Half a year after Yiwei's listing, its share price has fallen below the issue price, and the once high-valued new stocks are losing their luster.

"I know what problems machine vision can solve, but I don't know how much the market is willing to pay to solve these problems." On September 17, Hu Jun, an auto parts quality engineer who has held shares of EasiVision (688816.SH) for seven months, told reporters.

Hu Jun is 34 years old this year and has seven years of A-share investment experience. At work, he often comes into contact with equipment for dimension measurement, defect detection and assembly verification. When EasiVision went public, this familiarity made him believe that he understood the company better than ordinary investors.

On February 11, 2026, EasiVision was listed on the Sci-Tech Innovation Board at an issue price of 55.95 yuan per share. Its sponsor was SDIC Securities Co., Ltd., and the sponsor representatives were Chen Yihao and Tang Bin. On the first day of listing, EasiVision opened at 100 yuan per share, rose to a maximum of 107.98 yuan per share, and closed at 88.92 yuan per share, with a maximum intraday increase of 92.99%.

On that day, Hu Jun did not buy EasiVision, waiting for the price to fall before making a move. On February 27, the share price of EasiVision fell back to around 75 yuan per share. He bought 300 shares at a price of 75.50 yuan per share, investing a total of 22650 yuan. "I have waited for half a month, and I think I am not the most impulsive group of people," Hu Jun said. In the factory, he has seen the efficiency improvement after machine vision replaces manual inspection, and also understands the stability requirements of automobile production lines. Real practical experience made him more likely to believe in the company's growth story.

However, in the three months after Hu Jun bought EasiVision, the stock price continued to fall back. On June 29, EasiVision hit an intraday low of 55.80 yuan per share, falling below the issue price for the first time, and closed at 57.20 yuan per share that day. The next day, Hu Jun added 200 shares of EasiVision with 11640 yuan. So far, he has bought a total of 500 shares of EasiVision in two transactions, with a total cost of 34290 yuan and an average cost of 68.58 yuan per share. After adding positions, Hu Jun did not wait for the stock price to rebound.

As of September 18, EasiVision has been in a state of breaking the issue price for nearly three months. On that day, its stock price closed at 48.19 yuan per share, down about 13.87% compared with the issue price of 55.95 yuan per share.

Wind data shows that from January 1 to September 17, 2026, a total of 116 companies completed their listing on the A-share market. As of September 17, there were 8 companies whose closing price was lower than the issue price, including Shaanxi Tourism (603402.SH), Tongbao Optoelectronics (920168.BJ) and others.

Performance Deterioration

According to the introduction on EasiVision's official website, the company focuses on the R&D, production and sales of machine vision equipment for automobile manufacturing, providing machine vision solutions for all process links in the manufacturing process of complete automobiles and auto parts. It is a national key "Little Giant" enterprise with the largest domestic market share in this field.

Just over half a year after listing, EasiVision has seen a sudden deterioration in its performance. On August 29, EasiVision disclosed its 2026 semi-annual report. The financial report shows that EasiVision achieved operating revenue of 109 million yuan in the first half of 2026, a year-on-year decrease of 13.03%; the net profit attributable to shareholders of the listed company was -37.0982 million yuan, compared with -5.0991 million yuan in the same period of the previous year; the non-recurring profit and loss deducted net profit attributable to shareholders of the listed company was -44.2586 million yuan, compared with -10.1159 million yuan in the same period of the previous year.

For the decline in revenue, EasiVision gave two reasons: on the one hand, the trend of increasing revenue but not increasing profit in the automobile industry has intensified. According to data from the National Bureau of Statistics, the profit margin of industrial enterprises above designated size in the automobile industry dropped from 4.8% to 3.8% in the first half of 2026, and the whole industry is generally under pressure; on the other hand, the company's revenue has seasonal characteristics, and the revenue in the first half of the year is easily affected by the implementation of individual projects.

For the profit decline, EasiVision stated that there are three main reasons for the changes in total profit, net profit attributable to parent company, and non-recurring profit and loss deducted net profit: first, the operating revenue decreased by 16.3146 million yuan year on year; second, sales expenses increased by 13.3097 million yuan year on year, because the share-based payment expenses were reversed in the same period of last year, which lowered the base figure; third, administrative expenses increased by 11.2817 million yuan year on year, due to the improvement of the corporate governance structure after the company's listing, the increase of management personnel and the listing-related intermediary service fees.

