Shenzhen Jinjia Group Co., Ltd. (002191)

Equity Research Report | Industry: Packaging & Printing (Cigarette Labels/Paper Packaging) | Report Date: September 13, 2026 | Close of September 11, 2026 (the latest trading day available in this retrieval; some indicators are snapshots from various recent dates, as precise same-day readings for September 11 were not obtained)

This report was automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Jinjia Group is currently in a phase of "revenue recovery but earnings under pressure": in H1 2026, it achieved operating revenue of RMB 1.590 billion, up 28.40% year-on-year, but net profit attributable to shareholders was only RMB 48.2697 million, down 60.49% year-on-year; net profit attributable to shareholders after deducting non-recurring items was RMB 39.7296 million, down 60.67% year-on-year; and net cash flow from operating activities was -RMB 158 million. Revenue growth was mainly driven by low-margin new tobacco and laser materials & cigarette film, while high-margin premium paper packaging revenue declined, causing the overall gross margin to fall to 14.15%.

The business structure is undergoing significant changes. In H1 2026, new tobacco revenue was RMB 629 million, accounting for 39.58%, with a gross margin of only 4.93%, making it the largest product; premium paper packaging revenue was RMB 470 million, down 25.63% year-on-year, but with a gross margin of 31.36%; laser materials & cigarette film revenue was RMB 396 million, with a gross margin of 9.52%. In 2025, the company's revenue was RMB 2.988 billion, up 4.57% year-on-year, but due to large impairment charges on goodwill, long-term equity investments, and other items, net profit attributable to shareholders showed a loss of RMB 346 million, and the non-GAAP loss was RMB 426 million.

The company is advancing diversified initiatives including overseas business and new materials. In H1 2026, overseas revenue was RMB 690 million, accounting for 43.42%, up 144.79% year-on-year; existing businesses have been extended to an Indonesian packaging base, HNB heat-not-burn cartridges, semiconductor and optoelectronic device packaging materials, composite aluminum foil and composite copper foil, RFID flexible labels, and other directions. However, the scale expansion of new tobacco has not yet translated into corresponding profits, and institutional earnings forecast coverage is insufficient, leaving limited visibility for future performance.

As of September 11, 2026, the company's stock closed at RMB 3.57, with a total market capitalization of approximately RMB 5.048 billion and PB of approximately 0.81–0.83x, but due to low profitability, the dynamic P/E ratio was approximately 52.3–53.8x and the static P/E ratio was negative. Technically, the stock price is below MA10, MA20, MA50, and MA250; over the past 10 days, cumulative net outflow of main funds was approximately RMB 25.21 million; turnover rate is usually below 1%; both short-term price and capital flow conditions are weak; RMB 3.50–3.53 is the near-term support zone, and RMB 3.63–3.68 is the short-term resistance zone.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Portfolio

• Premium paper packaging (from the 2024 Annual Report onward, the former "cigarette labels, color boxes" were merged into the new category "premium paper packaging"): 2025 revenue RMB 1.287 billion, accounting for 43.06%, down 25.84% year-on-year, gross margin 25.38%
• Laser materials & cigarette film (including laser paper/film, cigarette film, and other new packaging materials): 2025 revenue RMB 626.8 million, accounting for 20.98%, down 19.70% year-on-year, gross margin 16.94%; 2026 Interim Report revenue RMB 396 million, accounting for 24.90%, gross margin sharply dropped to 9.52%
• New tobacco: 2025 revenue RMB 924.8 million, accounting for 30.95%, up 288.41% year-on-year, gross margin only 6.14% (down 8.42 pct year-on-year); 2026 Interim Report revenue RMB 629 million, accounting for 39.58%, has become the largest product
• Other products: 2025 revenue RMB 498 million, accounting for 16.67%
• Strategic expansion directions (business boundary expansion): Jinjia Xinyuan (capital contribution of RMB 500 million) to advance new materials upgrading; capital increase in Weiliang Technology to enter semiconductor/optoelectronic device packaging materials (epoxy resin pre-injection molded packaging substrates, lead frames); establishment of Jinjia Juneng to build composite aluminum foil/composite copper foil production lines; cooperation with a UK flexible chip manufacturer on RFID flexible labels; overseas layout of an Indonesian packaging base and HNB cartridge factory
• Operating regions: 2025 revenue by region was East China 12.58%, South China 26.76%, Southwest 12.94%, other regions (including overseas) 47.72% (up 55.44% year-on-year); "other regions" surpassed South China for the first time to become the largest region

2.3 Industry Chain Position and Cost-Profit Structure

Jinjia Group is positioned in the midstream of the packaging and printing industry chain (printing and processing segment), with core products being cigarette labels/premium paper packaging, laser materials & cigarette film, and new tobacco products. Upstream are raw materials such as paper (cardboard/white cardboard), polypropylene (PP/BOPP), films, and coated aluminum/media; the company is a price-taker on the commodity cost side. Downstream core customers are China National Tobacco Corporation and its provincial tobacco companies, with customer concentration at a moderate-to-low level. The company changed its product classification starting from the 2024 Annual Report, merging the former "cigarette labels, color boxes" into "premium paper packaging," with the new classifications being "premium paper packaging/laser materials & cigarette film/new tobacco." In 2025, the company's net profit attributable to shareholders was -RMB 346 million (down 580.57% year-on-year, turning from profit to loss), non-GAAP -RMB 426 million (-711.73%), with total asset impairment losses of RMB 484 million for the full year (including goodwill impairment of RMB 297 million and long-term equity investment impairment of RMB 144 million); in the 2026 Interim Report, main business revenue was RMB 1.590 billion (up 28.40% year-on-year), net profit attributable to shareholders RMB 48.2697 million (-60.49%), non-GAAP RMB 39.7296 million (-60.67%), gross margin 14.15%, debt ratio 18.87%. The strategic formulation has been adjusted to a dual-drive approach of "placing equal emphasis on domestic and overseas markets, with international business as the growth leader."

