*ST Jianyi (002789) Impact Analysis of Winning a 166 Million Yuan Project

According to the latest announcement, Guangdong Jianxing Construction Group, a holding subsidiary of *ST Jianyi, won the general contracting project for the headquarters base construction of Zhuhai Sanyou Environmental Technology Co., Ltd., with a winning bid amount of 166 million yuan[1][2]. The contract for this project has not yet been signed, and there is still the possibility of progress and amount changes in actual execution[2].

• Winning Bidder:
  Guangdong Jianxing Construction Group (holding subsidiary)
• Project Type:
  Headquarters base construction general contracting project
• Winning Bid Amount:
  166 million yuan
• Project Location:
  Zhuhai City

Financial Indicator	Value	Status
Current Stock Price	10.47 yuan	-
Total Market Value	Approximately 12 billion yuan	-
P/E Ratio (TTM)	-1.42x	⚠️ Negative (Loss)
P/B Ratio (TTM)	-1.46x	⚠️ Negative (Insolvent)
Return on Equity (ROE)	1.24%	-

• 2025Q3:
  Revenue of approximately 5.063 billion yuan, EPS of approximately -0.069 yuan
• 2025Q2:
  Revenue of approximately 8.568 billion yuan, EPS of approximately -0.071 yuan
• 2024Q4:
  Revenue of approximately 12.816 billion yuan, EPS of approximately -0.376 yuan
• 2025Q1:
  Revenue of approximately 5.509 billion yuan, EPS of approximately -0.014 yuan

The company’s quarterly revenue scale is large (5-13 billion yuan), but it continues to lose money, with the loss reaching a peak in 2024Q4.

Comparison Dimension	Value	Proportion
Project Amount vs Market Value	166 million /12 billion	1.38%
Project Amount vs 2025Q3 Revenue	166 million /5.063 billion	3.3%
Project Amount vs2025Q2 Revenue	166 million /8.568 billion	1.9%

In terms of amount, the project has limited impact on the company’s overall scale, belonging to a regular operational order rather than a strategic large order.

####2. Profit Contribution Estimation

According to the characteristics of the architectural decoration industry, the project net profit margin is usually between

.

Net Profit Margin Scenario	Expected Profit	Proportion of Annual Loss
3% (Conservative)	Approximately 5 million yuan	Very small
5% (Neutral)	Approximately 8.3 million yuan	Very small
8% (Optimistic)	Approximately 13.28 million yuan	Very small

Even if the project is executed smoothly, the expected net profit is only about 5-13 million yuan, which is compared to the company’s annual loss of hundreds of millions of yuan.

####3. Cash Flow Impact

• Positive Aspect:
  The project execution process can bring operating cash inflow
• Risk Aspect:
  Construction industry projects usually have the characteristics of
  long settlement cycle
  and
  slow payment collection
• Actual Impact:
  The cash flow improvement is limited in the short term, and it needs to wait for project acceptance and settlement completion

Condition Requirement	*ST Jianyi’s Current Situation	Compliance Status
Net profit in the latest fiscal year is positive	Annual EPS of approximately -53 yuan	❌ Not compliant
Net assets in the latest fiscal year are positive	PB of -1.46 (Insolvent)	❌ Not compliant
Latest fiscal year operating revenue ≥100 million yuan	Quarterly revenue over 5 billion yuan	✅ Compliant
Financial report not issued with non-standard opinion	To be confirmed by 2025 annual report	⚠️ To be confirmed
Sound corporate governance and standardized operation	To be evaluated by regulatory authorities	⚠️ To be evaluated

According to online search information, the controlling shareholder of *ST Jianyi has exempted the company from

and donated to the company for “blood transfusion”[2][3]. This measure:

• ✅
  Significantly Improve Net Assets
  : Expected to turn net assets from negative to positive
• ✅
  Enhance Solvency
  : Reduce financial burden
• ✅
  Boost ST Delisting Expectations
  : The market has responded positively (6 consecutive daily limit-ups in December 2025)[2]

*ST Jianyi is the

and has a state-owned background[3], which provides advantages for the company to obtain policy support and resource integration.

