Moso power(SZ:002660) Xin Lang Cai Jing·2025-11-20 12:31Core Viewpoint - The recent share reduction plan by the company's director has raised concerns about the financial health of the power supply manufacturer, as the company reported a significant net loss despite a slight increase in revenue [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 945 million, representing a year-on-year growth of 2.95%, but reported a net loss attributable to shareholders of 57.92 million, a sharp decline from a profit of 38.02 million in the same period last year [1]. - The company's net loss after excluding non-recurring gains and losses reached 65.56 million, indicating a deterioration in the profitability of its core business [1]. - The average cash collection ratio for the company's main business is 81.68%, reflecting weak cash flow [2]. Group 2: Strategic Actions - The director plans to reduce holdings by up to 980,000 shares, accounting for 25% of his total shareholding, which is the maximum allowed for directors during their tenure [1]. - To maintain operations, the company is actively seeking funding, announcing plans to apply for a total credit line of 550 million from multiple banks [2]. - The company has previously revised its half-year performance forecast due to quality risks in some consumer power products, which may lead to additional costs for after-sales service [2]. Group 3: Market Conditions - The company faces challenges that may reflect broader issues in the power supply manufacturing industry, as intensified market competition has forced companies to implement strategic price reductions, which in turn erodes profit margins [2]. - As of the end of the third quarter, the company's total assets amounted to 1.956 billion, with accounts receivable reaching 469 million, indicating challenges in asset operational efficiency [3].