云南景谷林业重大资产出售暨退市风险警示：投资者需警惕关键财务与合规风险

主要内容摘要

• 重大资产出售完成：公司以现金方式向控股股东周大福投资转让所持唐县汇银木业有限公司51%股权，交易价款13,336.60万元，已全部到账。
• 公司经营大幅缩水，亏损严重：2025年度公司营业收入同比暴跌56.45%，归母净利润大幅亏损-24,558.15万元，单股亏损高达-1.89元。
• 退市风险警示：公司因营业收入与净利润双双不达标，将在2025年年报披露后被实施退市风险警示（*ST），股票将继续在风险警示板交易。
• 会计师出具非标准审计意见：2025年审计报告显示公司持续经营能力存在重大不确定性。
• 未弥补亏损超过注册资本三分之一：公司累计未弥补亏损高达-77,087.68万元，已远超实收股本的三分之一警戒线。
• 新业务布局：公司通过无偿受赠控股博达数科51%股权，新增算力服务业务，积极探索第二增长曲线。
• 公司治理合规运作：公司治理结构完善，严格按法律法规及交易方案执行，无与重组方案重大差异事项。

详细解读

一、重大资产出售实施进展

云南景谷林业于2025年12月22日完成向控股股东周大福投资转让唐县汇银木业51%股权，交易款项13,336.60万元已全额到账。该交易剥离了汇银木业相关债务、诉讼及经营风险，有助于缓解公司整体经营压力，但也导致公司收入与资产规模大幅下降，业务结构发生重要变化。

二、退市风险与业绩警示

根据2025年年报，经审计公司营业收入仅19,470.06万元（剔除无关收入后仅14,894.36万元），远低于3亿元红线，归母净利润为-24,558.15万元，扣非净利润-12,561.73万元。连续三年扣非净利润为负，并且2025年财报被出具含“持续经营重大不确定性事项”的审计意见，触发《股票上市规则》退市风险警示条件。公司股票将在年报披露后被冠以“*ST”标识，并继续在风险警示板交易。投资者需高度警觉公司退市及流动性风险。

三、亏损严重，资本金大幅缩水

截至2025年12月31日，公司未分配利润为-77,087.68万元，实收股本为12,980万元，未弥补亏损已远超警戒线。2025年度公司实现营业收入同比下降56.45%，资产总额大减至45,704.71万元，归母净资产虽因资产处置结转增加至21,264.52万元，但盈利能力急剧恶化，经营活动现金流亦大幅转负。

四、公司业务结构与新增长点

本次资产出售后，公司主营业务集中于营林造林和人造板制造（胶合板、细木工板为主）。同时，公司通过接受控股股东无偿赠与，获得博达数科51%股权，切入算力服务新赛道。博达数科拥有稳定客户基础及收入来源，公司正积极探索数字化业务以寻求第二增长曲线，但目前对整体业绩的拉动有限。

五、公司治理与合规情况

公司治理结构较为完善，权责分明，运作规范。重组相关流程、承诺履行、信息披露均合规，没有与已公布重组方案存在重大差异。

六、业绩补偿权利移交

完成标的股权交割后，公司原本就汇银木业业绩承诺享有的补偿权利等特殊权益全部移交至周大福投资，公司不再承担相关承诺责任，仅协助沟通。

投资者需重点关注的风险与影响

• 退市风险：公司已满足退市风险警示条件，若经营状况无明显改善，后续可能面临强制退市。
• 持续亏损风险：经营基本面极度恶化，短期内扭亏难度大。
• 审计报告风险：非标准审计意见表明公司持续经营能力高度不确定，投资需极度谨慎。
• 业务结构调整风险：主业规模缩水，数字化业务尚处培育阶段，对公司整体业绩贡献有限。

结语

云南景谷林业本次重大资产出售虽缓解了部分经营和财务压力，但因主业大幅缩水、持续巨额亏损、退市风险警示等多重负面因素叠加，公司短中期面临极大不确定性，投资者需密切关注后续财报、业务进展及风险警示动态，谨慎评估投资价值。

免责声明：本文仅基于公开信息整理，不构成任何投资建议。投资有风险，入市需谨慎。请投资者仔细阅读公司公告及相关文件，自主判断并承担投资风险。

Yunnan Jinggu Forestry: Major Asset Sale, Severe Losses, and Delisting Risk Warning—Key Details for Investors

