KENGIC(SH:688455) Chang Jiang Shang Bao·2025-09-08 06:04Core Viewpoint - KJ Intelligent (688455.SH) is facing continuous losses, leading to its second-largest shareholder, SF Investment, planning to reduce its stake in the company for personal financial needs [1][3]. Shareholder Actions - SF Investment intends to reduce its holdings by up to 5.4255 million shares, representing no more than 3% of the total share capital, between September 30, 2025, and December 29, 2025 [1]. - This marks the first time SF Investment, as the second-largest shareholder, has planned to reduce its stake since KJ Intelligent's listing nearly three years ago [1]. Financial Performance - KJ Intelligent reported revenues of 1.148 billion yuan, 1.394 billion yuan, and 492 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 77.93 million yuan, 58.63 million yuan, and 37.27 million yuan during the same periods [3][4]. - The company has seen a reduction in net losses by 12.08% and 13.63% year-on-year for net profit and non-recurring net profit in the first half of 2025 [4]. Customer Dependency - SF Investment was previously KJ Intelligent's largest customer, with revenue contributions of 21.55%, 45.12%, and 48.37% from SF in 2019, 2020, and 2021, respectively [3]. - As of the first half of 2025, the revenue contribution from SF has decreased to 13.77%, a year-on-year decline of 8.36 percentage points [3]. International Expansion - KJ Intelligent has successfully expanded its business into over 20 countries, including South Korea, India, and Thailand, with overseas business now accounting for over 50% of total operations [4]. - The company signed new overseas orders worth 395 million yuan, 487 million yuan, 627 million yuan, and 1.136 billion yuan from 2021 to 2024, with 866 million yuan in new overseas orders in the first half of 2025, reflecting a year-on-year growth of 155.55% [4].