BOAMAX(SZ:002514) Tai Mei Ti A P P·2025-09-05 14:09Core Viewpoint - Baoxin Technology is diversifying into the robotics and semiconductor sectors, aiming to mitigate losses from its previous investments in the photovoltaic industry, which have resulted in significant financial setbacks [2][7][10]. Investment in Robotics - Baoxin Technology plans to invest 18 million yuan in Suzhou Jicui Intelligent Manufacturing Co., acquiring an 81.82% stake, marking its entry into the robotics sector [2][3]. - This investment is part of a broader strategy to pivot towards high-growth industries, following a previous investment in a semiconductor company that remains unresolved [6] . Financial Performance and Challenges - Baoxin Technology reported a projected loss of 700 million yuan for 2024 due to asset impairment in its photovoltaic projects, with ongoing losses expected in the first half of 2025 [2][8]. - The company’s revenue for the first half of 2025 is expected to decline by 42% year-on-year, amounting to 100 million yuan, with a loss of 44.82 million yuan [8]. Legal and Operational Issues - The company faces legal disputes with local governments, totaling 470 million yuan, related to its photovoltaic investments, with one case already resulting in a court ruling against Baoxin Technology [10]. - Internal control and personnel issues have also emerged, with multiple high-level resignations and regulatory warnings impacting the company's operational stability [11]. Background of Suzhou Jicui - Suzhou Jicui, the target of Baoxin's investment, is a subsidiary of Jiangsu Jicui Intelligent Manufacturing Technology Research Co., which has a strong technological foundation but relies heavily on its parent company for expertise [5]. - The effectiveness of Baoxin's investment in Suzhou Jicui will depend on the latter's ability to develop independent research capabilities post-acquisition [5]. Previous Investments in Photovoltaics - Baoxin Technology initially entered the photovoltaic sector in 2022, planning significant projects in Anhui and Inner Mongolia, but faced industry headwinds leading to substantial financial losses [7][8]. - The company’s previous investments have resulted in a total impairment of 36.9 million yuan, contributing to its largest loss since going public [8].