Recently, a small partner mentioned a stock to Lichangjun, which is very interesting, listed on the Science and Technology Innovation Board, known by the market as the "first projection stock" XGIMI Technology (688696. SH), some time ago, it was announced that the two employee shareholding platforms Happy Rice Flower and XGIMI Consulting, as well as Liao Chuanjun, chairman of the company's board of supervisors, completed the reduction of 2.83% of the shares, cashing out about 202 million yuan.

In the secondary market, XGIMI Technology's share price has risen quite well since the start of the 924 market, from more than 50 yuan before 924 to about 135 yuan recently, more than doubled. From this point of view, it is reasonable for the core employee stock ownership platform to take advantage of this high level to reduce its holdings and cash out.

But if you look at the long-term stock price performance of XGIMI Technology, it is another taste, the company soared to a high of 614 yuan at the beginning of the listing, and then fell all the way to 924 before the start of the market, it fell off more than 90%, is it tragic enough?

You must know that the issue price of XGIMI Technology's IPO that year was as high as 133.73 yuan, even taking into account several cash dividends after listing, it is roughly the same as the current stock price.

This also means that although there are many financial consumers in the early stage of listing, they are deeply entrapped in the shares of XGIMI Technology, and it is difficult to say whether they can solve it in this life, but the company's core employees are still quite satisfied with the current stock price.

It's no wonder that the stock price trend in the past half a year is quite strong, and the performance of XGIMI Technology is quite poor. According to the latest express report, revenue will decline by 4% and net profit will increase slightly by 1.14% in 2024, but this is based on the previous low base background. XGIMI Technology was listed in March 2021, and its net profit in 2021 and 2023 will be 79.87%, 3.72% and -75.97% year-on-year respectively.

This was not the case before the listing, XGIMI Technology in 2019 and 2020 before the IPO, the company's net profit was as high as 881.43% and 187.79% year-on-year respectively, look at this gap?

In addition, Lichangjun will talk about some in-depth ones, and Lichangjun feels that the continuous change in the performance of XGIMI Technology is likely to be a foreshadowing before the IPO.

To give an example of detailed data, the company's turnover in 2023 is 3.557 billion yuan, compared with 2.1 billion yuan in 2019 before listing, and the operating volume has less than doubled. The labor cost paid by the company will be 585 million yuan in 2023 and 157 million yuan in 2019, nearly 4 times.

The key point that Lichangjun wants to say is not whether XGIMI Technology should give employees more salaries, but whether the labor cost standard of listed companies is reasonable. According to the prospectus released at the beginning, the company had a total of 1,125 employees at the end of 2019, including 402 production personnel, and the labor cost included in the main business cost that year was only 14.7306 million yuan. If this is calculated, the average annual salary of XGIMI Technology's production personnel is only 35,000 yuan, and the monthly salary is less than 3,000 yuan, is this reasonable?

In addition, XGIMI Technology has also been punished in terms of products before it goes public. In the notice issued by the General Office of the State Administration for Market Regulation in 2019 on the national supervision and random inspection of the quality of 60 kinds of products such as strollers in 2019, XK03E products produced by XGIMI Technology have unqualified projection light efficiency; In this random inspection, 21 batches of projector products were inspected, and 2 batches of products were unqualified, and the unqualified discovery rate was only 10%.

Based on the above information, XGIMI Technology's performance has changed after its listing, has it been buried long ago? How was such a company allowed to be listed on the Science and Technology Innovation Board in the first place? Isn't that worth reflecting on?