Core Viewpoint - The recent share reduction by Jiejia Weichuang's core shareholders has sparked intense discussions regarding valuation bubbles and capital cashing out in the photovoltaic industry, despite the company's strong performance in the first half of 2025 [1][3][4] Share Reduction Details - Co-founder Li Shijun plans to reduce his holdings by up to 3 million shares, representing 0.86% of the total share capital, potentially cashing out approximately 285 million yuan [2] - Since November 2021, Li Shijun has cumulatively cashed out 668 million yuan, and if the current plan is fully executed, the total reduction over four years will approach 1 billion yuan [2] - The actual controller and associated parties have also reduced their holdings by 291.42 million shares, cashing out 233 million yuan [2] Performance Paradox - Jiejia Weichuang reported a strong performance in the first half of 2025, with revenue of 8.372 billion yuan, a year-on-year increase of 26.4%, and a net profit of 1.83 billion yuan, up 49.26% [3] - Despite the strong fundamentals, the stock price has seen a decline following the reduction announcements, dropping from a two-year high of 118.93 yuan to 96.20 yuan [3] Market Impact - Analysts suggest that the scale of the share reduction is relatively low compared to the circulating shares, and the company maintains a robust order reserve and leading technological capabilities, indicating unchanged long-term investment value [4] - However, there are concerns that if more shareholders join the cash-out trend, it could exacerbate worries about valuation bubbles in the photovoltaic equipment sector [4] - The share reduction reflects structural contradictions behind the high prosperity of the photovoltaic industry and highlights the complex dynamics between technological changes and industry cycles [4]