CMC(SH:603122) Jing Ji Guan Cha Wang·2026-02-14 02:07Company Fundamentals - The company is expected to report a net loss of between 25 million to 36 million yuan for the year 2025, marking its first loss since going public [1] - The third-quarter financial report indicated a year-on-year revenue decline of 22.8% and a net profit drop of 146.65%, with gross margin decreasing to 15.84%, reflecting deteriorating profitability [1] Contract Developments - In January 2026, the company signed an 8-year procurement agreement worth no less than 600 million yuan with Nanjing Mingji Hospital and Suzhou Mingji Hospital, but the annual procurement amount is expected to be less than 10% of the company's annual revenue, limiting its short-term impact on performance [2] - The Shanghai Stock Exchange issued a regulatory letter questioning the commercial rationale of the agreement and the substantive constraints of the minimum procurement amount, raising concerns about long-term performance risks [2] Financial Condition - As of February 13, 2026, the company's price-to-earnings ratio (TTM) stands at -577.56 times, and the price-to-book ratio is 5.94 times, indicating a severe disconnect between valuation and profitability [3] - By the end of the third quarter of 2025, the company's cash reserves were only 120 million yuan, a 40% decrease from 2023, while accounts receivable accounted for 138.8% of revenue, indicating significant pressure on cash flow [3] Stock Price Situation - The stock price has fallen nearly 40% from its peak in December 2025, with recent moving averages showing a bearish trend; on February 13, there was a net outflow of 300,400 yuan in principal funds, reflecting a pessimistic market sentiment [4] - On February 6, the stock was placed on the "Dragon and Tiger List" due to a price deviation of 7%, with institutional funds showing concentrated outflows, indicating a risk-averse tendency among investors [4] - The stock price reaching a 60-day low is attributed to a combination of performance losses, policy impacts, valuation bubbles, and cash flow pressures [4]