ROPEOK(SH:688619) Zheng Quan Zhi Xing·2025-08-22 22:16Core Viewpoint - The recent financial report of Luopute (688619) shows significant growth in revenue, but the company continues to face challenges with net profit and high accounts receivable levels [1] Financial Performance - Total revenue for the reporting period reached 71.22 million, an increase of 81.38% year-on-year [1] - Net profit attributable to shareholders was -47.37 million, a year-on-year increase of 4.12% [1] - In Q2, revenue was 50.72 million, up 228.62% year-on-year, while net profit was -22.75 million, an increase of 19.65% year-on-year [1] - Gross margin stood at 25.61%, up 21.6% year-on-year, while net margin was -67.15%, an increase of 46.85% year-on-year [1] - Total operating expenses (sales, management, and financial) amounted to 41.34 million, accounting for 58.05% of revenue, a decrease of 50.39% year-on-year [1] Balance Sheet Changes - Accounts receivable increased significantly, reaching 241.14% of the latest annual revenue [1] - Transactional financial assets decreased by 73.62% due to the redemption of certain financial products [2] - Notes receivable dropped by 99.44% due to the maturity of acceptance bills [3] - Prepayments increased by 54.09% due to payments for goods and short-term leases [3] - Construction in progress surged by 416.88% due to new construction and improvements [4] - Right-of-use assets rose by 3470.6% due to the renewal of the office lease in Xiamen [5] - Intangible assets increased by 91.08% due to the acquisition of land use rights by a subsidiary [6] - Long-term deferred expenses grew by 96.78% due to new project expenditures with a benefit period of over one year [7] Liabilities and Cash Flow - Notes payable increased by 213.94% due to the issuance of new notes [8] - Employee compensation payable decreased by 46.5% as bonuses from the previous year were paid out [9] - Tax payable rose by 30.44% due to an increase in VAT payable [10] - Current portion of non-current liabilities increased by 160.02% due to the rise in long-term borrowings due within one year [11] - Operating income increased by 81.38% due to the delivery of previously won projects [11] - Operating costs rose by 70.93% in line with the increased scale of accepted projects [11] - Net cash flow from operating activities increased by 110.42% due to higher sales collections and reduced operating expenditures [11] Investment and Financing Activities - Net cash flow from investing activities increased by 127.99% due to reduced external investments [12] - Net cash flow from financing activities surged by 288.2% due to decreased expenditures on stock buybacks and other financing activities [12] Fund Holdings - The largest fund holding Luopute is Bohai Huijin New Momentum Theme Mixed A, with 88,700 shares held, and a current scale of 0.43 billion [13]