Core Viewpoint - The financial performance of Jieqiang Equipment (300875.SZ) in the first half of 2025 shows a slight increase in revenue but significant losses in net profit and cash flow compared to the same period last year [1][2]. Financial Performance Summary - The company achieved operating revenue of 106.61 million yuan, representing a year-on-year increase of 1.44% [2]. - The net profit attributable to shareholders was -8.69 million yuan, a decrease of 798.61% compared to the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -12.63 million yuan, a decline of 130.90% year-on-year [2]. - The net cash flow from operating activities was -92.22 million yuan, worsening by 132.56% compared to the same period last year [2]. Historical Financial Data - In 2022, 2023, and 2024, the operating revenues were 240 million yuan, 293 million yuan, and 138 million yuan, respectively [2]. - The net profits attributable to shareholders for the same years were -17.43 million yuan, -67.90 million yuan, and -278 million yuan [2]. - The net profits after deducting non-recurring gains and losses for the years were -33.10 million yuan, -112 million yuan, and -292 million yuan [2]. Company Background - Jieqiang Equipment was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 24, 2020, with an issuance of 19.19 million shares at a price of 53.10 yuan per share [3]. - The company raised a total of 1.019 billion yuan, with a net amount of 927 million yuan after deducting issuance costs [3]. - The funds raised were intended for various projects, including military cleaning and disinfection equipment production, new chemical defense equipment industrialization, and the establishment of a research and development center [3].