Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -37 million yuan and -28 million yuan, indicating a loss compared to the same period last year [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between -43 million yuan and -33 million yuan, representing a significant decrease compared to the previous year [2] - The anticipated loss for the first half of 2025 reflects a decrease of 3,258.58 thousand yuan to 4,158.58 thousand yuan, which corresponds to a year-on-year decline of 710.58% to 906.84% [1][2] Group 2 - The previous year's profit attributable to shareholders was 458.58 thousand yuan, with a total profit of 506.96 thousand yuan [2] - The decline in performance is attributed to the elevator components industry facing dual pressures of shrinking demand and overcapacity, leading to intensified competition and a drop in order volume and gross margin [2] - The military simulation system business contributed less profit due to fewer project acceptances in the first half of the year [2]

Core Viewpoint - The recent announcement by Zhangpeng Technology regarding the planned share reduction by two major shareholders has raised concerns about the company's future growth potential and profitability, especially following a period of significant stock price increases [1][6]. Shareholder Reduction - Two major shareholders, Xi Fang and Ding Yu, plan to reduce their holdings by a total of up to 6% between May 20, 2025, and August 19, 2025. Xi Fang holds 14,599,434 shares (4.99997%) and plans to reduce up to 8.76 million shares (3.00%), while Ding Yu holds 9,030,619 shares (3.09%) and also plans to reduce up to 8.76 million shares (3.00%) [3][6]. - The reduction will be executed through block trades and centralized bidding [3]. Recent Stock Performance - Zhangpeng Technology experienced a significant stock price increase, achieving three consecutive trading limit ups from May 8 to May 14, with a closing price of 9.37 yuan and a total market capitalization of 2.736 billion yuan [2]. Financial Performance - The company has faced fluctuating financial performance over the past few years. In 2021, revenue was 485 million yuan (up 19.22%), but net profit fell by 30.62% to 72.04 million yuan. In 2022, revenue slightly increased to 499 million yuan (up 2.86%), while net profit dropped further by 42.41% to 41.49 million yuan [12]. - In 2023, the company reported a turnaround with revenue of 503 million yuan (up 0.84%) and net profit of 81.66 million yuan (up 96.79%) [12]. - However, in 2024, the company faced renewed challenges, with revenue declining to 469 million yuan (down 6.80%) and net profit dropping significantly by 87.80% to 9.96 million yuan [12][13]. Business Diversification - To address growth pressures, Zhangpeng Technology is actively pursuing diversification, having acquired a controlling stake in Lingwei Junrong, thus establishing a dual business model of elevator control systems and military simulation systems. The elevator business remains the core revenue driver, accounting for over 69.42% of total revenue [14].