Visionox(002387) 36氪·2025-03-27 01:48Core Viewpoint - The significant drop in the stock price of Visionox is attributed to a combination of disappointing performance and concerns over its financial practices, particularly following a Huawei event that highlighted competitive pressures in the flexible display market [1][2][3]. Financial Performance - Visionox's stock price fell from 13.22 yuan on March 18 to 9.68 yuan by March 25, marking a decline of over 20% [2]. - The company reported cumulative losses exceeding 97.77 billion yuan, which is nearly seven times its paid-in capital of 13.97 billion yuan [3]. Capital Operations - Visionox plans to acquire a 40.91% stake in Hefei Visionox for 60.98 billion yuan, which will increase its ownership to 59.09%, making it the controlling shareholder [6][7]. - The acquisition will be financed through cash and stock issuance, indicating ongoing capital operations despite significant losses [6]. Concerns Over Financial Practices - There are allegations of potential financial misrepresentation, including inflated revenues and possible financial fraud, as indicated by the scrutiny from the Shenzhen Stock Exchange [8][9]. - The prolonged duration of the acquisition process, nearly two years, raises questions about the legitimacy and transparency of the transaction [10]. Performance of Subsidiaries - The performance of Guangzhou Guoxian, a subsidiary of Visionox, has significantly underperformed expectations, with a reported net profit of only 1.52 billion yuan in 2022, far below the projected 13.48 billion yuan [12]. - In 2023, Guangzhou Guoxian faced substantial losses, further impacting Visionox's overall financial health [12]. Revenue and Client Relationships - Visionox's revenue from major clients has shown volatility, with significant fluctuations in contributions from key customers like Nothing Technology, which dropped from over 20% to less than 2% in 2023 [23][24]. - The company's accounts receivable are heavily concentrated, with over 90% coming from related parties, raising concerns about the quality and sustainability of its revenue streams [30][31]. Valuation and Asset Assessment - The valuation of Hefei Visionox has been called into question, particularly regarding the assessment of accounts receivable, which were evaluated without considering potential bad debts [26][28]. - The company's financial practices, including the treatment of construction in progress and the delay in asset capitalization, suggest a strategy to present a more favorable financial position [22][37]. Conclusion - Visionox faces significant challenges, including a deteriorating financial position, questionable financial practices, and a competitive market environment that necessitates greater transparency and accountability from its management [38][39].