Shen Nan Dian(SZ:000037) Sou Hu Cai Jing·2025-08-22 22:17Core Viewpoint - The financial performance of ShenNan Electric A (000037) shows a decline in revenue and a significant increase in net loss, indicating potential challenges in operational efficiency and cash flow management [1][2]. Financial Performance Summary - Total revenue for the reporting period is 166 million, a year-on-year decrease of 11.45% [1]. - Net profit attributable to shareholders is -21.74 million, a year-on-year increase of 42.57% [1]. - Gross margin stands at 2.58%, down 35.82% year-on-year, while net margin is -15.05%, up 30.47% year-on-year [1]. - Total expenses (selling, administrative, and financial) amount to 36.65 million, accounting for 22.02% of revenue, a decrease of 5.94% year-on-year [1]. - Earnings per share is -0.04, an increase of 42.52% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents decreased by 77.19% due to repayment of short-term loans and increased investments in structured deposits and money market funds [2][4]. - Operating cash flow per share is -0.1, a decrease of 17.47% year-on-year [1][4]. - Investment cash flow net decreased by 654.55% due to increased equipment procurement and project payments for the Zhongshan independent energy storage project [4]. - Financing cash flow net decreased by 201.41% as the company reduced its financing scale [4]. Accounts Receivable and Liabilities - Accounts receivable represent 391.21% of the latest annual net profit, indicating a significant collection issue [1][4]. - Short-term borrowings decreased by 65.35% due to repayment of due loans [2]. - Employee compensation payable decreased by 68.07% due to the distribution of last year's performance bonuses [2]. Project Development and Investment - Fixed assets increased by 24.30% as the company advanced the Zhongshan independent energy storage project [2]. - Right-of-use assets surged by 409.41% due to new leasing contracts for project land and buildings [2]. - The company is focusing on enhancing its asset-liability structure and improving cash flow management [4]. Business Model and Operational Insights - The company's return on invested capital (ROIC) was 3.94%, indicating weak capital returns historically [4]. - The net profit margin last year was 14.43%, suggesting high value-added in products or services [4]. - The company has experienced six years of losses since its listing, raising concerns about its long-term viability [4].