云南景谷林业重大资产出售暨关联交易2025年度持续督导意见报告解读

云南景谷林业重大资产出售暨关联交易2025年度持续督导报告详解

要点概述

云南景谷林业股份有限公司（以下简称“景谷林业”或“公司”）于2026年4月发布了《2025年度重大资产出售暨关联交易持续督导意见》。本报告由华创证券担任独立财务顾问，详细披露了公司2025年度的重大资产处置进展、财务状况、公司治理，以及退市风险等事项。以下为投资者需重点关注的核心内容与潜在影响。

一、重大资产出售实施情况

交易概述：景谷林业以现金方式向控股股东周大福投资有限公司转让其持有的唐县汇银木业有限公司（“汇银木业”）51%股权。交易完成后，景谷林业将不再持有汇银木业股权，汇银木业将被剔除出合并报表范围。
决策与审批流程：本次交易已于2025年11月14日获公司董事会通过，并于12月22日获股东大会审议批准。汇银木业的少数股东放弃了优先购买权，控股股东周大福投资也履行了相关内部决策程序。
交易对价与支付：本次交易股权转让款合计13,336.60万元，已由周大福投资在规定时间内全额支付。
交割与过户：截至报告出具日，工商变更登记尚未完成，但根据协议，已视为交割完成。

二、交易方承诺履行及风险事项

各方承诺均已履行，无违约情形。
本次交易属于重大资产出售，不涉及减值测试与业绩承诺实现情况。

三、公司业务及财务表现

主营业务：公司2025年主营营林造林、人造板制造及新增数字化（算力服务）业务。林业业务仍为核心，数字化业务为控股股东周大福投资无偿赠与博达数科51%股权后新增。
财务数据：
- 营业收入：19,470.06万元，同比大幅下降56.45%
- 归母净利润：-24,558.15万元（大幅亏损，亏损额扩大）
- 扣非净利润：-12,561.73万元
- 经营现金流：-2,605.19万元
- 基本每股收益：-1.89元
- 资产总额：45,704.71万元，同比下降50.48%
- 归母净资产：21,264.52万元，同比上升123.59%（主因剥离负担资产）
公司治理：治理结构健全，符合上市公司规范要求。

四、重大风险事项（极具股价影响）

退市风险警示：
- 2025年归母净利润为负且营业收入低于3亿元，符合《股票上市规则》规定的退市风险警示条件。公司股票将在2025年年报披露后被实施“*ST”退市风险警示，股票将继续在风险警示板交易。
- 公司已连续三年扣非净利润为负，且审计报告对持续经营能力出具了“存在重大不确定性事项”无保留意见，公司股票将被继续实施其他风险警示。
未弥补亏损极高：公司未分配利润为-77,087.68万元，已超过实收股本三分之一。
审计意见：2025年度财报被出具“带有持续经营重大不确定性事项段的无保留意见”。
资产与业务规模大幅缩减：剥离汇银木业后，收入、资产总额均大幅减少，业务持续经营能力需关注。

五、其他事项

原收购协议下相关业绩补偿权利等特殊权益已随标的股权一并转让至交易对方，公司仅协助但不承诺权益实现。
本次重组实施方案与已披露内容无重大差异。

投资者应重点关注

退市风险警示将加剧市场波动，“*ST”标记极可能对股价形成重大利空压力。
公司资产负债结构、盈利能力持续恶化，经营能力存疑，投资者需高度警惕投资风险。
重大资产剥离后，主营业务规模萎缩，未来业绩恢复仍具极大不确定性。
持续经营重大不确定性，可能影响公司融资及业务发展。

结论

本报告所披露的重大资产出售、持续巨额亏损、退市风险警示等一系列消息均为极具价格敏感性的信息，投资者应高度关注后续公告，谨慎评估持股及投资决策。

免责声明：本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version
Detailed Analysis of Yunnan Jinggu Forestry’s 2025 Major Asset Sale and Related-Party Transaction Supervision Report

Detailed Analysis of Yunnan Jinggu Forestry’s 2025 Major Asset Sale and Related-Party Transaction Supervision Report

Key Highlights

Yunnan Jinggu Forestry Co., Ltd. (“Jinggu Forestry” or “the Company”) released its 2025 annual supervision opinion for major asset sale and related-party transactions in April 2026. The report, prepared by Huachuang Securities as the independent financial advisor, discloses in detail the Company’s progress on major asset disposal, financial status, corporate governance, and delisting risks. Below are the core points and potential impacts that investors should pay close attention to.

