Wuxi Smart Auto-control Engineering (SZ:002877) Sou Hu Cai Jing·2025-12-03 09:56Core Viewpoint - The announcement by Intelligent Control (002877) regarding the redemption of financial products has sparked public discourse, revealing the underlying issues of the company's operational performance and reliance on financial management rather than core business growth [1] Financial Performance - The annualized return of approximately 1.92% from the investment in bank financial products is only slightly higher than that of a regular savings account, indicating a lack of effective capital utilization [2] - The company utilized nearly 9.8 million yuan of idle raised funds, yielding only 17,500 yuan in returns over 34 days, highlighting a significant disconnect between capital efficiency and the company's identity and resource allocation capabilities [2] Growth Challenges - The characterization of the funds as "temporarily idle" raises concerns about the company's growth potential, suggesting slow project advancement, a scarcity of investment opportunities, or a lack of confidence from management in expanding the core business [3] - The reliance on financial product returns as a performance metric raises questions about the remaining growth potential in the company's primary operations [3] Compliance vs. Reasonableness - While the actions taken by the company may be compliant with regulations, compliance does not equate to rationality or optimal decision-making, as the company has a responsibility to maximize long-term value for public investors [3] - The focus on low-risk financial management reflects a conservative approach that may undermine the company's future competitiveness in a highly competitive market [3] Perception and Values - The announcement intended to showcase prudent fund management inadvertently revealed the company's values, signaling a concerning disregard for capital efficiency, which is more alarming to investors than the actual return figures [4] - The enthusiasm for minor financial gains reflects a strategic confusion within the company, as resources are directed towards trivial profits rather than deepening core business operations and exploring growth avenues [5]