Group 1 - The core point of the article is that Zhuhai Dajing, a shareholder of Jinjiji Co., plans to reduce its stake by 1.50% after the expiration of the reduction period [1] - Zhuhai Dajing holds 5.72% of Jinjiji Co. and has already reduced its holdings by 702.49 million shares, which represents 1.50% of the total share capital [1] - After the reduction, Zhuhai Dajing's shareholding will decrease to 4.22% [1] Group 2 - The reduction will take place through block trading and centralized bidding within three months after the announcement, which was made 15 trading days prior [1] - The reduction complies with relevant laws and regulations as well as the reduction commitment made by the shareholder [1]

| 证券代码:300798 | 证券简称:锦鸡股份 公告编号:2025-060 | | --- | --- | | 债券代码:123129 | 债券简称:锦鸡转债 | 持有公司股份 26,810,407 股（占公司总股本比例 5.72%）的大股东湖南臻 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企业（有限合伙） （以下简称"珠海大靖"）计划在本公告披露之日起 15 个交易日后的 3 个月内 以大宗交易和集中竞价方式减持本公司股份 7,030,000 股（占本公司总股本比例 1.50%）。 公司近日收到持股 5%以上股东珠海大靖出具的关于减持计划到期的告知函， 现将有关情况公告如下： 一、股东减持情况 | 股东名称 | 减持方式 | 减持时间 | 减持均价 （元/股） | 减持股数 （股） | 减持比例 | | --- | --- | --- | --- | --- | --- | | | 集中竞价 | 2025-03-21 | 10.24 | 3,369,607 | 0.72% | | 珠海大靖 | | | | | | | | 集中竞价 | 2025-06-09 | 8.81 | 1,200,0 ...

Investment Rating - The industry is rated as "Recommended" for investment, indicating a favorable outlook for the sector [2][8]. Core Insights - The price center of H acid is expected to rise due to tightening supply and demand dynamics, with a current market average price of 41,750 RMB/ton as of June 13, 2025, reflecting an increase of 5,750 RMB/ton since early January 2025 [6][8]. - The active dye industry is undergoing a phase of industrial upgrading and consolidation, with many small and medium enterprises being eliminated due to sustained price pressure since late 2019 [6][8]. - H acid, a key raw material for producing active dyes, constitutes 30%-50% of the total cost, and its price increase is likely to positively impact active dye prices, which have recently risen from 20 RMB/kg to 23 RMB/kg [6][8]. Summary by Sections Industry Overview - H acid production faces challenges such as high energy consumption and significant environmental pollution, leading to production halts in developed countries, with global capacity concentrated in China and India [6][8]. - Domestic effective H acid capacity is currently below 60,000 tons, resulting in a supply gap exceeding 10% [6][8]. Cost and Pricing Dynamics - The cost support from H acid is expected to facilitate a smoother transmission of price increases in active dyes, benefiting companies with integrated production capacities [6][8]. - The report highlights that companies like Zhejiang Longsheng, Jinchicken Co., Luntai Co., and Jihua Group are well-positioned to benefit from these dynamics [6][8]. Key Companies and Profit Forecast - Key companies to watch include: - Zhejiang Longsheng (Stock Code: 600352.SH) with an estimated EPS of 0.67 for 2025 and a PE ratio of 16 [9]. - Jinchicken Co. (Stock Code: 300798.SZ) currently un-rated but with significant production capacity [9]. - Luntai Co. (Stock Code: 002440.SZ) with an estimated EPS of 0.25 for 2025 and a PE ratio of 33 [9]. - Jihua Group (Stock Code: 603980.SH) with an estimated EPS of 0.25 for 2024 and a PE ratio of 81 [9].

Core Viewpoint - The company, Jiangsu Jinjis Industrial Co., Ltd., maintains a stable credit rating of A+ due to its strong market position in the active dye industry, despite facing challenges such as declining profits and increased operational pressures [2][3][4]. Company Overview - The company is a leading manufacturer in the active dye sector, holding a significant market share with 17.8% of the national active dye production in 2024 [3][8]. - The company has a diverse product range in active dyes, with over 400 varieties across 32 series, and is well-positioned in the market [15]. Financial Performance - The company's revenue for 2024 reached approximately 1.01 billion yuan, reflecting a year-on-year increase of 6.45%, driven primarily by growth in active dye sales [15]. - The gross profit margin improved to 15.30% in 2024, up from 13.12% in the previous year [15]. - However, net profit saw a significant decline due to increased depreciation and amortization expenses, as well as rising interest costs associated with a growing debt load [4][20]. Operational Challenges - The company faces operational challenges, including delays in the production timelines for its fundraising projects, which have been postponed to July 31, 2025 [4][16]. - The active dye industry is experiencing heightened competition and price pressures, leading to a decrease in profit margins [10][12]. Market Environment - The dye industry is currently grappling with insufficient demand, which remains a prominent issue, compounded by increased supply leading to intensified competition [10][12]. - The overall dye production in China reached 940,000 tons in 2024, marking a 6.4% year-on-year increase, but the market remains competitive with declining prices [12][13]. Future Outlook - The company is optimistic about enhancing its raw material supply capabilities through upcoming projects, which are expected to improve its competitive position in the market [4][16]. - The company is also diversifying into the computing power leasing business, which is expected to contribute to revenue, although it faces risks related to market price fluctuations [17][18].

