SIASUN(SZ:300024) Xin Lang Cai Jing·2025-10-23 00:53Core Viewpoint - Fengjiang Intelligent (FJD) has become one of the top five companies in the global agricultural robotics market within nearly eight years, but it has accumulated losses of nearly 2.2 billion yuan and debts exceeding 2.3 billion yuan, raising concerns among investors about its financial viability and business model [1][2][13]. Financial Performance - As of June 30, 2025, Fengjiang Intelligent reported cumulative losses of 2.162 billion yuan, with annual losses of 333 million yuan, 471 million yuan, 334 million yuan, and 151 million yuan from 2022 to the first half of 2025 [13]. - The company's revenue for the years 2022 to 2024 and the first half of 2025 was 504 million yuan, 530 million yuan, 570 million yuan, and 358 million yuan, respectively, with year-on-year growth rates of 5.16%, 7.55%, and 49.17% for 2023, 2024, and the first half of 2025 [8][13]. - The cash and cash equivalents as of June 30, 2025, were approximately 179 million yuan, while total liabilities reached 2.341 billion yuan, indicating a cash-to-debt ratio of only 9% [14]. Market Position and Growth - Fengjiang Intelligent ranks third in the global agricultural machinery automatic steering system market with a market share of approximately 8.5%, significantly lower than the top two competitors [5][6]. - The company has seen a decline in revenue from the Chinese market, with income from Chinese customers dropping from 276 million yuan in 2022 to 73.65 million yuan in the first half of 2025, while European revenue increased significantly [8][9]. Business Strategy and Challenges - The company is focusing on expanding into construction and property management sectors, with revenue from these areas increasing from 1.8% in 2022 to 13.1% in 2024 [3][4]. - Fengjiang Intelligent's reliance on distributors for global market expansion poses challenges, as the number of inactive distributors has increased significantly, indicating potential issues in maintaining effective distribution channels [10][12]. Investment and Financing - The company has received substantial investments from Tencent and other institutions, but the pressure to redeem preferred shares, valued at 1.777 billion yuan, is significant, especially with a deadline for potential redemption by December 31, 2025 [1][23]. - A new agreement was reached to suspend the redemption rights of preferred shares for 18 months starting from August 2025, which is crucial for the company's financial stability [1][23].