Core Viewpoint - The financial performance of the company Fulejia (301371) for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in its business operations and cost management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 863 million yuan, a decrease of 8.15% compared to 2024 [1]. - Net profit attributable to shareholders was 230 million yuan, down 32.54% year-on-year [1]. - The gross margin was 81.47%, showing a slight increase of 0.07% year-on-year, while the net profit margin dropped significantly to 26.61%, a decrease of 26.55% [1]. - The total of selling, administrative, and financial expenses reached 448 million yuan, accounting for 51.91% of total revenue, which is an increase of 62.17% year-on-year [1]. - Earnings per share decreased to 0.44 yuan, down 32.31% from the previous year [1]. Cash Flow and Expenses Analysis - Cash and cash equivalents decreased by 51.96% to 1.497 billion yuan, primarily due to dividend distributions and increased promotional expenses [3]. - Operating cash flow per share fell by 65.15% to 0.31 yuan, attributed to rising marketing costs [1][3]. - The company reported a significant increase in accounts receivable, up 3638.45% to 42.229 million yuan, indicating potential issues with cash collection [1][3]. Investment and R&D Insights - Research and development expenses increased by 47.65%, reflecting the company's commitment to innovation despite financial challenges [3]. - The company’s return on invested capital (ROIC) was reported at 10.2%, which is considered average, while the historical median ROIC since its listing is 63.57% [5]. Market Expectations - Analysts project the company's revenue for 2025 to be around 634 million yuan, with an average earnings per share estimate of 1.42 yuan [4].
敷尔佳（301371）2025年中报简析：净利润同比下降32.54%，三费占比上升明显