（文章来源：每日经济新闻） 天龙集团（300063.SZ）8月15日在投资者互动平台表示，公司之控股子公司广东天龙精细化工有限公司 从事松节油深加工业务，产品主要包括蒎烯、莰烯、月桂烯、二氢月桂烯等。公司在林产化工领域具备 多项深加工产品的成熟生产技术，产品种类丰富且产销规模较大。详情敬请查阅公司定期报告。 每经AI快讯，有投资者在投资者互动平台提问：根据相关新闻，松节油深加工企业厦门中坤于8月12日 傍晚发生爆炸，其拳头产品为二氢月桂烯以及下游二氢月桂烯醇。请问该公司是否为公司竞争对手，二 氢月桂烯在该产业链中是否有较高技术壁垒？ ...

Core Viewpoint - Yunnan Jinggu Forestry Co., Ltd. faces significant operational challenges due to declining demand in the artificial board industry, exacerbated by increased competition and a downturn in the real estate market, leading to substantial financial losses in 2024 [1][3][16]. Financial Performance - In 2024, the company reported a revenue of 447 million yuan, a year-on-year decrease of 24.20%, and a net profit of -73 million yuan, marking a shift from profit to loss [3][12]. - The company's gross profit margin fell to 1.74%, indicating severe profitability issues [3][12]. - The company’s net assets were reported at 80 million yuan, with cash reserves dwindling to 14 million yuan, and a debt-to-asset ratio of 75.44% [3][12]. Market Conditions - The artificial board market is experiencing a significant supply-demand imbalance, with a notable increase in production capacity leading to intensified competition [6][10][17]. - The real estate sector's downturn has directly impacted the demand for artificial boards, as these products are closely tied to the housing market [5][6][16]. - The company’s primary products, particleboard and fiberboard, are heavily influenced by the performance of the downstream furniture and home decoration industries, which are currently facing challenges [5][6][16]. Industry Dynamics - In 2024, the artificial board industry saw the largest annual increase in production capacity in history, with 48 new production lines adding 15.41 million cubic meters per year [10][11]. - The competitive landscape has shifted, with larger companies leveraging their financial strength to engage in price wars, further squeezing smaller players like Yunnan Jinggu [14][17]. - The company’s main customer, PIANO, has ceased orders due to its own operational challenges, reflecting broader market difficulties [9][15]. Strategic Responses - The company plans to optimize its cost structure, adjust market positioning, and enhance internal management to navigate the current downturn [18][19]. - A strategic shift towards customized products and improved production technology is being considered to regain market competitiveness [19][20]. - The company has decided not to renew its lease for production lines in the chemical forestry business, reallocating resources to more profitable segments [20][22].