Core Viewpoint - Zhenan Technology (震安科技) reported a revenue increase of 16.30% in the first half of 2025, but still faced net losses, indicating ongoing financial challenges despite revenue growth [1][2]. Financial Performance Summary - **2025 First Half Results**: - Revenue reached 263.05 million yuan, up 16.30% from 226.19 million yuan in the same period last year [2]. - Net profit attributable to shareholders was -16.75 million yuan, an improvement of 42.67% from -29.22 million yuan year-on-year [2]. - Deducted non-recurring gains and losses, the net profit was -21.16 million yuan, a 39.24% improvement from -34.83 million yuan [2]. - Net cash flow from operating activities was 98.99 million yuan, a 34.50% increase from 73.60 million yuan [2]. - **2024 Annual Results**: - Revenue was 417.09 million yuan, down 39.90% from 694.05 million yuan in 2023 [3]. - Net profit attributable to shareholders was -141.04 million yuan, a significant decline of 242.88% from -41.13 million yuan [3]. - Deducted non-recurring gains and losses, the net profit was -144.02 million yuan, a decrease of 224.93% from -44.32 million yuan [3]. - Net cash flow from operating activities was 96.12 million yuan, up 23.43% from 77.88 million yuan [3]. Company Background - Zhenan Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 29, 2019, with an initial public offering of 20 million shares at a price of 19.19 yuan per share [4]. - The total amount raised from the IPO was 383.80 million yuan, with a net amount of 316.07 million yuan allocated for the technical transformation of seismic isolation product production lines [4]. - The company has conducted multiple fundraising activities, including a convertible bond issuance in 2021 and a stock issuance to specific investors in 2022, raising a total of 918.80 million yuan [5].