Core Viewpoint - The company, Wuxi Shengjing Microelectronics Co., Ltd., reported a significant decline in its 2024 performance due to multiple factors including shrinking demand in the civil blasting industry, oversupply of electronic detonators, and intensified price competition, leading to an 88.24% drop in net profit [1][4][8] Group 1: Performance Decline - The company's main product, electronic control modules, saw a sales volume decrease of 18.37% and an average price drop of 28.42% in 2024 [1][5] - The overall revenue for 2024 fell by 38.70% compared to the previous year, with a net profit decline of 88.24% [4][8] - The gross margin for the company decreased from 44.11% in 2023 to 35.28% in 2024, primarily due to increased competition and price pressures [5][6] Group 2: Market Dynamics - The production of industrial detonators in China decreased from 7.24 billion units in 2023 to 6.72 billion units in 2024, a decline of 7.18% [2] - The number of competitors in the electronic control module market has increased to over 40, intensifying price competition [2][3] - Major clients have shifted to other suppliers, further eroding the company's market share [2][3] Group 3: Cost Structure and R&D - The company increased its R&D expenses by 15.24% in 2024, totaling approximately 89.45 million yuan, due to more projects and personnel [7] - Selling expenses rose by 33.53% as the company intensified its marketing efforts in response to market changes [6][8] - The subsidiary, Shanghai Xianji, reported a net loss of approximately 41.51 million yuan in 2024, exacerbating the overall financial decline [7] Group 4: Early 2025 Performance - In Q1 2025, the company reported a revenue of 88.01 million yuan, a slight decrease of 0.7%, but achieved a net profit of 4.17 million yuan, marking a turnaround from a loss in the previous year [9] - The sales volume of electronic control modules increased by 16.43% in Q1 2025, indicating a potential recovery [9] - The company continues to expand its product offerings in high-tech areas, including modules for seismic exploration and oil and gas wells [9]

在筹划重大资产重组方案仅几个月后，江苏华阳智能装备股份有限公司（以下简称"华阳智能"， 301502.SZ）即按下了"终止键"。 日前，华阳智能方面公告称，其在2025年1月披露拟支付现金收购贵州全安密灵科技有限公司（以下简 称"全安密灵"）不低于51%的股权，因交易双方未能就交易最终方案达成一致，终止本次重大资产重组 事项。 《中国经营报》记者注意到，在重大资产重组"告吹"背后，上市时间仅一年多的华阳智能业绩表现也不 容乐观。财报数据显示，2024年前三季度，华阳智能营业收入同比增长1.58%，但归母净利润同比下降 47.6%。 "终止原因已在公告中披露，以公告信息为准。"近日，华阳智能董事会秘书办公室工作人员向记者表 示。对于全安密灵与公司业务协同性问题，上述工作人员表示并不清楚，"没有参与前期事项"。 4月11日，华阳智能方面表示，经公司充分审慎研究及与相关交易对方友好协商，"同意终止本次重大资 产重组事项并与标的公司及其主要股东签署了《终止协议》"。该重大资产重组事项即购买全安密灵不 低于51%股权。 记者注意到，在发布终止收购公告前几天，华阳智能还于4月7日对外披露相关进展情况时表示，上述交 易"尚 ...