Lead Power(SZ:300530) Zheng Quan Zhi Xing·2025-08-26 23:09Core Viewpoint - Lingpai Technology (300530) reported a slight decline in total revenue for the first half of 2025, with a notable increase in net loss compared to the previous year, indicating ongoing financial challenges despite improvements in certain profitability metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 67.48 million yuan, a decrease of 1.19% year-on-year [1]. - The net profit attributable to shareholders was -70.57 million yuan, an improvement of 20.56% year-on-year [1]. - The gross margin increased to 17.09%, up 29.73% year-on-year, while the net margin was -105.17%, improving by 19.73% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 43.56 million yuan, accounting for 64.56% of revenue, a decrease of 25.62% year-on-year [1]. - Inventory levels rose significantly, with a year-on-year increase of 51.89% [1]. Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 55.39% to 170 million yuan [1]. - The net cash flow from operating activities decreased by 18.68%, indicating reduced cash inflow from operations [3]. - The company’s debt situation is concerning, with a debt-to-asset ratio of 40.39% and negative cash flow from operations over the past three years [4]. Market Position and Future Outlook - The company is focusing on solid-state battery technology, indicating a strategic shift towards enhancing its competitive edge and sustainability [5]. - Lingpai Technology has faced significant challenges, with a historical average return on invested capital (ROIC) of 11.06%, but a poor performance in 2024 with a ROIC of -44.28% [3][4].