Core Viewpoint - Xunzhong Communication is facing challenges due to a contractual dispute with Beijing Yacon and Beijing Yunxi, leading to the judicial freezing of two bank accounts. The upcoming unlocking of 9.5565 million shares held by cornerstone investors on January 9 may pressure the stock price if they choose to cash out their profits [1][6]. Group 1: Shareholder Dynamics - The cornerstone investor, Tongzhou International Development Co., Ltd., subscribed to 9.5565 million shares, accounting for 31.39% of the total global offering, indicating strong support from Beijing's state-owned assets supervision [2][3]. - Xunzhong Communication's actual tradable shares post-listing are 17.15%, with the cornerstone investor holding a significant portion of the shares [2][3]. Group 2: Stock Performance - The stock price of Xunzhong Communication experienced volatility, initially breaking below the issue price shortly after listing, with a peak increase of 64% within ten trading days, reaching HKD 22.1 per share [4][6]. - As of December 31, the stock price was HKD 15.16, reflecting only an 11.88% increase from the issue price, indicating a "roller coaster" stock performance [6]. Group 3: Financial Performance - Xunzhong Communication's revenue from 2022 to 2024 shows steady growth, with figures of approximately RMB 8.1 billion, RMB 9.16 billion, and RMB 9.18 billion, primarily driven by CPaaS business growth [7][8]. - However, net profit is declining, with figures of RMB 75.97 million, RMB 77.62 million, and a significant drop to RMB 53.55 million in 2024, despite cost-cutting measures [8][9]. Group 4: Future Outlook - The company is transitioning to a dual-driven growth model, focusing on stable cloud communication services and high-growth intelligent communication solutions, which are expected to align well with government projects [10][12]. - The ability to maintain this new narrative will be crucial for Xunzhong Communication to reshape its value in the capital market, making it a focal point for investors [12].
股价“过山车”后基石股份即将解禁，讯众通信（02597）的新估值锚点能否兑现？