Routon(SH:600355) Zheng Quan Zhi Xing·2025-08-12 22:38Core Viewpoint - *ST Jinglun (600355) reported a revenue increase but continued to incur losses in its 2025 mid-year financial report, indicating challenges in profitability despite higher sales [1]. Financial Performance Summary - Total operating revenue reached 82.66 million yuan, a year-on-year increase of 23.45% [1]. - Net profit attributable to shareholders was -20.44 million yuan, a decline of 1.66% year-on-year [1]. - In Q2, operating revenue was 63.70 million yuan, up 70.45% year-on-year, while net profit attributable to shareholders was -10.66 million yuan, an increase of 2.11% year-on-year [1]. Key Financial Ratios - Gross margin was 15.75%, down 32.00% year-on-year [1]. - Net margin was -24.73%, an improvement of 17.65% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 16.28 million yuan, accounting for 19.69% of revenue, a decrease of 22.97% year-on-year [1]. Asset and Liability Changes - Cash and cash equivalents decreased by 39.33% due to increased cash payments for raw material purchases [3]. - Accounts receivable increased by 206.59%, reflecting a rise in sales revenue [1][8]. - Interest-bearing liabilities rose by 30.96% [1]. Other Financial Metrics - Earnings per share remained at -0.04 yuan, a slight decrease of 2.44% year-on-year [1]. - Operating cash flow per share was -0.03 yuan, down 53.80% year-on-year [1]. - The company has a historical median ROIC of -12.39%, indicating poor investment returns [13]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with cash and cash equivalents to current liabilities ratio at 17.69% [14]. - Monitoring of accounts receivable is recommended due to negative net profit attributable to shareholders [14].