JDL(SH:688057) Xin Lang Cai Jing·2025-12-22 11:19Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. is making significant moves towards diversification by investing in the healthcare sector, specifically in stem cell technology and medical robotics, to optimize its industrial structure and cultivate new profit growth points [2][3][21]. Investment in Healthcare - On December 19, Jindalai announced an investment of 280 million yuan in Yunnan Jici Medical Technology Co., Ltd., acquiring a 34% stake, making it the second-largest shareholder [2][21]. - On December 21, the company announced an additional investment of 30 million yuan in Beijing Zhongke Hongtai Medical Technology Co., Ltd., acquiring a 10% stake [3][21]. - Both investments target the "big health industry," with Jici Medical focusing on proprietary stem cell technology and Zhongke Hongtai excelling in medical artificial intelligence [3][21]. Rationale for Investment - Jindalai aims to respond to national calls for investment in biomanufacturing and healthcare sectors, enhancing its risk resistance and creating new profit avenues [3][21]. - The company believes that the aging population and the maturation of the industry in China present ample investment opportunities in the big health sector [3][21]. Financial Overview of Jici Medical - As of September 30, Jici Medical reported total assets of 10.01 million yuan, with revenues and net profits of 11.23 million yuan and 1.15 million yuan, respectively, for the first nine months of 2025 [6][26]. - Despite not being particularly strong financially, Jici Medical's ability to generate initial self-sustaining revenue is notable in the capital-intensive biomanufacturing sector [6][26]. Financial Overview of Zhongke Hongtai - Zhongke Hongtai reported total assets of 61.58 million yuan and a net loss of 5.51 million yuan for the first nine months of 2025 [10][31]. - The company is recognized for its innovative medical robotics and has completed 16 clinical trials for its products, which are currently in the regulatory approval process [10][31]. Jindalai's Current Position - Jindalai has a strong financial position, with a debt ratio of only 10.2% and cash reserves exceeding 1.898 billion yuan, allowing it to fund these investments entirely with its own capital [12][33]. - However, the company has experienced a decline in its main business, with a 23.5% drop in total revenue and a 30.14% decrease in net profit for the first nine months of 2025 [13][33]. Strategic Shift - The investments in Jici Medical and Zhongke Hongtai mark Jindalai's formal entry into the biomanufacturing and big health sectors, aligning with national policies that support these industries as emerging growth areas [16][36]. - The company is part of a broader trend among environmental firms diversifying into non-environmental sectors, with nearly half of the listed environmental companies exploring such opportunities [17][38].