Jikai(SZ:002691) Zheng Quan Zhi Xing·2025-08-21 22:55Financial Performance - The company reported a total revenue of 118 million yuan for the first half of 2025, a decrease of 13.5% year-on-year [1] - The net profit attributable to shareholders was -30.14 million yuan, representing a decline of 676.01% compared to the previous year [1] - In Q2 2025, the revenue was 63.96 million yuan, down 38.87% year-on-year, with a net profit of -13.75 million yuan, a decrease of 658.96% [1] Key Financial Ratios - Gross margin was 20.91%, down 23.35% year-on-year, while net margin was -25.58%, a significant drop of 793.93% [1] - The total of selling, administrative, and financial expenses reached 48.95 million yuan, accounting for 41.52% of revenue, an increase of 26.9% year-on-year [1] - Earnings per share were -0.09 yuan, a decrease of 693.33% compared to the previous year [1] Cash Flow and Receivables - The company’s cash flow from operating activities showed a negative change of 151.8%, attributed to decreased cash received from sales and increased cash paid for purchases [3] - Accounts receivable increased by 48.53% year-on-year, reaching 269 million yuan, which accounted for 70.4% of total revenue [1][3] - The cash and cash equivalents decreased by 33.41% to 79.80 million yuan [1] Historical Performance and Investment Returns - The company has shown weak historical performance with a median Return on Invested Capital (ROIC) of 1.41% over the past decade, with the worst year being 2020 at -1.26% [3] - The company has reported losses in three out of twelve annual reports since its listing, indicating a fragile business model [3] Recommendations - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 40.53% [4] - The company’s operating cash flow over the last three years averages only 15.05% of current liabilities, highlighting potential liquidity issues [4]