Core Viewpoint - The company, 小小科技, has submitted an application to withdraw its public offering after initially planning to issue up to 9,800,000 shares to raise 220 million yuan for projects related to precision automotive components and R&D center construction [1][3]. Financial Performance - In the first half of 2025, the company reported revenue of 235 million yuan, a decrease of 56.09 million yuan, representing a decline of 19.27% year-on-year [4]. - The net profit attributable to the parent company was 27.22 million yuan, down by 16.45 million yuan, a decline of 39.10% year-on-year [4]. - The decline in revenue was primarily due to a drop in both sales volume and price of transmission fuel components [4]. Customer Dependency and Revenue Decline - The company faced scrutiny regarding the stability of its major customer relationships, particularly with 博格华纳, which saw a revenue drop of 40.15 million yuan, a decline of 19.77% year-on-year [6][9]. - Among the top five customers, three experienced revenue declines in the first half of 2025 [6][9]. Project Funding Allocation - The planned fundraising of 220 million yuan was intended for two main projects: - Intelligent manufacturing industrialization of automotive precision components (189 million yuan) - R&D center construction (31 million yuan) [3]. Margin and Cost Structure - The company's gross margin for the first half of 2025 was 21.29%, down by 3.74 percentage points compared to the same period last year, attributed to price adjustments and increased fixed cost allocation due to lower production capacity utilization [10].