Leadyo(SH:688135) Zheng Quan Zhi Xing·2025-08-26 23:09Core Insights - The company reported a total revenue of 284 million yuan for the first half of 2025, representing a year-on-year increase of 23.09% [1] - The net profit attributable to shareholders was -7.06 million yuan, showing a year-on-year improvement of 16.38% [1] - The gross profit margin increased by 2.11% to 25.02%, while the net profit margin improved by 36.1% to -2.02% [1] Financial Performance - Total revenue for 2025 was 284 million yuan, up from 231 million yuan in 2024, a growth of 23.09% [1] - The net profit attributable to shareholders improved from -8.44 million yuan in 2024 to -7.06 million yuan in 2025, a 16.38% increase [1] - The gross profit margin rose to 25.02% from 24.50%, while the net profit margin improved from -3.16% to -2.02% [1] - Total expenses (selling, administrative, and financial) amounted to 54.71 million yuan, accounting for 19.26% of revenue, a decrease of 5.21% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents increased significantly by 213.82% to 281 million yuan [1] - Interest-bearing liabilities rose by 45.38% to 1.211 billion yuan [1] - The net cash flow from operating activities decreased by 9.4%, attributed to increased expenses despite revenue growth [7] Strategic Developments - The company is focusing on a strategic layout termed "One Body, Two Wings," which includes expanding wafer thinning and laser grooving services [5] - The company has seen significant growth in testing revenue due to strong demand from existing and new customers [5] - The company is transitioning to a more precise investment model, focusing on specific projects driven by market demand [7] Investment and Capital Expenditure - The company has made substantial investments in testing capacity and infrastructure, which are expected to drive future revenue growth [5] - The company’s historical return on invested capital (ROIC) has been relatively low, with a median of 8.49% since its listing [8] - The company’s reliance on capital expenditure for performance improvement necessitates careful evaluation of the efficiency of these investments [8]