Core Viewpoint - The consumption of disperse ink in China is expected to grow significantly from 6,300 tons in 2015 to 36,000 tons by 2024, with a compound annual growth rate (CAGR) of 21%, driven by the increasing penetration of digital printing technology and the optimization of disperse ink performance [1][7]. Industry Overview - Disperse ink is primarily made from disperse dyes and is mainly used for printing on polyester fabrics, offering advantages such as vibrant colors, excellent wash fastness, and short dyeing times [3][6]. - The market is divided into two main segments: sublimation ink, which accounts for 90% of the market, and high-temperature disperse ink, which is expected to gain market share due to its environmental benefits [1][7]. Market Segmentation - Sublimation ink is the most widely used due to its efficiency and ability to detect defects during the transfer process, thus reducing production costs [1][7]. - High-temperature disperse ink, while currently holding a smaller market share, is more environmentally friendly as it eliminates the need for transfer paper, which is expected to enhance its market presence in the future [1][11]. Competitive Landscape - The disperse ink market has seen a shift from foreign dominance to a more competitive landscape with domestic companies like Zhejiang Lanyu Digital Technology Co., Ltd. and Zhengzhou Hongsheng Digital Technology Co., Ltd. gaining significant market share [2][9]. - Companies are focusing on R&D and local production to meet the growing demand for high-quality disperse inks [9][10]. Industry Development Trends 1. **Increase in High-Temperature Disperse Ink Market Share** - High-temperature disperse ink is becoming a preferred choice due to its compliance with environmental regulations and its ability to solve issues related to color migration in sublimation inks [11][12]. 2. **Product Functionalization and Value Addition** - Companies are integrating additional functionalities into disperse inks, such as flame retardancy and UV resistance, to meet diverse market needs, particularly in sportswear and outdoor applications [12][13]. 3. **Market Consolidation and Focus on Leading Enterprises** - The industry is moving towards consolidation, with leading companies expanding their market share while smaller firms face challenges due to rising costs and regulatory pressures [13].

Core Viewpoint - The demand for active ink in China's market is increasing due to the growth in downstream applications, innovations in digital inkjet printing technology, and stricter environmental policies promoting sustainable alternatives to traditional dyes [1][7]. Industry Overview - The active ink industry in China has seen a rise in consumption from 1,400 tons in 2015 to an expected 8,100 tons by 2024, indicating a stable growth trend [1][7]. - Active ink is primarily used in digital inkjet printing, which includes dye-based and coating inks, with active dye ink being a significant component due to its superior performance [3][4]. Industry Chain - The upstream of the active ink industry includes raw materials such as active dyes, surfactants, and deionized water, while the midstream involves the manufacturing of active ink products, and the downstream focuses on applications in textiles and printing [4][5]. Competitive Landscape - The high-end market for active ink is dominated by companies from Europe, the United States, Japan, and South Korea, while China's industry is characterized by smaller firms with varying capabilities, although some strong domestic manufacturers are emerging [8]. Related Companies - Key players in the active ink market include Blue Universe Co., Ltd., Honghua Digital Technology Co., Ltd., and Zhejiang Longsheng Group, among others, which are involved in the research, production, and sales of digital printing inks [9][10]. Development Trends - The active ink industry is expected to expand beyond textile printing into flexible electronics and smart packaging, with a focus on multifunctionality and environmental sustainability [12][13].

Group 1 - The company, Jinji Co., stated that product prices are influenced by various factors including macroeconomic environment, raw material prices, market supply and demand, and industry competition [1] - The company will make timely and moderate adjustments to pricing based on changes in the aforementioned factors and order conditions [1] - Detailed product pricing involves commercial secrets and is not convenient for regular updates on the official website [1]

Group 1 - The core viewpoint of the article is that Jinji Co., Ltd. (300798) has announced its operational scale of 1920P computing power by June 30, 2025, as per its response to investor inquiries on the interactive platform [1] - The company will continue to promote the construction of computing power projects based on project planning and market conditions [1] - Further details regarding the construction progress and chip selection will be available in future regular or temporary reports [1]

