CTFO(SZ:002373) Chang Jiang Shang Bao·2025-12-29 23:46Core Viewpoint - Qianfang Technology has announced a significant adjustment in the use of its raised funds, shifting the remaining 956 million yuan from the original smart transportation project to the research and industrialization of key technologies for logistics automation [1][2]. Fundraising and Project Adjustment - The total planned investment for the original project was 1.306 billion yuan, with 392 million yuan already invested, leaving 956 million yuan to be redirected to the new logistics automation project [2]. - The adjustment is attributed to increased payment pressures from downstream customers and tighter budgets, leading to slower market demand release than expected [2]. - The new project is expected to have a construction period of 36 months, with a post-tax internal rate of return of 13.16% and a static investment payback period of approximately 8.9 years [2]. Financial Performance - Qianfang Technology reported a strong recovery in performance, achieving a net profit attributable to shareholders of 189 million yuan in the first three quarters of 2025, a significant increase of 1098.97% year-on-year [1][4]. - The company’s total assets reached 17.944 billion yuan as of September 30, 2025, providing a solid foundation for the strategic transition [2]. Business Structure and Revenue - The company’s revenue for the first three quarters of 2025 was 5.256 billion yuan, a year-on-year decline of 2.82% [4]. - The intelligent IoT business generated 2.001 billion yuan in revenue, accounting for 72.54% of total revenue, while the smart transportation business contributed 903 million yuan, representing 27.29% [5]. International Market Presence - Qianfang Technology's products have been exported to multiple countries, including the United States, Germany, Poland, and Spain, with overseas revenue reaching 1.19 billion yuan in the first half of 2025, a year-on-year increase of 9.66% [6]. - The overseas revenue now accounts for 35.96% of total revenue, indicating a growing global market presence [6]. Research and Development - The company has maintained a high level of investment in research and development, with R&D expenses totaling 3.008 billion yuan from 2023 to the first three quarters of 2025 [6]. - As of June 30, 2025, Qianfang Technology had applied for over 5,600 patents, including 4,299 invention patents [6].