JYL Group(SZ:002882) Zheng Quan Zhi Xing·2025-08-09 22:25Core Insights - The company Jinlongyu (002882) reported a total revenue of 2.157 billion yuan for the first half of 2025, representing a year-on-year increase of 32.98%, while the net profit attributable to shareholders decreased by 20.19% to 66.716 million yuan [1] - The second quarter revenue was 1.258 billion yuan, up 34.33% year-on-year, but the net profit for the same period fell by 37.78% to 29.5475 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable to net profit ratio reaching 1072.08% [1] Financial Performance - Revenue for 2024 was 1.622 billion yuan, while for 2025 it increased to 2.157 billion yuan, showing a growth of 32.98% [1] - Net profit for 2024 was 83.594 million yuan, which dropped to 66.716 million yuan in 2025, a decline of 20.19% [1] - Gross margin decreased from 13.47% in 2024 to 11.18% in 2025, a reduction of 17.00% [1] - Net margin also fell from 5.11% to 3.00%, a decline of 41.33% [1] - Total expenses (selling, administrative, and financial) amounted to 84.3134 million yuan, accounting for 3.91% of revenue, down 14.36% year-on-year [1] Cash Flow and Debt - The company has a healthy cash position with cash assets amounting to 812 million yuan, a 77.10% increase from the previous year [1] - The accounts receivable increased by 25.62% from 1.196 billion yuan to 1.502 billion yuan [1] - Interest-bearing debt rose by 37.28% from 593 million yuan to 814 million yuan [1] Business Model and Operational Efficiency - The company's return on invested capital (ROIC) was 5.47%, indicating average capital returns [1] - The historical median ROIC since the company went public is 10.2%, suggesting better investment returns in the past [1] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [2]