Feitian(SZ:300386) Zheng Quan Zhi Xing·2025-08-22 23:19Core Viewpoint - The recent financial report of Feitian Chengxin (300386) shows a positive trend in revenue and net profit, despite a decline in quarterly performance, indicating potential recovery and growth opportunities for the company [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 363 million yuan, a year-on-year increase of 9.83% [1]. - Net profit attributable to shareholders was 6.06 million yuan, up 137.66% compared to the previous year [1]. - The gross margin improved to 40.02%, reflecting a year-on-year increase of 6.32% [1]. - The net margin turned positive at 1.66%, a significant improvement from a negative 4.94% in the previous year [1]. - Total expenses (sales, management, and financial) amounted to 115 million yuan, accounting for 31.75% of revenue, which is a slight increase of 2.46% year-on-year [1]. Cash Flow and Asset Management - Operating cash flow per share improved to -0.07 yuan, a 64.27% increase year-on-year [1]. - The company reported a significant increase in cash and cash equivalents, with a net increase of 42.51% due to improved operating cash flow [3]. - Other current assets saw a notable increase of 38.9% due to an increase in bank deposits [3]. Investment and Return Metrics - The company has shown a historical median Return on Invested Capital (ROIC) of 3.89%, indicating weak investment returns, with the worst year being 2023 at -12% [3]. - The company has experienced four years of losses since its listing, suggesting caution for potential investors [3]. Recommendations and Concerns - Attention is advised on the company's cash flow situation, as the average operating cash flow over the past three years is significantly negative [4]. - Financial expenses are high relative to the average operating cash flow, indicating potential financial strain [4].