Ningbo PIA Automation (SH:688306) Jing Ji Guan Cha Wang·2026-02-14 02:26Core Viewpoint - The company has adjusted its fundraising plan, reducing the total amount to no more than 1.034 billion yuan, focusing on localized development while facing ongoing financial losses and goodwill impairment risks [1][2]. Fundraising Plan - The company has revised its plan for issuing shares to specific investors, with a total fundraising amount now capped at 1.034 billion yuan, primarily allocated for smart robot R&D and industrialization projects (5.51 billion yuan) and enhancing medical health smart device technical service capabilities [2]. Project Progress - The two core fundraising projects from the company's 2022 IPO have been delayed twice, with the latest expected completion dates set for March 2026 and September 2026, affected by renovation progress and customer access thresholds [3]. Business Development - In 2025, the company established a joint venture with Zhiyuan Robotics to co-develop, produce, and sell humanoid robots, with the first prototype of a cycloidal reducer completed and four additional products in progress. The company has also taken on projects for clients like Procter & Gamble and ZF in the electric drive and 800V voltage module sectors, with plans to expand robot production capacity to 3,000 units annually [4]. Company Status - As of January 31, 2026, the company has repurchased 1.9659 million shares, accounting for 0.16% of the total share capital, with a total repurchase amount of 11.542 million yuan at prices ranging from 4.91 yuan to 11.42 yuan per share [5]. Financial Performance - For the first nine months of 2025, the company reported revenue of 1.508 billion yuan, a year-on-year decrease of 4.09%, and a net loss attributable to shareholders of 54.3377 million yuan. As of September 30, 2025, the company's goodwill was valued at 723 million yuan, indicating impairment risks, with retained earnings at -923 million yuan. The ongoing losses are attributed to macroeconomic conditions, market competition, and project delays [6]. Stock Performance - On February 10, 2026, the company's stock closed with a market capitalization of 12.971 billion yuan, showing a daily increase of 0.48% with a trading volume of 88.3661 million yuan. Institutional research indicates that sectors like robotics and smart manufacturing are receiving significant capital attention, although the company's main funds have recently shown a net outflow trend [7].