JONJEE(SH:600872) Xin Jing Bao·2025-12-10 15:44Core Viewpoint - The company is facing significant investor dissatisfaction regarding its declining stock price and performance, with investors expressing concerns about management's effectiveness and the company's future prospects [2][3]. Group 1: Stock Price Concerns - Investors raised multiple questions about the company's stock price during the recent earnings call, with six out of twelve questions focusing on this issue [2]. - The company's market capitalization peaked at over 66 billion yuan in September 2020 but has since fallen to approximately 13.5 billion yuan by December 3, 2025 [2]. - Investors criticized the delay in the major shareholder's planned stock buyback of up to 400 million yuan, suggesting it misleads investors about potential performance risks [2]. Group 2: Financial Performance - Over the past five years, the company's revenue has fluctuated between 5.1 billion yuan and 5.6 billion yuan, with net profit generally positive except for a loss in 2022 [3]. - For the first three quarters of 2025, the company reported revenue of approximately 3.156 billion yuan, a year-on-year decline of 20.01%, and a net profit of about 380 million yuan, down 34.07% year-on-year [6]. - The company is implementing measures to improve performance, including optimizing product structure, enhancing operational efficiency, and expanding sales channels [6]. Group 3: Strategic Plans and Acquisitions - The company is cautiously balancing its cash position with potential acquisition opportunities, with several projects currently in progress [7]. - There is no confirmed partnership with China Resources, despite previous interest from other strategic partners [7]. - The company emphasizes the importance of maintaining operational capability post-acquisition and avoiding risks associated with reckless expansion [7].