每日互动2025年中报简析：增收不增利

Core Viewpoint - Daily Interaction (300766) reported a slight increase in revenue but significant losses in net profit for the first half of 2025, indicating challenges in profitability despite stable revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 218 million yuan, a year-on-year increase of 0.67% compared to 217 million yuan in 2024 [1] - The net profit attributable to shareholders was -31.89 million yuan, a decline of 869.01% from a profit of 4.15 million yuan in the previous year [1] - The gross margin decreased to 60.44%, down 22.08% year-on-year, while the net margin fell to -15.39%, a drop of 733.71% [1] - Total expenses (selling, administrative, and financial) amounted to 108 million yuan, accounting for 49.56% of revenue, an increase of 6.81% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 41.77% to 258 million yuan, attributed to payments for mediation compensation and acquisition of long-term assets [3] - The company reported a significant increase in accounts receivable by 6.53% to 151 million yuan [1][3] - The net cash flow from investing activities dropped by 66.63%, primarily due to increased purchases of large certificates of deposit and equity investments [3] Business Evaluation - The company's historical return on invested capital (ROIC) has been low, with a median of 3.26% since its listing, indicating weak investment returns [4] - The company has reported losses in three out of five years since its IPO, suggesting a fragile business model [4] Fund Holdings - The largest fund holding Daily Interaction is the Southern CSI 2000 ETF, which increased its holdings to 34,300 shares, while another fund, the Jiashi CSI 2000 ETF, reduced its holdings [5] Public Service Growth - The company's public service segment, primarily providing SaaS solutions to government departments, has seen growth due to deep industry knowledge and extensive channel coverage [6] - The introduction of new SaaS products and the integration of AI technologies have contributed to the growth and increased market share in public services [6]