Core Insights - The capital operation rhythm of Jiulian Technology is intriguing, with a recent approval for a 182 million yuan private placement aimed at developing HarmonyOS ecological smart terminals and communication modules [1] - Simultaneously, major shareholders and executives are executing share reduction plans, indicating potential concerns about the company's future [1][2] - The traditional business of Jiulian Technology is facing severe challenges, particularly in the smart network set-top box market, leading to continuous pressure on performance [1] Financial Performance - Jiulian Technology's revenue from 2022 to the first half of 2025 was 2.403 billion yuan, 2.171 billion yuan, 2.508 billion yuan, and 1.101 billion yuan, while net profit attributable to shareholders turned negative starting in 2023 [2] - The gross margin has shown a significant decline from 20.57% in 2022 to 9.86% in the first half of 2025, reflecting a weakening profitability in the main business [2] Strategic Direction - In response to the shrinking traditional business, Jiulian Technology is focusing on the HarmonyOS ecosystem and military industry, with plans to acquire a 51% stake in Chengdu Nengtong Technology [2] - The company is attempting to balance short-term survival with long-term development while ensuring fair treatment of all shareholders, which poses a core governance challenge [2] Market Outlook - The speculative nature of the capital market may eventually give way to performance realization, determining whether Jiulian Technology's HarmonyOS narrative can translate into tangible profits [2]

Group 1 - The company has approved a capital increase plan of 182 million yuan, with approximately 127 million yuan allocated for the research and industrialization of HarmonyOS ecological smart terminals and communication modules, and the remaining 54.53 million yuan for working capital and bank loan repayment [1] - Simultaneously, major shareholders and executives are executing share reduction plans, with significant amounts of shares set to be sold between July 26 and October 25, 2025 [1][2] - The company's traditional business is facing severe challenges, particularly in the smart network set-top box market, leading to continuous pressure on performance [2] Group 2 - From 2022 to the first half of 2025, the company's revenue figures were 2.403 billion yuan, 2.171 billion yuan, 2.508 billion yuan, and 1.101 billion yuan, while net profits turned negative starting in 2023, resulting in a total loss of 464 million yuan over two and a half years [2] - The gross profit margin has shown a significant decline from 20.57% in 2022 to 9.86% in the first half of 2025, indicating a weakening profitability and competitive position [2] - The company is attempting to pivot towards the HarmonyOS ecosystem and military industry, with plans to acquire a 51% stake in Chengdu Nengtong Technology Co., Ltd., although this restructuring is still in the planning stage [2][3] Group 3 - The company is trying to balance short-term survival with long-term development through its capital operations, which poses a core governance challenge in ensuring fair interests for all shareholders [3] - The success of the company's HarmonyOS narrative in translating into actual profits will be crucial for gaining market trust [3]