Core Viewpoint - Recently, Yuejiang Technology completed a new round of share issuance, raising 780 million yuan to advance research and innovation in intelligent robotics, invest in the supply chain, and enhance sales channels and market promotion efforts [1][16][21] Group 1: Financing Activities - Yuejiang Technology has conducted two rounds of share issuance in the past six months, raising a total of over 1.8 billion yuan for its robotics business and liquidity needs [2][8][21] - The company raised approximately 1.037 billion yuan in July and 780 million yuan in November for similar purposes, totaling 2.5 billion yuan in fundraising within a year of its IPO [8][21][27] Group 2: Financial Performance - Despite the increase in revenue from the sales of collaborative robots, marketing expenses have risen even faster, with the sales expense ratio reaching 53% in the first half of the year, significantly higher than comparable companies [3][9][22] - Yuejiang Technology reported a net loss of 41 million yuan in the first half of the year, continuing its trend of negative net profit and operating cash flow, which was -65 million yuan [12][25][27] - Accounts receivable increased by 83% year-on-year, with the accounts receivable turnover days rising to 85 days, indicating deteriorating cash collection conditions [12][25][27] Group 3: Capital Structure and Debt Management - Following its IPO, Yuejiang Technology's cash and cash-equivalent assets significantly increased, and its debt ratio decreased from 50% at the end of 2023 to 26.5% by June 2024, nearly halving [5][19][21] - The company has been actively raising funds despite having sufficient cash reserves, which raises questions about its financial strategy and market positioning [14][27]
越疆科技资金充裕半年内却两度配股融资 销售费用率高达53%、回款状况快速恶化