Core Insights - The company reported a total revenue of 168 million yuan for the first half of 2025, a year-on-year decrease of 15.38% [1] - The net profit attributable to shareholders was 6.13 million yuan, down 46.9% year-on-year [1] - The company's accounts receivable reached 70.06 million yuan, representing 476.33% of the net profit, indicating a significant collection issue [6] Financial Performance - Total revenue for Q2 2025 was 83.18 million yuan, a decline of 20.59% compared to the same period last year [1] - Gross margin decreased to 32.37%, down 8.36% year-on-year, while net margin fell to 3.64%, a drop of 37.25% [1] - Total expenses (selling, administrative, and financial) amounted to 45.35 million yuan, accounting for 26.92% of revenue, an increase of 14.62% year-on-year [1] Cash Flow and Investments - Operating cash flow per share was 0.04 yuan, a decrease of 74.52% year-on-year, indicating cash flow challenges [1] - The net cash flow from investing activities increased by 52.77%, attributed to the company's strategy of using more financial products to enhance fund efficiency [4] - The net cash flow from financing activities rose by 33.52%, due to benefits from warehouse leasing [4] Operational Insights - The decline in revenue was primarily due to a 15.38% drop in the paper book business, which constitutes 85% of total revenue, reflecting a downturn in the overall book market [3] - Sales expenses increased by 24.06% as the company intensified marketing efforts on platforms like Douyin and Xiaohongshu [3] - The company’s return on invested capital (ROIC) was 2.33%, indicating weak capital returns, with a historical median ROIC of 10.65% since its listing [5]
读客文化2025年中报简析：净利润同比下降46.9%，公司应收账款体量较大