固德威连亏1年半 2020年上市募8.34亿东兴证券保荐

Core Viewpoint - Gudewei (688390.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1] Financial Performance - For the first half of 2025, Gudewei achieved operating revenue of 4.086 billion yuan, a year-on-year increase of 29.80% [1] - The net profit attributable to shareholders was -16.598 million yuan, an improvement from -23.8306 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -48.8367 million yuan, compared to -54.9168 million yuan in the previous year [1] - The net cash flow from operating activities was -43.8514 million yuan, a significant improvement from -908 million yuan in the same period last year [1] Previous Year Comparison - In 2024, Gudewei reported operating revenue of 6.738 billion yuan, a year-on-year decrease of 8.36% [1] - The net profit attributable to shareholders for 2024 was -61.8104 million yuan, down from 855 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses was -194 million yuan, compared to 806 million yuan in the previous year [1] - The net cash flow from operating activities in 2024 was -793 million yuan, down from 1.034 billion yuan in the previous year [1] Initial Public Offering (IPO) Details - Gudewei raised a total of 834 million yuan from its IPO, with a net amount of 776 million yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 82.3718 million yuan [2] - The funds were intended for projects including the production of smart photovoltaic inverters and the construction of a new R&D building [2] Dividend Distribution - In 2021, Gudewei distributed a cash dividend of 1.2 yuan per share and transferred 0.4 shares for every share held, resulting in a total distribution of 105.6 million yuan [3] - In 2022, the company increased the cash dividend to 1.60 yuan per share and again transferred 0.4 shares for every share held, totaling 197.12 million yuan [3] - For the 2023 distribution, Gudewei plans to distribute a cash dividend of 7.5 yuan for every 10 shares and transfer 4 shares for every 10 shares held, with a total cash distribution of 129.59 million yuan [4]