Core Viewpoint - The fundraising of Yidian Tianxia raises significant questions, particularly regarding the nearly 900 million yuan allocated for the programmatic advertising platform upgrade project, which has not converted into intangible or fixed assets, leaving the flow of funds unclear [1][2]. Financial Performance - In the first half of 2025, Yidian Tianxia reported a revenue of 1.737 billion yuan, a year-on-year increase of 59.95%, and a net profit attributable to shareholders of 144 million yuan, up 8.81% [2]. - The company raised a total of 1.373 billion yuan during its IPO, primarily intended for the programmatic advertising platform upgrade, R&D center construction, and working capital [2]. Fund Allocation Concerns - The nearly 900 million yuan for the programmatic advertising platform upgrade has been fully invested, yet it has not resulted in any fixed or intangible assets, raising questions about the actual use of these funds [2][4]. - The funding structure indicates a significant portion directed towards labor costs, but the data appears mismatched, leading to concerns about potential fund misappropriation [1][2][8]. Project Details - The programmatic advertising platform upgrade project aims to enhance the company's advertising capabilities, with a total planned investment of 892.078 million yuan, of which 70% is allocated to labor costs [4]. - The project is set to be implemented over three years, with a substantial portion of the investment expected in 2024 [4]. Employee Productivity Issues - Despite the company's revenue growth, employee productivity has declined, with per capita revenue dropping from over 4 million yuan before the IPO to around 2.8 million yuan afterward [11][13]. - The number of employees has increased significantly, yet the corresponding salary payments have not risen proportionately, raising questions about the authenticity of the reported data [13][14]. Accounts Receivable and Financial Pressure - Yidian Tianxia has a high accounts receivable ratio, with over 54% of revenue coming from receivables in the first half of 2025, indicating potential financial pressure [14][19]. - The company has faced overdue accounts receivable in previous years, suggesting ongoing challenges in cash flow management [14][15]. Regulatory Environment - Regulatory scrutiny on the use of raised funds has intensified, with over 40 companies penalized for violations related to fundraising and information disclosure [19]. - The recent revisions to regulations emphasize the need for transparency and proper allocation of raised funds to prevent misuse [19]. Comparison with Industry Peers - Yidian Tianxia's R&D spending is significantly lower than that of its U.S. counterpart, AppLovin, which has seen substantial increases in R&D investment, highlighting a stark contrast in growth strategies [20].