JCT(SH:603657) Mei Ri Jing Ji Xin Wen·2025-09-10 08:36Core Viewpoint - Spring Technology has experienced a continuous decline in net profit over the past four years, despite its stock price reaching new highs this year, indicating a disconnect between revenue growth and profitability [1][3][5]. Group 1: Financial Performance - Spring Technology's net profit has decreased for four consecutive years, with figures dropping from 1.42 billion yuan in 2020 to 143.15 million yuan in 2024 [3][4]. - The company's revenue has shown growth, increasing from 854 million yuan in 2020 to 2.122 billion yuan in 2024, but profitability has not kept pace, with net profit margins falling to 0.65% in 2024 [3][4]. - The gross margin for the company's cleaning appliance products has significantly declined, with the gross margin for complete cleaning appliances dropping from 8.17% in 2021 to 3.98% in 2024 [4]. Group 2: Stock Performance - Despite the decline in net profit, Spring Technology's stock price has surged, with a maximum increase of 183% in 2025, reaching a high of 47.98 yuan [5][6]. - The stock price has fluctuated significantly, with a maximum drop of 78.41% from its peak in 2021 to its lowest point in 2024, but has rebounded strongly in 2025 [5][6]. - As of September 10, 2025, the stock closed at 44.56 yuan, giving the company a market capitalization of 6.024 billion yuan and a dynamic P/E ratio of 340.8 [8]. Group 3: Shareholder Actions - The major shareholders of Spring Technology, including Kaihong Investment and Yining Investment, have announced plans to reduce their holdings, with a total of up to 925,525 shares to be sold [6][8]. - Following the announcement of the share reduction, the stock price experienced volatility but still reached new highs [6][8]. - The controlling shareholder, Chen Kai, has a significant portion of his shares pledged, amounting to 79.37% of his direct holdings [6][8].