Shandong Daye (SH:603278) Zheng Quan Zhi Xing·2025-08-20 02:55Financial Performance - Company reported total revenue of 2.521 billion yuan, a year-on-year decrease of 4.19% [1] - Net profit attributable to shareholders reached 42.3979 million yuan, a year-on-year increase of 272.7% [1] - Gross margin improved to 7.74%, up 35.54% year-on-year, while net margin increased to 1.58%, up 227.21% year-on-year [1] - Operating cash flow per share decreased to 0.39 yuan, down 32.09% year-on-year [1] Financial Position - Current ratio stands at 0.91, indicating increased short-term debt pressure [1] - Total liabilities include a significant increase in short-term borrowings by 17.61% [3] - Cash flow from investing activities decreased by 26.92% due to increased bank deposit purchases [4] Changes in Financial Items - Construction in progress decreased by 48.94% due to completion of projects [2] - Other non-current assets increased by 602.78% due to prepayments for wind power projects [2] - Trade receivables decreased by 12.47% while receivables financing increased by 162.62% [3] Cost and Expense Analysis - Operating costs decreased by 6.25% due to lower procurement prices [5] - Selling expenses increased by 11.68% due to higher logistics costs [5] - Financial expenses decreased by 38.13% due to reduced discount expenses and increased exchange gains [5] Business Evaluation - Historical return on invested capital (ROIC) median stands at 8.05%, with a poor performance in 2022 at -2.91% [6] - Company’s business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [6] - The company has experienced two years of losses since its listing, indicating a fragile business model [6] Fund Holdings - The largest fund holding in the company is Guotai Jinma Stable Mixed A, with 2.7953 million shares and a recent increase in holdings [4] - The fund has shown a 37.53% increase in value over the past year [4]