JEP(SZ:000875) Zheng Quan Zhi Xing·2025-08-22 23:19Core Viewpoint - The financial performance of Jidian Co., Ltd. (000875) for the first half of 2025 shows a decline in both revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 6.569 billion yuan, a decrease of 4.63% year-on-year [1]. - Net profit attributable to shareholders was 726 million yuan, down 33.72% year-on-year [1]. - In Q2 2025, total revenue was 2.808 billion yuan, a decline of 8.61% year-on-year, with net profit of 102 million yuan, down 78.5% [1]. - Gross margin was 30.74%, a decrease of 9.03% year-on-year, while net margin was 16.42%, down 21.38% [1]. - Earnings per share (EPS) was 0.2 yuan, a significant drop of 48.72% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents increased by 94.11% to 2.717 billion yuan [1]. - Accounts receivable rose by 13.12% to 11.361 billion yuan, with accounts receivable to net profit ratio reaching 1033.56% [1][4]. - Interest-bearing debt increased by 3.35% to 54.813 billion yuan, with a debt-to-asset ratio of 57.37% [1][4]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.37%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.67% over the past decade, with a particularly low ROIC of 1.71% in 2017 [3]. - Analysts expect the company's performance for 2025 to be around 1.224 billion yuan, with an average EPS forecast of 0.34 yuan [4]. Supply Chain Insights - The company primarily sources coal from long-term contracts with suppliers such as State Power Investment Corporation Inner Mongolia and Shenhua Energy, with long-term coal accounting for approximately 90% of its supply [5][6].