Jingfeng Pharmaceutical(000908)2024-11-22 09:11Group 1: Company Overview and Bond Information - The report is prepared by Morgan Stanley Securities (China) Co., Ltd. regarding Hunan Jingfeng Pharmaceutical Co., Ltd.'s public bond issuance (first phase) [1][3] - The bond code is 112468, and the bond name is 16 Jingfeng 01 [1] Group 2: Stock Trading Anomalies - Jingfeng Pharmaceutical's stock experienced a cumulative price deviation of 15.39% over two consecutive trading days on November 14 and 15, 2024, indicating abnormal trading activity [5] - The stock is currently under trading suspension as of November 18, 2024, pending further investigation [11] Group 3: Financial Performance - For the year 2023, the company's operating revenue was CNY 656.89 million, a decrease of 21.86% compared to the previous year [7] - The net profit attributable to shareholders was CNY -215.14 million, reflecting a decline of 75.54% year-on-year [7] - For the first nine months of 2024, the operating revenue was CNY 294.70 million, down 46.79% compared to the same period in 2023 [7] - The net profit attributable to shareholders for the same period was CNY -106.32 million, a staggering decline of 199.79% [7] Group 4: Disclosure and Compliance - The company confirmed that there are no undisclosed significant matters that should have been disclosed according to the Shenzhen Stock Exchange regulations [10] - The board of directors has not identified any undisclosed information that could significantly impact stock trading prices [10] Group 5: Risks and Uncertainties - The company faces significant uncertainty regarding its ability to continue as a going concern, with a net asset value of CNY -155.74 million as of September 30, 2024 [13] - The company has been issued a delisting risk warning due to negative net assets and has received a negative internal control audit opinion [14] - There is a risk of bankruptcy reorganization, with uncertainties surrounding the approval and execution of the reorganization plan [19][20] - The company has not repaid the principal and interest of the 16 Jingfeng 01 bond, which amounts to CNY 295 million, due on July 1, 2024 [32] Group 6: Investor Advisory - Investors are advised to exercise caution and make rational investment decisions due to the significant volatility in stock prices and the company's financial instability [12][33]