Core Viewpoint - 德恩精工's financial performance in the first half of 2025 shows a revenue increase but continued net losses, indicating challenges in profitability despite growth in sales [1][2]. Financial Performance Summary - The company achieved an operating income of 299.2 million yuan in the first half of 2025, representing a year-on-year growth of 13.08% compared to 264.6 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders was -21.69 million yuan, an improvement of 17.09% from -26.16 million yuan in the previous year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -34.02 million yuan, which is a decline of 8.25% from -31.43 million yuan year-on-year [1][2]. - The net cash flow from operating activities was 11.89 million yuan, a significant increase of 774.53% from 1.36 million yuan in the same period last year [1][2]. Future Projections - For the years 2023 and 2024, the projected net profits attributable to shareholders are -8.12 million yuan and -13.08 million yuan, respectively, indicating a worsening trend in profitability [2][3]. - The operating income for 2024 is expected to be 511.46 million yuan, a slight increase of 2.61% from 498.44 million yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 is projected to be -130.75 million yuan, a drastic decline of 1,509.62% compared to -8.12 million yuan in 2023 [3]. Company Background - 德恩精工 was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on May 31, 2019, with an initial share price of 11.58 yuan [3][4]. - The company raised a total of 425 million yuan through its initial public offering, with a net amount of 392 million yuan after deducting issuance costs, which were allocated to various projects including an intelligent manufacturing base and a research center [4][5].