DeepGlint(SH:688207) Xin Lang Zheng Quan·2025-08-13 11:45Core Viewpoint - The resignation of key technical personnel at Geling Shentong (688207.SH) highlights ongoing challenges within the company, including frequent management changes and significant financial losses, raising concerns about its future in the competitive AI industry [1][6][10]. Company Developments - Key technical personnel Hu Kaixian resigned for personal reasons, having been a significant contributor since 2015 and holding approximately 370,000 shares, representing 0.144% of the total share capital [2][3]. - The company has experienced multiple management changes this year, including the resignation of Deputy General Manager Zhou Rui and the appointment of Yan Zizhen as a new technical leader [4][5]. - Geling Shentong's operational and technical work is expected to continue normally despite these personnel changes, with existing core technical teams already having transition plans in place [3]. Financial Performance - Geling Shentong has faced continuous losses since 2018, with a significant revenue drop of over 50% in 2024, marking the lowest revenue for the same period since its IPO [7][8]. - The company reported a net loss of CNY 2.12 billion for 2024, a 134.47% increase in losses compared to the previous year [7]. - The company’s employee count has decreased to 367, the lowest since its listing, indicating potential operational challenges [9]. Market Position and Challenges - Geling Shentong's attempts to pivot its business model, including acquisitions in the military hardware sector, have faced skepticism from investors, with concerns about the sustainability of such strategies [8]. - The company's market valuation has significantly declined, with a current market cap of approximately CNY 4.1 billion, far from the previously anticipated valuation of USD 100 billion [11][12]. - The AI industry is experiencing a talent exodus, with Geling Shentong not being the only company facing challenges in retaining core technical talent [10].