Keystone Technology(SH:605588) Xin Lang Zheng Quan·2025-09-30 09:01Core Insights - The executives of Guanshi Technology are selling shares while the company plans to raise funds through a private placement, indicating a lack of confidence in the company's future prospects [1][2]. Group 1: Executive Share Reduction - Guanshi Technology's executives, including General Manager Men Fangfang and Deputy General Manager Wang Shunli, have been continuously reducing their shareholdings since the lifting of the IPO lock-up period in August 2024, cashing out several million yuan [1]. - Men Fangfang sold a total of 48.12 million shares, realizing approximately 2,261.18 million yuan from her sales between September 2024 and August 2025 [1]. - Wang Shunli also participated in share reductions, selling a total of 21.875 million shares during the same period, amounting to around 1,026.48 million yuan [1]. Group 2: Financial Performance - Guanshi Technology has experienced a decline in net profit for three consecutive years, with year-on-year changes of -17.26% in 2022, -36.04% in 2023, and -129.60% in 2024, leading to a net loss of 15.45 million yuan in 2024 [2]. - In the first half of 2025, the downward trend continued, with a net loss of 12 million yuan, representing a 159% year-on-year decline [3]. Group 3: Future Prospects - The company aims to raise up to 700 million yuan through a private placement, with 530 million yuan allocated for the construction of a semiconductor mask project and 170 million yuan for working capital [4]. - The mask project is considered a critical initiative to overcome key challenges in the industry, with the company having released products for 55nm and successfully connected for 40nm [4]. - However, as of August 2025, the cumulative revenue from this project was only about 10.19 million yuan, contributing minimally to the company's overall performance [4].