Netac(SZ:300042) Zheng Quan Zhi Xing·2025-08-09 22:26Core Viewpoint - Langke Technology (300042) reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a potential recovery in its financial performance [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 479 million yuan, a year-on-year increase of 15.39% [1]. - The net profit attributable to shareholders was -17.86 million yuan, showing a year-on-year improvement of 40.98% [1]. - In Q2 2025, the operating revenue was 245 million yuan, up 27.15% year-on-year, while the net profit attributable to shareholders was -5.15 million yuan, an increase of 80.22% year-on-year [1]. Profitability Metrics - The gross profit margin was 7.11%, a decrease of 42.42% compared to the previous year [1]. - The net profit margin improved to -3.81%, reflecting a year-on-year increase of 52.67% [1]. - Total sales, management, and financial expenses amounted to 49.43 million yuan, accounting for 10.32% of revenue, down 28.39% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents increased significantly to 596 million yuan, a rise of 440.36% year-on-year [1]. - Accounts receivable rose to 76.89 million yuan, a 12.48% increase compared to the previous year [1]. - The company reported a negative operating cash flow of -0.14 yuan per share, but this was an improvement of 64.98% year-on-year [1]. Historical Performance and Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 5.4% over the past decade and a particularly poor ROIC of -10.13% in 2024 [3]. - The company has reported losses in two of its 15 annual reports since going public, indicating a fragile business model [3]. Analyst Expectations - Analysts project a net loss of 31 million yuan for 2025, with an average earnings per share estimate of -0.15 yuan [3].