Core Viewpoint - The company, Jinji Co., is transitioning into the computing power leasing industry to capitalize on the growth driven by artificial intelligence technology, aiming to enhance its competitive edge and create new profit growth points [2][3]. Group 1: Business Strategy - Jinji Co. has recognized the development bottlenecks in the chemical industry and has initiated a transformation towards computing power leasing [2]. - The company has established clear development principles for its computing power business, focusing on long-term contracts of 3 to 5 years to stabilize pricing and mitigate market risks [2]. - The current focus is on computing power platform scheduling and software development, with an emphasis on applications in education and government sectors [2][3]. Group 2: Market Position and Opportunities - The computing power leasing sector is becoming increasingly competitive, but Jinji Co. sees it as a gateway to deeper industry applications, which are expected to emerge across various sectors in the coming years [3]. - The company’s core product, reactive dyes, ranks among the top three in the Chinese market, providing a strong foundation for its transition [3][4]. - Jinji Co. emphasizes environmental sustainability as a key principle for its long-term development, ensuring that production processes meet strict environmental standards [3][4]. Group 3: Competitive Advantages - Strong customer loyalty serves as a robust barrier against market risks, with the company maintaining resilience despite overall industry slowdowns [4]. - Jinji Co. leverages its superior environmental practices, brand reputation, product influence, and comprehensive sales network to establish a unique competitive advantage in the dye industry [4].

Core Viewpoint - Jinji Co., Ltd. reported a significant increase in revenue for the first three quarters of 2025, but faced substantial losses in net profit and cash flow, indicating potential challenges in operational efficiency and profitability [1][2]. Financial Performance - The company achieved an operating revenue of 874.29 million yuan, representing a year-on-year growth of 23.49% [1][2]. - The net profit attributable to shareholders was -15.22 million yuan, a decline of 272.46% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was -20.16 million yuan, down 361.46% year-on-year [1][2]. - The net cash flow from operating activities was -36.26 million yuan, but showed a year-on-year increase of 30.70% [1][2]. Historical Context - Jinji Co., Ltd. was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 22, 2019, with an initial public offering of 41.78 million shares at a price of 5.53 yuan per share [3]. - The total amount raised from the IPO was 231.04 million yuan, with a net amount of 184.85 million yuan after expenses [4]. - The company also issued convertible bonds in 2021, raising a total of 600 million yuan, with a net amount of 575.24 million yuan after deducting issuance costs [4][5].

Core Viewpoint - The company, Jinji Co., stated that its production activities are normal and there is no undisclosed information. It emphasizes ongoing efforts to enhance investment value through various measures [1]. Financial Performance - The company has disclosed its financial status and operating results for the first three quarters of the year, with full-year performance details to be available in the earnings forecast or annual report [1]. Operational Strategy - Jinji Co. is focused on enhancing investment value through market capitalization management, standardized operations, and steady business practices. It aims to improve operational levels and development quality [1]. Investor Relations - The company is committed to increasing investor confidence by focusing on core business operations, maintaining consistent cash dividends, ensuring open communication channels, and adhering to standardized information disclosure practices [1].

| 证券代码：300798 | 证券简称：锦鸡股份 公告编号：2025-080 | | --- | --- | | 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 关于可转换公司债券2025年付息公告 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。 特别提示： 江苏锦鸡实业股份有限公司（以下简称"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（以下简称"可转债"或"锦鸡转债"）。 根据公司《创业板向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 1 集说明书》"）和《创业板向不特定对象发行可转换公司债券上市公告书》（以 下简称"《上市公告书》"）的有关条款约定，公司将于 2025 年 11 月 04 日（付 息日）支付第四年（2024 年 11 月 04 日至 2025 年 11 月 03 日）的利息，现将 本次付息事项公告如下： 1."锦鸡转债"将于 2025 年 11 月 04 日按面值支付第四年利息，每 10 张 "锦鸡转债"（面值 1,000.00 元）利息为 15.0 ...

Core Viewpoint - Jinji Co., Ltd. (300798.SZ) reported a revenue of 874 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.49% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 15.22 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 20.16 million yuan [1] - The basic loss per share was 0.0325 yuan [1]

| 证券代码：300798 | 证券简称：锦鸡股份 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | | 审议《关于<2025 年第三季度报告>的议案》 根据《证券法》等相关法律法规要求，公司组织编写了 2025 年第三季度报 告，报告内容真实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗 漏。 江苏锦鸡实业股份有限公司 第四届董事会第三次会议决议公告 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、董事会会议召开情况 江苏锦鸡实业股份有限公司（以下简称"公司"） 第四届董事会第三次会议 于 2025 年 10 月 28 日以现场结合通讯表决的方式在公司会议室召开。会议通知 于 2025 年 10 月 18 日通过电子邮件、电话的方式发出。本次会议由董事长赵卫 国先生主持，应参加会议董事 9 名，实际参加会议董事 9 名，部分高级管理人员 列席了会议。 本次董事会会议的召开符合《中华人民共和国公司法》等相关法律、行政法 规及《公司章程》的规定。 二、董事会会议审议情况 ...