AXNMC(SH:600255) Zheng Quan Zhi Xing·2025-08-09 22:26Financial Performance - The company reported a total revenue of 2.169 billion yuan for the first half of 2025, an increase of 17.17% year-on-year [1] - The net profit attributable to shareholders was 19.73 million yuan, a decrease of 42.16% compared to the previous year [1] - In Q2 2025, the revenue was 1.145 billion yuan, up 20.4% year-on-year, while the net profit dropped by 57.89% to 10.798 million yuan [1] Key Financial Ratios - Gross margin decreased to 6.99%, down 19.03% year-on-year, while net margin fell to 1.15%, a decline of 53.2% [1] - The company's total expenses (selling, administrative, and financial) amounted to 62.52 million yuan, representing 2.88% of revenue, a decrease of 11.22% year-on-year [1] - Earnings per share (EPS) dropped to 0.01 yuan, a 50% decrease from the previous year [1] Balance Sheet Insights - Accounts receivable increased to 674 million yuan, a rise of 19.12% year-on-year, with accounts receivable to net profit ratio reaching 1081.48% [1][3] - Interest-bearing liabilities rose to 922 million yuan, a 37.64% increase compared to the previous year [1] - Cash flow from operations per share was -0.07 yuan, a significant decline of 249.55% year-on-year [1] Historical Performance and Business Model - The company's return on invested capital (ROIC) was 3.85% last year, indicating weak capital returns historically, with a median ROIC of 3.71% over the past decade [3] - The company has experienced four years of losses since its listing, suggesting a generally poor financial track record [3] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [3]