TMD(SZ:000762) Zheng Quan Zhi Xing·2025-08-21 22:55Core Viewpoint - The recent financial report of Tibet Mining (000762) shows a significant decline in revenue and profit, indicating operational challenges and increased costs, which may affect future investment potential [1][2]. Financial Performance - Total revenue for the first half of 2025 was 134 million yuan, a decrease of 65.91% year-on-year [1]. - Net profit attributable to shareholders was -15.305 million yuan, down 113.78% compared to the previous year [1]. - Gross margin fell to 25.51%, a decline of 55.69% year-on-year, while net margin was -24.47%, down 159.05% [1]. - The total of selling, administrative, and financial expenses reached 61.565 million yuan, accounting for 46.04% of total revenue, an increase of 178.17% year-on-year [1]. Cash Flow and Debt - Operating cash flow per share decreased by 83.06% to 0.09 yuan [1]. - The company maintained a healthy cash asset position, with interest-bearing debt remaining stable at 3.067 billion yuan [2][3]. Business Operations - The decline in revenue was attributed to decreased product sales and prices [2]. - The company has a cyclical performance history, with a return on invested capital (ROIC) of 2.23% last year, indicating weak capital returns [2]. - The company has experienced five years of losses since its listing, suggesting a generally unfavorable investment outlook [3]. Project Development - The Zabuye Phase II project has not yet entered formal production due to various technical and operational challenges [4]. - The project utilizes a photovoltaic and thermal energy technology solution, which is under construction by China Baowu Clean Energy [5]. Regulatory Environment - The company benefits from stable environmental policies in Tibet, which prioritize ecological considerations while encouraging resource development [6]. - Central government policies provide support in financing, tax incentives, and operational cost reductions, enhancing the company's competitive position [11].