Core Viewpoint - The company Jin Dun Co., Ltd. (300411) specializes in ventilation system equipment primarily used in nuclear power, subways, tunnels, and hydropower sectors, with project timelines typically ranging from two to three years, and sometimes exceeding three years [1] Group 1 - The company's business model is based on "sales determine production," meaning production is scheduled based on actual order demand, with a lead time of 90 days for manufacturing and delivery [1]

Core Viewpoint - The company, Jindun Co., has significant orders on hand amounting to nearly 500 million RMB for the first half of 2025 and close to 700 million RMB by January 2026, but reported revenue of only 241 million RMB for Q3 2025, raising concerns about the slow delivery of orders [1] Group 1 - The company’s ventilation system equipment is primarily used in nuclear power, subways, tunnels, and hydropower sectors [1] - The typical duration from contract signing to delivery completion for a project is usually two to three years, with some projects taking even longer [1] - The company operates on a make-to-order basis, scheduling production and delivery 90 days in advance based on actual order demand [1]