Core Insights - Nova Nebula reported a slight decline in operating performance for the first half of 2025, with revenue of 1.533 billion yuan, down 1.93% year-on-year, and a net profit of 294 million yuan, down 9.33% year-on-year [1] Financial Performance - The net profit margin decreased from 20.76% in the first half of 2024 to 19.13%, a decline of 1.62 percentage points, while the gross profit margin increased from 55.54% to 58.57%, an increase of 3.03 percentage points [3] - The return on equity was 7.95%, a year-on-year decrease of 2.10 percentage points [3] Operational Stability - The inventory turnover days increased to 433.94 days, up 91.34% compared to the first half of 2024, indicating a need for improvement in inventory management [5] - The net cash flow from operating activities improved significantly to 155 million yuan, compared to 36 million yuan in the same period of 2024 [5] - The debt-to-asset ratio for the first half of 2025 was 30.52%, a year-on-year decrease of 3.28 percentage points, indicating a more robust financial structure [5] Institutional Holdings - As of the first half of 2025, the number of institutions holding Nova Nebula's stock decreased to 7, down from 1,600 in the same period of 2024, reflecting a decline in investor confidence [7] - The company's market capitalization peaked at 26.091 billion yuan on March 19, 2024, and currently stands at 14.854 billion yuan, indicating a need for a 75.65% increase in stock price to reach its historical high [7] - Despite the challenges, the company maintains a strong competitive advantage in the display control technology sector [7]
诺瓦星云2025上半年归母净利润同比下滑9.33%，存货周转天数增长超九成