Core Viewpoint - Su Yan Jingshen's Q1 report fell short of expectations, leading to investor skepticism regarding the company's planned private placement of shares [1][2] Group 1: Financial Performance - As of March 31, 2025, the company's cash balance was 3.073 billion yuan [1] - Q1 revenue decreased by 8.68% year-on-year, while net profit attributable to shareholders dropped by 28.8% [1] - The company attributed the decline in sales prices to market fluctuations, which compressed profit margins [3] Group 2: Private Placement Details - The company plans to issue shares to no more than 35 specific investors, raising up to 1.8 billion yuan for a brine salt comprehensive utilization project [2] - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days [2] - The total investment for the brine salt project is estimated at 1.889 billion yuan, with 1.8 billion yuan sourced from the private placement [2] Group 3: Investor Concerns - Investors expressed concerns about the low issuance price and questioned the need for fundraising given the company's existing cash reserves [1][2] - Following the announcement, the company's stock price fell by 9.12% on April 29 and continued to decline by 1.95% on April 30 [2] Group 4: Company Response - The company emphasized that it has not conducted any equity financing since its listing in 2015 and is in a critical growth phase requiring substantial investment [4][5] - The company stated that relying solely on internal funds and traditional financing is insufficient for its rapid business expansion [5] - The private placement is seen as a necessary step to ensure project success without disrupting normal operations [5] Group 5: Future Outlook - The company is optimistic that the private placement will enhance its core competitiveness and risk resilience, ultimately benefiting shareholders in the long term [5][6] - The pricing mechanism for the private placement is designed to be fair and transparent, reflecting market valuation and investor interest [6]

Core Viewpoint - The company, Su Yan Jing Shen, has faced investor skepticism following its first-quarter report and a proposed private placement of shares, leading to a decline in its stock price over three consecutive days [1][3]. Financial Performance - As of March 31, 2025, the company's cash balance was 3.073 billion yuan [3]. - The first-quarter revenue decreased by 8.68% year-on-year, while the net profit attributable to shareholders dropped by 28.8% [3]. Private Placement Details - The company plans to issue shares to no more than 35 specific investors, including its controlling shareholder, to raise up to 1.8 billion yuan for a brine salt comprehensive utilization project [4][5]. - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days [4]. Project Investment - The total investment for the brine salt comprehensive utilization project is 1.889 billion yuan, with 1.8 billion yuan expected to come from the raised funds [6][8]. - The project aims to produce 3 million tons of solid salt and 1.5 million cubic meters of liquid salt annually [5]. Market Response and Company Strategy - Following the announcement of the private placement, the company's stock price fell by 9.12% on April 29 and continued to decline by 1.95% on April 30 [8]. - The company emphasized the need for capital market resources to support its rapid business development and major project plans, including a significant investment in gas storage facilities [9][10]. Investor Communication - The company has actively engaged with investors to address concerns regarding the pricing of the private placement and the efficiency of its capital planning [11]. - It aims to balance the interests of new and existing shareholders while ensuring compliance with regulatory standards during the pricing process [11].