TLGD(SZ:300029) Zheng Quan Zhi Xing·2025-08-26 23:09Core Insights - *ST Tianlong (300029) reported a significant decline in financial performance for the first half of 2025, with total revenue of 14.7383 million yuan, down 85.76% year-on-year, and a net profit attributable to shareholders of -14.303 million yuan, a decrease of 2791.09% [1][2] Financial Performance Summary - Total revenue for 2025 was 14.7383 million yuan, compared to 103 million yuan in 2024, reflecting an 85.76% decrease [1] - Net profit attributable to shareholders for 2025 was -14.303 million yuan, compared to -0.4947 million yuan in 2024, indicating a decline of 2791.09% [1] - The gross profit margin improved to 24.52%, up 64.64% year-on-year, while the net profit margin plummeted to -97.58%, a decrease of 17947.25% [1] - Earnings per share for 2025 was -0.07 yuan, a significant drop of 2752.00% from the previous year [1] - Cash flow from operating activities showed a slight improvement, with a per-share figure of -0.07 yuan, up 22.29% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 74.97% of total revenue, indicating a large volume of outstanding payments [1] - The company’s cash and cash equivalents decreased by 67.80% to 6.8897 million yuan compared to 21.3943 million yuan in 2024 [1] - The cash flow situation is concerning, with a cash ratio of only 8.51% and a three-year average of operating cash flow to current liabilities at -29.03% [3] Investment Returns and Historical Performance - The company has a historical median Return on Invested Capital (ROIC) of -47.7%, with the worst year being 2024 at -287.57% [2] - Over the past decade, the company has reported losses in 10 out of 15 annual reports, indicating a poor investment track record [2]