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interface news reporter | feng yuchen

one and a half years after listing, greenway technology (301322.SZ) suffered a "double kill" in terms of stock price and performance.

on the evening of august 30,green pass technology announcement,from august 5 to 30, the company's closing price for 20 consecutive trading days was lower than the company's audited net asset per share in the most recent year, triggering the conditions for the launch of measures to stabilize the stock price. based on this, the company will complete the relevant internal decision-making procedures and external approval/filing procedures.（if needed）then implement the specific plan.

green pass technology was listed on the chinext in march 2023, with an issue price of 131.11 yuan per share, becoming the first 100-yuan stock in 2023. the initial public offering is expected to raise 405 million yuan, exceeding the target by 16.in the month of listing, green pass technology's share price climbed to 149.5 yuan per share (after adjustment), and its total market value once exceeded 10 billion yuan.

but the good times did not last long, and the share price of green pass technology entered a downward channel. in a year and a half, the price of green pass technology fell to 40.17 yuan per share (after readjustment), which was more than two-thirds less than its issue price.

in terms of performance, green channel technology ended its two consecutive years of high growth in the year of its listing.

greentong technology's sales model is mainly odm model, mainly forr&d, production and sales of electric field vehicles，for example, golf carts, sightseeing cars, etc. in 2019 and 2020, green pass technology's performance has been steadily improving, with net profit increasing from 48.5356 million yuan to 52.1286 million yuan. from 2021 to 2022, green pass technology has achieved successive successes with a growth rate of more than 140%, and its net profit has exceeded 300 million yuan after crossing the 100 million yuan threshold.

in 2023, its ever-growing performance began to turn around. that year's revenue fell 26.48% year-on-year to about 1.08 billion yuan, and its net profit was 263 million yuan, a year-on-year decline of 15.64%. the semi-annual report released recently further showed that green pass technology's growth momentum was insufficient. in the first half of this year, it achieved a total operating income of 426 million yuan, a year-on-year decrease of 27.80%, and an attributable net profit of 86.3535 million yuan, a year-on-year decrease of 39.02%.

from the perspective of revenue structure, green pass technologyincomemainly fromoverseasbusiness, among which the united states is the company's most important overseas sales market.in july 2024, the u.s. department of commerce announced that it would initiate an investigation into imports of lsptv from china.“double reverse”survey, survey products includegreen pass technologyfield electric vehicle products exported to the united states. the anti-dumping investigation period is from october 1, 2023 to march 31, 2024, and the countervailing duty investigation period is the entire year of 2023.

in the first half of 2024, the overseas revenue that green pass technology "depends on for survival" declined significantly. from 2022 to the first half of 2023, green pass technology achieved overseas revenue of 683 million yuan and 534 million yuan, accounting for 92.75% and 90.38% of the total revenue.2024first half，green pass technologyoverseas income: 361 millionyuan，the proportion dropped to84.64%。

although the business level is not as profitable as before, green pass technology is "successful"IPOit undoubtedly brought it a lot of cash.

at the end of 2023, green pass technology had 2.013 billion yuan in cash on its account after the initial public offering. in the first half of this year, this amount decreased to 445 million yuan, mainly due to increased cash dividends, repurchase cash expenditures, and purchases of bank wealth management products in this period.

green pass technology used most of the raised funds to purchase bank wealth management products. in the first half of 2024, the amount of bank wealth management products purchased was 2.224 billion yuan, of which 1.842 billion yuan was raised funds. in terms of over-raised funds, in addition to the cumulative transfer of 40 million yuan of over-raised funds deposited in the repurchase special securities account for share repurchase, the rest of the over-raised funds were used for cash management.

regarding the situation where listed companies hold a large amount of oversubscribed funds, an investment person said that there is a large amount of idle funds after the oversubscription of new shares. for some small-cap companies in the growth stage, it is unlikely that their main business will digest the huge amount of funds in a short period of time.mostuniversaloperationthat isbuy financial products,since the huge amount of over-raised funds comes from the market, some people argue that this is a waste of market resources.butdo thisthe safety margin is indeed relatively high.

with sufficient funds, green pass technology has also set its sights on industrial investment.november 2023,green pass technologywe jointly invested with the investment institution chuangyu investment to establish the green pass industry fund, includinggreen pass technologyas a limited partner, use self-owned or self-raised funds to subscribe for capital of 5.93100 million yuan, the subscribed capital ratio is 98.83%on august 28 this year,green pass industry fundtowardsjianghua jiuheng digital technology co., ltd.invest1.87the company invested 100 million yuan to acquire 27.5% of its shares, expanding green pass technology's field electric vehicle products into the logistics field.