Jiahe Foods(SH:605300) Zheng Quan Zhi Xing·2025-08-23 22:27Core Insights - The company Jiahe Food (605300) reported a total revenue of 1.185 billion yuan for the first half of 2025, representing a year-on-year increase of 10.43%, while the net profit attributable to shareholders was 12.43 million yuan, a significant decline of 82.1% [1] - In Q2, the revenue reached 615 million yuan, up 15.48% year-on-year, but the net profit dropped by 64.06% to 8.53 million yuan [1] - The company's accounts receivable are notably high, with accounts receivable accounting for 308.14% of the latest annual net profit [1] Financial Performance - Gross margin stood at 12.39%, down 30.61% year-on-year, and net margin was 1.28%, a decrease of 80.46% [1] - Total selling, administrative, and financial expenses amounted to 115 million yuan, representing 9.69% of revenue, an increase of 9.2% year-on-year [1] - Earnings per share were 0.03 yuan, down 82.35% year-on-year, while the net asset value per share increased by 17.15% to 6.27 yuan [1] Financial Statement Changes - Significant changes in financial items include an 80.37% increase in trading financial assets due to more bank and securities wealth management products [2] - Derivative financial assets decreased by 100% due to changes in fair value [2] - Accounts receivable financing dropped by 85.14% due to the endorsement transfer of bank acceptance bills [2] Business Evaluation - The company's return on invested capital (ROIC) was 2.94%, indicating weak capital returns, with a net profit margin of 3.72% suggesting low added value for products or services [3] - Historical data shows a median ROIC of 13.45% since the company went public, with the worst year being 2024 [3] - The company has a healthy cash asset position, and its business model relies heavily on marketing-driven performance [3] Accounts Receivable Concern - The company should be closely monitored regarding its accounts receivable situation, which has reached 308.14% of profit [4]