Financial Performance - In the first half of 2025, the company reported operating revenue of 174.48 million yuan, a decrease of 49.09% year-on-year [1][2] - The net profit attributable to shareholders was -71.69 million yuan, representing a decline of 507.01% compared to the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -79.34 million yuan, a drop of 901.21% year-on-year [1][2] - The net cash flow from operating activities was -158.57 million yuan, a decrease of 408.29% compared to the previous year [1][2] Fundraising and Financial Activities - The company raised a total of 649 million yuan, with a net amount of 595 million yuan after deducting issuance costs, which was 188 million yuan less than the original plan [3] - The initial fundraising plan aimed to raise 783 million yuan, with allocations for an environmental integrated stove industrial park, R&D center, and working capital [3] - The company has raised a total of 1.17 billion yuan since its listing [4] Bond Issuance - The company received approval from the China Securities Regulatory Commission to issue 5.2021 million convertible bonds, with a total fundraising amount of 520.21 million yuan [4] - After deducting issuance costs, the actual net amount raised was approximately 514.94 million yuan [4] - The funds have been confirmed and verified by an accounting firm [4]