Company Overview - Baoxin Technology was established on October 8, 2001, and listed on the Shenzhen Stock Exchange on December 3, 2010. The company is located in Taizhou, Jiangsu Province, with its office in Nanjing, Jiangsu Province. It specializes in industrial-grade CNC sheet metal structure products and possesses certain technical advantages in CNC sheet metal technology [1] Financial Performance - For the third quarter of 2025, Baoxin Technology reported a revenue of 150 million yuan, ranking 79th out of 82 companies in the industry. The industry leader, CIMC, achieved a revenue of 117.061 billion yuan, while the industry average was 2.749 billion yuan [2] - The company's net profit for the same period was -54.4558 million yuan, also ranking 79th in the industry. The top performer, CIMC, had a net profit of 2.395 billion yuan, with the industry average at 124 million yuan [2] Financial Ratios - As of the third quarter of 2025, Baoxin Technology's debt-to-asset ratio was 92.76%, significantly higher than the industry average of 39.81%, indicating substantial debt pressure. The gross profit margin was 19.77%, an increase from 5.03% year-on-year, but still below the industry average of 22.64% [3] Management and Shareholder Information - The chairman and president, Ma Lin, has a salary of 170,000 yuan for 2024. The controlling shareholder is Jiangsu Liqing Integrated Circuit Technology Co., Ltd., with Ma Wei as the actual controller. Ma Lin has extensive experience across various industries, including paper, coal, manufacturing, and e-commerce [4] - As of September 30, 2025, the number of A-share shareholders increased by 5.35% to 83,400, while the average number of circulating A-shares held per shareholder decreased by 5.08% to 6,642.54 shares. Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 5.3239 million shares, an increase of 3.3478 million shares from the previous period [5]

Core Viewpoint - Baoxin Technology (002514.SZ) reported a significant decline in revenue and incurred losses in the third quarter of 2023 [1] Financial Performance - The company recorded a total revenue of 150 million yuan for the first three quarters, representing a year-on-year decrease of 33.80% [1] - The net loss for the period amounted to 54.4558 million yuan, with a non-recurring net loss of 51.5587 million yuan [1] - Basic earnings per share were reported at -0.0756 yuan [1]

Core Viewpoint - Jiangsu Baoxin Technology Co., Ltd. is undergoing a strategic transformation, focusing on the dual-driven model of "new energy + robotics" to navigate short-term performance fluctuations [1][3] Financial Performance - In the first three quarters of 2025, the company reported revenue of 150 million yuan and a net loss of 54.45 million yuan, indicating a phase of adjustment during its strategic transformation [1] - Suzhou Jicui, the robotics subsidiary, achieved revenue of 8.591 million yuan in the first half of 2025, significantly up from 3.0315 million yuan for the entire year of 2024, and turned a profit with a net income of 225,000 yuan [2] Strategic Initiatives - The company completed a capital increase of 18 million yuan to gain an 81.82% stake in Suzhou Jicui, which will be consolidated into its financial statements [1] - Suzhou Jicui has established competitive advantages in core technologies, including collaborative robots suitable for various industrial applications and humanoid robots with advanced features [1][2] Industry Positioning - The integration of robotics technology is expected to enhance the intelligence of new energy production scenarios, creating a unique closed-loop of "intelligent manufacturing + new energy applications" [2] - The construction of a 3,000-unit collaborative robot production base is underway, utilizing AI scheduling systems to significantly reduce delivery times and increase production capacity [2] Long-term Growth Potential - The company's strategic shift from a single new energy equipment manufacturer to a comprehensive service provider in "new energy + intelligent equipment" is anticipated to yield long-term growth benefits [3] - The current performance fluctuations are viewed as temporary, with the strategic layout expected to deliver value in the future [3]

Core Viewpoint - Baoxin Technology (002514.SZ) reported a significant decline in revenue and incurred losses in the third quarter, indicating potential challenges in its operational performance [1] Financial Performance - The company recorded a revenue of 150 million yuan for the first three quarters, representing a year-on-year decrease of 33.80% [1] - The net loss for the period amounted to 54.4558 million yuan, with a non-recurring net loss of 51.5587 million yuan [1] - The basic earnings per share were reported at -0.0756 yuan [1]

Group 1 - The core viewpoint of the article highlights Baoxin Technology's significant decline in revenue and net profit for the third quarter of 2025, indicating financial struggles [1] - Baoxin Technology reported a revenue of approximately 150 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 33.8% [1] - The company experienced a net loss attributable to shareholders of approximately 54.46 million yuan, with a basic earnings per share loss of 0.0756 yuan [1] Group 2 - As of the report, Baoxin Technology has a market capitalization of 4.9 billion yuan [2]

Core Insights - The company reported a third-quarter revenue of 49.1541 million yuan, representing a year-on-year decline of 3.84% [1] - The net profit for the third quarter was a loss of 9.629 million yuan, which is an increase in loss of 83.76% year-on-year [1] - For the first three quarters, the company achieved a revenue of 150 million yuan, down 33.80% year-on-year [1] - The net profit for the first three quarters was a loss of 54.4558 million yuan, reflecting an increase in loss of 67.05% year-on-year [1]

