Tiamaes(SZ:300807) Zheng Quan Zhi Xing·2025-08-16 22:46Core Viewpoint - Tianmai Technology (300807) reported significant revenue growth in its 2025 mid-year report, with total revenue reaching 66.38 million yuan, an increase of 82.79% year-on-year, despite a net loss of 4.27 million yuan, which improved by 87.21% compared to the previous year [1] Financial Performance - Total revenue for Q2 was 34.92 million yuan, reflecting a year-on-year increase of 51.86% - Q2 net profit attributable to shareholders was -3.37 million yuan, an improvement of 74.76% year-on-year [1] - Gross margin stood at 42.8%, up 7.89% year-on-year, while net margin was -6.93%, an increase of 92.45% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 23.93 million yuan, accounting for 36.05% of revenue, a decrease of 54.15% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented a significant portion of revenue, with a ratio of 108.29% of the latest annual revenue [1] - Earnings per share were -0.06 yuan, an increase of 87.76% year-on-year, while operating cash flow per share was -0.03 yuan, improving by 81.21% year-on-year [1] Historical Performance and Investment Considerations - The company's historical net margin was -36.96%, indicating low added value in products or services [2] - The median Return on Invested Capital (ROIC) since listing is 15.12%, with the worst year being 2024 at -10.09% [2] - The company has reported losses in four out of five years since its IPO, suggesting caution for value investors [2] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 86.08%, and the average operating cash flow over the past three years being -4.28% of current liabilities [2] - Financial expenses have been consistently negative over the past three years, indicating potential financial strain [2]