HIUV(SH:688680) Zhong Guo Jing Ji Wang·2025-09-02 10:31Core Viewpoint - Haiyou New Materials (688680.SH) reported a significant decline in revenue and continued net losses in the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company achieved operating revenue of 633.13 million yuan in the first half of 2025, a decrease of 57.47% compared to the same period last year [1][2]. - The net profit attributable to shareholders was -133.16 million yuan, slightly improved from -138.21 million yuan in the previous year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -134.88 million yuan, compared to -143.55 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was 178.31 million yuan, a significant improvement from -128.24 million yuan in the previous year [1][2]. Historical Performance - Haiyou New Materials has reported losses for two consecutive years, with net profits of -229 million yuan in 2023 and -558 million yuan in 2024 [2][3]. - The company’s revenue for 2024 was 2.59 billion yuan, down 46.81% from 4.87 billion yuan in 2023 [3]. Fundraising and Financial Strategy - The company raised a total of 1.469 billion yuan in its IPO, with a net amount of 1.347 billion yuan after deducting issuance costs, exceeding the original plan by 747 million yuan [4]. - The funds raised were intended for a high polymer special film technology transformation project, working capital, and repaying bank loans [4]. - In 2022, the company issued convertible bonds raising 694 million yuan, with a net amount of 691.40 million yuan after expenses [5][6].