• Actual cost-side inputs by product: premium paper packaging uses paper (cardboard/white cardboard, etc.) as the main material, undergoing printing, surface treatment, die-cutting, gluing, forming, and assembly; laser materials use micro-nano lithography plate-making + vacuum-coated aluminum/media, with film as the carrier; cigarette film uses polypropylene (PP/BOPP) as the main raw material (original text from the 2025 Annual Report Summary)
• Procurement organization: the company has subsidiary supply chain companies to leverage centralized procurement advantages and smooth price fluctuations in paper and other materials; wholly-owned Zhongfengtian Optoelectronics Technology ensures the supply of raw materials for laser materials (Baidu Baike entry, 2012-2015 M&A history; research notes indicate this is relatively old)
• Supplier concentration: in 2021, the top five suppliers collectively procured RMB 996 million, accounting for 16.86% of total procurement (NetEase reprint of the 2021 Annual Report; this is the only first-hand supplier concentration figure found in the research notes, and no disclosure at the same level was found in subsequent annual reports); the data source is single and the year is early, please refer to the latest annual report for specifics
• Bargaining power assessment: suppliers are dispersed; bargaining pressure mainly comes from commodity prices such as paper/PP; the company is a price-taker on commodity costs, but has certain pricing/technical premium capability with downstream cigarette label customers
• Core buyers: China National Tobacco Corporation and its provincial tobacco companies—since 2004, the largest customer has been the China Tobacco system; the company has confirmed to the media that the top five customers have long been branches under China Tobacco (Source: Changjiang Times, 2018-08-31)
• Customer concentration (first-hand annual report data): in 2025, the top five customers collectively accounted for RMB 956.35 million, representing 32.01% of total sales (this figure is only given in the research notes and could not be cross-verified; please refer to the latest annual report for specifics); related-party share 0.00%; largest customer RMB 355.45 million (11.90%), second largest RMB 194.67 million (6.52%), third largest RMB 189.40 million (6.34%), fourth largest RMB 116.06 million (3.88%), fifth largest RMB 100.77 million (3.37%)
• Industry structural bargaining dynamics: downstream for cigarette labels/cigarette packaging materials is the tobacco monopoly system; customers are highly concentrated and procurement uses bidding/price comparison mechanisms, exposing suppliers to annual price reductions or price competition pressure; at the same time, cigarette labels have anti-counterfeiting and customization attributes, and technical and qualification barriers give incumbent suppliers certain customer stickiness
• New tobacco business customers are overseas HNB-related customers; in 2025, orders were obtained in South Korea and Kazakhstan; this business has a gross margin of only 6.14% and is in a low-margin expansion phase
• The research notes do not provide 2025 accounts receivable balance, accounts receivable turnover days, or prepayments/accounts payable and other working capital details; only discloses that 2025 net operating cash flow was -RMB 20.3625 million, turning negative for the first time (Source: Securities Star financial report express), and the 2026 Interim Report debt-to-asset ratio was 18.87% (Source: Securities Star); working capital occupation data is missing, making it impossible to judge upstream/downstream funding occupation capability based on existing notes.
• Customer concentration: in 2025, the top five customers collectively accounted for RMB 956.35 million, representing 32.01% of total sales, related-party share 0.00%, largest customer share 11.90% (data source year is 2025; no cross-verifiable second source is shown in the research notes; please refer to the latest annual report for specifics); comparative 2024 top five customer data was truncated in the research notes and not fully provided. Supplier concentration: in 2021, the top five suppliers collectively procured RMB 996 million, accounting for 16.86% of total procurement (data source year is 2021; source is single and the year is early; please refer to the latest annual report for specifics).

The company is positioned in the midstream processing segment of the packaging and printing industry chain, with a typical "midstream processing/thin margin" positioning: upstream commodity raw material costs such as paper and PP are determined by market prices, and the company is a price-taker; downstream are tobacco monopoly system customers, providing customer stickiness and certain technical premiums but with high concentration, and bargaining dynamics are customer-led. Further gross margin improvement drivers include: product mix upgrading (premium paper packaging gross margin of 25.38% significantly higher than new tobacco's 6.14%; in the 2026 Interim Report, premium paper packaging gross margin further rose to 31.36%), overseas high-margin regional expansion (other regions including overseas revenue share 47.72%, up 55.44% year-on-year), reduction of losses in new tobacco or release of scale effects, and recovery after the sharp decline in laser materials & cigarette film gross margin.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 Interim Report (as of 2026-06-30), with data point around 2026-09-11. 2026H1 non-GAAP net profit attributable to shareholders was RMB 39.7296 million (down 60.67% year-on-year), gross margin 14.15%, debt-to-asset ratio 18.87%, investment income RMB 55.0548 million, diluted EPS (H1) approximately RMB 0.0341; of which 2026Q2 single-quarter revenue was RMB 586 million (down 2.91% year-on-year), net profit attributable to shareholders RMB 11.7347 million (down 78.87% year-on-year), non-GAAP RMB 9.1597 million (down 74.17% year-on-year). Revenue structure (2026 Interim Report): new tobacco RMB 629 million (39.58%, gross margin 4.93%), premium paper packaging RMB 470 million (29.58%, gross margin 31.36%), laser materials & cigarette film RMB 396 million (24.90%, gross margin 9.52%), other RMB 178 million. FY2022 revenue RMB 5.189 billion, net profit RMB 197 million (Source: Investing.com). 2026 Interim Report forecast (announcement date 2026-07-14, revised 07-16) net profit attributable to shareholders RMB 40–60 million (down 50.89%–67.26% year-on-year), actual result of RMB 48.27 million fell within the range; 2025 Annual Report forecast (announcement date 2026-01-28) expected loss of RMB 252–504 million, mainly due to impairment of goodwill, long-term equity investments, and accounts receivable bad debts totaling approximately RMB 488–791 million, actual result of -RMB 345.94 million fell within the range. Sources: Securities Star, Investing.com, Yahoo Finance, East Money F10, CFI.cn, Sina, etc. East Money also shows 2026H1 consolidated net profit of RMB 44.38 million (less than the attributable RMB 48.27 million, due to negative minority interests), which differs from the attributable basis and is not a contradiction.

