万润新能两年一期亏损 上市见顶超募49亿东海证券保荐

Core Insights - Wanrun New Energy (688275.SH) reported a 50.49% year-on-year increase in revenue for the first half of 2025, reaching 4.44 billion yuan, despite a net loss of 266 million yuan, an improvement from a loss of 404 million yuan in the same period last year [1][2] Financial Performance - Revenue for the first half of 2025 was 4,435,890,400.01 yuan, compared to 2,947,652,925.61 yuan in the previous year, marking a 50.49% increase [2] - The total profit for the period was a loss of 326,206,262.66 yuan, improving from a loss of 475,600,255.03 yuan year-on-year [2] - The net profit attributable to shareholders was a loss of 265,778,095.45 yuan, compared to a loss of 404,395,099.22 yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses was a loss of 357,842,764.28 yuan, compared to a loss of 415,199,786.13 yuan in the previous year [2] - The net cash flow from operating activities was -122,305,320.01 yuan, a significant decline from 1,474,967,234.57 yuan in the same period last year, representing a decrease of 108.29% [2] Future Projections - For the years 2023 and 2024, Wanrun New Energy is projected to incur net losses of 1.50 billion yuan and 870 million yuan, respectively, with non-recurring net losses of 1.54 billion yuan and 892 million yuan [2] Company Background - Wanrun New Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 29, 2022, with an initial public offering of 21,303,795 shares at a price of 299.88 yuan per share [3] - The company raised a total of 638.86 million yuan from its IPO, with a net amount of 614.56 million yuan after deducting issuance costs, exceeding the original fundraising plan by 4.88 billion yuan [4]