ShaanGu(SH:601369) Zheng Quan Zhi Xing·2025-08-25 01:17Core Viewpoint - The recent financial report of Shan Gu Power (601369) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 was 4.869 billion yuan, a decrease of 2.7% year-on-year [1]. - Net profit attributable to shareholders was 414 million yuan, down 9.75% year-on-year [1]. - In Q2 2025, total revenue was 2.31 billion yuan, reflecting an 8.03% decline year-on-year [1]. - Q2 net profit attributable to shareholders was 166 million yuan, a significant drop of 25.82% year-on-year [1]. - Gross margin was 20.65%, down 11.35% year-on-year, while net margin was 9.77%, a decrease of 6.01% year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was 0.14 yuan, a substantial decrease of 58.3% year-on-year [1]. - The company's receivables were notably high, with accounts receivable accounting for 378.4% of the latest annual net profit [1][4]. - The company reported a decrease in interest-bearing debt to 4.214 billion yuan, down 18.89% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) was 6.61%, indicating a generally weak capital return [4]. - The average ROIC over the past decade was 6.05%, with the lowest recorded at 2.92% in 2016 [4]. - The net profit margin for the previous year was 11.14%, suggesting average value addition from products or services [4]. Shareholder Information - The largest fund holding Shan Gu Power is the Guolian State-owned Enterprise Reform Mixed Fund, with 1.13 billion yuan in assets and a recent net value increase of 0.8% [5]. - Other funds have also increased their holdings or entered the top ten shareholders, indicating some level of investor interest despite the recent financial performance [5].