Core Viewpoint - The stock price of Jiuzhou Yiguai (688485.SH) has declined, closing at 15.46 yuan, a drop of 4.63% [1] Group 1: Company Overview - Jiuzhou Yiguai was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 18, 2023, with an issuance of 37.573016 million shares at a price of 17.47 yuan per share [1] - The stock reached its highest price of 22.50 yuan on the first day of trading, marking the peak since its listing [1] - Currently, the stock is in a state of decline, having fallen below its initial offering price [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 656.4006 million yuan, with a net amount of 581.2187 million yuan after expenses [1] - The final net amount raised was 7,552.13 million yuan less than originally planned [1] - The IPO expenses totaled 75.1819 million yuan (excluding VAT), with underwriting fees amounting to 52.2808 million yuan [1] Group 3: Fund Utilization - The funds raised are intended for projects including the construction of a comprehensive noise and vibration control research and development base, smart operation and maintenance technology for urban rail infrastructure, and the establishment of a marketing and service network, as well as to supplement operating funds [1]

Core Viewpoint - 九州一轨 (688485.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges since its IPO in January 2023 [1][2]. Financial Performance - The company achieved an operating revenue of 87.74 million yuan, a year-on-year decrease of 24.58% [1]. - The net profit attributable to shareholders was -2.13 million yuan, an improvement from -15.47 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -3.16 million yuan, compared to -18.54 million yuan in the previous year [1]. - The net cash flow from operating activities was -41.71 million yuan, compared to -107 million yuan in the same period last year [1]. IPO and Fundraising - 九州一轨 raised a total of 656.40 million yuan through its initial public offering, with a net amount of 581.22 million yuan after expenses [2]. - The final net fundraising amount was 75.52 million yuan less than originally planned [2]. - The funds were intended for projects including noise and vibration control research, smart operation technology for urban rail infrastructure, and marketing network development [2]. - The total issuance costs for the IPO amounted to 75.18 million yuan, excluding VAT, with underwriting fees of 52.28 million yuan [2].