Original(SH:603991) Zheng Quan Zhi Xing·2025-07-31 16:15Core Viewpoint - The company is undergoing a significant asset restructuring and capital raising process, with a focus on enhancing production capacity and efficiency at its Chuzhou factory, which is expected to contribute positively to future revenues and mitigate any potential asset impairment risks [1][2][11]. Group 1: Production Capacity and Utilization - The Chuzhou factory (AMA) is projected to achieve a production capacity utilization rate of approximately 45% by the end of 2025, with expectations of further increases in 2026 due to new product launches and internal capacity transfers from AMC [5][8][12]. - AMA's revenue for the first half of 2025 reached $14.1 million, which is about 50% of its annual target of $28.2 million, indicating strong growth potential [5][22]. - The overall revenue for AAMI's two domestic factories (AMC + AMA) is expected to reach between $248.4 million and $268.4 million in 2025, closely aligning with management's conservative estimates for 2026 [5][11]. Group 2: Financial Performance and Forecast - AAMI's overall order backlog as of June 30, 2025, was $73.2 million, reflecting an increase of approximately 80% compared to December 31, 2024, indicating stable growth in demand [11][12]. - The management estimates that AMA's revenue could exceed expectations by 25% to 42% for the full year of 2025, based on historical sales data and customer engagement [5][22]. - The projected revenue for the Chuzhou factory in 2026 is estimated at $73.6 million, contributing to a total factory output of $368 million across all facilities [8][12]. Group 3: Asset Impairment Risk Assessment - The company conducted a simulated impairment test for the Chuzhou factory's assets, concluding that the recoverable amount exceeds the book value, indicating no impairment risk [17][23]. - The assets of the Chuzhou factory, including advanced production systems and equipment, are expected to maintain their value due to ongoing demand and operational efficiency improvements [25][26]. - The management's assessment indicates that the Chuzhou factory's assets do not show signs of impairment, and future risks are considered minimal [17][25].