2026H1 shows clear "revenue growth without profit growth": revenue up 28.40% year-on-year was mainly driven by volume growth in low-margin new tobacco (gross margin 4.93%) and laser materials/cigarette film (gross margin 9.52%), while high-margin premium paper packaging (gross margin 31.36%) revenue declined significantly, dragging down overall gross margin; combined with decreased investment income due to declining profits of associates, net profit attributable to shareholders fell 60.49% year-on-year. In 2025, "slight revenue growth (+4.57%) but huge loss of RMB 345.94 million" was mainly due to large impairment charges, consistent with the direction of operating cash flow (2025 full-year net operating cash flow approximately -RMB 20.36 million, 2026H1 approximately -RMB 158 million); attention should be paid to book quality after asset impairment. Revenue has declined significantly for consecutive years since 2022 (RMB 5.189 billion). ROE comparability across years is weak: 2023 approximately 3.66% → 2024 approximately 2.79% → 2025 approximately -12.19%.

3.2 Earnings Forecast

Institutional earnings forecast coverage is notably insufficient, with no authoritative multi-broker consensus expectations for 2026–2028. East Money F10 peer comparison shows that the 2026E/2027E/2028E EPS growth rate, revenue growth rate, and P/E ratio columns are all "--", i.e., under East Money's methodology there is no broker consensus (East Money gives revenue growth rate 25A +4.57%, TTM +27.88%; EPS growth rate 25A -580%, TTM -3401.2%). Securities Star's "Earnings Forecast" page shows 2026 EPS RMB 0.32, 2027 RMB 0.41, 2028 "—", but RMB 0.32 corresponds to net profit of approximately RMB 450 million, which severely conflicts with the actual 2026H1 attributable profit of only RMB 48 million and the -60% decline trajectory; judged to be stale/historically遗留 consensus or aggregation error, recorded as a single source only, not adopted. Third-party models (non-broker) dcf-model.com assume FY2025–FY2029 revenue of RMB 3.019–3.761 billion, annual growth of 5.65%, EBIT margin 12.15%, which are purely model assumptions. Zonebourse lists revenue 2024 3457, 2025 3213, 2026 3080 (in millions, year-on-year -12.37%/-7.06%/-4.14%), but the 2024 figure of 3457 does not match the actual 2857, so the methodology/timing is questionable and is for reference only.

3.3 Valuation Level and Institutional Ratings

As of the 2026-09-11 close, the stock price was RMB 3.57 (-1.65%), total market capitalization approximately RMB 5.048 billion, tradable market capitalization approximately RMB 5.008 billion (09-09 snapshot was RMB 5.189 billion; varies with price; price/valuation data points differ, with the 09-09 and 09-11 market cap difference of approximately RMB 140 million; citations must note the specific date). P/E (static, based on FY2025 loss) -14.59; P/E TTM -12.02; dynamic P/E approximately 52.3–53.8 (annualized based on 2026H1, of limited reference value); PB 0.81–0.83 (below book value); P/S 25A 1.69, TTM 1.51; PEG meaningless (earnings negative). 52-week range RMB 3.46–4.93, year-to-date cumulative change approximately -14.80%. Special note: institutional ratings and target prices are nearly blank; no broker rating or explicit target price within the past 12 months was found; the only rating is an old 2022 report; the Investing.com consensus page only shows "52-week range 3.46–4.93, 13 models," without providing usable analyst target prices. Existing third-party EPS forecasts (Securities Star RMB 0.32/0.41) contain obvious errors and should be used with extreme caution; the 2025 huge loss was mainly due to one-off impairment factors combined with operational decline, and year-over-year comparability for PE, ROE, and other valuation comparisons is weak. Sources: Cailian Press, Securities Times stcn, Sina Finance, East Money, etc.