The downturn in EasiVision's performance has been evident since the first quarter. On April 30, EasiVision released its 2026 first-quarter performance report. During the reporting period, the company's total operating revenue was 27.2874 million yuan, a year-on-year increase of 37.70%, the net loss was 30.178 million yuan, the loss expanded by 59.19% year on year, and the basic earnings per share was -0.36 yuan.

EasiVision stated that the reason for the change in its operating revenue is: the revenue shows seasonal characteristics, and the revenue in the first quarter accounts for a small proportion of the whole year, which is easily affected by the implementation of individual projects. The reason for the change in net profit is: affected by seasonality, the revenue in the first quarter accounts for a small proportion of the whole year, while the expenses are relatively even, so the first quarter is loss-making. At the same time, the company's sales expenses in the same period of last year were lowered by the reversal of share-based payment expenses, resulting in a relatively low base figure in the same period.

Looking at the longer time span, the performance trajectory of EasiVision before and after listing forms a sharp contrast. In the three years before listing, the company's performance was outstanding. According to the prospectus disclosure, in 2022, EasiVision achieved revenue of 223 million yuan, and the net profit attributable to parent company was 6.1186 million yuan. In 2023, its revenue increased to 355 million yuan, a substantial year-on-year increase of 58.98%; the net profit attributable to parent company jumped to 61.0567 million yuan, a year-on-year surge of 853.54%, achieving double growth breakthrough. In 2024, its revenue was 392 million yuan, a year-on-year increase of 10.58%; the net profit attributable to parent company was 85.6423 million yuan, a year-on-year increase of 40.01%.

In 2025, EasiVision achieved full-year operating revenue of about 448 million yuan, a year-on-year increase of about 14%, and the revenue scale continued to expand. However, the profit side began to face pressure: the net profit attributable to parent company was 78.46 million yuan, down about 8.4% from the previous year.

While revenue is still growing, profits have already turned downward. The sign of "increasing revenue without increasing profit" appeared for the first time in 2025. Judging from its performance in the first half of 2026, this sign has evolved into a simultaneous deterioration of both revenue and profit.

Auto Parts Are the Hardest-Hit Area of New Share Breaking Issue Price

Among the 8 stocks that broke the issue price mentioned above, 5 are auto parts and interior decoration parts stocks, accounting for more than half, becoming the absolute "hardest-hit area" of this round of new shares breaking the issue price.

In terms of the breaking range, Tongling Technology (920187.BJ) ranks first. The issue price of this stock is 29.62 yuan per share, and the issue price-earnings ratio is 14.47 times. On the first day of listing, it rose to a maximum of 49.38 yuan per share, and then kept falling. As of September 18, the stock has fallen to 17.08 yuan per share, down more than 65.41% compared with the issue price.

Public information shows that Tongling Technology was established in August 2007, and its main customers include Shanghai GM, FAW Audi, FAW-Volkswagen, Shanghai Volkswagen, Dongfeng Peugeot, Dongfeng Nissan, etc. The company is mainly engaged in the R&D, manufacturing and sales of various plastic auto parts and related molds, and is one of the leading domestic enterprises specializing in the production of auto series products such as INS/IMD.

In the first half of 2026, Tongling Technology's revenue was 404 million yuan, a year-on-year decrease of 16.89%; the net profit attributable to parent company was 32.0875 million yuan, a year-on-year decrease of 63.20%. Among them, the interior parts of fuel vehicles dragged down significantly: the revenue of fuel vehicle interior parts decreased by 22.77% year on year in the first half of 2026, which was the main factor for the decline in its revenue, which is directly related to the sharp shrinkage of the domestic fuel vehicle market and the industry entering stock competition.

Tongling Technology stated in its semi-annual report that the industry's profit-making environment continues to deteriorate, and complete vehicle manufacturing has officially entered the era of meager profit. The profit margin of the complete automobile industry has dropped to about 1.5%, far lower than the industrial average level. Many mainstream listed auto companies have issued pre-loss announcements, and the overall profit pressure of the industry is prominent. In this context, auto companies generally alleviate operating pressure by streamlining product matrix, strictly controlling channel inventory, and increasing overseas layout. The profit model that simply relies on domestic large-scale sales has completely failed.

