EDAN(SZ:300206) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - The financial performance of Libang Instruments (300206) for the first half of 2025 shows a decline in total revenue but an increase in net profit, indicating mixed results in operational efficiency and profitability [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 914 million yuan, a decrease of 0.91% compared to the same period in 2024 [1]. - Net profit attributable to shareholders reached 154 million yuan, reflecting a year-on-year increase of 23.47% [1]. - In Q2 2025, total revenue was 493 million yuan, up 3.12% year-on-year, while net profit for the quarter was 89.36 million yuan, an increase of 3.22% [1]. - The gross margin was 58.58%, a slight decrease of 0.25% year-on-year, while the net margin improved to 16.99%, up 23.95% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 234 million yuan, accounting for 25.66% of revenue, down 11.01% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.27 yuan, a rise of 23.49% year-on-year [1]. - The return on invested capital (ROIC) for the previous year was 7.77%, indicating average capital returns [2]. - The company's historical median ROIC over the past decade was 8.83%, with the lowest recorded ROIC at 1.42% in 2016 [2]. Accounts Receivable and Cash Flow - Accounts receivable reached 195 million yuan, representing 120.26% of the net profit, indicating a significant amount of outstanding payments [1][3]. - The net cash flow from operating activities decreased by 54.07% due to increased cash expenditures for purchasing goods [2]. - The net increase in cash and cash equivalents saw a drastic decline of 143.12%, attributed to higher cash outflows for goods and investments in financial products [2].