China Economic Net, Beijing, March 28 - Mountain and Stone Network Technology (688030.SH) released its 2024 annual report yesterday evening. In 2024, the company will achieve operating income of 997 million yuan, a year-on-year increase of 10.60%; net profit attributable to shareholders of listed companies -137 million yuan, a loss narrowed by 42.78% compared with the same period last year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was -151 million yuan, a loss narrowed by 39.26% compared with the same period last year; Net cash flow from operating activities was -90.213 million yuan, compared to -58.2544 million yuan in the same period last year. 

Shanshi Network Technology has lost money for three consecutive years. In 2022 and 2023, the net profit attributable to shareholders of listed companies will be -182 million yuan and -240 million yuan respectively; The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -206 million yuan and -249 million yuan respectively. 

On September 30, 2019, Hillstone was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with a public offering of 45,056,000 new shares, accounting for 25.00% of the total share capital after the issuance, and the issue price was 21.06 yuan per share. 

The total amount of funds raised in the initial public offering of Hillstone Network Technology was 948.8794 million yuan; After deducting the issuance expenses (excluding VAT), the net amount of funds raised was 859.4717 million yuan. According to the prospectus disclosed by Hillstone Network Technology on September 24, 2019, the company plans to raise 859.4717 million yuan for the "network security product line expansion and upgrading project", "high-performance cloud computing security product research and development project" and "marketing network and service system construction project". 

The sponsor (lead underwriter) of Hillstone Network Technology is CICC, and the sponsor representatives are Xu Shiyan and Wang Yanshan. The total IPO expenses (excluding tax) of Shiwang Technology were RMB89.4077 million, of which CICC received RMB70.166 million in sponsorship and underwriting expenses. 

Previously, the company issued a total of 2,674,300 convertible corporate bonds to unspecified objects, each with a face value of 100 yuan, issued at face value, raising a total of 267.43 million yuan, and after deducting the issuance expenses (excluding VAT) of 8.1728 million yuan, the net amount of funds raised was 259.2572 million yuan. The above-mentioned funds have all been in place, and the Capital Verification Report (2022) No. 110C000170 was issued by Grant Thornton Certified Public Accountants (Special General Partnership) on March 30, 2022. 

After calculation, Shanshi Network Technology raised a total of 1.216 billion yuan twice.