### Overview Jinzhou Port Co., Ltd. operates primarily in the logistics and port services sector in China. This report summarizes the company’s financial performance for the year ended 2024 and highlights the significant risks and challenges it faces moving forward, particularly in light of a potential delisting due to major violations of securities law.

### Key Financials For the year 2024, Jinzhou Port reported substantial financial deterioration, with cumulative losses reaching RMB 6.581 billion. The company’s net assets stood at negative RMB 0.8 billion by the end of 2024 and further declined to negative RMB 0.57 billion as of March 31, 2025. These figures indicate a consistent trend of insolvency. Furthermore, the financial statements for 2024 were accompanied by an audit opinion from Zhongzheng Accounting Firm that was unable to express a clear opinion, suggesting significant issues in financial management.

### Management Commentary Company management has expressed concern regarding the significant financial losses and the implications of the regulatory actions it has faced. The tone has been cautious and defensive, emphasizing the ongoing challenges while recognizing the need to address the structural issues that led to the massive financial deterioration and the audit findings.

### Trends and Drivers The primary drivers behind Jinzhou Port's financial struggles include operational inefficiencies and severe governance issues, demonstrated by the discovery of false statements in its 2022, 2023, and Q1 2024 reports. Additionally, the company's stock price volatility is exacerbated by a combination of market speculations and legal liabilities resulting from regulatory penalties imposed by the China Securities Regulatory Commission (CSRC). As of May 27, 2025, both its A-shares and B-shares have been trading below RMB 1, raising concerns regarding continued market participation.

### Risks and Outlook Jinzhou Port is exposed to multiple delisting risks due to both operational and financial non-compliance. Additionally, there are liquidity risks stemming from previous lawsuits and an overwhelming debt burden, which have led to account freezes and downgrades in credit ratings. These factors could significantly impede the company's operational capabilities and overall market position in the near term.

### Conclusion Overall, Jinzhou Port Co., Ltd. is navigating a perilous financial landscape marked by substantial losses, unresolved audit issues, and significant regulatory scrutiny. Investors should approach with caution, keeping a close watch on the potential delisting risks and the company’s strategies to stabilize its financial footing in the forthcoming quarters.