Core Viewpoint - Meili Xin (301307.SZ) reported a decline in net profit for the first half of 2025 despite a revenue increase, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - The company achieved operating revenue of 1.86 billion yuan in the first half of 2025, representing a year-on-year growth of 12.41% [1][2]. - The net profit attributable to shareholders was -104.94 million yuan, a significant decline of 468.13% compared to the same period last year, which was -18.47 million yuan [1][2]. - The net profit after deducting non-recurring gains and losses was -117.24 million yuan, down 320.62% from -2.79 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 60.08 million yuan, a decrease of 82.24% compared to 338.28 million yuan in the same period last year [1][2]. Previous Year Comparison - In 2024, Meili Xin reported operating revenue of 3.66 billion yuan, a year-on-year increase of 14.73% [3]. - The net profit attributable to shareholders for 2024 was -163.84 million yuan, a decrease of 220.58% from a profit of 135.87 million yuan in 2023 [3]. - The net profit after excluding non-recurring items was -173.87 million yuan, down 253.12% from 113.55 million yuan in the previous year [3]. - The net cash flow from operating activities in 2024 was 408.19 million yuan, a decline of 35.54% from 633.23 million yuan in 2023 [3]. IPO and Fundraising - Meili Xin's initial public offering raised a total of 1.71 billion yuan, with a net amount of 1.58 billion yuan after deducting issuance costs [4]. - The final net fundraising amount exceeded the original plan by 757.04 million yuan [4]. - The funds are intended for projects including the construction of a research center and production lines for new energy vehicles and 5G communication components [4].