Fukai Summary: Despite the poor performance, the robot concept still drove Aishida's stock price higher. Author |A kOn January 10, affected by the rally of the robot sector, Aishida had a one-word daily limit, and the deadline was 1293 yuan shares, up 1004%, the stock price of listed companies has achieved 4 consecutive boards. 
Transformation is not in fluxAishida's robotics business started eight years ago. In 2016, Aishida acquired 51% of the shares of Qianjiang Robot for 58.65 million yuan; In 2017, it successively acquired and controlled 5 robot integrated application companies, including Soluxin, Songsheng Robot, Laubo Logistics, Sanyou Technology, and Australian CSF; In 2019, it was again 13.7 billion yuan to acquire 39% equity of Qianjiang Robot. In this regard, Aishida pointed out that the company has preliminarily completed the layout of the whole industrial chain of robots, including the research and development of robot ontology, robot integration and application, etc. However, when the robot industry shows a good momentum of development, technology, products and market scale continue to break through, Aishida's robot business development is less than expected, among the acquisition targets, Songsheng Robot, Laubo Logistics Isobarn crossed the "compensation red line", Suo Luxin, Jiangchen Intelligence and other performance can not complete the commitment. Today, Aishida's robot business revenue mainly comes from Qianjiang Robot. According to ** report, in 2022, the cumulative output of industrial robots in China will be 44310,000 sets, the annual sales of Qianjiang robots have not exceeded 5,000 units, and they are still in the third echelon in the domestic industrial robot market. The data also shows that from 2020 to the first half of 2023, Aishida's robot business revenue will be 27.8 billion yuan, 25.1 billion yuan, 35.5 billion and 16.4 billion yuan. Qianjiang Robot has been in a state of loss, and in the same period, the company's net profit was 3433110,000 yuan, 4732640,000 yuan, 565590,000 yuan and 2209740,000 yuan. It is worth noting that in 2010, Aishida was listed on the Shenzhen Stock Exchange, and its main business is the production and sales of cookware, and the funds raised are mainly used to expand the production capacity of cookware and build small household appliance projects. However, due to the fierce competition in the small household appliance market, this part of Aishida's business has not grown well. In the first half of 2023, the revenue of the small household appliance business of the listed company will be 15.8 billion yuan, a year-on-year decrease of 512%, accounting for only 13 percent of total revenue55%。New business is progressing slowly, while old business continues to be sluggish. In 2022, the revenue of Aishida's cookware business will be 21300 million yuan, a year-on-year decrease of 2145%, in the first half of 2023, the revenue of the cookware business was 80.7 billion yuan, a year-on-year decrease of 2966%。The operating pressure is highlightedThe lack of success in the process of Aishida's transformation has led to pressure on the performance of listed companies. In 2021, Aishida's net profit will be a loss, with a loss of 88.51 million yuan, and its revenue will also decline in 2022, with a revenue of 29400 million yuan, a year-on-year decrease of 162%, and the net profit lost 78.73 million yuan again. 
In the annual report, Aishida pointed out that in 2022, due to the external environment, the passenger flow of supermarkets will decrease, logistics and transportation will be poor, and the online and offline channels of the cookware industry will be under great pressure. At the same time, consumers are becoming more and more rational in purchasing small kitchen appliances, demand continues to be under pressure, and the overall trend is declining. But this decline continues. In the first three quarters of 2023, Aishida's revenue and net profit both declined, with revenue of 180.4 billion yuan, a year-on-year decrease of 1871%, and the net profit loss widened to 14.5 billion yuan. Aishida said that first, affected by the international economic situation and industry factors, the company's customer sales declined, and the number of export business orders decreased, which affected the company's export revenue and profits. Second, the company expanded the international and domestic markets, increased investment in new channel markets, and increased sales expenses year-on-year. Third, the company's financial expenses increased year-on-year, mainly due to the decrease in foreign exchange income. At the same time, Aishida's major shareholders have made frequent moves. In July 2023, Aishida announced that the company's controlling shareholder, Aishida Group, acted in concert with Fuchuang Investment, due to its own capital needs, planned to use centralized bidding or block trading** no more than 6812.77 million shares, no more than 2% of the company's total share capital. In the semi-annual report, Fuchuang Investment held 107640,000 shares, accounting for 316%。According to the latest announcement, Aishida Group pledged 5 million shares due to its own production and operation, and this share pledge financing is not used to meet the needs related to the production and operation of listed companies. As of January 2, the announcement of the disclosure of this matter, Aishida Group held 22.6 billion shares, accounting for 36 percent of the total share capital89%, of which 89 million shares are pledged, accounting for 70 percent of its shares83%。Disclaimer: The information published by Fukai Finance does not constitute investment advice, and accordingly, the investment is at your own risk, and this article is original by Fukai Finance.