Jilin OLED(SH:688378) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - The financial performance of Aolide (688378) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in its business model and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 281 million yuan, a decrease of 17.87% compared to 342 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 27.01 million yuan, down 70.59% from 91.81 million yuan year-on-year [1]. - The gross margin decreased to 45.85%, down 10.97% from 51.50% in the previous year [1]. - The net profit margin fell to 9.61%, a decline of 64.19% from 26.84% [1]. - The total of selling, administrative, and financial expenses reached 59.88 million yuan, accounting for 21.31% of total revenue, an increase of 40.77% year-on-year [1]. - Earnings per share dropped to 0.11 yuan, a decrease of 75% from 0.44 yuan [1]. - Operating cash flow per share increased significantly to 0.44 yuan, up 772.27% from -0.07 yuan [1]. Changes in Financial Items - The change in trading financial assets was 732.42%, attributed to the purchase of bank wealth management products that have not yet matured [3]. - Accounts receivable financing decreased by 81.9% due to the use of bank acceptance bills for payment [4]. - Other receivables increased by 36.7% due to an increase in employee loans [5]. - The change in right-of-use assets was -59.96%, due to amortization [6]. - Other non-current assets increased by 597.46%, attributed to an increase in prepaid equipment procurement [7]. - Accounts payable increased by 341.17%, due to the issuance of bank acceptance bills for equipment payments [8]. - Contract liabilities increased by 455.94%, due to customer prepayments for equipment business [9]. - Tax payable increased by 564.44%, attributed to an increase in VAT payable at the end of the reporting period [10]. - Other payables increased by 100.38%, due to accrued but unpaid expenses [11]. - Current portion of non-current liabilities increased by 31.02%, due to reclassification of lease liabilities [12]. - Other current liabilities increased by 65146.89%, due to an increase in contract liabilities leading to an increase in VAT to be transferred [13]. - Long-term borrowings increased by 204.78%, attributed to an increase in bank loans [13]. Business Model and Investment Insights - The company's performance is primarily driven by research and development, indicating a need for careful analysis of the underlying drivers of this growth [16]. - The company's return on invested capital (ROIC) was 4.6% last year, with a historical median ROIC of 5.3%, suggesting average investment returns [15]. - Analysts expect the company's revenue for 2025 to be 163 million yuan, with an average earnings per share of 0.65 yuan [17]. Fund Holdings - The largest fund holding Aolide is the Jin Xin Shenzhen Growth Mixed A, with 2.0758 million shares, showing an increase in holdings [18]. - The fund's current scale is 664 million yuan, with a recent net value of 2.7305, reflecting a 1.05% increase from the previous trading day and a 98.1% increase over the past year [18].