JTL(SZ:300091) Xin Lang Cai Jing·2025-10-23 07:42Core Points - The subsidiary of the listed company Jintongling, Jiangsu Jintongling Precision Manufacturing Co., Ltd., has been applied for bankruptcy liquidation due to severe insolvency, with a net asset of -133 million yuan as of June 2025 [1] - The parent company Jintongling is also facing financial difficulties, reporting a 48.7% decline in revenue to 370 million yuan in the first half of the year, and a net loss of 202 million yuan [1] - The former owner of Jintongling has been sentenced to six years in prison for fraudulently issuing securities, further complicating the company's financial situation [1] Financial Performance - Jiangsu Jintongling Precision Manufacturing was established in August 2019 with a registered capital of 10 million yuan, but has shown poor performance since its inception [1] - The subsidiary's revenue peaked in 2020 but reported a net loss of 22.31 million yuan in 2021 due to a lack of external orders, with further losses of 6.25 million yuan and 7.83 million yuan in 2023 and 2024 respectively [1] - As of September 2025, the subsidiary owes Jintongling approximately 156 million yuan, accounting for about 23% of the parent company's latest audited net assets [1] Legal and Regulatory Issues - The bankruptcy application was initiated by Nantong Shenguang Machinery Manufacturing Co., Ltd. due to unpaid fees from Jiangsu Jintongling Precision Manufacturing [1] - Jintongling has faced legal repercussions, including an 800,000 yuan fine for fraudulently issuing securities, and has been implicated in significant financial misconduct from 2017 to 2022 [1]