IPO敲钟未满月，这家“隐形冠军”企业净利润预期下滑近两成

Core Viewpoint - Hengyun Chang Technology Co., Ltd. is facing significant growth challenges shortly after its IPO, with a nearly 20% decline in net profit for 2025, raising concerns among investors about the company's future performance [1][2]. Financial Performance - For 2025, the company reported operating revenue of 530 million yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 114 million yuan, down 19.19% [1]. - In the first half of 2025, the net profit was 69.35 million yuan, reflecting an 11.99% decline compared to the previous year [2]. - As of June 2025, the company's order backlog was 107 million yuan, a decrease of 22.13% from the end of 2024 [2]. Market Position and Challenges - Hengyun Chang is recognized as an "invisible champion" in its niche market, primarily engaged in the research, production, and sales of plasma power supply systems and related components [3]. - The company has a high dependency on a few key clients, with sales to Tuojing Technology increasing from 45.23% to 63.13% of total revenue from 2022 to 2024, raising concerns about revenue concentration risk [3][4]. - The company is also facing supply chain risks due to reliance on imported components, particularly in critical areas like GaN RF power amplifiers and FPGAs [5]. Strategic Considerations - The company must balance long-term strategic investments with short-term shareholder return expectations, especially as new projects take time to yield results [5][6]. - There is a pressing need for Hengyun Chang to diversify its product offerings and reduce reliance on traditional markets to ensure sustainable growth and financial returns [6].