Core Viewpoint - The company Jin Yang Co., Ltd. (301210.SZ) has received an inquiry letter regarding its convertible bond issuance application, focusing on discrepancies between revenue and net profit trends, continuous decline in net profit excluding non-recurring items, and decreasing gross margin for battery precision structural components [1] Group 1: Financial Performance - The company's revenue from 2022 to the first nine months of 2025 showed fluctuating growth, with figures of 1.229 billion, 1.111 billion, 1.365 billion, and 1.195 billion yuan respectively [1] - Net profit excluding non-recurring items has consistently declined from 87.89 million yuan to 26.89 million yuan [1] Group 2: Market Conditions and Challenges - The consumer battery market has been sluggish in 2023, leading to a decrease in product sales due to inventory reduction by end manufacturers, alongside price fluctuations and rising raw material costs [1] - The gross margin for battery precision structural components has decreased from 21.89% to an expected 9.80% in 2024 [1] Group 3: Future Outlook - The company anticipates a market recovery starting in 2024, which is expected to boost revenue, although new business ventures with lower pricing may impact overall profitability [1] - By the first nine months of 2025, the gross margin for the business has improved to 11.00% due to product structure optimization and enhanced cost control [2]
金杨股份：营收增长净利反降，可转债发行遭监管问询