TOREAD(SZ:300005) Chang Jiang Shang Bao·2025-10-19 23:33Core Viewpoint - The company, Tanshan (探路者), is experiencing a significant decline in performance, with projected net profits for the first three quarters of 2025 expected to drop by 64.62% to 70.51% compared to the previous year, primarily due to poor sales in its outdoor business and losses in its chip business [1][3]. Financial Performance - The projected net profit for the first three quarters of 2025 is estimated to be between 30 million to 36 million yuan, while the non-recurring net profit is expected to be between 25 million to 29 million yuan, reflecting a decline of 64.62% to 70.51% and 68.20% to 72.59% respectively compared to the same period last year [1][3]. - For the first half of 2025, the company reported revenue of 653 million yuan, a year-on-year decrease of 7.82%, with net profit dropping by 76.50% to approximately 20 million yuan [7]. Business Segments - The outdoor business segment generated revenue of 538 million yuan in the first half of 2025, down 10.51% year-on-year, with all three core product categories (outdoor apparel, footwear, and equipment) experiencing significant declines in sales [7]. - The chip business, while showing overall positive development, has been negatively impacted by exchange rate fluctuations, leading to losses that have affected overall performance [3][4]. Acquisition and Performance Issues - Tanshan's acquisition of Beijing Xinneng Electronics Technology Co., Ltd. has not met performance commitments, with the acquired company reporting cumulative losses of 176 million yuan from 2022 to 2024, failing to achieve promised profit targets [2][5]. - The acquisition was part of a cross-industry strategy, but the chip business has faced challenges due to macroeconomic conditions and a slowdown in the global consumer electronics market [5]. Management and Shareholder Actions - The company's founder is reportedly accelerating cashing out, with significant share reductions noted, including a recent decrease in holdings from 5.17% to 4.99% [8][9]. - Since 2020, the founders have reportedly cashed out over 1.4 billion yuan, indicating a trend of divestment from the company [10]. Financial Strategy - Tanshan plans to utilize up to 800 million yuan of idle funds for low-risk financial products, despite having sufficient liquidity with cash and financial assets totaling over 8.27 billion yuan [2][10].