Core Viewpoint - The company, Jingjia Micro, reported a significant decline in revenue and a shift from profit to loss in its 2025 semi-annual report, raising concerns about its financial health and operational efficiency [1] Financial Performance - Revenue fell by 44.78% year-on-year to 193 million yuan [1] - Net profit turned into a loss of 87.61 million yuan, a year-on-year increase in loss of 356.51% [1] - Non-recurring net loss reached 96.12 million yuan, a year-on-year decline of 550.44% [1] - Earnings per share dropped to -0.17 yuan [1] Business Segments - Revenue from graphic display control products, which accounted for 44% of total revenue, plummeted by 62.91% to 84.59 million yuan, despite an increase in gross margin by 8.28 percentage points to 65.88% [1] - Chip business revenue was 64.25 million yuan (33% of total), showing a slight decline of 3.39%, with gross margin falling by 14.54 percentage points to 15.08% due to a 16.58% rise in raw material costs [1] - Revenue from small radar products was 30.47 million yuan (16% of total), down 18.84%, with gross margin remaining stable at 59.60% [1] Capital Utilization - The efficiency of the 3.827 billion yuan raised from a private placement in November 2024 has come under scrutiny, with only 2.81 million yuan utilized by the end of June 2025, leaving 3.828 billion yuan idle [1] - The planned allocation of funds included 3.029 billion yuan for high-performance GPU chip research and 798 million yuan for an architecture research center [1] Strategic Investments - The company announced plans to invest 220 million yuan of its own funds in Wuxi Chengheng Microelectronics Co., Ltd., which will result in a 33.59% direct stake and a total voting power of 64.89% through concerted action, making it the controlling shareholder [1] Shareholder Activity - Following the lifting of restrictions on the private placement shares, there was a significant sell-off, with 63.99 million shares being sold in May 2025, leading to the complete exit of major shareholder Ge Weidong from the top ten shareholders and a reduction of 2.0642 million shares by another shareholder, Rao Xianhong [1]