Evaluation Dimension	Conclusion	Reason
Performance Improvement	⚠️ Limited	Small project scale, low profit margin, limited contribution to overall performance improvement
ST Delisting Help	⚠️ Auxiliary	Mainly relies on controlling shareholder’s debt exemption, the project only provides incremental business
Market Confidence	✅ Positive	Demonstrates subsidiary’s competitiveness, conveys positive signals to the market
Strategic Significance	✅ Positive	Helps with subsequent project expansion and business continuity

• ✅ Whether the project contract is signed smoothly
• ✅ Progress of accounting treatment for controlling shareholder’s debt exemption
• ✅ Disclosure time and audit opinion type of 2025 annual report

• ⚠️ Whether the company continues to obtain new orders
• ⚠️ Whether overall profitability improves
• ⚠️ Whether net assets turn positive successfully
• ⚠️ Whether the ST delisting application is submitted and approved

• ⚠️ Whether the corporate governance structure is improved
• ⚠️ Whether core business profitability is enhanced
• ⚠️ Whether it gets rid of dependence on controlling shareholder’s support

1. Project Execution Risk
   : Construction period delay, cost overrun, customer payment collection difficulties
2. Industry Competition Risk
   : Fierce competition in the architectural decoration industry, continuous pressure on profit margins
3. Financial Risk
   : Overall financial situation is still fragile, liquidity pressure persists
4. ST Delisting Uncertainty
   : Even if debt exemption is completed, multiple hard conditions still need to be met
5. Market Volatility Risk
   : ST sector stocks are highly volatile, need to pay attention to delisting risk

*For ST Jianyi, the 166 million yuan winning bid project:

✅

• Increases business scale, demonstrates subsidiary’s market competitiveness
• Provides incremental cash flow, improves operating conditions
• Conveys positive signals, beneficial to market confidence recovery
• Lays foundation for subsequent business expansion

⚠️

• Insufficient to achieve ST delisting alone
  : Project amount is relatively small compared to company scale
• Difficult to reverse loss situation
  : Expected profit is only 5-13 million yuan, which does not match the annual loss scale
• Execution uncertainty
  : Contract not yet signed, exists risk of progress and amount changes
• Industry characteristics limitations
  : Low profit margin in construction industry, long payment collection cycle

*ST Jianyi is

by relying on:

1. Controlling shareholder’s debt exemption and cash donation
   (1.4 billion +1.89 billion yuan)[2][3]
2. State-owned background support
   and regional resource advantages[3]
3. Continuous business expansion
   (the 166 million yuan project is one part of it)
4. Overall profitability improvement
   (need to observe subsequent quarterly performance)

• ⚠️
  Closely follow
  the progress of accounting treatment for controlling shareholder’s debt exemption and the 2025 annual report
• ⚠️
  Rationally看待
  the impact of the 166 million yuan winning bid project, should not overestimate its ST delisting role
• ⚠️
  Focus on
  the company’s subsequent order acquisition situation and quarterly profit improvement trend
• ⚠️
  Note risks
  : ST stocks are highly volatile, there is delisting risk, need to evaluate carefully

• ✅ Ensure smooth execution of the winning bid project, strive for better-than-expected profits
• ✅ Accelerate progress of debt exemption and asset restructuring
• ✅ Continuously obtain new orders, expand business scale
• ✅ Improve internal management, enhance overall profitability
• ✅ Improve corporate governance, meet ST delisting conditions

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[0] Jinling API Data - Financial Data, Market Data, Company Overview
[1] Securities Times - “*ST Jianyi: Holding Subsidiary Wins 166 Million Yuan Project” (https://www.stcn.com/article/detail/3574153.html)
[2] East Money - “Shareholder is too仗义! Jianyi Group doesn’t need to repay 1.4 billion yuan debt directly” (https://wap.eastmoney.com/a/202601043607966866.html)
[3] Fupan Wang - “ST Jianyi receives 1.89 billion yuan blood transfusion from controlling shareholder, state-owned background boosts ST delisting expectations” (https://www.fupanwang.com/dsk/002789/2025-12-30.html)
[4] Sina Finance - “*ST Jianyi: Holding Subsidiary Wins 166 Million Yuan Project” (https://finance.sina.com.cn/roll/2026-01-06/doc-inhfkfur5663711.shtml)

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This analysis is based on public information and professional tool data, for reference only, does not constitute investment advice.