| 证券代码：300798 | 证券简称：锦鸡股份 公告编号：2025-059 | | --- | --- | | 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 关于募集资金专项账户全部注销完成的公告 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。 江苏锦鸡实业股份有限公司（以下简称"公司"）近日完成了全部募集资金 专项账户注销，现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏锦鸡实业股份有限公司首次公开 发行股票的批复》（证监许可〔2019〕1848 号）核准，并经深圳证券交易所同 意，公司向社会公众公开发行人民币普通股（A 股）股票 4,178 万股，发行价为 每股人民币 5.53 元，募集资金总额为人民币 23,104.34 万元，扣除各项发行费 用（不含税）人民币 4,618.87 万元后，实际募集资金净额为人民币 18,485.47 万元。天健会计师事务所（特殊普通合伙）对该募集资金到位情况进行了审验， 并于 2019 年 11 月 19 日出具了〔2019〕385 号《验资报告》， ...

本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 2021 年江苏锦鸡实业股份有限公 司创业板向不特定对象发行可转 换公司债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【135】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本 ...

Group 1 - The dye sector is experiencing localized activity, with Jinji Co., Ltd. (300798) hitting the daily limit up [1] - Other companies in the sector, such as Runtu Co., Ltd. (002440), Hualitai (001217), Annoqi (300067), and Zhejiang Longsheng (600352), also saw increases in their stock prices [1]

Market Overview - The ChiNext Index fell by 1.17%, closing at 2037.27 points, with a total trading volume of 411.80 billion yuan, an increase of 43.55 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 316 stocks closed higher, with 18 stocks rising over 10%, including Huaye Spice, Saiseng Pharmaceutical, and Zhongke Magnetic Materials, which hit the daily limit [1] Trading Activity - The average turnover rate for ChiNext stocks today was 4.56%, with 60 stocks having a turnover rate exceeding 20% [1] - The stock with the highest turnover rate was Kangliyuan, which closed up 13.17% with a turnover rate of 78.20% and a trading volume of 760 million yuan [1] - Other notable stocks with high turnover rates included Zhongke Magnetic Materials (59.04% turnover rate) and Guokang Biochemical (56.79% turnover rate) [1] Institutional Activity - Among the high turnover stocks, 11 were listed on the Dragon and Tiger List, indicating significant institutional trading activity [2] - Notable net purchases by institutions included Jinjiji Co. with a net buy of 58.05 million yuan and Fuchun Co. with a net buy of 48.92 million yuan [2] Fund Flow - In terms of fund flow, 33 high turnover stocks experienced net inflows, with the highest being Zhongwen Online (560 million yuan) and Fuchun Co. (221 million yuan) [3] - Conversely, the stocks with the largest net outflows included Runxin Technology (308 million yuan) and Hanyu Pharmaceutical (295 million yuan) [3] Performance of Specific Stocks - Kangliyuan and Zhongke Magnetic Materials were among the top performers, with significant price increases and high turnover rates [4] - Guokang Biochemical and Hailin Pharmaceutical faced notable declines, with Guokang Biochemical down by 10.32% [4][5] - The performance of new stocks like C Youyou, which had a turnover rate of 48.68%, was also highlighted [2]

| 证券代码：300798 | 证券简称：锦鸡股份 | 公告编号：2025-058 | | --- | --- | --- | | 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 股票交易异常波动的公告 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。 一、股票交易异常波动的具体情况 江苏锦鸡实业股份有限公司（以下简称"公司"）股票于 2025 年 06 月 09 日、06 月 10 日，连续 2 个交易日内日收盘价格涨幅偏离值累计超过 30%。根据 《深圳证券交易所交易规则》等相关规定，上述情形属于股票交易异常波动情形。 二、公司关注并核实情况 针对股票交易异常波动情况，公司董事会通过电话问询的方式对公司、持股 5%以上股东、全体董事、高级管理人员就相关事项进行了认真核实，现对有关情 况说明如下： (一)公司前期披露的信息不存在需要更正、补充之处。 (二)公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产 生较大影响的未公开重大信息。 (三)近期公司经营情况及内外部经营环境未发生重大变化。 (六)经自查，公司不存在违 ...

锦鸡股份（300798）发布股票交易异常波动公告，公司股票于2025年6月9日、6月10日连续2个交易日收 盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。经核实，公司前期披露的信息不存在需 要更正、补充之处，近期公司经营情况及内外部经营环境未发生重大变化，公司、第一大股东不存在关 于本公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。股票异常波动期间，第一大股东 及其一致行动人未买卖公司股票，公司不存在违反公平信息披露规定的其他情形。 ...