均普智能连续亏损却要定增募资11.6亿元 前次募投项目进度缓慢甚至信披违规

Core Viewpoint - Junpu Intelligent has announced a private placement plan to raise up to 1.161 billion yuan, with nearly half of the funds allocated for the research and industrialization of intelligent robots, amid ongoing financial struggles and project delays since its IPO in 2022 [1][2][3] Group 1: Financing and Project Delays - The company has experienced continuous net profit losses for two and a half years, leading to this new financing initiative [1] - The two core projects from the IPO have faced significant delays, with completion dates pushed from March 2025 to March and September 2026 [2][3] - Regulatory scrutiny has increased due to the company's failure to timely disclose project delays and other financial discrepancies [3] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of 1.032 billion yuan, a year-on-year decrease of 7.86%, and a net loss of 27.77 million yuan [3] - The company's cumulative net profit, excluding non-recurring gains and losses, has been negative since its listing, totaling a loss of 270 million yuan from 2022 to mid-2025 [3] - Cash flow from operating activities has significantly declined, dropping 84.64% from 197 million yuan in the first half of 2024 to 30.27 million yuan in the same period of 2025, indicating insufficient cash generation from core operations [3] Group 3: Market Performance - Despite poor fundamentals, Junpu Intelligent's stock has performed well in the secondary market, reaching a new high of 16.27 yuan per share on September 18, 2025, with an annual increase of over 60% [4] - As of October 21, 2025, the stock price was 12.73 yuan, representing a cumulative increase of approximately 150% since its listing, which contrasts sharply with its ongoing losses [4] - The company's market valuation has significantly exceeded the industry average, with a total market capitalization of 15.6 billion yuan, reflecting a very high price-to-earnings ratio due to its loss-making status [4]