激智科技回购股份主要股东减持套现 收利双降应收账款周转天数持续大增

Core Viewpoint - The company is facing significant operational pressure, with declining revenue and profit, primarily due to reduced sales in its photovoltaic backsheet product line, indicating increased competitive pressure in the solar industry [1][5]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.628 billion yuan, a year-on-year decrease of 0.69% [1]. - The net profit attributable to shareholders was 167 million yuan, down 1.32% year-on-year [1]. - In the first half of 2025, revenue was 1.074 billion yuan, reflecting a 4.02% decline year-on-year, while net profit was 117 million yuan, down 6.46% [1]. Accounts Receivable Concerns - As of mid-2025, accounts receivable increased by 38.96% year-on-year, with a 33.9% increase noted in the first quarter [2]. - The ratio of accounts receivable to profit reached 514.44%, significantly above healthy levels, raising concerns about cash flow and collection quality [2]. Cash Flow and Asset Quality - The company’s cash position is concerning, with monetary funds decreasing by 32.17% from 681 million yuan at the beginning of the year to 462 million yuan by the end of the third quarter of 2025 [3]. - Accounts receivable turnover days increased to 150.43 days in the first three quarters of 2025, up 30% year-on-year, indicating deteriorating cash recovery capabilities [3]. Investment Project Adjustments - The company announced adjustments to the internal investment structure of its 2021 fundraising projects, which initially aimed to enhance its production capabilities in optical films and solar packaging materials [4][5]. - The need for these adjustments reflects challenges in market conditions and project implementation, suggesting that the company may face more difficulties than anticipated in expanding its new business and production capacity [5]. Share Buyback and Shareholder Actions - Despite the challenging fundamentals, the company is repurchasing shares while a significant shareholder is reducing their stake, raising questions about the alignment of interests [6].