员工出现大幅变动？连城数控回复北交所半年报问询函

Core Viewpoint - The significant reduction in employee numbers at Liancheng CNC is attributed to the cyclical fluctuations in the photovoltaic industry, leading to a decline in revenue and necessitating organizational restructuring to enhance efficiency [1][4][5]. Employee Changes - Liancheng CNC's employee count decreased from 1,836 at the beginning of the year to 1,633 by the end of June, representing a decline of 11.06% [1][4]. - The reduction was most pronounced in the R&D department, which saw a decrease of 125 personnel, while sales service staff increased by 83 [3][4]. Financial Performance - For the first half of 2025, Liancheng CNC reported revenues of approximately 1.099 billion yuan, a year-on-year decline of 56.57%, with the revenue from crystal growth and processing equipment dropping by 54.58% [6]. - The net profit attributable to shareholders was about 105 million yuan, reflecting a decrease of 67.30% compared to the previous year [6]. Industry Context - Since 2020, the global photovoltaic market has experienced unexpected growth, leading to a rapid expansion of manufacturing capacity that has now resulted in a mismatch with market demand [7]. - The photovoltaic industry is recognized as a strategic emerging sector in China, with government policies aimed at sustainable development expected to drive continued demand for Liancheng CNC's products [8]. Market Recovery Indicators - Since the third quarter, prices for photovoltaic products such as silicon materials and wafers have significantly rebounded, with increases of approximately 45% and 50% respectively from June to September 2025 [9]. - As of October 22, 2025, Liancheng CNC's market capitalization was approximately 6.827 billion yuan, reflecting a 1.43% increase since the end of June [10].