WELL.E(SZ:300190) Zheng Quan Zhi Xing·2025-08-12 22:48Group 1 - The core viewpoint of the news is that Weili's financial performance in the 2025 mid-year report shows significant declines in revenue and net profit, indicating challenges in its business model and operations [1][2][3] - The total operating revenue for the first half of 2025 was 795 million yuan, a decrease of 20.84% year-on-year, primarily due to reduced income from environmental engineering projects [1] - The net profit attributable to shareholders was -36.84 million yuan, a decline of 187.28% year-on-year, reflecting a substantial loss compared to the previous year [1] Group 2 - The gross profit margin improved to 23.1%, an increase of 9.74% year-on-year, while the net profit margin fell to -4.56%, a decrease of 208.93% [1] - The company reported a significant increase in accounts receivable, which accounted for 80.37% of the latest annual revenue, indicating potential liquidity issues [1] - The total expenses (selling, administrative, and financial) amounted to 213 million yuan, representing 26.82% of revenue, an increase of 4.38% year-on-year [1] Group 3 - The cash flow from operating activities per share was 0.08 yuan, an increase of 4.05% year-on-year, suggesting slight improvement in cash generation despite overall losses [1] - The company has a weak historical return on invested capital (ROIC), with a median of 3.95% over the past decade, and a particularly poor ROIC of -9.81% in 2024 [2] - The company’s financial health is concerning, with a debt ratio of 35.43% and financial expenses accounting for 63.36% of the average operating cash flow over the past three years [3]