Woofun AI reports that Zhuhai Yunzhou Intelligent Technology Co., Ltd. has formally resubmitted its prospectus to the Shanghai Stock Exchange on June 24, initiating a renewed attempt to list on the STAR Market after a four-year hiatus. The company intends to raise 1.818 billion yuan through this initial public offering, representing a strategic increase of 268 million yuan compared to its previous funding request. Capital allocation is strictly defined: 831 million yuan will drive the industrialization of high-performance unmanned vessels, 637 million yuan will support the research and development of next-generation vessel platforms and intelligent systems, and 151 million yuan is designated for brand promotion and marketing infrastructure construction.

The path to this listing has been obstructed by regulatory scrutiny and procedural delays. Yunzhou Intelligent's initial application was accepted in December 2021, but the review process was suspended less than a month later when JD Law Firm, the company's service provider, faced an investigation by the China Securities Regulatory Commission. Although the company entered the inquiry stage in February 2022, it ultimately withdrew its application five months after responding to the first round of inquiries from the Shanghai Stock Exchange. In 2025, the firm re-engaged with the Guangdong Securities Regulatory Bureau for guidance, marking the start of its current preparation cycle for the STAR Market listing.

Valuation dynamics for Yunzhou Intelligent have fluctuated significantly amidst these efforts. Founded in April 2010, the company has secured backing from investors including ZhenFund, China Merchants Capital, Zhencheng Investment, and Yuanxing Capital. In October 2024, Jianheng Fund invested 200 million yuan for a 3.8462% stake, implying a valuation of approximately 5.2 billion yuan. This figure was reaffirmed in February 2025 when Zhanshin No. 2 Fund paid 50 million yuan for a 0.9615% stake, maintaining the estimated value at around 5.2 billion yuan.

However, a sharp divergence occurred in March 2025 when ZhenFund transferred its entire 2.2474% stake, held via ZhenFund Tianfeng, to Shanghai Beiyan for 58 million yuan. This transaction implied a valuation of approximately 2.581 billion yuan, representing a 50% discount from the previous 5.2 billion yuan estimate.

Control structures within the company remain concentrated despite the impending dilution from the IPO. Before the listing, Zhang Yunfei directly held 20.7618% of shares and controlled 46.2825% of voting rights through a concerted action agreement, establishing him as the actual controller. Co-founder Cheng Liang held 8.7515% of the shares. Post-IPO calculations indicate that Zhang Yunfei's direct holding will decrease to 18.6856%, while Cheng Liang's stake will drop to 7.8764%. Institutional holdings will also see adjustments; Huajin Capital, currently holding 6.1443% through Huajin Lingyue and Qianyan Fund, will see its total stake reduce to 5.5299%. Similarly, Fangsheng Equity Investment Fund's combined holding of 5.4533% via Beijing Fangsheng and Tibet Fangsheng will decline to 4.908%.

Further dilution affects other key shareholders. Jianheng Fund's shareholding will decrease from its recent acquisition level to 3.4615%. Zhuhai Kechuang Investment (SS), which holds 2.6851% directly and 1.1323% through Jinkong Gaoxin for a total of 3.8174%, will see its joint holding fall to 3.4356%. Yuanxing Capital's stake, currently 3.4320% via Jiyuan Yuanxing, will be reduced to 3.0888%. Minor shareholders also face dilution: Wang Tianmiao's holding will drop from 0.1097% to 0.0987%, and Wang Changtian, the actual controller of Guangzhou Light Media Group, will see his 0.0420% stake decrease to 0.0378%.

Woofun AI data shows that the company's financial performance reveals a persistent pattern of losses despite revenue growth. From 2018 to 2020 and the first half of 2021, revenue stood at approximately 27 million yuan, 64 million yuan, 253 million yuan, and 118 million yuan, respectively. During this earlier period, gross profit margins were 42.09%, 40.62%, 37.32%, and 51.40%.

However, net losses were substantial, reaching approximately 87 million yuan, 120 million yuan, 160 million yuan, and 37 million yuan. Net losses after deducting non-recurring items attributable to the parent company were approximately 94 million yuan, 130 million yuan, 130 million yuan, and 47 million yuan.

The financial trajectory from 2023 to 2025 presents a more challenging picture with widening losses and compressing margins. Revenue for these three years was approximately 131 million yuan, 196 million yuan, and 244 million yuan. Gross profit margins declined steadily to 26.00%, 25.17%, and 23.82%. Net losses surged to 222 million yuan, 171 million yuan, and 188 million yuan, resulting in a cumulative loss of approximately 581 million yuan over the three-year span. Adjusted net losses after deducting non-recurring items were approximately 218 million yuan, 182 million yuan, and 157 million yuan. Cash flow remains negative, with operating activities generating approximately -119 million yuan, -69.4612 million yuan, and -110 million yuan respectively. Accounts receivable book values rose to 68.3628 million yuan, 83.9640 million yuan, and 118 million yuan, accounting for 14.27%, 10.16%, and 17.57% of current assets. The company attributes these negative cash flows to its rapid development stage, relatively small revenue scale, and significant incurred expenses.

Yunzhou Intelligent positions itself as a global leader in intelligent unmanned systems, focusing on the research, development, production, and sales of unmanned vessels. The firm integrates artificial intelligence technologies such as situational awareness, autonomous control, and swarm behavior with engineering solutions including intelligent operating systems and distributed control hardware. These capabilities support high-security, high-performance, and low-emission solutions for maritime applications. In the national defense sector, the company has delivered hundreds of vessels for combat, training, and logistics, qualifying as one of the few suppliers for military unmanned vessels. Non-defense applications span offshore wind power, oil and gas, marine surveys, patrol, law enforcement, and emergency rescue, serving a diverse client base ranging from energy firms to government agencies. This marks the third major capital market attempt for the firm since its founding, highlighting the high stakes of its industrialization strategy.