TELLUS(SZ:000025) Zheng Quan Zhi Xing·2025-08-22 23:20Core Viewpoint - The financial performance of Teli A (000025) shows a significant decline in revenue while net profit has increased, indicating a shift in profitability despite lower sales volume [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 is 878 million yuan, a decrease of 44.41% year-on-year [1]. - Net profit attributable to shareholders is 84.01 million yuan, an increase of 9.59% year-on-year [1]. - The gross profit margin has increased by 98.88% to 16.12%, while the net profit margin has risen by 84.7% to 9.29% [1]. - Total expenses (selling, administrative, and financial) amount to 34.54 million yuan, representing 3.93% of revenue, an increase of 63.1% year-on-year [1]. Cash Flow and Investment Summary - Operating cash flow per share is 0.36 yuan, up 44.26% year-on-year [1]. - The net cash flow from operating activities has increased due to reduced inventory for gold business [2]. - Investment activities show a significant decline in cash flow, down 71.22% due to fewer financial product redemptions compared to the previous year [2]. Cost and Expense Analysis - Operating costs have decreased by 49.26% in line with reduced gold business volume [2]. - Selling expenses have decreased by 38.52%, and financial expenses have decreased by 37.93% due to lower financing interest expenses [2]. - Research and development expenses have increased by 51.17% due to increased investment in information technology by subsidiaries [2]. Debt and Liquidity Analysis - The company has a healthy cash position, with cash and cash equivalents showing a significant decrease in net increase by 2025.21% due to increased dividend distribution and fewer financial product redemptions [2][3]. - The company's return on invested capital (ROIC) was 7.06%, indicating average capital returns [3]. - The company's liquidity ratios suggest a need for attention, with cash assets covering only 83.85% of current liabilities [3].