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It has been a one-way traffic for JT. No reprieve in sight
https://links.sgx.com/1.0.0/corporate-announcements/DUEGK3GI4NQU3INN/882323_Jiutian-EOM%20FY2025.pdf
Discrepancies between unaudited and audited accounts
https://links.sgx.com/1.0.0/corporate-announcements/GAEBDN1CMHYB0G1T/882322_Jiutian-Material%20Variance%20announcement%20FY2025.pdf
Auditor' s Comments of Account
Discrepancies between unaudited and audited accounts
https://links.sgx.com/1.0.0/corporate-announcements/GAEBDN1CMHYB0G1T/882322_Jiutian-Material%20Variance%20announcement%20FY2025.pdf
Notes: 3. Change arose from impairment loss on property, plant and equipment. Following the finalisation of management&rsquo s assessment of the carrying amount of the Group&rsquo s property, plant and equipment, based on valuation performed by an independent professional external valuer, a further impairment loss of RMB72,662,000 was recognised.
Further impairment loss..oh boy..
Further impairment loss..oh boy..
Logically, the surge in methanol as feedstock will cause the DMF-Methanol margin to compress. We all know what happens next.
It is always more valuable to lay down the hard data for investors to make well informed decisions, rather than offering broad views that wont sway the diehard Jiutian bulls.
If you still believe Jiutian is worth a shot, give a shoutout
Unless, of course, you are one of the big boys who knows exactly when to strike.
AI did the analysis well...their conclusion is correct as well.
Fundamentally, Jiutian is not investment-worthy at 2 cents for long-term value investors. Ratios show a company burning cash, unable to cover interest, and destroying equity. The only appeal is speculative trading on potential industry recovery or restructuring.
Fundamentally, Jiutian is not investment-worthy at 2 cents for long-term value investors. Ratios show a company burning cash, unable to cover interest, and destroying equity. The only appeal is speculative trading on potential industry recovery or restructuring.
I have completed both the TA and FA on Jiutian. Since I do not come from a business or accounting background, I leaned on AI to do the heavy lifting on FA.
If you are the type who spends about $1,000 a year on 4D tickets and walks away with zero winnings, you might consider putting that same amount into Jiutian instead. Who knows, maybe you get lucky and see a tenfold return or even more. Worst case? You lose it all.
On the other hand, if you believe this stock is not worth your hard earned money, then just give it a pass.
The name itself is powerful, Jiu Tian (Nine Heavens). Unfortunately, it ends with Chemical, which carries a hazardous ring to it, and that spoils the magic.
At the end of the day, Jiutian is not a stock for the faint hearted. It sits at the crossroads of hope and hazard cheap enough to tempt, risky enough to burn. Whether you treat it as a lottery ticket or dismiss it as toxic waste, the choice reflects your own appetite for risk. For me, the analysis is complete, the verdict is yours.
Another section on financial analysis
👉 Fundamentally, Jiutian is not investment-worthy at 2 cents for long-term value investors. Ratios show a company burning cash, unable to cover interest, and destroying equity. The only appeal is speculative trading on potential industry recovery or restructuring.
📊 Liquidity Ratios
-
Current Ratio = Current Assets ÷ Current Liabilities- Current Assets: RMB 376m
- Current Liabilities: RMB 248m
- Current Ratio = 1.51
&rarr Above 1, meaning short-term assets cover liabilities, but the margin is shrinking compared to prior years (cash fell sharply).
-
Quick Ratio = (Current Assets &ndash Inventories) ÷ Current Liabilities- Inventories: RMB 44m
- Quick Assets: RMB 332m
- Quick Ratio = 1.34
&rarr Still liquid, but declining cash reserves are a concern.
⚖ ️ Leverage Ratios
-
Debt-to-Equity = Total Liabilities ÷ Equity- Liabilities: RMB 248m
- Equity: RMB 451m
- Debt-to-Equity = 0.55
&rarr Moderate leverage, but equity erosion from losses is weakening the buffer.
-
Interest Coverage = EBIT ÷ Finance Costs- EBIT: &ndash RMB 159m (loss)
- Finance Costs: RMB 7.6m
- Coverage = Negative
&rarr Company cannot cover interest from operations, relying on cash reserves.
📉 Profitability Ratios
-
Gross Margin = Gross Profit ÷ Revenue- Gross Loss: &ndash RMB 107.5m
- Revenue: RMB 107.5m
- Gross Margin = &ndash 100%
&rarr Selling prices remain below production costs.
-
Net Margin = Net Profit ÷ Revenue- Net Loss: &ndash RMB 166.9m
- Revenue: RMB 107.5m
- Net Margin = &ndash 155%
&rarr Deeply negative, showing structural unprofitability.
-
ROE = Net Profit ÷ Equity- &ndash RMB 166.9m ÷ RMB 451m = &ndash 37%
&rarr Heavy destruction of shareholder value.
- &ndash RMB 166.9m ÷ RMB 451m = &ndash 37%
🔄 Efficiency Ratios
-
Asset Turnover = Revenue ÷ Total Assets- RMB 107.5m ÷ RMB 699m = 0.15
&rarr Very low efficiency assets are underutilized.
- RMB 107.5m ÷ RMB 699m = 0.15
-
Cash Conversion Cycle:- Inventories: RMB 44m, Receivables: RMB 48m, Payables: RMB 104m.
- Working capital cycle is stretched, but payables partly offset receivables/inventory.
📌 Key Takeaway
- Liquidity is adequate but deteriorating (cash burn is the main risk).
- Leverage is moderate, but interest coverage is negative.
- Profitability is deeply negative, with gross margin at &ndash 100%.
- Efficiency is poor, with low asset turnover.
