Core Viewpoint - Geling Deep Vision, known as the "first AI stock on the Sci-Tech Innovation Board," is facing its most severe survival test since its establishment due to a significant decline in performance, with a 55.30% drop in revenue and a net loss of 2.12 billion yuan in 2024 [1][2][5] Financial Performance - In 2024, Geling Deep Vision reported total revenue of 117.24 million yuan, a decrease of 55.30% compared to 2023 [3][4] - The net profit attributable to the parent company was -211.60 million yuan, representing an increase in losses of 134.24% year-on-year [1][3] - In Q1 2025, revenue further declined by 75.02% to 7.67 million yuan, with a net loss of 44.50 million yuan, a 64.22% decrease compared to the same period in 2024 [4][5] Customer Dependency - The company heavily relies on a single major client, with sales to this client amounting to 217 million yuan in 2023, accounting for 82.62% of total revenue [1][5] - The major client, Agricultural Bank of China, has requested comprehensive domestic product adaptation, leading to delivery delays and a significant drop in revenue [1][5] Management Changes - Key personnel changes have occurred, including the resignation of the board secretary and the appointment of new executives, indicating a strategic shift within the company [1][7] - The new CFO, who has a background in capital operations, is seen as a signal for accelerating refinancing efforts [9][10] Strategic Shift - The company is transitioning from a "pure AI software" focus to a "soft and hard integration" strategy, aiming to enter the military and innovation sectors [10] - Geling Deep Vision plans to launch a new generation of integrated AI products in 2025 and explore new markets such as education and healthcare [10]