Yabo(SZ:002323) Zheng Quan Zhi Xing·2025-08-16 22:46Financial Performance - The company reported total revenue of 116 million yuan for the first half of 2025, a decrease of 3.55% year-on-year [1] - The net profit attributable to shareholders was -41.24 million yuan, an increase of 8.49% year-on-year [1] - In Q2 2025, total revenue was 76.33 million yuan, reflecting a year-on-year increase of 14.69% [1] - The gross margin was 6.64%, down 49.13% year-on-year, while the net margin was -35.57%, an improvement of 5.18% year-on-year [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 64.33% of total revenue, indicating a significant amount of outstanding payments [1] - Total expenses (selling, administrative, and financial) amounted to 34.95 million yuan, representing 30.04% of revenue, a decrease of 32.29% year-on-year [1] - The earnings per share (EPS) was -0.02 yuan, with a year-on-year increase of 8.92% [1] Cash Flow and Debt - The company reported cash and cash equivalents of 5.73 million yuan, a decrease of 85.03% year-on-year [1] - Interest-bearing debt increased by 27.99% year-on-year to 159 million yuan [1] - The operating cash flow per share was -0.00 yuan, showing a significant improvement of 94.16% year-on-year [1] Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) has been poor, with a median of -1.43% over the past decade and a worst year in 2021 at -143.71% [3] - The company has reported losses in 6 out of 15 annual reports since its listing, indicating a challenging financial history [3] - Cash flow metrics suggest a concerning financial situation, with cash and cash equivalents only covering 2.04% of current liabilities [3]