Qiaolu Ming (920079.BJ), which was listed in late July, has an issue price of 14.36 yuan per share. As of September 18, its closing price was 13.02 yuan per share, down 9.33% from the issue price. The company is a high-tech enterprise specializing in the R&D, production and sales of auto trim parts and auto components. Its main products include auto interior parts, auto exterior parts, new energy vehicle components and supporting molds.

On February 26, Tongbao Optoelectronics was listed on the Beijing Stock Exchange at an issue price of 16.17 yuan per share. As of September 18, its stock price closed at 15.34 yuan per share, down 5.13% from the issue price. Founded in 1991, the company specializes in the production and application of LED semiconductor light-emitting devices. Its products cover the design and manufacturing of automotive LED modules and automotive lamps, and it has supported many domestic and foreign lamp factories and complete vehicle factories.

Be Alert to Valuation Inversion Between Primary and Secondary Markets

In the first half of 2026, EasiVision's R&D investment accounted for 59.92% of its operating revenue.

Hu Jun said: "In the past, when I saw a high R&D proportion, I would think it was a technology company that was willing to invest. Now I want to know more about when the investment will be turned into products, and when the products will be turned into orders."

In terms of price-earnings ratio, the issue P/E ratio of EasiVision is 90.39 times, while the average static P/E ratio of the industry in the most recent month is 44.28 times.

Hu Jun reflected that in the future, when investing in stocks, he will pay more attention to whether the valuation matches the stock price.

Since 2026, many new technology stocks have seen obvious stock price pullback after listing. A month ago, "the first stock of humanoid robot" Unitree (688836.SH) was listed on the Sci-Tech Innovation Board at an issue price of 150.80 yuan per share, becoming a "star" chased by funds. It not only created a new share subscription carnival, but also rushed to a high point of 1100 yuan per share on the first day of listing on August 19.

As of September 18, Unitree's stock price closed at 514.98 yuan per share, down more than 50% from the highest price on the first day of listing, and its total market value was also "cut in half" from the highest 440 billion yuan to the current level of around 2000 billion yuan.

On September 17, Chen Wenhui, former vice chairman of the China Banking and Insurance Regulatory Commission, said at the 2026 Huangbohai Innovation and Entrepreneurship Conference: "We must be alert to the problem of valuation inversion between the primary and secondary markets. At present, there is an obvious 'local overheating' phenomenon in the primary market. On the whole, the market is still developing in a prosperous direction, but overheating has appeared in some local fields, and even the valuation in the primary market is higher than that in the secondary market, which is a problem worthy of great attention."

Chen Wenhui said that if the valuation in the primary market is higher than that in the secondary market, the stock price of enterprises after listing will inevitably be under pressure, and may even fall below the issue price, which is obviously not conducive to the healthy development of the market. Therefore, "we must attach importance to this issue, especially to give play to the role of the Hong Kong market." The Hong Kong market is connected with international investors, which helps to promote the primary investment market and equity investment market to form a more scientific, more reasonable and more sustainable valuation system.

An executive working at a leading optical communication enterprise said that in the current primary investment market, local overheating has appeared in some industries and investment links. Taking the robot tracks such as Jusheng Intelligence as an example, the market popularity continues to rise, and investors should treat such phenomena rationally. From the perspective of investment, the market hopes to see the acceleration of commercial implementation and the continuous promotion of long-term technology iteration and evolution. The popularity of the capital market is cyclical with obvious fluctuations, so investment institutions should maintain a pragmatic attitude.

The executive said: "It is suggested that all invested enterprises take advantage of the current relatively good market environment and the open financing window to reserve as much capital as possible to cope with the changes of the capital market cycle. In the final analysis, we should not only look up at the starry sky, but also keep our feet on the ground."

(At the request of the interviewee, Hu Jun is a pseudonym.)

This article is from the WeChat Official Account "Economic Observer", author: Cai Yuekun, published with authorization from 36Kr.