in cash received from sales of goods and services [66]. - Operating cash outflow decreased by 2.76% year-on-year, with cash paid for goods and services down by 10.66% [66]. - Net cash flow from operating activities for 2024 was 9,642,553.11, a significant increase of 115.36% compared to the previous year [88]. - Net cash flow from investing activities decreased by 33.41% year-on-year, primarily due to a 60.64% reduction in cash recovered from investments [89]. - Net cash flow from financing activities decreased by 58.93% year-on-year, mainly due to repayments of bank loans [89]. Governance and Compliance - The company has established a governance structure that complies with legal requirements, ensuring independent operations from its major shareholders [12]. - The company has conducted two shareholder meetings during the reporting period, with participation rates of 26.97% and 31.63% respectively [16]. - The board of directors consists of 8 members, including 3 independent directors, ensuring a diverse governance structure [141]. - The company continues to prioritize corporate governance and transparency in its operations [140]. - The company has received a warning letter from the Jiangsu Securities Regulatory Bureau due to issues related to the storage and use of raised funds, indicating a lack of diligence from key personnel [154]. - The company has been noted for its responsibility in related information disclosure violations, which will be recorded in the securities and futures market integrity archives [154]. Environmental Management - The company is classified as a key pollutant discharge unit by environmental protection authorities [183]. - The company adheres to various environmental protection laws and standards, ensuring compliance with industry regulations [183]. - The wastewater treatment system has a capacity of 800 tons per day, utilizing advanced treatment processes to ensure compliance with discharge standards [187]. - The company has implemented online monitoring facilities for water pollutants at the discharge outlet to ensure stable operation and compliance [187]. - Throughout the reporting period, the company has not faced any penalties for environmental violations and has not experienced significant environmental pollution incidents [192]. - Jin Hui Chemical's total environmental investment amounted to 9.9554 million yuan, with an environmental protection tax payment of 46,911.11 yuan [195]. Future Plans and Strategic Focus - The company aims to become a leading player in the domestic dye industry and an internationally influential dye supplier through technological innovation and market expansion [116]. - The company plans to change the fundraising project from "annual production of 30,000 tons of high-end active dye project" to "fine chemical products project," with a new production capacity of 39,600 tons for H acid, 1.5 acid, and other fine chemical products [109]. - The company intends to expand its marketing network and strengthen its international strategy, focusing on cultivating marketing and foreign trade professionals to enhance brand recognition [119]. - The company plans to accelerate project construction to generate cash flow sooner and mitigate financial pressure [6].

Financial Performance - Revenue for Q1 2025 reached ¥261,548,096.03, an increase of 21.53% compared to ¥215,210,640.73 in the same period last year[5] - Net loss attributable to shareholders was ¥7,141,071.16, a decrease of 203.07% from a profit of ¥6,928,147.76 in the previous year[5] - Basic earnings per share decreased to -¥0.0152 from ¥0.0148, reflecting a decline of 202.70%[5] - The company reported a significant decrease in operating profit, with a loss of ¥6,105,940.28 compared to a profit of ¥8,401,427.21 in the previous year, a decline of 172.68%[8] - Total operating revenue for the current period reached ¥261,548,096.03, an increase of 21.5% compared to ¥215,210,640.73 in the previous period[17] - Total operating costs increased to ¥268,142,059.08, up 29.3% from ¥207,221,524.25 in the previous period[17] - The net profit for the current period was a loss of ¥7,141,071.16, compared to a profit of ¥6,928,147.76 in the previous period[18] - The operating profit for the current period was a loss of ¥6,105,940.28, down from a profit of ¥8,401,427.21 in the previous period[17] - Total profit for the current period was a loss of ¥5,734,348.61, compared to a profit of ¥8,683,985.48 in the previous period[17] Cash Flow - Operating cash flow improved significantly, with a net cash flow from operating activities of ¥17,497,703.33, compared to a negative cash flow of ¥37,103,973.47 in the same period last year, marking a 147.16% increase[9] - The net cash flow from investment activities was ¥12,543,177.17, an improvement from a negative cash flow of ¥246,157,585.59 in the previous period[20] - Cash inflow from investment activities was ¥73,250,680.22, compared to ¥109,703,237.45 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,610,738,655.77, a slight increase of 0.42% from ¥2,599,829,647.19 at the end of the previous year[5] - Total current assets increased to RMB 1,038,874,471.20 from RMB 994,168,649.53, reflecting a growth of approximately 4.3%[14] - Total liabilities increased to RMB 878,982,823.01 from RMB 861,012,102.42, representing a rise of about 2.4%[15] - The total equity attributable to shareholders decreased to RMB 1,731,755,832.76 from RMB 1,738,817,544.77, a decline of approximately 0.4%[15] - Short-term borrowings increased to RMB 221,828,636.52 from RMB 206,910,692.08, reflecting a growth of about 7.2%[15] - The company's total non-current liabilities decreased to RMB 227,781,204.57 from RMB 232,724,962.79, a reduction of about 2.1%[15] Inventory and Receivables - Inventory increased by 10.43% to ¥194,854,175.29, attributed to rising raw material prices[8] - The company's inventory increased to RMB 194,854,175.29 from RMB 176,457,456.91, indicating a rise of approximately 10.4%[14] - Accounts receivable financing decreased by 27.92%, falling to ¥125,067,506.68 from ¥173,511,566.43[8] - Accounts receivable increased to RMB 287,000,442.84 from RMB 253,456,495.31, showing a growth of approximately 13.3%[14] Investments and R&D - Research and development expenses increased to ¥7,931,191.46, up from ¥4,803,989.87 in the previous period, indicating a focus on innovation[17] - The long-term equity investments decreased to RMB 17,179,442.45 from RMB 17,483,380.33, a decline of approximately 1.7%[14] Cash and Equivalents - Cash and cash equivalents increased by 229.88% to ¥42,691,091.91, up from a decrease of ¥32,870,540.63 in the same period last year[9] - Cash and cash equivalents rose to RMB 236,059,691.80 from RMB 187,369,599.89, an increase of about 26%[14]

