ShaanGu(SH:601369) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - The recent financial report of Shan Gu Power (601369) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 was 4.869 billion yuan, a decrease of 2.7% year-on-year [1]. - Net profit attributable to shareholders was 414 million yuan, down 9.75% year-on-year [1]. - In Q2 2025, total revenue was 2.31 billion yuan, reflecting an 8.03% decline year-on-year, while net profit was 166 million yuan, a significant drop of 25.82% [1]. - Gross margin stood at 20.65%, down 11.35% year-on-year, and net margin was 9.77%, a decrease of 6.01% [1]. - The company's operating cash flow per share was 0.14 yuan, a substantial decline of 58.3% year-on-year [1]. Accounts Receivable and Debt - The accounts receivable amount was notably high, with accounts receivable to net profit ratio reaching 378.4% [1][3]. - Interest-bearing debt decreased to 4.214 billion yuan, down 18.89% year-on-year [1]. Investment Returns - The company's Return on Invested Capital (ROIC) for the previous year was 6.61%, indicating generally weak capital returns [3]. - Historical data shows a median ROIC of 6.05% over the past decade, with the lowest recorded ROIC at 2.92% in 2016 [3]. Fund Holdings - The largest fund holding Shan Gu Power is the Guolian State-owned Enterprise Reform Mixed A fund, with 1.13 billion yuan in assets and a recent net value increase of 0.8% [4]. - Several funds have increased their holdings or entered the top ten shareholders list, indicating some level of investor interest despite the company's recent performance [4].