“稳定币概念股”四方精创股价大涨，上市至今前四大股东合计减持超30%股权

Core Viewpoint - The rise of stablecoins has significantly impacted the stock performance of Sifang Jingchuang, which has been recognized as a "stablecoin concept stock" by investors, leading to a dramatic increase in its share price from approximately 18 CNY per share in late May to a peak of 52 CNY in early July, representing a short-term increase of nearly 200% [2][5][21] Group 1: Company Performance - Sifang Jingchuang's stock price has shown a remarkable increase, closing at around 40.92 CNY per share as of August 12, which is over 100% higher than its price in late May [2][5] - Despite the stock price surge, the company's operational results have been underwhelming, with net profit declining by over 23% from 2017 to 2024, and revenue growth remaining slow at a compound annual growth rate of only 5.4% over the past seven years [9][11][21] - The company's revenue from banking clients accounted for 97.73% of total income in 2024, indicating a heavy reliance on a limited customer base [11] Group 2: Market Context - The global stablecoin supply is projected to reach between 1.6 trillion to 3.7 trillion USD by 2030, with significant growth in active addresses, highlighting the vast market potential for companies involved in this sector [5][9] - The implementation of the "Stablecoin Regulation" in Hong Kong on May 30, 2025, is expected to further stimulate the market for stablecoins, benefiting related companies like Sifang Jingchuang [2][5] Group 3: Competitive Landscape - The competition in the blockchain technology and stablecoin service sector is intense, with many companies offering similar technical solutions and services, raising questions about Sifang Jingchuang's ability to convert its technological capabilities into actual revenue [8][21] - The company's core software development business has seen a decline in gross margin from 51.33% in 2017 to 33.78% in 2024, reflecting the pressures of market competition [11][12] Group 4: Shareholder Activity - Since its listing, Sifang Jingchuang has experienced significant shareholder sell-offs, with major shareholders reducing their stakes by over 30% since the company's IPO, raising concerns about the motivations behind the company's public offering [15][19] - The lack of share buybacks or insider purchases during periods of stock price decline has led to speculation regarding the company's growth prospects and the confidence of its management in future performance [19][21]