爱科赛博业绩预亏股价下跌，股东减持加剧市场波动

Core Viewpoint - The recent decline in the stock price of Aikesaibo (688719) is closely related to changes in the company's fundamentals and market sentiment, with a projected net loss for 2025 contrasting sharply with the previous year's profit [1] Group 1: Company Performance - Aikesaibo expects a net loss attributable to shareholders of 40 million to 60 million yuan for 2025, a significant decline from a profit of 73.12 million yuan in the same period last year, indicating a shift from profit to loss [1] - The primary reasons for the expected loss include delayed revenue recognition due to increased order concentration in the latter half of the year, intensified market competition leading to a decrease in gross margin, and a significant rise in R&D expenditures [1] Group 2: Stock Performance - From January 12 to February 11, 2026, the stock experienced a decline of 8.91%, with a price drop from 54.77 yuan to 45.60 yuan, and a 20.34% drop over the last 20 days as of February 11, 2026, directly linked to the negative earnings forecast [2] - The stock's volatility was exacerbated by a shareholder reduction plan, with the Dachen system and integrated circuit fund planning to reduce their holdings by up to 3%, alongside profit-taking behavior following prior stock price speculation [2] - Since mid to late December 2025, data from the dragon and tiger list indicates a net outflow of main funds, reflecting a trend of profit-taking after favorable news has been exhausted [2] Group 3: Valuation - The current price-to-earnings ratio (TTM) for Aikesaibo is negative, with a price-to-book ratio of 3.10, indicating significant valuation pressure [3] - It is important to note that the annual report for 2025 is scheduled for official disclosure on April 22, 2026, and the earnings forecast data is only a preliminary estimate [3]