4. Recent News and Announcements

4.1 Jinjia Group: Announcement on the Progress of Prior Enforcement Cases Involving the Controlling Shareholder and Actual Controller (Announcement No. 2026-067)

The company received on September 4, 2026, and disclosed on September 5, 2026, the "Announcement on the Progress of Prior Enforcement Cases Involving the Company's Controlling Shareholder and Actual Controller" (Announcement No. 2026-067). The applicant for enforcement in case [2025] Yue 03 Zhi No. 1719 changed from China Construction Bank Shenzhen Branch to China CITIC Financial Asset Management Co., Ltd. Shenzhen Branch (debt transfer), with an amount involved of approximately RMB 189 million. The announcement summarizes that, as of now, the controlling shareholder Jinjia Venture Capital and its concerted party Century Yuntong, and actual controller Qiao Luyu are involved in a total of 21 major litigation, arbitration, and judicial enforcement matters, with a total amount involved of approximately RMB 6.443 billion (RMB 6,443,200,300), most of which are in the ruling enforcement stage. Major cases listed (amount involved, in RMB ten thousand): Bank of Beijing Shenzhen Branch 45,138.19; Bank of Shanghai Shenzhen Branch 8,400.00 and 16,679.74 (totaling approximately 25,079.74); Bank of China Shenzhen Bao'an Sub-branch 9,974.86; China Everbright Bank Shenzhen Branch 17,299.05; CITIC Bank Shenzhen Branch 29,250.24, etc. Key points from the original risk warning: some assets of Jinjia Venture Capital and the actual controller have been sealed/frozen/seized; due to litigation, some company shares held by them have been judicially disposed of, and shares corresponding to other cases that have entered compulsory enforcement procedures also face the risk of judicial disposal; if the number of shares involved in judicial disposal reaches a certain proportion, it may lead to a change in control of the company. The company emphasizes that the above cases maintain independence from the listed company in terms of business, personnel, assets, organization, and finance, and will not have a direct material adverse impact on the company's production and operations. The announcement also notes that the amounts involved in some cases are unilateral claims by the plaintiff (applicant) and have not been confirmed by final ruling.

4.2 Jinjia Group: Announcement on the Judicial Auction of Part of the Shares Held by the Controlling Shareholder (Announcement No. 2026-055)

Announcement dated July 15, 2026 (2026-055): 18 million shares held by Jinjia Venture Capital (representing 1.27% of the company's total share capital and 6.71% of its holdings) were subject to judicial auction by the Shenzhen Intermediate People's Court, arising from a financial loan contract dispute case with China Everbright Bank Shenzhen Branch [2026] Yue 03 Zhi No. 163; the auction time was from 10:00 on August 26, 2026, to 10:00 on August 27, 2026 (excluding delay), conducted on the Taobao judicial auction platform. The announcement also disclosed cumulative judicial disposal scale: Jinjia Venture Capital held 463,089,709 shares before the auction, with cumulative judicial auctions of 291,070,000 shares and cumulative completed transfers of 194,670,000 shares; Century Yuntong had cumulative judicial auctions of 38,000,000 shares and cumulative completed transfers of 38,000,000 shares. (In the announcement table, the shareholding ratio of Jinjia Venture Capital after completed transfers of 13.77% is inconsistent with the 18.98% in subsequent announcements; it is recommended to refer to the original announcements.)

4.3 Jinjia Group: Announcement on the Results of the Judicial Auction of Part of the Shares Held by the Controlling Shareholder (Announcement No. 2026-066)

Announcement dated August 28, 2026 (2026-066): the judicial auction totaled 18 million shares, with a total transaction price of RMB 65,844,000 (approximately RMB 65.844 million, equivalent to approximately RMB 3.658 per share). Bidders: D4651 (6 million shares, RMB 21,948,000), Ren Ruiling (C1059, 6 million shares, RMB 21,948,000), P0814 (6 million shares, RMB 21,948,000). If the transfer is completed, Jinjia Venture Capital's shareholding ratio will decrease from 18.98% to 17.71%, and Jinjia Venture Capital and Century Yuntong combined will decrease from 19.09% to 17.81%, which will not lead to a change in the controlling shareholder or actual controller; no reduction of holdings within 6 months after transfer.

4.4 Jinjia Group: Controlling Shareholder Receives Enforcement Ruling, 138.8 Million Shares Face Conversion and Auction (2026-08-18/19 Announcements)

Announcements dated August 18/19, 2026: Jinjia Venture Capital received an enforcement ruling from the Shenzhen Intermediate People's Court [2026] Yue 03 Zhi No. 241-1 (originating from announcement 2026-006 dated February 11, 2026, Guangdong Huaxing Bank Shenzhen Branch case), to convert, auction, and sell 138.8 million shares held by Jinjia Venture Capital (approximately 9.8% of total share capital) to repay debts. This volume is far larger than the 18 million shares already transacted and is a risk point requiring close attention going forward; the judicial disposal is still in the ruling/subsequent enforcement stage, and the specific auction time, price, and quantity are uncertain; if a large proportion is disposed of, there is a risk of change in control of the company (the company itself has warned of this in its announcements).

4.5 Jinjia Group: 2026 Interim Report

Published on August 17, 2026, and disclosed on August 18, 2026, the 2026 Interim Report: operating revenue RMB 1.590 billion (RMB 1,590,214,057.41), up 28.40% year-on-year; net profit attributable to shareholders RMB 48.2697 million, down 60.49% year-on-year; non-GAAP net profit attributable to shareholders RMB 39.7296 million, down 60.67% year-on-year; basic EPS RMB 0.03, down 62.50% year-on-year; weighted average ROE 0.78%; net cash flow from operating activities -RMB 158 million (prior-year period -RMB 308 million); gross margin 14.15%, down approximately 4.97 percentage points year-on-year; financial expenses RMB 8.6962 million, up 544.45% year-on-year (exchange losses); investment income RMB 55.0548 million, accounting for approximately 93.96% of total profit (weak main business profitability after non-GAAP adjustments). By product: new tobacco RMB 629 million (+166.96%, gross margin only 4.93%), premium paper packaging RMB 470 million (-25.63%), laser materials & cigarette film RMB 396 million (+30.62%); overseas revenue RMB 690 million (+144.79%, accounting for 43.42%). Dividends: the company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital.

