HIKING(SH:600735) Shang Hai Zheng Quan Bao·2025-10-29 23:35Core Viewpoint - The stock price of Shandong Xinhua Jin International Co., Ltd. has experienced significant fluctuations, with a cumulative increase of over 12% in three consecutive trading days, raising concerns about abnormal trading behavior and associated risks [2]. Group 1: Financial Performance Risks - The company reported a net profit attributable to shareholders of -133.78 million yuan for 2024, a decline of 354.59% compared to 2023. The net profit after deducting non-recurring gains and losses was -141.18 million yuan, down 424.48% [2]. - For the first half of 2025, the net profit attributable to shareholders was 12.87 million yuan, a decrease of 39.45% year-on-year, while the net profit after deducting non-recurring gains and losses was 5.31 million yuan, down 73.61% [2]. Group 2: Share Pledge Risks - As of the announcement date, the controlling shareholder and its concerted parties held a total of 185,596,152 shares, accounting for 43.28% of the total shares. They have pledged 184,920,000 shares, representing 99.64% of their holdings and 43.13% of the total shares [3]. Group 3: Judicial Freeze and Marking Risks - The controlling shareholder and its concerted parties have a total of 185,596,152 shares, with 676,152 shares under judicial freeze and 184,920,000 shares marked, totaling 100% of their holdings and 43.28% of the total shares. Additionally, there are 189,047,994 shares under judicial pending freeze, accounting for 101.86% of their holdings and 44.09% of the total shares [4]. Group 4: Risk of Delisting Warning - The company has received an administrative regulatory decision from the Qingdao Securities Regulatory Bureau, indicating that as of the half-year report date, the non-operating funds occupied by Xinhua Jin Group and its related parties amounted to 406 million yuan. Failure to recover these funds within six months may lead to stock suspension and potential delisting [5]. Group 5: Changes in Fund Repayment Plans - The controlling shareholder had planned to sell the entire stake in Shandong Jimo Huangjiu Factory Co., Ltd. to Qingdao Beer Co., Ltd. to repay the occupied non-operating funds. However, this transaction has been terminated, and the related parties are seeking alternative ways to raise funds for repayment [6]. Group 6: Media Reports and Market Rumors - Apart from disclosed information, the company has not identified any media reports or market rumors that could significantly impact its stock trading price, nor is it involved in any market hot concepts [7].