Tong Petrotech(SZ:300164) Zheng Quan Zhi Xing·2025-08-23 22:58Financial Performance - The company reported total revenue of 551 million yuan for the first half of 2025, a slight increase of 0.03% year-on-year [1] - The net profit attributable to shareholders reached 38.63 million yuan, reflecting an increase of 11.31% compared to the previous year [1] - In Q2 2025, total revenue was 293 million yuan, showing a decline of 9.26% year-on-year, while net profit for the same quarter was 37.85 million yuan, up 23.21% year-on-year [1] - The gross margin decreased to 24.8%, down 19.42% year-on-year, while the net margin improved to 7.32%, an increase of 11.62% [1] - The company’s total expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 20.35% of revenue, a decrease of 5.71% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased by 21.4% year-on-year, reaching 510 million yuan, which is 915.61% of the net profit [1][4] - Cash and cash equivalents decreased by 20.22% year-on-year to 254 million yuan [1] - The net cash flow from operating activities showed a significant decline of 101.33% [3] - The company’s net increase in cash and cash equivalents dropped by 1318.95% due to decreased cash flow from operating and financing activities [3] Investment and Returns - The company’s return on invested capital (ROIC) was 3.57%, indicating weak capital returns [4] - The historical median ROIC over the past decade was 2.32%, with a notably poor performance in 2020, where ROIC was -56.45% [4] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying factors [4]