DVX(SZ:300167) Zheng Quan Zhi Xing·2025-08-26 23:08Financial Performance - The company reported a total revenue of 257 million yuan for the first half of 2025, representing a year-on-year increase of 16.32% [1] - The net profit attributable to shareholders was -3.175 million yuan, showing an improvement of 87.55% compared to the previous year [1] - The gross profit margin decreased to 15.9%, down 7.02% year-on-year, while the net profit margin improved to -0.42%, an increase of 96.34% [1] Accounts Receivable and Cash Flow - Accounts receivable accounted for 49.53% of the latest annual revenue, indicating a significant amount of outstanding payments [1] - The company’s cash flow per share was -0.05 yuan, a decrease of 575.24% year-on-year, suggesting worsening cash flow conditions [1] Cost Management - Total selling, administrative, and financial expenses amounted to 31.4629 million yuan, which is 12.24% of revenue, a decrease of 43.93% year-on-year [1] - The company’s operating expenses have shown a significant reduction, indicating improved cost management [1] Historical Performance and Investment Considerations - The company's historical return on invested capital (ROIC) has been weak, with a median ROIC of -7.19% over the past decade and a particularly poor performance in 2023 at -125.53% [3] - The company has reported losses in 8 out of 13 years since its listing, raising concerns about its long-term viability [3]