SENYUAN(SZ:300210) Chang Jiang Shang Bao·2025-04-03 00:37Core Viewpoint - The financial performance of Senyuan Co., Ltd. (300210.SZ) post-listing has been underwhelming, with significant cumulative losses over the years despite some revenue growth in specific segments [1][4]. Financial Performance - In 2024, the company reported revenue of 227 million yuan, a year-on-year increase of 14.35%, but incurred a net loss of 49.88 million yuan, up 56.50% from the previous year [1][4]. - Cumulative net losses from 2018 to 2024 reached 886 million yuan, while cumulative losses for non-recurring net profit amounted to 1.132 billion yuan [4][8]. - The company's total assets have decreased by approximately 54% over the past seven years, from a peak of 2.362 billion yuan in 2017 to 1.042 billion yuan in 2024 [8]. Business Segments - The manufacturing segment generated 211 million yuan in revenue in 2024, accounting for 93.13% of total revenue, with a 16.45% increase from the previous year [2][9]. - Specific product performance includes: - Snow removal equipment sales of 165 million yuan, up 26.31% - Asphalt pavement regeneration equipment sales of 8.96 million yuan, down 55.23% - Municipal sanitation equipment sales of 2.99 million yuan, down 43.56% - Mixing equipment sales of 34.64 million yuan, up 34.64% - Other equipment sales of 2.55 million yuan, up 13.25% [9]. Cash Flow and Future Outlook - As of the end of 2024, the net cash flow from operating activities was -84.49 million yuan, attributed to increased procurement costs and delayed sales receipts due to a high volume of orders [10]. - The company aims to transition from being an "equipment supplier" to an "intelligent service provider" by enhancing traditional high-end equipment manufacturing with technology and artificial intelligence [10].