Jingyuntong faces profit decline, secures credit line renewal

Beijing Jingyuntong Technology (SSE:601908) reported a significant profit decline in its 2024 annual report summary, with net profits attributable to shareholders plummeting to -CNY 2,360.65 million, a 1,100% decrease. Revenue also saw a substantial drop of 56.28% to CNY 4,590.77 million. The company has decided against distributing profits for 2024 and will not increase share capital. Looking ahead, the firm has secured a total CNY 7 billion credit facility from a variety of banking and financial institutions, renewable annually, to support its production and operations. The engagements include credit loans and L/Cs. The company is also facing a lawsuit that is still pending, although unrelated to the credit line renewal.