Xinyichang(SH:688383) Sou Hu Cai Jing·2025-08-18 01:12Core Viewpoint - New Yi Chang (688383.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing performance pressure since 2022 [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 402 million yuan, a year-on-year decrease of 28.30%. The net profit attributable to shareholders was 2.6157 million yuan, down 96.05%, with basic earnings per share at 0.03 yuan, a decline of 95.38% [2]. - The operating cash flow also fell to 7.5802 million yuan, a decrease of 95.10% year-on-year [2]. - The company's revenue has been under pressure for three consecutive years, with 2024 revenue at 1.034 billion yuan, down 10.22% from 2023 [6]. Business Challenges - The decline in performance is attributed to the impact of international trade policies on downstream customers' international business layouts and equipment investment willingness, leading to reduced orders for intelligent equipment [2]. - The company faces liquidity risks due to high accounts receivable, which amounted to 491 million yuan, accounting for 16.79% of total assets, and high inventory levels of 835 million yuan, representing 42.47% of current assets [3]. Strategic Initiatives - In response to ongoing challenges, the company is actively pursuing an industrial upgrade strategy, focusing on optimizing traditional LED production capacity and concentrating resources on core areas such as semiconductors and new display packaging technologies [2][7]. - The establishment of a robotics subsidiary in 2025 aims to leverage the company's manufacturing capabilities and software control algorithms, enhancing its competitive advantage in the robotics sector [8]. Market Position - Despite the current performance pressures, the company maintains its industry position and market share, with a focus on strategic transformation and product margin optimization in the semiconductor and new display sectors [7][8].