业绩变脸，中坚科技冲刺港股

Core Viewpoint - The company Zhongjian Technology is facing significant performance pressure as it prepares for an IPO on the Hong Kong Stock Exchange, with plans to raise funds for key areas including the industrialization of quadruped robots and the expansion of production bases in Thailand and China [1][2][34]. Group 1: Financial Performance - The company's revenue growth has noticeably slowed since 2025, with core profit indicators experiencing a substantial decline [3][12]. - In 2022, the company reported revenue of 512.4 million RMB, which surged to 971 million RMB in 2024 [6][8]. - Net profit increased from 27.4 million RMB in 2022 to 61.5 million RMB in the first half of 2024, but growth momentum halted in the second quarter of 2025 [7][9][10]. - The first quarter of 2025 saw revenue of 286 million RMB, a year-on-year increase of 4.96%, while the second quarter's revenue slightly increased to 217 million RMB, but net profit plummeted by 35.81% [9][10]. - By the third quarter of 2025, revenue dropped to 146 million RMB, with a significant net loss of 28.6 million RMB, marking a year-on-year decline of 482.99% [11]. Group 2: Product Sales and Pricing - The company's core product sales have declined, with lawn mower sales dropping from 46,400 units to 42,100 units and chainsaw sales falling from 225,500 units to 152,200 units in the first half of 2025 [13][14]. - Despite the decline in sales volume, revenue growth has been maintained primarily through price increases, with the average price of lawn mowers rising from 4,006.6 RMB in 2022 to 6,713.6 RMB in the first half of 2025 [15][16]. Group 3: Market Dependency and Challenges - The company heavily relies on overseas markets, with 88.5% of its revenue in the first half of 2025 coming from Europe and North America [17]. - However, signs of weakening demand in these markets are becoming evident, as export values for electric tools and lawn mowers have shown negative growth [18]. - The company is also facing challenges in its transition to smart robotics, with significant R&D investments not yet yielding expected results [19][28]. Group 4: Corporate Governance and Compliance Issues - The company has been expanding its related party transactions, with sales to entities controlled by executives increasing from 746,000 RMB in 2024 to 1.18 million RMB in the first half of 2025 [25][26]. - Compliance issues have arisen, including a workplace accident resulting in a fatality and failure to pay adequate social security and housing funds for some employees [31][33]. Group 5: Strategic Direction and Future Outlook - The IPO on the Hong Kong Stock Exchange is seen as a critical step for the company to break through performance pressures and invest in the smart robotics sector [34]. - The outdoor power equipment industry is undergoing significant changes, with new product categories like smart lawn mowers still in the early stages of market penetration, but competition is intensifying [34].