SuKen Agriculture(SH:601952) Zheng Quan Zhi Xing·2025-08-21 22:32Core Insights - The company Suqian Agricultural Development (601952) reported a decline in both revenue and net profit for the first half of 2025, with total revenue at 4.588 billion yuan, down 9.26% year-on-year, and net profit at 213 million yuan, down 27.71% [1][4]. Financial Performance - Total revenue for Q2 2025 was 2.455 billion yuan, a decrease of 9.75% year-on-year, while net profit for the same period was 131 million yuan, down 21.11% [1]. - The gross profit margin fell to 12.03%, a decrease of 8.2% year-on-year, and the net profit margin decreased to 4.87%, down 19.58% [1]. - The total of selling, administrative, and financial expenses reached 417 million yuan, accounting for 9.09% of revenue, an increase of 10.02% year-on-year [1]. - Earnings per share decreased to 0.15 yuan, down 28.57% year-on-year, while operating cash flow per share increased significantly to 0.52 yuan, up 412.77% [1]. Balance Sheet Changes - Cash and cash equivalents increased by 74.20% to 1.337 billion yuan, attributed to increased inventory and faster cash recovery [3]. - Accounts receivable decreased by 31.57% to 566 million yuan, while accounts payable increased by 36.15% due to seasonal procurement [3][5]. - The company reported a significant increase in prepayments by 55.17%, reflecting seasonal increases in agricultural inputs [3]. Market Conditions - The decline in revenue was primarily due to low and fluctuating agricultural product prices, alongside a general decrease in agricultural input prices and reduced sales volume [4][5]. - The company's return on invested capital (ROIC) was reported at 7.95%, indicating average capital returns, with historical data showing a median ROIC of 11.26% since its listing [5]. Fund Holdings - The largest fund holding Suqian Agricultural Development is the ICBC Innovation Power Stock Fund, which has reduced its holdings, while other funds have shown varied changes in their positions [6].