MEMSensing(SH:688286) Xin Lang Cai Jing·2025-12-19 08:47Core Viewpoint - Minxin Co., Ltd. is experiencing ongoing challenges, including stock price decline and consistent insider selling, raising concerns about the company's future prospects and internal confidence in its valuation [1][12]. Group 1: Stock Performance and Insider Selling - Minxin Co., Ltd. has been in a state of stock price decline since its IPO on August 10, 2020, with a significant drop of 16.24% the day after listing, and it has remained below its IPO price ever since [3][6]. - The company has seen regular insider selling, with the latest announcement from core technical personnel, Mei Jiaxin, planning to reduce his stake by 0.3925%, which represents 13% of his holdings [1][12]. - The stock ownership structure has become increasingly fragmented, with the top ten shareholders' ownership dropping from 53.16% at the end of 2022 to 38.63% by the third quarter of 2025 [11]. Group 2: Financial Performance and Profitability - The company has reported net losses for three consecutive fiscal years, totaling 192 million yuan, indicating significant financial pressure [2][17]. - Despite an increase in sales volume of MEMS acoustic sensors from 363 million units in 2020 to 513 million units in 2024, revenue from this segment has decreased from 291 million yuan to 241 million yuan, reflecting a decline in average selling price [15]. - The MEMS pressure sensor business is expected to see substantial growth in 2024, with a projected revenue increase of 151% to 212 million yuan, although this comes with a significant drop in product prices [16]. Group 3: Strategic Focus and Market Position - Initially, the company focused on MEMS acoustic sensors, which accounted for over 88% of total revenue at the time of its IPO, but the performance has not met expectations [14]. - The company has shifted its strategic focus towards MEMS pressure sensors, with ongoing investments in related projects totaling approximately 1.09 billion yuan [16]. - The average selling price of MEMS pressure sensors has halved from 1.08 yuan per unit to 0.47 yuan within a year, raising questions about the sustainability of this growth strategy [16].