Core Viewpoint - The article discusses the significant downturn in the computing power infrastructure sector, driven by AI technology iterations and reduced capital expenditures from major players, leading to a supply-demand imbalance in the industry [2][3][5]. Group 1: Industry Trends - Several companies, including Feilixin, Lianhua Holdings, and Jinjis Co., have terminated multi-million yuan computing power leasing contracts, indicating a broader trend of supply-demand imbalance in the industry [3]. - IDC companies like GDS Holdings and Runze Technology are facing a "prisoner's dilemma," with many top firms' debt ratios exceeding the 65% warning line [4]. - Recent regulatory scrutiny of IDC industry REITs reflects concerns about the quality of underlying assets and growth expectations in the sector [5][27]. Group 2: Market Dynamics - The global market is undergoing a paradigm shift in computing power development, with companies like Microsoft scaling back their AI data center investments [8]. - High-frequency trading reports indicate a systematic revaluation of the AI infrastructure sector, with a notable decline in the "Energy + AI" investment portfolio since January [9]. - The anticipated peak in global data center capacity has been moved up to 2025, with supply-demand dynamics expected to improve between 2024 and 2027, although average utilization rates will remain above historical averages [10]. Group 3: Operational Challenges - In China, the computing power scale reached 246 EFLOPS by mid-2024, with intelligent computing power applications growing over 65% year-on-year, yet the average cabinet utilization remains low at 20%-30% [11]. - Many companies that ventured into computing power leasing in 2023 have since reversed course, with significant contract terminations reported [14][15]. - The low utilization rates and declining rental prices have led to many intelligent computing centers struggling to cover operational costs, with little hope for investment returns [16]. Group 4: Regulatory Environment - Recent government-led initiatives aim to assess computing power resources, targeting the chaotic expansion of data centers [6][17]. - The regulatory focus on the industry highlights structural issues such as supply-demand imbalances and resource misallocation, suggesting a shift towards quality improvement in infrastructure construction [18][19]. Group 5: Financial Risks - The high debt levels in the IDC sector are concerning, with companies like GDS Holdings and Runze Technology reporting debt ratios of 67.86% and 66.02%, respectively [23]. - The reliance on debt financing for expansion poses significant risks, especially with long project payback periods and imbalances between short-term debt pressures and long-term cash flow generation [24]. - Regulatory feedback on REIT projects indicates a cautious approach towards growth expectations in the data center industry, emphasizing the need for sustainable cash flow and operational stability [28]. Group 6: Future Outlook - The industry faces a dual pressure of supply-demand dynamics and stringent regulatory scrutiny, making it crucial for IDC companies to balance short-term survival with long-term growth [30]. - There are mixed opinions on whether the industry will see a reversal in growth trends, with some experts noting strong customer loyalty and ongoing demand, while others remain concerned about excess computing power and resource constraints [31][32]. - Overall, the narrative of high growth in the computing power sector is retreating, but the long-term outlook may lead to a healthier supply-demand balance if companies can find equilibrium between financial stability and technological advancement [33].

| 证券代码：300798 | 证券简称：锦鸡股份 公告编号：2025-027 | | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | 江苏锦鸡实业股份有限公司 关于锦鸡转债2025年第一季度转股情况的公告 1.债券代码：123129；债券简称：锦鸡转债 2.证券代码：300798；证券简称：锦鸡股份 3.转股日期：2022 年 05 月 10 日-2027 年 11 月 03 日 4.当前转股价格：7.93 元/股 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所可转换公司 债券业务实施细则》的有关规定，江苏锦鸡实业股份有限公司（以下简称"公司"） 现将 2025 年第一季度可转换公司债券（以下简称"可转债"或"锦鸡转债"）转 股及公司股份变动情况公告如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会证监许可[2021]2968 号文核准同意注册，公司 于 2021 年 11 月 04 日向不特定对象发行 600 万张可转换公司债券，每张面值 100 元，发行总额 6.00 亿元。 （二）可转债上市情况 本次发行的可转换公司债券于 2021 ...

