Core Viewpoint - The article discusses the significant share reduction by Niu Yong, a major shareholder of Baijia Technology, amidst the company's ongoing financial struggles and losses since its listing, raising concerns about investor confidence in the company [2][3]. Company Performance - Baijia Technology reported a revenue of approximately 983 million yuan in 2024, a year-on-year increase of 2.09%, but faced a net loss of about 4.5 million yuan, a decline of 111.21% compared to the previous year [3][5]. - The company's net profit margin has been negatively impacted by intense market competition and a decline in demand, leading to a decrease in gross profit margins [3][4]. - In the first quarter of 2025, Baijia Technology achieved a revenue of approximately 181 million yuan, a year-on-year increase of 17.56%, but still reported a net loss of 1.31 million yuan, a decline of 124.55% [6]. Industry Context - The steel structure market is experiencing fierce competition, with many companies, including Baijia Technology, facing declining profits. Among six listed steel structure companies, Baijia Technology had the largest decline in net profit and was the only company to report a loss [4][5]. - The overall performance of the industry is poor, with only Jinggong Steel achieving revenue growth among companies with over 10 billion yuan in revenue in 2024 [4][5]. Financial Adjustments - Baijia Technology's 2024 financial data was revised from profit to loss due to reduced customer settlements and errors in accounting for receivables, leading to a significant increase in credit impairment provisions [8]. - The discrepancy between the revised net profit and the initial forecast was 344.16%, resulting in regulatory criticism for inaccurate information disclosure [8]. Future Growth Prospects - Baijia Technology is attempting to pivot towards BIPV (Building-Integrated Photovoltaics) as a new growth area, with ongoing projects aimed at developing this technology [9][10]. - However, the BIPV initiative may not yield immediate financial benefits, as the company has faced delays in project completions and has not met its fundraising targets for several projects [10][11]. - A planned national BIPV industry base was abruptly canceled due to strategic adjustments, raising further questions about the company's future in this sector [13].