Core Viewpoint - The financial performance of 卓胜微 (Zhuosheng Micro) has significantly declined in 2025, with a notable drop in revenue and net profit compared to previous years [1][2]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to shareholders was -147 million yuan, down from 354 million yuan in the same period last year [1] - The net profit after excluding non-recurring gains and losses was -151 million yuan, compared to 354 million yuan in the previous year [1] - The net cash flow from operating activities was 257 million yuan, a significant improvement from -289 million yuan in the same period last year [1] 2024 Financial Overview - For the year 2024, the company achieved revenue of 4.487 billion yuan, a year-on-year increase of 2.48% [1] - The net profit attributable to shareholders was 402 million yuan, reflecting a decline of 64.20% [1] - The net profit after excluding non-recurring gains and losses was 364 million yuan, down 66.80% year-on-year [1] - The net cash flow from operating activities was 80.281 million yuan, a decrease of 95.76% compared to the previous year [1] Shareholder Control and Shareholding Changes - The actual controllers of 卓胜微 are 许志翰 (Xu Zhihan), FENGCHENHUI (冯晨晖), and TANGZHUANG (唐壮), who collectively control 32.92% of the voting rights [1] - A recent announcement indicated that the actual controllers and their concerted actors completed a share reduction plan, selling a total of 5,345,304 shares, which is approximately 0.9992% of the total share capital, for a total amount of 380 million yuan [2] Fundraising Activities - 卓胜微 raised a total of 82.88574 million yuan from its initial public offering (IPO) in 2019, which was allocated for various R&D projects [3] - In 2021, the company raised approximately 300.55372 million yuan through a private placement of A-shares, with a net amount of 297.04744 million yuan after expenses [4] - The total fundraising amount from the two rounds of financing after the IPO is approximately 388.77872 million yuan [5] - A new fundraising plan was announced in July 2025, aiming to raise up to 347.5 million yuan for expansion projects and working capital [5]