Zbit Semiconductor(SH:688416) Mei Ri Jing Ji Xin Wen·2025-10-23 10:23Core Viewpoint - The major shareholders of Hengshuo Co., Ltd. have announced a plan to reduce their holdings by up to 3% of the company's total shares, which has put pressure on the stock price despite the semiconductor industry's overall growth [1][2]. Group 1: Shareholder Actions - Three major shareholders, including individual shareholder Dong Xiangyu and two investment funds, plan to reduce their holdings due to personal financial needs, with Dong Xiangyu intending to sell up to 1.75% of shares [2]. - Following the announcement, Hengshuo's stock price dropped by 4.11%, although it has seen a cumulative increase of 36.97% this year [2]. Group 2: Financial Performance - Hengshuo has experienced continuous losses for nearly two and a half years since its IPO, despite being in a thriving semiconductor industry [3][4]. - The company's revenue for the first half of 2025 was 1.74 billion yuan, showing a year-on-year decline of 1.79%, while net profit remained negative at -0.71 billion yuan [4][5]. - In comparison to its peers, Hengshuo's revenue growth rate is among the lowest, with competitors showing significant positive growth [5][6]. Group 3: Use of IPO Funds - The company has been slow in utilizing the funds raised during its IPO, with only 39.5% of the funds used as of June 2025, and several projects have been marked as "not applicable" for reporting economic benefits [3][4]. - A significant portion of the raised funds has been allocated to repay bank loans and supplement working capital, rather than for growth projects [3]. Group 4: Market Conditions - The semiconductor industry has been experiencing an upward trend, with global market size reaching $346 billion in the first half of 2025, a year-on-year increase of 18.9% [5]. - Despite the industry's growth, Hengshuo's performance has been hindered by intense market competition and low sales prices, leading to a decline in gross margins [6].