破发股九州一轨上半年亏损 2023年上市即巅峰募6.56亿

Core Viewpoint - 九州一轨 (688485.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges since its IPO in January 2023 [1][2]. Financial Performance - The company achieved an operating revenue of 87.74 million yuan, a year-on-year decrease of 24.58% [1]. - The net profit attributable to shareholders was -2.13 million yuan, an improvement from -15.47 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -3.16 million yuan, compared to -18.54 million yuan in the previous year [1]. - The net cash flow from operating activities was -41.71 million yuan, compared to -107 million yuan in the same period last year [1]. IPO and Fundraising - 九州一轨 raised a total of 656.40 million yuan through its initial public offering, with a net amount of 581.22 million yuan after expenses [2]. - The final net fundraising amount was 75.52 million yuan less than originally planned [2]. - The funds were intended for projects including noise and vibration control research, smart operation technology for urban rail infrastructure, and marketing network development [2]. - The total issuance costs for the IPO amounted to 75.18 million yuan, excluding VAT, with underwriting fees of 52.28 million yuan [2].