LEEJUN(SZ:002651) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - The financial performance of Lijun Co., Ltd. (002651) for the first half of 2025 shows a significant decline in revenue and profit, indicating potential challenges in the company's operations and financial health [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 314 million yuan, a decrease of 8.91% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 57.22 million yuan, down 31.72% year-on-year [1]. - The gross profit margin was 40.31%, a decline of 3.72% from the previous year, while the net profit margin fell to 18.21%, down 25.05% [1]. - The total of selling, administrative, and financial expenses reached 46.98 million yuan, accounting for 14.96% of revenue, an increase of 26.49% year-on-year [1]. - Earnings per share decreased to 0.06 yuan, a drop of 25.00% compared to the previous year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which accounted for 183.98% of the net profit, indicating potential liquidity issues [1][4]. - Operating cash flow per share was -0.08 yuan, a decrease of 172.31% year-on-year, reflecting reduced cash inflows from sales [1][3]. Changes in Financial Items - The construction in progress decreased by 100% as projects were transferred to fixed assets [3]. - Accounts payable increased by 73.88% due to more bank acceptance bills issued for payment [3]. - Other payables surged by 1418.5% due to cash dividends distributed to shareholders [3]. Investment Returns - The company's return on invested capital (ROIC) was 2.84%, indicating weak capital returns, with a historical median ROIC of 6.07% over the past decade [4].