4.6 Jinjia Group: 2026 Interim Results Forecast and Revision

Published and revised on July 13/15, 2026: expected January–June net profit attributable to shareholders of RMB 40–60 million, down 50.89%–67.26% year-on-year; revision reasons include core business orders falling short of expectations, intensified market competition, declining associate profits leading to reduced investment income, declining premium paper packaging revenue, and low gross margins in new tobacco and other products. Actual interim report net profit attributable to shareholders was RMB 48.2697 million, falling within the forecast range.

4.7 Jinjia Group: 2025 Annual Results Forecast (Background)

Published on January 28, 2026, the "2025 Annual Results Forecast": 2025 net profit expected at -RMB 503.8964 million to -RMB 251.9482 million, change of -800% to -450% (significant loss). The 2025 Annual Report has been disclosed (sponsor institution CITIC Securities issued a verification opinion on raised funds).

4.8 Jinjia Group: Announcement on Change of Use of Repurchased Shares and Cancellation and Capital Reduction (Announcement No. 2025-091)

Approved by the 7th Board of Directors 2025 11th Meeting on December 8, 2025 (Announcement 2025-086) and the 2025 First Extraordinary General Meeting on December 24, 2025 (Announcements 2025-087, 2025-090). On December 25, 2025, the "Announcement on Change of Use of Repurchased Shares and Cancellation and Capital Reduction" (Announcement 2025-091) was disclosed: cancellation of 37,800,000 repurchased shares, with the company's total share capital reduced from 1,451,778,834 shares to 1,413,978,834 shares, and registered capital correspondingly reduced from RMB 1.452 billion to RMB 1.414 billion, with creditors notified in accordance with law (45-day declaration period).

4.9 Jinjia Group: Changes in Number of Shareholders

As of August 31, 2026, the number of A-share shareholders was 54,570, an increase of 43 from the previous period (August 20, 2026), a change of +0.08% (Source: stockstar.com, 2026-09-11). At the end of H1 2026, the total number of shareholders was 56,600, a decrease of 1,161 from the end of Q1, a decline of 2.01% (Source: Sina Finance 2026-08-17).

4.10 Jinjia Group: Concentrated Disclosure of Related-Party Transactions (2026-01-31)

On January 31, 2026, the 7th Board of Directors 2026 First Meeting concentratedly disclosed related-party transactions: with Kunming Color Printing RMB 29.8283 million; Guizhou Jinjia and its controlled subsidiaries RMB 136 million; Xinxin Internet and its controlled subsidiaries RMB 279 million; Anhui Antai New Packaging Materials RMB 106 million; Renhuai Shenren Packaging Printing RMB 35.754 million; Yizhong (Qingdao) Packaging RMB 20.6732 million; Hong Kong Hercules Packaging RMB 61.6373 million; Chongqing Hongsheng and its controlled subsidiaries RMB 121 million; Changchun Dingcheng Zhiyin RMB 59.5666 million.

4.11 Jinjia Group: Prior Capital Operations (Background)

In August 2025, completed the industrial and commercial registration change for 68.87% equity of Changchun Dingcheng Zhiyin Technology Co., Ltd. (formerly Changchun Jixing Printing) (Announcement 2025-063); in July 2025, jointly invested with related parties in Shanghai Yinbo Iterative Silicon-Based Venture Capital Partnership (Announcements 2025-059/2025-070).

4.12 Jinjia Group: Investor Interaction

2 new interaction items added on September 3, 2026, and 1 new item added on September 11, 2026; among them, a reply concerning the company's new tobacco/HNB flavor and fragrance layout (currently positioned across the upstream, midstream, and downstream of the new tobacco industry chain). This is the company's interactive platform wording, not a formal announcement, and this item comes from a third-party platform (jiuyangongshe.com); it is recommended to verify with the original text on the SZSE Interactive Easy platform.

4.13 Jinjia Group: Notes on Uncertainties and Limitations of the Recent News and Announcements Section

1) The RMB 6.443 billion amount involved is the company's announcement summary basis, of which some case amounts are unilateral claims by the plaintiff (applicant) and have not been confirmed by final ruling; they are not final determined debts. 2) The controlling shareholder's shareholding ratio basis conflicts (13.77% vs 18.98%); it is recommended to refer to the original announcements (2026-066, 2026-067); captured text is subject to OCR misalignment risk. 3) The judicial disposal of 138.8 million shares announced on August 18, 2026, is still in the ruling/subsequent enforcement stage, and the specific auction time, price, and quantity are uncertain; if a large proportion is disposed of, there is a risk of change in control of the company (the company itself has warned of this in its announcements). 4) These notes do not cover price/technical analysis; the approximate RMB 3.66–3.70 per share appearing in the text is only a reference to the conversion price of judicial auction transactions and secondary market price fragments (approximately RMB 3.70 around 2026-08-28; approximately RMB 3.67 around 2026-09-08), not complete market data. 5) Time anchoring: the latest retrievable data points in this section are the September 5, 2026 announcement (2026-067) and the September 11, 2026 third-party disclosure of shareholder numbers/interaction updates; whether there are new announcements thereafter could not be covered. 6) Most of the above information can be cross-verified on the disclosure media designated by the CSRC (cninfo.com.cn, Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily) and broker announcement aggregation pages; however, individual data (such as shareholder numbers, interaction content) are only seen on a single third-party platform, and secondary verification is recommended.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Jinjia Group (002191.SZ) closed at RMB 3.57 as of September 11, 2026, down 1.65%, with an intraday dip to RMB 3.53 marking a stage low. The price is below MA10/20/50/250, with moving averages in bearish alignment; from late August, technical scores shifted from bullish to bearish, RSI fell from above 50 to near 50, and short-term momentum weakened. On the capital flow side, over the past 10 days, cumulative net outflow of main force funds was approximately RMB 25.21 million, with retail/small orders absorbing; northbound slightly reduced; margin trading balance as a percentage of tradable shares was 4.78%, slightly above the market average. Turnover rate was only 0.55%–0.94%, daily turnover RMB 28–47.5 million; it is a low-liquidity small-cap stock (total market cap approximately RMB 5.05 billion), with thin order book and relatively high slippage risk. The number of shareholders is 54,600 (8/31 basis), higher than the industry average, but top ten shareholder and institutional holding concentration data are missing, which is a key gap for chip analysis. Overall, technical conditions are weak, capital flow is net outflow, and volume is sluggish; direction has not yet been confirmed. Note: most technical indicators in this section are snapshots from various recent dates (etnet 9/8, Investing.com 8/17 and 8/28, 360MiQ recent), not precise same-day readings for September 11; citations must note the basis and time point.

