Financial Performance - The company reported a total revenue of 488 million yuan, a year-on-year decrease of 12.63% [1][3] - The net profit attributable to shareholders was 1.768 million yuan, down 27.21% year-on-year [1][3] - In Q2, total revenue was 292 million yuan, a decline of 13.4% compared to the same quarter last year [1] - The net profit for Q2 was 10.0962 million yuan, reflecting a 34.64% decrease year-on-year [1] Key Financial Ratios - Gross margin stood at 22.87%, down 1.24% year-on-year [1][3] - Net margin was 0.15%, a decrease of 27.59% year-on-year [1][3] - Total expenses (selling, administrative, and financial) amounted to 106 million yuan, accounting for 21.68% of revenue, an increase of 0.7% year-on-year [1][3] Cash Flow and Investment - Operating cash flow per share was -0.01 yuan, an increase of 58.93% year-on-year [1][3] - The net cash flow from operating activities decreased slightly due to a decline in sales and payments [2] - The net cash flow from investing activities increased by 67.46% due to the purchase of bank time deposits [2] R&D and Taxation - R&D expenses decreased by 40.52% due to staff reductions and a shift to outsourcing [2] - Income tax expenses decreased by 60.6% due to increased deferred tax assets from impairment provisions [2] Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.91% over the past decade [4] - The worst year recorded a ROIC of -13.47% in 2022, indicating poor investment returns [4] Business Model - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying drivers [5] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents only covering 38.29% of current liabilities [6] - The interest-bearing debt ratio has reached 28.29%, indicating potential debt concerns [6]

Core Insights - Yueshen Health (002162.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of August 25, 2025, five institutional investors disclosed holdings in Yueshen Health A-shares, totaling 500 million shares, which represents 54.33% of the company's total equity [1] - The institutional investors include CIMIC Industrial Inc., Digital Pacific Inc., Shanghai Jinyao Simic Energy Technology Co., Ltd., Shanghai Simic Co., Ltd., and Shanghai Duhang Industrial Investment Development Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.11 percentage points [1]

Group 1 - The company has not declared any cash dividends or bonus shares for the reporting period [3][5] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5][6] - The board of directors has approved the 2025 semi-annual report and its summary, confirming that the report complies with relevant laws and regulations [11][12] Group 2 - All directors attended the board meeting that reviewed the report [2] - The board meeting was held on August 22, 2025, and was legally convened [10] - The board approved the establishment of an information disclosure deferral and exemption management system [15]

Group 1 - The board of directors of Shanghai Yueshen Health Group Co., Ltd. held its sixteenth meeting of the eighth session on August 22, 2025, with all nine directors present, confirming the legality and validity of the meeting [1][2] - The board approved the preparation of the 2025 semi-annual report and its summary, stating that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The financial information part of the semi-annual report was reviewed and approved by the audit committee before being submitted to the board for approval, with a unanimous vote of 9 in favor [2] Group 2 - The semi-annual report and its summary were disclosed on the same day on various platforms, including the official website and major financial newspapers [2] - The company established a management system for information disclosure deferral and exemption, in compliance with relevant regulations and its actual operating conditions, which was also approved unanimously by the board [2]

Core Viewpoint - Yueshen Health reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company achieved operating revenue of 487,990,289.05 yuan for the first half of 2025, representing a year-on-year decrease of 12.63% [2] - The net profit attributable to shareholders of the listed company was 1,767,953.61 yuan, reflecting a year-on-year decline of 27.21% [2]

Core Viewpoint - In the first half of 2025, the company reported a revenue of 488 million yuan and a net profit attributable to shareholders of 1.768 million yuan, indicating a focus on product innovation and market adaptation in its building materials and health sectors [1][2]. Group 1: Building Materials Business - The building materials segment achieved a revenue of 390 million yuan in the first half of 2025, driven by product innovation, channel optimization, and brand marketing strategies [1]. - The company successfully developed over 20 new products, including large-format glazed stone products like "Colorful Gem," "Golden Cave Stone," and "Morandi Series," catering to high-end and personalized market demands [1]. - The company enhanced its channel construction by consolidating existing channels, expanding sales outlets, and improving distributor quality, while also exploring online traffic and smart store integration [1]. Group 2: Health Business - The health business segment generated a revenue of 54.605 million yuan in the first half of 2025, focusing on integrated development in the Yangtze River Delta region [2]. - The company has successfully managed multiple elderly care projects, achieving a bed occupancy rate of 97% at the Shanghai Fengxian Jinhai Yuxin Nursing Home, significantly above the industry average [2]. - Strategic partnerships have been established with local hospitals to ensure timely and professional medical care for patients, enhancing the overall service quality [2]. Group 3: Talent Development and Training - The company invested in establishing the Wenzhou Oriental Yuxin Vocational School to create an integrated talent training model for the health industry, addressing the demand for high-quality elderly care services [3]. - A dedicated vocational training school for elderly care skills has been set up to meet the market's needs for skilled nursing professionals [3]. Group 4: Business Segments Overview - The company's main business segments include building materials, health services, and investment property leasing [4].

Core Viewpoint - Yueshen Health announced the approval of its 2025 semi-annual report and several other proposals during the 16th meeting of its 8th Board of Directors [2] Group 1 - The company held its 16th meeting of the 8th Board of Directors on August 25 [2] - The meeting resulted in the approval of the full text and summary of the 2025 semi-annual report [2]

上海悦心健康集团股份有限公司 第一章 总 则 信息披露暂缓、豁免管理制度 第一条 为规范上海悦心健康集团股份有限公司（以下简称"公司"）信息披露暂缓、 豁免行为，加强信息披露监管，保护投资者合法权益，督促公司及相关信息披露义务 人（以下简称"信息披露义务人"）依法、合规地履行信息披露义务，根据《中华人 民共和国保守国家秘密法》、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司信息披露管理办法》、《上市公司信息披露暂缓与豁免管理规定》、《深圳证券交易 所股票上市规则》（以下简称《股票上市规则》）、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》（以下简称《规范运作指引》）等法律、行政 法规和规章，结合公司实际情况，制定本制度。 第二条 信息披露义务人按照《上市公司信息披露暂缓与豁免管理规定》、《股票上市 规则》、《规范运作指引》及其他相关法律、法规、规范性文件的规定，办理信息披露 暂缓、豁免业务的，适用本制度。 第三条 信息披露义务人应当真实、准确、完整、及时、公平地披露信息，不得滥用 暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、操纵市场等 违法行为。 ...

Core Insights - The company reported a revenue of 488 million yuan for the first half of 2025, representing a year-on-year decline of 12.63% [1] - The gross profit decreased by 17.74 million yuan, with a reduction rate of 13.72% compared to the previous year [1] - The net profit attributable to shareholders was 1.768 million yuan, showing a year-on-year decrease of 27.21% [1]

上海悦心健康集团股份有限公司 2025 年半年度财务报告 上海悦心健康集团股份有限公司 2025 年半年度财务报告 披露时间：2025 年 8 月 26 日 1 上海悦心健康集团股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：上海悦心健康集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 215,355,938.45 | 233,629,055.22 | | 结算备付金 | 0.00 | 0.00 | | 拆出资金 | 0.00 | 0.00 | | 交易性金融资产 | 0.00 | 0.00 | | 衍生金融资产 | 0.00 | 0.00 | | 应收票据 | 10,842,951.09 | 16,053,282.20 | | 应收账款 | 136,097,710.67 | 148,320,575.03 | | 应收款 ...