INFOGEM(SZ:300085) Sou Hu Cai Jing·2025-04-16 14:10Core Viewpoint - Silver Zhi Jie (300085.SZ) has reported its 2024 financial results, revealing a lack of core competitiveness and significant financial losses, with total losses amounting to 522 million yuan over the past four years [1][2]. Financial Performance - The company's revenue for the last year was 863 million yuan, a year-on-year decrease of 15.02%, and the net profit attributable to shareholders was a loss of 129 million yuan, with the loss margin widening [1]. - The financial services revenue has dropped to 11.49%, while mobile business services and e-commerce have become the main revenue pillars, accounting for 56.37% and 32.14% respectively [3]. - All three major business segments reported revenue declines: financial information technology down 38.08%, mobile information services down 21.05%, and e-commerce down 2.52% [4][5]. Business Diversification - Silver Zhi Jie began diversifying in 2014 through acquisitions, but this strategy has not significantly improved performance, and the original financial business is losing ground [2][4]. - The acquisition of Yimei Soft Communication in 2014 led to initial revenue growth, but subsequent losses from this investment have severely impacted overall performance [5][6]. Investment Losses - The investment in Dongya Qianhai Securities has also been a financial burden, with cumulative losses from this investment totaling 142 million yuan over four years [8][9]. - The company has announced plans to divest its stake in Dongya Qianhai Securities to focus on its core financial technology business [8]. Shareholder Actions - Despite the financial downturn, major shareholders have engaged in significant share sell-offs, raising concerns about their commitment to the company [10]. - In September 2024, major shareholders signed a share transfer agreement, leading to speculation about potential restructuring or shell company scenarios, which contributed to a dramatic increase in stock price [11][12]. - The stock price surged from 8.55 yuan to a peak of 66.5 yuan, reflecting a 682% increase, although it later corrected significantly [12][14].