KINGLAND TECHNOLOGY(SZ:000711) Mei Ri Jing Ji Xin Wen·2025-12-18 13:17Core Viewpoint - ST Jinglan (Jinglan Technology, SZ000711) is facing significant challenges in fulfilling its performance commitment, with only 600 million yuan of the promised 52.08 million yuan compensation paid, raising concerns among investors about the timing of the remaining payments [3][7]. Group 1: Performance Commitment and Compensation - The controlling shareholder, Yunnan Jiajun, committed to a performance guarantee under a restructuring investment agreement, promising net profits of at least 30 million yuan, 40 million yuan, and 60 million yuan for the years 2024, 2025, and 2026 respectively [4]. - For 2024, ST Jinglan reported a net profit of -22.09 million yuan, resulting in a compensation obligation of 52.08 million yuan from Yunnan Jiajun due to the unmet performance target [4][5]. - As of December 17, 2025, ST Jinglan has only received 600 million yuan of the required compensation, leaving a shortfall of over 46 million yuan [3][7]. Group 2: Financial Condition and Cash Flow - ST Jinglan's financial situation remains dire, with a reported revenue increase of 310.85% to 332 million yuan in the first three quarters of 2025, but a net loss of 105 million yuan, indicating a "growth without profit" scenario [9]. - The company experienced a negative cash flow of -57.68 million yuan from operating activities in the first three quarters of 2025, with cash reserves dwindling to 9.13 million yuan, down 47% from the beginning of the year [10]. - The outstanding compensation amount of 46.08 million yuan is five times the company's current cash reserves, posing a significant challenge for daily operations and cash flow management [10]. Group 3: Future Outlook and Investor Concerns - Yunnan Jiajun has publicly apologized for the delay in compensation payments and has committed to raising funds to fulfill the obligations, but no specific timeline has been provided [8]. - The inability to meet performance commitments and the delayed compensation payments raise concerns about the controlling shareholder's financial reliability and the potential impact on ST Jinglan's investors [10]. - As the 2025 fiscal year approaches its end, the market will closely monitor whether Yunnan Jiajun can fulfill its commitments and if ST Jinglan can reverse its ongoing losses [10].