Core Viewpoint - The financial performance of Zhongke Haixun (300810) in the first half of 2025 shows a decline in revenue and increased net losses compared to the previous year, indicating ongoing challenges for the company. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 95,966,821.50 yuan, a decrease of 9.61% year-on-year [1][2] - The net profit attributable to shareholders was -64,677,114.40 yuan, reflecting a 12.09% increase in losses compared to the same period last year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -65,319,361.16 yuan, a 10.97% increase in losses year-on-year [2] - The net cash flow from operating activities was -72,434,021.34 yuan, representing a 16.10% decline compared to the previous year [2] Previous Year Comparison - In 2024, the company reported operating revenue of 239,713,681.61 yuan, an increase of 45.65% compared to 164,580,434.92 yuan in 2023 [3] - The net profit attributable to shareholders in 2024 was -26,138,298.27 yuan, an improvement of 83.34% from -156,923,683.82 yuan in 2023 [3] - The net profit after deducting non-recurring gains and losses was -28,283,390.88 yuan, showing an 82.64% reduction in losses year-on-year [3] - The net cash flow from operating activities in 2024 was 24,953,841.66 yuan, a significant improvement of 135.42% compared to -70,446,470.74 yuan in 2023 [3] Company Background - Zhongke Haixun was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 6, 2019, with an initial offering price of 24.60 yuan per share and a total of 19.7 million shares issued [4] - The total amount raised from the initial public offering was 48,462.00 million yuan, with a net amount of 44,191.79 million yuan after deducting issuance costs [4] - The funds raised are intended for various projects, including the development of a third-generation underwater acoustic signal processing platform and the establishment of an underwater simulation system [4]