Sino Wealth(SZ:300327) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - Zhongying Electronics (300327) reported disappointing financial results for the first half of 2025, with a slight decline in total revenue and a significant drop in net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 652 million yuan, a decrease of 0.2% year-on-year [1]. - Net profit attributable to shareholders was 41.06 million yuan, down 42.2% year-on-year [1]. - In Q2 2025, total revenue was 333 million yuan, a decline of 0.44% year-on-year, while net profit was 25.50 million yuan, down 36.04% year-on-year [1]. - Gross margin decreased to 32.51%, down 5.61% year-on-year, and net margin fell to 3.12%, down 61.3% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 33.53 million yuan, accounting for 5.14% of revenue, an increase of 18.34% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was 0.12 yuan, a decrease of 42.08% year-on-year [1]. - The company's return on invested capital (ROIC) was 4.49%, indicating weak capital returns compared to historical averages [3]. - The average EPS forecast for 2025 is 0.38 yuan, with expected net profit of 130 million yuan [4]. Accounts Receivable and Cash Flow - Accounts receivable reached 123.18% of net profit, indicating a significant amount of outstanding payments [4]. - Operating cash flow per share increased to 0.32 yuan, up 60.38% year-on-year, attributed to a reduction in procurement costs [3].