FPI(SZ:300203) Chang Jiang Shang Bao·2025-08-14 23:59Core Viewpoint - The company, 聚光科技, is facing significant financial challenges, including a history of losses and regulatory scrutiny due to information disclosure violations by its major shareholders [1][5][10]. Financial Performance - From 2021 to 2023, the company reported a continuous decline in revenue, with figures of 37.51 billion, 34.51 billion, and 31.82 billion respectively, representing year-on-year decreases of 8.55%, 8%, and 7.80% [10]. - The net profit for the same period showed losses of 2.32 billion, 3.75 billion, and 3.23 billion, marking three consecutive years of losses [10]. - In 2024, the company achieved a turnaround with a revenue of 36.14 billion, a year-on-year increase of 13.58%, and a net profit of 2.07 billion, up 164.11% [10]. - However, for the first half of 2025, the company anticipates a net loss of between 54 million and 42 million, indicating a return to losses after a brief recovery [10][11]. Shareholder Issues - The major shareholders, 浙江睿洋科技有限公司 and 浙江普渡科技有限公司, received a warning from the Zhejiang Securities Regulatory Bureau for failing to timely disclose changes in shareholding, which dropped from 25.74% to 24.95% [4][5]. - As of June 5, 2025, 80.40% of the shares held by the controlling shareholder were frozen due to legal issues related to a failed PPP project [3][6]. - The company disclosed that part of the shares would be forcibly sold by 中信证券 due to a default on a financing agreement, potentially reducing the shareholding by up to 448.73 million shares [7]. Industry Context - 聚光科技 operates in the high-end analytical instrument sector, which is experiencing rapid growth in China, yet still lags behind established markets like the US, Germany, and Japan [9]. - The company claims to be a leader in this field, with a significant reliance on imported high-end instruments, indicating a strong demand for domestic alternatives [9]. - The company has diversified its business into multiple sectors, including smart environments and life sciences, aiming to create a robust multi-platform business model [10].