5.3 Short-Term Trend Outlook (Next Week, Scenario Analysis, for Reference Only)

⚠️ Risk Warning: The following content is purely subjective scenario analysis based on technical and capital flow factors; it is not statistical probability, not an operational instruction, and does not constitute investment advice; please judge independently and bear investment risks yourself.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 50–60% (subjective experience weight, not statistical probability)): price fluctuates laterally within RMB 3.50–3.65, turnover remains at a low RMB 30–50 million, main force funds show mixed in/out flows. Trigger conditions: no new news catalysts, stable broader market, capital flow continues slight net outflow but no panic selling pressure.
• Weaker downside (moderate weight, approximately 30% (subjective experience weight, not statistical probability)): after breaking below RMB 3.50, tests RMB 3.46 (52-week low); if daily turnover expands on the decline and main force single-day net outflow again exceeds RMB 8 million, may further approach RMB 3.40. Trigger conditions: negative news, industry weakness, or accelerated capital outflow.
• Rebound strengthening (lower weight, approximately 10–20% (subjective experience weight, not statistical probability)): volume-backed recovery of the RMB 3.63–3.68 dense zone, approaching RMB 3.73 (MA50). Trigger conditions: requires clear positive catalyst (such as orders/new tobacco policy or large-order capital return) with significantly expanded turnover.

③ Capital and Liquidity Background

Turnover rate 0.55%–0.94%, daily turnover RMB 28–47.5 million; it is a low-liquidity small-cap stock (total market cap approximately RMB 5.05 billion); order book is thin, volatility easily amplified by small trades; watch for slippage. Main force funds cumulative net outflow over past 10 days approximately RMB 25.21 million; margin trading balance as percentage of tradable shares 4.78% (slightly above market average); northbound funds recently slightly reduced; number of shareholders as of 2026-08-31 was 54,600, slightly up 0.08% from previous period; institutional participation 26.74% (moderate control, East Money Qian Gu Qian Ping 2026-09-11). ⚠️ Data gap: top ten tradable shareholder list, public fund/social security/QFII and other institutional holdings details, and holding concentration (CR10) data were not obtained; the above shareholder number is as of August 31 period-end basis and is lagging; structure may have changed; this data must be separately collected before finalizing.

Based on the stock's own recent turnover, if single-day turnover continues to expand above RMB 60 million (or turnover rate recovers above approximately 1.3%), this can be viewed as a signal of capital re-entry; conversely, if turnover continues below RMB 30 million, it is mostly stock-game trading and direction is insufficiently confirmed.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Watch whether the RMB 3.50–3.53 first support holds, and whether RMB 3.44–3.46 (52-week low) is broken.
• Watch whether the RMB 3.63–3.68 resistance zone can be recovered with volume; if broken, look toward RMB 3.73.
• Watch whether main force funds shift from net outflow to consecutive net inflow, and whether turnover expands to above RMB 60 million as a confirmation signal.
• Watch news and industry (packaging & printing/new tobacco) developments, and the amplifying effect of the broader market environment on low-liquidity small-cap stocks. All of the above are observation ideas, not operational instructions.

The above scenario analysis is based on 2026-09-11 closing data and historical prices and technical indicator calculations; short-term stock prices are also affected by multiple factors including news, capital flows, and the broader market environment; technical indicators themselves have lag and limitations, do not guarantee future actual trends, and do not constitute buy or sell recommendations; please judge independently based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company operates in the packaging and printing industry (SW classification "Light Industry Manufacturing—Packaging & Printing—Paper Packaging"), with core downstream demand from the tobacco industry for cigarette labels and cigarette packaging materials, extending to mid-to-high-end consumer brand color boxes, laser materials/cigarette film and other new packaging materials, electronic materials, and new tobacco products. Industry customers (China Tobacco system) are highly concentrated and procurement uses bidding/price comparison mechanisms; upstream commodity raw material prices such as paper and PP are directly transmitted to the cost side; new tobacco is the fastest-growing but lowest-gross-margin segment in recent years (2025 gross margin 6.14%). The research notes do not provide third-party industry data such as overall industry size or growth rate.

