赛伍技术(603212.SH)9月27日公告，股东苏州苏宇企业管理中心（有限合伙）及苏州赛盈企业管理中心 （有限合伙）通过集中竞价及大宗交易方式合计减持公司股份3,695,911股，占总股本的0.85%。此次减 持后，苏州苏宇持股比例由5.00%降至4.22%，苏州赛盈持股比例由0.27%降至0.20%，二者与一致行动 人苏州高新区泛洋科技发展有限公司合计持股比例由31.78%下降至30.93%。根据2025年8月已披露的减 持计划，目前该计划尚未实施完毕。公司实际控制人吴小平、吴平平夫妇合计持有苏州泛洋100.00%的 股权；同时，吴平平女士为苏州苏宇、苏州赛盈的执行事务合伙人，吴小平、吴平平夫妇合计持有苏州 苏宇42.51%的财产份额及苏州赛盈16.17%的财产份额。 南方财经9月28日电， 2025年上半年，公司实现营业收入13.52亿元，同比下降18.13%；归属于上市公司股东的净利润 为-7209.6万元，亏损扩大。业绩下滑主要受光伏行业周期性波动影响：太阳能背板需求低迷导致出货 量下降，封装胶膜产品因上游原材料价格降幅小于销售价格降幅，毛利率承压。此外，公司计提资产减 值损失1312万元及信用减值 ...

Core Viewpoint - Suzhou Yubang New Materials Co., Ltd. maintains a stable credit rating of A+ due to strong customer relationships, revenue growth, and accessible financing channels, despite facing challenges from industry volatility and credit risks associated with accounts receivable [3][4][9]. Financial Overview - Total assets increased from 21.83 billion in 2022 to 31.04 billion in 2023, with total liabilities rising from 8.02 billion to 14.81 billion in the same period [5][22]. - Operating revenue grew from 20.11 billion in 2022 to 27.62 billion in 2023, while net profit increased from 1.00 billion to 1.51 billion [5][18]. - The company reported a significant decline in operating cash flow, with a net outflow of 3.30 billion in 2024 [5][21]. Industry Context - The photovoltaic industry is experiencing cyclical fluctuations, leading to increased credit risks and pressure on profit margins due to declining processing fees [8][9]. - Despite the challenges, the demand for photovoltaic welding strips is expected to grow, although at a slower pace due to price pressures across the supply chain [8][9]. Operational Insights - The company has maintained a stable governance structure and strong market position, with a focus on research and development to enhance product quality and technological leadership [11][14]. - The production capacity for photovoltaic welding strips is projected to increase, with new projects expected to add 20,000 tons of annual capacity [11][12]. Customer and Supplier Dynamics - The company has established long-term relationships with major suppliers, with the top five suppliers accounting for 55.99% of total procurement [15][16]. - The customer base remains predominantly domestic, with efforts to expand into international markets such as the Middle East, India, and Europe [16][17]. Risk Factors - The company faces risks related to accounts receivable, with some customers experiencing overdue payments, which could impact cash flow and overall financial health [4][18]. - The cyclical nature of the photovoltaic industry may lead to fluctuations in demand and pricing, affecting the company's profitability and operational efficiency [8][9].