Core Viewpoint - The company Demingli (001309.SZ) is expected to report significant losses in the first half of 2025, with net profit attributable to shareholders projected to be between -80 million to -120 million yuan, a substantial decline from the previous year's profit of 387.65 million yuan [1][2]. Financial Performance Summary - Net profit attributable to shareholders is forecasted to be a loss of -80 million to -120 million yuan, representing a decrease of 120.64% to 130.96% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of -84.5 million to -124.5 million yuan, down 122.84% to 133.65% year-on-year [2]. - Revenue is projected to be between 3.8 billion to 4.2 billion yuan, indicating a growth of 74.63% to 93.01% compared to the previous year [1][2]. - Basic earnings per share are expected to be a loss of 0.49 to 0.74 yuan per share, compared to earnings of 2.63 yuan per share in the same period last year [2]. R&D and Operational Costs - The company has faced pressure on its performance due to industry cycle fluctuations, structural adjustments in market demand, and temporary cost pressures [1]. - To support strategic customer business expansion and improve product layout, the company has significantly increased its R&D investment, with R&D expenses expected to reach approximately 130 million yuan, up from 86.64 million yuan in the same period last year, marking a 50% increase [2]. Cash Flow Analysis - The net cash flow from operating activities has been negative for the past three years, with figures of -331 million yuan in 2022, -1.015 billion yuan in 2023, and -1.263 billion yuan in 2024 [3][4]. Fundraising and Financial Activities - The company raised a total of 530.8 million yuan through its initial public offering, with a net amount of 455.89 million yuan after expenses [5]. - The company has conducted a follow-up issuance of 13,029,608 shares at a price of 75.95 yuan per share, raising approximately 989.6 million yuan, with a net amount of 972 million yuan after deducting issuance costs [6][7].