EMTEK(SZ:300938) Zheng Quan Zhi Xing·2025-08-16 23:19Core Viewpoint - The financial performance of Xince Standard (300938) shows modest growth in revenue and net profit for the first half of 2025, but raises concerns regarding accounts receivable and cash flow metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 372 million yuan, a year-on-year increase of 1.35% [1]. - Net profit attributable to shareholders was 95.01 million yuan, reflecting a 2.4% increase compared to the previous year [1]. - In Q2 2025, total revenue was 206 million yuan, up 10.45% year-on-year, while net profit for the same period was 57.86 million yuan, an increase of 11.82% [1]. Key Financial Ratios - Gross margin improved to 60.68%, up 2.4% year-on-year, while net margin decreased to 25.71%, down 2.67% [1]. - The ratio of selling, administrative, and financial expenses to revenue was 22.83%, an increase of 6.42% year-on-year [1]. - Earnings per share remained stable at 0.43 yuan, with a slight decrease of 0.07% [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, reaching 381 million yuan, which is 216.07% of the latest annual net profit [1][3]. - Operating cash flow per share dropped to 0.27 yuan, a decrease of 49.46% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 9.09%, indicating average capital returns [3]. - Historical data shows a median ROIC of 18.26% since the company went public, suggesting good investment returns over time [3]. - The largest fund holding Xince Standard is the Nu'an Advantage Industry Mixed A Fund, which has shown a significant increase in value over the past year [3].