Changyao Group(SZ:300391) Zheng Quan Zhi Xing·2025-08-26 23:09Core Viewpoint - *ST Changyao reported a narrowed loss in its 2025 mid-year financial results, with total revenue declining and net profit improving year-on-year [1] Financial Performance Summary - Total revenue for 2025 mid-year was 70.575 million yuan, a decrease of 4.18% compared to 2024 mid-year [1] - The net profit attributable to shareholders was -116 million yuan, an improvement of 23.74% year-on-year [1] - The gross profit margin was 3.66%, down 35.42% year-on-year, while the net profit margin was -200.51%, an increase of 38.90% [1] - Total expenses (selling, administrative, and financial) amounted to 73.9797 million yuan, accounting for 104.82% of revenue, a decrease of 15.49% year-on-year [1] - Earnings per share were -0.33 yuan, an improvement of 23.74% year-on-year [1] Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 271.86%, attributed to increased cash payments for goods and services [3] - The company’s cash and cash equivalents were 9.9185 million yuan, a decrease of 1.41% year-on-year [1] - Interest-bearing liabilities decreased by 23.54% to 640 million yuan [1] - The company’s cash flow situation is concerning, with a cash ratio of 0.52% and negative average operating cash flow over the past three years [4] Management and Financial Costs - Management expenses increased by 24.31% due to higher amortization of long-term deferred expenses and increased intermediary fees [3] - Financial expenses decreased by 44.95% as some creditors ceased interest accrual following the company's pre-restructuring process [3] Investment Return and Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.22% over the past decade and a particularly poor ROIC of -121.64% in 2024 [3] - The company has reported losses in four out of ten years since its listing, indicating a generally poor financial performance [3]