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Core Viewpoint - Jikai Co., Ltd. has faced significant challenges over its 13 years since listing, with a market value decline of 61.19% from its peak, reflecting issues in performance and market confidence [2][7]. Group 1: Business Performance - The transportation machinery segment is the main revenue driver, accounting for 59.17% of total revenue in the first half of 2024, down from 68.91% in 2020 [3]. - Despite having a strong product line, including key equipment like 3D-formed cast scrapers, the transportation machinery business has shown signs of revenue decline, with a year-on-year decrease of 11.24% in the first three quarters of 2024 [3]. - The company has developed innovative products like explosion-proof diesel intelligent handling robots, but these have limited short-term impact on revenue [3]. Group 2: Financial Challenges - Jikai Co., Ltd. has consistently reported losses, with a net profit of -0.16 billion in 2020, narrowing to -0.02 billion in 2024, and a loss of 16.39 million in the first quarter of 2025 [5]. - There is a mismatch between R&D investment and output efficiency, with management expenses increasing by 23% year-on-year in 2024, leading to a lower return on investment compared to industry averages [5]. Group 3: Market Position and Strategic Issues - The company's market value peaked at 7.236 billion in 2017, coinciding with a boom in the coal industry, but it has struggled to find new growth avenues as the industry cycle shifted [7]. - Jikai Co., Ltd. faces increasing competition from leading firms like XCMG and SANY in the intelligent mining sector, despite benefiting from regional policy support [7]. - The company has expanded its export business to markets like Australia and Russia, but overseas revenue remains below 15%, and it lacks sufficient international certifications to enhance competitiveness [7].