Core Insights - ST Chengchang has experienced significant growth in market capitalization since its listing, increasing from 3.49 billion yuan to 7.42 billion yuan, reflecting a doubling in value, despite recent declines in operational performance [1][3]. Business Overview - The main business of ST Chengchang includes the research, production, sales, and technical services of microwave and millimeter-wave analog phased array T/R chips, with T/R chips accounting for 91.48% of revenue and technical services at 8.52% [3]. Financial Performance - In 2022, ST Chengchang achieved a net profit of 133 million yuan, but by 2024, it reported a net loss of 31 million yuan, marking a cumulative profit decline of 123.44% over three years [3]. - Revenue has shown a downward trend, with 2022 revenue at 278 million yuan and dropping to 212 million yuan in 2024, representing a year-on-year decline of 26.38% [3]. - The company has faced continuous profit declines over three years, with 2024 marking a transition from profit to loss [3]. Market Capitalization - Since its listing, ST Chengchang's market capitalization has increased by 1.12 times, peaking at 18.19 billion yuan on March 2, 2023, with a stock price of 162.66 yuan. However, by June 5, 2023, the stock price fell to 35.79 yuan, resulting in a market cap of 7.42 billion yuan, a decrease of 10.77 billion yuan or 59.22% from its peak [5].