YSS(SZ:300377) Zheng Quan Zhi Xing·2025-08-20 22:41Core Viewpoint - The financial performance of Winshang (300377) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 578 million yuan, a decrease of 7.84% year-on-year [1]. - The net profit attributable to shareholders was -79.18 million yuan, down 46.22% year-on-year [1]. - In Q2 2025, total revenue was 316 million yuan, reflecting an 18.1% decline year-on-year, with a net profit of -10.19 million yuan, a drastic drop of 129.49% [1]. - The gross margin was 34.57%, down 16.26% year-on-year, while the net margin was -14.17%, a decrease of 52.08% [1]. - Total accounts receivable accounted for 68.57% of the latest annual revenue, indicating a large receivables burden [1]. Cost and Expense Analysis - Total expenses (selling, administrative, and financial) amounted to 72.41 million yuan, representing 12.53% of revenue, an increase of 11.41% year-on-year [1]. - The company reported a significant increase in financial expenses by 76.25%, attributed to reduced deposit interest [3]. - The effective tax rate showed a drastic change of -96.22%, due to increased losses compared to the previous year [3]. Cash Flow and Investment Returns - The net cash flow from investing activities increased by 24,720.07%, driven by the redemption of structured deposits exceeding the purchase amount [3]. - The net increase in cash and cash equivalents rose by 81.36%, also due to the redemption of structured deposits [3]. - Historical data indicates a median Return on Invested Capital (ROIC) of 4.7% over the past decade, with the worst year being 2024 at -15.4%, suggesting weak investment returns [3].