CONSYS(SH:688788) Xin Lang Zheng Quan·2025-08-20 10:33Core Viewpoint - The sudden investigation of Liu Jiande, the actual controller and director of Kesi Technology, has led to a significant market reaction, with the company's stock price dropping by 20% and a market value loss exceeding 2.8 billion yuan in a single day, highlighting deep concerns over governance stability [1][2]. Group 1: Governance and Leadership Changes - Liu Jiande's investigation raises suspicions of potential misconduct, as the timing of his resignation as general manager and the failure to be re-elected as chairman suggest a prelude to the current crisis [2]. - Liu Jiande holds a 37.93% stake in Kesi Technology, making his personal crisis closely tied to the company's fate, as he is the core designer of the company's strategic transformation [2]. Group 2: Financial Performance and Risks - Kesi Technology has reported a cumulative net loss of over 700 million yuan from 2022 to 2024, with a 31.94% year-on-year increase in losses for 2024, amounting to 292 million yuan [2]. - The company’s revenue for Q1 2025 grew by 45.24%, yet it still faced a net loss of 58.35 million yuan, indicating a severe imbalance between R&D investment and output [2][3]. - As of the end of 2024, accounts receivable reached 746 million yuan, accounting for 214% of revenue, with 74% of these receivables overdue by more than one year [3]. Group 3: Strategic and Operational Challenges - The company has diverted 53.85% of its IPO funds, exceeding 1.9 billion yuan, to cover operational losses and debt repayment, while key projects have been stalled for years [4]. - The planned construction of the electronic information equipment production base has been delayed for four years, and the R&D technology center has made no progress, pushing completion to 2026 [4]. - Despite a 113% growth in new business areas like intelligent unmanned systems, their revenue contribution remains insufficient to support the overall business, exacerbating the financial losses [4].