6.2 Competitive Landscape

• Industry attributes: cigarette labels are supporting packaging for the tobacco monopoly system, with anti-counterfeiting and customization attributes; qualification and technical barriers create strong stickiness between incumbent suppliers and China Tobacco customers; customer concentration is high, and bargaining power lies with the buyer
• Cost side: commodity raw material prices such as paper (cardboard/white cardboard) and polypropylene (PP/BOPP) are the main cost variables; the company smooths price fluctuations through centralized procurement by subsidiary supply chain companies, but overall remains a commodity cost taker
• Business structure evolution: from the 2024 Annual Report onward, the company merged the former "cigarette labels, color boxes" into "premium paper packaging," with new classifications being "premium paper packaging/laser materials & cigarette film/new tobacco"; in 2025, new tobacco revenue was up 288.41% year-on-year to RMB 924.8 million, accounting for 30.95%, but gross margin was only 6.14%, showing "revenue growth without profit growth"; in the 2026 Interim Report, new tobacco already accounted for 39.58% of total revenue, becoming the largest product
• Regional structure changes: in 2025, "other regions (including overseas)" revenue share was 47.72% (up 55.44% year-on-year), surpassing South China for the first time to become the largest region; overseas weight increased; the company's strategy has been adjusted to "placing equal emphasis on domestic and overseas markets, with international business as the growth leader"
• New strategic directions: the company established Jinjia Xinyuan (capital contribution RMB 500 million) to advance new materials upgrading, made a capital increase in Weiliang Technology to enter semiconductor/optoelectronic device packaging materials (epoxy resin pre-injection molded packaging substrates, lead frames), established Jinjia Juneng to build composite aluminum foil/composite copper foil production lines, cooperated with a UK flexible chip manufacturer on RFID flexible labels, and laid out an Indonesian packaging base and HNB cartridge factory
• The research notes do not provide third-party industry statistics such as overall industry market size, industry growth rate, or competitor market share; relevant judgments are based solely on the company's disclosed basis

6.3 Main Competitors

The research notes do not provide specific names, financial data, or market share of comparable listed companies in the same industry, making effective peer comparison impossible. From the midstream processing positioning alone, the company's core variables are: upstream paper/PP commodity cost fluctuations, downstream China Tobacco customer bidding and bargaining mechanisms, dilution of overall profitability by low-margin new tobacco business, and structural improvement in premium paper packaging and overseas business.

7. Risk Warnings

• The new tobacco business faces clear low-margin expansion risk: in H1 2026, its revenue share rose to 39.58%, but gross margin was only 4.93%; if scale growth relies on low-price competition or poor order quality, it may continue to show revenue growth without profit growth and dilute the overall profitability of high-margin businesses such as premium paper packaging.
• The premium paper packaging business faces continued revenue decline risk: in 2025, this business revenue declined 25.84% year-on-year, and in H1 2026, revenue declined 25.63% year-on-year. Although H1 2026 gross margin was 31.36%, if China Tobacco customer orders, bidding prices, or core business demand do not improve, the higher gross margin may not offset the decline in revenue scale.
• The laser materials & cigarette film business faces profit volatility risk: in H1 2026, revenue grew 30.62% year-on-year, but gross margin fell to 9.52%; this business is significantly affected by raw material prices such as paper, polypropylene, film, and coated aluminum, and customer bargaining; volume growth does not necessarily bring profit growth.
• The company faces asset impairment and earnings quality risk: in 2025, total asset impairment losses of RMB 484 million were recognized, including goodwill impairment of RMB 297 million and long-term equity investment impairment of RMB 144 million; if the operating performance of related businesses or investment projects continues to fall short of expectations, further impairment may occur in the future, and the 2025 loss also reduces the comparability of historical profit data.
• The company faces cash flow and insufficient main business profitability risk: in H1 2026, net cash flow from operating activities was -RMB 158 million; investment income of RMB 55.0548 million accounted for approximately 93.96% of total profit; non-GAAP net profit attributable to shareholders was only RMB 39.7296 million; if receivables, inventory, or order collections continue to tie up funds, it may affect the quality of operational recovery.
• The controlling shareholder and actual controller face significant litigation enforcement and share disposal risk: as of the September 2026 announcement summary, there were 21 related enforcement cases with amounts involved of approximately RMB 6.443 billion; some shares have already been judicially auctioned, and another 138.8 million shares face conversion, auction, or sale; if a large proportion of shares continue to be disposed of, it may lead to a decline in the controlling shareholder's holdings or even a change in control of the company.
• The company faces risk of overseas expansion and new business investment falling short of expectations: the company has laid out multiple directions including an Indonesian packaging base, HNB cartridges, semiconductor and optoelectronic device packaging materials, composite aluminum foil and composite copper foil, and RFID flexible labels, but existing data does not yet show that these projects have formed stable profits; if project construction, customer certification, or order fulfillment falls short of expectations, it may bring fund occupation, asset impairment, or profit drag.
• At the stock trading level, there is liquidity and technical weakening risk: as of September 11, 2026, the stock price was RMB 3.57, below multiple medium- and long-term moving averages; over the past 10 days, cumulative net outflow of main force funds was approximately RMB 25.21 million; turnover rate was approximately 0.55%–0.94%; against the backdrop of low turnover and low turnover rate, if the RMB 3.50–3.53 support zone is broken, price volatility and bid-ask slippage may be further amplified.

8. Conclusion and Outlook

Jinjia Group's growth logic mainly comes from new tobacco volume growth, overseas revenue improvement, and restoration of premium paper packaging profitability. The company has formed three business segments: premium paper packaging, laser materials & cigarette film, and new tobacco, and has shifted its strategic focus to placing equal emphasis on domestic and overseas markets, with international business as the growth leader. If the new tobacco business can improve gross margin, premium paper packaging revenue can stop declining and recover, and overseas orders and new materials projects gradually form effective profits, the company's revenue structure and earnings quality are expected to improve.

