京基智农控股股东及高管减持后抛回购计划：现金短债比低至0.53 猪价下滑再度考验业绩

Group 1 - The controlling shareholder of Jingji Zhino disclosed a reduction in holdings, cashing out a total of 604 million yuan over three months, while management also engaged in a round of selling shares from September to November [1][2] - Following the share reductions, Jingji Zhino announced a share repurchase plan of 100 million to 200 million yuan, raising questions about its effectiveness in stabilizing the stock price amid the controlling shareholder's debt pressures [1][3] - The company's main business has shifted to pig farming due to the decline in real estate operations, and the significant drop in pig prices since October poses a challenge to its performance [1][6] Group 2 - Jingji Group reduced its stake from 53.11% to 50.33%, selling 2.78% of its shares, which equates to a cash inflow of approximately 178 million yuan from recent transactions [2][3] - Management's share reductions totaled 6.79 million yuan during the same period, indicating a broader trend of insider selling [2] - The share repurchase plan aims to utilize self-funding and/or self-raised funds, with a target to buy back between 421.94 million and 843.88 million shares, representing 0.80% to 1.59% of the total share capital [3] Group 3 - Jingji Group's high debt ratio of 64.08% and significant pledged shares indicate financial strain, with upcoming debt repayments of 699 million yuan and 973 million yuan due in the next six months and six months to one year, respectively [4][5] - Jingji Zhino's financial health is also under pressure, with a cash-to-short-term debt ratio of 0.53 and a current ratio of 0.49, raising concerns about the impact of the share buyback on its operations [5][6] - The company's revenue and net profit are projected to decline significantly in 2024, with a 52% drop in revenue and a 59.13% decrease in net profit, primarily due to the transition from real estate to pig farming [5][6] Group 4 - The pig farming business is expected to face challenges as pig prices have fallen below cost, with October and November prices at 11.87 yuan and 12.44 yuan per kilogram, respectively, indicating potential losses ahead [7][8] - The company's reliance on the pig cycle for future performance raises concerns, especially given the failed fundraising efforts aimed at expanding pig farming capacity [7][8]