The Jin Modern fundraising project has been delayed by nearly two years, and nearly 30 million yuan worth of equipment funds are planned to be transferred to research and development investment.

Source: Taishan Finance

Taishan Finance Reporter Zhao Shijie

Taishan Finance reporter learned that recently, Jinn Modern (300830.SZ) announced that it has decided to extend the planned completion date of the fundraising project “Basic Development Platform and Standardized Software R&D and Industrialization Project” from March 31, 2026, to December 31, 2027, and has adjusted the internal investment structure of the project. Under the same total amount, it increased investment in R&D personnel salaries.

The announcement shows that as of February 28, the total investment in this project was 228 million yuan, with 223 million yuan planned to be raised, and a total of 159 million yuan invested, reaching an investment progress of 71.26%.

Regarding the reason for the delay, Jinn Modern explained that during the actual investment process, influenced by multiple factors such as macroeconomic environment, explosive development of software technology, industry policy adjustments, and intensified competition in the professional technical talent market, the company has spent a longer period on repeated verification and upgrades in key technology R&D, new technology implementation, and product iteration, leading to a slowdown in overall project progress.

Meanwhile, Jinn Modern has adjusted the internal investment structure of the fundraising project. Under the premise of maintaining the total investment amount, equipment purchase investment was reduced from 31.04 million yuan to 2.23 million yuan, a decrease of 28.81 million yuan; R&D expenses were correspondingly increased from 124 million yuan to 153 million yuan, mainly allocated to salaries of R&D personnel.

The announcement disclosed that with the development and popularization of AI technologies such as large models, the demand for computing power by application software vendors has significantly decreased. The reliance on localized servers for software development has become markedly lower, and using open-source models and public cloud resources has become a more efficient and cost-effective R&D model. The company stated that this adjustment aims to optimize resource allocation, reduce costs, and increase efficiency, while also increasing investment in R&D talent to enhance R&D strength and core competitiveness.

Data shows that Jinn Modern was established in December 2001 and listed on the ChiNext board in May 2020. Its main business includes providing customized industry solutions for large enterprises in power, military, manufacturing, railway, petrochemical, and other sectors, as well as offering standardized software products to central enterprises, state-owned enterprises, and industry leaders. The company is headquartered in Jinan, with a service network covering the entire country.

In terms of performance, Jinn Modern’s 2025 performance forecast indicates that the company expects a net loss attributable to the parent of 70 million to 90 million yuan for the year, compared to a profit of 11.5261 million yuan in the same period last year, shifting from profit to loss year-on-year.

Regarding the reasons for the performance change, Jinn Modern stated that the use of the new office building has led to an increase in depreciation of about 30 million yuan; changes in the accounts receivable aging structure have resulted in an allowance for credit impairment losses of about 34 million yuan; and some inventory items have been impaired, resulting in an asset impairment loss of about 25 million yuan. Additionally, the company proactively shrank low-profit customized businesses, leading to a temporary decline in overall revenue scale.

The reporter noted that the accounts receivable aging structure of Jinn Modern shows a trend of becoming more medium- and long-term. Financial data indicates that from 2022 to 2024, the proportion of accounts receivable within one year decreased from 55.96% to 43.05%, while those over one year increased from 44.04% to 56.95%. Among these, the proportion of receivables aged 2-3 years increased from 8.64% to 16.39%, and those over 3 years increased from 8.74% to 11.09%. During the same period, the overall provision for bad debts of accounts receivable increased from 16.80% to 21.27%.

The company also mentioned in its 2025 performance forecast that during the reporting period, it continued to recover historical accounts receivable, further reducing the scale of accounts receivable, with the total accounts receivable at the end of 2024 slightly lower than the previous year.

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