| 证券代码：300798 证券简称：锦鸡股份 | 公告编号：2025-026 | | --- | --- | | 债券代码：123129 债券简称：锦鸡转债 | | 江苏锦鸡实业股份有限公司 一、银行账户部分资金被解除冻结的基本情况 二、本次诉讼保全的进展情况 相关方起诉并申请诉讼保全后，双方当事人积极沟通，自愿达成和解，相关 方向法院提出撤诉并申请一并解除对宁夏锦兴化工有限公司的财产保全措施。 近日，宁夏锦兴化工有限公司收到法院送达的（2025）苏 1283 民初 850 号 之一《民事裁定书》、（2025）苏 1283 民初 850 号之二《民事裁定书》，裁定 准许相关方撤回起诉，案件受理费、财产保全申请费由相关方负担。并解除对被 申请人宁夏锦兴化工有限公司采取的保全措施。 1 关于募集资金账户部分资金被解除冻结的公告 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、误导性陈述或重大遗漏。 2025 年 01 月 27 日，江苏锦鸡实业股份有限公司（以下简称"公司"）查 询银行账户，发现全资子公司宁夏锦兴化工有限公司募集资金账户有资金被冻结 保全，具体内容详见当日在巨潮资讯网（ ...

江苏锦鸡实业股份有限公司 简式权益变动报告书 | 证券代码：300798 | 证券简称：锦鸡股份 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | | 江苏锦鸡实业股份有限公司 简式权益变动报告书 上市公司名称：江苏锦鸡实业股份有限公司 股票上市地点：深圳证券交易所 股票简称：锦鸡股份 股票代码：300798 信息披露义务人：湖南臻泰股权投资管理合伙企业（有限合伙）-珠海大靖臻泰化工投 资合伙企业（有限合伙） 住所：珠海市横琴新区琴朗道 88 号 626 办公 A 区 通讯地址：湖南省长沙市雨花区湖南商会大厦东塔 17A 权益变动性质：减持股份到 5%以下 签署日期：二〇二五年三月 江苏锦鸡实业股份有限公司 简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动 报告书》及其他相关法律、行政法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准， ...

Group 1 - The stock of Jinji Co., Ltd. reached the daily limit with a closing price increase of 20.00% on March 18, resulting in a turnover rate of 17.73% and a total transaction amount of 596 million yuan [2][3] - Institutional investors net sold 8.61 million yuan, while brokerage seats collectively net bought 48.73 million yuan [2][3] - The top five trading departments accounted for a total transaction amount of 146 million yuan, with a net buying amount of 40.12 million yuan [3] Group 2 - The main capital inflow for Jinji Co., Ltd. on that day was 141 million yuan, with a significant single net inflow of 168 million yuan, while large single funds experienced a net outflow of 27.56 million yuan [3] - Over the past five days, the main capital net inflow amounted to 138 million yuan [3] - Specific trading details show that the top buying department was CITIC Securities with a buying amount of 18.99 million yuan, while the top selling department was an institutional special seat with a selling amount of 15.59 million yuan [3]

| 证券代码：300798 | 证券简称：锦鸡股份 | 公告编号：2025-023 | | --- | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | | 江苏锦鸡实业股份有限公司 关于为全资子公司提供担保额度的进展公告 （一）基本情况 被担保人名称：泰兴锦云染料有限公司 成立日期：2003 年 11 月 05 日 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、误导性陈述或重大遗漏。 2025 年 02 月 09 日，江苏锦鸡实业股份有限公司（以下简称"公司"）召开 第三届董事会第二十一次会议，审议通过了《关于 2025 年度预计为全资子公司 提供担保额度的议案》。2025 年 02 月 25 日，根据《深圳证券交易所创业板股 票上市规则》及《公司章程》等规定，公司召开 2025 年第一次临时股东会，对 董事会提出的上述议案进行审议，同意 2025 年度预计为全资子公司（包括合并 报表范围内公司相互之间）提供累计担保额度限额为人民币壹拾陆亿元整（包含 本数），担保方式包括保证担保、抵押担保等。在累计担保额度范围内，并授权 经营管理层签署具体担保协议及 ...

| 证券代码：300798 | 证券简称：锦鸡股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | | 江苏锦鸡实业股份有限公司 关于为全资子公司提供担保额度的进展公告 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、误导性陈述或重大遗漏。 2025 年 02 月 09 日，江苏锦鸡实业股份有限公司（以下简称"公司"）召开 第三届董事会第二十一次会议，审议通过了《关于 2025 年度预计为全资子公司 提供担保额度的议案》。2025 年 02 月 25 日，根据《深圳证券交易所创业板股 票上市规则》及《公司章程》等规定，公司召开 2025 年第一次临时股东会，对 董事会提出的上述议案进行审议，同意 2025 年度预计为全资子公司（包括合并 报表范围内公司相互之间）提供累计担保额度限额为人民币壹拾陆亿元整（包含 本数），担保方式包括保证担保、抵押担保等。在累计担保额度范围内，并授权 经营管理层签署具体担保协议及相关法律文件，决议授权期限自本议案通过股东 会审议之日起 12 个月。 近日，公司与相关方签署相 ...