Key Highlights

• Major asset sale completed: The company sold its 51% stake in Tang County Huiyin Wood Industry to controlling shareholder Chow Tai Fook Investment for RMB 133.366 million, already fully received.
• Severe operational shrinkage and losses: FY2025 revenue plunged 56.45% YoY; net loss to shareholders was RMB -245.5815 million, EPS of -1.89 yuan.
• Delisting risk warning: Company to be marked *ST after 2025 annual report, as both revenue and net profit fail regulatory thresholds. The stock will continue trading on the risk warning board.
• Non-standard audit opinion: 2025 audit report highlights significant uncertainty over the company’s ability to continue as a going concern.
• Accumulated losses far exceed capital: Uncovered losses of -770.8768 million yuan, far exceeding one-third of registered capital.
• New business transition: Company acquired 51% of Boda Data Tech (computing power services) via gratis transfer from the major shareholder, exploring a second growth curve.
• Corporate governance: Structure and internal controls compliant and robust, no material differences from the restructuring plan.

In-depth Analysis

1. Progress of Major Asset Sale

On December 22, 2025, Yunnan Jinggu Forestry completed the sale of its 51% stake in Huiyin Wood Industry to Chow Tai Fook Investment. The deal, valued at RMB 133.366 million, has been fully paid. This move effectively removes debt, litigation, and operational risks associated with Huiyin Wood, but results in a significant reduction in the company’s revenue and asset base, and a major shift in its business structure.

2. Delisting Risk and Performance Warning

According to the 2025 annual report, audited revenue was only RMB 194.7006 million (core revenue just RMB 148.9436 million), well below the RMB 300 million threshold. Net profit to shareholders was -RMB 245.5815 million; net profit after extraordinary items was -RMB 125.6173 million. With three consecutive years of negative net profit and the 2025 audit report citing major uncertainty over going concern, the company triggers delisting risk warning requirements. After the annual report is disclosed, the stock will receive a “*ST” flag and remain on the risk warning board. Investors should be highly alert to delisting and liquidity risks.

3. Deep Losses and Capital Erosion

As of December 31, 2025, accumulated losses reached -RMB 770.8768 million, far exceeding the warning threshold of one-third of registered capital (RMB 12.98 million). Revenue dropped 56.45% YoY, and total assets fell to RMB 457.0471 million. Net assets attributable to shareholders increased due to asset disposal but profitability sharply deteriorated and operating cash flow turned strongly negative.

4. Business Structure and New Growth Initiatives

After the asset sale, the company’s main business focuses on forestry and wood board manufacturing (mainly plywood and blockboard). Meanwhile, it acquired a 51% stake in Boda Data Tech (computing power service) from the controlling shareholder for free, aiming to build a new digital business growth engine. While this segment has stable clients and revenue, its impact on overall earnings remains limited at present.

5. Corporate Governance and Compliance

The company maintains a robust, compliant governance structure, with clear division of responsibilities and no significant deviation from the restructuring plan. All commitments and disclosures are in order.

6. Transfer of Performance Guarantee Rights

After the transfer of the subject equity, the company’s rights to performance compensation under the original Huiyin Wood acquisition agreement are transferred to Chow Tai Fook Investment, and the company no longer bears related commitments.

Key Risks and Investor Impacts

• Delisting risk: The company already meets the criteria for delisting risk warning, with the possibility of forced delisting if performance does not improve significantly.
• Ongoing losses: Fundamental business performance is extremely weak, turnaround prospects poor in the short term.
• Audit opinion risk: Non-standard audit opinion flags high uncertainty over the company’s ability to continue as a going concern.
• Business transition risk: Main business has shrunk, and the digital segment’s contribution is still minor.

Conclusion

While the asset sale eases some financial and operational pressure, Yunnan Jinggu Forestry now faces a much smaller business, continued massive losses, and significant delisting risk. Investors should closely monitor future disclosures, financial statements, and risk warnings, and exercise caution in any investment decisions.

Disclaimer: This article is for informational purposes only, based on public data, and does not constitute investment advice. Please refer to official company announcements and documents for decision-making. Investing involves risks; proceed cautiously.

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