Core Viewpoint - Nanshing Co., Ltd. has experienced a significant decline in profitability and shareholder confidence, yet its stock has seen consecutive trading limits, raising questions about the underlying reasons for this market behavior [1]. Group 1: Financial Performance - The company's revenue from 2021 to 2024 was 2.777 billion, 2.96 billion, 3.629 billion, and 3.332 billion yuan, indicating a downward trend starting in 2023 [4]. - The gross profit margin has consistently decreased from 23.48% in 2021 to 18.99% in 2024, with a further drop to 16.3% in the first half of 2025 [6]. - Nanshing's net profit attributable to shareholders was 291 million, 290 million, 173 million, and -175 million yuan from 2021 to 2024, showing a continuous decline in profitability [11]. - The company reported a net profit forecast for 2025 between 90 million and 120 million yuan, a significant improvement from a loss of 175 million yuan in the previous year [10]. Group 2: IDC Business and Market Position - Nanshing Co. aims to enhance its performance through its IDC and cloud computing services, which have grown to account for 53.96% of its revenue by the first half of 2025, up from 0.52% in 2020 [14]. - Despite the increase in revenue share, the IDC business has a low gross profit margin of around 10%, which is significantly below the industry average of 30%-35% for major players [14]. - The company has faced challenges in integrating its acquired IDC subsidiary, leading to substantial asset impairment losses, which reached 385 million yuan in 2024 [7]. Group 3: Shareholder Dynamics - The proportion of shares held by the top ten shareholders decreased from 46.33% to 41.64% in 2025, indicating a significant exit of institutional investors [19]. - The company's stock price has been under pressure, with a notable reduction in shareholding by key stakeholders, including a recent sale by the vice president [20].

从基本面角度来看 盈利能力依旧"稀碎" 南兴股份是一家集研发、设计、生产和销售于一体的板式家具生产线成套设备专业供应商。公司生产的 产品主要包括加工中心、自动封边机、数控裁板锯、数控钻及多排多轴钻及其他板式家具机械，以及为 客户提供板式家具整体解决方案，使家具企业实现自动化、智能化生产。 南兴股份，一家主营业务毛利率跌至新低、核心子公司巨额减值、机构股东大幅撤离，并在整体市场飙 涨的2025年股价却一路下跌的企业，为何迎来了连续的涨停板？ 2026年1月6日，南兴股份开盘数万手封单将其牢牢钉在了涨停板上，这是自公司2025年12月29日涨停以 来的第四个涨停板，这一度引起市场广泛讨论。 资料来源：Wind 与此同时，公司毛利率2021-2024年分别为23.48%、22.28%、19.46%、18.99%，2021年开始便一路下 滑，2025上半年进一步下滑至16.3%。 子公司广东唯一网络科技有限公司属软件和信息技术服务业行业，业务经营的主要范围是IDC、网络安 全、云专线、公有云、混合云等服务，致力于构建云-网-边一体化的互联网综合生态平台，建设适用于 新一代网络通信技术5G及数字化时代的信息化解决方案平 ...

Financial Performance - In Q1 2025, the company achieved revenue of CNY 654 million, with a net profit attributable to shareholders of CNY 132 million and a net cash flow from operating activities of CNY 140 million [1] - Gross margin was 30.93% and net margin was 20.3%, both remaining relatively stable [1] - Operating expense ratio increased to 11.66%, up by 3.74%, driven by a 68.38% increase in sales expenses and a 46.3% increase in R&D expenses [1] Market Conditions - Domestic market demand is expected to remain under pressure in the first half of 2025, with a potential improvement in the second half due to a lower comparative base [2] - Overseas revenue accounts for approximately one-third of total income, showing an upward trend, particularly in regions along the "Belt and Road" initiative and core developed countries [2] Business Strategy - The company plans to enhance production capacity with new facilities coming online in early 2024, increasing the self-manufacturing rate of key components to 70% [3] - Differentiated competition strategies include balancing price and order configurations, launching new products, and adjusting product structures to meet market demands [3] - The revenue share of mid-to-high-end products is gradually increasing, with specific growth in CNC drills (8.04%) and panel saws (16.55%) [3] Future Capital Expenditure - The company has planned capital expenditures exceeding CNY 100 million over the next two to three years for new construction projects in Foshan, with basic construction already underway [4] Investor Interaction Insights - In Q1 2025, domestic sales accounted for about two-thirds of total revenue, showing a slight decline year-on-year, while overseas sales experienced moderate growth [5] - The company maintains a cautiously optimistic outlook for the market in 2025, noting that competition and evolving demand present opportunities for growth [10]