Core Viewpoint - Ruina Intelligent (301129.SZ) reported a revenue of 138 million yuan for the first three quarters of 2025, marking a year-on-year increase of 40.32%, but the net profit attributable to shareholders was a loss of 46.56 million yuan, a decline of 18.95% compared to the previous year [1][2]. Financial Performance - The company's operating revenue for the current reporting period was 45.39 million yuan, reflecting a 77.72% increase year-on-year [2]. - The net profit attributable to shareholders for the current period was a loss of 39.63 million yuan, representing an 80.29% decrease compared to the same period last year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 45.55 million yuan, down 43.43% year-on-year, while the year-to-date figure showed a slight increase of 1.71% [2]. - The net cash flow from operating activities was -50.10 million yuan, indicating a 34.79% increase in cash outflow compared to the previous year [2]. Company Background - Ruina Intelligent was listed on the Shenzhen Stock Exchange's ChiNext board on November 2, 2021, with an initial public offering of 18.42 million shares at a price of 55.66 yuan per share [2]. - The company raised a total of 1.025 billion yuan from its initial public offering, with a net amount of 917 million yuan after deducting issuance costs, exceeding the original plan by 518 million yuan [3]. - The funds raised are intended for the construction of a smart heating equipment production base, a research and testing center, and to supplement working capital [3]. - In 2022, the company distributed cash dividends of 8 yuan per 10 shares, totaling 59.51 million yuan, and also increased the share capital by 8 shares for every 10 shares held, resulting in a total of 59.51 million shares being distributed [3].