Core Viewpoint - The article discusses the recent legal troubles faced by Jiang Guiting, the actual controller and chairman of Jingjin Equipment, and its impact on the company's performance and stock value [4][6][7]. Group 1: Legal Issues and Company Response - On June 12, Jingjin Equipment announced that Jiang Guiting was placed under investigation, but the company stated that its operations remain normal and the situation would not significantly impact its business [4][7]. - The company emphasized its robust governance structure and that other executives continue to perform their duties normally [7][8]. Group 2: Company Background and Historical Performance - Jiang Guiting founded Jingjin Equipment in 1988, leading it to become a global leader in the filter press industry, with the highest production and sales volume worldwide [5][14]. - The company has developed numerous patents and has been recognized for its innovative products, contributing to its strong market position [16]. Group 3: Financial Performance and Challenges - Jingjin Equipment's revenue reached a historical peak of 62.49 billion yuan in 2023, but the growth rate has slowed significantly, dropping from 39.7% in 2021 to 9.98% in 2023 [18]. - In 2024, the company reported a revenue decline of 1.92% to 61.29 billion yuan, marking its first negative growth since going public [19]. - The net profit also decreased by 15.86% to 8.48 billion yuan, attributed to lower sales prices and increased competition in the filter press market [19][20]. Group 4: Stock Market Impact - Following the announcement of Jiang Guiting's investigation, Jingjin Equipment's stock price fell by 6.39%, with a market capitalization of 8.705 billion yuan [9][20]. - The couple's wealth has decreased significantly, from 80 billion yuan to 55 billion yuan, reflecting the impact of the company's challenges and the ongoing investigation [9][19].

Group 1 - The actual controller, chairman, and general manager of Jingjin Equipment, Jiang Guiting, has been detained and is under investigation, as announced by the company on June 12 [1] - The company maintains that its organizational structure and governance system are sound, and operations will continue normally despite the investigation [1] - As of the announcement date, other board members and senior management are performing their duties normally, and the board's operations are unaffected [1] Group 2 - In the first quarter of 2024, Jingjin Equipment reported revenue of 1.406 billion yuan, a year-on-year decrease of 6.70%, and a net profit attributable to shareholders of 167 million yuan, down 26.99% [2] - For the full year 2024, the company achieved revenue of 6.129 billion yuan, a decline of 1.92%, and a net profit of 848 million yuan, down 15.86% [2] - The decline in performance is attributed to lower sales prices of core products, specifically filter presses, leading to decreased sales revenue and overall gross margin [2] Group 3 - Jingjin Equipment specializes in the production and sales of complete filtration equipment, providing professional solutions for solid-liquid purification and separation [3] - The company offers comprehensive solutions that include strategy communication, research and design, production and transportation of equipment, installation, and commissioning [3] - The filtration equipment produced by the company is widely used in various sectors, including minerals processing, new energy, new materials, environmental protection, chemicals, biotechnology, food, pharmaceuticals, health products, and sand and gravel aggregates [3] Group 4 - On June 12, Jingjin Equipment's stock closed down 0.43% at 16.13 yuan per share, with a total market capitalization of 9.298 billion yuan [4]

Core Viewpoint - The article discusses the recent legal troubles faced by Jiang Guiting, the actual controller and chairman of Jingjin Equipment, and the subsequent impact on the company's performance and stock value [2][4][6]. Group 1: Company Announcement and Leadership Issues - On June 12, Jingjin Equipment announced that Jiang Guiting was placed under investigation, but the company asserted that its operations remain normal and unaffected [2][4]. - Jiang Guiting and his wife have cashed out over 1 billion yuan through multiple share reductions since August 2022 [2][6]. - As of the first quarter of this year, Jiang Guiting and his wife control approximately 43.21% of the company's shares [5][6]. Group 2: Financial Performance - Jingjin Equipment reported a historical peak revenue of 62.49 billion yuan in 2023, but the growth rate has significantly slowed from 39.7% in 2021 to 9.98% in 2023 [14]. - In 2024, the company experienced its first-ever revenue decline, with a 1.92% drop to 61.29 billion yuan, and a 15.86% decrease in net profit to 8.48 billion yuan [14][15]. - The first quarter of 2025 saw a further decline in revenue by 6.7% to 14.06 billion yuan and a 26.99% drop in net profit to 1.67 billion yuan, with a record low gross margin of 25.14% [16][17]. Group 3: Historical Context and Achievements - Jiang Guiting founded Jingjin Equipment in 1988, leading it to become a global leader in the filter press industry, with significant innovations and patents [10][12]. - The company has developed a strong portfolio of products and has been recognized for its technological advancements, holding 885 domestic patents and 35 international patents [12]. - Jingjin Equipment has consistently paid dividends, with a total cash dividend of 28.95 billion yuan since its listing, reflecting a dividend payout ratio of 65.31% [7].

