Astro-century(SZ:300654) Zheng Quan Zhi Xing·2025-08-26 23:09Core Viewpoint - Century Tianhong (300654) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 156 million yuan, a decrease of 4.57% year-on-year [1] - Net profit attributable to shareholders was 2.76 million yuan, down 63.57% year-on-year [1] - In Q2 2025, total revenue was 52.82 million yuan, a decline of 17.41% year-on-year, with a net loss of 2.49 million yuan, a decrease of 592.83% [1] - Gross margin was 36.63%, down 6.42% year-on-year, while net margin was 1.79%, down 64.22% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 53.86 million yuan, accounting for 34.63% of revenue, an increase of 8.89% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents increased by 127.89% due to the maturity of financial products [3] - Operating cash flow per share was 0.14 yuan, a significant increase of 2456.81% year-on-year [1] - Accounts receivable represented 398.39% of net profit, indicating a high level of receivables relative to profit [1][7] Investment and R&D - R&D expenses increased by 64.98% due to higher personnel costs [4] - The company's return on invested capital (ROIC) was 4.72%, indicating weak capital returns [4] Debt and Liabilities - The company maintained a healthy cash asset position, with a focus on managing liabilities [5] - Significant changes in liabilities included a 243.31% increase in accounts payable due to the use of acceptance bills for procurement payments [3]