Core Viewpoint - The company SiNan Navigation (688592.SH) reported significant changes in its financial performance for the first half of 2025, with a notable increase in revenue but a substantial net loss [1]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 171 million yuan, representing a year-on-year growth of 41.82% [1]. - The net profit attributable to shareholders was -2.72 million yuan, a decrease of 218.32% compared to the previous year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -7.65 million yuan, an increase of 11.11% year-on-year [1]. - The net cash flow from operating activities was -60.66 million yuan, an increase of 18.80% year-on-year [1]. 2024 Financial Data Summary - In 2024, the company reported operating revenue of 412.86 million yuan, a slight increase of 0.28% year-on-year [2][3]. - The net profit attributable to shareholders was -33.05 million yuan, a decrease of 179.03% compared to the previous year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -50.10 million yuan, a decrease of 294.21% year-on-year [4]. - The net cash flow from operating activities was 111.81 million yuan, a significant increase of 431.40% year-on-year [4]. Initial Public Offering (IPO) Details - SiNan Navigation was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 16, 2023, with an initial public offering of 15.54 million shares at a price of 50.50 yuan per share [4]. - The total amount raised from the IPO was 784.77 million yuan, with a net amount of 691.10 million yuan after deducting issuance costs [5]. - The company planned to use the raised funds for high-precision PNT technology upgrades, information system construction, marketing network development, and working capital [6].