Visionox(SZ:002387) Zheng Quan Zhi Xing·2025-08-22 23:19Core Viewpoint - The financial performance of Visionox (维信诺) shows a slight improvement in revenue but continues to face significant losses, indicating ongoing challenges in profitability and cash flow management [1][12]. Financial Performance Summary - Total revenue for the first half of 2025 reached 4.121 billion yuan, a year-on-year increase of 4.79% compared to 3.933 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -1.062 billion yuan, improving by 9.74% from -1.177 billion yuan in the previous year [1]. - In Q2 2025, total revenue was 2.306 billion yuan, up 7.96% year-on-year, while the net profit attributable to shareholders was -532 million yuan, an increase of 2.67% [1]. - The gross margin improved to -0.21%, a significant increase of 97.96% from -10.50% in the previous year [1]. - The net margin also improved to -30.55%, up 17.01% from -36.81% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 686 million yuan, accounting for 16.63% of revenue, a decrease of 9.97% year-on-year [1]. Cash Flow and Debt Management - The current ratio stands at 0.52, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased by 24.24% to 6.505 billion yuan [1]. - The company’s receivables increased by 35.48% to 3.381 billion yuan, reflecting potential cash flow issues [1]. - Interest-bearing liabilities rose by 3.46% to 20.806 billion yuan [1]. Investment and Development Insights - The company has increased its capitalized R&D expenditures by 66.08%, indicating a focus on innovation [6]. - The market for AMOLED technology is expected to grow significantly, with a projected compound annual growth rate of 56% for IT products and 49% for automotive displays from 2023 to 2028 [13]. Risk and Return Analysis - The historical return on invested capital (ROIC) has been poor, with a median of -0.71% over the past decade [12]. - The company has reported five years of losses since its IPO, raising concerns about its long-term viability [12].