利元亨2025上半年营收下滑17.48% 存货周转天数增66%

Core Viewpoint - Liyuanheng's 2025 mid-year report indicates a decline in revenue but an improvement in profitability, highlighting a mixed performance in the electric equipment industry [1] Financial Performance - In the first half of 2025, Liyuanheng achieved an operating revenue of 1.529 billion yuan, a year-on-year decrease of 17.48% [1] - The net profit attributable to shareholders was 33 million yuan, reflecting a year-on-year increase of 119.33% [1] - The net profit margin improved from -9.46% in the first half of 2024 to 2.16% in 2025 [3] - The gross profit margin increased from 26.58% to 29.22% [3] - Return on equity (ROE) was 1.46%, up by 8.84 percentage points year-on-year [3] Operational Efficiency - Inventory turnover days increased to 446.65 days, up by 66.26% compared to the first half of 2024, indicating a need for better inventory management [5] - The net cash flow from operating activities was 224 million yuan, a significant improvement from -117 million yuan in the same period of 2024 [5] - The asset-liability ratio stood at 72.32%, a decrease of 3.25 percentage points year-on-year, suggesting a reduction in the proportion of total liabilities to total assets [5] Institutional Holdings - As of the first half of 2025, the number of institutions holding Liyuanheng's stock decreased to 8, down from 23 in the same period of 2024, indicating a decline in institutional investor confidence [7] - The company's market capitalization peaked at 33.613 billion yuan on August 6, 2021, and currently stands at 11.271 billion yuan, requiring a 198.23% increase in stock price to reach its historical high [7] - Despite the decline in institutional holdings, the company has shown positive changes in profitability and cash flow [7]