Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-17 07:13Core Viewpoint - The Shenzhen Stock Exchange requires Shangshui Intelligent to explain the technical iteration risks of its existing products and the sustainability of its performance growth, considering market demand, competition, market share trends, R&D results, and comparisons with peers [1]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, focusing on a comprehensive technical capability system that includes "core single machines + intelligent control systems + process packages" [3]. - The company's main business revolves around core processes such as micro-nano powder treatment, precise measurement of powder-liquid mixtures, powder-liquid mixing and dispersion, and functional film preparation, applicable in sectors like new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [3]. Group 2: Financial Performance - For the years 2022 to 2024 and the first half of 2025, Shangshui Intelligent's operating revenues were reported as 397.7 million, 601 million, 637 million, and 398 million yuan respectively, while net profits attributable to the parent company were 97.72 million, 234 million, 153 million, and 93.71 million yuan respectively [3]. - The company is projected to see revenue growth in 2024 without a corresponding increase in profit [3]. - As of June 30, 2025, the total assets amounted to 2.049 billion yuan, with equity attributable to shareholders of the parent company at 665.63 million yuan, and a debt-to-asset ratio of 65.35% [4].