Winning Health(SZ:300253) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - The financial performance of Weining Health (300253) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in business operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 839 million yuan, a decrease of 31.43% year-on-year [1]. - The net profit attributable to shareholders was -118 million yuan, representing a decline of 491.04% compared to the previous year [1]. - In Q2 2025, total revenue was 494 million yuan, down 32.24% year-on-year, with a net profit of -123 million yuan, a staggering drop of 1009.8% [1]. - The gross margin was 36.41%, down 12.02% year-on-year, while the net margin was -14.64%, a decrease of 906.27% [1]. - The total of selling, administrative, and financial expenses reached 231 million yuan, accounting for 27.53% of revenue, an increase of 14.81% year-on-year [1]. - The company reported a significant increase in accounts receivable, which accounted for 1137.98% of the latest annual net profit [1][3]. Cash Flow and Financial Ratios - The operating cash flow per share was 0.02 yuan, an increase of 161.93% year-on-year, while earnings per share were -0.05 yuan, a decrease of 482.14% [1]. - The company’s return on invested capital (ROIC) was 1.54%, indicating weak capital returns, with a historical median ROIC of 9.09% over the past decade [3]. - The net profit margin for the previous year was 1.8%, suggesting low added value in products or services [3]. Fund Holdings - The largest fund holding Weining Health is the Nuon Active Return Mixed A fund, which has reduced its holdings [4]. - Other funds, such as Guorong Rongsheng Longtou Selected Mixed A and Yifangda Yuxin Bond A, have increased their positions in the company [4]. - The current scale of the Nuon fund is 1.487 billion yuan, with a recent net value increase of 4.42% [4].