Core Viewpoint - The sudden detention of the actual controller and chairman of Jingjin Equipment, Jiang Guiting, has led to a significant drop in the company's stock price, raising concerns about its future performance and stability [1][3][12]. Company Announcement - Jingjin Equipment announced that Jiang Guiting has been placed under detention and is under investigation by the Baode County Supervisory Committee [3]. - The company stated that it is unaware of the progress and conclusions of the investigation but will continue to monitor the situation and fulfill its disclosure obligations [5]. - Other board members and senior management are functioning normally, and the company asserts that this incident will not significantly impact its operations [5]. Shareholding Structure - Jiang Guiting, aged 67, holds 54.08 million shares, representing a 9.38% stake in Jingjin Equipment, with a pre-tax annual salary of 1.01 million yuan [5]. - Jiang's investment company holds 31.36% of the shares, and his spouse also holds 4.19%, making them the actual controllers of the company [5]. Recent Stock Activity - In February 2023, Jiang Guiting and his investment company reduced their holdings by 34.59 million shares, accounting for 5.9981% of the total shares, with a total transaction value of approximately 1 billion yuan [8]. Financial Performance - Jingjin Equipment's revenue and net profit showed a decline in 2024, with total revenue falling to 6.13 billion yuan, a decrease of 1.92% year-on-year, and net profit dropping to 848 million yuan, down 15.86% [9][10]. - The company attributed the decline to reduced equipment demand from the new energy sector, lack of significant order growth in other industries, and intensified market competition leading to lower sales prices [10]. - In Q1 2025, the company reported a revenue of 1.41 billion yuan, a year-on-year decrease of 6.7%, and a net profit of 167 million yuan, down 26.99% [11].

Core Viewpoint - The stock price of Jingjin Equipment (603279.SH) experienced a significant drop of 6.57% to 15.07 CNY per share following the announcement of the investigation into its actual controller and chairman, Jiang Guiting [1][2]. Company Overview - Jiang Guiting, born in 1958, is the core driving force behind Jingjin Equipment, which has grown from a small factory established in 1988 to a leading global manufacturer in the filter press industry, going public in 2019 [3]. - As of October 2024, Jiang Guiting's family holds a wealth of 5.5 billion CNY, ranking 940th on the 2024 Hurun Rich List, and is recognized as the richest family in Dezhou, Shandong [3]. Recent Developments - On June 12, Jingjin Equipment announced that Jiang Guiting has been placed under investigation and detention by the Baode County Supervisory Committee, although the company stated that other board members and management are functioning normally and that operations are not significantly impacted [2]. - The company confirmed that it would provide further updates regarding Jiang Guiting's situation as more information becomes available [2]. Financial Performance - Jingjin Equipment is facing considerable downward pressure on its financial performance, with total revenue for 2024 reported at 6.129 billion CNY, a year-on-year decline of 1.92%, and a net profit attributable to shareholders of 848 million CNY, down 15.86% [5]. - In the first quarter of 2025, the company reported a revenue of 1.406 billion CNY, a decrease of 6.7% year-on-year, and a net profit of 167 million CNY, reflecting a 26.99% decline [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92%, and a net profit attributable to shareholders of 0.848 billion yuan, down 15.86% [4][5] - The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 0.167 billion yuan, down 26.99% [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence [6][7] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 1.041 billion yuan, an increase of 288.21% [4][5] - The weighted average return on equity (ROE) for 2024 was 18.82%, a decrease of 4.71 percentage points year-on-year [4] - The company forecasts revenues of 6.323 billion yuan, 6.812 billion yuan, and 7.565 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 0.861 billion yuan, 0.949 billion yuan, and 1.078 billion yuan for the same years [7][9] Market and Industry Outlook - The filtration equipment market is facing increased competition due to a slowdown in demand from the renewable energy sector and a lack of significant order growth from other industries [5] - The company is focusing on enhancing its product technology and expanding its market share in various countries, including the USA, Japan, and several European and Asian nations [6][7]

Core Viewpoint - Innovation is the core competitiveness of Jingjin Equipment Co., Ltd, which focuses on integrating technological and industrial innovation to achieve high-quality development [1][2][6]. Group 1: Company Overview - Jingjin Equipment is located in Dezhou Economic Development Zone, Shandong Province, covering an area of 95 hectares, primarily engaged in the production and sales of complete filtration equipment [1]. - The company has introduced 970 new technologies in the past three years, filling multiple domestic gaps and expanding its application in various fields [2]. Group 2: Technological Advancements - The company has implemented intelligent injection molding machines that enhance production efficiency through computer-controlled operations, reducing the product development cycle by 45% and management costs by 25% [3]. - Jingjin's digital platform allows real-time monitoring of production processes, achieving low inventory and high turnover [3][4]. Group 3: Environmental Initiatives - Jingjin aims to reduce the carbon footprint of its core products by 30% by the end of 2025, utilizing smart technologies to optimize energy efficiency and support low-carbon development [4]. Group 4: Supply Chain and Production Efficiency - The company boasts a self-manufacturing rate of 95% for its energy-efficient filter presses, which enhances product quality and reduces production costs [5]. - Employees are encouraged to optimize processes and improve product quality, ensuring a smooth operation of the industrial chain [5]. Group 5: Research and Development - Jingjin's R&D center is involved in national key projects and has obtained multiple international and domestic patents, breaking technological monopolies and exporting products to 123 countries [6]. - The company emphasizes the importance of technological innovation for future market opportunities and competitive advantages [6][7]. Group 6: Leadership and Vision - The founder and chairman, Jiang Guiting, emphasizes the need for long-term vision and technological innovation to maintain a competitive edge in the global market [7].