On August 27, Zhejiang Heda Technology Co.,Ltd. (688296) released its 2025 half-year report, showing operating revenue of 124 million yuan, a decline of 36.1% year-over-year. The company's net loss attributable to shareholders expanded from 4.58 million yuan in the same period last year to 17.47 million yuan. The adjusted net loss attributable to shareholders also widened from 7.61 million yuan to 20.41 million yuan year-over-year. Net operating cash flow stood at -77.56 million yuan, representing a 29.0% improvement compared to the previous year. Earnings per share (fully diluted) was -0.1619 yuan.
For the second quarter specifically, the company recorded operating revenue of 86.31 million yuan, down 25.7% year-over-year. The quarterly net loss attributable to shareholders decreased from 3.64 million yuan in the same period last year to 3.16 million yuan. However, the adjusted net loss widened from 4.47 million yuan to 5.70 million yuan year-over-year. Second quarter earnings per share was -0.0293 yuan.
As of the end of the second quarter, total assets reached 9.91 billion yuan, up 1.3% from the end of the previous year, while net assets attributable to shareholders totaled 6.71 billion yuan, down 2.9% from year-end.
In its 2025 half-year report, the company noted significant changes in operating performance during the reporting period, primarily reflected in substantial declines in both operating revenue and net profit. Operating revenue of 124 million yuan represented a 36.1% year-over-year decrease, while net loss attributable to shareholders reached 17.47 million yuan.
The company attributed these changes to reduced project amounts scheduled for delivery during the period according to contract terms, as well as delayed deliveries of certain projects due to adjustments in implementation scope. Despite strengthened collection and management of accounts receivable and progress payments during operations, which led to improved operating cash flow during the reporting period, the overall financial situation continues to face challenges.
The company's research and development investment as a percentage of operating revenue increased to 21.23%, demonstrating continued efforts in technological innovation and product upgrades.
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