捷强装备上市以来这几年的业绩表现，可谓是一言难尽

Core Viewpoint - Tianjin Jieqiang Power Equipment Co., Ltd. has faced significant operational instability since its listing, with fluctuating revenues and increasing losses, particularly in 2024, indicating a challenging business environment [2][6][21]. Revenue Performance - The company experienced a sharp decline in revenue after its listing, with a notable recovery in 2023, but is projected to face a drastic drop in 2024, highlighting ongoing volatility [2][4]. - In 2024, all business segments are expected to decline, with the hydraulic power system reporting negative revenue, a rare occurrence in the industry [4][10]. - Revenue fluctuations have been extreme, with instances of negative revenue reported in 2024, indicating severe operational challenges [14][15]. Profitability Metrics - The company has recorded three consecutive years of losses, with the loss amount expanding significantly due to plummeting revenues [6][10]. - Gross margin has been declining for years, with 2024 seeing a drop to negative figures, suggesting an abnormal operational year [8][10]. - The main business profitability has decreased from an 8.1% margin in 2021 to a loss in 2023, with total costs in 2024 projected to be double the revenue [10][12]. Asset and Cash Flow Analysis - Asset impairment losses have exceeded revenue, with net losses reaching 145 million yuan, primarily due to inventory and goodwill impairment [12]. - Operating cash flow has shown some resilience, with net outflows being manageable, although the company has been reducing its total assets [17][19]. Debt and Financial Stability - Despite declining short- and long-term solvency, the company maintains strong debt repayment capabilities in the short term, though the sustainability of this position is uncertain [19]. - The company has been investing in fixed assets even as revenues and profits decline, raising questions about the rationale behind such investments [17]. Industry Context - The military-related industry appears lucrative but has limited growth potential, heavily influenced by the strategic directions of major clients [21][22].