Core Viewpoint - *ST Lihang (603261.SH) reported a significant decline in revenue and increased net losses for the first half of 2025 compared to the previous year, indicating ongoing financial challenges for the company [1][3]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 54.34 million yuan, a decrease of 49.72% year-on-year [1][3]. - The net profit attributable to shareholders was -44.57 million yuan, worsening from -24.26 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45.19 million yuan, compared to -26.86 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -41.99 million yuan, an improvement from -67.72 million yuan year-on-year [1][3]. Historical Financial Data - In 2023 and 2024, the company's operating revenues were 235 million yuan and 290 million yuan, respectively, with net profits of -68.31 million yuan and -93.94 million yuan [3][4]. - The net cash flow from operating activities for 2023 and 2024 was -5.27 million yuan and -2.06 million yuan, respectively [3][4]. Initial Public Offering (IPO) Details - Lihang Technology was listed on the Shanghai Stock Exchange on March 15, 2022, with an initial public offering of 19.70 yuan per share, raising a total of 379 million yuan [4][5]. - The net proceeds from the IPO amounted to 335 million yuan, which were allocated for aviation equipment and rotorcraft manufacturing projects, as well as for working capital [5].