Xin Lang Cai Jing·2026-01-30 14:35Core Viewpoint - *ST Jinke is expected to achieve a net profit of 30 billion to 35 billion yuan in 2025, with the year-end net assets projected to turn positive, indicating a potential "shell protection" [1][7]. Financial Performance - The company forecasts an operating income of 6 billion to 7.5 billion yuan for 2025, compared to a previous year's income of 27.555 billion yuan [2][8]. - The net profit attributable to shareholders is projected to be 30 billion to 35 billion yuan, a significant recovery from a loss of 31.97 billion yuan in the previous year [2][8]. - Basic earnings per share are expected to be between 2.8 yuan and 3.3 yuan, recovering from a loss of 3.01 yuan per share in the previous year [2][8]. - The net profit after deducting non-recurring gains and losses is anticipated to be a loss of 29 billion to 35 billion yuan, compared to a loss of 28.418 billion yuan in the previous year [2][9]. Asset and Equity Status - The company's equity attributable to shareholders is expected to be between 5 billion and 7 billion yuan at the end of 2025, recovering from a negative equity of -28.683 billion yuan in the previous year [2][8]. - The company has completed its restructuring plan, resulting in a debt restructuring gain estimated at 68 billion to 70 billion yuan [2][8]. Restructuring and Management Changes - The restructuring plan includes debt waiver gains and the reversal of excess losses from equity disposals, which will impact the financial results [3][9]. - As of July 9, 2025, the company received all restructuring investment funds, and by September 11, 2025, it increased its total share capital from 5.34 billion shares to 10.634 billion shares [10]. - A new management team was established following a shareholder meeting on October 16, 2025, with Guo Wei appointed as the new chairman and CEO [10]. Future Outlook - The company is currently undergoing an audit for its 2025 annual report, and the preliminary financial data is subject to final confirmation [5][10]. - If the audited net assets for 2025 are positive and the audit report is unqualified, the company plans to apply for the removal of the delisting risk warning [6][11].