However, the company is still in a transition verification period, characterized by rapid new tobacco revenue growth but persistently low gross margin, declining premium paper packaging revenue, significantly declining laser materials & cigarette film gross margin, high contribution of investment income to profit, and a weak main business profit foundation. In H1 2026, investment income was RMB 55.0548 million, accounting for approximately 93.96% of total profit; at the same time, operating cash flow was negative, indicating that revenue growth has not yet been fully converted into cash and profit. Going forward, close attention should be paid to whether product mix, gross margin, operating cash flow, and non-GAAP profit can improve simultaneously.

The company's valuation and technical conditions both carry strong uncertainty: PB is below book value, but the low earnings base makes PE of limited reference value, and the market also lacks authoritative consensus expectations in recent years. Combined with controlling shareholder and actual controller enforcement cases, judicial disposal of shares, and potential control change risk, the company's fundamental repair, governance stability, and stock price performance still need to be continuously assessed in light of subsequent announcements, order fulfillment, and earnings quality.

Data Sources

• Jinjia Group (002191)_Stock Overview_Stock Price_Real-time Quotes_Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Jinjia Group (002191) - Company Profile
• Jinjia Group: 3.57 -1.65% -0.06 002191 Sohu Securities
• Jinjia Group (002191) Company Information - Jinjia Group
• Shenzhen Jinjia Group Co Ltd Class A (002191) - Shenzhen Jinjia Group Co Ltd Class A 002191
• Jinjia Group (002191) Main Business_Securities Star
• [Jinjia Group [002191] - Stock issued by Shenzhen Jinjia Group Co., Ltd.](https://baike.baidu.com/item/%E5%8A%B2%E5%98%89%E8%82%A1%E4%BB%BD%5B002191%5D/19151047#1)
• 002191 Jinjia Group HNB Cigarette Flavor Confirmed, Benchmarking Huabao Holdings Which Doubled in Half a Month, Has Not Yet Started
• Securities Information - Jinjia Group - Tonghuashun
• Stock Market Express: Jinjia Group (002191) Main Force Funds Net Sold RMB 8.0392 Million on September 10 - Securities Star
• Jinjia Group (sz002191)
• Jinjia Group (002191.SZ) - Quick Quote
• Jinjia Group (002191)_Latest Price_Quotes_Chart—East Money
• Jinjia Group (sz002191) Price Trend
• Shenzhen Market Margin-Eligible Securities List (20260429) - Shenzhen A | 002189 | Zhongguangxue | 0 | D
• Jinjia Group (002191)
• 002191 | Shenzhen Jinjia Color Printing Group Co Ltd Stock Market - Investing.com - Jinjia Group (002191)
• Jinjia Group (SZ002191) Peer Comparison-PC_HSF10 Data
• Jinjia Group: 2025 Annual Report_Jiufang Zhitou - During the reporting period, the company achieved technological breakthroughs in optical floating images, computational holography, multi-channel structure superposition, and other directions; some achievements reached industry-first or leading levels, and were successfully applied to high-end product packaging of several well-known liquor companies
• 002191 Jinjia Group - Main Business Scope
• Jinjia Group's 2025 Net Loss Attributable to Shareholders RMB 346 Million; Packaging Business Shrinkage Combined with Low-Margin New Tobacco Led to Non-GAAP Net Loss of RMB 426 Million
• Jinjia Group Main Revenue Composition
• Jinjia Group's 2025 Net Loss Attributable to Shareholders RMB 346 Million; Packaging Business Shrinkage Combined with Low-Margin New Tobacco Led to Non-GAAP Net Loss of RMB 426 Million_News-Lanjing Finance
• Financial Report Express | Jinjia Group (002191) 2025 Net Profit Plunged 580%, Turning from Profit to Loss, Operating Cash Flow Rarely Turned Negative
• Jinjia Group - Jinjia Group
• Jinjia Group: 2025 Annual Report Summary-Securities Star - Jinjia Group: 2025 Annual Report Summary
• Jinjia Group (002191) - Main Revenue Composition - Stock Market Center
• Shanghai-Shenzhen Company Announcement Titles - Jinjia Group: 2025 Annual Report - April 28, 2026 - Tonghuashun
• Jinjia Group Holds Investor Reception Day Event, Electronic Materials New Industry Becomes Core Keyword - Jinjia Group Holds Investor Reception Day Event, Electronic Materials New Industry Becomes Core Keyword
• Shenzhen Jinjia Group Co., Ltd.
• Jinjia Group Holds Investor Reception Day Event, Electronic Materials New Industry Becomes Core Keyword
• Shenzhen Jinjia Group Co., Ltd.
• Jinjia Group - The company takes the "technology innovation + industry collaboration" dual-drive strategy as its core, building a deeply integrated industry-academia-research innovation ecosystem
• Bank of China (Hong Kong) Limited - Company Information
• SZ.002191 Jinjia Group JINJIA GROUP - A-Share Real-Time Quote RT Quote - Company Information Company Information
• Entry Page_Encyclopedia_East Money
• China Stock Research Activity Table - Shenzhen Jinjia Group Co., Ltd. - October 11, 2022 - Tonghuashun
• Jinjia Group Listed Company Information - Jinjia Group Listed Company Information
• Jinjia Group - Shenzhen Qianhai Jinjia Ruihe Enterprise Management Partnership (Limited Partnership) | Equity Transfer | 0% | 99%
• [Jinjia Group: 2021 Net Profit Up 23.82% Year-on-Year, Plans 10 Dividend 3.5 Yuan - Jinjia Group: 2021 Net Profit Up 23.82% Year-on-Year, Plans