GONGNIU(SH:603195) Sou Hu Cai Jing·2025-10-20 01:31Core Viewpoint - Bull Electric, known for its power strips, is facing significant challenges as it diversifies into the new energy sector, with recent complaints about product quality and service impacting its performance [2][10]. Business Performance - Bull Electric's revenue for the first half of the year decreased by 2.60% year-on-year, with net profit down by 8%, marking the first negative growth in its mid-year performance in five years [10][14]. - The company's core business segments, including electrical connections and smart electrical lighting, have also reported declines in revenue, with electrical connections down by 5.37% to 36.62 billion yuan and smart electrical lighting down by 2.78% to 40.94 billion yuan [8][9]. New Energy Sector - Despite a 33.52% year-on-year increase in revenue from new energy products, which amounted to 3.86 billion yuan, the overall contribution remains limited due to the small revenue base [10][11]. Product Quality Issues - Users have reported multiple quality issues with Bull Electric's new energy products, including charging abnormalities and service delays, leading to dissatisfaction and complaints [3][5][6]. - Specific complaints include a user experiencing damage to their vehicle's charging port attributed to a Bull Electric charging gun, with inadequate support from customer service [3][5]. Management Actions - Following the disappointing performance, Bull Electric's vice chairman, Ruan Xueping, announced a plan to sell up to 36.17 million shares, valued at over 1.6 billion yuan, raising concerns about management's confidence in the company's future [11][13].