FIYTA(SZ:000026) Zheng Quan Zhi Xing·2025-08-25 01:09Core Viewpoint - The financial performance of Feiyada (000026) for the first half of 2025 shows significant declines in revenue and net profit, indicating challenges in the company's operations and financial health [1][2]. Financial Performance - Total revenue for the first half of 2025 was 1.784 billion yuan, a year-on-year decrease of 14.08% [1]. - Net profit attributable to shareholders was 82.4455 million yuan, down 43.97% year-on-year [1]. - In Q2 2025, revenue was 860 million yuan, a decline of 14.96% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 37.1391 million yuan, reflecting a 48.16% decrease year-on-year [1]. - The gross margin was 35.55%, down 4.36% year-on-year, while the net margin was 4.62%, a decrease of 34.79% [1]. - Total selling, administrative, and financial expenses amounted to 488 million yuan, accounting for 27.38% of revenue, an increase of 3.61% year-on-year [1]. - Earnings per share were 0.2 yuan, down 42.99% year-on-year, while operating cash flow per share increased by 84.25% to 0.62 yuan [1]. Accounts Receivable - The company's accounts receivable are substantial, with accounts receivable accounting for 134.13% of the latest annual net profit [1][2]. Market Outlook - The domestic watch market is expected to face short-term pressures, but the company is optimizing its watch business through improved products, channels, and marketing strategies, leading to relatively stable performance compared to the industry [2]. - The long-term outlook for the watch industry is optimistic, supported by the backdrop of national economic development [3]. Return on Investment - The company's return on invested capital (ROIC) was 6.19% last year, indicating average capital returns, with a historical median ROIC of 7.11% over the past decade [2]. - The net profit margin last year was 5.59%, suggesting that the added value of the company's products or services is average [2].