Core Points - Beijing Tianhai Low Temperature Equipment Co., Ltd. (Tianhai Low Temperature), a subsidiary of Jingcheng Shares (600860), is facing bankruptcy proceedings initiated by creditor Beijing Langhui Technology Co., Ltd. due to inability to repay debts totaling RMB 450,500 [1] - Tianhai Low Temperature has a registered capital of RMB 40 million and reported a revenue of RMB 31.7868 million with a net loss of RMB 33.229 million for 2024 [1] - Jingcheng Shares holds a 75% stake in Tianhai Low Temperature through its wholly-owned subsidiary, and if bankruptcy is confirmed, Tianhai will no longer be included in Jingcheng's consolidated financial statements [2] Financial Performance - In the first half of 2025, Jingcheng Shares reported a revenue of RMB 680 million, a year-on-year decrease of 9.14%, and a net loss of RMB 15.7557 million compared to a loss of RMB 3.3749 million in the same period last year [3] - The increase in net loss is attributed to pressures in the gas storage and transportation sector due to international trade frictions, leading to a decline in sales and profits [3] - Despite some business segments showing growth, intensified market competition and increased investment in R&D have impacted overall profitability [3]