1. Implementation of Major Asset Sale

Transaction Overview: Jinggu Forestry sold its 51% stake in Tangxian Huiyin Wood Industry Co., Ltd. (“Huiyin Wood”) to its controlling shareholder Chow Tai Fook Investment Co., Ltd. for cash. After completion, Jinggu Forestry no longer holds any equity in Huiyin Wood, which is excluded from its consolidated statements.
Decision & Approval Process: The transaction was approved by the board on November 14, 2025, and by the shareholders’ meeting on December 22, 2025. Minority shareholders of Huiyin Wood waived their pre-emptive rights; Chow Tai Fook Investment completed internal decision procedures.
Transaction Price & Payment: The total transfer price was RMB 133.366 million, already paid in full by Chow Tai Fook Investment within the agreed timeline.
Delivery & Registration: As of the report date, business registration for the equity change is pending, but according to the agreement, delivery is deemed complete.

2. Performance of Commitments & Risk Matters

All parties fulfilled their commitments; no breaches found.
This transaction involves asset disposal only, no impairment testing or performance commitments involved.

3. Company Business & Financial Performance

Main Businesses: The Company focuses on forest cultivation, wood-based panel manufacturing, and newly added digital (computing power) business. The latter comes from the 51% equity in Boda Data (donated by Chow Tai Fook Investment).
Financial Data:
- Revenue: RMB 194.7006 million, down 56.45% YoY
- Net Loss to Shareholders: -RMB 245.5815 million (loss expanded)
- Net Loss after Non-Recurring Items: -RMB 125.6173 million
- Operating Cash Flow: -RMB 26.0519 million
- Basic EPS: -RMB 1.89
- Total Assets: RMB 457.0471 million, down 50.48% YoY
- Equity to Shareholders: RMB 212.6452 million, up 123.59% YoY (mainly due to asset-striping)
Corporate Governance: Structure is sound and complies with regulatory requirements.

4. Major Risks (Crucial for Share Price)

Delisting Risk Warning:
- 2025 net loss and revenue below RMB 300 million triggers delisting risk warning per stock listing rules. After the 2025 annual report, “ST” label will be added to the stock, trading on the risk warning board.
- Three consecutive years of net loss after non-recurring items, coupled with audit report expressing “material uncertainty on going concern,” will continue to trigger other risk warnings.
Large Accumulated Loss: Unappropriated profit is -RMB 770.8768 million, over one-third of paid-in capital.
Audit Opinion: 2025 financials received an unqualified opinion with an “emphasis on going concern uncertainty” paragraph.
Significant Shrinkage in Asset & Business Scale: After Huiyin Wood’s disposal, revenue and asset size both dropped sharply. The Company’s ability to continue is a concern.

5. Other Matters

All special rights (performance compensation etc.) under the original acquisition agreement are transferred to the buyer; the Company only assists, without making any commitment to realization.
The actual transaction implementation matches the previously disclosed plan.

Key Points for Investors

Delisting risk warning (“*ST”) will likely trigger significant negative share price pressure.
Continued deterioration in asset-liability structure and profitability; ability to operate is in question—investors should be highly cautious.
After major asset disposal, core business shrinks; future earnings recovery is highly uncertain.
Material uncertainty regarding going concern may affect financing and business prospects.

Conclusion

The disclosed material asset sale, continued heavy losses, and delisting risk warning are all highly price-sensitive. Investors are strongly advised to monitor further announcements and carefully evaluate their investment decisions.

Disclaimer: This content is for reference only and does not constitute investment advice. Investors are responsible for their own decisions and risks.