ST Jing Feng: Abnormal fluctuations in stocks, indicating the need for restructuring and managing multiple risks.

*ST Jingfeng announced that the company's stock had a cumulative deviation value of 15.04% for three consecutive trading days from November 11th to 13th, 2025, indicating abnormal volatility. From January to September 2025, the company's revenue was 271.8559 million yuan, a year-on-year decrease of 7.75%; net profit was -44.5649 million yuan, a year-on-year increase of 8.71%. The company was judged to enter the reorganization process on October 21, 2025, with the risk of reorganization failure being declared bankrupt and delisted. In addition, the lowest non-GAAP net profit in the past three years for the company has been negative, and the uncertainty of continued operation is reflected in the 2024 annual report. There is still 185 million yuan of principal of the "16 Jingfeng 01" bonds unpaid.