Core Viewpoint - Tianjin Jieqiang Power Equipment Co., Ltd. (referred to as "Jieqiang Equipment") has experienced a significant decline in performance after its initial public offering, contradicting its earlier claims of being the "only supplier" of hydraulic power systems for nuclear biological decontamination equipment, leading to questions about its market position and operational stability [2][6][10]. Financial Performance - Jieqiang Equipment's revenue from hydraulic power systems has drastically decreased since its IPO, with a reported negative revenue of 63.425 million yuan in 2024, marking a 521% decline compared to 2023 [7]. - In the first half of the current year, the company reported a slight revenue increase of 1.44% to 107 million yuan, but net profit showed a loss of 8.6866 million yuan, a staggering 798.61% year-on-year decline [2][6]. - The sales revenue from hydraulic power systems was only 2.62 million yuan in the first half of the year, down 89.11% year-on-year [7]. Business Model and Market Position - Initially, Jieqiang Equipment claimed to be the sole supplier of hydraulic power systems for military-grade nuclear biological decontamination equipment, emphasizing the stability of its customer base due to military procurement practices [4][5]. - The company had previously reported that its hydraulic power system sales accounted for 90.62% of total revenue in 2020, but this figure has drastically fallen, with the business contributing only 5.14% of total revenue by 2023 [6][7]. Management and Legal Issues - The company's actual controller and former chairman, Pan Feng, was detained for alleged bribery, which has raised concerns about the company's governance and operational integrity [8][9]. - Following Pan Feng's detention, Jieqiang Equipment itself was subjected to an investigation for alleged unit bribery, indicating a serious escalation in legal troubles for the company [9][10]. - The ongoing legal issues have led to significant operational challenges, including the inability to finalize a major contract worth 158 million yuan due to the investigation [9].