Core Viewpoint - HeDa Technology (688296.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 124 million yuan, a year-on-year decrease of 36.09% [1]. - The net profit attributable to shareholders was -17.47 million yuan, compared to -4.58 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -20.41 million yuan, compared to -7.61 million yuan in the previous year [1]. - The net cash flow from operating activities was -77.56 million yuan, compared to -109 million yuan in the same period last year [1]. - In 2024, the company reported operating revenue of 479 million yuan, a year-on-year increase of 39.74% [1]. - The net profit attributable to shareholders for 2024 was -5.64 million yuan, an improvement from -29.51 million yuan in the previous year [1]. Initial Public Offering (IPO) Details - HeDa Technology raised a total of 335 million yuan from its initial public offering, with a net amount of 275 million yuan, which was 261 million yuan less than originally planned [2]. - The company initially intended to raise 536 million yuan for various projects, including R&D for safe water supply products and the development of a smart water management SaaS platform [2]. - The total issuance costs for the IPO amounted to 59.15 million yuan, with the underwriting fee to Dongxing Securities being 33.02 million yuan [2].