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三年16倍大牛股!德明利业绩亏损,实控人宣布减持计划后股价仍涨超80%!

Core Viewpoint - The stock price of Demingli surged over 80% following the announcement of a share reduction plan by its controlling shareholders, despite the company reporting a net loss of 1.18 billion yuan in the first half of 2025, contrasting with a significant revenue increase of 88.83% to 4.109 billion yuan [1][2][3]. Group 1: Shareholder Actions and Stock Performance - The controlling shareholders of Demingli, Li Hu and Tian Hu, announced a plan to reduce their holdings by up to 5.7 million shares, representing 2.51% of the total share capital [2]. - Following the announcement, the stock price increased by 83.25% from August 19 to September 22, 2025 [2]. - Since its IPO in July 2022, Demingli's stock price has risen 16 times, from an adjusted issue price of 10.06 yuan to a closing price of 170.62 yuan [2]. Group 2: Financial Performance - In the first half of 2025, Demingli achieved a revenue of 4.109 billion yuan, marking an 88.83% year-on-year increase, primarily driven by a 290.1% surge in embedded storage business [3][4]. - The company reported a net loss of 1.18 billion yuan, a decline of 130.43% year-on-year, marking the third consecutive quarter of losses [3][4]. - Key profitability metrics showed a drastic decline, with gross margin dropping from 29% to 5.03% and net margin turning negative at -2.87% [3][4]. Group 3: Cash Flow and Operational Challenges - Demingli's operating cash flow has been under pressure, with net cash flow from operating activities recorded at -590 million yuan in the first half of 2025 [4]. - The company has faced increasing cash flow challenges, with projected negative cash flows of -331 million yuan, -1.015 billion yuan, and -1.263 billion yuan from 2022 to 2024 [4]. - The disparity between net profit and cash flow is attributed to business expansion, adjustments in credit policies, and increased inventory procurement costs [4][5]. Group 4: Market and Industry Dynamics - The semiconductor storage industry is experiencing a new upward cycle, with significant price increases since March 2025, driven by rising AI demand [6][7]. - Demingli's product lines, particularly embedded storage and enterprise SSDs, have seen rapid growth, contributing to the company's revenue increase [6][7]. - The company has successfully entered the supply chains of several well-known enterprises, indicating a strong market position [6].