YILIDA(SZ:002686) Zheng Quan Zhi Xing·2025-08-23 23:58Core Insights - Yilida (002686) reported a total revenue of 758 million yuan for the first half of 2025, representing a year-on-year increase of 12.56% and a net profit attributable to shareholders of 40.03 million yuan, up 18.32% year-on-year [1] - The company's accounts receivable is notably high, with accounts receivable amounting to 1796.53% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 H1: 758 million yuan, up 12.56% from 673 million yuan in 2024 H1 [1] - Net profit for 2025 H1: 40.03 million yuan, up 18.32% from 33.83 million yuan in 2024 H1 [1] - Gross margin: 21.96%, down 14.58% year-on-year [1] - Net margin: 5.59%, up 6.76% year-on-year [1] - Total expenses (selling, administrative, financial): 97.64 million yuan, accounting for 12.89% of revenue, down 12.97% year-on-year [1] - Earnings per share: 0.07 yuan, up 18.23% year-on-year [1] Cash Flow Analysis - Operating cash flow per share: -0.05 yuan, down 139.75% year-on-year [1] - Net cash flow from operating activities decreased significantly due to higher outflows than inflows [2] - Net cash flow from investing activities increased by 445.64% due to the maturity of structured deposits and compensation received for land acquisition [2] - Net cash flow from financing activities increased by 110.48% due to higher borrowings [2] Business Evaluation - Return on Invested Capital (ROIC) for the previous year was 1.55%, indicating weak capital returns [3] - Historical median ROIC over the past decade is 2.56%, with a notably poor performance in 2019 at -15.21% [3] - The company's business model relies heavily on research and marketing efforts, necessitating further investigation into these drivers [3] Recommendations - Attention is advised on the company's cash flow situation, with cash and cash equivalents only covering 70.43% of current liabilities [3] - The accounts receivable to profit ratio is concerning, reaching 1796.53% [3]