AVIT(SZ:300264) Chang Jiang Shang Bao·2025-08-04 23:55Core Viewpoint - The actual controller of Jiachuan Vision, Chen Kunjian, is planning to transfer his shares, which may lead to a change in the company's controlling shareholder and actual controller [2][3]. Financial Performance - Jiachuan Vision has experienced fluctuating revenues since 2019, never exceeding 200 million yuan, and has reported net losses for six consecutive years, totaling 514 million yuan and 567 million yuan for net profit and net profit excluding non-recurring items, respectively [2][11]. - In Q1 2025, Jiachuan Vision reported a revenue of 56.1 million yuan, a year-on-year increase of 207.34%, and a net profit of 1.94 million yuan, up 115.85% year-on-year [13]. - The company’s asset-liability ratio was 87.79% at the end of Q1 2025, indicating a high level of debt [6]. Shareholder and Capital Structure - Chen Kunjian currently holds 18.63% of Jiachuan Vision's shares, valued at approximately 550 million yuan [4]. - A planned private placement aims to raise up to 140 million yuan to supplement working capital and repay loans, with Chen Kunjian as the intended recipient of the shares [4][5]. Business Operations and Challenges - Jiachuan Vision's business relies heavily on the broadcasting industry, which has long payment cycles, leading to high accounts receivable [7][8]. - The company has faced significant financial pressure due to high bank borrowings and interest expenses, with short-term liabilities reaching 88.96 million yuan against cash reserves of only 15.35 million yuan as of Q1 2025 [9][10]. - The company has been investing heavily in research and development, with R&D expenses exceeding 20 million yuan annually since 2017, despite ongoing financial challenges [15]. Market Position and Future Outlook - The broadcasting industry is undergoing a transformation, with new demands emerging as the "National One Network" project is completed and 5G technology is widely adopted [13]. - Jiachuan Vision is actively pursuing innovation in technologies such as AR/VR/MR and AI, positioning itself to capitalize on industry trends [13].