Core Viewpoint - The unlocking of 124 million restricted shares of Tuojing Technology, valued at 19.5 billion yuan, raises questions about its impact on stock price and investor sentiment [1]. Group 1: Share Unlocking Details - On April 21, 2023, Tuojing Technology (stock code 688072.SH) had its first batch of restricted shares unlocked, accounting for 44.5% of the total share capital [1]. - The major shareholders involved in this unlocking include the National Integrated Circuit Fund, which holds 55,026,693 shares (19.67% of total shares), and Guotou Shanghai with 37,888,000 shares (13.54% of total shares) [1]. - Other shareholders include various employee stock ownership platforms and individuals, collectively holding approximately 25,150,516 shares (8.99% of total shares) [1]. Group 2: Stock Performance - Tuojing Technology was listed at an issuance price of 71.88 yuan and saw a first-day increase of 28.41%, closing at 92.3 yuan [3]. - The stock reached a peak adjusted price of 475.1 yuan in November 2024, but has since declined to around 330 yuan, representing a drop of over 27% [5]. Group 3: Financial Performance - In 2024, Tuojing Technology achieved a revenue of 4.103 billion yuan, a year-on-year increase of 51.7%, with a net profit of 688 million yuan, up 3.91% [6]. - The company experienced significant growth in 2022, with revenue and net profit increasing by 125.02% and 438.09%, respectively, but growth rates have slowed in 2023 [6]. - Total assets reached 15.314 billion yuan, reflecting a year-on-year growth of 53.61%, primarily due to increased orders and inventory growth [6]. Group 4: R&D and Market Position - In the first three quarters of 2024, Tuojing Technology's R&D expenses amounted to 498 million yuan, representing 12.17% of revenue, with a capitalization rate of 44.57% [7]. - The company maintains a high market valuation with a total market cap of 43.99 billion yuan and a TTM P/E ratio of 63.9, indicating strong future growth expectations [7]. - Industry experts suggest that strategic investors like the National Integrated Circuit Fund are less likely to sell off their shares immediately after unlocking, while some short-term investors may choose to take profits [7].