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京城股份2025年中报简析:净利润减366.85%,公司应收账款体量较大
Zheng Quan Zhi Xing·2025-08-16 22:46

Core Viewpoint - The recent financial report of Jingcheng Co., Ltd. (600860) indicates a significant decline in revenue and net profit, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 was 680 million yuan, a decrease of 9.14% compared to 749 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -15.76 million yuan, reflecting a drastic decline of 366.85% from -3.37 million yuan in the previous year [1]. - In Q2 2025, the revenue was 357 million yuan, down 16.59% year-on-year, and the net profit was -3.84 million yuan, a decrease of 222.14% [1]. Profitability Metrics - The gross margin improved to 19.35%, an increase of 16.65% year-on-year, while the net margin fell to -1.73%, a decline of 457.39% [1]. - The total of selling, administrative, and financial expenses reached 79.43 million yuan, accounting for 11.68% of revenue, which is an increase of 2.23% year-on-year [1]. Balance Sheet Insights - The company reported accounts receivable of 568 million yuan, a 7.14% increase from 530 million yuan, with accounts receivable representing 7596.88% of the net profit [1][3]. - Interest-bearing debt rose to 664 million yuan, a 19.18% increase from 557 million yuan [1]. Cash Flow Analysis - The cash flow per share was -0.16 yuan, an improvement of 37.23% year-on-year, while the cash and cash equivalents decreased to 392 million yuan, down 8.81% [1]. - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 73.91% and the average operating cash flow over the past three years at 0.88 times current liabilities [3]. Historical Performance - The company's return on invested capital (ROIC) was 1.84%, indicating weak capital returns, with a historical median ROIC of -3.23% over the past decade [3]. - The company has reported losses in 11 out of 30 annual reports since its listing, suggesting a challenging financial history [3].