Unionman Technology (SH:688609) Xin Lang Cai Jing·2025-10-11 12:10Core Insights - The capital operation rhythm of Jiulian Technology is intriguing, with a recent approval for a 182 million yuan private placement aimed at developing HarmonyOS ecological smart terminals and communication modules [1] - Simultaneously, major shareholders and executives are executing share reduction plans, indicating potential concerns about the company's future [1][2] - The traditional business of Jiulian Technology is facing severe challenges, particularly in the smart network set-top box market, leading to continuous pressure on performance [1] Financial Performance - Jiulian Technology's revenue from 2022 to the first half of 2025 was 2.403 billion yuan, 2.171 billion yuan, 2.508 billion yuan, and 1.101 billion yuan, while net profit attributable to shareholders turned negative starting in 2023 [2] - The gross margin has shown a significant decline from 20.57% in 2022 to 9.86% in the first half of 2025, reflecting a weakening profitability in the main business [2] Strategic Direction - In response to the shrinking traditional business, Jiulian Technology is focusing on the HarmonyOS ecosystem and military industry, with plans to acquire a 51% stake in Chengdu Nengtong Technology [2] - The company is attempting to balance short-term survival with long-term development while ensuring fair treatment of all shareholders, which poses a core governance challenge [2] Market Outlook - The speculative nature of the capital market may eventually give way to performance realization, determining whether Jiulian Technology's HarmonyOS narrative can translate into tangible profits [2]