MAE(SZ:002009) Zheng Quan Zhi Xing·2025-08-19 23:00Core Viewpoint - Tianqi Co., Ltd. reported a mixed performance in its 2025 mid-year financial results, with a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.247 billion yuan, a decrease of 4.92% year-on-year [1]. - Net profit attributable to shareholders reached 55.83 million yuan, up 171.11% compared to the previous year [1]. - Gross margin improved to 17.15%, reflecting a year-on-year increase of 26.55% [1]. - Net margin turned positive at 4.46%, a significant increase of 174.75% from a negative margin in the previous year [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 117 million yuan, accounting for 9.35% of revenue, down 32.61% year-on-year [1]. - The company managed to reduce operating expenses significantly, with selling expenses down by 20.74% and administrative expenses down by 20.49% [3][4]. Cash Flow and Asset Management - Operating cash flow per share improved to -0.01 yuan, a 97.19% increase year-on-year [1]. - Cash and cash equivalents decreased by 4.17%, attributed to increased cash outflows from financing activities [2]. - Accounts receivable decreased by 7.97%, indicating better collection from customers [2]. Investment and Financing Activities - The company increased its investment in subsidiaries, with long-term equity investments rising by 13.09% due to new contributions to various companies [2]. - Short-term borrowings increased by 2.46%, reflecting a rise in short-term financing loans [3]. Profitability Drivers - The significant increase in net profit was driven by the performance of the intelligent equipment business, which saw a boost from multiple project deliveries [8]. - The completion of the sale of real estate assets contributed to increased asset disposal gains [8]. Overall Financial Health - The company’s financial metrics indicate a recovery in profitability, although total revenue remains under pressure due to declines in certain business segments [1][8]. - The historical performance shows a mixed track record, with periods of losses and weak return on invested capital (ROIC) [11].