Longtech(SZ:300916) Zheng Quan Zhi Xing·2025-08-22 23:19Core Viewpoint - Longte Intelligent (300916) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 806 million yuan, a decrease of 10.4% year-on-year [1] - Net profit attributable to shareholders was 57.51 million yuan, down 30.74% year-on-year [1] - In Q2 2025, total revenue was 413 million yuan, a decline of 14.3% year-on-year, and net profit was 27.24 million yuan, down 36.29% year-on-year [1] - Gross margin was 15.28%, a decrease of 4.4% year-on-year, while net margin was 7.13%, down 23.17% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 26.73 million yuan, representing 3.31% of revenue, an increase of 189.7% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 50.33% to 838 million yuan [1] - Accounts receivable decreased by 10.1% to 510 million yuan, but the accounts receivable to net profit ratio reached 330.73% [1][6] - Interest-bearing debt rose significantly by 312.24% to 209 million yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.32 yuan, a substantial increase of 485.58% year-on-year, attributed to increased cash receipts from sales [1][2] - Net cash flow from investing activities decreased significantly by 1298.85% due to increased cash outflows for fixed and intangible asset purchases [2] Other Financial Metrics - Earnings per share (EPS) was 0.4 yuan, down 29.82% year-on-year [1] - The company's return on invested capital (ROIC) was 9.57%, indicating average capital returns [5] - The company has a healthy cash position, but attention is needed on accounts receivable levels [6]