Everyday Reporter: Yan Fengfeng Everyday Editor: Wu Yongjiu

Recently, Desay SV announced that its second-largest shareholder plans to reduce its stake in the company by up to 3%. Not long ago, the company's largest shareholder had already reduced its stake by 0.9896%, cashing out over 700 million yuan. The company is facing not only the pressure of significant shareholders reducing their stakes but also the pressure of declining performance growth.

Desay SV's revenue growth and net profit growth attributable to shareholders have been declining year by year over the past three years. In the first quarter of this year, both revenue growth and net profit growth turned negative. The company's revenue decline in the first quarter of this year marks the first quarterly decline since 2020. Against the backdrop of shareholder reductions and declining performance growth, the company's stock price has also performed relatively weakly this year.

Second-largest shareholder plans to reduce stake by up to 3%, while the largest shareholder has already cashed out 700 million yuan

On May 22, Desay SV, a company listed on the Shenzhen Stock Exchange main board, announced that its shareholder Huizhou Innovation Investment Co., Ltd. (hereinafter referred to as "Huichuangtou"), which holds 120 million shares (accounting for 20.16% of the company's current total share capital), plans to reduce its stake by no more than 17.88 million shares, or no more than 3% of the company's current total share capital, through centralized bidding or block trading within three months after 15 trading days from the date of this announcement.

Huichuangtou is currently the company's second-largest shareholder, and the reason for the reduction is "personal funding needs." Based on the closing price of 110.50 yuan per share on May 22, the maximum reduction would be valued at approximately 1.976 billion yuan. After the reduction announcement was made, on May 25, the company's stock price fell by 1.97%, closing at 108.32 yuan per share.

In addition, Desay SV's largest shareholder has previously implemented a reduction. The company's largest shareholder, Guangdong Desay Group Co., Ltd. (hereinafter referred to as "Desay Group"), cumulatively reduced its stake by 5.9062 million shares, accounting for 0.9896% of the company's total share capital, during the period from January 30, 2026, to April 2, 2026. Based on an average reduction price of 118.78 yuan per share, Desay Group cashed out approximately 702 million yuan from this reduction. After the reduction, Desay Group's shareholding ratio is 25.33%.

The reporter from "Everyday Economic News" noticed that during the period of the largest shareholder's reduction, the company's stock price performed relatively weakly. From January 30, 2026, to April 2, 2026, the company's stock price fell by a cumulative 14.93%. So far this year, the company's stock price has fallen by a cumulative 9.01%, while the Shenzhen Component Index has risen by 17.24% during the same period.

Revenue sees quarterly decline for the first time in over six years, performance growth has declined year by year over the past three years

Desay SV's stock price performance is relatively weak, and its pressure may come not only from significant shareholders' reductions but also from the company's performance.

In the first quarter of 2026, Desay SV's total revenue and net profit attributable to shareholders both declined, marking the first occurrence of this situation since 2020.

In the first quarter of 2026, Desay SV achieved total revenue of 6.495 billion yuan, a year-on-year decrease of 4.37%; the net profit attributable to shareholders was 461 million yuan, a year-on-year decrease of 20.74% The non-recurring net profit was 476 million yuan, a year-on-year decrease of 4.21%.

In the past six years, the company's operating revenue and net profit have shown a year-on-year growth trend. The company's operating revenue increased from 6.799 billion yuan in 2020 to 32.557 billion yuan in 2025, with an average annual growth rate of 35.81%; the company's net profit attributable to shareholders increased from 518 million yuan in 2020 to 2.454 billion yuan in 2025, with an average annual growth rate of 43.82%. The company's operating revenue declined in the first quarter of this year, marking the first single-quarter decline in the past six years.

Against the backdrop of the company's two largest shareholders continuously reducing their holdings and changes in the company's growth trend, investors may have concerns about the company's growth prospects. In fact, the company's operating revenue growth rate and net profit growth rate have declined in the past three years, with the operating revenue growth rates being 46.71%, 26.06%, and 17.88% respectively; the net profit growth rates were 30.57%, 29.62%, and 22.38% respectively.

So, in the context of the company's first-quarter performance decline, important shareholders continuously reducing their holdings, and relatively poor stock price performance, does the company have plans to stabilize its stock price or enhance investor confidence? Does the continuous decline in the company's performance growth rate over the past three years, and even a negative turn in the first quarter, indicate that the company's previous high-growth phase may be coming to an end? In this regard, a reporter from the Daily Economic News attempted to contact the company for an interview, but both phone and email communications were unsuccessful.

Public information shows that Desay SV's main business is the research, development, production, and sales of automotive electronic products, including smart cockpits, intelligent driving, and connected services.

Daily Economic News