👉 Fundamentally, Jiutian is not investment-worthy at 2 cents for long-term value investors. Ratios show a company burning cash, unable to cover interest, and destroying equity. The only appeal is speculative trading on potential industry recovery or restructuring.
Technical analysis completed. This is the FA portion.
Jiutian Chemical&rsquo s FY2025 results show a sharp revenue rebound from RMB 50.6m to RMB 107.5m, but losses widened to RMB 166.9m due to weak selling prices, high costs, and impairments. The balance sheet weakened with cash down to RMB 198m (from RMB 516m) and equity eroded to RMB 451m, highlighting liquidity pressure and ongoing industry headwinds.
📊 Financial Performance Overview
- Revenue: RMB 107.5m (&uarr 113% YoY)
- Driven by trial production at the new 100,000-ton methylamine plant.
- Methylamine sales contributed RMB 98.9m (vs RMB 39.2m in FY2024).
- Gross Loss: RMB 107.5m (vs RMB 83.2m in FY2024).
- Selling prices remained below production costs due to oversupply and weak demand in China.
- Net Loss: RMB 166.9m (vs RMB 147.9m in FY2024).
- Loss per share widened to 8.40 RMB cents (vs 7.44).
- Other Income: RMB 6.5m (&darr 38% YoY), mainly lower interest income.
- Expenses:
- Admin costs fell 12% to RMB 24.3m.
- Finance costs rose 25% to RMB 7.6m due to new plant borrowings.
- Impairment losses on PPE: RMB 11.4m (vs RMB 4.3m).
📉 Balance Sheet Highlights
- Total Assets: RMB 699m (&darr 33% YoY).
- Cash & Equivalents: RMB 198m (&darr 62% YoY).
- Equity: RMB 451m (&darr 27% YoY).
- Bank Borrowings: RMB 125m (&darr 46% YoY).
- Net Asset Value per Share: RMB 22.68 cents (vs 31.08 cents).
💡 Cash Flow Analysis
- Operating Cash Flow: &ndash RMB 124m (vs &ndash RMB 81m).
- Investing Cash Flow: &ndash RMB 25m (mainly PPE payments).
- Financing Cash Flow: &ndash RMB 126m (repayment of borrowings and bills).
- Net Cash Outflow: RMB 275m, leaving cash at RMB 185m.
🏭 Industry & Strategic Context
- Industry Conditions:
- China&rsquo s chemical sector faces oversupply, weak domestic demand, and renewed US tariffs.
- Prices for DMF and methylamine remain depressed.
- Jiutian&rsquo s Strategy:
- Trial production at new methylamine plant to improve efficiency.
- Cost optimization and reduced admin/distribution expenses.
- No dividend declared to preserve liquidity.
⚠ ️ Risks & Considerations
- Liquidity Risk: Sharp cash decline and continued operating losses raise sustainability concerns.
- Market Risk: Oversupply and weak demand may keep selling prices below cost.
- Asset Impairments: Continued write-downs of PPE signal underutilization.
- JV Exposure: Losses from Anyang Jiulong Chemical (49% stake) fully impaired.
📌 Fundamental Takeaway
Jiutian Chemical remains in a loss-making position despite revenue recovery. The new methylamine plant lifted sales, but structural industry weakness (oversupply, low prices) prevents profitability. With equity erosion and cash burn, the company&rsquo s near-term outlook hinges on cost discipline, demand recovery in China, and stabilization of chemical prices. Fundamentally, Jiutian is still high-risk, with limited visibility on a turnaround in FY2026.
1) Hope is not a strategy
2) Fundamentals of DMF is changed forever with the new competitors, bursting of property bubble and a sluggish PU/leather market history won't repeat itself.
There are way better stocks out there.
History repeat or is it truly just a relic of the past ?
| Peak | Trough | Duration |
| Jun 2013 | May 2017 | ~ 4 years |
| Nov 2017 | Mar 2020 | ~ 2.5 years |
| May 2022 | ?? | ?? |
Looking at the past 2 cycles from peak to trough, it took an average of ~ 3 years from peak to bottom
It is now in its 4th year, maybe there is a chance of bottoming. If not, may have to wait for another year or 2.
Pray company doesnt carry out a recapitalisation exercise - 10 or 100 share consolidate into 1, then it is game over.
JurongW ( Date: 31-Mar-2026 21:58) Posted:
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For those confident in JTC recovery, consider accumulating near $0.01 and pray for syndicates, BBs to load up.
If it rebounds as it did in 2017 and 2020, the upside could be a 10 bagger. Always trade only with capital you can afford to lose or will not need in the long term
If it rebounds as it did in 2017 and 2020, the upside could be a 10 bagger. Always trade only with capital you can afford to lose or will not need in the long term
This one will complete the story. 1st part is running, 2nd part is taking cover. 
原 地 奔 跑 😂 😂 😂 😂 😂
快 要 跑 了 ,不 要 心 急
similar to the USA-Iran war, this China S Chip is guaranteed to fail
另 一 个 结 局
well u know how it came alive to 0.031 last year and ended up touching 0.018 this year right? 3 years of losses and depleting cash reserves and china market still in huge overcapacity cant be solved overnight.
Jiutian come alive today. looking good
JurongW ( Date: 20-Mar-2026 14:43) Posted:
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九 天 九 天 - 翼 飞 冲 天 或 羽 翼 未 丰
Let this song motivate u.
(228) ENG SUB 動 畫 【 仙 逆 】 王 林 問 鼎 插 曲 《 何 惜 一 戰 》 完 整 版 - 張 申 騁 「 燃 」 ｜ Renegade Immortal OST (EP 121 ED) - YouTube