2 consecutive limit-up ST Jinglan: The target material business is still in the maintenance and restart phase of the acquired production lines, and has not generated relevant operating income or profits.

Gelonghui April 6｜ST Jinglan (000711.SZ) has disclosed abnormal stock trading price fluctuations. The company’s stock closing price on April 2, 2026 and April 3, 2026 increased in deviation values cumulatively by more than 13.49% over two consecutive trading days. According to relevant regulations, this falls under abnormal stock trading price fluctuations.

The company’s performance has not undergone any major changes, but the company’s stock price has severely deviated from its performance. There are risks of overheated market sentiment and irrational speculation. Recently, the company’s stock price has experienced significant fluctuations due to factors such as market sentiment, concept-driven hype, and others. Some market views have overinterpreted and set overly high expectations regarding aspects such as the development of the company’s new business, asset injection, the renaming, and the growth in market value after valuation restructuring, resulting in a large discrepancy with the company’s current actual performance.

The company’s target materials business is still in the maintenance and restart phase of the acquired production lines and has not yet formally commenced production, nor has it generated any related operating revenue or profit. In the first three quarters of 2025, the company’s revenue from its zinc and indium solid hazardous waste resource utilization business was RMB 316 million. Regarding gross margin, with respect to self-produced indium (99.995% purity) accounting for a relatively high proportion of revenue, its gross margin is at a low level of 1%. The gross margins of crude indium, zinc ingots, and others are negative, and the revenue proportions of other businesses are relatively low.