KENGIC(SH:688455) Xin Lang Zheng Quan·2025-07-25 11:34Core Viewpoint - The company reported a revenue of 1.394 billion yuan in 2024, a year-on-year increase of 21.35%, but faced a net loss attributable to shareholders of 58.63 million yuan, marking two consecutive years of losses due to extreme divergence between domestic and international business performance [1] Group 1: Revenue Performance - International revenue reached 338 million yuan, a significant increase of 150.55%, with a gross margin of 22.55% [1][2] - Domestic revenue was 1.023 billion yuan, showing a slight increase of 3.2%, but with a low gross margin of 8.72%, less than 40% of the international business margin [1][2] Group 2: Business Dynamics - The high growth in international markets was driven by large orders from Southeast Asian e-commerce platform Shopee and tire giant Sailun Group, which contributed 127 million yuan and 90.53 million yuan respectively, accounting for over 64% of international revenue [2] - Domestic market challenges stem from a low-price competition strategy that has significantly compressed profit margins, with gross margins for major clients like JD.com and SF Express at only 14.25% and 15.83% respectively [2] Group 3: Financial Risks - Contract liabilities surged to 705 million yuan by the end of 2024, a year-on-year increase of 43.78%, indicating potential cash flow pressures and risks related to project completion delays [3] - The company engaged in significant related-party transactions, including a 47.89 million yuan purchase from Ant Robotics, raising concerns about the fairness of pricing and potential conflicts of interest [3] - Delays in fundraising projects, including the headquarters and R&D center construction, reflect weak strategic execution, with current investment progress at only 31.29% [3]