Revenue and Profitability - The company's revenue for Q3 2025 was ¥49,154,073.11, representing a decrease of 3.84% compared to the same period last year[4] - The net profit attributable to shareholders was -¥9,629,025.82, an increase of 83.76% year-over-year, indicating a significant reduction in losses[4] - The net profit after deducting non-recurring gains and losses was -¥10,212,674.54, reflecting an improvement of 82.11% compared to the previous year[4] - Total operating revenue for the current period is ¥150,251,165.81, a decrease of 33.7% compared to ¥226,974,223.85 in the previous period[18] - Net profit for the current period is -¥54,455,800.70, an improvement from -¥172,552,001.92 in the previous period, indicating a 68.4% reduction in losses[19] - Total comprehensive income for the current period is -¥54,922,333.36, compared to -¥175,251,621.30 in the previous period, reflecting a 68.7% improvement[20] - Basic and diluted earnings per share are both -¥0.0756, an improvement from -¥0.2295 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,700,343,636.82, down 9.39% from the end of the previous year[4] - The company's total assets decreased from CNY 1,876,510,196.66 at the beginning of the period to CNY 1,700,343,636.82 by the end of the period, reflecting a decline of approximately 9.36%[14] - Current assets fell from CNY 606,035,963.51 to CNY 445,951,737.46, a decrease of about 26.39%[14] - Cash and cash equivalents decreased significantly from CNY 51,546,819.84 to CNY 20,701,820.54, representing a decline of approximately 59.93%[14] - Accounts receivable dropped from CNY 270,944,669.40 to CNY 200,421,962.14, a reduction of about 26.00%[14] - Total liabilities decreased from CNY 1,698,812,455.71 to CNY 1,577,160,814.38, a decline of approximately 7.15%[16] - Current liabilities also saw a decrease from CNY 1,003,898,014.65 to CNY 871,372,379.44, reflecting a reduction of about 13.14%[16] - The company's equity attributable to shareholders decreased from CNY 177,697,740.95 to CNY 123,182,822.44, a decline of approximately 30.66%[17] - The company’s total non-current liabilities increased slightly from CNY 694,914,441.06 to CNY 705,788,434.94, an increase of about 1.25%[16] Cash Flow and Expenses - Cash flow from operating activities for the year-to-date was ¥38,229,369.27, a decline of 11.43% compared to the same period last year[8] - Cash flow from operating activities generated ¥38,229,369.27, down from ¥43,161,103.87, a decrease of 4.3%[22] - Cash and cash equivalents at the end of the period stand at ¥4,110,428.28, compared to ¥762,432.07 at the end of the previous period, showing a significant increase[23] - The company reported a significant reduction in sales expenses, which decreased by 78.14% to ¥4,208,211.12 due to effective cost control measures[8] - Research and development expenses were reduced by 59.27% to ¥8,888,510.79, reflecting a decrease in investment in this area[8] - Research and development expenses decreased to ¥8,888,510.79 from ¥21,823,424.04, a reduction of 59.3%[18] - The company experienced a 158.44% increase in credit impairment losses, amounting to ¥7,315,710.16, primarily due to changes in the consolidation scope[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 83,407[10] Other Information - The company reported a significant increase in other income to ¥3,582,903.78 from ¥3,225,742.09, an increase of 11.1%[19] - The company has not undergone an audit for the third quarter financial report[24]

Group 1 - The company Baoxin Technology (002514) reported that as of October 10, 2025, the total number of shareholders is 82,145 households [1]

Group 1 - The company has canceled the third extraordinary general meeting of shareholders originally scheduled for October 16, 2025, due to ongoing preparations for appointing the 2025 accounting firm and to improve office efficiency [1][2][6] - The board of directors approved the cancellation during the 20th meeting of the sixth board held on October 13, 2025, with all six attending directors voting in favor [6][7] - The company expressed apologies for any inconvenience caused to investors and thanked them for their support and understanding [2] Group 2 - The canceled meeting was intended to discuss the proposal for continuing to provide guarantees and financial support to Jiangsu Baoxin Smart Energy Co., Ltd. [1] - The company will reschedule the shareholders' meeting based on actual circumstances and will announce the new meeting time after further board discussions [1][6]

Market Overview - The general equipment sector experienced a decline of 0.43% on October 13, with Green Island Wind leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers - Tonghui Electronics (920509) saw a closing price of 44.17, with a significant increase of 29.99% and a trading volume of 146,200 shares, amounting to a transaction value of 604 million [1] - Jiuling Technology (920505) closed at 70.16, up 26.64%, with a trading volume of 92,500 shares and a transaction value of 610 million [1] - New Lai Materials (300260) closed at 65.58, increasing by 20.00%, with a trading volume of 426,500 shares and a transaction value of 2.714 billion [1] Top Losers - Green Island Wind (301043) closed at 49.87, down 10.63%, with a trading volume of 47,600 shares [2] - Anpeilong (301413) closed at 155.10, decreasing by 6.66%, with a trading volume of 49,000 shares [2] - Hengerd (300946) closed at 55.33, down 5.74%, with a trading volume of 39,900 shares [2] Capital Flow - The general equipment sector saw a net outflow of 1.909 billion from institutional investors, while retail investors experienced a net inflow of 2.312 billion [2] - The table of capital flow indicates that Dongmu Co. (600114) had a net inflow of 97.7951 million from institutional investors, while it faced a net outflow of 57.0838 million from retail investors [3] - New Lai Materials (300260) had a net inflow of 42.5658 million from institutional investors, with a net outflow of 19.0466 million from retail investors [3]