Core Insights - The company Glint Deep Vision, listed in March 2022, experienced a 20% revenue growth in its first year and turned a profit, largely due to its major client, Agricultural Bank of China [1][4][5] - However, the company's revenue has significantly declined since then, with 2024 revenue projected to be only one-third of 2022 levels due to reduced procurement from its key client [1][6][21] - The company is attempting to enter the military industry through acquisitions, but early results show minimal contribution to revenue [1][8][9] Business Performance - Glint Deep Vision's primary business relies on AI solutions based on computer vision and big data, with over 80% of its revenue coming from the smart finance sector, primarily from Agricultural Bank of China [2][17] - In 2022, the company reported revenue of 354 million yuan, with 267 million yuan (75.39%) coming from Agricultural Bank of China, a significant increase from 46.97 million yuan (19.36%) in 2020 [4][19][20] - The company's revenue dropped by 26% to 262 million yuan in 2023, and is expected to further decline to 117 million yuan in 2024 [6][21] Market Challenges - The company faces challenges due to its heavy reliance on a single major client, with procurement from Agricultural Bank of China decreasing from 217 million yuan in 2023 to 52.1 million yuan in 2024 [6][21] - Other business segments, such as urban management, have not shown growth, with revenues remaining stagnant at low levels [6][21] - The company has acknowledged that its performance issues may stem from a systemic depletion of market demand rather than just delays in revenue recognition [7][22] Strategic Moves - In an effort to seek new growth, Glint Deep Vision announced a high-premium acquisition of a stake in Guokeyi Dao Technology, valued at 163 million yuan, but the acquired company has also faced losses and high client concentration [8][23][24] - The acquisition aims to enhance the company's hardware design and manufacturing capabilities in the military sector, but initial revenue contributions from this new venture have been minimal [9][24] Workforce and Management Changes - Despite claims of market expansion, the company has been reducing its workforce, with employee numbers dropping from 449 at the end of 2023 to 367 by the end of 2024, primarily affecting technical staff [10][26] - Key management and technical personnel have also left the company, raising concerns about its future direction and stability [10][28] Stock Performance and Investor Sentiment - The company's stock price peaked at 38.78 yuan per share but has since fallen significantly, closing at 16.37 yuan per share in December 2023, reflecting investor concerns [1][11][29] - Sequoia Capital has reduced its stake in the company during periods of low stock prices, indicating a cautious outlook on Glint Deep Vision's future prospects [12][14][15]