京粮控股股价创60日新低，业绩预亏与行业压力成主因

Company Performance - Jingliang Holdings expects a net profit loss of 230 million to 320 million yuan for the year 2025, marking a shift from profit to loss year-on-year [2] - The main reasons for the loss include pressure on the oil and food segments, with the oil segment facing unstable quality of imported soybeans and rising crushing costs, while the food segment suffers from declining sales due to shrinking traditional channels and online competition [2] - The company plans to recognize impairment provisions of approximately 110 million to 160 million yuan for goodwill and receivables, further exacerbating the loss [2] Industry Environment - The oil processing industry is under pressure from raw material price fluctuations and intensified homogenization competition, with the CBOT soybean inventory-to-consumption ratio reaching a five-year high in 2025, leading to sustained pressure on crushing profits [3] - The company's financial structure has deteriorated, with a debt-to-asset ratio rising to 59.77% and a low inventory turnover rate of only 2.09 times, indicating weak short-term solvency [3] - Although the net cash flow from operating activities improved to 149 million yuan, it is insufficient to offset the impact of declining profitability [3] Market Sentiment - On February 13, the main funds experienced a net outflow of 3.46 million yuan, reflecting insufficient market confidence as the stock price declined alongside a decrease in financing balance [4] - The agricultural product processing industry index fell by 0.73% on the same day, with the company's stock decline exceeding the industry average [4] Future Outlook - Attention is required on the delay of the Hainan Yangpu project to 2027, fluctuations in raw material prices, and regulatory adjustments that may impact long-term operations [5]