Core Viewpoint - The article discusses the significant decline of Beijing Borui Hongyuan Data Technology Co., Ltd. (Borui Data) over the past five years since its debut on the STAR Market, highlighting its transition from a profitable industry leader to a company facing continuous losses and a plummeting stock price [1][6]. Group 1: Financial Performance - Borui Data's main business is Application Performance Management (APM), which provides real-time monitoring of online applications. Before its IPO, the company showed strong financial performance with revenues of 116 million yuan, 147 million yuan, and 183 million yuan from 2017 to 2019, and net profits of 46.65 million yuan, 57.76 million yuan, and 76.34 million yuan during the same period, indicating double-digit growth [2]. - After going public, Borui Data's financial situation deteriorated sharply, with net losses of 36.26 million yuan in 2021, 87.46 million yuan in 2022, and 126 million yuan in 2023, accumulating over 350 million yuan in losses since its IPO [3][5]. - The company's cash flow has also worsened, with negative net cash flows from operating activities for three consecutive years from 2021 to 2023, indicating a reliance on financing to sustain operations [5]. Group 2: Market Position and Competition - The decline in Borui Data's performance is attributed to its business model failing under intense competition, with sales expenses rising from 47.37 million yuan in 2019 to 160 million yuan in 2023, a 237% increase [3]. - The company faces competition not only from established players like Tingyun and OneAPM but also from major cloud computing giants such as Alibaba Cloud and Tencent Cloud, which offer APM products as part of their cloud ecosystems at lower or no cost, impacting Borui Data's pricing power and market space [3]. Group 3: Stock Performance - Borui Data's stock price peaked on its first day of trading at 220 yuan per share, a 234% increase from its IPO price of 65.88 yuan, but has since experienced a continuous decline, falling below the IPO price within a year and reaching a historical low of 20.18 yuan per share by early 2024 [6][7]. - The company's market capitalization has evaporated from over 170 billion yuan at its peak to less than 31 billion yuan, reflecting a significant loss of investor confidence as institutional investors have gradually exited [7]. Group 4: Future Challenges - Borui Data faces numerous challenges ahead, including finding a differentiated survival space amidst competition from industry giants, overcoming its losses, and rebuilding its business model to restore market confidence [8].