长亮科技2025年中报简析：净利润减1140.18%，存货明显上升

Core Viewpoint - Longshine Technology (300348) reported a decline in revenue and net profit for the first half of 2025, indicating financial challenges and increased inventory levels [1][3]. Financial Performance - Total revenue for the first half of 2025 was 664 million yuan, a decrease of 5.64% year-on-year [1]. - Net profit attributable to shareholders was -19.11 million yuan, down 1140.18% compared to the previous year [1]. - In Q2 2025, revenue was 367 million yuan, a decline of 11.68% year-on-year, with a net profit of -16.52 million yuan, down 393.63% [1]. - The gross margin was 31.95%, a decrease of 12.06% year-on-year, while the net margin was -2.88%, down 1202.18% [1]. - Total expenses (selling, administrative, and financial) amounted to 170 million yuan, accounting for 25.62% of revenue, a slight decrease of 0.13% year-on-year [1]. Balance Sheet Highlights - Inventory increased significantly, with a year-on-year growth of 58.21% [1]. - Cash and cash equivalents rose to 378 million yuan, an increase of 54.07% year-on-year [1]. - Interest-bearing debt decreased to 123 million yuan, down 72.95% year-on-year [1]. - Accounts receivable decreased by 7.66% to 1.014 billion yuan [1]. Investment Metrics - The company's return on invested capital (ROIC) was 1.14%, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 6.76%, reflecting generally poor investment returns [3]. - The average earnings per share (EPS) forecast for 2025 is 0.15 yuan, with expected performance of 122 million yuan [3]. Market Position and Strategy - Longshine Technology's business model relies heavily on research and marketing efforts [3]. - The company is actively monitoring regulatory developments regarding stablecoins and exploring market opportunities in this area [5].