Genew(SH:688418) Xin Lang Zheng Quan·2025-06-17 14:27Core Viewpoint - Zhenyou Technology has announced a private placement plan to raise up to 1.069 billion yuan, with nearly half of the funds allocated for R&D, despite previous fundraising projects failing to meet expected benefits [1][2][5]. Group 1: Fundraising and Investment Plans - The company plans to issue up to 48,138,658 new shares to no more than 35 specific investors, raising a total of no more than 1.069 billion yuan [1][5]. - Of the total fundraising, approximately 4.81 billion yuan (about 45%) will be used for R&D investments, with specific allocations of 362.12 million yuan for satellite internet communication product development and 119.53 million yuan for all-optical network system development [5][6]. - Previous fundraising efforts, including a 786 million yuan IPO in 2020, have not yielded the expected benefits, with cumulative losses reported for key projects [2][4]. Group 2: Financial Performance and Challenges - Zhenyou Technology has reported continuous losses since its IPO, with net profits of -114 million yuan, -228 million yuan, and -93 million yuan from 2021 to 2023, only achieving a slight profit of 9 million yuan in 2024 [7][13]. - The company has not distributed dividends for four consecutive years, despite significant share reductions by major shareholders, totaling several hundred million yuan [7][10]. - High levels of accounts receivable and inventory have persisted, with accounts receivable reaching 594 million yuan by the end of 2024, representing 30.51% of total assets [14][15]. Group 3: Market Reactions and Shareholder Behavior - The stock price has significantly declined from a peak of around 61 yuan to approximately 26 yuan, reflecting a drop of over 80% since the IPO [11]. - Major shareholders have engaged in multiple rounds of share reductions, leading to a shift from major to minor shareholders, raising concerns about the company's future [10][11].