well said, mark siow. what is important is to keep an eye on the source of funds - 43M of investment over the period of year 2024 to 2025. We have seen epic investment in the form of receivable in previous quarter. Will this 43M followed the same path of receivable or a real capex that resulted in higher PPE as part of the asset.

Gtronic作为一家老牌的半导体封装与测试(OSAT)公司，如果与南茂的合作只是以较低利润率承接订单，而不能在技术、客户资源或其他战略性领域获得显著优势，那这确实是对其定位和核心竞争力的一种削弱。

从以下角度来看：

1. 利润率挑战：
如果Gtronic仅仅是充当南茂的“外包商”，而不是直接服务终端客户，利润率必然被压缩。这种业务关系很难给公司带来长期可持续的盈利能力，甚至可能形成依赖关系。


2. 核心竞争力质疑：
Gtronic已经是OSAT行业的老玩家，理应具备独立争取终端客户的能力。如果仍需通过其他OSAT厂商获得业务，可能说明其市场开拓能力或技术差异化优势不足。


3. 品牌形象与地位下降：
在供应链中，品牌地位的高低直接影响议价能力。若Gtronic长期依附于像南茂这样的竞争者，可能导致其市场地位逐渐下滑，影响未来在客户面前的竞争力。


4. 机会成本：
将产能用在低利润率的订单上，可能使Gtronic错失更高价值的直接客户或战略合作机会。

The biggest change for Gtronic is the leadership, Mark. and the new leadership has demonstrated questionable decisions - dividend decision led to exit of funds and epic investment decision in the form of receivable aka deposit placed in MNC company. You may want to keep an eye on receivables, cash balance and PPE movements. It will be interesting to observe how 120M will be "invested" :)

I bought it last year at 1.10 and sold out by the time it reaches 1.60. It was attractive at that price back then due to its balance sheet. Did not buy back when it came down to the same price as APB has taken over the leadership which is questionable due to their track records on APB, SCIB and Artroniq.

换另一个角度来看，虽然现在的领导层让人质疑，但是起码看起来还算真的有去找生意做，虽然业务看起来不会是很赚钱，但是怎样都比之前的领导层等退休，吃老本过日子来的好一点吧！企业不进则退，手上有票，也只能希望apb自己也花了1亿多买下来的股份，是真正生生性性的好好做生意咯！只能用时间证明，现在大家也只不过是在吹水而已。。。。